10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended October 31, 2012

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 0-7977

NORDSON CORPORATION

(Exact name of Registrant as specified in its charter)

Ohio	34-0590250
(State of incorporation)	(I.R.S. Employer Identification No.)
28601 Clemens Road Westlake, Ohio	44145
(Address of principal executive offices)	(Zip Code)
(440) 892-1580
(Registrant’s Telephone Number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Common Shares, without par value

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  x        No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨        No  x

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.    Yes  x        No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).    Yes  x        No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.    x

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  x	Accelerated filer  ¨	Non-accelerated filer  ¨	Smaller reporting company  ¨
(Do not check if smaller reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨        No  x

The aggregate market value of Common Shares no par value per share, held by nonaffiliates (based on the closing sale price on the Nasdaq Stock Market) as of April 29, 2012 was approximately $3,452,129,000.

There were 64,321,670 Common Shares outstanding as of November 30, 2012.

Documents incorporated by reference:

Portions of the Proxy Statement for the 2013 Annual Meeting — Part III

Table of Contents

PART I			1
	Item 1.	Business	1
		General Description of Business	1
		Corporate Purpose and Goals	1
		Financial Information About Operating Segments, Foreign and Domestic Operations and Export Sales	2
		Principal Products and Uses	2
		Manufacturing and Raw Materials	4
		Intellectual Property	4
		Seasonal Variation in Business	5
		Working Capital Practices	5
		Customers	5
		Backlog	5
		Government Contracts	5
		Competitive Conditions	5
		Research and Development	5
		Environmental Compliance	6
		Employees	6
		Available Information	6
	Item 1A.	Risk Factors	7
	Item 1B.	Unresolved Staff Comments	11
	Item 2.	Properties	12
	Item 3.	Legal Proceedings	13
	Item 4.	Mine Safety Disclosures	13
		Executive Officers of the Company	14
PART II			15
	Item 5.	Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	15
		Market Information and Dividends	15
		Performance Graph	16
	Item 6.	Selected Financial Data	17
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
		Critical Accounting Policies and Estimates	18
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	31
	Item 8.	Financial Statements and Supplementary Data	32
		Consolidated Statements of Income	32
		Consolidated Statements of Comprehensive Income	33
		Consolidated Balance Sheets	34
		Consolidated Statements of Shareholders’ Equity	35
		Consolidated Statements of Cash Flows	36
		Notes to Consolidated Financial Statements	37
		Management’s Report on Internal Control Over Financial Reporting	71
		Report of Independent Registered Public Accounting Firm	72
		Report of Independent Registered Public Accounting Firm	73

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Table of Contents

	Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	74
	Item 9A.	Controls and Procedures	74
	Item 9B.	Other Information	74
PART III			74
	Item 10.	Directors, Executive Officers and Corporate Governance	74
	Item 11.	Executive Compensation	75
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	75
		Equity Compensation Table	75
	Item 13.	Certain Relationships and Related Transactions, and Director Independence	75
	Item 14.	Principal Accountant Fees and Services	75
PART IV			76
	Item 15.	Exhibits and Financial Statement Schedule	76
		(a) 1. Financial Statements	76
		(a) 2. Financial Statement Schedule	76
		(a) 3. Exhibits	76
		Signatures	77
		Schedule II — Valuation and Qualifying Accounts and Reserves	79
		Index to Exhibits	80
		Subsidiaries of the Registrant	83
		Consent of Independent Registered Public Accounting Firm	85
		Certifications	86

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PART I

NOTE REGARDING AMOUNTS AND FISCAL YEAR REFERENCES

In this annual report, all amounts related to United States dollars and foreign currency and to the number of Nordson Corporation’s common shares, except for per share earnings and dividend amounts, are expressed in thousands.

Unless otherwise noted, all references to years relate to our fiscal year ending October 31.

Item 1. Business

General Description of Business

Nordson engineers, manufactures and markets differentiated products and systems used for dispensing and processing adhesives, coatings, plastics, sealants and biomaterials; managing fluids; testing and inspecting for quality; and treating surfaces. These products are supported with extensive application expertise and direct global sales and service. Nordson serves a wide variety of consumer non-durable, consumer durable and technology end markets including packaging, nonwovens, electronics, medical, appliances, energy, transportation, building and construction, and general product assembly and finishing.

Our strategy for long-term growth is based on solving customers’ needs globally. Headquartered in Westlake, Ohio, our products are marketed through a network of direct operations in more than 30 countries. Consistent with this global strategy, more than 70 percent of our revenues were generated outside the United States in 2012.

We have 5,361 employees worldwide. Principal manufacturing facilities are located in the United States, Belgium, Peoples Republic of China, Germany, India, the Netherlands, Thailand and the United Kingdom.

Corporate Purpose and Goals

We strive to be a vital, self-renewing, worldwide organization that, within the framework of ethical behavior and enlightened citizenship, grows and produces wealth for our customers, employees, shareholders and communities.

We operate for the purpose of creating balanced, long-term benefits for all of our constituencies.

Although every quarter may not produce increased sales, earnings and earnings per share, or exceed the comparative prior year’s quarter, we do expect to produce long-term gains. When short-term swings occur, we do not intend to alter our basic objectives in efforts to mitigate the impact of these natural occurrences.

We drive organic growth by continually introducing new products and technology, providing high levels of customer service and support, capturing rapidly expanding opportunities in emerging geographies, and by leveraging existing technology into new applications. Additional growth comes through the acquisition of companies that serve international growth markets, share our business model characteristics and can be grown via our global infrastructure.

We create benefits for our customers through a Package of Values^®, which includes carefully engineered, durable products; strong service support; the backing of a well-established, worldwide company with financial and technical strengths; and a corporate commitment to deliver what was promised.

We strive to provide genuine customer satisfaction; it is the foundation upon which we continue to build our business.

Complementing our business strategy is the objective to provide opportunities for employee self-fulfillment, growth, security, recognition and equitable compensation. This goal is met through Human Resources’ facilitation of employee training and leadership training and the creation of on-the-job growth opportunities. The result is a highly qualified and professional global team capable of meeting corporate objectives.

We recognize the value of employee participation in the planning process. Strategic and operating plans are developed by all business units and divisions, resulting in a sense of ownership and commitment on the part of employees in accomplishing our objectives. In addition, employees participate in Lean and Six Sigma initiatives to continuously improve our processes.

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We are an equal opportunity employer.

We are committed to contributing approximately five percent of domestic pretax earnings to human welfare services, education and other charitable activities, particularly in communities where we have major facilities.

Financial Information About Operating Segments, Foreign and Domestic Operations and Export Sales

In accordance with accounting standards, we have reported information about our three operating segments. This information is contained in Note 16 of Notes to Consolidated Financial Statements, which can be found in Part II, Item  8 of this document.

Principal Products and Uses

We engineer, manufacture and market differentiated products and systems used for precision dispensing and processing, fluid management, testing and inspection, surface treatment and curing. Our technology-based systems can be found in manufacturing facilities around the world producing a wide range of goods for consumer durable, consumer non-durable and technology end markets. Equipment ranges from single-use components to manual, stand-alone units for low-volume operations to microprocessor-based automated systems for high-speed, high-volume production lines.

We market our products in the United States and in more than 50 other countries, primarily through a direct sales force and also through qualified distributors and sales representatives. We have built a worldwide reputation for creativity and expertise in the design and engineering of high-technology application equipment that meets the specific needs of our customers. We create value for our customers by developing solutions that increase uptime, enable faster line speeds and reduce consumption of materials.

The following is a summary of the products and markets served by our operating segments:

1. Adhesive Dispensing Systems

This segment delivers our proprietary precision dispensing and processing technology to diverse markets for applications that commonly reduce material consumption, increase line efficiency and enhance product strength, durability, brand and appearance.

• Nonwovens — Equipment for applying adhesives, lotions, liquids and fibers to disposable products. Key strategic markets include adult incontinence products, baby diapers and child-training pants, feminine hygiene products and surgical drapes, gowns, shoe covers and face masks.

• Packaging — Automated adhesive dispensing systems used in the rigid packaged goods industries. Key strategic markets include food and beverage packaging, pharmaceutical packaging, and other consumer goods packaging.

• Product Assembly — Adhesive and sealant dispensing systems for bonding or sealing plastic, metal and wood products and for use in the paper and paperboard converting industries. Key strategic markets include appliances, automotive components, building and construction materials, electronics, furniture, solar energy, and the manufacturing of bags, sacks, books, envelopes and folding cartons.

• Web Coating — Laminating and coating systems used to manufacture continuous-roll goods in the nonwovens, textile, and paper industries. Key strategic markets include carpet, labels, tapes and textiles.

• Plastic Processing — Components and systems used in the thermoplastic melt stream in plastic extrusion and injection molding processes. Key strategic markets include flexible packaging, electronics, medical, building and construction, transportation and aerospace, and general consumer goods.

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2. Advanced Technology Systems

This segment integrates our proprietary product technologies found in progressive stages of a customer’s production process, such as surface treatment, precisely controlled automated, semi-automated or manual dispensing of material, and post-dispense bond testing and X-ray inspection to ensure quality. Related single-use plastic molded syringes, cartridges, tips, and fluid connection components are used to dispense fluids or control flow in production processes or within customers’ end products. This segment primarily serves the specific needs of electronics, medical and related high-tech industries.

• Electronic Systems — Automated dispensing systems for high-speed, accurate application of a broad range of attachment, protection and coating fluids, and related gas plasma treatment systems for cleaning and conditioning surfaces prior to dispense. Key strategic markets include mobile phones, tablets, personal computers, liquid crystal displays, micro hard drives, microprocessors, printed circuit boards, micro electronic mechanical systems (MEMS), semiconductor packaging, light emitting diodes (LED) and solar energy.

• Fluid Management — Precision manual and semi-automated dispensers, highly engineered single-use plastic molded syringes, cartridges tips, and fluid connection components. Products are used for applying and controlling the flow of adhesives, sealants, lubricants, and biomaterials in critical industrial production processes and within medical equipment and related surgical procedures. Key strategic markets include consumer goods, electronics, industrial assembly, solar, anesthesia, cardiovascular and ophthalmic surgery, blood management, pneumatic control systems, water treatment, and analytical instrumentation.

• Test & Inspection — Bond testing and automated optical and x-ray inspection systems used in the semiconductor and printed circuit board industries. Key strategic markets include mobile phones, tablets, personal computers, liquid crystal displays, micro hard drives, microprocessors, printed circuit boards, micro electronic mechanical systems (MEMS), semiconductor packaging, light emitting diodes (LED) and solar energy.

3. Industrial Coating Systems

This segment provides both standard and highly-customized equipment used primarily for applying coatings, paint, finishes, sealants and other materials, and curing and drying of dispensed material. This segment primarily serves the consumer durables market.

• Cold Materials — Automated and manual dispensing products and systems used to apply multiple component adhesive and sealant materials in the general industrial and transportation manufacturing industries. Key strategic markets include aerospace, alternative energy, appliances, automotive, building and construction, composites, electronics and medical.

• Container Coating — Automated and manual dispensing and curing systems used to coat and cure containers. Key strategic markets include beverage containers and food cans.

• Curing and Drying Systems — Ultraviolet equipment used primarily in curing and drying operations for specialty coatings, semiconductor materials and paints. Key strategic markets include electronics, containers, and durable goods products.

• Liquid Finishing — Automated and manual dispensing systems used to apply liquid paints and coatings to consumer and industrial products. Key strategic markets include automotive components, construction, metal shelving and drums.

• Powder Coating — Automated and manual dispensing systems used to apply powder paints and coatings to a variety of metal, plastic and wood products. Key strategic markets include agriculture and construction equipment, appliances, automotive components, home and office furniture, lawn and garden equipment, pipe coating, and wood and metal shelving.

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Manufacturing and Raw Materials

Our production operations include machining and assembly. We manufacture specially designed parts and assemble components into finished equipment. Many components are made in standard modules that can be used in more than one product or in combination with other components for a variety of models. We have principal manufacturing operations in the United States in Amherst and Youngstown, Ohio; Duluth and Swainsboro, Georgia; Carlsbad, California; Ft. Collins, Colorado; Plymouth, Michigan; Eagan, Minnesota; Robbinsville, New Jersey; Hickory, North Carolina; New Castle, Pennsylvania; East Providence, Rhode Island; Pulaski, Virginia and Chippewa Falls, Wisconsin; as well as in Temse, Belgium; Shanghai and Suzhou, Peoples Republic of China; Luneburg, Germany; Bangalore, India; Maastricht, the Netherlands; Chonburi, Thailand and in Aylesbury, United Kingdom.

Principal materials used to make our products are metals and plastics, typically in sheets, bar stock, castings, forgings, tubing and pellets. We also purchase many electrical and electronic components, fabricated metal parts, high-pressure fluid hoses, packings, seals and other items integral to our products. Suppliers are competitively selected based on cost, quality and service. All significant raw materials that we use are available through multiple sources.

Senior operating executives supervise an extensive quality control program for our equipment, machinery and systems.

Natural gas and other fuels are our primary energy sources. However, standby capacity for alternative sources is available if needed.

Intellectual Property

We maintain procedures to protect our intellectual property (including patents, trademarks and copyrights) both domestically and internationally. Risk factors associated with our intellectual property are discussed in Item 1A Risk Factors.

Our intellectual property portfolios include valuable patents, trade secrets, know-how, domain names, trademarks and trade names. As of October 31, 2012, we held 435 United States patents and 892 foreign patents and had 235 United States patent applications pending and 814 foreign patent applications pending, but there is no assurance that any patent application will be issued. We continue to apply for and obtain patent protection for new products on an ongoing basis.

Patents covering individual products extend for varying periods according to the date of filing or grant and legal term of patents in various countries where a patent is obtained. Our current patent portfolio has expiration dates ranging from January 2013 to April 2037. The actual protection a patent provides, which can vary from country to country, depends upon the type of patent, the scope of its coverage, and the availability of legal remedies in each country. We believe, however, that the duration of our patents generally exceeds the life cycles of the technologies disclosed and claimed in the patents.

We believe our trademarks are important assets and we aggressively manage our brands. We also own a number of trademarks in the United States and foreign countries, including registered trademarks for Nordson, Asymtek, Dage, EDI, EFD, Micromedics, Value Plastics, and Xaloy and various common law trademarks which are important to our business, inasmuch as they identify Nordson and our products to our customers. As of October 31, 2012, we had a total of 1,137 trademark registrations in the United States and in various foreign countries.

We rely upon a combination of nondisclosure and other contractual arrangements and trade secret laws to protect our proprietary rights and also enter into confidentiality and intellectual property agreements with our employees that require them to disclose any inventions created during employment, convey all rights to inventions to us, and restrict the distribution of proprietary information.

We protect and promote our intellectual property portfolio and take those actions we deem appropriate to enforce our intellectual property rights and to defend our right to sell our products. Although in aggregate our intellectual property is important to our operations, we do not believe that the loss of any one patent, trademark, or group of related patents or trademarks would have a material adverse effect on our results of operations or financial position of our overall business.

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Seasonal Variation in Business

Generally, the highest volume of sales occurs in our fourth quarter due in large part to the timing of customers’ capital spending programs. Accordingly, first quarter sales volume is typically the lowest of the year due to timing of customers’ capital spending programs and customer holiday shutdowns.

Working Capital Practices

No special or unusual practices affect our working capital. However, we generally require advance payments as deposits on customized equipment and systems and, in certain cases, require progress payments during the manufacturing of these products. We continue to initiate new processes focused on reduction of manufacturing lead times, resulting in lower investment in inventory while maintaining the capability to respond promptly to customer needs.

Customers

We serve a broad customer base, both in terms of industries and geographic regions. In 2012, no single customer accounted for ten percent or more of sales.

Backlog

Our backlog of open orders increased to approximately $178,000 at October 31, 2012 from approximately $129,000 at October 31, 2011. The amounts for both years were calculated based upon exchange rates in effect at October 31, 2012. The increase can be traced primarily to acquisitions completed during the year. All orders in the 2012 year-end backlog are expected to be shipped to customers in 2013.

Government Contracts

Our business neither includes nor depends upon a significant amount of governmental contracts or subcontracts. Therefore, no material part of our business is subject to renegotiation or termination at the option of the government.

Competitive Conditions

Our equipment is sold in competition with a wide variety of alternative bonding, sealing, caulking, finishing, coating, testing and inspection, and fluid management techniques. Any production process that requires surface preparation or modification, application of material to a substrate or surface, curing, testing and inspection, or fluid management is a potential use for our equipment.

Many factors influence our competitive position, including pricing, product quality and service. We maintain a leadership position in our business segments by delivering high-quality, innovative products and technologies, as well as after-the-sale service and technical support. Working with customers to understand their processes and developing the application solutions that help them meet their production requirements also contributes to our leadership position. Our worldwide network of direct sales and technical resources also is a competitive advantage.

Research and Development

Investments in research and development are important to our long-term growth, enabling us to keep pace with changing customer and marketplace needs through the development of new products and new applications for existing products. We place strong emphasis on technology developments and improvements through internal engineering and research teams. Research and development expenses were approximately $36,535 in 2012, compared with approximately $26,997 in 2011 and $23,835 in 2010.

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Environmental Compliance

We are subject to extensive federal, state, local and foreign environmental, safety and health laws and regulations concerning, among other things, emissions to the air, discharges to land and water and the generation, handling, treatment and disposal of hazardous waste and other materials. Under certain of these laws, we can be held strictly liable for hazardous substance contamination of any real property we have ever owned, operated or used as a disposal site or for natural resource damages associated with such contamination. We are also required to maintain various related permits and licenses, many of which require periodic modification and renewal. The operation of manufacturing plants unavoidably entails environmental, safety and health risks, and we could incur material unanticipated costs or liabilities in the future if any of these risks were realized in ways or to an extent that we did not anticipate.

We believe that we operate in compliance, in all material respects, with applicable environmental laws and regulations. Compliance with environmental laws and regulations requires continuing management effort and expenditures. We have incurred, and will continue to incur, costs and capital expenditures to comply with these laws and regulations and to obtain and maintain the necessary permits and licenses. We believe that the cost of complying with environmental laws and regulations will not have a material effect on our earnings, liquidity or competitive position but cannot assure that material compliance-related costs and expenses may not arise in the future. For example, future adoption of new or amended environmental laws, regulations or requirements or newly discovered contamination or other circumstances that could require us to incur costs and expenses that may have a material effect, but cannot be presently anticipated.

We believe that policies, practices and procedures have been properly designed to prevent unreasonable risk of material environmental damage arising from our operations. We accrue for estimated environmental liabilities with charges to expense and believe our environmental accrual is adequate to provide for our portion of the costs of all such known environmental liabilities. Compliance with federal, state and local environmental protection laws during 2012 had no material effect on our capital expenditures, earnings or competitive position. Based upon consideration of currently available information, we believe liabilities for environmental matters will not have a material adverse affect on our financial position, operating results or liquidity, but we cannot assure that material environmental liabilities may not arise in the future.

Employees

As of October 31, 2012, we had 5,361 full- and part-time employees, including 123 at our Amherst, Ohio, facility who are represented by a collective bargaining agreement that expires on November 3, 2013 and 66 at our New Castle, Pennsylvania facility who are represented by a collective bargaining agreement that expires on July 31, 2014. No material work stoppages have been experienced at any of our facilities during any of the periods covered by this report.

Available Information

Our proxy statement, annual report to the Securities and Exchange Commission (Form 10-K), quarterly reports (Form 10-Q) and current reports (Form 8-K) and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are available free of charge at http://www.nordson.com/investors as soon as reasonably practical after such material is electronically filed with, or furnished to, the SEC. Copies of these reports may also be obtained free of charge by sending written requests to Corporate Communications, Nordson Corporation, 28601 Clemens Road, Westlake, Ohio 44145.

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Item 1A. Risk Factors

In an enterprise as diverse as ours, a wide range of factors could affect future performance. We discuss in this section some of the risk factors that, if they actually occurred, could materially and adversely affect our business, financial condition, value and results of operations. You should consider these risk factors in connection with evaluating the forward-looking statements contained in this Annual Report on Form 10-K because these factors could cause our actual results and financial condition to differ materially from those projected in forward-looking statements.

The significant risk factors affecting our operations include the following:

Changes in United States or international economic conditions could adversely affect the profitability of any of our operations.

In 2012, 28 percent of our revenue was derived from domestic customers, while 72 percent was derived from international customers. Our largest markets include appliance, automotive, construction, container, electronics assembly, food and beverage, furniture, life sciences and medical, metal finishing, nonwovens, packaging, paper and paperboard converting, plastics processing and semiconductor. A slowdown in any of these specific end markets could directly affect our revenue stream and profitability.

A portion of our product sales is attributable to industries and markets, such as the semiconductor and metal finishing industries, which historically have been cyclical and sensitive to relative changes in supply and demand and general economic conditions. The demand for our products depends, in part, on the general economic conditions of the industries or national economies of our customers. Downward economic cycles in our customers’ industries or countries may reduce sales of some of our products. It is not possible to predict accurately the factors that will affect demand for our products in the future.

Any significant downturn in the health of the general economy, either globally, regionally or in the markets in which we sell products could have an adverse effect on our revenues and financial performance, resulting in impairment of assets.

Our growth strategy includes acquisitions, and we may not be able to execute on our acquisition strategy or integrate acquisitions successfully.

Our recent historical growth has depended, and our future growth is likely to continue to depend, in part on our acquisition strategy and the successful integration of acquired businesses into our existing operations. We intend to continue to seek additional acquisition opportunities both to expand into new markets and to enhance our position in existing markets throughout the world. We cannot assure, however, that we will be able to successfully identify suitable acquisition opportunities, prevail against competing potential acquirers, negotiate appropriate acquisition terms, obtain financing that may be needed to consummate such acquisitions, complete proposed acquisitions, successfully integrate acquired businesses into our existing operations or expand into new markets. In addition, we cannot assure that any acquisition, once successfully integrated, will perform as planned, be accretive to earnings, or prove to be beneficial to our operations and cash flow.

The success of our acquisition strategy is subject to other risks and uncertainties, including:

• our ability to realize operating efficiencies, synergies or other benefits expected from an acquisition, and possible delays in realizing the benefits of the acquired company or products;

• diversion of management’s time and attention from other business concerns;

• difficulties in retaining key employees, customers or suppliers of the acquired business;

• difficulties in maintaining uniform standards, controls, procedures and policies throughout acquired companies;

• adverse effects on existing business relationships with suppliers or customers;

• the risks associated with the assumption of contingent or undisclosed liabilities of acquisition targets;

• the ability to generate future cash flows or the availability of financing.

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In addition, an acquisition could adversely impact our operating performance as a result of the incurrence of acquisition-related debt, acquisition expenses, the amortization of acquisition-acquired assets, or possible future impairments of goodwill or intangible assets associated with the acquisition.

We may also face liability with respect to acquired businesses for violations of environmental laws occurring prior to the date of our acquisition, and some or all of these liabilities may not be covered by environmental insurance secured to mitigate the risk or by indemnification from the sellers from which we acquired these businesses. We could also incur significant costs, including, but not limited to, remediation costs, natural resources damages, civil or criminal fines and sanctions and third-party claims, as a result of past or future violations of, or liabilities associated with environmental laws.

Failure to retain our existing senior management team or the inability to attract and retain qualified personnel could hurt our business and inhibit our ability to operate and grow successfully.

Our success will continue to depend to a significant extent on the continued service of our executive management team and the ability to recruit, hire and retain other key management personnel to support our growth and operational initiatives and replace executives who retire or resign. Failure to retain our leadership team and attract and retain other important management and technical personnel could place a constraint on our global growth and operational initiatives, possibly resulting in inefficient and ineffective management and operations, which would likely harm our revenues, operations and product development efforts and eventually result in a decrease in profitability.

If we fail to develop new products, or our customers do not accept the new products we develop, our revenue and profitability could be adversely impacted.

Innovation is critical to our success. We believe that we must continue to enhance our existing products and to develop and manufacture new products with improved capabilities in order to continue to be a leading provider of precision technology solutions for the industrial equipment market. We also believe that we must continue to make improvements in our productivity in order to maintain our competitive position. Difficulties or delays in research, development or production of new products or failure to gain market acceptance of new products and technologies may reduce future sales and adversely affect our competitive position. We continue to invest in the development and marketing of new products. There can be no assurance that we will have sufficient resources to make such investments, that we will be able to make the technological advances necessary to maintain competitive advantages or that we can recover major research and development expenses. If we fail to make innovations, launch products with quality problems or the market does not accept our new products, our financial condition, results of operations, cash flows and liquidity could be adversely affected. In addition, as new or enhanced products are introduced, we must successfully manage the transition from older products to minimize disruption in customers’ ordering patterns, avoid excessive levels of older product inventories and ensure that we can deliver sufficient supplies of new products to meet customers’ demands.

If our intellectual property protection is inadequate, others may be able to use our technologies and tradenames and thereby reduce our ability to compete, which could have a material adverse effect on us, our financial condition and results of operations.

We regard much of the technology underlying our products and the trademarks under which we market our products as proprietary. The steps we take to protect our proprietary technology may be inadequate to prevent misappropriation of our technology, or third parties may independently develop similar technology. We rely on a combination of patents, trademark, copyright and trade secret laws, employee and third-party non-disclosure agreements and other contracts to establish and protect our technology and other intellectual property rights. The agreements may be breached or terminated, and we may not have adequate remedies for any breach, and existing trade secrets, patent and copyright law afford us limited protection. Policing unauthorized use of our intellectual property is difficult. A third party could copy or otherwise obtain and use our products or technology without authorization. Litigation may be necessary for us to defend against claims of infringement or to protect our intellectual property rights and could result in substantial cost to us and diversion of our efforts. Further, we might not prevail in such litigation, which could harm our business.

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Our products could infringe on the intellectual property of others, which may cause us to engage in costly litigation and, if we are not successful, could cause us to pay substantial damages and prohibit us from selling our products.

Third parties may assert infringement or other intellectual property claims against us based on their patents or other intellectual property claims, and we may have to pay substantial damages, possibly including treble damages, if it is ultimately determined that our products infringe. We may have to obtain a license to sell our products if it is determined that our products infringe upon another party’s intellectual property. We might be prohibited from selling our products before we obtain a license, which, if available at all, may require us to pay substantial royalties. Even if infringement claims against us are without merit, defending these types of lawsuits takes significant time, may be expensive and may divert management attention from other business concerns.

Significant movements in foreign currency exchange rates or change in monetary policy may harm our financial results.

We are exposed to fluctuations in foreign currency exchange rates, particularly with respect to the euro, the yen, the pound sterling and the Chinese yuan. Any significant change in the value of the currencies of the countries in which we do business against the United States dollar could affect our ability to sell products competitively and control our cost structure, which could have a material adverse effect on our business, financial condition and results of operations. For additional detail related to this risk, see Item 7A, Quantitative and Qualitative Disclosure About Market Risk.

The majority of our consolidated revenues in 2012 were generated in currencies other than the United States dollar, which is our reporting currency. We recognize foreign currency transaction gains and losses arising from our operations in the period incurred. As a result, currency fluctuations between the United States dollar and the currencies in which we do business have caused and will continue to cause foreign currency transaction and translation gains and losses, which historically have been material and could continue to be material. We cannot predict the effects of exchange rate fluctuations upon our future operating results because of the number of currencies involved, the variability of currency exposures and the potential volatility of currency exchange rates. We take actions to manage our foreign currency exposure, such as entering into hedging transactions, where available, but we cannot assure that our strategies will adequately protect our consolidated operating results from the effects of exchange rate fluctuations.

We also face risks arising from the imposition of exchange controls and currency devaluations. Exchange controls may limit our ability to convert foreign currencies into United States dollars or to remit dividends and other payments by our foreign subsidiaries or customers located in or conducting business in a country imposing controls. Currency devaluations diminish the United States dollar value of the currency of the country instituting the devaluation and, if they occur or continue for significant periods, could adversely affect our earnings or cash flow.

Inability to access capital could impede growth or the repayment or refinancing of existing indebtedness.

The limits imposed on us by the restrictive covenants contained in our credit facilities could prevent us from making acquisitions or cause us to lose access to these facilities.

Our existing credit facilities contain restrictive covenants that limit our ability to, among other things:

• borrow money or guarantee the debts of others;

• use assets as security in other transactions;

• make investments or other restricted payments or distributions;

• change our business or enter into new lines of business;

• sell or acquire assets or merge with or into other companies.

In addition, our credit facilities require us to meet financial ratios, including “total indebtedness” to “consolidated trailing earnings before interest taxes depreciation and amortization” (EBITDA) both as defined in the credit facility, and consolidated trailing EBITDA to consolidated trailing interest expense as defined in the credit facility.

9

These restrictions could limit our ability to plan for or react to market conditions or meet extraordinary capital needs and could otherwise restrict our financing activities.

Our ability to comply with the covenants and other terms of our credit facilities will depend on our future operating performance. If we fail to comply with such covenants and terms, we will be in default and the maturity of the related debt could be accelerated and become immediately due and payable. We may be required to obtain waivers from our lenders in order to maintain compliance under our credit facilities, including waivers with respect to our compliance with certain financial covenants. If we are unable to obtain necessary waivers and the debt under our credit facilities is accelerated, we would be required to obtain replacement financing at prevailing market rates.

We may need new or additional financing in the future to expand our business or refinance existing indebtedness. If we are unable to access capital on satisfactory terms and conditions, we may not be able to expand our business or meet our payment requirements under our existing credit facilities. Our ability to obtain new or additional financing will depend on a variety of factors, many of which are beyond our control. We may not be able to obtain new or additional financing because we have substantial debt or because we may not have sufficient cash flow to service or repay our existing or future debt. In addition, depending on market conditions and our financial performance, neither debt nor equity financing may be available on satisfactory terms or at all. Finally, as a consequence of worsening financial market conditions, our credit facility providers may not provide the agreed credit if they become undercapitalized.

Political conditions in foreign countries in which we operate could adversely affect us.

We conduct our manufacturing, sales and distribution operations on a worldwide basis and are subject to risks associated with doing business outside the United States. In 2012, approximately 72 percent of our total sales were to customers outside the United States. We expect that international operations and United States export sales will continue to be important to our business for the foreseeable future. Both sales from international operations and export sales are subject in varying degrees to risks inherent in doing business outside the United States. Such risks include, but are not limited to, the following:

• risks of economic instability;

• unanticipated or unfavorable circumstances arising from host country laws or regulations;

• threats of war, terrorism or governmental instability;

• natural disasters, such as earthquakes, fires, floods or typhoons;

• significant foreign and U.S. taxes on repatriated cash;

• longer payment cycles in foreign markets;

• difficulties in managing foreign distributors;

• restrictions on the transfer of funds into or out of a country;

• currency exchange rate fluctuations;

• difficulties in enforcing agreements and collecting receivables through some foreign legal systems;

• international customers with longer payment cycles than customers in the United States;

• potential negative consequences from changes to taxation policies;

• the disruption of operations from foreign labor and political disturbances;

• the imposition of tariffs, import or export licensing requirements;

• exchange controls or other trade restrictions including transfer pricing restrictions when products produced in one country are sold to an affiliated entity in another country.

Any of these events could reduce the demand for our products, limit the prices at which we can sell our products, or otherwise have an adverse effect on our operating performance.

10

In addition, there is a potential risk of conflict and instability in the relationships between Taiwan and China and China and Japan. Conflict or instability could disrupt the operations of our customers and/or suppliers in all three countries. Additionally, our manufacturing operations in China and elsewhere could be impacted should disruptions caused by these conflicts substantially curtail our ability to source components used in the manufacture and assembly of our equipment.

Our international operations also depend upon favorable trade relations between the U.S. and those foreign countries in which our customers, subcontractors and materials suppliers have operations. A protectionist trade environment in either the U.S. or those foreign countries in which we do business, such as a change in the current tariff structures, export compliance or other trade policies, may materially and adversely affect our ability to sell our products in foreign markets.

Although we have obtained property damage and business interruption insurance, a major catastrophe such as an earthquake, hurricane, flood, tsunami or other natural disaster at any of our sites, or significant labor strikes, work stoppages, political unrest, or any of the events described above, some of which may not be covered by our insurance, in any of the areas where we conduct operations could result in a prolonged interruption of our business. Any disruption resulting from these events could cause significant delays in the manufacture or shipment of products or the provision of repair and other services that may result in our loss of sales and customers. Our insurance will not cover all potential risks, and we cannot assure you that we will have adequate insurance to compensate us for all losses that result from any insured risks. Any material loss not covered by insurance could have a material adverse effect on our financial condition, results of operations and cash flows. We cannot assure you that insurance will be available in the future at a cost acceptable to us or at a cost that will not have a material adverse effect on our profitability, net income and cash flows.

We could be adversely affected by rapid changes in interest rates.

Any period of unexpected or rapid increase in interest rates may also adversely affect our profitability. At October 31, 2012, we had $633,710 of total debt and notes payable outstanding, of which 49 percent was priced at interest rates that float with the market. A one percent increase in the interest rate on the floating rate debt in 2012 would have resulted in approximately $2,951 of additional interest expense. A higher level of floating rate debt would increase the exposure to changes in interest rates. For additional detail related to this risk, see Item 7A, Quantitative and Qualitative Disclosure About Market Risk.

New regulations related to conflict-free minerals may force us to incur additional expenses and may materially adversely affect our financial condition and business operations.

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC promulgated final rules regarding disclosure of the use of certain minerals, known as conflict minerals, which are mined from the Democratic Republic of the Congo and adjoining countries, as well as procedures regarding a manufacturer’s efforts to prevent the sourcing of such minerals and metals produced from those minerals. These new disclosure obligations will require due diligence efforts to support our initial disclosure requirements effective in May 2014. We will incur costs associated with complying with such disclosure requirements, including costs associated with canvassing our supply chain to determine the source country of any conflict minerals incorporated in our products, in addition to the cost of remediation and other changes to products, processes, or sources of supply as a consequence of such verification activities. In addition, the implementation of these rules could adversely affect the sourcing, supply, and pricing of materials used in our products.

Item 1B. Unresolved Staff Comments

None.

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Item 2. Properties

The following table summarizes our principal properties as of October 31, 2012.

Location	Description of Property	Approximate Square Feet
Amherst, Ohio2, 3	A manufacturing, laboratory and office complex		521,000
Swainsboro, Georgia1	A manufacturing building (leased)		136,000
East Providence, Rhode Island2	A manufacturing, warehouse and office building		116,000
Duluth, Georgia1	An office and laboratory building		110,000
Pulaski, Virginia1	A manufacturing, warehouse and office building		101,000
Carlsbad, California2	Two manufacturing and office buildings (leased)		88,000
Robbinsville, New Jersey2	A manufacturing, warehouse and office building (leased)		88,000
Chippewa Falls, Wisconsin1	A manufacturing, warehouse and office building (leased)		86,000
New Castle, Pennsylvania1	A manufacturing, warehouse and office building		72,000
Youngstown, Ohio1	A manufacturing, warehouse and office building (leased)		57,000
Ft. Collins, Colorado2	A manufacturing, warehouse and office building (leased)		42,000
Vista, California2	A manufacturing building (leased)		41,000
Hickory, North Carolina1	A manufacturing, warehouse and office building (leased)		41,000
Chippewa Falls, Wisconsin1	A manufacturing, warehouse and office building (leased)		40,000
Plymouth, Michigan3	Two manufacturing, warehouse and office buildings (leased)		35,000
Westlake, Ohio	Corporate headquarters		28,000
Eagan, Minnesota2	A manufacturing, warehouse and office building (leased)		27,000
Chippewa Falls, Wisconsin1	An engineering and laboratory building (leased)		20,000
Luneburg, Germany1	A manufacturing and laboratory building		130,000
Shanghai, China1, 3	A manufacturing, warehouse and office building (leased)		92,000
Erkrath, Germany1,2, 3	An office, laboratory and warehouse building (leased)		63,000
Bangalore, India1, 2, 3	A manufacturing, warehouse and office building		56,000
Shanghai, China1,2, 3	An office and laboratory building		54,000
Chonburi, Thailand1	A manufacturing, warehouse and office building		54,000
Shanghai, China1	A manufacturing, warehouse and office building (leased)		53,000
Temse, Belgium1	A manufacturing, warehouse and office building (leased)		44,000
Suzhou, China2	A manufacturing, warehouse and office building (leased)		42,000
Tokyo, Japan1, 2, 3	An office, laboratory and warehouse building (leased)		42,000
Aylesbury, U.K.1,2	A manufacturing, warehouse and office building (leased)		36,000
Mexico City, Mexico1, 2, 3	A warehouse and office building (leased)		23,000
Lagny Sur Marne, France1, 3	An office building (leased)		17,000
Segrate, Italy1, 3	An office, laboratory and warehouse building (leased)		7,000
Singapore1, 2, 3	A warehouse and office building (leased)		6,000

Business Segment — Property Identification Legend

1 — Adhesive Dispensing Systems

2 — Advanced Technology Systems

3 — Industrial Coating Systems

The facilities listed above have adequate, suitable and sufficient capacity (production and nonproduction) to meet present and foreseeable demand for our products.

Other properties at international subsidiary locations and at branch locations within the United States are leased. Lease terms do not exceed 25 years and generally contain a provision for cancellation with some penalty at an earlier date.

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In addition, we lease equipment under various operating and capitalized leases. Information about leases is reported in Note 6 of Notes to Consolidated Financial Statements that can be found in Part II, Item 8 of this document.

Item 3. Legal Proceedings

We are involved in pending or potential litigation regarding environmental, product liability, patent, contract, employee and other matters arising from the normal course of business. Including the environmental matter discussed below, it is our opinion, after consultation with legal counsel, that resolutions of these matters are not expected to result in a material effect on our financial condition, quarterly or annual operating results or cash flows.

Environmental — We have voluntarily agreed with the City of New Richmond, Wisconsin and other Potentially Responsible Parties to share costs associated with the remediation of the City of New Richmond municipal landfill (the “Site”) and constructing a potable water delivery system serving the impacted area down gradient of the Site. At October 31, 2012 and 2011, our accrual for the ongoing operation, maintenance and monitoring obligation at the Site was $750 and $795, respectively.

The liability for environmental remediation represents management’s best estimate of the probable and reasonably estimable undiscounted costs related to known remediation obligations. The accuracy of our estimate of environmental liability is affected by several uncertainties such as additional requirements that may be identified in connection with remedial activities, the complexity and evolution of environmental laws and regulations, and the identification of presently unknown remediation requirements. Consequently, our liability could be greater than our current estimate. However, we do not expect that the costs associated with remediation will have a material adverse effect on our financial condition or results of operations.

Item 4. Mine Safety Disclosures

None.

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Executive Officers of the Company

Our executive officers as of October 31, 2012, were as follows:

Name	Age		Officer Since		Position or Office with The Company and Business Experience During the Past Five (5) Year Period
Michael F. Hilton		58		2010	President and Chief Executive Officer, 2010 Senior Vice President and General Manager-Electronics and Performance Materials Segment of Air Products and Chemicals, Inc., 2007
John J. Keane		51		2003	Senior Vice President, 2005
Peter G. Lambert		52		2005	Senior Vice President, 2010
					Vice President, 2005
Gregory A. Thaxton		51		2007	Senior Vice President, Chief Financial Officer, 2012
					Vice President, Chief Financial Officer, 2008
					Vice President, Controller, 2007
Douglas C. Bloomfield		53		2005	Vice President, 2005
James E. DeVries		53		2012	Vice President, 2012 Vice President Global Continuous Improvement, 2011 Vice President North America and China, Engineering (Adhesive Dispensing Systems), 2010
					Vice President Adhesive Dispensing Systems, North America, 2009 Vice President Global Business Development (Adhesive Dispensing Systems), 2008 Vice President Global Adhesives Operations, 2007
Gregory P. Merk		41		2006	Vice President, 2006
Shelly M. Peet		47		2007	Vice President, 2009
					Vice President, Chief Information Officer, 2007
Robert E. Veillette		60		2007	Vice President, General Counsel and Secretary, 2007

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PART II

Item 5. Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information and Dividends

(a) Our common shares are listed on the Nasdaq Global Select Market under the symbol NDSN. As of November 30, 2012, there were 1,682 registered shareholders. The table below is a summary of dividends paid per common share and the range of closing market prices during each quarter of 2012 and 2011.

	Dividend Paid		Common Share Price
Quarters			High		Low
2012:
First	$	.125	$	48.39	$	39.65
Second		.125		56.46		46.35
Third		.125		54.19		47.85
Fourth		.15		62.81		50.17
2011:
First	$	.105	$	47.58	$	38.06
Second		.105		58.75		47.56
Third		.105		59.01		48.98
Fourth		.125		50.50		37.21

Source: NASDAQ OMX

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Performance Graph

The following is a graph that compares the five-year cumulative return, calculated on a dividend-reinvested basis, from investing $100 on November 1, 2007 in Nordson common shares, the S&P MidCap 400 Index, the S&P 500 Industrial Machinery Index, and the S&P MidCap 400 Industrial Machinery Index.

Company/Market/Peer Group	2007	2008	2009	2010	2011	2012
Nordson Corporation	$100.00	$70.90	$105.80	$160.42	$194.33	$252.55
S&P MidCap 400	$100.00	$63.53	$  75.09	$  95.84	$104.03	$116.62
S&P 500 Ind. Machinery	$100.00	$57.24	$  76.59	$  97.99	$101.38	$121.33
S&P Midcap 400 Ind. Machinery	$100.00	$57.90	$  71.54	$  92.98	$105.75	$115.49

Source: Zak’s Investment Research

(b) Use of Proceeds. Not applicable.

(c) Issuer Purchases of Equity Securities

In March 2012 the board of directors approved a repurchase program of up to $100,000. Uses for repurchased shares include the funding of benefit programs including stock options, nonvested stock and 401(k) matching. Shares purchased are treated as treasury shares until used for such purposes. The repurchase program is being funded using cash from operations and proceeds from borrowings under our credit facilities. There were no share repurchases under this program during the three months ended October 31, 2012. The maximum value of shares that may yet be repurchased under the March 2012 program is $84,883.

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Item 6. Selected Financial Data

Five-Year Summary

	2012		2011		2010		2009			2008
(In thousands except for per-share amounts)
Operating Data(a)
Sales	$	1,409,578	$	1,233,159	$	1,041,551	$	819,165		$	1,124,829
Cost of sales		584,249		484,727		419,937		350,239			494,394
% of sales		41		39		40		43			44
Cost of sales — restructuring		2,040		—		—		—			—
Selling and administrative expenses		485,285		429,489		384,752		337,294			434,476
% of sales		34		35		37		41			39
Severance and restructuring costs		2,524		1,589		2,029		16,396			5,621
Goodwill and long-lived asset impairments		—		1,811		—		243,043			—
Operating profit (loss)		335,480		315,543		234,833		(127,807	)		190,338
% of sales		24		26		23		(16	)		17
Net income (loss)		224,829		222,364		168,048		(160,055	)		117,504
% of sales		16		18		16		(20	)		10
Financial Data(a)
Working capital	$	242,939	$	294,796	$	259,117	$	190,249		$	180,317
Net property, plant and equipment and other non-current assets		1,242,892		827,493		535,323		544,003			782,356
Total invested capital(b)		1,261,962		853,071		567,323		508,989			847,253
Total assets		1,829,515		1,304,450		986,354		890,674			1,166,669
Long-term liabilities		816,061		550,966		289,368		364,276			388,561
Shareholders’ equity		669,770		571,323		505,072		369,976			574,112
Return on average invested capital — %(c)		23		35		32		10	(d)		15
Return on average shareholders’ equity — %(e)		38		39		40		13	(f)		20
Per-Share Data(a)(g)
Average number of common shares		64,407		67,616		67,610		67,129			67,492
Average number of common shares and common share equivalents		65,103		68,425		68,442		67,129			68,613
Basic earnings (loss) per share	$	3.49	$	3.29	$	2.49	$	(2.38	)	$	1.74
Diluted earnings (loss) per share		3.45		3.25		2.46		(2.38	)		1.71
Dividends per common share		0.525		0.44		0.39		0.36875			0.365
Book value per common share		10.42		8.71		7.44		5.49			8.52

(a) See accompanying Notes to Consolidated Financial Statements.

(b) Notes payable, plus current portion of long-term debt, plus long-term debt, minus cash and marketable securities, plus shareholders’ equity.

(c) Net income (loss), plus after-tax interest expense on borrowings as a percentage of average quarterly borrowings (net of cash) plus average quarterly shareholders’ equity over five accounting periods.

(d) The percentage for 2009 excludes goodwill and long-lived asset impairment charges. Including these charges, the return on average invested capital for 2009 would have been negative 21 percent.

(e) Net income (loss) as a percentage of average quarterly shareholders’ equity over five accounting periods.

(f) The percentage for 2009 excludes goodwill and long-lived asset impairment charges. Including these charges, the return on average shareholder equity for 2009 would have been negative 28 percent.

(g) Amounts adjusted for 2-for-1 stock split effective April 12, 2011.

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

NOTE REGARDING AMOUNTS AND FISCAL YEAR REFERENCES

In this annual report, all amounts related to United States dollars and foreign currency and to the number of Nordson Corporation’s common shares, except for per share earnings and dividend amounts, are expressed in thousands.

Unless otherwise noted, all references to years relate to our fiscal year ending October 31.

Critical Accounting Policies and Estimates

Our consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate the accounting policies and estimates that are used to prepare financial statements. We base our estimates on historical experience and assumptions believed to be reasonable under current facts and circumstances. Actual amounts and results could differ from these estimates used by management.

Certain accounting policies that require significant management estimates and are deemed critical to our results of operations or financial position are discussed below. On a regular basis, critical accounting policies are reviewed with the Audit Committee of the board of directors.

Revenue Recognition — Most of our revenues are recognized upon shipment, provided that persuasive evidence of an arrangement exists, the sales price is fixed or determinable, collectibility is reasonably assured, and title and risk of loss have passed to the customer. In October 2009, the FASB issued an accounting standard update on multiple deliverable arrangements, which we adopted on November 1, 2010. This accounting standard update establishes a relative selling price hierarchy for determining the selling price of a deliverable based on vendor specific objective evidence (VSOE) if available, third-party evidence (TPE) if vendor-specific objective evidence is not available, or best estimated selling price (BESP) if neither vendor-specific objective evidence nor third-party evidence is available. Our multiple deliverable arrangements include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, and, therefore, are typically regarded as inconsequential or perfunctory. Revenue for undelivered items is deferred and included within accrued liabilities in the accompanying balance sheet. Revenues deferred in 2012, 2011 and 2010 were not material. The requirements of this standard did not significantly change our units of accounting or how we allocate arrangement consideration to various units of accounting. The adoption of this standard had no material impact on our financial position or results of operations.

Goodwill — Goodwill is the excess of purchase price over the fair value of tangible and identifiable intangible net assets acquired in various business combinations. Goodwill is not amortized but is tested for impairment annually at the reporting unit level, or more often if indications of impairment exist. Our reporting units are the Adhesive Dispensing Systems segment, the Industrial Coating Systems segment and one level below the Advanced Technology Systems segment.

We test goodwill in accordance with Accounting Standards Codification (ASC) 350 and other depreciable and amortizable long-lived assets for recoverability in accordance with ASC 360. The goodwill impairment test is a two-step process. In the first step, performed in the fourth quarter of each year, we calculate a reporting unit’s fair value using a discounted cash flow valuation methodology and compare the result against the reporting unit’s carrying value of net assets. If the carrying value of a reporting unit is close to or exceeds its fair value, then a second step is performed to determine if goodwill is impaired. We used independent valuation specialists to assist with refining our assumptions and methods used to determine fair values using Discounted Cash Flow (DCF) methodology for our reporting units and other long-lived assets and to prepare indications of value derived from a market approach using guideline companies and a reconciliation to results of the DCF approach. In step one, the assumptions used for discounted cash flow, revenue growth, operating margin, and working capital turnover are based on general management’s strategic plans tempered by performance trends and reasonable expectations

18

about those trends. Terminal value calculations employ a published formula known as the “Gordon Growth Model Method” that essentially captures the present value of perpetual cash flows beyond the last projected period assuming a constant Weighted Average Cost of Capital (WACC) methodology and growth rate. For each reporting unit, a sensitivity analysis is performed to vary the discount and terminal growth rates in order to provide a range of reasonableness that our expected assumptions are fair for detecting impairment.

Discount rates are developed using a WACC methodology. The WACC represents the blended average required rate of return for equity and debt capital based on observed market return data and company specific risk factors. For 2012, the discount rates used ranged from 9 percent to 18 percent depending upon the reporting unit’s size, end market volatility, and projection risk. The calculated internal rate of return for the step one consolidated valuation was 10.2 percent, the same as the calculated WACC for total Nordson.

To test the reasonableness of the discounted cash flow valuations, we performed the control premium test, which compares the sum of the fair values calculated for our reporting units (net of debt) to the market value of equity. The control premium was 12 percent as of the test date of August 1, 2012 and negative 2 percent as of our year-end of October 31, 2012. These comparisons indicated that the discounted cash flow valuation was reasonable. In addition, indications of value derived for each reporting unit using the market approach reconciled reasonably with the results of the discounted cash flow approach.

In 2012 and 2011, the results of our step one testing indicated no impairment; therefore, the second step of impairment testing was not necessary.

The excess of fair value (FV) over carrying value (CV) was compared to the carrying value for each reporting unit. Based on the results shown in the table below and based on our measurement date of August 1, 2012, our conclusion is that no indicators of impairment exist in 2012. Potential events or circumstances, such as a sustained downturn in global economies, could have a negative effect on estimated fair values. The table below includes Sealant Equipment & Engineering, Inc.

	WACC			Excess of FV over CV			Goodwill
Adhesive Dispensing Systems Segment		9	%		391	%	$	280,279
Industrial Coating Systems Segment		16	%		79	%	$	23,247
Advanced Technology Systems Segment — Electronics Systems		12	%		1870	%	$	15,166
Advanced Technology Systems Segment — Fluid Management		12	%		28	%	$	475,149
Advanced Technology Systems Segment — Test & Inspection		18	%		81	%	$	14,397

We acquired Sealant Equipment & Engineering, Inc. (SEE) on August 1, 2012. Determination of the preliminary fair value associated with this acquisition was completed with the assistance of an independent valuation specialist in October 2012. Since the date of valuation, no events or changes in circumstances have occurred that would more likely than not reduce the fair value of SEE below its carrying value. For future valuation purposes, SEE will be included in our Industrial Coating Systems segment.

Other Long-Lived Assets — Our test for recoverability of long-lived depreciable and amortizable assets uses undiscounted cash flows. Long-lived assets are grouped at the lowest level for which there are identifiable cash flows. The total carrying value of long-lived assets for each reporting unit has been compared to the forecasted cash flows of each reporting unit’s long-lived assets being tested. Cash flows have been defined as earnings before interest, taxes, depreciation, and amortization, less annual maintenance capital spending.

Estimates of future cash flows used to test the recoverability of a long-lived asset (asset group) are based on the remaining useful life of the asset. We believe that the relative value of long-lived assets within each reporting unit is a reasonable proxy for the relative importance of the assets in the production of cash flow. To get to a reasonable forecast period, the aggregate net book value of long-lived assets was divided by the current depreciation and amortization value to arrive at a blended remaining useful life. Our calculations for 2012 showed the undiscounted aggregate value of cash flows over the remaining useful life for each reporting unit was greater than the respective carrying value of the long-lived assets within each reporting unit, so no impairment charges were recognized.

19

Inventories — Inventories are valued at the lower of cost or market. Cost was determined using the last-in, first-out (LIFO) method for 24 percent of consolidated inventories at October 31, 2012, and 26 percent at October 31, 2011, with the first-in, first-out (FIFO) method used for the remaining inventory. On an ongoing basis, inventory is tested for technical obsolescence, as well as for future demand and changes in market conditions. We have historically maintained inventory reserves to reflect those conditions when the cost of inventory is not expected to be recovered. Reserves are also maintained for inventory used for demonstration purposes. The inventory reserve balance was $20,505, $16,050 and $16,802 at October 31, 2012, 2011 and 2010, respectively.

Pension Plans and Postretirement Medical Plans — The measurement of liabilities related to our pension plans and postretirement medical plans is based on management’s assumptions related to future factors, including interest rates, return on pension plan assets, compensation increases, mortality and turnover assumptions, and health care cost trend rates.

The weighted-average discount rate used to determine the present value of our domestic pension plan obligations was 3.85 percent at October 31, 2012 and 4.46 percent at October 31, 2011. The weighted-average discount rate used to determine the present value of our various international pension plan obligations was 3.52 percent at October 31, 2012, compared to 4.43 percent at October 31, 2011. The discount rates used for all plans were determined by using quality fixed income investments with a duration period approximately equal to the period over which pension obligations are expected to be settled.

In determining the expected return on plan assets, we consider both historical performance and an estimate of future long-term rates of return on assets similar to those in our plans. We consult with and consider the opinions of financial and actuarial experts in developing appropriate return assumptions. The expected rate of return (long-term investment rate) on domestic pension assets used to determine net benefit costs was 7.75 percent in 2012 and 8.25 percent in 2011. The average expected rate of return on international pension assets used to determine net benefit costs was 4.85 percent in 2012 and 4.84 percent in 2011.

The assumed rate of compensation increases used to determine the present value of our domestic pension plan obligations was 3.12 percent at October 31, 2012 and 3.20 percent at October 31, 2011. The assumed rate of compensation increases used to determine the present value of our international pension plan obligations was 3.13 percent at October 31, 2012, compared to 3.16 percent at October 31, 2011.

Annual expense amounts are determined based on the discount rate used at the end of the prior year. Differences between actual and assumed investment returns on pension plan assets result in actuarial gains or losses that are amortized into expense over a period of years.

Economic assumptions have a significant effect on the amounts reported. The effect of a one percent change in the discount rate, expected return on assets and compensation increase is shown in the table below. Bracketed numbers represent decreases in expense and obligation amounts.

	United States						International
	1% Point Increase			1% Point Decrease			1% Point Increase			1% Point Decrease
Discount rate:
Effect on total service and interest cost components in 2012	$	(3,897	)	$	4,670		$	(851	)	$	1,398
Effect on pension obligation as of October 31, 2012	$	(37,767	)	$	47,918		$	(13,344	)	$	17,074
Expected return on assets:
Effect on total service and interest cost components in 2012	$	(1,890	)	$	1,890		$	(321	)	$	321
Effect on pension obligation as of October 31, 2012	$	—		$	—		$	—		$	—
Compensation increase:
Effect on total service and interest cost components in 2012	$	2,792		$	(2,309	)	$	903		$	(734	)
Effect on pension obligation as of October 31, 2012	$	17,886		$	(14,864	)	$	6,304		$	(5,468	)

With respect to the domestic postretirement medical plan, the discount rate used to value the benefit obligation decreased from 4.50 percent at October 31, 2011 to 3.85 percent at October 31, 2012. The annual rate of

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increase in the per capita cost of covered benefits (the health care cost trend rate) is assumed to be 4.90 percent in 2013, decreasing gradually to 3.60 percent in 2017. The health care cost trend rate reflects a change in the plan design of the retiree medical plan effective January 1, 2013 moving to a Health Reimbursement Arrangement for post-65 coverage.

For the international postretirement plan, the discount rate used to value the benefit obligation was 4.40 percent at October 31, 2012 and 5.85 percent at October 31, 2011. The annual rate of increase in the per capita cost of covered benefits (the health care cost trend rate) is assumed to be 7.00 percent in 2013, decreasing gradually to 3.50 percent in 2031.

The discount rate and the health care cost trend rate assumptions have a significant effect on the amounts reported. For example, a one-percentage point change in the discount rate and assumed health care cost trend rate would have the following effects:

	United States						International
	1% Point Increase			1% Point Decrease			1% Point Increase			1% Point Decrease
Discount rate:
Effect on total service and interest cost components in 2012	$	(858	)	$	1,056		$	(8	)	$	10
Effect on postretirement obligation as of October 31, 2012	$	(9,402	)	$	11,835		$	(163	)	$	217
Health care trend rate:
Effect on total service and interest cost components in 2012	$	699		$	(558	)	$	18		$	(13	)
Effect on postretirement obligation as of October 31, 2012	$	10,827		$	(8,766	)	$	205		$	(158	)

Employees hired after January 1, 2002, are not eligible to participate in the domestic postretirement medical plan.

Pension and postretirement expenses in 2013 are expected to be approximately $5,200 higher than 2012, primarily due to changes in discount rates and expected rates of return on assets.

Financial Instruments — Assets, liabilities and commitments that are to be settled in cash and are denominated in foreign currencies are sensitive to changes in currency exchange rates. We enter into foreign currency forward contracts, which are derivative financial instruments, to reduce the risk of foreign currency exposures resulting from the collection of receivables, payables and loans denominated in foreign currencies. The maturities of these contracts are usually less than 90 days. Forward contracts are not designated as hedging instruments and therefore are marked to market each accounting period, and the resulting gains or losses are included in “other–net” within other income (expense) in the Consolidated Statement of Income.

Warranties — We provide customers with a product warranty that requires us to repair or replace defective products within a specified period of time (generally one year) from the date of delivery or first use. An accrual is recorded for expected warranty costs for products shipped through the end of each accounting period. In determining the amount of the accrual, we rely primarily on historical warranty claims. Amounts charged to the warranty reserve were $5,430, $7,417 and $6,068 in 2012, 2011 and 2010, respectively. The reserve balance was $8,929, $6,723 and $5,242 at October 31, 2012, 2011 and 2010, respectively.

Long-Term Incentive Plan (LTIP) — Under the long-term incentive plan, executive officers and selected other key employees receive share awards based on corporate performance measures over three-year performance periods. Awards vary based on the degree to which corporate performance equals or exceeds predetermined threshold, target and maximum performance levels at the end of a performance period. No award will occur unless certain threshold performance objectives are equaled or exceeded. The amount of compensation expense is based upon current performance projections for each three-year period and the percentage of the requisite service that has been rendered. The calculations are also based upon the grant date fair value determined using the closing market price of common stock at the grant date, reduced by the implied value of dividends not to be paid. Awards are recorded as capital in excess of stated value in shareholders’ equity. The amount recorded at October 31, 2012 for the plans originating in 2010, 2011 and 2012 was $8,707.

Compensation expense attributable to all LTIP performance periods for executive officers and selected other key employees for 2012, 2011 and 2010 was $4,235, $4,067 and $3,879, respectively.

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2012 compared to 2011

Sales — Worldwide sales for 2012 were $1,409,578, an increase of 14.3 percent from 2011 sales of $1,233,159. Sales volume increased 16.4 percent, and unfavorable currency effects caused by the stronger U.S. dollar decreased sales by 2.1 percent. The volume increase consisted of 8.5 percent from acquisitions and 7.9 percent from organic growth. Three acquisitions were made during 2012: EDI Holdings, Inc. (EDI) and Xaloy Superior Holdings, Inc. (Xaloy), which were included within the Adhesive Dispensing Systems segment, and Sealant Equipment & Engineering, Inc. (SEE), which was included within the Industrial Coating Systems segment. Three acquisitions were made during 2011: Micromedics, Inc. (Micromedics) and Value Plastics, which were included within the Advanced Technology Systems segment, and Constructiewerkhuizen G. Verbruggen NV (Verbruggen), which was included within the Adhesive Dispensing Systems segment.

As used throughout this Form 10-K, geographic regions include the Americas (Canada, Mexico and Central and South America), Asia Pacific (excluding Japan), Europe, Japan, and the United States.

Sales of the Adhesive Dispensing Systems segment were $684,096 in 2012, an increase of $72,185, or 11.8 percent, from 2011 sales of $611,911. The increase was the result of a sales volume increase of 14.9 percent offset by unfavorable currency effects that reduced sales by 3.1 percent. The sales volume increase consisted of 2.0 percent organic volume growth and 12.9 percent from acquisitions. Sales volume, inclusive of acquisitions, increased in all geographic regions and was particularly strong in the United States and Asia Pacific regions.

Sales of the Advanced Technology Systems segment were $515,992 in 2012, an increase of $78,760, or 18.0 percent, from 2011 sales of $437,232. The increase was the result of a sales volume increase of 18.9 percent offset by unfavorable currency effects that decreased sales by 0.9 percent. The sales volume increase consisted of 13.9 percent organic growth and 5.0 percent from acquisitions. Within the segment, volume increases occurred in all geographic regions, except Europe, and were most pronounced in Asia Pacific. Volume increases were driven by strong broad-based demand for dispensing and test and inspection in electronics end markets, especially for mobile device applications.

In 2012, sales of the Industrial Coating Systems segment were $209,490, an increase of $25,474, or 13.8 percent, from 2011 sales of $184,016. The increase was the result of a sales volume increase of 15.5 percent offset by unfavorable currency effects that reduced sales by 1.7 percent. The sales volume increase consisted of 13.3 percent organic growth and 2.2 percent from an acquisition. Sales volume increased in all geographic regions except the Americas and was most pronounced in the United States. The sales volume increase was driven by durable goods manufacturers’ demand for our coating and cold material system solutions.

Sales outside the United States accounted for 72.4 percent of our sales in 2012, versus 74.7 percent last year. On a geographic basis, sales in the United States were $388,904, an increase of 24.5 percent from 2011. The increase consisted of 8.2 percent organic volume and 16.3 percent from acquisitions. In the Americas region, sales were $109,074, up 6.9 percent from the prior year, with volume increasing 11.3 percent offset by unfavorable currency effects of 4.4 percent. The increase in sales volume consisted of 4.3 percent organic volume and 7.0 percent from acquisitions. Sales in Europe were $381,005 in 2012, a decrease of 2.4 percent from 2011. Sales volume increases of 3.6 percent were offset by unfavorable currency effects of 6.0 percent. The increase in sales volume consisted of a decline in organic volume of 3.1 percent offset by 6.7 percent from acquisitions. Sales in Japan for 2012 were $127,509, an increase of 14.9 percent from the prior year. The increase consisted of volume of 13.4 percent and favorable currency effects of 1.5 percent. The increase in sales volume consisted of 9.1 percent organic volume and 4.3 percent from acquisitions. In Asia Pacific, sales were $403,086, up 27.0 percent from 2011, with volume increasing 27.1 percent, partially offset by unfavorable currency effects of 0.1 percent. The increase in sales volume consisted of 22.2 percent organic volume and 4.9 percent from acquisitions.

It is estimated that the effect of pricing on total revenue was neutral relative to 2011.

Operating profit — Cost of sales, including those costs classified as restructuring, were $586,289 in 2012, up 21.0 percent from 2011. The increase compared to 2011 is primarily due to increased sales volume. Gross margin, expressed as a percentage of sales, decreased to 58.4 percent in 2012 from 60.7 percent in 2011. Gross profit in 2012 was negatively impacted by higher charges for short-term inventory purchase accounting valuation adjustments related to acquisitions and costs associated with the transfer of production and start-up activities

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related to our United States Adhesive Dispensing Systems plant consolidation initiative. The costs associated with the transfer of production and start-up activities were classified as “Cost of goods sold — restructuring” in the Consolidated Statement of Income. Other decreases in gross margin in 2012 were due primarily to the dilutive effect of acquired product lines and currency effects.

Selling and administrative expenses, excluding severance and restructuring costs, were $485,285 in 2012, an increase of $55,796, or 13.0 percent, from 2011. The increase was largely due to the addition of acquired businesses, acquisition transaction costs and higher compensation expenses related to increased employment levels, partially offset by currency effects that reduced expenses. Selling and administrative expenses for 2011 included $3,120 related to a fee paid to withdraw from a multiemployer employee pension fund in Japan.

Selling and administrative expenses as a percentage of sales decreased to 34.4 percent in 2012 from 34.8 percent in 2011, due to the higher level of sales and the favorable effects of restructuring activities.

Within Advanced Technology Systems operations, a restructuring initiative in 2012 will result in the consolidation of a facility in Florida with a facility in California. Severance costs associated with this initiative will be approximately $530. Of that amount, $12 was recorded in 2012, with the remainder to be recorded in 2013. Another restructuring initiative in 2012 within Industrial Coating Systems operations in Ohio resulted in $690 of severance costs. In 2011, restructuring initiatives within the Adhesive Dispensing Systems segment resulted in severance, moving costs and other termination fees of $1,822 in 2012 and $1,589 in 2011.

Operating profit as a percent of sales was 23.8 percent in 2012 compared to 25.6 percent in 2011. The decrease was primarily due to a lower gross margin, as noted above.

Segment operating margins in 2012 and 2011 were as follows:

Segment	2012			2011
Adhesive Dispensing Systems		30.9	%		34.4	%
Advanced Technology Systems		26.0	%		26.2	%
Industrial Coating Systems		12.4	%		14.8	%

Operating capacity for each of our segments can support fluctuations in order activity without significant changes in operating costs. Also, currency translation affects reported operating margins. Operating margins for each segment were unfavorably impacted by a stronger dollar during 2012 as compared to 2011.

Operating profit as a percent of sales for the Adhesive Dispensing Systems segment decreased to 30.9 percent in 2012 from 34.4 percent in 2011. The decrease was primarily due to lower gross margin related to charges for short-term purchase accounting and sales mix primarily related to acquired product lines. Operating profit in 2012 was also impacted by $2,040 of additional cost of sales related to a plant consolidation initiative completed in the second quarter and severance and moving costs of $1,822. Operating profit for 2011 included impairment losses of $1,811 on three facilities that were written down to their fair value and severance costs and other termination fees of $1,589.

Operating profit as a percent of sales for the Advanced Technology Systems segment was 26.0 percent in 2012 compared to 26.2 percent in 2011. Operating profit included charges for short-term purchase accounting of $2,213 in 2012 and $3,003 in 2011.

Operating profit as a percent of sales for the Industrial Coating Systems segment was 12.4 percent in 2012 compared to 14.8 percent in 2011. The decrease was primarily due to a lower gross margin related to large, engineered systems and charges of $1,367 for short-term purchase accounting.

Interest and other income (expense) — Interest expense in 2012 was $11,153, an increase of $6,084, or 120.0 percent, from 2011. The increase was due to higher borrowing levels resulting primarily from acquisitions in 2012 and the fourth quarter of 2011 and share repurchases.

Other income in 2012 was $1,463 compared to $3,518 in 2011. Included in these amounts were foreign currency losses of $1,016 in 2012 and gains of $2,200 in 2011. The 2012 amount also included a net gain of $713 on the sale of three facilities within the Adhesive Dispensing Systems segment.

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Income taxes — Income tax expense in 2012 was $101,424, or 31.1 percent of pre-tax income, as compared to $92,197, or 29.3 percent of pre-tax income in 2011.

The 2012 tax rate was impacted by a favorable adjustment related to our 2011 tax provision that reduced income taxes by $400, a favorable adjustment to deferred taxes related to a tax rate reduction in the United Kingdom that reduced income taxes by $175, and additional tax expense of $325 related to an adjustment of deferred taxes resulting from a tax rate reduction in Japan.

Income tax expense for 2011 includes a benefit of $2,027 from a reduction in unrecognized tax benefits, primarily related to settlements with tax authorities. In December 2010, the U.S. Congress passed and the President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which provided retroactive reinstatement of a research credit. As a result, income tax expense for 2011 includes a tax benefit of $1,580 related to research credit generated in 2010.

Net income (loss) — Net income was $224,829, or $3.45 per diluted share, in 2012, compared to net income of $222,364, or $3.25 per diluted share in 2011. This represented a 1.1 percent increase in net income and a 6.2 percent increase in diluted earnings per share. The percentage increase in earnings per share is higher than the percentage change in net income due to a lower number of shares outstanding in the current year as a result of share purchases.

Recently issued accounting standards — In December 2010, the Financial Accounting Standards Board (FASB) issued guidance that provides requirements for pro forma revenue and earnings disclosures related to business combinations. This guidance requires disclosure of revenue and earnings of the combined business as if the combination occurred at the start of the prior annual reporting period only. We adopted this standard on November 1, 2011, and required disclosures are included in Note 13.

In May 2011, the FASB clarified the guidance concerning fair value measurements and disclosures. The guidance requires the disclosure of quantitative information about unobservable inputs used, a description of the valuation processes used, and a qualitative discussion around the sensitivity of the measurements. We adopted this guidance on February 1, 2012, and there was no material impact on our consolidated financial statements.

In June 2011, the FASB issued an Accounting Standards Update (ASU) that amends current comprehensive income guidance. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of shareholders’ equity. Instead, comprehensive income must be reported in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements. We adopted this guidance in 2012, and it did not impact our consolidated financial statements, as it only resulted in a change in the format of presentation.

In September 2011, the FASB issued guidance amending the way companies test for goodwill impairment. Companies will have the option to first assess qualitative factors to determine the existence of events or circumstances that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, companies determine that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the two-step impairment test is unnecessary. This guidance is effective for us beginning in 2013, with early adoption permitted. Adoption of this guidance could change our annual process for goodwill impairment testing, but will not impact the financial statements.

2011 compared to 2010

Sales — Worldwide sales for 2011 were $1,233,159, an increase of 18.4 percent from 2010 sales of $1,041,551. Sales volume increased 15.2 percent, and favorable currency effects caused by the weaker U.S. dollar increased sales by 3.2 percent. Three acquisitions were made during 2011; Micromedics, Inc. (Micromedics) and Value Plastics, which were included within the Advanced Technology Systems segment, and Constructiewerkhuizen G. Verbruggen NV (Verbruggen), which was included within the Adhesive Dispensing Systems segment. The effect on sales volume of these acquisitions, less sales associated with UV graphic arts and lamps product lines divested in 2010, was less than one percent.

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Sales of the Adhesive Dispensing Systems segment were $611,911 in 2011, an increase of $86,621, or 16.5 percent, from 2010 sales of $525,290. The increase was the result of a sales volume increase of 12.1 percent and favorable currency effects that increased sales by 4.4 percent. The sales volume increase generated by the Verbruggen acquisition was less than one percent. Sales volume increased in all geographic regions and was particularly strong in the Americas region. Sales increased in both consumer non-durable and consumer durable end markets.

Sales of the Advanced Technology Systems segment were $437,232 in 2011, an increase of $69,332, or 18.8 percent, from 2010 sales of $367,900. The increase was the result of a sales volume increase of 17.1 percent and favorable currency effects that increased sales by 1.7 percent. Within the segment, volume increases occurred in all geographic regions and were most pronounced in the United States. The sales volume increase generated by the Micromedics and Value Plastics acquisitions was three percent; however, this was offset by two percent resulting from the UV graphic arts and lamps product lines divested in 2010. Higher demand for consumer electronics drove the sales increase within this segment.

In 2011, sales of the Industrial Coating Systems segment were $184,016, an increase of $35,655, or 24.0 percent, from 2010 sales of $148,361. The increase was the result of a sales volume increase of 21.0 percent and favorable currency effects that increased sales by 3.0 percent. Sales volume increased in all geographic regions and was most pronounced in the Asia Pacific and Americas regions. Within this segment, sales increased across all product lines.

Sales outside the United States accounted for 74.7 percent of our sales in 2011, versus 73.7 percent in 2010. Sales increased in all five geographic regions in which we operate. In the United States, sales were $312,328 in 2011, an increase of 14.1 percent from 2010. In the Americas, sales were $102,077, up 30.8 percent from 2010. Sales volume increased 27.0 percent, and favorable currency effects increased sales by 3.8 percent. In Europe, sales were $390,319 in 2011, an increase of 16.1 percent from 2010. Sales volume increased 12.0 percent, and favorable currency effects increased sales by 4.1 percent. In Japan, sales were $111,003, up 19.0 percent from 2010. Sales volume increased 9.2 percent, and favorable currency effects added 9.8 percent. In Asia Pacific, sales were $317,432 in 2011, an increase of 21.9 percent from 2010. Sales volume increased 19.0 percent, and favorable currency effects added 2.9 percent.

It is estimated that the effect of pricing on total revenue was neutral relative to 2010.

Operating profit — Cost of sales in 2011 were $484,727, up 15.4 percent from 2010. The increase compared to 2010 is due to increased sales volume. Gross margin increased to 60.7 percent in 2011 from 59.7 percent in 2010. The gross margin increase in 2011 was due to higher absorption of fixed overhead costs, low-cost sourcing, more profitable product line mix and favorable currency effects.

Selling and administrative expenses, excluding severance and restructuring costs, were $429,489 in 2011, an increase of $44,737, or 11.6 percent, from 2010. The increase was largely due to the effects of acquisitions, a $3,120 fee paid to withdraw from a multiemployer employee pension fund in Japan, and higher incentive compensation expenses resulting from a higher level of business activity in 2011. In addition, currency translation effects increased selling and administrative expenses by 2.6 percent. Selling and administrative expenses as a percentage of sales decreased to 34.8 percent in 2011 from 36.9 percent in 2010, due to the higher level of sales and the favorable effects of restructuring activities.

In 2011, restructuring initiatives were announced in the Adhesive Dispensing Systems segment that resulted in severance costs and other termination fees of $1,589. In 2008, a cost reduction program that involved a combination of non-workforce related efficiencies and workforce reductions primarily in the United States and Europe was announced. Total severance and related costs of these actions were $2,029 in 2010, which were recorded in the Corporate segment.

As a result of the 2011 Adhesive Dispensing Systems segment restructuring initiatives, three facilities were written down to their fair value based on third-party appraisals. Total impairment charges for the three facilities were $1,811.

Operating profit as a percent of sales was 25.6 percent in 2011 compared to 22.5 percent in 2010. The increase was primarily due to higher sales volume supported by a more efficient cost structure.

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Segment operating margins in 2011 and 2010 were as follows:

Segment	2011			2010
Adhesive Dispensing Systems		34.4	%		31.7	%
Advanced Technology Systems		26.2	%		22.9	%
Industrial Coating Systems		14.8	%		9.8	%

Operating capacity for each of our segments can support fluctuations in order activity without significant changes in operating costs. Also, currency translation affects reported operating margins. Operating margins for each segment were favorably impacted by a weaker dollar during 2011 as compared to 2010.

Operating profit as a percent of sales for the Adhesive Dispensing Systems segment increased to 34.4 percent in 2011 from 31.7 percent in 2010. The increase was primarily due to higher sales volume supported by a more efficient cost structure. Operating profit for 2011 included impairment losses of $1,811 on three facilities that were written down to their fair value and severance costs and other termination fees of $1,589.

Operating profit as a percent of sales for the Advanced Technology Systems segment was 26.2 percent in 2011 compared to 22.9 percent in 2010. The current year included charges of $3,003 related to short-term inventory purchase accounting adjustments. The operating profit increase was primarily due to higher sales volume supported by a more efficient cost structure.

Operating profit as a percent of sales for the Industrial Coating Systems segment was 14.8 percent in 2011 compared to 9.8 percent of sales in 2010. The increase was primarily due to higher sales volume supported by a more efficient cost structure.

Interest and other income (expense) — Interest expense in 2011 was $5,069, a decrease of $1,194, or 19.1 percent, from 2010. The decrease was primarily due to lower borrowing levels and lower interest rates in 2011. Other income in 2011 was $3,518 compared to $1,930 in 2010. Included in these amounts were foreign currency gains of $2,200 in 2011 and $1,221 in 2010.

Income taxes — Income tax expense in 2011 was $92,197, or 29.3 percent of pre-tax income, as compared to $63,271, or 27.4 percent of pre-tax income in 2010.

Income tax expense for 2011 includes a benefit of $2,027 from a reduction in unrecognized tax benefits, primarily related to settlements with tax authorities. In December 2010, the U.S. Congress passed and the President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which provided retroactive reinstatement of a research credit. As a result, income tax expense for 2011 includes a tax benefit of $1,580 related to research credit generated in 2010.

The 2010 effective tax rate was positively impacted by a tax benefit of $10,243 from the write-off of the tax basis in our UV graphics arts and lamps product lines. The 2010 tax rate was also positively impacted by the consolidation of certain operations and legal entities, resulting in a $3,616 tax benefit, and by the utilization of foreign operating tax loss carryforwards.

The 2010 effective rate was negatively impacted by an additional tax charge of $5,249 resulting from the enactment of the Patient Protection and Affordable Care Act and the subsequent enactment of the Health Care and Education Reconciliation Act of 2010. This charge was due to a reduction in the value of a deferred tax asset as a result of a change to the tax treatment associated with Medicare Part D subsidies.

Net income (loss) — Net income was $222,364, or $3.25 per diluted share, in 2011, compared to net income of $168,048, or $2.46 per diluted share in 2010.

Liquidity and Capital Resources

Cash provided by operating activities was $274,398 in 2012, up from $246,727 in 2011. The primary sources were net income, non-cash items and the tax benefit from the exercise of stock options, the sum of which is $275,373 in 2012, compared to $251,299 in 2011. Operating assets and liabilities used $975 of cash in 2012 compared to $4,572 in 2011. The primary reasons for the reduction in the use of cash for operating assets and liabilities were lower inventory investment and higher accrued obligations, partially offset by higher accounts receivable.

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Cash used by investing activities was $466,769 in 2012, as compared to $305,506 in 2011. Capital expenditures were $30,959 in 2012, up from $20,239 in the prior year. Significant expenditures in the current year include the previously announced expansion of our Adhesive Dispensing Systems segment facility in Duluth, Georgia and production equipment for our new facility in Swainsboro, Georgia, improvements at other facilities and continued investment in our information system platform. Cash proceeds of $6,120 from the sale of property, plant and equipment in 2012 were generated primarily from the sale of real estate in Norcross, Georgia. Cash of $2,213 was received in 2012 related to the sale of our UV Curing graphic arts and lamps product lines that occurred in June 2010. The acquisitions of EDI, Xaloy and SEE in 2012 used cash of $443,864, and the acquisitions of Micromedics, Verbruggen and Value Plastics used cash of $292,980 in 2011. Cash proceeds of $7,552 were received in 2011 from the maturity of bank certificates of deposit that had been purchased in 2010 and classified as short-term marketable securities.

Cash of $196,817 was provided by financing activities in 2012, compared to $50,703 in 2011. Included in 2012 were net short and long-term borrowings of $314,554, compared to $206,692 in the prior year. The increase was primarily due to higher expenditures for acquisitions of businesses in 2012. Issuance of common shares related to employee benefit plans generated $4,934 of cash in 2012, down from $9,652 in 2011, and the tax benefit from stock option exercises was $4,792 in the current year, down from $6,924 in the prior year. These decreases were the result of fewer stock option exercises. In 2012, cash of $88,455 was used for the purchase of treasury shares, down from $137,989 in 2011. Dividend payments were $33,805 in 2012, up from $29,838 in 2011 due to an increase in the annual dividend to $0.525 per share from $0.44 per share.

The following is a summary of significant changes by balance sheet caption from October 31, 2011 to October 31, 2012. Receivables increased $70,253 primarily due to higher sales in the fourth quarter of 2012, including acquisitions, compared to the fourth quarter of 2011. The increase of $27,673 in inventories is primarily due to inventory held by three acquisitions completed in 2012. Net property, plant and equipment increased $44,048 primarily due to acquisitions, our previously announced expansion of our Duluth, Georgia facility and production equipment and a capital lease asset related to a new leased facility in Swainsboro, Georgia. Goodwill increased $264,991, primarily due to three acquisitions completed in 2012 that added $266,677 of goodwill, partially offset by the effects currency translation and a reduction to goodwill of $96 related to a 2011 acquisition. The increase in net other intangibles of $107,192 was due to $122,596 of intangibles added as a result of the 2012 acquisitions, partially offset by $14,521 of amortization.

The increase in notes payable of $49,968 was related to borrowings under a short-term credit facility with PNC Bank. The increase of $16,488 in accounts payable was primarily due to 2012 acquisitions and a higher level of business activity in the fourth quarter of 2012 compared to the fourth quarter of 2011. The increase in income taxes payable of $12,071 was largely due to the timing of domestic income earned. The increase of $20,656 in accrued liabilities was primarily due to acquired businesses and increases in customer rebates and sales commissions related to higher sales. The $11,519 increase in customer advanced payments was mostly due to acquired businesses. Current maturities of long-term debt increased as a result of the reclassification from long-term to current of our $50,000 Prudential Senior note due in February 2013. The long-term debt increase of $214,582 reflects $200,000 of borrowings under a senior note purchase agreement in July 2012 and additional borrowings under our revolving credit agreement, partially offset by the reclassification mentioned above. Long-term obligations under capital leases increased $5,743 primarily due to a leased facility in Swainsboro, Georgia. The $38,341 increase in long-term pension obligations was primarily the result of a decrease in the discount rate for U.S. plans and plans of an acquired company. Long-term deferred tax liabilities increased $8,744, primarily as a result of amortization of goodwill for tax purposes, utilization of a tax loss carryforward and 2012 acquisitions, partially offset by the tax effect of pension and postretirement amounts recorded in other comprehensive income.

In September 2011, the board of directors approved a stock repurchase program of up to $100,000. This program was completed in April 2012, and the board of directors approved an additional repurchase program of up to $100,000. Uses for repurchased shares include the funding of benefit programs including stock options, nonvested stock and 401(k) matching. Shares purchased are treated as treasury shares until used for such purposes. The repurchase program is being funded using cash from operations and proceeds from borrowings under our credit facilities. During 2012, we repurchased 1,831 shares within these programs for a total amount of $86,022.

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As of October 31, 2012, approximately 73 percent of our consolidated cash and cash equivalents were held at various foreign subsidiaries. Deferred income taxes are not provided on undistributed earnings of international subsidiaries that are intended to be permanently invested in those operations. These undistributed earnings aggregated approximately $400,487 and $391,679 at October 31, 2012 and 2011, respectively. Should these earnings be distributed, applicable foreign tax credits would substantially offset United States taxes due upon the distribution.

Contractual Obligations

The following table summarizes contractual obligations as of October 31, 2012:

Obligations	Payments Due by Period
	Total		Less than 1 Year		1-3 Years		4-5 Years		After 5 Years
Long-term debt(1)	$	583,709	$	55,668	$	21,346	$	311,211	$	195,484
Interest payments on long-term debt(1)		58,743		8,563		14,347		13,220		22,613
Capital lease obligations(2)		21,093		6,714		7,771		1,424		5,184
Operating leases(2)		44,767		12,408		13,435		7,459		11,465
Notes payable(3)		50,001		50,001		—		—		—
Contributions related to pension and postretirement benefits(4)		28,800		28,800		—		—		—
Purchase obligations(5)		45,684		45,595		89		—		—
Total obligations	$	832,797	$	207,749	$	56,988	$	333,314	$	234,746

(1)   We have a $500,000 unsecured, multicurrency credit facility with a group of banks that expires in 2017 and may be increased to $750,000 under certain conditions. This facility replaced our previous facility that was scheduled to expire in 2012. At October 31, 2012, $262,450 was outstanding under this facility, compared to $192,200 outstanding at October 31, 2011 under the prior credit facility. There are two primary financial covenants that must be met under this facility. The first covenant limits the amount of total indebtedness that can be incurred to 3.5 times consolidated trailing EBITDA (both indebtedness and EBITDA as defined in the credit agreement). The second covenant requires consolidated trailing EBITDA to be at least three times consolidated trailing interest expense (both as defined in the credit agreement). At October 31, 2012, we were in compliance with all debt covenants, and the amount we could borrow under the credit facility would not have been limited by any debt covenants.

In 2008, we entered into a Note Purchase and Private Shelf Agreement (the Agreement) with Prudential Investment Management, Inc. The Agreement consists of a $50,000 Senior Note and a $100,000 Private Shelf Facility. The Private Shelf Facility expired in February 2011 and was not drawn upon. The Senior Note bears interest at a rate of 4.98 percent and matures on February 22, 2013 and is unsecured. The Agreement contains customary events of default and covenants related to limitations on indebtedness and the maintenance of certain financial ratios. We were in compliance with all covenants at October 31, 2012.

In 2011, we entered into a $150,000 three-year Private Shelf Note agreement with New York Life Investment Management LLC. Borrowings under the agreement may be up to 12 years, with an average life of up to 10 years and are unsecured. The interest rate on each borrowing can be fixed or floating and is based upon the market rate at the borrowing date. This agreement contains customary events of default and covenants related to limitations on indebtedness and the maintenance of certain financial ratios. At October 31, 2012, $69,445 was outstanding under this facility at a fixed rate of 2.21 percent per annum. We were in compliance with all covenants at October 31, 2012, and the amount we could borrow would not have been limited by any debt covenants.

In 2012, we entered into a Note Purchase Agreement with a group of insurance companies under which we sold $200,000 of Senior Notes. The notes mature between July 2017 and July 2025 and bear interest at fixed rates between 2.27 percent and 3.13 percent. We were in compliance with all covenants at October 31, 2012.

See Note 8 for additional information.

(2)  See Note 6 for additional information.

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(3)  In 2012, we entered into a $250,000 Credit Agreement with PNC Bank. The agreement provides for a delayed draw term loan facility that matures 364 days after the date of the agreement. We borrowed $250,000 under this agreement for the EDI and Xaloy acquisitions and repaid $200,000 using proceeds of the Senior Notes described above, leaving a balance of $50,000 outstanding at October 31, 2012. No additional borrowings can be made under this agreement, and any future repayments will reduce the maximum amount by the amount of the repayment. We were in compliance with all covenants at October 31, 2012. In addition, we have various lines of credit with foreign banks totaling $40,260 of which $40,259 was unused at October 31, 2012.

See Note 7 for additional information.

(4)  Pension and postretirement plan funding amounts after 2013 will be determined based on the future funded status of the plans and therefore cannot be estimated at this time. See Note 3 for additional information.

(5)  Purchase obligations primarily represent commitments for materials used in our manufacturing processes that are not recorded in our Consolidated Balance Sheet.

We believe that the combination of present capital resources, internally generated funds and unused financing sources are more than adequate to meet cash requirements for 2013. There are no significant restrictions limiting the transfer of funds from international subsidiaries to the parent company.

Outlook

Our operating performance, balance sheet position, and financial ratios for 2012 remained strong relative to 2011 and recent years, while uncertainties persisted in global financial markets and the general economic environment. Going forward, we are well-positioned to manage our liquidity needs that arise from working capital requirements, capital expenditures, contributions related to pension and postretirement obligations, and principal and interest payments on indebtedness. Primary sources of capital to meet these needs, as well as other opportunistic investments, are cash provided by operations and borrowings under our loan agreements. In 2012, cash from operations was 20 percent of revenue. With respect to borrowing under existing loan agreements, as of October 31, 2012, we had $237,550 available capacity under our five-year term, $500,000 unsecured, multicurrency credit facility. In addition, we had $75,000 borrowing capacity remaining on our $150,000 three-year Private Shelf agreement with New York Life Investment Management LLC. While these facilities provide the contractual terms for any borrowing, we cannot be assured that these facilities would be available in the event that these financial institutions failed to remain sufficiently capitalized.

Other loan agreements exist with no remaining borrowing capacity, but factor into debt covenant calculations that affect future borrowing capacity. As of October 31, 2012, we have a balance of $50,000 due on our $250,000 credit agreement with PNC Bank. No additional amount can be re-borrowed under this agreement. On July 26, 2012, we entered into a note purchase agreement with a group of insurance companies under which we sold $200,000 of senior notes. The notes mature between July 2017 and July 2025 and bear interest at fixed rates between 2.27 percent and 3.13 percent. And since 2008, we have had a $50,000 senior note with Prudential Investment Management, Inc. that will mature in 2013.

Respective to all of these loans are two primary covenants, the leverage ratio that restricts indebtedness (net of cash) to a maximum 3.5 times consolidated four-quarter trailing EBITDA and the interest coverage ratio that requires four-quarter trailing EBITDA to be at minimum three times four-quarter trailing interest expense. (Debt, EBITDA, and interest expense are as defined in respective credit agreements.) With respect to these two primary covenants as of October 31, 2012, we were approximately 41 percent of the most restrictive leverage ratio and approximately seven times the most restrictive interest coverage ratio. Unused borrowing capacity under existing loan agreements would amount to an additional 22 percent of the most restrictive leverage ratio for four-quarter trailing EBITDA as of October 31, 2012.

We move forward with caution in our approach to 2013, given persistent uncertainties related primarily to European sovereign debt issues, US deficit reduction issues, and prospects for slowing growth in Asian markets. Though the near-term global macroeconomic outlook remains somewhat unclear, our growth potential has been demonstrated over time from our capacity to build and enhance our core by entering emerging markets and pursuing market adjacencies. We drive value for our customers through our application expertise, differentiated technology, and direct sales and service support. Our priorities also are focused on continued operational

29

improvements by employing continuous improvement methodologies to our business processes. We expect these efforts will continue to provide more than sufficient cash from operations for meeting our liquidity needs and paying dividends to common shareholders as well as enabling us to invest in the development of new applications and markets for our technologies and pursue strategic acquisition opportunities. For fiscal years 2009 — 2012, excluding voluntary contributions to US defined benefit plans in 2010, cash from operations have been 19 to 21 percent of revenues, resulting in more than sufficient cash for our ordinary business requirements. Our available borrowing capacity primarily will enable us to make opportunistic investments in our own common shares and strategic business combinations.

With respect to contractual spending, the table above presents our financial obligations as $832,797 of which $207,749 is payable in 2013. As of March 1, 2012, we have in place a stock repurchase program approved by the board of directors and authorizing management at its discretion to repurchase shares up to $100,000. As of October 31, 2012, we have $84,883 remaining under this authorization. The repurchase program is being funded using cash from operations and proceeds from borrowings under our credit facilities. Timing and actual number of shares subject to repurchase are contingent on a number of factors including levels of cash generation from operations, cash requirements for acquisitions, repayment of debt and our share price. Capital expenditures for 2013 will be focused primarily upon our continued efforts to leverage our information systems platform and invest in projects that improve manufacturing and distribution operations.

Effects of Foreign Currency

The impact of changes in foreign currency exchange rates on sales and operating results cannot be precisely measured due to fluctuating selling prices, sales volume, product mix and cost structures in each country where we operate. As a general rule, a weakening of the United States dollar relative to foreign currencies has a favorable effect on sales and net income, while a strengthening of the dollar has a detrimental effect.

In 2012, as compared with 2011, the United States dollar was generally stronger against foreign currencies. If 2011 exchange rates had been in effect during 2012, sales would have been approximately $26,386 higher and third-party costs would have been approximately $16,015 higher. In 2011, as compared with 2010, the United States dollar was generally weaker against foreign currencies. If 2010 exchange rates had been in effect during 2011, sales would have been approximately $33,499 lower and third-party costs would have been approximately $17,872 lower. These effects on reported sales do not include the impact of local price adjustments made in response to changes in currency exchange rates.

Inflation

Inflation affects profit margins as the ability to pass cost increases on to customers is restricted by the need for competitive pricing. Although inflation has been modest in recent years and has had no material effect on the years covered by these financial statements, we continue to seek ways to minimize the impact of inflation through focused efforts to increase productivity.

Trends

The Five-Year Summary in Item 6 documents our historical financial trends. Over this period, the world’s economic conditions fluctuated significantly. Our solid performance is attributed to our participation in diverse geographic and industrial markets and our long-term commitment to develop and provide quality products and worldwide service to meet our customers’ changing needs.

Safe Harbor Statements Under the Private Securities Litigation Reform Act of 1995

This Form 10-K, particularly “Management’s Discussion and Analysis,” contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, income, earnings, cash flows, changes in operations, operating improvements, businesses in which we operate and the United States and global economies. Statements in this 10-K that are not historical are hereby identified as “forward-looking statements” and may be indicated by words or phrases such as “anticipates,” “supports,” “plans,” “projects,” “expects,” “believes,” “should,” “would,” “could,” “hope,” “forecast,” “management is of the opinion,” use of the future tense and similar words or phrases.

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In light of these risks and uncertainties, actual events and results may vary significantly from those included in or contemplated or implied by such statements. Readers are cautioned not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Factors that could cause our actual results to differ materially from the expected results are discussed in Item 1A, Risk Factors.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

We operate internationally and enter into intercompany transactions denominated in foreign currencies. Consequently, we are subject to market risk arising from exchange rate movements between the dates foreign currencies are recorded and the dates they are settled. We regularly use foreign exchange contracts to reduce our risks related to most of these transactions. These contracts, primarily associated with the euro, yen and pound sterling, typically have maturities of 90 days or less, and generally require the exchange of foreign currencies for United States dollars at rates stated in the contracts. Gains and losses from changes in the market value of these contracts offset foreign exchange losses and gains, respectively, on the underlying transactions. Other transactions denominated in foreign currencies are designated as hedges of our net investments in foreign subsidiaries or are intercompany transactions of a long-term investment nature. As a result of the use of foreign exchange contracts on a routine basis to reduce the risks related to most of our transactions denominated in foreign currencies, as of October 31, 2012, we did not have material foreign currency exposure.

Note 9 to the financial statements contains additional information about our foreign currency transactions and the methods and assumptions used to record these transactions.

A portion of our operations is financed with short-term and long-term borrowings and is subject to market risk arising from changes in interest rates.

The tables that follow present principal repayments and weighted-average interest rates on outstanding borrowings of fixed-rate debt.

At October 31, 2012

	2013			2014			2015			2016			2017			Thereafter			Total Value			Fair Value
Annual repayments of long-term debt	$	55,668		$	10,671		$	10,675		$	10,679		$	38,082		$	195,484		$	321,259		$	322,174
Average interest rate on total borrowings outstanding during the year		3.1	%		2.8	%		2.8	%		2.8	%		2.8	%		2.9	%		3.1	%

At October 31, 2011

	2012			2013			2014			2015			2016			Thereafter			Total Value			Fair Value
Annual repayments of long-term debt	$	5,664			$55,668		$	10,671		$	10,675		$	10,679		$	33,566		$	126,923		$	121,650
Average interest rate on total borrowings outstanding during the year		3.3	%		3.4	%		2.2	%		2.2	%		2.2	%		2.3	%		3.3	%

We also have variable-rate notes payable and long-term debt. The weighted average interest rate of this debt was 1.1 percent at October 31, 2012 and 0.5 percent at October 31, 2011. A one percent increase in interest rates would have resulted in additional interest expense of approximately $2,951 on the variable rate notes payable and long-term debt in 2012.

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Item 8. Financial Statements and Supplementary Data

Consolidated Statements of Income

Years ended October 31, 2012, 2011 and 2010	2012			2011			2010
(In thousands except for per-share amounts)
Sales	$	1,409,578		$	1,233,159		$	1,041,551
Operating costs and expenses:
Cost of sales		584,249			484,727			419,937
Cost of sales — restructuring		2,040			—			—
Selling and administrative expenses		485,285			429,489			384,752
Severance and restructuring costs		2,524			1,589			2,029
Long-lived asset impairments		—			1,811			—
		1,074,098			917,616			806,718
Operating profit		335,480			315,543			234,833
Other income (expense):
Interest expense		(11,153	)		(5,069	)		(6,263	)
Interest and investment income		463			569			819
Other — net		1,463			3,518			1,930
		(9,227	)		(982	)		(3,514	)
Income before income taxes		326,253			314,561			231,319
Income tax provision:
Current		91,596			91,481			36,441
Deferred		9,828			716			26,830
		101,424			92,197			63,271
Net income	$	224,829		$	222,364		$	168,048
Average common shares		64,407			67,616			67,610
Incremental common shares attributable to outstanding stock options, nonvested stock and deferred stock-based compensation		696			809			832
Average common shares and common share equivalents		65,103			68,425			68,442
Basic earnings per share	$	3.49		$	3.29		$	2.49
Diluted earnings per share	$	3.45		$	3.25		$	2.46
Dividends declared per common share	$	0.525		$	0.44		$	0.39

The accompanying notes are an integral part of the consolidated financial statements.

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Consolidated Statements of Comprehensive Income

Years ended October 31, 2012, 2011 and 2010	2012			2011			2010
(In thousands)
Net income	$	224,829		$	222,364		$	168,048
Components of other comprehensive income (loss), net of tax:
Cumulative translation adjustments		(10,806	)		562			(4,361	)
Pension and postretirement benefit plans:
Prior service credit arising during the year		2,142			714			1,138
Net actuarial loss arising during the year		(23,829	)		(20,966	)		(15,466	)
Amortization of prior service cost		(183	)		(300	)		(1,120	)
Amortization of actuarial loss		7,899			6,284			6,593
Remeasurement of supplemental pension liability		—			—			(2,746	)
Settlement loss recognized		563			—			5,126
Total pension and postretirement benefit plans		(13,408	)		(14,268	)		(6,475	)
Total other comprehensive loss		(24,214	)		(13,706	)		(10,836	)
Total comprehensive income	$	200,615		$	208,658		$	157,212

The accompanying notes are an integral part of the consolidated financial statements.

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Consolidated Balance Sheets

October 31, 2012 and 2011	2012			2011
(In thousands)
Assets
Current assets:
Cash and cash equivalents	$	41,239		$	37,408
Marketable securities		279			—
Receivables — net		324,563			254,310
Inventories — net		169,585			141,912
Deferred income taxes		29,929			25,378
Prepaid expenses		21,028			17,949
Total current assets		586,623			476,957
Property, plant and equipment — net		174,931			130,883
Goodwill		812,817			547,826
Intangible assets — net		227,891			120,699
Other assets		27,253			28,085
	$	1,829,515		$	1,304,450
Liabilities and shareholders’ equity
Current liabilities:
Notes payable	$	50,001		$	33
Accounts payable		62,869			46,381
Income taxes payable		27,354			15,283
Accrued liabilities		121,950			101,294
Customer advance payments		20,894			9,375
Current maturities of long-term debt		55,668			5,664
Current obligations under capital leases		4,948			4,131
Total current liabilities		343,684			182,161
Long-term debt		528,041			313,459
Obligations under capital leases		10,945			5,202
Pension obligations		161,399			123,058
Postretirement obligations		69,851			71,943
Deferred income taxes		26,159			17,415
Other liabilities		19,666			19,889
Shareholders’ equity:
Preferred shares, no par value; 10,000 shares authorized; none issued		—			—
Common shares, no par value; 160,000 shares authorized; 98,023 shares issued at October 31, 2012 and 2011		12,253			12,253
Capital in excess of stated value		287,581			272,928
Retained earnings		1,181,245			990,221
Accumulated other comprehensive loss		(104,226	)		(80,012	)
Common shares in treasury, at cost		(707,083	)		(624,067	)
Total shareholders’ equity		669,770			571,323
	$	1,829,515		$	1,304,450

The accompanying notes are an integral part of the consolidated financial statements.

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Consolidated Statements of Shareholders’ Equity

Years ended October 31, 2012, 2011 and 2010	2012			2011			2010
(In thousands)
Number of common shares in treasury
Balance at beginning of year		32,422			30,152			30,667
Shares issued under company stock and employee benefit plans		(571	)		(936	)		(1,448	)
Purchase of treasury shares		1,915			3,206			933
Balance at end of year		33,766			32,422			30,152
Common shares
Balance at beginning and ending of year	$	12,253		$	12,253		$	12,253
Capital in excess of stated value
Balance at beginning of year	$	272,928		$	255,595		$	241,494
Shares issued under company stock and employee benefit plans		(504	)		1,564			(1,330	)
Tax benefit from stock option and restricted stock transactions		4,792			6,924			7,798
Stock-based compensation		10,365			8,845			7,633
Balance at end of year	$	287,581		$	272,928		$	255,595
Retained earnings
Balance at beginning of year	$	990,221		$	797,695		$	656,086
Net income		224,829			222,364			168,048
Dividends paid ($.525 per share in 2012, $.44 per share in 2011, and $.39 per share in 2010)		(33,805	)		(29,838	)		(26,439	)
Balance at end of year	$	1,181,245		$	990,221		$	797,695
Accumulated other comprehensive income (loss)
Balance at beginning of year	$	(80,012	)	$	(66,306	)	$	(55,470	)
Translation adjustments		(10,806	)		562			(4,361	)
Remeasurement of supplemental pension liability, net of tax of $1,648		—			—			(2,746	)
Settlement loss recognized, net of tax of $(331) in 2012 and $(3,085) in 2010		563			—			5,126
Net prior service cost arising during the year, net of tax of $(1,078) in 2012, $(315) in 2011 and $3 in 2010		1,959			414			18
Net actuarial loss arising during the year, net of tax of $7,791 in 2012, $9,002 in 2011 and $4,756 in 2010		(15,930	)		(14,682	)		(8,873	)
Balance at end of year	$	(104,226	)	$	(80,012	)	$	(66,306	)
Common shares in treasury, at cost
Balance at beginning of year	$	(624,067	)	$	(494,165	)	$	(484,387	)
Shares issued under company stock and employee benefit plans		7,762			13,315			20,309
Purchase of treasury shares		(90,778	)		(143,217	)		(30,087	)
Balance at end of year	$	(707,083	)	$	(624,067	)	$	(494,165	)
Total shareholders’ equity	$	669,770		$	571,323		$	505,072

The accompanying notes are an integral part of the consolidated financial statements.

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Consolidated Statements of Cash Flows

Years ended October 31, 2012, 2011 and 2010	2012			2011			2010
(In thousands)
Cash flows from operating activities:
Net income	$	224,829		$	222,364		$	168,048
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		24,469			20,758			22,625
Amortization		14,521			8,018			6,263
Long-lived asset impairments		—			1,811			—
Provision for losses on receivables		710			977			607
Deferred income taxes		9,828			716			26,830
Tax benefit from the exercise of stock options		(4,792	)		(6,924	)		(7,798	)
Non-cash stock compensation		10,365			8,845			7,633
(Gain)/loss on sale of property, plant and equipment		(638	)		362			(18	)
Loss on divestiture		—			—			357
Other		(3,919	)		(5,628	)		(10,791	)
Changes in operating assets and liabilities:
Receivables		(49,595	)		(4,474	)		(50,732	)
Inventories		171			(14,666	)		(15,004	)
Other current assets		(1,201	)		(1,619	)		222
Other noncurrent assets		(1,290	)		875			(2,837	)
Accounts payable		4,882			4,389			7,046
Income taxes payable		18,855			(1,993	)		18,170
Accrued liabilities		12,923			3,263			5,466
Customer advance payments		2,124			(2,382	)		2,614
Other noncurrent liabilities		12,156			12,035			(38,515	)
Net cash provided by operating activities		274,398			246,727			140,186
Cash flows from investing activities:
Additions to property, plant and equipment		(30,959	)		(20,239	)		(14,317	)
Proceeds from sale of property, plant and equipment		6,120			161			354
Proceeds from sale of product lines		2,213			—			(990	)
Acquisition of businesses, net of cash acquired		(443,864	)		(292,980	)		(18,576	)
Proceeds from sale of (purchases of) marketable securities		(279	)		7,552			(7,795	)
Net cash used in investing activities		(466,769	)		(305,506	)		(41,324	)
Cash flows from financing activities:
Proceeds from short-term borrowings		250,001			190			12,566
Repayment of short-term borrowings		(200,033	)		(2,361	)		(11,411	)
Proceeds from long-term debt		401,175			1,039,800			116,000
Repayment of long-term debt		(136,589	)		(830,937	)		(162,290	)
Repayment of capital lease obligations		(5,203	)		(4,738	)		(4,392	)
Issuance of common shares		4,934			9,652			13,828
Purchase of treasury shares		(88,455	)		(137,989	)		(24,935	)
Tax benefit from the exercise of stock options		4,792			6,924			7,798
Dividends paid		(33,805	)		(29,838	)		(26,439	)
Net cash provided by (used in) financing activities		196,817			50,703			(79,275	)
Effect of exchange rate changes on cash		(615	)		3,155			3,961
Increase (decrease) in cash and cash equivalents		3,831			(4,921	)		23,548
Cash and cash equivalents at beginning of year		37,408			42,329			18,781
Cash and cash equivalents at end of year	$	41,239		$	37,408		$	42,329

The accompanying notes are an integral part of the consolidated financial statements.

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Notes to Consolidated Financial Statements

NOTE REGARDING AMOUNTS AND FISCAL YEAR REFERENCES

In this annual report, all amounts related to United States dollars and foreign currency and to the number of Nordson Corporation’s common shares, except for per share earnings and dividend amounts, are expressed in thousands.

Unless otherwise noted, all references to years relate to our fiscal year ending October 31.

Note 1 — Significant accounting policies

Consolidation — The consolidated financial statements include the accounts of Nordson Corporation and majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual amounts could differ from these estimates.

Fiscal year — Our fiscal year ends on October 31.

Revenue recognition — Most of our revenues are recognized upon shipment, provided that persuasive evidence of an arrangement exists, the sales price is fixed or determinable, collectibility is reasonably assured, and title and risk of loss have passed to the customer.

A relative selling price hierarchy exists for determining the selling price of deliverables in multiple deliverable arrangements. Vendor specific objective evidence (VSOE) is used, if available. Third-party evidence (TPE) is used if VSOE is not available, and best estimated selling price (BESP) is used if neither VSOE nor TPE is available. Our multiple deliverable arrangements include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, therefore, are typically regarded as inconsequential or perfunctory. Revenue for undelivered items is deferred and included within accrued liabilities in the accompanying balance sheet. Revenues deferred in 2012, 2011 and 2010 were not material.

Shipping and handling costs — Amounts billed to customers for shipping and handling are recorded as revenue. Shipping and handling expenses are included in cost of sales.

Advertising costs — Advertising costs are expensed as incurred and were $10,935, $9,008 and $8,267 in 2012, 2011 and 2010, respectively.

Research and development — Research and development costs are expensed as incurred and were $36,535, $26,997 and $23,835 in 2012, 2011 and 2010, respectively.

Earnings per share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding during each year, while diluted earnings per share are based on the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents consist of shares issuable upon exercise of stock options computed using the treasury stock method, as well as nonvested (restricted) stock and deferred stock-based compensation. Options whose exercise price is higher than the average market price are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Options for 75, 71 and 17 common shares were excluded from the diluted earnings per share calculation in 2012, 2011 and 2010, respectively, because their effect would have been anti-dilutive.

Cash and cash equivalents — Highly liquid instruments with maturities of 90 days or less at date of purchase are considered to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value.

Allowance for doubtful accounts — An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of customers to make required payments. The amount of the allowance is determined principally on the basis of past collection experience and known factors regarding specific customers. Accounts are written off against the allowance when it becomes evident that collection will not occur.

37

Notes to Consolidated Financial Statements — (Continued)

Inventories — Inventories are valued at the lower of cost or market. Cost was determined using the last-in, first-out (LIFO) method for 24 percent of consolidated inventories at October 31, 2012, and 26 percent at October 31, 2011. The first-in, first-out (FIFO) method is used for all other inventories. Consolidated inventories would have been $6,810 and $6,779 higher than reported at October 31, 2012 and October 31, 2011, respectively, had the FIFO method, which approximates current cost, been used for valuation of all inventories.

Property, plant and equipment and depreciation — Property, plant and equipment are carried at cost. Additions and improvements that extend the lives of assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. Plant and equipment are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets or, in the case of property under capital leases, over the terms of the leases. Leasehold improvements are depreciated over the shorter of the lease term or their useful lives. Useful lives are as follows:

Land improvements	15-25 years
Buildings	20-40 years
Machinery and equipment	3-12 years
Enterprise management systems	5-13 years

Depreciation expense is included in cost of sales and selling and administrative expenses.

Internal use software costs are expensed or capitalized depending on whether they are incurred in the preliminary project stage, application development stage or the post-implementation stage. Amounts capitalized are amortized over the estimated useful lives of the software beginning with the project’s completion. All re-engineering costs are expensed as incurred. Interest costs on significant capital projects are capitalized. No interest was capitalized in 2012, 2011 or 2010.

Goodwill and intangible assets — Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. The majority of goodwill relates to and is assigned directly to specific reporting units. Goodwill is not amortized but is subject to annual impairment testing. Our annual impairment testing is performed as of August 1. Testing is done more frequently if an event occurs or circumstances change that would indicate the fair value of a reporting unit is less than the carrying amount of those assets.

Other amortizable intangible assets, which consist primarily of patent/technology costs, customer relationships, noncompete agreements, and trade names, are amortized over their useful lives on a straight-line basis. At October 31, 2012, the weighted average useful lives for each major category of amortizable intangible assets were:

Patent/technology costs	14 years
Customer relationships	15 years
Noncompete agreements	5 years
Trade names	16 years

Foreign currency translation — The financial statements of subsidiaries outside the United States are generally measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet dates. Income and expense items are translated at average monthly rates of exchange. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Generally, gains and losses from foreign currency transactions, including forward contracts, of these subsidiaries and the United States parent are included in net income. Gains and losses from intercompany foreign currency transactions of a long-term investment nature are included in accumulated other comprehensive income (loss).

38

Notes to Consolidated Financial Statements — (Continued)

Accumulated other comprehensive loss — Accumulated other comprehensive loss at October 31, 2012 and 2011, consisted of:

	2012			2011
Translation adjustments	$	26,234		$	37,040
Pension and postretirement benefit plan adjustments		(130,460	)		(117,052	)
	$	(104,226	)	$	(80,012	)

Warranties — Our standard warranty program provides for repair or replacement of defective products within a specified time period (generally one year) measured from the date of delivery or first use. The estimate for future warranty-related costs is calculated based on actual historical return rates. Based on analysis of return rates and other factors, warranty provisions are adjusted as necessary. The liability for warranty costs is included in other accrued liabilities in the Consolidated Balance Sheet.

Following is a reconciliation of the product warranty liability for 2012 and 2011:

	2012			2011
Balance at beginning of year	$	6,723		$	5,242
Accruals for warranties		5,430			7,417
Warranty assumed from acquisitions		2,252			72
Warranty payments		(5,307	)		(6,017	)
Currency adjustments		(169	)		9
Balance at end of year	$	8,929		$	6,723

Presentation — Certain amounts for 2011 and 2010 have been reclassified to conform to 2012 presentation.

Note 2 — Recently issued accounting standards

In December 2010, the Financial Accounting Standards Board (FASB) issued guidance that provides requirements for pro forma revenue and earnings disclosures related to business combinations. This guidance requires disclosure of revenue and earnings of the combined business as if the combination occurred at the start of the prior annual reporting period only. We adopted this standard on November 1, 2011, and required disclosures are included in Note 13.

In May 2011, the FASB clarified the guidance concerning fair value measurements and disclosures. The guidance requires the disclosure of quantitative information about unobservable inputs used, a description of the valuation processes used, and a qualitative discussion around the sensitivity of the measurements. We adopted this guidance on February 1, 2012, and there was no material impact on our consolidated financial statements.

In June 2011, the FASB issued an Accounting Standards Update (ASU) that amends current comprehensive income guidance. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of shareholders’ equity. Instead, comprehensive income must be reported in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements. We adopted this guidance in 2012, and it did not impact our consolidated financial statements, as it only resulted in a change in the format of presentation.

39

Notes to Consolidated Financial Statements — (Continued)

In September 2011, the FASB issued guidance amending the way companies test for goodwill impairment. Companies will have the option to first assess qualitative factors to determine the existence of events or circumstances that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, companies determine that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the two-step impairment test is unnecessary. This guidance is effective for us beginning in 2013, with early adoption permitted. Adoption of this guidance could change our annual process for goodwill impairment testing, but will not impact the financial statements.

Note 3 — Retirement, pension and other postretirement plans

Retirement plans — We have funded contributory retirement plans covering certain employees. Our contributions are primarily determined by the terms of the plans, subject to the limitation that they shall not exceed the amounts deductible for income tax purposes. We also sponsor unfunded contributory supplemental retirement plans for certain employees. Generally, benefits under these plans vest gradually over a period of approximately three years from date of employment, and are based on the employee’s contribution. The expense applicable to retirement plans for 2012, 2011 and 2010 was approximately $10,827, $8,594 and $7,945, respectively.

Pension plans — We have various pension plans covering a portion of our United States and international employees. Pension plan benefits are generally based on years of employment and, for salaried employees, the level of compensation. Actuarially determined amounts are contributed to United States plans to provide sufficient assets to meet future benefit payment requirements. We also sponsor an unfunded supplemental pension plan for certain employees. International subsidiaries fund their pension plans according to local requirements.

40

Notes to Consolidated Financial Statements — (Continued)

A reconciliation of the benefit obligations, plan assets, accrued benefit cost and the amount recognized in financial statements for pension plans is as follows:

	United States						International
	2012			2011			2012			2011
Change in benefit obligation:
Benefit obligation at beginning of year	$	268,949		$	237,370		$	71,361		$	71,936
Service cost		7,488			6,058			1,504			2,097
Interest cost		12,137			12,008			3,002			2,973
Participant contributions		—			—			133			124
Plan amendments		(3,199	)		5			—			(1,210	)
Addition of plans from business combination		14,935			—			—			—
Foreign currency exchange rate change		—			—			(2,000	)		345
Actuarial (gain) loss		36,852			21,289			11,934			(2,567	)
Benefits paid		(10,370	)		(7,781	)		(2,501	)		(2,337	)
Benefit obligation at end of year	$	326,792		$	268,949		$	83,433		$	71,361
Change in plan assets:
Beginning fair value of plan assets	$	184,701		$	175,864		$	32,167		$	29,799
Actual return on plan assets		22,088			15,946			1,283			672
Company contributions		9,060			672			3,492			3,788
Participant contributions		—			—			133			124
Addition of plans from business combination		8,649			—			—			—
Foreign currency exchange rate change		—			—			(357	)		121
Benefits paid		(10,370	)		(7,781	)		(2,501	)		(2,337	)
Ending fair value of plan assets	$	214,128		$	184,701		$	34,217		$	32,167
Funded status at end of year	$	(112,664	)	$	(84,248	)	$	(49,216	)	$	(39,194	)
Amounts recognized in financial statements:
Noncurrent asset	$	—		$	—		$	144		$	191
Accrued benefit liability		(620	)		(571	)		(5	)		(4	)
Long-term pension and retirement obligations		(112,044	)		(83,677	)		(49,355	)		(39,381	)
Total amount recognized in financial statements	$	(112,664	)	$	(84,248	)	$	(49,216	)	$	(39,194	)

41

Notes to Consolidated Financial Statements — (Continued)

	United States					International
	2012			2011		2012			2011
Amounts recognized in accumulated other comprehensive (gain) loss:
Net actuarial loss	$	154,238		$	136,927	$	26,310		$	14,937
Prior service cost (credit)		(1,506	)		2,035		(1,080	)		(1,201	)
Accumulated other comprehensive loss	$	152,732		$	138,962	$	25,230		$	13,736
Amounts expected to be recognized during next fiscal year:
Amortization of net actuarial loss	$	13,943		$	11,356	$	1,418		$	579
Amortization of prior service cost (credit)		157			667		(96	)		(98	)
Total	$	14,100		$	12,023	$	1,322		$	481

The following table summarizes the changes in accumulated other comprehensive (gain) loss:

	United States						International
	2012			2011			2012			2011
Balance at beginning of year	$	138,962		$	126,144		$	13,736		$	17,500
Net (gain) loss arising during the year		29,877			20,917			12,197			(1,773	)
Prior service cost (credit) arising during the year		(3,199	)		5			—			(1,210	)
Net gain (loss) recognized during the year		(11,672	)		(7,438	)		(564	)		(858	)
Prior service (cost) credit recognized during the year		(342	)		(666	)		97			(5	)
Settlement loss		(894	)		—			—			—
Exchange rate effect during the year		—			—			(236	)		82
Balance at end of year	$	152,732		$	138,962		$	25,230		$	13,736

Information regarding the accumulated benefit obligation is as follows:

	United States				International
	2012		2011		2012		2011
For all plans:
Accumulated benefit obligation	$	316,080	$	261,767	$	65,725	$	56,529
For plans with benefit obligations in excess of plan assets:
Projected benefit obligation		326,792		268,949		70,153		64,945
Accumulated benefit obligation		316,080		261,767		58,425		54,749
Fair value of plan assets		214,128		184,701		26,757		30,185

42

Notes to Consolidated Financial Statements — (Continued)

Net pension benefit costs include the following components:

	United States									International
	2012			2011			2010			2012			2011			2010
Service cost	$	7,488		$	6,058		$	5,997		$	1,504		$	2,097		$	1,632
Interest cost		12,137			12,008			11,883			3,002			2,973			2,791
Expected return on plan assets		(14,901	)		(15,575	)		(14,716	)		(1,547	)		(1,466	)		(1,348	)
Amortization of prior service cost (credit)		342			666			579			(97	)		5			49
Amortization of net actuarial (gain) loss		11,672			7,438			6,181			564			858			369
Settlement loss		682			—			8,022			—			—			190
Total benefit cost	$	17,420		$	10,595		$	17,946		$	3,426		$	4,467		$	3,683

Net periodic pension cost for 2012 included a settlement loss of $682, due to a plan termination. Net periodic pension cost for 2010 included settlement losses of $8,212, due to lump sum retirement payments.

The weighted average assumptions used in the valuation of pension benefits were as follows:

	United States									International
	2012			2011			2010			2012			2011			2010
Assumptions used to determine benefit obligations at October 31:
Discount rate		3.85	%		4.46	%		5.21	%		3.52	%		4.43	%		4.17	%
Rate of compensation increase		3.12			3.20			3.30			3.13			3.16			3.21
Assumptions used to determine net benefit costs for the years ended October 31:
Discount rate		4.46			5.21			5.50			4.43			4.17			4.78
Expected return on plan assets		7.75			8.25			8.51			4.85			4.84			4.85
Rate of compensation increase		3.20			3.30			3.30			3.16			3.21			2.86

The amortization of prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the plans.

The discount rate reflects the current rate at which pension liabilities could be effectively settled at the end of the year. The discount rate used considers a yield derived from matching projected pension payments with maturities of a portfolio of available bonds that receive the highest rating given from a recognized investments ratings agency. The decrease in the discount rate in 2012 and 2011 is due to lower yields for these types of investments as a result of the economic environment.

In determining the expected return on plan assets, we consider both historical performance and an estimate of future long-term rates of return on assets similar to those in our plans. We consult with and consider the opinions of financial and other professionals in developing appropriate return assumptions. The rate of compensation increase is based on managements’ estimates using historical experience and expected increases in rates.

43

Notes to Consolidated Financial Statements — (Continued)

Economic assumptions have a significant effect on the amounts reported. The effect of a one percent change in the discount rate, expected return on assets and compensation increase is shown in the table below. Bracketed numbers represent decreases in expense and obligation amounts.

	United States						International
	1% Point Increase			1% Point Decrease			1% Point Increase			1% Point Decrease
Discount rate:
Effect on total service and interest cost components in 2012	$	(3,897	)	$	4,670		$	(851	)	$	1,398
Effect on pension obligation as of October 31, 2012	$	(37,767	)	$	47,918		$	(13,344	)	$	17,074
Expected return on assets:
Effect on total service and interest cost components in 2012	$	(1,890	)	$	1,890		$	(321	)	$	321
Effect on pension obligation as of October 31, 2012	$	—		$	—		$	—		$	—
Compensation increase:
Effect on total service and interest cost components in 2012	$	2,792		$	(2,309	)	$	903		$	(734	)
Effect on pension obligation as of October 31, 2012	$	17,886		$	(14,864	)	$	6,304		$	(5,468	)

The allocation of pension plan assets as of October 31, 2012 and 2011 is as follows:

	United States				International
	2012		2011		2012		2011
Asset Category
Equity securities		37%		22%		—%		—%
Debt securities		20		33		—		—
Insurance contracts		—		—		56		58
Pooled investment funds		42		44		43		41
Other		1		1		1		1
Total		100%		100%		100%		100%

Our investment objective for defined benefit plan assets is to meet the plans’ benefit obligations, while minimizing the potential for future required plan contributions.

Our United States plans comprise 86 percent of the worldwide pension assets. The investment strategies focus on asset class diversification, liquidity to meet benefit payments and an appropriate balance of long-term investment return and risk. Target ranges for asset allocations are determined by dynamically matching the actuarial projections of the plans’ future liabilities and benefit payments with expected long-term rates of return on the assets, taking into account investment return volatility and correlations across asset classes. The current target in “return-seeking assets” is 60 percent and 40 percent in fixed income. Plan assets are diversified across several investment managers and are generally invested in liquid funds that are selected to track broad market equity and bond indices. Investment risk is carefully controlled with plan assets rebalanced to target allocations on a periodic basis and continual monitoring of investment managers’ performance relative to the investment guidelines established with each investment manager.

Our international plans comprise 14 percent of the worldwide pension assets. Asset allocations are developed on a country-specific basis. Our investment strategy is to cover pension obligations with insurance contracts or to employ independent managers to invest the assets.

44

Notes to Consolidated Financial Statements — (Continued)

The fair values of our pension plan assets at October 31, 2012 by asset category are in the table below.

	United States								International
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash	$	1,346	$	1,346	$	—	$	—	$	323	$	323	$	—	$	—
Money market funds		2,114		2,114		—		—		—		—		—		—
Equity securities:
Basic materials		5,849		5,849		—		—		—		—		—		—
Consumer goods		7,359		7,359		—		—		—		—		—		—
Financial		9,190		9,190		—		—		—		—		—		—
Healthcare		4,891		4,891		—		—		—		—		—		—
Industrial goods		3,174		3,174		—		—		—		—		—		—
Technology		4,581		4,581		—		—		—		—		—		—
Utilities		1,491		1,491		—		—		—		—		—		—
Mutual funds		39,900		39,900		—		—		—		—		—		—
Fixed income securities:
U.S. Government		17,697		1,784		15,913		—		—		—		—		—
Corporate		24,865		—		24,865		—		—		—		—		—
Other		593		—		593		—		—		—		—		—
Other types of investments:
Insurance contracts		—		—		—		—		19,046		—		—		19,046
Real estate collective funds		13,110		—		—		13,110		—		—		—		—
Pooled investment funds		77,220		—		77,220		—		14,848		—		14,848		—
Other		748		748		—		—		—		—		—		—
	$	214,128	$	82,427	$	118,591	$	13,110	$	34,217	$	323	$	14,848	$	19,046

45

Notes to Consolidated Financial Statements — (Continued)

The fair values of our pension plan assets at October 31, 2011 by asset category are in the table below.

	United States								International
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash	$	618	$	618	$	—	$	—	$	322	$	322	$	—	$	—
Money market funds		1,845		1,845		—		—		—		—		—		—
Equity securities:
Basic materials		5,081		5,081		—		—		—		—		—		—
Consumer goods		5,942		5,942		—		—		—		—		—		—
Financial		6,989		6,989		—		—		—		—		—		—
Healthcare		4,062		4,062		—		—		—		—		—		—
Industrial goods		3,993		3,993		—		—		—		—		—		—
Technology		4,767		4,767		—		—		—		—		—		—
Utilities		1,578		1,578		—		—		—		—		—		—
Mutual funds		7,353		7,353		—		—		—		—		—		—
Fixed income securities:
U.S. Government		24,224		2,445		21,779		—		—		—		—		—
Corporate		35,514		—		35,514		—		—		—		—		—
Other		826		—		826		—		—		—		—		—
Other types of investments:
Insurance contracts		—		—		—		—		18,501		—		—		18,501
Pooled investment funds		81,062		—		81,062		—		13,344		—		13,344		—
Other		847		847		—		—		—		—		—		—
	$	184,701	$	45,520	$	139,181	$	—	$	32,167	$	322	$	13,344	$	18,501

At October 31, 2012 and 2011, the pension plans did not have any investment in our common shares.

The inputs and methodology used to measure fair value of plan assets are consistent with those described in Note 18. Following are the valuation methodologies used to measure these assets:

• Money market funds — Money market funds are public investment vehicles that are valued with a net asset value of one dollar. This is a quoted price in an active market and is classified as Level 1.

• Equity securities — Common stocks are valued at the closing price reported on the active market on which the individual securities are traded and are classified as Level 1. Mutual funds are valued at the net asset values of the shares at year-end, as determined by the closing price reported on the active market on which the individual securities are traded and are classified as Level 1.

• Fixed income securities — U.S. Treasury bills reflect the closing price on the active market in which the securities are traded and are classified as Level 1. Securities of U.S. agencies are valued using bid evaluations and a classified as Level 2. Corporate fixed income securities are valued using evaluated prices, such as dealer quotes, bids and offers and are therefore classified as Level 2.

• Insurance contracts — Insurance contracts are investments with various insurance companies. The assets are valued at the fair value as reported by the insurance companies. These contracts do not hold any specific assets. These investments are classified as Level 3.

46

Notes to Consolidated Financial Statements — (Continued)

• Real estate collective funds — These funds are valued at the estimated fair value of the underlying properties. Estimated fair value is calculated using a combination of key inputs, such as revenue and expense growth rates, terminal capitalization rates and discount rates. These investments are classified as Level 3.

• Pooled investment funds — These are public investment vehicles valued using the net asset value. The net asset value is based on the value of the assets owned by the plan, less liabilities. These investments are not quoted on an active exchange and are classified as Level 2.

The following table sets forth a summary of changes in fair value of the pension plan investments classified as Level 3 for the years ended October 31, 2012 and 2011:

	2012			2011
Balance at beginning of year	$	18,501		$	17,699
Net unrealized gains		1,949			55
Net realized gains		2			—
Purchases		14,311			2,202
Sales		(2,183	)		(1,523	)
Transfers in (out)		—			—
Foreign currency translation		(424	)		68
Balance at end of year	$	32,156		$	18,501

Contributions to pension plans in 2013 are estimated to be approximately $26,500.

Retiree pension benefit payments, which reflect expected future service, are anticipated to be paid as follows:

Year	United States		International
2013	$	9,899	$	1,909
2014		10,750		2,324
2015		11,781		2,874
2016		12,856		2,395
2017		13,974		2,096
2018-2022		87,241		19,331

Other postretirement plans — We have an unfunded postretirement benefit plan covering certain of our United States employees. Employees hired after January 1, 2002, are not eligible to participate in this plan. The plan provides medical and life insurance benefits. The plan is contributory, with retiree contributions in the form of premiums that are adjusted annually, and contains other cost-sharing features, such as deductibles and coinsurance. We also sponsor an unfunded, non-contributory postretirement benefit plan that provides medical and life insurance benefits for certain international employees.

47

Notes to Consolidated Financial Statements — (Continued)

A reconciliation of the benefit obligations, accrued benefit cost and the amount recognized in financial statements for other postretirement plans is as follows:

	United States						International
	2012			2011			2012			2011
Change in benefit obligation:
Benefit obligation at beginning of year	$	73,392		$	55,599		$	678		$	659
Service cost		1,183			1,122			28			31
Interest cost		2,759			2,932			41			41
Participant contributions		1,393			1,307			—			—
Plan amendment		(202	)		—			—			—
Foreign currency exchange rate change		—			—			1			13
Actuarial (gain) loss		(4,315	)		14,409			107			(62	)
Benefits paid		(2,982	)		(1,977	)		(4	)		(4	)
Benefit obligation at end of year	$	71,228		$	73,392		$	851		$	678
Change in plan assets:
Beginning fair value of plan assets	$	—		$	—		$	—		$	—
Company contributions		1,589			670			4			4
Participant contributions		1,393			1,307			—			—
Benefits paid		(2,982	)		(1,977	)		(4	)		(4	)
Ending fair value of plan assets	$	—		$	—		$	—		$	—
Funded status at end of year	$	(71,228	)	$	(73,392	)	$	(851	)	$	(678	)
Amounts recognized in financial statements:
Accrued benefit liability	$	(2,224	)	$	(2,123	)	$	(4	)	$	(4	)
Long-term postretirement obligations		(69,004	)		(71,269	)		(847	)		(674	)
Total amount recognized in financial statements	$	(71,228	)	$	(73,392	)	$	(851	)	$	(678	)

The 2012 Amendment noted in the table above relates to a change in the plan design of the retiree medical plan effective January 1, 2013 moving to a Health Reimbursement Arrangement for post-65 coverage.

	United States						International
	2012			2011			2012			2011
Amounts recognized in accumulated other comprehensive (gain) loss:
Net actuarial (gain) loss	$	31,585		$	37,690		$	(138	)	$	(260	)
Prior service cost (credit)		(1,934	)		(2,316	)		—			—
Accumulated other comprehensive (gain) loss	$	29,651		$	35,374		$	(138	)	$	(260	)
Amounts expected to be recognized during next fiscal year:
Amortization of net actuarial (gain) loss	$	2,214		$	2,681		$	(4	)	$	(14	)
Amortization of prior service cost (credit)		(1,758	)		(584	)		—			—
Total	$	456		$	2,097		$	(4	)	$	(14	)

48

Notes to Consolidated Financial Statements — (Continued)

The following table summarizes the changes in accumulated other comprehensive (gain) loss:

	United States						International
	2012			2011			2012			2011
Balance at beginning of year	$	35,374		$	21,423		$	(260	)	$	(203	)
Net (gain) loss arising during the year		(4,315	)		14,410			108			(62	)
Prior service cost (credit) arising during the year		(202	)		—			—			—
Net gain (loss) recognized during the year		(1,790	)		(1,606	)		14			8
Prior service credit (cost) recognized during the year		584			1,147			—			—
Exchange rate effect during the year		—			—			—			(3	)
Balance at end of year	$	29,651		$	35,374		$	(138	)	$	(260	)

Net postretirement benefit costs include the following components:

	United States									International
	2012			2011			2010			2012			2011			2010
Service cost	$	1,183		$	1,122		$	837		$	28		$	31		$	29
Interest cost		2,759			2,932			2,504			41			41			44
Amortization of prior service cost (credit)		(584	)		(1,147	)		(1,147	)		—			—			—
Amortization of net actuarial (gain) loss		1,789			1,606			1,170			(14	)		(8	)		(5	)
Total benefit cost	$	5,147		$	4,513		$	3,364		$	55		$	64		$	68

The weighted average assumptions used in the valuation of postretirement benefits were as follows:

	United States									International
	2012			2011			2010			2012			2011			2010
Assumptions used to determine benefit obligations at October 31:
Discount rate		3.85	%		4.50	%		5.25	%		4.40	%		5.85	%		5.75	%
Health care cost trend rate		4.90			9.36			9.00			7.00			7.00			6.80
Rate to which health care cost trend rate is assumed to decline (ultimate trend rate)		3.60			5.00			5.00			3.50			3.50			4.80
Year the rate reaches the ultimate trend rate		2017			2016			2020			2031			2031			2013
Assumption used to determine net benefit costs for the years ended October 31:
Discount rate		4.50	%		5.25	%		5.50	%		5.85	%		5.75	%		6.75	%

The decrease in the weighted-average health care cost trend rate in the United States relates to a change in the plan design of the retiree medical plan effective January 1, 2013 moving to a Health Reimbursement Arrangement for post-65 coverage.

49

Notes to Consolidated Financial Statements — (Continued)

The discount rate and the health care cost trend rate assumptions have a significant effect on the amounts reported. For example, a one-percentage point change in the discount rate and the assumed health care cost trend rate would have the following effects:

	United States						International
	1% Point Increase			1% Point Decrease			1% Point Increase			1% Point Decrease
Discount rate:
Effect on total service and interest cost components in 2012	$	(858	)	$	1,056		$	(8	)	$	10
Effect on postretirement obligation as of October 31, 2012	$	(9,402	)	$	11,835		$	(163	)	$	217
Health care trend rate:
Effect on total service and interest cost components in 2012	$	699		$	(558	)	$	18		$	(13	)
Effect on postretirement obligation as of October 31, 2012	$	10,827		$	(8,766	)	$	205		$	(158	)

Contributions to postretirement plans in 2013 are estimated to be approximately $2,300.

Retiree postretirement benefit payments are anticipated to be paid as follows:

	United States				International
Year	With Medicare Part D Subsidy		Without Medicare Part D Subsidy
2013	$	2,273	$	2,322	$	4
2014		2,491		2,491		4
2015		2,771		2,771		12
2016		3,032		3,032		13
2017		3,250		3,250		14
2018-2022		18,548		18,548		106

Note 4 — Income taxes

Income tax expense includes the following:

	2012		2011			2010
Current:
U.S. federal	$	51,458	$	53,983		$	9,811
State and local		1,378		2,029			29
Foreign		38,760		35,469			26,601
Total current		91,596		91,481			36,441
Deferred:
U.S. federal		7,204		1,851			34,097
State and local		782		23			(2,771	)
Foreign		1,842		(1,158	)		(4,496	)
Total deferred		9,828		716			26,830
	$	101,424	$	92,197		$	63,271

Earnings before income taxes of domestic operations, which are calculated after intercompany profit eliminations, were $177,035, $181,258 and $130,149 in 2012, 2011 and 2010, respectively.

50

Notes to Consolidated Financial Statements — (Continued)

Income tax expense in 2012 includes a benefit of $2,717 related to the utilization of loss carryforwards and to the release of the valuation allowance related to loss carryforwards which are expected to be utilized in future years. Income tax expense in 2011 and 2010 includes a benefit related to the utilization of loss carryforwards of $682 and $1,876, respectively.

Income tax expense for 2011 includes a benefit of $2,027 from a reduction in unrecognized tax benefits, primarily related to settlements with tax authorities. In December 2010, the U.S. Congress passed and the President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which provided retroactive reinstatement of a research credit. As a result, income tax expense for 2011 includes a tax benefit of $1,580 related to research credit generated in 2010.

During 2010 we sold our UV Curing graphic arts and lamps product lines to Baldwin Technology Company, Inc., as discussed in Note 14, and we recognized $10,243 in tax benefits from the write-off of our tax basis in the product lines. Income tax expense for 2010 was negatively impacted by the enactment in March 2010 of the Patient Protection and Affordable Care Act and the subsequent enactment of the Health Care and Education Reconciliation Act of 2010, resulting in an additional tax charge of $5,249. The charge is due to a reduction in the value of our deferred tax asset as a result of a change to the tax treatment associated with Medicare Part D subsidies.

A reconciliation of the U.S. statutory federal rate to the worldwide consolidated effective tax rate follows:

	2012			2011			2010
Statutory federal income tax rate		35.00	%		35.00	%		35.00	%
Domestic Production Deduction		(1.82	)		(1.76	)		(0.75	)
Foreign tax rate variances, net of foreign tax credits		(2.31	)		(2.51	)		(4.56	)
State and local taxes, net of federal income tax benefit		0.43			0.42			(0.79	)
Tax expense related to tax law change		—			—			2.27
Tax benefit from sale of UV product lines		—			—			(4.43	)
Amounts related to prior years		(0.31	)		(1.31	)		0.34
Other — net		0.10			(0.53	)		0.27
Effective tax rate		31.09	%		29.31	%		27.35	%

The Domestic Production Deduction, enacted by the American Jobs Creation Act of 2004, allows a deduction with respect to income from certain United States manufacturing activities.

Earnings before income taxes of international operations, which are calculated before intercompany profit elimination entries, were $149,218, $133,303 and $101,170 in 2012, 2011 and 2010, respectively. Deferred income taxes are not provided on undistributed earnings of international subsidiaries that are intended to be permanently invested in those operations. These undistributed earnings aggregated approximately $400,487 and $391,679 at October 31, 2012 and 2011, respectively. Should these earnings be distributed, applicable foreign tax credits would substantially offset United States taxes due upon the distribution.

51

Notes to Consolidated Financial Statements — (Continued)

At October 31, 2012 and 2011, total unrecognized tax benefits were $3,140 and $2,576, respectively. The amounts that, if recognized, would impact the effective tax rate were $2,601 and $2,517 at October 31, 2012 and 2011, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2012, 2011 and 2010 is as follows:

	2012			2011			2010
Balance at beginning of year	$	2,576		$	4,078		$	3,969
Additions based on tax positions related to the current year		148			387			388
Additions for tax positions of prior years		896			138			359
Reductions for tax positions of prior years		—			—			(638	)
Settlements		—			(2,027	)		—
Lapse of statute of limitations		(480	)		—			—
Balance at end of year	$	3,140		$	2,576		$	4,078

At October 31, 2012 and 2011, we had accrued interest expense related to unrecognized tax benefits of $304 and $327, respectively. We include interest accrued related to unrecognized tax benefits in interest expense. Penalties, if incurred, would be recognized as other income (expense).

We are subject to United States Federal income tax as well as income taxes in numerous state and foreign jurisdictions. We are subject to examination in the U.S. by the Internal Revenue Service (IRS) for the 2009 through 2012 tax years; tax years prior to 2009 have been examined by the IRS. Generally, major state and foreign jurisdiction tax years remain open to examination for tax years after 2006. Within the next twelve months, it is reasonably possible that certain foreign statute of limitations periods would expire, which could result in a decrease in our unrecognized tax benefits in a range of $0 to $1,000.

Significant components of deferred tax assets and liabilities are as follows:

	2012			2011
Deferred tax assets:
Employee benefits	$	88,821		$	79,027
Other accruals not currently deductible for taxes		17,991			12,114
Tax credit and loss carryforwards		17,145			12,576
Inventory adjustments		5,278			4,085
Translation of foreign currency accounts		929			716
Total deferred tax assets		130,164			108,518
Valuation allowance		(5,046	)		(6,051	)
Total deferred tax assets		125,118			102,467
Deferred tax liabilities:
Depreciation and amortization		121,348			94,487
Translation of foreign currency accounts		—			17
Total deferred tax liabilities		121,348			94,504
Net deferred tax assets	$	3,770		$	7,963

At October 31, 2012, we had $1,869 of tax credit carryforwards of which $715 will expire in 2013 through 2030, and $1,154 of which has an indefinite carryforward period. We also had $31,054 Federal, $54,527 state and $5,308 foreign operating loss carryforwards, of which $85,581 will expire in 2013 through 2032, and $5,308 of which has an indefinite carryforward period. The net change in the valuation allowance was a decrease of $1,005

52

Notes to Consolidated Financial Statements — (Continued)

in 2012 and a decrease of $1,442 in 2011. The valuation allowance of $5,046 at October 31, 2012, relates primarily to tax credits and loss carryforwards that may expire before being realized. We continue to assess the need for valuation allowances against deferred tax assets based on determinations of whether it is more likely than not that deferred tax benefits will be realized.

Note 5 — Details of balance sheet

	2012			2011
Receivables:
Accounts	$	308,604		$	235,240
Notes		13,797			16,082
Other		5,938			6,299
		328,339			257,621
Allowance for doubtful accounts		(3,776	)		(3,311	)
	$	324,563		$	254,310
Inventories:
Finished goods	$	103,552		$	98,879
Work-in-process		22,159			13,971
Raw materials and finished parts		71,189			51,891
		196,900			164,741
Obsolescence and other reserves		(20,505	)		(16,050	)
LIFO reserve		(6,810	)		(6,779	)
	$	169,585		$	141,912
Property, plant and equipment:
Land	$	8,533		$	7,791
Land improvements		3,424			3,392
Buildings		125,338			121,870
Machinery and equipment		257,229			207,734
Enterprise management system		43,335			43,006
Construction-in-progress		10,110			5,623
Leased property under capitalized leases		23,842			16,796
		471,811			406,212
Accumulated depreciation and amortization		(296,880	)		(275,329	)
	$	174,931		$	130,883
Accrued liabilities:
Salaries and other compensation	$	46,930		$	44,068
Pension and retirement		1,435			1,030
Taxes other than income taxes		10,766			9,252
Other		62,819			46,944
	$	121,950		$	101,294

53

Notes to Consolidated Financial Statements — (Continued)

Note 6 — Leases

We have lease commitments expiring at various dates, principally for manufacturing, warehouse and office space, automobiles and office equipment. Many leases contain renewal options and some contain purchase options and residual guarantees.

Rent expense for all operating leases was approximately $13,822, $12,292 and $12,266 in 2012, 2011 and 2010, respectively.

Amortization of assets recorded under capital leases is recorded in depreciation expense.

Assets held under capitalized leases and included in property, plant and equipment are as follows:

	2012			2011
Transportation equipment	$	15,697		$	14,215
Other		8,145			2,581
Total capitalized leases		23,842			16,796
Accumulated amortization		(7,614	)		(6,969	)
Net capitalized leases	$	16,228		$	9,827

In 2012, we entered into a lease for a new manufacturing facility in Swainsboro, Georgia that is being accounted for as a capitalized lease that is included in Other in the table above.

At October 31, 2012, future minimum lease payments under noncancelable capitalized and operating leases are as follows:

	Capitalized Leases		Operating Leases
Year:
2013	$	6,714	$	12,408
2014		5,133		7,813
2015		2,639		5,622
2016		955		4,172
2017		469		3,287
Later years		5,184		11,465
Total minimum lease payments		21,094	$	44,767
Less amount representing executory costs		2,065
Net minimum lease payments		19,029
Less amount representing interest		3,136
Present value of net minimum lease payments		15,893
Less current portion		4,948
Long-term obligations at October 31, 2012	$	10,945

54

Notes to Consolidated Financial Statements — (Continued)

Note 7 — Notes payable

Bank lines of credit and notes payable are summarized as follows:

	2012			2011
Maximum borrowings under bank lines of credit:
Domestic banks	$	50,000		$	—
Foreign banks		40,260			43,305
Total	$	90,260		$	43,305
Outstanding notes payable:
Domestic bank debt	$	50,000		$	—
Foreign bank debt		1			33
Total	$	50,001		$	33
Weighted-average interest rate on notes payable		1.1	%		1.5	%
Unused bank lines of credit	$	40,259		$	43,272

In 2012, we entered into a 364-day, $250,000 Credit Agreement with PNC Bank. We borrowed $250,000 under this agreement for acquisitions made in 2012 and then repaid $200,000 using proceeds of the Senior Notes described in Note 8, leaving a balance of $50,000 outstanding at October 31, 2012. No additional borrowings can be made under this agreement, and any future repayments will reduce the maximum amount by the amount of the repayment.

Note 8 — Long-term debt

A summary of long-term debt is as follows:

	2012		2011
Revolving credit agreement, due 2017	$	262,450	$	192,200
Senior notes, due 2017-2025		200,000		—
Private shelf facility, due 2012-2020		69,445		75,000
Senior note, due 2013		50,000		50,000
Development loans, due 2011-2026		1,814		1,923
		583,709		319,123
Less current maturities		55,668		5,664
Long-term maturities	$	528,041	$	313,459

Revolving credit agreement — This $500,000 unsecured multi-currency revolving credit agreement is with a group of banks and expires in 2017. Payment of quarterly commitment fees is required. The weighted average interest rate for borrowings under this agreement was 1.23 percent at October 31, 2012.

Senior notes, due 2017-2025 —These fixed-rate notes entered into in 2012 with a group of insurance companies had an original weighted-average life of 8.78 years at the time of issuance. The weighted-average interest rate at October 31, 2012 was 2.93 percent.

Private shelf facility — In 2011, we entered into a $150,000 three-year Private Shelf Note agreement with New York Life Investment Management LLC (NYLIM). Borrowings under the agreement may be up to 12 years, with an average life of up to 10 years, and are unsecured. The interest rate on each borrowing can be fixed or floating and is based upon the market rate at the borrowing date. At October 31, 2012, the amount outstanding under this facility was at a fixed rate of 2.21 percent per annum.

55

Notes to Consolidated Financial Statements — (Continued)

Senior note, due 2013 — This note is payable in one installment and has a fixed interest rate of 4.98 percent.

Development loans, due 2011-2026 — These fixed-rate loans with the State of Ohio and Cuyahoga County, Ohio were issued in 2011 in connection with the construction of our new corporate headquarters building and are payable in monthly installments over 15 years beginning in 2011. The interest rate on the State of Ohio loan is 3.00 percent, and the interest rate on the Cuyahoga County loan is 3.50 percent.

Annual maturities — The annual maturities of long-term debt for the five years subsequent to October 31, 2012, are as follows: $55,668 in 2013; $10,671 in 2014; $10,675 in 2015; and $10,679 in 2016 and $300,533 in 2017.

Note 9 — Financial instruments

We operate internationally and enter into intercompany transactions denominated in foreign currencies. Consequently, we are subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. We regularly use foreign currency forward contracts to reduce our risks related to most of these transactions. These contracts usually have maturities of 90 days or less and generally require us to exchange foreign currencies for U.S. dollars at maturity, at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the hedges of balance sheet positions are recognized in each accounting period in “other — net” on the Consolidated Statement of Income together with the transaction gain or loss from the hedged balance sheet position. In 2012, we recognized net gains of $294 on foreign exchange contracts and net losses of $1,310 from the change in fair value of balance sheet positions. In 2011, we recognized net losses of $11,277 on foreign exchange contracts and net gains of $13,477 from the change in fair value of balance sheet positions. In 2010, we recognized net gains of $7,970 on foreign exchange contracts and net losses of $6,749 from the change in fair value of balance sheet positions. We do not use financial instruments for trading or speculative purposes.

The following table summarizes, by currency, forward exchange contracts outstanding at October 31, 2012 and 2011:

	Sell				Buy
	Notional Amounts		Fair Market Value		Notional Amounts		Fair Market Value
October 31, 2012 contract amounts:
Euro	$	3,186	$	3,220	$	95,370	$	95,769
Pound sterling		—		—		28,771		28,959
Japanese yen		5,810		5,766		15,643		15,465
Others		5,273		5,244		37,443		37,666
Total	$	14,269	$	14,230	$	177,227	$	177,859
October 31, 2011 contract amounts:
Euro	$	10,920	$	10,967	$	88,209	$	87,736
Pound sterling		29,381		29,465		56,028		56,515
Japanese yen		16,723		16,416		15,788		15,566
Others		13,827		13,891		33,001		33,473
Total	$	70,851	$	70,739	$	193,026	$	193,290

We also use intercompany foreign currency transactions of a long-term investment nature to hedge the value of investment in wholly-owned subsidiaries. For hedges of the net investment in foreign operations, realized and unrealized gains and losses are shown in the cumulative translation adjustment account included in total

56

Notes to Consolidated Financial Statements — (Continued)

comprehensive income. For 2012 and 2011, net gains of $240 and net losses of $170, respectively, were included in the cumulative translation adjustment account related to foreign denominated fixed-rate debt designated as a hedge of net investment in foreign operations.

We are exposed to credit-related losses in the event of nonperformance by counterparties to financial instruments. These financial instruments include cash deposits and forward exchange contracts. We periodically monitor the credit ratings of these counterparties in order to minimize our exposure. Our customers represent a wide variety of industries and geographic regions. As of October 31, 2012, there were no significant concentrations of credit risk.

The carrying amounts and fair values of financial instruments, other than receivables and accounts payable, are shown in the table below. The carrying values of receivables and accounts payable approximate fair value due to the short-term nature of these instruments.

	2012				2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	41,239	$	41,239	$	37,408	$	37,408
Marketable securities		279		279		—		—
Notes payable		50,001		50,001		33		33
Long-term debt (including current portion)		583,709		584,624		319,123		313,850
Forward exchange contracts (net)		671		671		376		376

We used the following methods and assumptions in estimating the fair value of financial instruments:

• Cash, cash equivalents and notes payable are valued at their carrying amounts due to the relatively short period to maturity of the instruments.

• Marketable securities are valued at quoted market prices, which are considered to be Level 1 inputs under the fair value hierarchy.

• Long-term debt is valued by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy.

• Foreign exchange contracts are estimated using quoted exchange rates, which are considered to be Level 2 inputs under the fair value hierarchy.

Note 10 — Capital shares

Preferred — We have authorized 10,000 Series A convertible preferred shares without par value. No preferred shares were outstanding in 2012, 2011 or 2010.

Common — We have 160,000 authorized common shares without par value. At October 31, 2012 and 2011, there were 98,023 common shares issued. At October 31, 2012 and 2011, the number of outstanding common shares, net of treasury shares, was 64,257 and 65,601, respectively.

Common shares repurchased as part of publicly announced programs during 2012, 2011 and 2010 were as follows:

Year	Number of Shares		Total Amount		Average per Share
2012		1,831	$	86,022	$	46.98
2011		3024	$	134,163	$	44.37
2010		697	$	22,047	$	31.63

57

Notes to Consolidated Financial Statements — (Continued)

Note 11 — Stock-based compensation

The amended and restated 2004 long-term performance plan, approved by shareholders in 2008, provides for the granting of stock options, stock appreciation rights, nonvested (restricted) stock, stock purchase rights, stock equivalent units, nonvested (restricted) stock units, cash awards and other stock- or performance-based incentives. The number of common shares available for grant is 2.5 percent of the number of common shares outstanding as of the first day of each year. At the end of 2012, there were 1,606 shares available for grant in 2013.

Stock options — Nonqualified or incentive stock options may be granted to our employees and directors. Generally, options granted to employees may be exercised beginning one year from the date of grant at a rate not exceeding 25 percent per year and expire 10 years from the date of grant. Vesting accelerates upon the occurrence of events that involve or may result in a change of control. Option exercises are satisfied through the issuance of treasury shares on a first-in, first-out basis. We recognized compensation expense of $3,789, $2,906 and $2,231 for 2012, 2011 and 2010, respectively.

Following is a summary of stock options for 2012:

	Number of Options			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic Value		Weighted-Average Remaining Term
Outstanding at October 31, 2011		1,851		$	24.22
Granted		299		$	43.73
Exercised		(365	)	$	19.90
Forfeited or expired		(21	)	$	30.19
Outstanding at October 31, 2012		1,764		$	28.35	$	54,141		6.2 years
Vested at October 31, 2012 or expected to vest		1,709		$	28.07	$	52,911		6.2 years
Exercisable at October 31, 2012		893		$	22.05	$	33,039		4.7 years

Summarized information on currently outstanding options follows:

	Range of Exercise Price
	$12 — $20		$21 — $28		$29 — $44
Number outstanding		629		499		636
Weighted-average remaining contractual life, in years		4.3		5.8		8.4
Weighted-average exercise price	$	15.80	$	26.58	$	42.14
Number exercisable		484		320		89
Weighted-average exercise price	$	16.22	$	26.27	$	38.44

As of October 31, 2012, there was $8,030 of total unrecognized compensation cost related to nonvested stock options. That cost is expected to be amortized over a weighted average period of approximately 1.8 years.

58

Notes to Consolidated Financial Statements — (Continued)

The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. The fair value of each option grant was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:

	2012	2011
Expected volatility	45.4%-46.9%	43.1%-45.1%
Expected dividend yield	1.20%	1.28%
Risk-free interest rate	1.03%-1.23%	1.89%-2.25%
Expected life of the option (in years)	5.4-6.1	5.4-6.3

The weighted-average expected volatility used to value options granted in 2012 and 2011 was 46.2 percent and 44.3 percent, respectively.

Historical information was the primary basis for the selection of the expected volatility, expected dividend yield and the expected lives of the options. The risk-free interest rate was selected based upon yields of United States Treasury issues with terms equal to the expected life of the option being valued.

The weighted average grant date fair value of stock options granted during 2012, 2011 and 2010 was $17.03, $16.80 and $11.08, respectively.

The total intrinsic value of options exercised during 2012, 2011 and 2010 was $13,329, $23,076 and $22,821, respectively. Cash received from the exercise of stock options for 2012, 2011 and 2010 was $4,934, $9,652 and $13,828, respectively. The tax benefit realized from tax deductions from exercises for 2012, 2011 and 2010 was $4,792, $6,924 and $7,798, respectively.

Nonvested (restricted) stock — We may grant nonvested (restricted) stock to our employees and directors. These shares may not be transferred for a designated period of time (one to three years) defined at the date of grant. For employee recipients, shares are forfeited on a pro-rata basis in the event employment is terminated as a consequence of the employee recipient’s early retirement, disability or death prior to the lapse of any restrictions. Restrictions lapse in the event of a recipient’s retirement at or after normal retirement age. Termination for any other reason prior to the lapse of any restrictions results in forfeiture of the shares. For non-employee directors, all restrictions lapse in the event of disability or death of the non-employee director. Termination of service as a director for any other reason within one year of date of grant results in a pro-rata forfeiture of shares.

As shares are issued, deferred stock-based compensation equivalent to the fair market value on the date of grant is charged to shareholders’ equity and subsequently amortized over the restriction period. Tax benefits arising from the lapse of restrictions on the stock are recognized when realized and credited to capital in excess of stated value.

The following table summarizes 2012 activity related to nonvested stock:

	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Nonvested at October 31, 2011		81		$	34.95
Granted		52		$	45.62
Vested		(28	)	$	33.50
Forfeited		(5	)	$	42.53
Nonvested at October 31, 2012		100		$	40.58

As of October 31, 2012, there was $2,119 of unrecognized compensation cost related to nonvested stock. The cost is expected to be amortized over a weighted average period of 1.7 years. The amount charged to expense related to nonvested stock was $1,724, $1,278 and $774 in 2012, 2011 and 2010, respectively.

59

Notes to Consolidated Financial Statements — (Continued)

Deferred directors’ compensation — Non-employee directors may defer all or part of their compensation until retirement. Compensation may be deferred as cash or as stock equivalent units. Deferred cash amounts are recorded as liabilities. Additional stock equivalent units are earned when common stock dividends are declared.

The following table summarizes activity related to director deferred compensation share equivalent units during 2012:

	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Outstanding at October 31, 2011		243		$	17.51
Deferrals		3		$	52.74
Restricted stock units vested		11		$	28.47
Dividend equivalents		2		$	51.68
Distributions		(59	)	$	15.93
Outstanding at October 31, 2012		200		$	19.44

The amount charged to expense related to this plan was $265, $265 and $351 in 2012, 2011 and 2010, respectively.

Long-Term Incentive Plan — Under the Long-Term Incentive Plan, executive officers and selected other key employees receive common stock awards based on corporate performance measures over three-year performance periods. Awards vary based on the degree to which corporate performance exceeds predetermined threshold, target and maximum performance levels at the end of a performance period. No award will occur unless certain threshold performance objectives are exceeded.

The amount of compensation expense is based upon current performance projections for each three-year period and the percentage of the requisite service that has been rendered. The calculations are also based upon the grant date fair value determined using the closing market price of common stock at the grant date, adjusted for dividends not to be paid. This value was $42.12 per share for both the executive officers and the selected other key employees for 2012 and $42.02 per share for both the executive officers and the selected other key employees for 2011. The per share values for 2010 were $26.10 and $29.52 for the executive officers group and $26.10 for the selected other key employees. The cumulative amounts recorded in shareholders’ equity at October 31, 2012, 2011 and 2010 were $8,707, $6,081 and $3,879, respectively. The amounts charged to expense for executive officers and selected other key employees in 2012, 2011 and 2010 were $4,235, $4,067 and $3,879, respectively.

Shares reserved for future issuance — At October 31, 2012, there were 2,682 of common shares reserved for future issuance through the exercise of outstanding options or rights.

Note 12 — Severance and restructuring costs

In order to optimize Industrial Coating Systems operations in Ohio, a restructuring initiative was undertaken in 2012 that resulted in $690 of severance costs. All severance amounts were paid in 2012.

In order to optimize Advanced Technology Systems operations, a restructuring initiative was undertaken in 2012 that will result in the consolidation of a facility in Florida with a facility in California. Severance costs associated with this initiative will be approximately $530. Of that amount, $12 was recorded in 2012, with the remainder to be recorded in 2013.

60

Notes to Consolidated Financial Statements — (Continued)

In 2011, we announced a restructuring of the Georgia operations of our Adhesive Dispensing Systems segment in order to optimize operations and better serve our customers. The restructuring involved the expansion of our facility in Duluth and construction of a new facility in Swainsboro, where operations from our existing Swainsboro facility, as well as facilities in Norcross and Dawsonville, were transferred. Severance costs and other termination fees associated with this action were $2,326. Of the total expense amount, $769 was recorded in 2012, and $1,557 was recorded in 2011. Payments of $2,326 were made in 2012. In addition, $2,916 of expenses related to production inefficiencies and moving costs were incurred in 2012. Of this amount, $2,040 was recorded in cost of sales, and $876 was recorded in severance and restructuring costs.

As a result of this restructuring initiative, we assessed the fair value of the Swainsboro, Norcross and Dawsonville facilities in 2011 and remeasured to fair value two of them using third-party property appraisals or market-corroborated inputs. The amount of Level 2 long-lived assets measured at fair value on a non-recurring basis was $4,150. Impairment losses of $1,322 on the two facilities were recorded in long-lived asset impairments in the Consolidated Statement of Income. The Swainsboro and Norcross facilities were sold in 2012, and the resulting net gain of $830 was included in other income in the Consolidated Statement of Income.

In order to optimize Adhesive Dispensing Systems segment operations in Germany, a restructuring initiative was launched in 2011 that resulted in severance costs of $209. Of that amount, $177 was recorded in 2012, and $32 was recorded in 2011. Payments of $206 were made in 2012. In 2011, we also assessed the fair value of a facility and remeasured it to fair value using a third party appraisal. The amount of Level 2 long-lived assets measured at fair value on a non-recurring basis was $932. An impairment loss of $489 was recorded in long-lived asset impairments in the Consolidated Statement of Income. This facility was sold in 2012, and a loss of $117 was recorded in other expense in the Consolidated Statement of Income.

Cost reduction activities were taken in 2008 through 2010 primarily in response to economic conditions and with the objective of improving operating efficiencies. Total severance and related costs of these actions were $23,986, of which $2,029 was recorded in 2010. The severance costs were recorded in the Corporate segment.

Note 13 — Acquisitions

Business acquisitions have been accounted for as purchases, with the acquired assets and liabilities recorded at estimated fair value on the dates of acquisition. The cost in excess of the net assets of the business acquired is included in goodwill. Operating results since the respective dates of acquisitions are included in the Consolidated Statement of Income.

2012 acquisitions

On June 14, 2012, we acquired 100 percent of the outstanding shares of EDI Holdings, Inc. (EDI), a provider of slot coating and flat polymer extrusion dies for plastic processors and web converters headquartered in Chippewa Falls, Wisconsin. EDI is being reported in our Adhesive Dispensing Systems segment.

On June 21, 2012, we acquired 100 percent of the outstanding shares of Xaloy Superior Holdings, Inc. (Xaloy), a manufacturer of melt delivery components for injection and extrusion machinery in the global plastic processing industry headquartered in New Castle, Pennsylvania. Xaloy is being reported in our Adhesive Dispensing Systems segment.

On August 1, 2012 we acquired 100 percent of the outstanding shares of Sealant Equipment & Engineering, Inc. (SEE), a manufacturer of precision dispense systems and fluid dispense valves headquartered in Plymouth, Michigan. SEE is being reported in our Industrial Coating Systems segment.

61

Notes to Consolidated Financial Statements — (Continued)

These acquisitions were not individually material, but in the aggregate they must be disclosed pursuant to the business combinations guidance. Net sales and net income attributable to these acquisitions since their respective acquisition dates were approximately $76,968 and $2,584, respectively. The table below shows a preliminary allocation of the combined purchase price.

Fair values:
Current assets	$	69,940
Non-current assets		57,808
Goodwill		266,677
Intangible assets subject to amortization		122,596
Current liabilities		(31,298	)
Non-current liabilities		(33,456	)
		452,267
Less cash acquired		(8,403	)
Purchase price	$	443,864

The intangible assets consist of customer lists of $48,730, which are being amortized over a weighted average life of 9 years; technology assets of $25,740 which are being amortized over a weighted average life of 15 years; trade names of $43,710 which are being amortized over a weighted average life of 15 years; and non-compete agreements of $4,416, which are being amortized over a weighted average life of 2 years. The goodwill of $23,247 associated with the SEE acquisition is tax deductible, and none of the goodwill associated with the EDI and Xaloy acquisitions is tax deductible. However, there is $11,000 of goodwill related to their previous acquisitions that is tax deductible.

The following unaudited pro forma financial information for 2012 and 2011 assumes the acquisitions above occurred as of the beginning of 2011, after giving effect to certain adjustments, including amortization of intangible assets, interest expense on acquisition debt and income tax effects. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations which may occur in the future or that would have occurred had the acquisitions been affected on the date indicated, nor are they necessarily indicative of our future results of operations.

	2012		2011
Sales	$	1,537,251	$	1,429,798
Net income	$	234,092	$	225,867
Basic earnings per share	$	3.63	$	3.34
Diluted earnings per share	$	3.60	$	3.30

Proforma results for 2011 were adjusted to include $2,109 of acquisition-related expenses and $4,589 of nonrecurring expense related to the fair value adjustment to acquisition-date inventory. Proforma results for 2012 were adjusted to exclude $2,109 of acquisition-related expenses and $4,589 of nonrecurring expense related to the fair value adjustment to acquisition-date inventory. Proforma results for 2011 and 2012 includes $13,159 and $11,713 of pretax amortization expense related to intangible assets.

2011 acquisitions

Value Plastics — On August 26, 2011, we acquired 100 percent of the outstanding shares of Value Plastics, a leading designer and manufacturer of precision engineered, plastic molded, single-use fluid connection components headquartered in Fort Collins, Colorado. Value Plastics’ products are used primarily in critical flow control applications for healthcare and medical device markets. Cash, and proceeds from our revolving loan agreement and private shelf facility with NYLIM, were used for the purchase. Value Plastics supports our

62

Notes to Consolidated Financial Statements — (Continued)

strategic objective of building upon our medical and life sciences platform and complements our growing positions in biomaterial delivery devices and medical device assembly. Our global reach and infrastructure will provide opportunities to leverage the business’ profitable growth beyond its primary domestic markets served and into general industrial markets. Value Plastics is being reported in our Advanced Technology Systems segment.

The allocation of purchase price is shown in the table below.

Fair values:
Assets acquired	$	27,101
Liabilities assumed		(19,288	)
Intangible assets subject to amortization		74,720
Goodwill		178,954
		261,487
Less cash acquired		(3,108	)
Purchase price	$	258,379

The intangible assets include customer relationships of $40,400 being amortized over 25 years, technology and know-how of $18,500 being amortized over 15 years, a trade name asset of $15,400 being amortized over 20 years and a non-compete agreement of $420 being amortized over two years. None of the goodwill associated with the Value Plastics acquisition is tax deductible; however, they had $15,600 of existing goodwill related to a previous acquisition that is tax deductible.

The following unaudited pro forma financial information for 2011 and 2010 assumes the acquisition occurred as of the beginning of 2010, after giving effect to certain adjustments, including amortization of intangible assets, interest expense on acquisition debt and income tax effects. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations which may occur in the future or that would have occurred had the acquisition of Value Plastics been affected on the date indicated, nor are they necessarily indicative of our future results of operations.

	2011		2010
Sales	$	1,259,127	$	1,067,729
Net income	$	224,934	$	166,921
Basic earnings per share	$	3.33	$	2.47
Diluted earnings per share	$	3.29	$	2.44

Proforma results for 2010 were adjusted to include $375 of acquisition-related expenses and $4,575 of nonrecurring expense related to the fair value adjustment to acquisition-date inventory. Proforma results for 2011 were adjusted to exclude $375 of acquisition-related expenses and $2,401 of nonrecurring expense related to the fair value adjustment to acquisition-date inventory. Proforma results for both years include $3,829 of pretax amortization expense related to Value Plastics’ intangible assets.

Other 2011 acquisitions — On November 1, 2010, we acquired 100 percent of the outstanding shares of Micromedics, an Eagan, Minnesota company that is a leader in applying and dispensing biomaterials for controlling bleeding, healing wounds and other related medical procedures. The acquisition date fair value of the consideration transferred, which consisted solely of cash, was $21,296. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $13,312 and identifiable intangible assets of $7,500 were recorded, of which customer relationships is the primary asset valued at $4,550 and amortized over 10 years. Goodwill associated with this acquisition is not tax deductible. Micromedics is being reported in our Advanced Technology Systems segment.

63

Notes to Consolidated Financial Statements — (Continued)

On June 30, 2011, we acquired 100 percent of the outstanding shares of Verbruggen, a Belgium manufacturer of flat dies and coextrusion equipment for the multi-layer flexible packaging industry. The acquisition date fair value of the consideration transferred, which consisted solely of cash, was $13,305. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $8,461 and identifiable intangible assets of $4,017 were recorded, of which customer relationships is the primary asset valued at $2,900 and amortized over 11 years. Goodwill associated with this acquisition is not tax deductible. Verbruggen is being reported in our Adhesive Dispensing Systems segment.

Assuming the Micromedics and Verbruggen acquisitions had taken place at the beginning of 2010, pro-forma results for 2011 and 2010 would not have been materially different.

2010 acquisition

On January 5, 2010, we acquired 100 percent of the outstanding shares of G L T Gesellschaft für Löttechnik mbH (GLT), a German distributor of EFD dispensing systems and related products. The acquisition date fair value of the consideration transferred, which consisted solely of cash, was $18,576. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $6,034 and identifiable intangible assets of $7,270 were recorded. The identifiable intangible assets consist primarily of $5,661 of customer relationships that are being amortized over 10 years. GLT is being reported in our Advanced Technology Systems segment. Assuming this acquisition had taken place at the beginning of 2010, pro-forma results would not have been materially different.

Note 14 — Divestiture

On June 30, 2010, we sold our UV Curing graphic arts and lamps product lines to Baldwin Technology Company, Inc. These product lines were reported in the Advanced Technology Systems segment. This divestiture did not qualify for discontinued operations treatment, because it was not a component of an entity, as its operations and cash flows were not clearly distinguished from the rest of the entity. During 2010, we recognized a pretax loss on disposition of $357, which is reflected in selling and administrative expenses in the Consolidated Statement of Income. We recognized a pre-tax impairment charge of $14,101 in 2009, including $12,129 of goodwill impairment, to write down the carrying amount of the assets held for sale to the estimated fair value less costs to sell. The tax benefit related to the write-off of our tax basis in the investment in these product lines is discussed in Note 4.

Note 15 — Supplemental information for the statement of cash flows

	2012		2011		2010
Cash operating activities:
Interest paid	$	9,285	$	5,179	$	6,432
Income taxes paid		70,606		96,487		21,526
Non-cash investing and financing activities:
Capitalized lease obligations incurred	$	12,981	$	8,154	$	5,468
Capitalized lease obligations terminated		894		534		721
Shares acquired and issued through exercise of stock options		2,323		5,228		5,151

Note 16 — Operating segments and geographic area data

We conduct business in three primary operating segments: Adhesive Dispensing Systems, Advanced Technology Systems, and Industrial Coating Systems. Effective November 1, 2011, the Industrial Coating Systems segment includes our fuel cell product line that had previously been reported in the Advanced Technology Systems segment. This reclassification more closely reflects the change in management of this product line and its related growth opportunities. Prior year results have been reclassified to reflect the segment change.

64

Notes to Consolidated Financial Statements — (Continued)

The composition of segments and measure of segment profitability is consistent with that used by our chief operating decision maker. The primary measure used by the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing performance is operating profit, which equals sales less cost of sales and certain operating expenses. Items below the operating profit line of the Consolidated Statement of Income (interest and investment income, interest expense and other income/expense) are excluded from the measure of segment profitability reviewed by our chief operating decision maker and are not presented by operating segment. In addition, the measure of segment operating profit that is reported to and reviewed by the chief operating decision maker excludes severance costs in 2010 associated with a cost reduction program that began in 2008 and expense in 2011 related to the withdrawal from a multiemployer employee pension fund in Japan. The accounting policies of the segments are generally the same as those described in Note 1, Significant Accounting Policies.

No single customer accounted for ten percent or more of sales in 2012, 2011 or 2010.

The following table presents information about our reportable segments:

	Adhesive Dispensing Systems			Advanced Technology Systems		Industrial Coating Systems			Corporate			Total
Year ended October 31, 2012
Net external sales	$	684,096		$	515,992	$	209,490		$	—		$	1,409,578
Depreciation		9,532			8,695		3,141			3,101			24,469
Operating profit		211,072	(a)		134,074		25,933	(b)		(35,599	)		335,480
Identifiable assets(c)		611,357			718,354		110,982			395,331	(d)		1,836,024
Expenditures for long-lived assets		14,612			6,871		4,602			4,874			30,959
Year ended October 31, 2011
Net external sales	$	611,911		$	437,232	$	184,016		$	—		$	1,233,159
Depreciation		7,087			7,851		2,855			2,965			20,758
Operating profit (loss)		210,350	(a)		114,660		27,220			(36,687	)(e)		315,543
Identifiable assets(c)		286,974			691,479		71,438			270,500	(d)		1,320,391
Expenditures for long-lived assets		4,477			4,833		2,437			8,492			20,239
Year ended October 31, 2010
Net external sales	$	525,290		$	367,900	$	148,361		$	—		$	1,041,551
Depreciation		8,014			7,502		2,990			4,119			22,625
Operating profit		166,255			84,261		14,574			(30,257	)(e)		234,833
Identifiable assets(c)		251,881			476,368		62,451			206,663	(d)		997,363
Expenditures for long-lived assets		1,857			2,789		551			9,120			14,317

(a) Includes $3,862 of cost of goods sold — restructuring and severance and restructuring costs in 2012. Includes $1,811 of impairment charges related to write down of assets to fair value and $1,589 of severance charges and other termination fees in 2011.

(b) Includes $690 of severance and restructuring costs in 2012.

(c) Operating segment identifiable assets include notes and accounts receivable net of customer advance payments and allowance for doubtful accounts, inventories net of reserves, property, plant and equipment net of accumulated depreciation and goodwill.

(d) Corporate assets are principally cash and cash equivalents, deferred income taxes, capital leases, headquarter facilities, the major portion of our enterprise management system, and intangible assets.

(e) Includes $3,120 of expense related to the withdrawal from a multiemployer employee pension fund in Japan in 2011 and severance charges of $2,029 in 2010.

65

Notes to Consolidated Financial Statements — (Continued)

We have significant sales and long-lived assets in the following geographic areas:

	2012		2011		2010
Net external sales
United States	$	388,904	$	312,328	$	273,652
Americas		109,074		102,077		78,058
Europe		381,005		390,319		336,119
Japan		127,509		111,003		93,318
Asia Pacific		403,086		317,432		260,404
Total net external sales	$	1,409,578	$	1,233,159	$	1,041,551
Long-lived assets
United States	$	127,486	$	90,994	$	80,974
Americas		3,180		2,933		1,865
Europe		14,896		16,312		13,401
Japan		3,431		3,496		3,587
Asia Pacific		25,938		17,148		16,568
Total long-lived assets	$	174,931	$	130,883	$	116,395

A reconciliation of total segment operating income to total consolidated income before income taxes is as follows:

	2012			2011			2010
Total profit for reportable segments	$	335,480		$	315,543		$	234,833
Interest expense		(11,153	)		(5,069	)		(6,263	)
Interest and investment income		463			569			819
Other-net		1,463			3,518			1,930
Income before income taxes	$	326,253		$	314,561		$	231,319

A reconciliation of total assets for reportable segments to total consolidated assets is as follows:

	2012			2011			2010
Total assets for reportable segments	$	1,836,024		$	1,320,391		$	997,363
Customer advance payments		20,894			9,375			10,999
Eliminations		(27,403	)		(25,316	)		(22,008	)
Total consolidated assets	$	1,829,515		$	1,304,450		$	986,354

Note 17 — Goodwill and intangible assets

Goodwill is the excess of purchase price over the fair value of tangible and identifiable intangible net assets acquired in various business combinations. Goodwill is not amortized but is tested for impairment annually at the reporting unit level, or more often if indications of impairment exist. We assess the fair value of reporting units on a non-recurring basis using a combination of two valuation methods, a market approach and an income approach, to estimate the fair value of our reporting units. The implied fair value of our reporting units is determined based on significant unobservable inputs; accordingly, these inputs fall within Level 3 of the fair value hierarchy.

Our reporting units are the Adhesive Dispensing Systems segment, the Industrial Coating Systems segment and one level below the Advanced Technology Systems segment.

66

Notes to Consolidated Financial Statements — (Continued)

The goodwill impairment test is a two-step process. In the first step, performed in the fourth quarter of each year, we calculate a fair value using a discounted cash flow valuation methodology and compare the result against the carrying value for net assets of each reporting unit. Indications of value derived for each reporting unit using the market approach are corroborated with the results of the discounted cash flow approach. If the carrying value of a reporting unit exceeds its fair value, then a second step is performed to determine if goodwill is impaired. In the second step, a hypothetical purchase price allocation of the reporting unit’s assets and liabilities is performed using the fair value calculated in step one. The difference between the fair value of the reporting unit and the hypothetical fair value of assets and liabilities is the implied goodwill amount. Impairment is recorded if the carrying value of the reporting unit’s goodwill is higher than its implied goodwill. Based upon results of step one in 2012, 2011 and 2010, the second step of the goodwill impairment test was not necessary.

We acquired Sealant Equipment & Engineering (SEE) on August 1, 2012. Determination of the preliminary goodwill associated with this acquisition was completed with the assistance of an independent valuation specialist in October 2012. Since the date of valuation, no events or changes in circumstances have occurred that would more likely than not reduce the fair value of SEE below its carrying value. For future valuation purposes, this acquisition will be included in the Industrial Coating Systems segment.

On June 14, 2012 we completed the acquisition of EDI that resulted in $127,183 of goodwill. On June 21, 2012 we completed the acquisition of Xaloy that resulted in $116,247 of goodwill. The acquisition of SEE resulted in $23,247 of goodwill.

Changes in the carrying amount of goodwill during 2012 by operating segment follow:

	Adhesive Dispensing Systems			Advanced Technology Systems			Industrial Coating Systems		Total
Balance at October 31, 2011	$	41,962		$	505,864		$	—	$	547,826
Acquisitions/Adjustment		243,430			(96	)		23,247		266,581
Currency effect		(981	)		(609	)		—		(1,590	)
Balance at October 31, 2012	$	284,411		$	505,159		$	23,247	$	812,817

Accumulated impairment losses were $232,789 at October 31, 2012 and October 31, 2011. Of these losses, $229,173 related to the Advanced Technology Systems segment and $3,616 related to the Industrial Coating Systems segment.

67

Notes to Consolidated Financial Statements — (Continued)

Information regarding intangible assets subject to amortization follows:

	October 31, 2012
	Carrying Amount		Accumulated Amortization		Net Book Value
Patent/technology costs	$	68,892	$	15,678	$	53,214
Customer relationships		126,086		18,167		107,919
Noncompete agreements		9,337		5,234		4,103
Trade name		65,911		3,716		62,195
Other		1,432		972		460
Total	$	271,658	$	43,767	$	227,891

	October 31, 2011
	Carrying Amount		Accumulated Amortization		Net Book Value
Patent/technology costs	$	43,235	$	11,571	$	31,664
Customer relationships		78,324		11,843		66,481
Noncompete agreements		5,042		3,727		1,315
Trade name		22,143		1,530		20,613
Other		1,437		811		626
Total	$	150,181	$	29,482	$	120,699

Amortization expense for 2012 and 2011 was $14,521 and $8,018, respectively.

Estimated amortization expense for each of the five succeeding years follows:

Year	Amounts
2013	$	22,436
2014	$	20,347
2015	$	14,061
2016	$	13,383
2017	$	12,822

Note 18 — Fair value measurements

The inputs to the valuation techniques used to measure fair value are classified into the following categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

68

Notes to Consolidated Financial Statements — (Continued)

The following table presents the classification of our assets and liabilities measured at fair value on a recurring basis at October 31, 2012:

	Total		Level 1		Level 2		Level 3
Assets:
Rabbi trust(a)	$	13,356	$	—	$	13,356	$	—
Forward exchange contracts(b)		1,104		—		1,104		—
Total assets at fair value	$	14,460	$	—	$	14,460	$	—
Liabilities:
Deferred compensation plans(c)	$	6,071	$	6,071	$	—	$	—
Forward exchange contracts(b)		433		—		433		—
Total liabilities at fair value	$	6,504	$	6,071	$	433	$	—

(a) We maintain a rabbi trust that serves as an investment to shadow our deferred compensation plan liability. The investment assets of the trust consist of life insurance policies for which we recognize income or expense based upon changes in cash surrender value.

(b) We enter into foreign currency forward contracts to reduce the risk of foreign currency exposures resulting from receivables, payables, intercompany receivables, intercompany payables and loans denominated in foreign currencies. Foreign exchange contracts are valued using market exchange rates. These foreign exchange contracts are not designated as hedges.

(c) Senior management and other highly compensated employees may defer up to 100 percent of their salary and incentive compensation into various non-qualified deferred compensation plans. Deferrals can be allocated to various market performance measurement funds. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds.

Fair value disclosures related to impairments of long-lived assets are disclosed in Note 12, and fair value disclosures related to goodwill and indefinite-lived intangible assets are disclosed in Note 17.

Note 19 — Quarterly financial data (unaudited)

	First		Second		Third		Fourth
2012:
Sales	$	275,836	$	315,193	$	379,872	$	438,677
Gross margin		169,346		189,656		223,214		241,073
Net income		38,338		52,111		66,694		67,686
Earnings per share:
Basic		0.59		0.81		1.04		1.06
Diluted		0.58		0.80		1.03		1.04
2011:
Sales	$	270,962	$	318,924	$	312,255	$	331,018
Gross margin		166,171		197,752		188,050		196,459
Net income		45,897		65,242		56,550		54,675
Earnings per share:
Basic		0.67		0.96		0.83		0.82
Diluted		0.67		0.95		0.82		0.81

The sum of the per-share amounts for the four quarters of 2012 and 2011 do not equal the annual per-share amounts due to differences in the average number of shares outstanding during the respective periods.

69

Notes to Consolidated Financial Statements — (Continued)

During the first quarter of 2012, pre-tax severance and restructuring costs of $811 and pre-tax costs of $682 related to the termination of a pension plan were recorded. During the second quarter of 2012, pre-tax severance and restructuring costs of $3,776 were recorded. Of this amount, $2,040 was recorded in cost of sales. During the fourth quarter of 2012, a pre-tax gain of $832 on the sale of real estate was recorded.

During the first quarter of 2011, net income tax benefits of $1,242 were recorded as a result of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that was passed by the U.S. Congress and signed by the President in December 2010. During the third quarter of 2011, a favorable adjustment to unrecognized tax benefits primarily related to settlements with tax authorities reduced income taxes by $2,027. The third quarter also included expense of $3,136 related to a fee paid to withdraw from a multiemployer employee pension fund in Japan.

Note 20 — Contingencies

We are involved in pending or potential litigation regarding environmental, product liability, patent, contract, employee and other matters arising from the normal course of business. Including the environmental matter discussed below, it is our opinion, after consultation with legal counsel, that resolutions of these matters are not expected to result in a material effect on our financial condition, quarterly or annual operating results or cash flows.

Environmental — We have voluntarily agreed with the City of New Richmond, Wisconsin and other Potentially Responsible Parties to share costs associated with the remediation of the City of New Richmond municipal landfill (the “Site”) and constructing a potable water delivery system serving the impacted area down gradient of the Site. At October 31, 2012, and 2011 our accrual for the ongoing operation, maintenance and monitoring obligation at the Site was $750 and $795, respectively. The liability for environmental remediation represents management’s best estimate of the probable and reasonably estimable undiscounted costs related to known remediation obligations. The accuracy of our estimate of environmental liability is affected by several uncertainties such as additional requirements that may be identified in connection with remedial activities, the complexity and evolution of environmental laws and regulations, and the identification of presently unknown remediation requirements. Consequently, our liability could be greater than our current estimate. However, we do not expect that the costs associated with remediation will have a material adverse effect on our financial condition or results of operations.

Note 21 — Subsequent events

On November 12, 2012, we purchased certain assets of Kodama Chemical Industry Co., Ltd a licensed distributor of our EDI business in Japan. This new operation will provide new-die sales to extrusion processors, web converters, and OEMs in Japan and Taiwan and carry out final manufacturing steps on new equipment to enhance die performance and accommodate local requirements. Die remanufacturing will be available to customers throughout the Asia-Pacific region.

70

Management’s Report on Internal Control Over Financial Reporting

The management of Nordson Corporation is responsible for establishing and maintaining adequate internal control over financial reporting.

Using criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework, Nordson’s management assessed the effectiveness of our internal control over financial reporting as of October 31, 2012.

We acquired EDI Holdings, Inc. (EDI) and Xaloy Superior Holdings, Inc. (Xaloy) on June 14, 2012 and June 21, 2012, respectively. They represented 25 percent of our total assets as of October, 31, 2012 and 5 percent of our net sales for the year ended October, 31, 2012. As the acquisitions occurred during the last 12 months, the scope of our assessment of the effectiveness of internal control over financial reporting does not include EDI and Xaloy. This exclusion is in accordance with the SEC’s general guidance that assessments of recently acquired businesses may be omitted from our scope in the year of acquisition.

Based on our assessment, management concluded that our internal control over financial reporting was effective as of October 31, 2012.

The independent registered public accounting firm, Ernst & Young LLP, has also audited the effectiveness of our internal control over financial reporting as of October 31, 2012. Their report is included herein.

/s/    MICHAEL F. HILTON	/s/    GREGORY A. THAXTON
President and Chief Executive Officer	Senior Vice President, Chief Financial Officer
December 17, 2012	December 17, 2012

71

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Nordson Corporation

We have audited Nordson Corporation’s internal control over financial reporting as of October 31, 2012, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). Nordson Corporation’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying “Management’s Report on Internal Control Over Financial Reporting”. Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

As indicated in the accompanying Management’s Report on Internal Control Over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of EDI Holdings, Inc. (EDI) and Xaloy Superior Holdings, Inc. (Xaloy), which are included in the 2012 consolidated financial statements of Nordson Corporation and constituted 25 percent of total assets as of October, 31, 2012 and 5 percent of sales for the year then ended. Our audit of internal control over financial reporting of Nordson Corporation also did not include an evaluation of the internal control over financial reporting of EDI and Xaloy.

In our opinion, Nordson Corporation maintained, in all material respects, effective internal control over financial reporting as of October 31, 2012, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Nordson Corporation as of October 31, 2012 and 2011, and the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended October 31, 2012 of Nordson Corporation and our report dated December 17, 2012 expressed an unqualified opinion thereon.

Cleveland, Ohio

December 17, 2012

72

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Nordson Corporation

We have audited the accompanying consolidated balance sheets of Nordson Corporation as of October 31, 2012 and 2011 and the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended October 31, 2012. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Nordson Corporation at October 31, 2012 and 2011, and the consolidated results of its operations and its cash flows for each of the three years in the period ended October 31, 2012, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Nordson Corporation’s internal control over financial reporting as of October 31, 2012, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated December 17, 2012 expressed an unqualified opinion thereon.

Cleveland, Ohio

December 17, 2012

73

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

(a) Evaluation of disclosure controls and procedures. Our management, with the participation of the principal executive officer (president and chief executive officer) and the principal financial officer (senior vice president, chief financial officer), has reviewed and evaluated our disclosure controls and procedures (as defined in the Securities Exchange Act Rule 13a-15e) as of October 31, 2012. Based on that evaluation, our management, including the principal executive and financial officers, has concluded that our disclosure controls and procedures were effective as of October 31, 2012 in ensuring that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to our management, including the principal executive officer and the principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) Management’s report on internal control over financial reporting. The Report of Management on Internal Control over Financial Reporting and the Report of Independent Registered Public Accounting Firm thereon are set forth in Part II, Item 8 of this Annual Report on Form 10-K.

(c) Changes in internal control over reporting. There were no changes in our internal controls over financial reporting that occurred during the fourth quarter of 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

The information required by this Item is incorporated by reference to the captions “Election of Directors” and “Section 16(a) Beneficial Ownership Reporting Compliance” of our definitive Proxy Statement for the 2013 Annual Meeting of Shareholders. Information regarding Audit Committee financial experts is incorporated by reference to the caption “Election of Directors” of our definitive Proxy Statement for the 2013 Annual Meeting of Shareholders.

Our executive officers serve for a term of one year from date of election to the next organizational meeting of the board of directors and until their respective successors are elected and qualified, except in the case of death, resignation or removal. Information concerning executive officers is contained in Part I of this report under the caption “Executive Officers of the Company.”

We have adopted a code of ethics for all employees and directors, including the principal executive officer, other executive officers, principal finance officer and other finance personnel. A copy of the code of ethics is available free of charge on our Web site at http://www.nordson.com/governance. We intend to satisfy our disclosure requirement under Item 5.05 of Form 8-K regarding any amendment to or waiver of a provision of our code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in Item 406(b) of Regulation S-K by posting such information on our Web site.

74

Item 11. Executive Compensation

The information required by this Item is incorporated by reference to the captions “Directors Compensation for Fiscal Year 2012,” “Summary Compensation for Fiscal Year 2012,” “Grants of Plan-Based Awards for Fiscal Year 2012,” “Option Exercises and Stock Vested for Fiscal Year 2012,” “Pension Benefits for Fiscal Year 2012,” “Nonqualified Deferred Compensation for Fiscal Year 2012” and “Potential Payments Upon Termination or Change of Control” in our definitive Proxy Statement for the 2013 Annual Meeting of Shareholders.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by this Item is incorporated by reference to the caption “Ownership of Nordson Common Shares” in our definitive Proxy Statement for the 2013 Annual Meeting of Shareholders.

Equity Compensation Table

The following table sets forth information regarding equity compensation plans in effect as of October 31, 2012.

Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options, warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in first reporting column)
Equity compensation plans approved by security holders		1,764	$	28.35		1,606
Equity compensation plans not approved by security holders		—		—		—
Total		1,764	$	28.35		1,606

The number of Common Shares available for grant is 2.5 percent of the number of Common Shares outstanding as of the first day of each year.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information required by this Item is incorporated by reference to the caption “Review of Transactions with Related Persons” in our definitive Proxy Statement for the 2013 Annual Meeting of Shareholders.

Item 14. Principal Accountant Fees and Services

The information required by this Item is incorporated by reference to the caption “Fees Paid to Ernst and Young LLP” in our definitive Proxy Statement for the 2013 Annual Meeting of Shareholders.

75

PART IV

Item 15. Exhibits and Financial Statement Schedule

The following are filed as part of this report:

(a) 1. Financial Statements

The following financial statements are included in Part II, Item 8:

Consolidated Statements of Income for each of the three years in the period ending October 31, 2012

Consolidated Statements of Comprehensive Income for each of the three years in the period ending October 31, 2012

Consolidated Balance Sheets as of October 31, 2012 and October 31, 2011

Consolidated Statements of Shareholders’ Equity for each of the three years in the period ending October 31, 2012

Consolidated Statements of Cash Flows for each of the three years in the period ending October 31, 2012

Notes to Consolidated Financial Statements

Reports of Independent Registered Public Accounting Firm

(a) 2. Financial Statement Schedule

Schedule II Valuation and Qualifying Accounts and Reserves for each of the three years in the period ending October 31, 2012.

No other consolidated financial statement schedules are presented because the schedules are not required, because the required information is not present or not present in amounts sufficient to require submission of the schedule, or because the information required is included in the financial statements, including the notes thereto.

(a) 3. Exhibits

The exhibits listed on the accompanying index to exhibits are filed as part of this Annual Report on Form 10-K.

76

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NORDSON CORPORATION

Date: December 17, 2012

By: /s/    GREGORY A. THAXTON

Gregory A. Thaxton

Senior Vice President, Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

/s/    MICHAEL F. HILTON	December 17, 2012
Michael F. Hilton
Director, President and
Chief Executive Officer
(Principal Executive Officer)
/s/    GREGORY A. THAXTON	December 17, 2012
Gregory A. Thaxton
Senior Vice President, Chief Financial Officer
(Principal Financial Officer)
(Principal Accounting Officer)
/s/    JOSEPH P. KEITHLEY	December 17, 2012
Joseph P. Keithley
Chairman of the Board
/s/    LEE C. BANKS	December 17, 2012
Lee C. Banks
Director
/s/    RANDOLPH W. CARSON	December 17, 2012
Randolph W. Carson
Director
/s/    ARTHUR L. GEORGE, JR.	December 17, 2012
Arthur L. George, Jr.
Director
/s/    FRANK M. JAEHNERT	December 17, 2012
Frank M. Jaehnert
Director

77

Signatures — Continued

/s/    MICHAEL J. MERRIMAN, JR.	December 17, 2012
Michael J. Merriman, Jr.
Director
/s/    MARY G. PUMA	December 17, 2012
Mary G. Puma
Director
/s/    VICTOR L. RICHEY, JR.	December 17, 2012
Victor L. Richey, Jr.
Director
/s/    WILLIAM L. ROBINSON	December 17, 2012
William L. Robinson
Director

78

Schedule II — Valuation and Qualifying Accounts and Reserves

	Balance at Beginning of Year		Assumed from Acquisitions		Charged to Expense		Deductions		Currency Effects			Balance at End of Year
Allowance for Doubtful Accounts
2010	$	3,728		6		607		901		(87	)	$	3,353
2011	$	3,353		22		977		1,047		6		$	3,311
2012	$	3,311		648		710		801		(92	)	$	3,776
Inventory Obsolescence and Other Reserves
2010	$	15,740		187		4,233		3,061		(297	)	$	16,802
2011	$	16,802		8		3,982		4,850		108		$	16,050
2012	$	16,050		2,071		6,033		3,237		(412	)	$	20,505

79

NORDSON CORPORATION

Index to Exhibits

(Item 15(a) (3))

Exhibit Number	Description
(3)	Articles of Incorporation and By-Laws
3-a	1989 Amended Articles of Incorporation (incorporated herein by reference to Exhibit 3-a to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2011)
3-a-1	Certificate of Amendment to 1989 Amended Articles of Incorporation (incorporated herein by reference to Exhibit 3-a-1 to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2011)
3-b	1998 Amended Regulations (incorporated herein by reference to Exhibit 3-b to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2010)
(4)	Instruments Defining the Rights of Security Holders, including indentures
4-a	Note Purchase and Private Shelf Agreement dated February 22, 2008 between Nordson Corporation and Prudential Investment Management, Inc. (incorporated herein by reference to Exhibit 10.1 to Registrant’s Form 8-K dated February 25, 2008)
4-b	Note Purchase and Private Shelf Agreement for $150 million between Nordson Corporation and New York Life Investment Management LLC dated as of June 30, 2011 (incorporated herein by reference to Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2011)
4-c	$500 million Credit Agreement dated December 9, 2011 between Nordson Corporation and various financial institutions (incorporated herein by reference to Exhibit 4.1 to Registrant’s Form 8-K dated December 12, 2011)
4-d	Credit Agreement dated June 4, 2012 by and among Nordson Corporation, PNC Bank National Association and PNC Capital Markets LLC (incorporated herein by reference to Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2012)
4-e	Master Note Purchase Agreement dated July 26, 2012 between Nordson Corporation and the purchasers listed therein (incorporated herein by reference to Exhibit 4.2 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2012)
(10)	Material Contracts
10-a	Amended and Restated Nordson Corporation 2004 Management Incentive Compensation Plan (incorporated herein by reference to Exhibit 10.1 to Registrant’s Form 8-K dated February 25, 2008)*
10-b	Nordson Corporation Deferred Compensation Plan*
10-b-1	Nordson Corporation 2005 Deferred Compensation Plan (incorporated herein by reference to Exhibit 10-b-1 to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2010)*
10-b-2	Nordson Corporation 2005 Deferred Compensation Plan (as Amended and Restated Effective January 1, 2009) (incorporated herein by reference to Exhibit 10.01-a to Registrant’s Form 8-K dated December 16, 2008)*
10-c	Indemnity Agreement (incorporated herein by reference to Exhibit 10-c to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2007)*
10-d	Restated Nordson Corporation Excess Defined Contribution Retirement Plan Agreement (incorporated herein by reference to Exhibit 10-d to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2009)*
10-d-1	First Amendment to Nordson Corporation Excess Defined Contribution Retirement Plan*
10-d-2	Nordson Corporation 2005 Excess Defined Contribution Benefit Plan (incorporated herein by reference to Exhibit 10-d-2 to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2011)*

80

Index to Exhibits — Continued

Exhibit Number	Description
10-d-3	Nordson Corporation 2005 Excess Defined Contribution Retirement Plan (as Amended and Restated Effective January 1, 2009) (incorporated herein by reference to Exhibit 10.01-c to Registrant’s Form 8-K dated December 16, 2008)*
10-e	Nordson Corporation Excess Defined Benefit Pension Plan (incorporated herein by reference to Exhibit 10-d to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2009)*
10-e-1	Second Amendment to Nordson Corporation Excess Defined Benefit Pension Plan*
10-e-2	Nordson Corporation 2005 Excess Defined Benefit Pension Plan (incorporated herein by reference to Exhibit 10-e-2 to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2010)*
10-e-3	Nordson Corporation 2005 Excess Defined Benefit Pension Plan (as Amended and Restated Effective January 1, 2009) (incorporated herein by reference to Exhibit 10.01-b to Registrant’s Form 8-K dated December 16, 2008)*
10-g	Nordson Corporation 1993 Long-Term Performance Plan, as amended March 12, 1998 Agreement (incorporated herein by reference to Exhibit 10-g to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2008)*
10-g-1	Amended and Restated Nordson Corporation 2004 Long-Term Performance Plan (incorporated herein by reference to Exhibit 10.2 to Registrant’s Form 8-K dated February 25, 2008)*
10-h	Nordson Corporation Assurance Trust Agreement (incorporated herein by reference to Exhibit 10-h to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2010)*
10-h-1	Form of Change in Control Retention Agreement between the Registrant and Executive Officers (incorporated herein by reference to Exhibit 10.2 to Registrant’s Form 8-K dated December 16, 2008)*
10-i	Compensation Committee Rules of the Nordson Corporation 2004 Long Term Performance Plan governing directors’ deferred compensation (incorporated herein by reference to Exhibit 10-i to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2010)*
10-j	Compensation Committee Rules of the Nordson Corporation Amended and Restated Nordson Corporation 2004 Long Term Performance Plan governing directors’ deferred compensation (incorporated herein by reference to Exhibit 10-j to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2010)*
10-m	Employment Agreement between Registrant and Michael F. Hilton (incorporated herein by reference to Exhibit 99.3 to Registrant’s Form 8-K dated December 21, 2009)*
10-n	Employment Agreement (Change in Control Retention Agreement) between Registrant and Michael F. Hilton (incorporated herein by reference to Exhibit 99.4 to Registrant’s Form 8-K dated December 21, 2009)*
10-o	Supplemental Retirement Agreement between the Registrant and Michael F. Hilton (incorporated herein by reference to Exhibit 10-o to Registrant’s Annual Report on Form 10-K for the year ended October 31, 2010)*
10-p	Stock Purchase Agreement by and among VP Acquisition Holdings, Inc., the Stockholders of VP Acquisition Holdings, Inc., the Optionholders of VP Acquisition Holdings, Inc., American Capital, Ltd., as Securityholder Representative, and Nordson Corporation dated as of July 15, 2011 (incorporated herein by reference to Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2011)
10-q	Stock Purchase Agreement Dated May 18, 2012 by and among Nordson Corporation and Bertram Growth Capital I, Bertram Growth Capital II, Bertram Growth Capital II-A, and EDI Holdings, Inc. (incorporated herein by reference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2012)

81

Index to Exhibits — Continued

Exhibit Number	Description
10-r	Agreement and Plan of Merger by and among Xaloy Superior Holdings, Inc., Nordson Corporation, Buckeye Merger Corp. and Sellers’ Representative dated as of June 2, 2012 (incorporated herein by reference to Exhibit 10.2 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2012)
(21)	Subsidiaries of the Registrant
(23)	Consent of Independent Registered Public Accounting Firm
31.1	Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 by the Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934 by the Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99-a	Form S-8 Undertakings (Nos. 33-18309 and 33-33481)
101	The following financial information from Nordson Corporation’s Annual Report on Form 10-K for the year ended October 31, 2012, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Income for the years ended October 31, 2012, 2011 and 2010, (ii) the Consolidated Statements of Comprehensive Income for the years ended October 31, 2012, 2011 and 2010 (iii) the Consolidated Balance Sheets at October 31, 2012 and 2011, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the years ended October 31, 2012, 2011 and 2010, (v) the Consolidated Statements of Cash Flows for the years ended October 31, 2012, 2011 and 2010, and (vi) Notes to Consolidated Financial Statements.

*Indicates management contract or compensatory plan, contract or arrangement in which one or more directors and/or executive officers of Nordson Corporation may be participants.

82

EX-10.B

Exhibit 10-b

NORDSON CORPORATION

DEFERRED COMPENSATION PLAN

TABLE OF CONTENTS

		Page
Purpose			3
ARTICLE 1	Definitions		3
ARTICLE 2	Selection, Enrollment, Eligibility		8
ARTICLE 3	Deferral Commitments/Company Matching/Crediting/Taxes		9
ARTICLE 4	Short-Term Payout; Unforeseeable Financial Emergencies; Withdrawal Election		15
ARTICLE 5	Retirement Benefit		16
ARTICLE 6	Pre-Retirement Survivor Benefit		17
ARTICLE 7	Termination Benefit		17
ARTICLE 8	Disability Waiver and Benefit		18
ARTICLE 9	Beneficiary Designation		18
ARTICLE 10	Leave of Absence		20
ARTICLE 11	Termination, Amendment or Modification		20
ARTICLE 12	Administration		21
ARTICLE 13	Other Benefits and Agreements		22
ARTICLE 14	Claims Procedures		23
ARTICLE 15	Trust		24
ARTICLE 16	Miscellaneous		24

-2-

DEFERRED COMPENSATION PLAN

Effective November 3, 2000

Purpose

The purpose of this Plan is to provide specified benefits to a select group of management and highly compensated Employees who contribute materially to the continued growth, development and future business success of Nordson Corporation, and its subsidiaries, if any, that sponsor this Plan. This Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA.

ARTICLE 1

Definitions

For purposes of this Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the following indicated meanings:

1.1 “Account Balance” shall mean, with respect to a Participant, a credit on the records of the Company equal to the sum of (i) the Deferral Account balance, (ii) the vested Company Contribution Account balance, (iii) the Restricted Stock Account balance, and (iv) the Rollover Account balance. The Account Balance, and each other specified account balance, shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary, pursuant to this Plan.

1.2 “Annual Company Contribution Amount” shall mean, for any one Plan Year, the amount determined in accordance with Section 3.5.

1.3 “Annual Installment Method” shall be an annual installment payment over the number of years selected by the Participant in accordance with this Plan, calculated as follows: The Account Balance of the Participant shall be calculated as of the close of business on the last business day of the year. The annual installment shall be calculated by multiplying this balance by a fraction, the numerator of which is one, and the denominator of which is the remaining number of annual payments due the Participant. By way of example, if the Participant elects a 10 year Annual Installment Method, the first payment shall be 1/10 of the Account Balance, calculated as described in this definition. The following year, the payment shall be 1/9 of the Account Balance, calculated as described in this definition. Each annual installment shall be paid on or as soon as practicable after the last business day of the applicable year.

1.4 “Base Salary” shall mean the annual cash compensation relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, fees, automobile and other allowances paid to a Participant for

-3-

employment services rendered (whether or not such allowances are included in the Employee’s gross income). Base Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified or non-qualified plans of any Employer and shall be calculated to include amounts not otherwise included in the Participant's gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer; provided, however, that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amount would have been payable in cash to the Employee.

1.5 “Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in accordance with Article 9, that are entitled to receive benefits under this Plan upon the death of a Participant.

1.6 “Beneficiary Designation Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to designate one or more Beneficiaries.

1.7 “Board” shall mean the board of directors of the Company.

1.8 “Bonus” shall mean any compensation relating to services performed during any calendar year(s), whether or not paid in a calendar year or included on the Federal Income Tax Form W-2 for a calendar year, payable to a Participant as an Employee under any Employer’s bonus or cash compensation incentive plans, excluding stock options and restricted stock.

1.9 “Change in Control” shall mean an event described below occurring at any time after the date of the adoption of this Plan:

(i) any person (other than the Company, any of its subsidiaries, any employee benefit plan or employee stock ownership plan of the Company, or any Person organized, appointed, or established by the Company for or pursuant to the terms of any such plan), alone or together with any of its Affiliates or Associates, becomes the Beneficial Owner of 20% or more of the Common Shares then outstanding, or any such Person commences or publicly announces an intent to commence a tender offer or exchange offer the consummation of which would result in the Person becoming the Beneficial Owner of 20% or more of the Common Shares then outstanding (provided, however, that, for purposes of determining whether Eric T. Nord or Evan W. Nord, together with each of their Affiliates or Associates, is the Beneficial Owner of 20% or more of the Common Shares then outstanding, the Common Shares then held by the Walter G. Nord trust, by the Nord Family Foundation (or any successor to the Nord Family Foundation), and by the Eric and Jane Nord Foundation shall be excluded; for purposes of determining whether the Walter G. Nord Trust, the Nord Family Foundation (or any successor), or the Eric and Jane Nord Foundation, together with each of their Affiliates and Associates, is the Beneficial Owner of 20% or more of the Common Shares then outstanding, the Common Shares then held by Eric T. Nord and by Evan W. Nord shall be excluded; for purposes of determining whether the Nord Family Foundation (or any successor), together with its Affiliates and Associates,

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is the Beneficial Owner of 20% or more of the Common Shares then outstanding, the Common Shares then held by the Eric and Jane Nord Foundation will be excluded; and, for purposes of determining whether the Eric and Jane Nord Foundation, together with its Affiliates and Associates, is the Beneficial Owner of 20% or more of the Common Shares then outstanding, the Common Shares then held by the Nord Family Foundation (or any successor) will be excluded. For purposes of this Section 1.11, the terms “Affiliates,” “Associates,” “Beneficial Owner,” and “Person” will have the meanings given to them in the Restated Rights Agreement, dated as of November 7, 1997, between the Company and National City Bank, as Rights Agent, as amended from time to time.

(ii) At any time during a period of 24 consecutive months, individuals who were directors of the Company at the beginning of the period no longer constitute a majority of the members of the Board, unless the election, or the nomination for election by the Company’s shareholders, of each director who was not a director at the beginning of the period is approved by at least a majority of the directors who were members of the Board at the time of the election or nomination and were directors at the beginning of the period.

(iii) A record date is established for determining shareholders entitled to vote upon (A) a merge or consolidation of the Company with another corporation in which the Company is not the surviving or continuing corporation or in which all or part of the outstanding Common Shares are to be converted into or exchanged for cash, securities, or other property, (B) a sale or other disposition of all or substantially all of the assets of the Company, or (C) the dissolution of the Company.

(iv) Any person who proposes to make a “control share acquisition” of the Company, within the meaning of the applicable Section of the Ohio General Corporation Law, submits or is required to submit an acquiring person statement to the Company.

1.10 “Claimant” shall have the meaning set forth in Section 14.1.

1.11 “Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time.

1.12 “Committee” shall mean the Compensation Committee of the Board of Directors of the Company.

1.13 “Company” shall mean Nordson Corporation, an Ohio corporation, and any successor to all or substantially all of the Company’s assets or business.

1.14 “Company Contribution Account” shall mean (i) the sum of the Participant’s Annual Company Contribution Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant’s Company Contribution Account, less (iii) all distributions made to the Participant or his or her

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Beneficiary pursuant to this Plan that relate to the Participant’s Company Contribution Account.

1.15 “Deduction Limitation” shall mean the following described limitation on a benefit that may otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise provided, this limitation shall be applied to all distributions that are “subject to the Deduction Limitation” under this Plan. If an Employer determines in good faith prior to a Change in Control that there is a reasonable likelihood that any compensation paid to a Participant for a taxable year of the Employer would not be deductible by the Employer solely by reason of the limitation under Code Section 162(m), then to the extent deemed necessary by the Employer to ensure that the entire amount of any distribution to the Participant pursuant to this Plan prior to the Change in Control is deductible, the Employer may defer all or any portion of a distribution under this Plan. Any amounts deferred pursuant to this limitation shall continue to be credited/debited with additional amounts in accordance with Section 3.10 below, even if such amount is being paid out in installments. The amounts so deferred and amounts credited thereon shall be distributed to the Participant or his or her Beneficiary (in the event of the Participant’s death) at the earliest possible date, as determined by the Employer in good faith, on which the deductibility of compensation paid or payable to the Participant for the taxable year of the Employer during which the distribution is made will not be limited by Section 162(m), or if earlier, the effective date of a Change in Control. Notwithstanding anything to the contrary in this Plan, the Deduction Limitation shall not apply to any distributions made after a Change in Control.

1.16 “Deferral Account” shall mean (i) the sum of all of a Participant’s Deferral Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of this Plan that relate to the Participant’s Deferral Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to his or her Deferral Account

1.17 “Deferral Amount” shall mean that portion of a Participant’s Base Salary and Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant’s Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year’s Deferral Amount shall be the actual amount withheld prior to such event.

1.18 “Disability” shall mean a period of disability during which a Participant qualifies for permanent disability benefits under the Participant’s Employer’s long-term disability plan, or, if a Participant does not participate in such a plan, a period of disability during which the Participant would have qualified for permanent disability benefits under such a plan had the Participant been a participant in such a plan, as determined in the sole discretion of the Committee. If the Participant’s Employer does not sponsor such a plan, or discontinues to sponsor such a plan, Disability shall be determined by the Committee in its sole discretion.

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1.19 “Disability Benefit” shall mean the benefit set forth in Article 8.

1.20 “Election Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan.

1.21 “Employee” shall mean a person who is an employee of any Employer.

1.22 “Employer(s)” shall mean the Company and any of its subsidiaries (now in existence or hereafter formed or acquired) that have been selected by the Committee to participate in the Plan and have adopted the Plan as a sponsor.

1.23 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

1.24 “NEST” shall mean the Nordson Corporation Employees Savings Trust Plan.

1.25 “Participant” shall mean any Employee (i) who is selected to participate in the Plan, (ii) who elects to participate in the Plan, (iii) who signs a Plan Agreement, an Election Form and a Beneficiary Designation Form, (iv) whose signed Plan Agreement, Election Form and Beneficiary Designation Form are accepted by the Committee, (v) who commences participation in the Plan, and (vi) whose Plan Agreement has not terminated. A spouse or former spouse of a Participant shall not be treated as a Participant in the Plan or have an account balance under the Plan, even if he or she has an interest in the Participant’s benefits under the Plan as a result of applicable law or property settlements resulting from legal separation or divorce.

1.26 “Plan” shall mean the Nordson Corporation Deferred Compensation Plan, as amended from time to time.

1.27 “Plan Agreement” shall mean a written agreement, as may be amended by the Committee from time to time, which is entered into by and between an Employer and a Participant. Should there be more than one Plan Agreement, the Plan Agreement bearing the latest date of acceptance by the Employer shall supersede all previous Plan Agreements in their entirety and shall govern such entitlement.

1.28 “Plan Year” shall, except for the First Plan Year, mean a period beginning on January 1 of each calendar year and continuing through December 31 of such calendar year.

1.29 “Pre-Retirement Survivor Benefit” shall mean the benefit set forth in Article 6.

1.30 “Restricted Stock” shall mean shares of restricted stock granted to the Participant under the Company’s 1993 Long-Term Performance Plan.

1.31 “Restricted Stock Account” shall mean (i) the sum of the Participant’s Restricted Stock Amounts, plus (ii) amounts credited/debited in accordance with all the applicable

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crediting/debiting provisions of this Plan that relate to the Participant’s Restricted Stock Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant’s Restricted Stock Account.

1.32 “Restricted Stock Amount” shall mean, for any grant of Restricted Stock, the amount of such Restricted Stock deferred in accordance with Section 3.6 of this Plan.

1.33 “Retirement”, “Retire(s)” or “Retired” shall mean, with respect to an Employee, severance from employment pursuant to the Nordson Corporation Salaried Employees Pension Plan.

1.34 “Retirement Benefit” shall mean the benefit set forth in Article 5.

1.35 “Rollover Account” shall mean the vested account balance that a Participant accrued while participating in the Nordson Corporation Excess Defined Contribution Retirement Plan (SERP) and which has been transferred or rolled over into this Plan.

1.36 “Short-Term Payout” shall mean the payout set forth in Section 4.1.

1.37 “Stock” shall mean the common shares of the Company or any other equity securities of the Company designated by the Committee.

1.38 “Termination Benefit” shall mean the benefit set forth in Article 7.

1.39 “Termination of Employment” shall mean the severing of employment with the Company or an Employer, voluntarily or involuntarily, for any reason other than Retirement, Disability, or death.

1.40 “Trust” shall mean one or more rabbi trusts established by the Company or an Employer in accordance with Article 15 of this Plan as amended from time to time.

1.41 “Unforeseeable Financial Emergency” shall mean an unanticipated emergency that is caused by an event beyond the control of the Participant that would result in severe financial hardship to the Participant resulting from (i) a sudden and unexpected illness or accident of the Participant or a dependent of the Participant, (ii) a loss of the Participant’s property due to casualty, or (iii) such other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined in the sole discretion of the Committee.

1.42 “Years of Vested Service” shall have the meaning as that term is defined in the NEST.

ARTICLE 2

Selection, Enrollment, Eligibility

2.1 Selection by Committee. Participation in the Plan shall be limited to those employees of an Employer who (i) are officers or key employees of an Employer, (ii) received, or would have received but for an election to defer compensation under this Plan and any other plan

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of the Company, from the Employer aggregate cash compensation for the prior Plan Year (or calendar year for purposes of the initial Plan Year) of not less than $100,000, or such higher amount as the Committee may decide from time to time, and (iii) are, upon recommendation of the President and Chief Executive Officer of the Company, approved for such participation by the Committee, in its sole discretion,

2.2 Enrollment Requirements. As a condition to participation, each selected Employee shall complete, execute and return to the Committee a Plan Agreement, an Election Form and a Beneficiary Designation Form, all within 30 days (or such other time as the Committee may determine) after he or she is selected to participate in the Plan. In addition, the Committee shall establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary.

2.3 Eligibility; Commencement of Participation. Provided an Employee selected to participate in the Plan has met all enrollment requirements set forth in this Plan and required by the Committee, including returning all required documents to the Committee within thirty (30) days (or such other time as the Committee may determine) after he or she is selected to participate in the Plan, that Employee shall commence participation in the Plan on the first day of the month following the month in which the Employee completes all enrollment requirements. If an Employee fails to meet all such requirements within the period required, that Employee shall not be eligible to participate in the Plan until the first day of the Plan Year following the delivery to and acceptance by the Committee of the required documents.

2.4 Termination of Participation and/or Deferrals. If the Committee determines in good faith that a Participant no longer qualifies as a member of a select group of management or highly compensated employees, as membership in such group is determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, the Committee shall have the right, in its sole discretion, to (i) terminate any deferral election the Participant has made for the remainder of the Plan Year in which the Participant’s membership status changes, (ii) prevent the Participant from making future deferral elections and/or (iii) immediately distribute the Participant’s then Account Balance as a Termination Benefit and terminate the Participant’s participation in the Plan.

ARTICLE 3

Deferral Commitments/Company Matching/Crediting/Taxes

3.1 Minimum Deferrals.

Base Salary and Bonus. For each Plan Year, a Participant may elect to defer, as his or her Deferral Amount, a minimum of at least Five Thousand dollars ($5,000) between his Base Salary and Bonus. If an election is made for less than stated minimum amounts, or if no election is made, the amount deferred shall be zero.

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(b) Short Plan Year. Notwithstanding the foregoing, if a Participant first becomes a Participant after the first day of a Plan Year, or in the case of the first Plan Year of the Plan itself, the minimum Base Salary deferral shall be an amount equal to the minimum set forth above, multiplied by a fraction, the numerator of which is the number of complete months remaining in the Plan Year and the denominator of which is 12.

Restricted Stock Amount. For Restricted Stock, a Participant may elect to defer, as his or her Restricted Stock Amount, the following minimum percentage of the Participant’s Restricted Stock:

Deferral	Minimum Percentage
Restricted Stock		10	%

provided, however, that the Restricted Stock Amount shall be no less than the lesser of $20,000 or 100% of the Participant’s Restricted Stock.

3.2 Maximum Deferral.

(a) Base Salary and Bonus. For each Plan Year, a Participant may elect to defer, as his or her Deferral Amount, Base Salary and/or Bonus up to the following maximum percentages for each deferral elected:

Deferral	Maximum Percentage
Base Salary		100	%
Bonus		100	%

(b) Notwithstanding the foregoing, if a Participant first becomes a Participant after the first day of a Plan Year, or in the case of the first Plan Year of the Plan itself, the maximum Deferral Amount, with respect to Base Salary and/or Bonus shall be limited to the amount of compensation not yet earned by the Participant as of the date the Participant submits a Plan Agreement and Election Form to the Committee for acceptance.

(c) A Participant may elect to defer up to 100% of his or her Restricted Stock.

3.3 Election to Defer; Effect of Election Form.

(a) First Plan Year. In connection with a Participant’s commencement of participation in the Plan, the Participant shall make an irrevocable deferral election for the Plan Year in which the Participant commences participation in the Plan, along with such

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other elections as the Committee deems necessary or desirable under the Plan. For these elections to be valid, the Election Form must be completed and signed by the Participant, timely delivered to the Committee (in accordance with Section 2.2 above) and accepted by the Committee.

(b) Subsequent Plan Years. For each succeeding Plan Year, an irrevocable deferral election for that Plan Year, and such other elections as the Committee deems necessary or desirable under the Plan, shall be made by timely delivering to the Committee, in accordance with its rules and procedures, before the end of the Plan Year preceding the Plan Year for which the election is made, or at such other time as the Committee may determine from time to time, a new Election Form. If no such Election Form is timely delivered for a Plan Year, the Deferral Amount shall be zero for that Plan Year.

(c) Restricted Stock. For an election to defer Restricted Stock Amounts to be valid: (i) a separate irrevocable Election Form must be completed and signed by the Participant, with respect to such Restricted Stock; and (ii) such Election Form must be timely delivered to the Committee and accepted by the Committee at least six (6) months prior to the date the restrictions applicable to such Restricted Stock lapse.

3.4 Withholding of Annual Deferral Amounts. For each Plan Year, the Base Salary portion of the Deferral Amount shall be withheld from each regularly scheduled Base Salary payroll in equal amounts, as adjusted from time to time for increases and decreases in Base Salary. The Bonus portion of the Deferral Amount shall be withheld at the time the Bonus is or otherwise would be paid to the Participant, whether or not this occurs during the Plan Year itself.

3.5 Annual Company Contribution Amount. For each Plan Year, the Company, in its sole discretion, may, but is not required to, credit any amount it desires to any Participant’s Company Contribution Account under this Plan, which amount shall be for that Participant the Annual Company Contribution Amount for that Plan Year. The amount so credited to a Participant may be smaller or larger than the amount credited to any other Participant, and the amount credited to any Participant for a Plan Year may be zero, even though one or more other Participants receive an Annual Company Contribution Amount for that Plan Year. The Annual Company Contribution Amount, if any, shall be credited as of the last day of the Plan Year. If a Participant is not employed by an Employer as of the last day of a Plan Year other than by reason of his or her Retirement or death while employed, the Annual Company Contribution Amount for that Plan Year shall be zero.

3.6 Restricted Stock Amount. Subject to any terms and conditions imposed by the Committee, Participants may elect to defer, under the Plan, Restricted Stock Amounts. Restricted Stock Amounts shall be credited/debited to the Participant on the books of the Employer in connection with such an election at the time the restrictions applicable to the Restricted Stock lapse under the terms of the Company’s 1993 Long Term Performance Plan.

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3.7 Investment of Trust Assets. The Trustee of the Trust shall be authorized, upon written instructions received from the Committee or investment manager appointed by the Committee, to invest and reinvest the assets of the Trust in accordance with the applicable Trust Agreement, including the disposition of Stock and reinvestment of the proceeds in one or more investment vehicles designated by the Committee.

3.8 Sources of Stock. If Stock is credited under the Plan in the Trust in connection with a deferral of Restricted Stock, the shares so credited shall be deemed to have originated, and shall be counted against the number of shares reserved, under such other plan, program or arrangement.

3.9 Vesting.

(a) A Participant shall at all times be 100% vested in his or her Deferral Account, Restricted Stock Account and Rollover Account. A Participant shall vest in his or her Company Contribution Account in accordance with the same vesting schedule as set forth in the NEST.

(b) Notwithstanding anything to the contrary contained in this Section 3.9, in the event of a Change in Control, a Participant’s Company Contribution Account shall immediately become 100% vested (if it is not already vested in accordance with the above vesting schedules).

(c) Notwithstanding subsection (a), the vesting schedule for a Participant’s Company Contribution Account shall not be accelerated to the extent that the Committee determines that such acceleration would cause the deduction limitations of Section 280G of the Code to become effective. In the event that all of a Participant’s Company Contribution Account is not vested pursuant to such a determination, the Participant may request independent verification of the Committee’s calculations with respect to the application of Section 280G. In such case, the Committee must provide to the Participant within 15 business days of such a request an opinion from a nationally recognized accounting firm selected by the Participant (the “Accounting Firm”). If the Accounting Firm’s opinion is in agreement with the Committee’s determination, the opinion shall state that any limitation in the vested percentage hereunder is necessary to avoid the limits of Section 280G and contain supporting calculations. The cost of such opinion shall be paid for by the Company.

3.10 Crediting/Debiting of Account Balances. In accordance with, and subject to, the rules and procedures that are established from time to time by the Committee, in its sole discretion, amounts shall be credited or debited to a Participant’s Account Balance in accordance with the following rules:

(a) Election of Measurement Funds. A Participant, in connection with his or her initial deferral election in accordance with Section 3.3(a) above, shall elect, on the

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Election Form, one or more Measurement Fund(s) (as described in Section 3.10(c) below) to be used to determine the additional amounts to be credited to his or her Account Balance for each business day thereof in which the Participant commences participation in the Plan and continuing thereafter for each subsequent business day in which the Participant participates in the Plan. Thereafter, the Participant may (but is not required to) elect, either by submitting an Election Form to the Committee that is accepted by the Committee or through any other manner approved by the Committee, to add or delete one or more Measurement Fund(s) to be used to determine the additional amounts to be credited to his or her Account Balance, or to change the portion of his or her Account Balance allocated to each previously or newly elected Measurement Fund, all in a manner permitted by the Committee.

(b) Proportionate Allocation. In making any election described in Section 3.10(a) above, the Participant shall specify on the Election Form, in increments of five percentage points (5%), the percentage of his or her Account Balance to be allocated to a Measurement Fund (as if the Participant was making an investment in that Measurement Fund with that portion of his or her Account Balance).

(c) Measurement Funds. In the First Plan Year, the following measurement fund, (the “Measurement Fund”), will be used for the purpose of crediting additional amounts to Participant’s Account Balance:

• Nordson Corporation Investment Contract Fund

As necessary, the Committee may, in its sole discretion, discontinue, substitute or add a Measurement Fund(s). Each such action will take effect as of the first day of the calendar quarter that follows by thirty (30) days the day on which the Committee gives Participants advance written notice of such change.

(d) Crediting or Debiting Method. The performance of each elected Measurement Fund (either positive or negative) will be determined by the Committee, in its reasonable discretion, based on the performance of the Measurement Funds themselves. A Participant’s Account Balance shall be credited or debited on a schedule as determined by the Committee in its sole discretion, as though (i) a Participant’s Account Balance were invested in the Measurement Fund(s) selected by the Participant, in the percentages applicable to such business day, as of the close of business on that business day, at the closing price on such date; (ii) the portion of the Deferral Amount that was actually deferred during any business day were invested in the Measurement Fund(s) selected by the Participant, in the percentages applicable to such business day, no later than the close of business on that business day after the day on which such amounts are actually deferred from the Participant’s Base Salary through reductions in his or her payroll, at the closing price on such date; and (iii) any distribution made to a Participant that decreases such Participant’s Account Balance ceased being invested in the Measurement

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Fund(s), in the percentages applicable to such business day, no earlier than one business day prior to the distribution, at the closing price on such date. The Participant’s Company Contributions Amount shall be credited to his or her Company Contribution Account for purposes of this Section 3.10(d) as of the date determined by the Committee.

(e) No Actual Investment. Notwithstanding any other provision of this Plan that may be interpreted to the contrary, the Measurement Funds are to be used for measurement purposes only, and a Participant’s election of any such Measurement Fund, the allocation to his or her Account Balance thereto, the calculation of additional amounts and the crediting or debiting of such amounts to a Participant’s Account Balance shall not be considered or construed in any manner as an actual investment of his or her Account Balance in any such Measurement Fund. In the event that the Company or the Trustee (as that term is defined in the Trust), in its own discretion, decides to invest funds in any or all of the Measurement Funds, no Participant shall have any rights in or to such investments themselves. Without limiting the foregoing, a Participant’s Account Balance shall at all times be a bookkeeping entry only and shall not represent any investment made on his or her behalf by the Company or the Trust; the Participant shall at all times remain an unsecured creditor of the Company.

(f) Special Rule for Restricted Stock Account. Notwithstanding any provision of this Plan that may be construed to the contrary, any amounts allocated to the Restricted Stock Account can never be reallocated to any other Measurement Fund(s) in this Plan. In addition, all distributions from the Restricted Stock Account must be distributed in Stock.

3.11 FICA and Other Taxes.

(a) Annual Deferral Amounts. For each Plan Year in which an Deferral Amount is being withheld from a Participant, the Participant’s Employer(s) shall withhold from that portion of the Participant’s Base Salary and Bonus that is not being deferred, in a manner determined by the Employer(s), the Participant’s share of FICA and other employment taxes on such Deferral Amount. If necessary, the Committee may reduce the Deferral Amount in order to comply with this Section 3.11.

(b) Company Contribution Amounts. When a Participant becomes vested in a portion of his or her Company Contribution Account, the Participant’s Employer(s) shall withhold from the Participant’s Base Salary and/or Bonus that is not deferred, in a manner determined by the Employer(s), the Participant’s share of FICA and other employment taxes. If necessary, the Committee may reduce the vested portion of the Participant’s Company Contribution Account in order to comply with this Section 3.11.

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(c) Restricted Stock Amounts. For each Plan Year in which a Restricted Stock Amount is being first withheld from a Participant, the Participant’s Employer(s) shall withhold from that portion of the Participant’s Base Salary, Bonus, and Restricted Stock that is not being deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes on such Restricted Stock Amount. If necessary, the Committee may reduce the Restricted Stock Amount in order to comply with this Section 3.11.

3.12 Distributions. The Participant’s Employer, or the trustee of the Trust, shall withhold from any payments made to a Participant under this Plan all federal, state and local income, employment and other taxes required to be withheld by the Employer, or the trustee of the Trust, in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Employer and the trustee of the Trust.

ARTICLE 4

Short-Term Payout; Unforeseeable Financial Emergencies; Withdrawal Election

4.1 Short-Term Payout. In connection with each election to defer an Annual Deferral Amount, a Participant may irrevocably elect to receive a future Short-Term Payout from the Plan with respect to such Deferral Amount. Subject to the Deduction Limitation, the Short-Term Payout shall be a lump sum payment in an amount that is equal to the Annual Deferral Amount plus amounts credited or debited in the manner provided in Section 3.10 above on that amount, determined at the time that the Short-Term Payout becomes payable (rather than the date of a Termination of Employment). Subject to the Deduction Limitation and the other terms and conditions of this Plan, each Short-Term Payout elected shall be paid out within a 60 day period commencing immediately after the last day of any Plan Year designated by the Participant that is at least five Plan Years after the Plan Year in which the Deferral Amount is actually deferred. By way of example, if a five year Short-Term Payout is elected for Deferral Amounts that are deferred in the Plan Year commencing January 1, 2001, the five year Short-Term Payout would become payable within a 60 day period commencing January 1, 2006.

4.2 Other Benefits Take Precedence Over Short-Term. Should an event occur that triggers a benefit under Article 5, 6, 7 or 8, any Annual Deferral Amount, plus amounts credited or debited thereon, that is subject to a Short-Term Payout election under Section 4.1 shall not be paid in accordance with Section 4.1 but shall be paid in accordance with the other applicable Article. Moreover, any Short-Term Payout shall be adjusted to take into account any contribution under Section 3.5 above.

4.3 Payout/Suspensions for Unforeseeable Financial Emergencies. If the Participant experiences an Unforeseeable Financial Emergency, the Participant may petition the Committee to (i) suspend any deferrals required to be made by a Participant and/or (ii) receive a partial or full payout from the Plan. The payout shall not exceed the lesser of the Participant’s Account Balance, calculated as if such Participant were receiving a

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Termination Benefit, or the amount reasonably needed to satisfy the Unforeseeable Financial Emergency. If, subject to the sole discretion of the Committee, the petition for a suspension and/or payout is approved, suspension shall take effect upon the date of approval and any payout shall be made within 60 days of the date of approval. The payment of any amount under this Section 4.3 shall not be subject to the Deduction Limitation or withdrawal penalty of Section 4.4 below.

4.4 Withdrawal Election. A Participant (or, after a Participant’s death, his or her Beneficiary) may elect, at any time, to withdraw all of his or her Account Balance, calculated as if there had occurred a Termination of Employment as of the day of the election, less a withdrawal penalty equal to 10% of such amount (the net amount shall be referred to as the “Withdrawal Amount”). This election can be made at any time, before or after Retirement, Disability, death or Termination of Employment, and whether or not the Participant (or Beneficiary) is in the process of being paid pursuant to an installment payment schedule. If made before Retirement, Disability or death, a Participant’s Withdrawal Amount shall be his or her Account Balance calculated as if there had occurred a Termination of Employment as of the day of the election. No partial withdrawals of the Withdrawal Amount shall be allowed. The Participant (or his or her Beneficiary) shall make this election by giving the Committee advance written notice of the election in a form determined from time to time by the Committee. The Participant (or his or her Beneficiary) shall be paid the Withdrawal Amount within 60 days of his or her election. Once the Withdrawal Amount is paid, the Participant’s participation in the Plan shall terminate and the Participant shall not be eligible to participate in the Plan for two full years following and from the date of receiving the Withdrawal Amount. The payment of this Withdrawal Amount shall not be subject to the Deduction Limitation.

ARTICLE 5

Retirement Benefit

5.1 Retirement Benefit. Subject to the Deduction Limitation, a Participant who Retires shall receive, as a Retirement Benefit, his or her Account Balance.

5.2 Payment of Retirement Benefit. A Participant, in connection with his or her commencement of participation in the Plan, shall elect on an Election Form to receive the Retirement Benefit in a lump sum or pursuant to an Annual Installment Method of 5, 10 or 15 years. Notwithstanding the preceding sentence, if the Participant’s Account Balance at the time of his or her Retirement is less than $35,000, payment of his or her Retirement Benefit shall be paid in a lump sum. The Participant may annually change his or her election to an allowable alternative payout period by submitting a new Election Form to the Committee, provided that any such Election Form is submitted at least 12 months prior to the Participant’s Retirement and is accepted by the Committee in its sole discretion. The Election Form most recently accepted by the Committee shall govern the payout of the Retirement Benefit. If a Participant does not make any election with respect to the payment of the Retirement Benefit, then such benefit shall be payable in a lump sum. The lump sum payment shall be made, or installment payments shall commence, no later than

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60 days after the last day of the Plan Year which the Participant Retires. Any payment made shall be subject to the Deduction Limitation.

5.3 Death Prior to Completion of Retirement Benefit. If a Participant dies after Retirement but before the Retirement Benefit is paid in full, the Participant’s unpaid Retirement Benefit payments shall continue and shall be paid to the Participant’s Beneficiary (a) over the remaining number of years and in the same amounts as that benefit would have been paid to the Participant had the Participant survived, or (b) in a lump sum, if requested by the Beneficiary and allowed in the sole discretion of the Committee, that is equal to the Participant’s unpaid remaining Account Balance.

ARTICLE 6

Pre-Retirement Survivor Benefit

6.1 Pre-Retirement Survivor Benefit. Subject to the Deduction Limitation, the Participant’s Beneficiary shall receive a Pre-Retirement Survivor Benefit equal to the Participant’s Account Balance if the Participant dies before he or she Retires, experiences a Termination of Employment or suffers a Disability.

6.2 Payment of Pre-Retirement Survivor Benefit. A Participant’s Beneficiary shall receive the Pre-Retirement Survivor Benefit in a lump sum. The lump sum payment shall be made no later than 60 days after the last day of the Plan Year in which the Committee is provided with proof that is satisfactory to the Committee of the Participant’s death. Any payment made shall be subject to the Deduction Limitation.

ARTICLE 7

Termination Benefit

7.1 Termination Benefit. Subject to the Deduction Limitation, the Participant shall receive a Termination Benefit, which shall be equal to the Participant’s Account Balance if a Participant experiences a Termination of Employment prior to his or her Retirement, death or Disability.

7.2 Payment of Termination Benefit. If the Participant’s Account Balance at the time of his or her Termination of Employment is less than $35,000, payment of his or her Termination Benefit shall be paid in a lump sum. If his or her Account Balance at such time is equal to or greater than that amount, the Committee, in its sole discretion, may cause the Termination Benefit to be paid in a lump sum or pursuant to an Annual Installment Method of 5, 10 or 15 years. The lump sum payment shall be made, or installment payments shall commence, no later than 60 days after the Participant experiences the Termination of Employment. Any payment made shall be subject to the Deduction Limitation.

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ARTICLE 8

Disability Waiver and Benefit

8.1 Disability Waiver.

(a) Waiver of Deferral. A Participant who is determined by the Committee to be suffering from a Disability shall be (i) excused from fulfilling that portion of the Annual Deferral Amount commitment that would otherwise have been withheld from a Participant’s Base Salary and/or Bonus for the Plan Year during which the Participant first suffers a Disability and (ii) excused from fulfilling any existing Restricted Stock Amount. During the period of Disability, the Participant shall not be allowed to make any additional deferral elections, but will continue to be considered a Participant for all other purposes of this Plan.

(b) Return to Work. If a Participant returns to active employment with an Employer, after a Disability ceases, the Participant may elect to defer Deferral Amount and Restricted Stock Amount for the Plan Year following his or her return to active employment or service and for every Plan Year thereafter while a Participant in the Plan; provided such deferral elections are otherwise allowed and an Election Form is delivered to and accepted by the Committee for each such election in accordance with Section 3.3 above.

8.2 Continued Eligibility; Disability Benefit. A Participant suffering a Disability shall, for benefit purposes under this Plan, continue to be considered to be employed by an Employer, and shall be eligible for the benefits provided for in Articles 4, 5, 6 or 7 in accordance with the provisions of those Articles. Notwithstanding the above, the Committee shall have the right to, in its sole and absolute discretion and for purposes of this Plan only, and must in the case of a Participant who is otherwise eligible to Retire, deem the Participant to have experienced a Termination of Employment, or in the case of a Participant who is eligible to Retire, to have Retired, at any time (or in the case of a Participant who is eligible to Retire, as soon as practicable) after such Participant is determined to be suffering a Disability, in which case the Participant shall receive a Disability Benefit equal to his or her Account Balance at the time of the Committee’s determination; provided, however, that should the Participant otherwise have been eligible to Retire, he or she shall be paid in accordance with Article 5. The Disability Benefit shall be paid in a lump sum within sixty (60) days of the Committee’s exercise of such right. Any payment made shall be subject to the Deduction Limitation.

ARTICLE 9

Beneficiary Designation

9.1 Beneficiary. Each Participant shall have the right, at any time, to designate his or her Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable under the Plan to a beneficiary upon the death of a Participant. The Beneficiary designated under

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this Plan may be the same as or different from the Beneficiary designation under any other plan of an Employer in which the Participant participates.

9.2 Beneficiary Designation; Change; Spousal Consent. A Participant shall designate his or her Beneficiary by completing and signing the Beneficiary Designation Form, and returning it to the Committee or its designated agent. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Committee’s rules and procedures, as in effect from time to time. If the Participant names someone other than his or her spouse as a Beneficiary, a spousal consent, in the form designated by the Committee, must be signed by that Participant’s spouse and returned to the Committee. Upon the acceptance by the Committee of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be canceled. The Committee shall be entitled to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the Committee prior to his or her death.

9.3 Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received and acknowledged in writing by the Committee or its designated agent.

9.4 No Beneficiary Designation. If a Participant fails to designate a Beneficiary as provided in Sections 9.1, 9.2 and 9.3 above or, if all designated Beneficiaries predecease the Participant or die prior to complete distribution of the Participant’s benefits, then the Participant’s designated Beneficiary shall be deemed to be his or her surviving spouse. If the Participant has no surviving spouse, the benefits remaining under the Plan to be paid to a Beneficiary shall be payable to the Participant’s estate.

9.5 Doubt as to Beneficiary. If the Committee has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan, the Committee shall have the right, exercisable in its discretion, to cause the Participant’s Employer to withhold such payments until this matter is resolved to the Committee’s satisfaction.

9.6 Discharge of Obligations. The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge all Employers and the Committee from all further obligations under this Plan with respect to the Participant, and that Participant’s Plan Agreement shall terminate upon such full payment of benefits.

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ARTICLE 10

Leave of Absence

10.1 Paid Leave of Absence. If a Participant is authorized by the Participant’s Employer for any reason to take a paid leave of absence from the employment of the Employer, the Participant shall continue to be considered employed by the Employer and the Deferral Amount shall continue to be withheld during such paid leave of absence in accordance with Section 3.3.

10.2 Unpaid Leave of Absence. If a Participant is authorized by the Participant’s Employer for any reason to take an unpaid leave of absence from the employment of the Employer, the Participant shall continue to be considered employed by the Employer and the Participant shall be excused from making deferrals until the Participant returns to a paid employment status. Upon such return, deferrals shall resume for the remaining portion of the Plan Year in which the return occurs, based on the deferral election, if any, made for that Plan Year. If no election was made for that Plan Year, no deferral shall be withheld.

ARTICLE 11

Termination, Amendment or Modification

11.1 Termination. Although the Company anticipates that it will continue the Plan for an indefinite period of time, there is no guarantee that the Company will continue the Plan or will not terminate the Plan at any time in the future. Accordingly, the Company reserves the right to terminate the Plan at any time with respect to any or all of its participating Employees, by action of the Committee. Upon the termination of the Plan with respect to any Employer, the Plan Agreements of the affected Participants who are employed by that Employer shall terminate and their Account Balances, determined as if they had experienced a Termination of Employment on the date of Plan termination or, if Plan termination occurs after the date upon which a Participant was eligible to Retire, then with respect to that Participant as if he or she had Retired on the date of Plan termination, shall be paid to the Participants as follows: Prior to a Change in Control, if the Plan is terminated, the Company shall have the right, in its sole discretion, and notwithstanding any elections made by the Participant, to pay such benefits in a lump sum or pursuant to an Annual Installment Method of up to 15 years, with amounts credited and debited during the installment period as provided herein. After a Change in Control, the Company shall be required to pay such benefits in a lump sum within sixty (60) days of a Change in Control. The termination of the Plan shall not adversely affect any Participant or Beneficiary who has become entitled to the payment of any benefits under the Plan as of the date of termination; provided however, that the Company shall have the right to accelerate installment payments without a premium or prepayment penalty by paying the Account Balance in a lump sum or pursuant to an Annual Installment Method using fewer years.

11.2 Amendment. The Company may, at any time, amend or modify the Plan in whole or in part by the action of the Committee; provided, however, that: (i) no amendment or modification shall be effective to decrease or restrict the value of a Participant’s Account

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Balance in existence at the time the amendment or modification is made, calculated as if the Participant had experienced a Termination of Employment as of the effective date of the amendment or modification or, if the amendment or modification occurs after the date upon which the Participant was eligible to Retire, the Participant had Retired as of the effective date of the amendment or modification, and (ii) no amendment or modification of this Section 11.2 or Section 12.2 of the Plan shall be effective. The amendment or modification of the Plan shall not affect any Participant or Beneficiary who has become entitled to the payment of benefits under the Plan as of the date of the amendment or modification; provided, however, that the Company shall have the right to accelerate installment payments by paying the Account Balance in a lump sum or pursuant to an Annual Installment Method using fewer years.

11.3 Effect of Payment. The full payment of the applicable benefit under Articles 4, 5, 6, 7 or 8 of the Plan shall completely discharge all obligations to a Participant and his or her designated Beneficiaries under this Plan and the Participant’s Plan Agreement shall terminate.

ARTICLE 12

Administration

12.1 Committee Duties. This Plan will be administered by the Committee. The Committee will, subject to the terms of this Plan, have the authority to: (i) approve for participation employees who are recommended for participation by the president and Chief Executive Officer of the Company, (ii) adopt, alter, and repeal administrative rules and practices governing this Plan, (iii) interpret the terms and provisions of this Plan, and (iv) otherwise supervise the administration of this Plan. All decisions by the Committee will be made with the approval of not less than a majority of its members. The Committee may delegate any of its authority to any other person or persons that it deems appropriate, provided the delegation does not cause this Plan or any awards granted under this Plan to fail to qualify for the exemption provided by Rule 16b-3, or, if applicable, to meet the requirements of the regulations under Section 162(m) of the Code.

12.2 Administration Upon Change In Control. For purposes of this Plan, the Company shall be the “Administrator” at all times prior to the occurrence of a Change in Control. Upon and after the occurrence of a Change in Control, the “Administrator” shall be an independent third party selected by the Trustee and approved by the individual who, immediately prior to such event, was the Company’s President and Chief Executive Officer or, if not so identified, the Company’s then highest ranking officer (the “Ex-President and Chief Executive Officer”). The Administrator shall have the discretionary power to determine all questions arising in connection with the administration of the Plan and the interpretation of the Plan and Trust including, but not limited to benefit entitlement determinations; provided, however, upon and after the occurrence of a Change in Control, the Administrator shall have no power to direct the investment of Plan or Trust assets or select any investment manager or custodial firm for the Plan or Trust. Upon and after the occurrence of a Change in Control, the Company must: (1) pay all reasonable

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administrative expenses and fees of the Administrator; (2) indemnify the Administrator against any costs, expenses and liabilities including, without limitation, attorney’s fees and expenses arising in connection with the performance of the Administrator hereunder, except with respect to matters resulting from the gross negligence or willful misconduct of the Administrator or its employees or agents; and (3) supply full and timely information to the Administrator or all matters relating to the Plan, the Trust, the Participants and their Beneficiaries, the Account Balances of the Participants, the date of circumstances of the Retirement, Disability, death or Termination of Employment of the Participants, and such other pertinent information as the Administrator may reasonably require. Upon and after a Change in Control, the Administrator may be terminated (and a replacement appointed) by the Trustee only with the approval of the Ex-President and Chief Executive Officer. Upon and after a Change in Control, the Administrator may not be terminated by the Company.

12.3 Agents. In the administration of this Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to any Employer.

12.4 Binding Effect of Decisions. All decisions by the Committee, and by any other person or persons to whom the Committee has delegated authority, shall be final and conclusive and binding upon all persons having any interest in the Plan.

12.5 Indemnity of Committee. The Company shall indemnify and hold harmless the members of the Committee, and any Employee to whom the duties of the Committee may be delegated, and the Administrator against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Committee, any of its members, any such Employee or the Administrator.

12.6 Employer Information. To enable the Committee and/or Administrator to perform its functions, the Company and each Employer shall supply full and timely information to the Committee and/or Administrator, as the case may be, on all matters relating to the compensation of its Participants, the date and circumstances of the Retirement, Disability, death or Termination of Employment of its Participants, and such other pertinent information as the Committee or Administrator may reasonably require.

ARTICLE 13

Other Benefits and Agreements

13.1 Coordination with Other Benefits. The benefits provided for a Participant and Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for employees of the Participant’s Employer. The Plan shall supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided.

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ARTICLE 14

Claims Procedures

14.1 Presentation of Claim. Any Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the Committee a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within 60 days after such notice was received by the Claimant. All other claims must be made within 180 days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant.

14.2 Notification of Decision. The Committee shall consider a Claimant’s claim within a reasonable time, and shall notify the Claimant in writing:

(a) that the Claimant’s requested determination has been made, and that the claim has been allowed in full; or

(b) that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested determination, and such notice must set forth in a manner calculated to be understood by the Claimant:

(i) the specific reason(s) for the denial of the claim, or any part of it;

(ii) specific reference(s) to pertinent provisions of the Plan upon which such denial was based;

(iii) a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; and

(iv) an explanation of the claim review procedure set forth in Section 14.3 below.

14.3 Review of a Denied Claim. Within 60 days after receiving a notice from the Committee that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly authorized representative) may file with the Committee a written request for a review of the denial of the claim. Thereafter, but not later than 30 days after the review procedure began, the Claimant (or the Claimant’s duly authorized representative):

(a) may review pertinent documents;

(b) may submit written comments or other documents; and/or

(c) may request a hearing, which the Committee, in its sole discretion, may grant.

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14.4 Decision on Review. The Committee shall render its decision on review promptly, and not later than 60 days after the filing of a written request for review of the denial, unless a hearing is held or other special circumstances require additional time, in which case the Committee’s decision must be rendered within 120 days after such date. Such decision must be written in a manner calculated to be understood by the Claimant, and it must contain:

(a) specific reasons for the decision;

(b) specific reference(s) to the pertinent Plan provisions upon which the decision was based; and

(c) such other matters as the Committee deems relevant.

14.5 Legal Action. A Claimant’s compliance with the foregoing provisions of this Article 14 is a mandatory prerequisite to a Claimant’s right to commence any legal action with respect to any claim for benefits under this Plan.

ARTICLE 15

Trust

15.1 Establishment of the Trust. The Company may establish one or more Trusts to which the Company may transfer such assets as the Company determines in its sole discretion to assist in meeting its obligations under the Plan.

15.2 Interrelationship of the Plan and the Trust. The provisions of the Plan and the Plan Agreement shall govern the rights of a Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall govern the rights of the Company, Participants and the creditors of the Employers to the assets transferred to the Trust.

15.3 Distributions From the Trust. Each Employers obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Company’s obligations under this Plan.

15.4 Stock Transferred to the Trust. Notwithstanding any other provision of this Plan or the Trust: (i) if Trust assets are distributed to a Participant in a distribution which reduces the Participant’s Restricted Stock Account balance under this Plan, such distribution must be made in the form of Stock and (ii) any Stock transferred to the Trust in accordance with Section 3.6 may not be otherwise distributed or disposed of by the Trustee until at least 6 months after the date such Stock is transferred to the Trust.

ARTICLE 16

Miscellaneous

16.1 Status of Plan. The Plan is intended to be a plan that is not qualified within the meaning of Code Section 401(a) and that “is unfunded and is maintained by an employer primarily

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for the purpose of providing deferred compensation for a select group of management or highly compensated employee” within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1). The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent.

16.2 Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the Company or an Employer. For purposes of the payment of benefits under this Plan, any and all of the Company’s or an Employer’s assets shall be, and remain, the general, unpledged unrestricted assets of the Company or an Employer, respectively. The Company’s or an Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.

16.3 Employer’s Liability. An Employer’s liability for the payment of benefits shall be defined only by the Plan and the Plan Agreement, as entered into between the Employer and a Participant. An Employer shall have no obligation to a Participant under the Plan except as expressly provided in the Plan and his or her Plan Agreement.

16.4 Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise.

16.5 Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between any Employer and the Participant, either expressed or implied. Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, unless expressly provided in a written employment agreement. Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of any Employer, or to interfere with the right of any Employer to discipline or discharge the Participant at any time.

16.6 Furnishing Information. A Participant or his or her Beneficiary will cooperate with the Committee by furnishing any and all information requested by the Committee and take such other actions as may be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited to taking such physical examinations as the Committee may deem necessary.

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16.7 Terms. Whenever any words are used herein in the masculine, they shall be construed as though they were in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply.

16.8 Captions. The captions of the articles, sections and paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.

16.9 Governing Law. Subject to ERISA, the provisions of this Plan shall be construed and interpreted according to the internal laws of the State of Ohio without regard to its conflicts of laws principles.

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Notice. Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below:

Robert E. Veillette

Assistant General Counsel

Nordson Corporation

28601 Clemens Road

Westlake, Ohio 44145

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant.

16.10 Successors. The provisions of this Plan shall bind and inure to the benefit of the Company Employer and its successors and assigns and the Participant and the Participant’s designated Beneficiaries.

16.11 Spouse’s Interest. The interest in the benefits hereunder of a spouse of a Participant who has predeceased the Participant shall automatically pass to the Participant and shall not be transferable by such spouse in any manner, including but not limited to such spouse’s will, nor shall such interest pass under the laws of intestate succession.

16.12 Validity. In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein.

16.13 Incompetent. If the Committee determines in its discretion that a benefit under this Plan is to be paid to a minor, a person declared incompetent or to a person incapable of handling the disposition of that person’s property, the Committee may direct payment of such benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or incapable person. The Committee may require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Participant and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount.

16.14 Court Order. The Committee is authorized to make any payments directed by court order in any action in which the Plan or the Committee has been named as a party. In addition, if

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a court determines that a spouse or former spouse of a Participant has an interest in the Participant’s benefits under the Plan in connection with a property settlement or otherwise, the Committee, in its sole discretion, shall have the right, notwithstanding any election made by a Participant, to immediately distribute the spouse’s or former spouse’s interest in the Participant’s benefits under the Plan to that spouse or former spouse.

16.15 Distribution in the Event of Taxation.

(a) In General. If, for any reason, all or any portion of a Participant’s benefits under this Plan becomes taxable to the Participant prior to receipt, a Participant may petition the Committee before a Change in Control, or the trustee of the Trust after a Change in Control, for a distribution of that portion of his or her benefit that has become taxable. Upon the grant of such a petition, which grant shall not be unreasonably withheld (and, after a Change in Control, shall be granted), a Participant’s Employer shall distribute to the Participant immediately available funds in an amount equal to the taxable portion of his or her benefit (which amount shall not exceed a Participant’s unpaid Account Balance under the Plan). If the petition is granted, the tax liability distribution shall be made within 90 days of the date when the Participant’s petition is granted. Such a distribution shall affect and reduce the benefits to be paid under this Plan.

(b) Trust. If the Trust terminates in accordance with Section 3.6(e) of the Trust and benefits are distributed from the Trust to a Participant in accordance with that Section, the Participant’s benefits under this Plan shall be reduced to the extent of such distributions.

16.17 Insurance. The Company, on its own behalf or on behalf of the trustee of the Trust, and, in its sole discretion, may apply for and procure insurance on the life of the Participant, in such amounts and in such forms as the Trust may choose. The Company or the trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of any such insurance. The Participant shall have no interest whatsoever in any such policy or policies, and at the request of the Company shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for insurance.

16.18 Legal Fees To Enforce Rights After Change in Control. The Company is aware that upon the occurrence of a Change in Control, the Board or a shareholder of the Company, or of any successor corporation might then cause or attempt to cause the Company, or such successor to refuse to comply with its obligations under the Plan and might cause or attempt to cause the Company to institute, or may institute, litigation seeking to deny Participants the benefits intended under the Plan. In these circumstances, the purpose of the Plan could be frustrated. Accordingly, if, following a Change in Control, it should appear to any Participant that the Company or any successor corporation has failed to comply with any of its obligations under the Plan or any agreement thereunder or, if the Company or any other person takes any action to declare the Plan void or unenforceable or

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institutes any litigation or other legal action designed to deny, diminish or to recover from any Participant the benefits intended to be provided, then the Company hereby irrevocably authorizes such Participant to retain counsel of his or her choice at the expense of the Company to represent such Participant in connection with the initiation or defense of any litigation or other legal action, whether by or against the Company or any director, officer, shareholder or other person affiliated with the Company or any successor thereto in any jurisdiction.

IN WITNESS WHEREOF, the Company has signed this Plan document as of November 3, 2000.

NORDSON CORPORATION

By:

Title:

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EX-10.D.1

Exhibit 10-d-1

FIRST AMENDMENT

TO

NORDSON CORPORATION

EXCESS DEFINED CONTRIBUTION RETIREMENT PLAN

(November 1, 1987 Restatement)

The Nordson Corporation Excess Defined Contribution Retirement Plan (hereinafter referred to as the “Plan”), as originally established for the benefit of certain designated salaried employees effective as of November 1, 1985, and amended and restated in its entirety effective as of November 1, 1987, is hereby amended further, effective as January 1, 1988, to provide as follows:

1. Section 1.1 of the Plan is amended by the addition of a new paragraph (f) at the end thereof to provide as follows:

(f) The term “Non-Union ESOP” shall mean the Nordson Corporation Non-Union Employees Stock Ownership Plan and Trust in effect on the date of an Employee’s retirement, death, or other termination of employment.

2. Sections 2.1 and 2.2 of the Plan are amended to provide as follows:

2.1 Eligibility. An Employee who is a Participant in the Employees’ Savings Trust Plan or the Non-Union ESOP and whose benefits under either Plan have been limited by Section 401(a)(17), Section 402(g)(1), or Section 415 of the Code, including limitations on tax-deferred and employer-matching contributions, shall be eligible for an excess retirement benefit determined by Section 2.2. In addition, in the event that the Tax Deferred Contributions of an eligible Employee under the Employees’ Savings Trust Plan are limited by the provisions of Section 401(a)(17), Section 415, or Section 402(g)(1) of the Code, such eligible Employee may elect to defer payment of that portion of his compensation that otherwise could have been made as Tax Deferred Contributions but for these limitations. The deferred payment election shall be made in writing by the eligible Employee and delivered to the Company prior to the beginning of a Plan Year. The election shall be irrevocable until the first day of the next Plan Year. Notwithstanding any of the foregoing, any reference in Section 2.1 and 2.2 hereunder to the limitation imposed by Section 402(g)(1) of the Code shall automatically include any amendments to such limitation to reflect cost of living increases.

2.2 Amount. The excess retirement benefit payable to an eligible Employee or his beneficiary shall be an amount equal to the sum of:

(i) the amount, if any, of the limited contributions an eligible Employee elected to defer in Section 2.1, except

that if such limited contributions would be further restricted under the Employees’ Savings Trust Plan for a Plan Year to comply with Section 401(k) of the Code with respect to the deferral of compensation by highly compensated employees, the amount determined hereunder shall be similarly limited; plus

(ii) an amount that, when added to the vested interest of such Employee in Employer Matching Contributions under the Employees’ Savings Trust Plan, equals the value his vested interest in Employer Matching Contributions would have

been on the date distribution commences under the Employees’ Savings Trust Plan if the limitations of
Section 401(a)(17), Section 415, or Section 402(g)(1) of the Code had not been in effect; plus

(iii) an amount, if any, equal to the value of the vested interest an eligible Employee would have been entitled to receive under the Non-Union ESOP if the limitations of Section 401(a)(17) or Section 415 of the Code had not been in effect.

In determining the value that an eligible Employee’s interest under the Employees’ Savings Trust Plan and under the Non-Union ESOP would have been if the limitations of Section 401(a)(17), Section 415, or Section 402(g)(1) of the Code had not been in effect as described in (i), (ii), and (iii) above, it shall be assumed that:

(a) his Tax Deferred Contributions and his Employer Matching Contributions under the Employees’ Savings Trust Plan and any Employer contributions under the Non-Union ESOP were deposited on the dates such contributions would have otherwise been made to the Employees’ Savings Trust Plan or Non-Union ESOP, as applicable, and held in the guaranteed income contract maintained as part of the Guaranteed Fund that holds the largest amount of assets from the Employees’ Savings Trust Plan for such year; and

(b) the interest rate actually paid with respect to such guaranteed income contract under the Guaranteed Fund for the Employee’s Savings Trust Plan was paid with respect to the contributions that would otherwise have been made under either Plan; and

(c) such interest was reinvested in the Guaranteed Fund for the Employee’s Savings Trust on the date and in the same manner as actual interest under the Guaranteed Fund.

*                    *                     *

EXECUTED at Westlake, Ohio, this 29th day of May, 1989.

NORDSON CORPORATION
By
	Title:

EX-10.E.1

Exhibit 10-e-1

SECOND AMENDMENT

TO

NORDSON CORPORATION

EXCESS DEFINED BENEFIT RETIREMENT PLAN

The Nordson Corporation Excess Defined Benefit Retirement Plan (hereinafter referred to as the “Plan”), as originally established for the benefit of certain designated salaried employees effective as of November 1, 1985, and as amended on one subsequent occasion, is hereby further amended, effective upon execution hereof, to add new Section 2.4 as follows:

2.4 VESTING OF BENEFITS. Notwithstanding any provision of the Plan other than Section 6.6 to the contrary, the excess pension benefit of each eligible Employee determined as if he were to terminate employment on December 31, 1993, shall be fully vested and nonforfeitable on December 31, 1993.

EXECUTED at Westlake, Ohio this             day of             , 1993.

NORDSON CORPORATION

By

Title 

EX-21

Exhibit 21

NORDSON CORPORATION

Subsidiaries of the Registrant

The following table sets forth the subsidiaries of the Registrant (each of which is included in the Registrant’s consolidated financial statements), and the jurisdiction under the laws of which each subsidiary was organized.

Jurisdiction                 of Incorporation	Name
INTERNATIONAL:
Australia	Nordson Australia Pty. Limited
Austria	Nordson Osterreich GmbH
Belgium	Nordson Benelux S.A./N.V.
Belgium	Constructiewerkhuizen G. Verbruggen NV(1)
Brazil	Nordson do Brasil Industria e Comercio Ltda.
Canada	Nordson Canada Limited
China	Nordson (China) Co., Ltd.
China	Dage Test Systems (Suzhou) Co. Ltd.(2)
China	Dage Trading (Suzhou) Co. Ltd.(2)
China	EDI Precision Dies (Shanghai) Co. Ltd.
Colombia	Nordson Andina Limitada
Czech Republic	Nordson CS, spol.s.r.o.
Denmark	Nordson Danmark A/S
Finland	Nordson Finland Oy
France	Nordson France S.A.S.
France	Dosage 2000 S.A.R.L.(3)
Germany	Nordson Deutschland GmbH(4)
Germany	Nordson Engineering GmbH(5)
Germany	Dage Deutschland GmbH(6)
Germany	Nordson Holdings S.a.r.l. & Co. KG(7)
Germany	Xaloy Europe GmbH
Germany	EDI GmbH
Germany	EDI GmbH & Co. K.G.
Germany	Extrusion Dies Management GmbH
Hong Kong	Nordson Asia Pacific, Ltd.
Hong Kong	Value Plastics (Asia Pacific)(8)
India	Nordson India Private Limited
Italy	Nordson Italia S.p.A.
Italy	Xaloy Italia S.r.l.
Japan	Nordson K.K.
Japan	Nordson Asymtek K.K.
Japan	Dage Japan Co., Ltd.(2)
Japan	Xaloy Japan Co., Ltd.(9)
Japan	EDI Asia Pacific, K.K.
Luxembourg	Nordson European Holdings Luxembourg S.a.r.l.
Luxembourg	Nordson S.a.r.l.(1)
Luxembourg	Nordson Luxembourg S.a.r.l.(10)
Malaysia	Nordson (Malaysia) Sdn. Bhd.
Mexico	Nordson de Mexico, S.A. de C.V.
The Netherlands	Nordson Benelux B.V.
The Netherlands	Nordson B.V.
New Zealand	Nordson New Zealand
Norway	Nordson Norge A/S
Poland	Nordson Polska Sp.z.o.o.
Portugal	Nordson Portugal Equipamento Industrial, Lda.
Russia Singapore	Nordson Russia Limited Liability Company Nordson S.E. Asia (Pte.) Ltd.

83

Jurisdiction                 of Incorporation	Name
INTERNATIONAL:
Singapore	Dage (SEASIA) Pte. Ltd.(2)
South Africa	Nordson SA
South Korea	Nordson Korea
Spain	Nordson Iberica, S.A.
Sweden	Nordson AB
Switzerland	Nordson (Schweiz) A.G.(11)
Thailand	Xaloy Asia (Thailand) Ltd.(9)
United Kingdom	Nordson (U.K.) Limited
United Kingdom	Dage Holdings Limited

DOMESTIC:
California	Asymptotic Technologies, Inc. dba: Nordson Asymtek
California	March Plasma Systems, Inc. dba: Nordson March
California	Dage Precision Industries, Inc.(2) dba: Nordson Dage
California	YESTech, Inc. dba: Nordson YESTech
Colorado	Value Plastics, Inc.(8)
Delaware	VP Acquisition Holding, Inc.(12)
Delaware	Xaloy Holdings, Inc.
Delaware	Xaloy Incorporated(9)
Delaware	Xaloy Extrusion L.L.C(9)
Michigan	Sealant Equipment & Engineering, Inc.
Minnesota	Micromedics, Inc(12)
Ohio	Nordson U.S. Trading Company
Ohio	Nordson England L.L.C.
Ohio	Nordson Medical Corporation
Ohio	Spirex Corporation(9)
Pennsylvania	New Castle Industries, Inc.(9)
Rhode Island	Nordson EFD LLC.
Rhode Island	EFD, International, Inc.
Wisconsin	EDI Holdings, Inc.
Wisconsin	Extrusion Dies LLC(13)
Wisconsin	Premier Dies Corporation

Ownership Legend

(1) Owned by Nordson Luxembourg S.a.r.l.

(2) Owned by Dage Precision Industries Ltd.

(3) Owned by Nordson Corporation and Nordson EFD L.L.C.

(4) Owned by Nordson Engineering GmbH and Nordson Holdings S.a.r.l. & Company KG

(5) Owned by Nordson Holdings S.a.r.l. & Company KG

(6) Owned by Nordson England L.L.C.

(7) Owned by Nordson S.a.r.l. and Nordson Luxembourg S.a.r.l.

(8) Owned by VP Acquisition Holdings, Inc.

(9) Owned by Xaloy Holdings, Inc.

(10) Owned by Nordson European Holdings Luxembourg S.ar.l.

(11) Owned by Nordson Benelux S.A./N.V.

(12) Owned by Nordson Medical Corporation

(13) Owned by EDI Holdings, Inc.

84

EX-23

Exhibit 23

NORDSON CORPORATION

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

1. Registration Statement (Form S-8 No. 333-167406) pertaining to the Nordson Employees’ Savings Trust Plan and Nordson Hourly-Rated Employees’ Savings Trust Plan;

2. Registration Statement (Form S-8 No. 33-18309) pertaining to the Nordson Employees’ Savings Trust Plan;

3. Registration Statement (Form S-8 No. 33-33481) pertaining to the Nordson Hourly-Rated Employees’ Savings Trust Plan;

4. Registration Statement (Form S-8 No. 33-67780) pertaining to the Nordson Corporation 1993 Long-Term Performance Plan; and

5. Registration Statement (Form S-8 No. 333-119399) pertaining to the Nordson Corporation 2004 Long-Term Performance Plan

of our reports dated December 17, 2012, with respect to the consolidated financial statements and schedule of Nordson Corporation and the effectiveness of internal control over financial reporting of Nordson Corporation included in this Annual Report (Form 10-K) of Nordson Corporation for the year ended October 31, 2012.

Cleveland, Ohio

December 17, 2012

85

EX-31.1

Certifications

EXHIBIT 31.1

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael F. Hilton, certify that:

1.  I have reviewed this Annual Report on Form 10-K of Nordson Corporation;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)  all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)  any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    MICHAEL F. HILTON

Michael F. Hilton

President and Chief Executive Officer

Date: December 17, 2012

86

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Gregory A. Thaxton, certify that:

1.  I have reviewed this Annual Report on Form 10-K of Nordson Corporation;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)  all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)  any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/    GREGORY A. THAXTON

Gregory A. Thaxton

Senior Vice President, Chief Financial Officer

Date: December 17, 2012

87

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Nordson Corporation (the “Company”) on Form 10-K for the year ended October 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael F. Hilton, president and chief executive officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/    MICHAEL F. HILTON

Michael F. Hilton

President and Chief Executive Officer

December 17, 2012

88

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Nordson Corporation (the “Company”) on Form 10-K for the year ended October 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gregory A. Thaxton, senior vice president, chief financial officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/    GREGORY A. THAXTON

Gregory A. Thaxton

Senior Vice President, Chief Financial Officer

December 17, 2012

89

EX-99.A

Exhibit 99-a

For the purposes of complying with the amendments to the rules governing Form S-8 (effective July 13, 1990) under the Securities Act of 1933, the undersigned Registrant hereby undertakes as follows, which undertaking shall be incorporated by reference into Registrant’s Registration Statements on Form S-8 Nos; 33-18309 (Employees Savings Trust Plan); and 33-33481 (Hourly-Rated Employees Savings Trust Plan):

Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the “Act”) may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

XML

Financial instruments (Tables)

12 Months Ended

Oct. 31, 2012

Financial instruments [Abstract]

Outstanding foreign currency forward contracts

	Sell				Buy
	Notional Amounts		Fair Market Value		Notional Amounts		Fair Market Value
October 31, 2012 contract amounts:
Euro	$	3,186	$	3,220	$	95,370	$	95,769
Pound sterling		—		—		28,771		28,959
Japanese yen		5,810		5,766		15,643		15,465
Others		5,273		5,244		37,443		37,666
Total	$	14,269	$	14,230	$	177,227	$	177,859
October 31, 2011 contract amounts:
Euro	$	10,920	$	10,967	$	88,209	$	87,736
Pound sterling		29,381		29,465		56,028		56,515
Japanese yen		16,723		16,416		15,788		15,566
Others		13,827		13,891		33,001		33,473
Total	$	70,851	$	70,739	$	193,026	$	193,290

Carrying amounts and fair values of financial instruments, other than receivables and accounts payable

	2012				2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	41,239	$	41,239	$	37,408	$	37,408
Marketable securities		279		279		—		—
Notes payable		50,001		50,001		33		33
Long-term debt (including current portion)		583,709		584,624		319,123		313,850
Forward exchange contracts (net)		671		671		376		376

XML

Fair value measurements (Details Textual)	12 Months Ended
	Oct. 31, 2012
Fair value measurements (Textual) [Abstract]
Senior management and other highly compensated employees salary and incentive compensation deferrals percentage maximum	100.00%

XML

Retirement, pension and other postretirement plans (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Pension plan, United States [Member]
Change in benefit obligation:
Benefit obligation at beginning of year	$ 268,949	$ 237,370
Service cost	7,488	6,058	5,997
Interest cost	12,137	12,008	11,883
Plan amendments	(3,199)	5
Addition of plans from business combination	14,935
Actuarial (gain) loss	36,852	21,289
Benefits paid	(10,370)	(7,781)
Benefit obligation at end of year	326,792	268,949	237,370
Change in plan assets:
Beginning fair value of plan assets	184,701	175,864
Actual return on plan assets	22,088	15,946
Company contributions	9,060	672
Addition of plans from business combination	8,649
Benefits paid	(10,370)	(7,781)
Ending fair value of plan assets	214,128	184,701	175,864
Funded status at end of year	(112,664)	(84,248)
Amounts recognized in financial statements:
Accrued benefit liability	(620)	(571)
Long-term postretirement obligations	(112,044)	(83,677)
Total amount recognized in financial statements	(112,664)	(84,248)
Amounts recognized in accumulated other comprehensive (gain) loss:
Net actuarial (gain) loss	154,238	136,927
Prior service cost (credit)	(1,506)	2,035
Accumulated other comprehensive loss	152,732	138,962	126,144
Amounts expected to be recognized during next fiscal year:
Amortization of net actuarial (gain) loss	13,943	11,356
Amortization of prior service cost (credit)	157	667
Total	14,100	12,023
Pension Plan, International [Member]
Change in benefit obligation:
Benefit obligation at beginning of year	71,361	71,936
Service cost	1,504	2,097	1,632
Interest cost	3,002	2,973	2,791
Participant contributions	133	124
Plan amendments		(1,210)
Foreign currency exchange rate change	(2,000)	345
Actuarial (gain) loss	11,934	(2,567)
Benefits paid	(2,501)	(2,337)
Benefit obligation at end of year	83,433	71,361	71,936
Change in plan assets:
Beginning fair value of plan assets	32,167	29,799
Actual return on plan assets	1,283	672
Company contributions	3,492	3,788
Participant contributions	133	124
Foreign currency exchange rate change	(357)	121
Benefits paid	(2,501)	(2,337)
Ending fair value of plan assets	34,217	32,167	29,799
Funded status at end of year	(49,216)	(39,194)
Amounts recognized in financial statements:
Noncurrent asset	144	191
Accrued benefit liability	(5)	(4)
Long-term postretirement obligations	(49,355)	(39,381)
Total amount recognized in financial statements	(49,216)	(39,194)
Amounts recognized in accumulated other comprehensive (gain) loss:
Net actuarial (gain) loss	26,310	14,937
Prior service cost (credit)	(1,080)	(1,201)
Accumulated other comprehensive loss	25,230	13,736	17,500
Amounts expected to be recognized during next fiscal year:
Amortization of net actuarial (gain) loss	1,418	579
Amortization of prior service cost (credit)	(96)	(98)
Total	$ 1,322	$ 481

XML

Significant accounting policies (Details)	12 Months Ended
	Oct. 31, 2012
Land Improvements [Member] | Maximum [Member]
Useful lives of property, plant and equipment and depreciation
Useful lives of property, plant and equipment and depreciation	25 years
Land Improvements [Member] | Minimum [Member]
Useful lives of property, plant and equipment and depreciation
Useful lives of property, plant and equipment and depreciation	15 years
Building [Member] | Maximum [Member]
Useful lives of property, plant and equipment and depreciation
Useful lives of property, plant and equipment and depreciation	40 years
Building [Member] | Minimum [Member]
Useful lives of property, plant and equipment and depreciation
Useful lives of property, plant and equipment and depreciation	20 years
Machinery and Equipment [Member] | Maximum [Member]
Useful lives of property, plant and equipment and depreciation
Useful lives of property, plant and equipment and depreciation	12 years
Machinery and Equipment [Member] | Minimum [Member]
Useful lives of property, plant and equipment and depreciation
Useful lives of property, plant and equipment and depreciation	3 years
Enterprise Management Systems [Member] | Maximum [Member]
Useful lives of property, plant and equipment and depreciation
Useful lives of property, plant and equipment and depreciation	13 years
Enterprise Management Systems [Member] | Minimum [Member]
Useful lives of property, plant and equipment and depreciation
Useful lives of property, plant and equipment and depreciation	5 years

XML

Retirement, pension and other postretirement plans (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Jan. 31, 2012	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Defined Benefit Plan Disclosure [Line Items]
Settlement loss	$ 682
Retirement, pension and other postretirement plans (Textual) [Abstract]
Defined contribution plan vesting period		3 years
Expenses on retirement plan		10,827	8,594	7,945
Investments in common shares		0	0
Equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of target rate in return seeking assets		60.00%
Debt securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of target rate in return seeking assets		40.00%
Pension plan International [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement loss				190
Percentage of World wide pension assets		14.00%
Pension plan, United States [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement loss		682		8,022
Percentage of World wide pension assets		86.00%
Components of net periodic pension cost [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement loss		682		8,212
Employer contribution in next fiscal year		26,500
Components of net postretirement benefit cost [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contribution in next fiscal year		$ 2,300

XML

Retirement, pension and other postretirement plans (Details 1) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011
Pension plan, United States [Member]
Summary of changes in accumulated other comprehensive (gain) loss
Balance at beginning of year	$ 138,962	$ 126,144
Net (gain) loss arising during the year	29,877	20,917
Prior service cost (credit) arising during the year	(3,199)	5
Net gain (loss) recognized during the year	(11,672)	(7,438)
Prior service (cost) credit recognized during the year	(342)	(666)
Settlement loss	(894)
Balance at end of year	152,732	138,962
Pension plan International [Member]
Summary of changes in accumulated other comprehensive (gain) loss
Balance at beginning of year	13,736	17,500
Net (gain) loss arising during the year	12,197	(1,773)
Prior service cost (credit) arising during the year		(1,210)
Net gain (loss) recognized during the year	(564)	(858)
Prior service (cost) credit recognized during the year	97	(5)
Exchange rate effect during the year	(236)	82
Balance at end of year	$ 25,230	$ 13,736

XML

Leases (Details 1) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Future minimum lease payments under noncancelable capitalized and operating leases
2013, Capital Leasesized	$ 6,714
2013, Operating Leases	12,408
2014, Capital Leasesized	5,133
2014, Operating Leases	7,813
2015, Capital Leasesized	2,639
2015, Operating Leases	5,622
2016, Capital Leasesized	955
2016, Operating Leases	4,172
2017, Capital Leasesized	469
2017, Operating Leases	3,287
Later years, Capital Leases	5,184
Later years, Operating Leases	11,465
Total minimum lease payments, Capital Leases	21,094
Total minimum lease payments, Operating Leases	44,767
Less amount representing executory costs	2,065
Net minimum lease payments	19,029
Less amount representing interest	3,136
Present value of net minimum lease payments	15,893
Less current portion	4,948	4,131
Long-term obligations at October 31, 2012	$ 10,945	$ 5,202

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Operating segments and geographic area data (Details 2) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Total consolidated income before income taxes
Total profit for reportable segments	$ 335,480	$ 315,543	$ 234,833
Interest expense	(11,153)	(5,069)	(6,263)
Interest and investment income	463	569	819
Other - net	1,463	3,518	1,930
Income before income taxes	$ 326,253	$ 314,561	$ 231,319

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Fair value measurements (Tables)

12 Months Ended

Oct. 31, 2012

Fair value measurements [Abstract]

Schedule of assets and liabilities measured at fair value on recurring basis

	Total		Level 1		Level 2		Level 3
Assets:
Rabbi trust (a)	$	13,356	$	—	$	13,356	$	—
Forward exchange contracts (b)		1,104		—		1,104		—
Total assets at fair value	$	14,460	$	—	$	14,460	$	—
Liabilities:
Deferred compensation plans (c)	$	6,071	$	6,071	$	—	$	—
Forward exchange contracts (b)		433		—		433		—
Total liabilities at fair value	$	6,504	$	6,071	$	433	$	—

(a) We maintain a rabbi trust that serves as an investment to shadow our deferred compensation plan liability. The investment assets of the trust consist of life insurance policies for which we recognize income or expense based upon changes in cash surrender value.

(b) We enter into foreign currency forward contracts to reduce the risk of foreign currency exposures resulting from receivables, payables, intercompany receivables, intercompany payables and loans denominated in foreign currencies. Foreign exchange contracts are valued using market exchange rates. These foreign exchange contracts are not designated as hedges.

(c) Senior management and other highly compensated employees may defer up to 100 percent of their salary and incentive compensation into various non-qualified deferred compensation plans. Deferrals can be allocated to various market performance measurement funds. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds.

XML

Retirement, pension and other postretirement plans (Tables)

12 Months Ended

Oct. 31, 2012

Defined Benefit Plan Disclosure [Line Items]

Summary of changes in fair value of the pension plan investments

	2012			2011
Balance at beginning of year	$	18,501		$	17,699
Net unrealized gains		1,949			55
Net realized gains		2			—
Purchases		14,311			2,202
Sales		(2,183	)		(1,523	)
Transfers in (out)		—			—
Foreign currency translation		(424	)		68
Balance at end of year	$	32,156		$	18,501

Components of net periodic pension cost [Member]

Defined Benefit Plan Disclosure [Line Items]

Reconciliation of the benefit obligations, plan assets, accrued benefit cost and the amount recognized in financial statements for pension plans

	United States						International
	2012			2011			2012			2011
Change in benefit obligation:
Benefit obligation at beginning of year	$	268,949		$	237,370		$	71,361		$	71,936
Service cost		7,488			6,058			1,504			2,097
Interest cost		12,137			12,008			3,002			2,973
Participant contributions		—			—			133			124
Plan amendments		(3,199	)		5			—			(1,210	)
Addition of plans from business combination		14,935			—			—			—
Foreign currency exchange rate change		—			—			(2,000	)		345
Actuarial (gain) loss		36,852			21,289			11,934			(2,567	)
Benefits paid		(10,370	)		(7,781	)		(2,501	)		(2,337	)
Benefit obligation at end of year	$	326,792		$	268,949		$	83,433		$	71,361
Change in plan assets:
Beginning fair value of plan assets	$	184,701		$	175,864		$	32,167		$	29,799
Actual return on plan assets		22,088			15,946			1,283			672
Company contributions		9,060			672			3,492			3,788
Participant contributions		—			—			133			124
Addition of plans from business combination		8,649			—			—			—
Foreign currency exchange rate change		—			—			(357	)		121
Benefits paid		(10,370	)		(7,781	)		(2,501	)		(2,337	)
Ending fair value of plan assets	$	214,128		$	184,701		$	34,217		$	32,167
Funded status at end of year	$	(112,664	)	$	(84,248	)	$	(49,216	)	$	(39,194	)
Amounts recognized in financial statements:
Noncurrent asset	$	—		$	—		$	144		$	191
Accrued benefit liability		(620	)		(571	)		(5	)		(4	)
Long-term pension and retirement obligations		(112,044	)		(83,677	)		(49,355	)		(39,381	)
Total amount recognized in financial statements	$	(112,664	)	$	(84,248	)	$	(49,216	)	$	(39,194	)

	United States					International
	2012			2011		2012			2011
Amounts recognized in accumulated other comprehensive (gain) loss:
Net actuarial loss	$	154,238		$	136,927	$	26,310		$	14,937
Prior service cost (credit)		(1,506	)		2,035		(1,080	)		(1,201	)
Accumulated other comprehensive loss	$	152,732		$	138,962	$	25,230		$	13,736
Amounts expected to be recognized during next fiscal year:
Amortization of net actuarial loss	$	13,943		$	11,356	$	1,418		$	579
Amortization of prior service cost (credit)		157			667		(96	)		(98	)
Total	$	14,100		$	12,023	$	1,322		$	481

Summary of changes in accumulated other comprehensive (gain) loss

	United States						International
	2012			2011			2012			2011
Balance at beginning of year	$	138,962		$	126,144		$	13,736		$	17,500
Net (gain) loss arising during the year		29,877			20,917			12,197			(1,773	)
Prior service cost (credit) arising during the year		(3,199	)		5			—			(1,210	)
Net gain (loss) recognized during the year		(11,672	)		(7,438	)		(564	)		(858	)
Prior service (cost) credit recognized during the year		(342	)		(666	)		97			(5	)
Settlement loss		(894	)		—			—			—
Exchange rate effect during the year		—			—			(236	)		82
Balance at end of year	$	152,732		$	138,962		$	25,230		$	13,736

Accumulated benefit obligation

	United States				International
	2012		2011		2012		2011
For all plans:
Accumulated benefit obligation	$	316,080	$	261,767	$	65,725	$	56,529
For plans with benefit obligations in excess of plan assets:
Projected benefit obligation		326,792		268,949		70,153		64,945
Accumulated benefit obligation		316,080		261,767		58,425		54,749
Fair value of plan assets		214,128		184,701		26,757		30,185

Net pension benefit costs

	United States									International
	2012			2011			2010			2012			2011			2010
Service cost	$	7,488		$	6,058		$	5,997		$	1,504		$	2,097		$	1,632
Interest cost		12,137			12,008			11,883			3,002			2,973			2,791
Expected return on plan assets		(14,901	)		(15,575	)		(14,716	)		(1,547	)		(1,466	)		(1,348	)
Amortization of prior service cost (credit)		342			666			579			(97	)		5			49
Amortization of net actuarial (gain) loss		11,672			7,438			6,181			564			858			369
Settlement loss		682			—			8,022			—			—			190
Total benefit cost	$	17,420		$	10,595		$	17,946		$	3,426		$	4,467		$	3,683

Weighted average assumptions representing the rates used to develop the actuarial present value of projected benefit obligation and the net periodic benefit costs

	United States									International
	2012			2011			2010			2012			2011			2010
Assumptions used to determine benefit obligations at October 31:
Discount rate		3.85	%		4.46	%		5.21	%		3.52	%		4.43	%		4.17	%
Rate of compensation increase		3.12			3.20			3.30			3.13			3.16			3.21
Assumptions used to determine net benefit costs for the years ended October 31:
Discount rate		4.46			5.21			5.50			4.43			4.17			4.78
Expected return on plan assets		7.75			8.25			8.51			4.85			4.84			4.85
Rate of compensation increase		3.20			3.30			3.30			3.16			3.21			2.86

The effect of a one percent change in the discount rate, expected return on assets and compensation increase

	United States						International
	1% Point Increase			1% Point Decrease			1% Point Increase			1% Point Decrease
Discount rate:
Effect on total service and interest cost components in 2012	$	(3,897	)	$	4,670		$	(851	)	$	1,398
Effect on pension obligation as of October 31, 2012	$	(37,767	)	$	47,918		$	(13,344	)	$	17,074
Expected return on assets:
Effect on total service and interest cost components in 2012	$	(1,890	)	$	1,890		$	(321	)	$	321
Effect on pension obligation as of October 31, 2012	$	—		$	—		$	—		$	—
Compensation increase:
Effect on total service and interest cost components in 2012	$	2,792		$	(2,309	)	$	903		$	(734	)
Effect on pension obligation as of October 31, 2012	$	17,886		$	(14,864	)	$	6,304		$	(5,468	)

Allocation of pension plan assets

	United States				International
	2012		2011		2012		2011
Asset Category
Equity securities		37%		22%		—%		—%
Debt securities		20		33		—		—
Insurance contracts		—		—		56		58
Pooled investment funds		42		44		43		41
Other		1		1		1		1
Total		100%		100%		100%		100%

Fair values of Pension Plan Assets

The fair values of our pension plan assets at October 31, 2012 by asset category are in the table below.

	United States								International
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash	$	1,346	$	1,346	$	—	$	—	$	323	$	323	$	—	$	—
Money market funds		2,114		2,114		—		—		—		—		—		—
Equity securities:
Basic materials		5,849		5,849		—		—		—		—		—		—
Consumer goods		7,359		7,359		—		—		—		—		—		—
Financial		9,190		9,190		—		—		—		—		—		—
Healthcare		4,891		4,891		—		—		—		—		—		—
Industrial goods		3,174		3,174		—		—		—		—		—		—
Technology		4,581		4,581		—		—		—		—		—		—
Utilities		1,491		1,491		—		—		—		—		—		—
Mutual funds		39,900		39,900		—		—		—		—		—		—
Fixed income securities:
U.S. Government		17,697		1,784		15,913		—		—		—		—		—
Corporate		24,865		—		24,865		—		—		—		—		—
Other		593		—		593		—		—		—		—		—
Other types of investments:
Insurance contracts		—		—		—		—		19,046		—		—		19,046
Real estate collective funds		13,110		—		—		13,110		—		—		—		—
Pooled investment funds		77,220		—		77,220		—		14,848		—		14,848		—
Other		748		748		—		—		—		—		—		—
	$	214,128	$	82,427	$	118,591	$	13,110	$	34,217	$	323	$	14,848	$	19,046

The fair values of our pension plan assets at October 31, 2011 by asset category are in the table below.

	United States								International
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash	$	618	$	618	$	—	$	—	$	322	$	322	$	—	$	—
Money market funds		1,845		1,845		—		—		—		—		—		—
Equity securities:
Basic materials		5,081		5,081		—		—		—		—		—		—
Consumer goods		5,942		5,942		—		—		—		—		—		—
Financial		6,989		6,989		—		—		—		—		—		—
Healthcare		4,062		4,062		—		—		—		—		—		—
Industrial goods		3,993		3,993		—		—		—		—		—		—
Technology		4,767		4,767		—		—		—		—		—		—
Utilities		1,578		1,578		—		—		—		—		—		—
Mutual funds		7,353		7,353		—		—		—		—		—		—
Fixed income securities:
U.S. Government		24,224		2,445		21,779		—		—		—		—		—
Corporate		35,514		—		35,514		—		—		—		—		—
Other		826		—		826		—		—		—		—		—
Other types of investments:
Insurance contracts		—		—		—		—		18,501		—		—		18,501
Pooled investment funds		81,062		—		81,062		—		13,344		—		13,344		—
Other		847		847		—		—		—		—		—		—
	$	184,701	$	45,520	$	139,181	$	—	$	32,167	$	322	$	13,344	$	18,501

Retiree pension benefit payments

Year	United States		International
2013	$	9,899	$	1,909
2014		10,750		2,324
2015		11,781		2,874
2016		12,856		2,395
2017		13,974		2,096
2018-2022		87,241		19,331

Components of net postretirement benefit cost [Member]

Defined Benefit Plan Disclosure [Line Items]

Reconciliation of the benefit obligations, plan assets, accrued benefit cost and the amount recognized in financial statements for pension plans

	United States						International
	2012			2011			2012			2011
Change in benefit obligation:
Benefit obligation at beginning of year	$	73,392		$	55,599		$	678		$	659
Service cost		1,183			1,122			28			31
Interest cost		2,759			2,932			41			41
Participant contributions		1,393			1,307			—			—
Plan amendment		(202	)		—			—			—
Foreign currency exchange rate change		—			—			1			13
Actuarial (gain) loss		(4,315	)		14,409			107			(62	)
Benefits paid		(2,982	)		(1,977	)		(4	)		(4	)
Benefit obligation at end of year	$	71,228		$	73,392		$	851		$	678
Change in plan assets:
Beginning fair value of plan assets	$	—		$	—		$	—		$	—
Company contributions		1,589			670			4			4
Participant contributions		1,393			1,307			—			—
Benefits paid		(2,982	)		(1,977	)		(4	)		(4	)
Ending fair value of plan assets	$	—		$	—		$	—		$	—
Funded status at end of year	$	(71,228	)	$	(73,392	)	$	(851	)	$	(678	)
Amounts recognized in financial statements:
Accrued benefit liability	$	(2,224	)	$	(2,123	)	$	(4	)	$	(4	)
Long-term postretirement obligations		(69,004	)		(71,269	)		(847	)		(674	)
Total amount recognized in financial statements	$	(71,228	)	$	(73,392	)	$	(851	)	$	(678	)

	United States						International
	2012			2011			2012			2011
Amounts recognized in accumulated other comprehensive (gain) loss:
Net actuarial (gain) loss	$	31,585		$	37,690		$	(138	)	$	(260	)
Prior service cost (credit)		(1,934	)		(2,316	)		—			—
Accumulated other comprehensive (gain) loss	$	29,651		$	35,374		$	(138	)	$	(260	)
Amounts expected to be recognized during next fiscal year:
Amortization of net actuarial (gain) loss	$	2,214		$	2,681		$	(4	)	$	(14	)
Amortization of prior service cost (credit)		(1,758	)		(584	)		—			—
Total	$	456		$	2,097		$	(4	)	$	(14	)

Summary of changes in accumulated other comprehensive (gain) loss

The following table summarizes the changes in accumulated other comprehensive (gain) loss:

	United States						International
	2012			2011			2012			2011
Balance at beginning of year	$	35,374		$	21,423		$	(260	)	$	(203	)
Net (gain) loss arising during the year		(4,315	)		14,410			108			(62	)
Prior service cost (credit) arising during the year		(202	)		—			—			—
Net gain (loss) recognized during the year		(1,790	)		(1,606	)		14			8
Prior service credit (cost) recognized during the year		584			1,147			—			—
Exchange rate effect during the year		—			—			—			(3	)
Balance at end of year	$	29,651		$	35,374		$	(138	)	$	(260	)

Net pension benefit costs

	United States									International
	2012			2011			2010			2012			2011			2010
Service cost	$	1,183		$	1,122		$	837		$	28		$	31		$	29
Interest cost		2,759			2,932			2,504			41			41			44
Amortization of prior service cost (credit)		(584	)		(1,147	)		(1,147	)		—			—			—
Amortization of net actuarial (gain) loss		1,789			1,606			1,170			(14	)		(8	)		(5	)
Total benefit cost	$	5,147		$	4,513		$	3,364		$	55		$	64		$	68

Weighted average assumptions representing the rates used to develop the actuarial present value of projected benefit obligation and the net periodic benefit costs

	United States									International
	2012			2011			2010			2012			2011			2010
Assumptions used to determine benefit obligations at October 31:
Discount rate		3.85	%		4.50	%		5.25	%		4.40	%		5.85	%		5.75	%
Health care cost trend rate		4.90			9.36			9.00			7.00			7.00			6.80
Rate to which health care cost trend rate is assumed to decline (ultimate trend rate)		3.60			5.00			5.00			3.50			3.50			4.80
Year the rate reaches the ultimate trend rate		2017			2016			2020			2031			2031			2013
Assumption used to determine net benefit costs for the years ended October 31:
Discount rate		4.50	%		5.25	%		5.50	%		5.85	%		5.75	%		6.75	%

Retiree pension benefit payments

	United States				International
Year	With Medicare Part D Subsidy		Without Medicare Part D Subsidy
2013	$	2,273	$	2,322	$	4
2014		2,491		2,491		4
2015		2,771		2,771		12
2016		3,032		3,032		13
2017		3,250		3,250		14
2018-2022		18,548		18,548		106

Defined benefit plan effect of one percentage point change in assumed health care cost trend rates and discount rate

	United States						International
	1% Point Increase			1% Point Decrease			1% Point Increase			1% Point Decrease
Discount rate:
Effect on total service and interest cost components in 2012	$	(858	)	$	1,056		$	(8	)	$	10
Effect on postretirement obligation as of October 31, 2012	$	(9,402	)	$	11,835		$	(163	)	$	217
Health care trend rate:
Effect on total service and interest cost components in 2012	$	699		$	(558	)	$	18		$	(13	)
Effect on postretirement obligation as of October 31, 2012	$	10,827		$	(8,766	)	$	205		$	(158	)

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Leases (Details Textual) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Leases (Textual) [Abstract]
Rent expense for all operating leases	$ 13,822	$ 12,292	$ 12,266

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Income taxes (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Jul. 31, 2011	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Unrecognized tax benefits
Balance at beginning of year		$ 2,576	$ 4,078	$ 3,969
Additions based on tax positions related to the current year		148	387	388
Additions for tax positions of prior years		896	138	359
Reductions for tax positions of prior years				(638)
Settlements	(2,027)		(2,027)
Lapse of statute of limitations		(480)
Balance at end of year		$ 3,140	$ 2,576	$ 4,078

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Stock-based compensation (Details) (Stock Options [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Oct. 31, 2012
Stock Options [Member]
Summarized activity related to stock options
Number of Options Outstanding, Beginning Balance	1,851
Number of Options, Granted	299
Number of Options, Exercised	(365)
Number of Options, Forfeited or expired	(21)
Number of Options Outstanding, Ending Balance	1,764
Number of Options, Vested or expected to vest	1,709
Number of Options, Exercisable	893
Weighted-Average Exercise Price Per Share, Outstanding, Beginning Balance	$ 24.22
Weighted-Average Exercise Price Per Share, Granted	$ 43.73
Weighted-Average Exercise Price Per Share, Exercised	$ 19.90
Weighted-Average Exercise Price Per Share, Forfeited or expired	$ 30.19
Weighted-Average Exercise Price Per Share, Outstanding, Ending Balance	$ 28.35
Weighted-Average Exercise Price Per Share, Vested or expected to vest	$ 28.07
Weighted-Average Exercise Price Per Share, Exercisable	$ 22.05
Aggregate Intrinsic Value, Outstanding	$ 54,141
Aggregate Intrinsic Value, Vested or expected to vest	52,911
Aggregate Intrinsic Value, Exercisable	$ 33,039
Weighted Average Remaining Term, Outstanding	6 years 2 months 12 days
Weighted Average Remaining Term, Vested or expected to vest at	6 years 2 months 12 days
Weighted Average Remaining Term, Exercisable	4 years 8 months 12 days

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Retirement, pension and other postretirement plans (Details 3) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Jan. 31, 2012	Oct. 31, 2012 Pension plan, United States [Member]	Oct. 31, 2011 Pension plan, United States [Member]	Oct. 31, 2010 Pension plan, United States [Member]	Oct. 31, 2012 Pension Plan, International [Member]	Oct. 31, 2011 Pension Plan, International [Member]	Oct. 31, 2010 Pension Plan, International [Member]
Net postretirement benefit costs
Service cost		$ 7,488	$ 6,058	$ 5,997	$ 1,504	$ 2,097	$ 1,632
Interest cost		12,137	12,008	11,883	3,002	2,973	2,791
Expected return on plan assets		(14,901)	(15,575)	(14,716)	(1,547)	(1,466)	(1,348)
Amortization of prior service cost (credit)		342	666	579	(97)	5	49
Amortization of net actuarial (gain) loss		11,672	7,438	6,181	564	858	369
Settlement loss	682	682		8,022			190
Total benefit cost		$ 17,420	$ 10,595	$ 17,946	$ 3,426	$ 4,467	$ 3,683

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Goodwill and intangible assets (Details 2) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012
Estimated Amortization Expense
Estimated Amortization Expense, 2013	$ 22,436
Estimated Amortization Expense, 2014	20,347
Estimated Amortization Expense, 2015	14,061
Estimated Amortization Expense, 2016	13,383
Estimated Amortization Expense, 2017	$ 12,822

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Details of balance sheet (Details) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Receivables:
Accounts	$ 308,604	$ 235,240
Notes	13,797	16,082
Other	5,938	6,299
Receivables, total	328,339	257,621
Allowance for doubtful accounts	(3,776)	(3,311)
Receivables - net	324,563	254,310
Inventories:
Finished goods	103,552	98,879
Work-in-process	22,159	13,971
Raw materials and finished parts	71,189	51,891
Inventories, gross	196,900	164,741
Obsolescence and other reserves	(20,505)	(16,050)
LIFO reserve	(6,810)	(6,779)
Inventories - net	169,585	141,912
Property, plant and equipment:
Property, plant and equipment, gross	471,811	406,212
Accumulated depreciation and amortization	(296,880)	(275,329)
Property, plant and equipment - net	174,931	130,883	116,395
Accrued liabilities:
Salaries and other compensation	46,930	44,068
Pension and retirement	1,435	1,030
Taxes other than income taxes	10,766	9,252
Other	62,819	46,944
Accrued liabilities	121,950	101,294
Land [Member]
Property, plant and equipment:
Property, plant and equipment, gross	8,533	7,791
Land Improvements [Member]
Property, plant and equipment:
Property, plant and equipment, gross	3,424	3,392
Building [Member]
Property, plant and equipment:
Property, plant and equipment, gross	125,338	121,870
Machinery and Equipment [Member]
Property, plant and equipment:
Property, plant and equipment, gross	257,229	207,734
Enterprise Management System [Member]
Property, plant and equipment:
Property, plant and equipment, gross	43,335	43,006
Work-in-process [Member]
Property, plant and equipment:
Property, plant and equipment, gross	10,110	5,623
Leased Property Under Capitalized Leases [Member]
Property, plant and equipment:
Property, plant and equipment, gross	$ 23,842	$ 16,796

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Financial instruments (Details Textual) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Financial instruments (Textual) [Abstract]
Maturity of foreign currency forward contracts	90 days
Gains/Losses on foreign exchange contracts	$ 294	$ (11,277)	$ 7,970
Gains/Losses in fair value of Balance Sheet positions denominated in foreign currencies	(1,310)	13,477	(6,749)
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	$ 240	$ (170)

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Notes payable (Details Textual) (USD $) In Thousands, unless otherwise specified				12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2012 Domestic Bank Debt [Member]	Oct. 31, 2012 PNC Bank [Member] Domestic Bank Debt [Member]
Notes payable (Textual) [Abstract]
Domestic bank agreement days				364 days
Maximum borrowings under bank lines of credit	$ 90,260	$ 43,305	$ 50,000	$ 250,000
Line of Credit Facility, Decrease, Repayments				200,000
Maximum amount borrowed under bank lines of credit				250,000
Agreement amount with PNC Bank Outstanding				50,000
Additional borrowings made				$ 0

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Capital shares (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Capital shares [Abstract]
Number of Shares	1,831	3,024	697
Total Amount	$ 86,022	$ 134,163	$ 22,047
Average per Share	$ 46.98	$ 44.37	$ 31.63

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Leases (Details) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Assets held under capitalized leases and included in property, plant and equipment
Transportation equipment	$ 15,697	$ 14,215
Other	8,145	2,581
Total capitalized leases	23,842	16,796
Accumulated amortization	(7,614)	(6,969)
Net capitalized leases	$ 16,228	$ 9,827

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Income taxes (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Current:
U.S. federal	$ 51,458	$ 53,983	$ 9,811
State and local	1,378	2,029	29
Foreign	38,760	35,469	26,601
Total current	91,596	91,481	36,441
Deferred:
U.S. federal	7,204	1,851	34,097
State and local	782	23	(2,771)
Foreign	1,842	(1,158)	(4,496)
Total deferred	9,828	716	26,830
Total income tax expense	$ 101,424	$ 92,197	$ 63,271

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Goodwill and intangible assets

12 Months Ended

Oct. 31, 2012

Goodwill and intangible assets [Abstract]

Goodwill and intangible assets

Note 17 — Goodwill and intangible assets

Goodwill is the excess of purchase price over the fair value of tangible and identifiable intangible net assets acquired in various business combinations. Goodwill is not amortized but is tested for impairment annually at the reporting unit level, or more often if indications of impairment exist. We assess the fair value of reporting units on a non-recurring basis using a combination of two valuation methods, a market approach and an income approach, to estimate the fair value of our reporting units. The implied fair value of our reporting units is determined based on significant unobservable inputs; accordingly, these inputs fall within Level 3 of the fair value hierarchy.

Our reporting units are the Adhesive Dispensing Systems segment, the Industrial Coating Systems segment and one level below the Advanced Technology Systems segment.

The goodwill impairment test is a two-step process. In the first step, performed in the fourth quarter of each year, we calculate a fair value using a discounted cash flow valuation methodology and compare the result against the carrying value for net assets of each reporting unit. Indications of value derived for each reporting unit using the market approach are corroborated with the results of the discounted cash flow approach. If the carrying value of a reporting unit exceeds its fair value, then a second step is performed to determine if goodwill is impaired. In the second step, a hypothetical purchase price allocation of the reporting unit’s assets and liabilities is performed using the fair value calculated in step one. The difference between the fair value of the reporting unit and the hypothetical fair value of assets and liabilities is the implied goodwill amount. Impairment is recorded if the carrying value of the reporting unit’s goodwill is higher than its implied goodwill. Based upon results of step one in 2012, 2011 and 2010, the second step of the goodwill impairment test was not necessary.

We acquired Sealant Equipment & Engineering (SEE) on August 1, 2012. Determination of the preliminary goodwill associated with this acquisition was completed with the assistance of an independent valuation specialist in October 2012. Since the date of valuation, no events or changes in circumstances have occurred that would more likely than not reduce the fair value of SEE below its carrying value. For future valuation purposes, this acquisition will be included in the Industrial Coating Systems segment.

On June 14, 2012 we completed the acquisition of EDI that resulted in $127,183 of goodwill. On June 21, 2012 we completed the acquisition of Xaloy that resulted in $116,247 of goodwill. The acquisition of SEE resulted in $23,247 of goodwill.

Changes in the carrying amount of goodwill during 2012 by operating segment follow:

	Adhesive Dispensing Systems			Advanced Technology Systems			Industrial Coating Systems		Total
Balance at October 31, 2011	$	41,962		$	505,864		$	—	$	547,826
Acquisitions/Adjustment		243,430			(96	)		23,247		266,581
Currency effect		(981	)		(609	)		—		(1,590	)
Balance at October 31, 2012	$	284,411		$	505,159		$	23,247	$	812,817

Accumulated impairment losses were $232,789 at October 31, 2012 and October 31, 2011. Of these losses, $229,173 related to the Advanced Technology Systems segment and $3,616 related to the Industrial Coating Systems segment.

Information regarding intangible assets subject to amortization follows:

	October 31, 2012
	Carrying Amount		Accumulated Amortization		Net Book Value
Patent/technology costs	$	68,892	$	15,678	$	53,214
Customer relationships		126,086		18,167		107,919
Noncompete agreements		9,337		5,234		4,103
Trade name		65,911		3,716		62,195
Other		1,432		972		460
Total	$	271,658	$	43,767	$	227,891

	October 31, 2011
	Carrying Amount		Accumulated Amortization		Net Book Value
Patent/technology costs	$	43,235	$	11,571	$	31,664
Customer relationships		78,324		11,843		66,481
Noncompete agreements		5,042		3,727		1,315
Trade name		22,143		1,530		20,613
Other		1,437		811		626
Total	$	150,181	$	29,482	$	120,699

Amortization expense for 2012 and 2011 was $14,521 and $8,018, respectively.

Estimated amortization expense for each of the five succeeding years follows:

Year	Amounts
2013	$	22,436
2014	$	20,347
2015	$	14,061
2016	$	13,383
2017	$	12,822

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Significant accounting policies (Details 2) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Accumulated other comprehensive loss
Translation adjustments	$ 26,234	$ 37,040
Pension and postretirement benefit plan adjustments	(130,460)	(117,052)
Accumulated other comprehensive loss	$ (104,226)	$ (80,012)

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Acquisitions (Tables)

12 Months Ended

Oct. 31, 2012

Business Acquisition [Line Items]

Allocation of purchase price

Fair values:
Current assets	$	69,940
Non-current assets		57,808
Goodwill		266,677
Intangible assets subject to amortization		122,596
Current liabilities		(31,298	)
Non-current liabilities		(33,456	)
		452,267
Less cash acquired		(8,403	)
Purchase price	$	443,864

Business acquisition pro forma of financial information

	2012		2011
Sales	$	1,537,251	$	1,429,798
Net income	$	234,092	$	225,867
Basic earnings per share	$	3.63	$	3.34
Diluted earnings per share	$	3.60	$	3.30

Value Plastics [Member]

Business Acquisition [Line Items]

Allocation of purchase price

Fair values:
Assets acquired	$	27,101
Liabilities assumed		(19,288	)
Intangible assets subject to amortization		74,720
Goodwill		178,954
		261,487
Less cash acquired		(3,108	)
Purchase price	$	258,379

Business acquisition pro forma of financial information

	2011		2010
Sales	$	1,259,127	$	1,067,729
Net income	$	224,934	$	166,921
Basic earnings per share	$	3.33	$	2.47
Diluted earnings per share	$	3.29	$	2.44

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Income taxes (Details Textual) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010	Oct. 31, 2009
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 85,581
Total unrecognized tax benefits impact the effective tax rate	2,601	2,517
Income Taxes (Textual) [Abstract]
Earnings before income taxes of domestic operations	177,035	181,258	130,149
Foreign income tax expense benefit related to the utilization of loss carryforwards	2,717	682	1,876
Additional tax benefit relating to retroactive reinstatement of research credit		1,580
Favorable adjustment related to settlement with tax authorities		2,027
Recognized tax benefits			10,243
Additional tax charge			5,249
Total unrecognized tax benefits	3,140	2,576	4,078	3,969
Accrued interest expense related to unrecognized tax benefits	304	327
Earnings before income taxes of international operations	149,218	133,303	101,170
Undistributed earnings aggregated	400,487	391,679
Tax credit carryforwards which will expire in 2013 through 2030	1,869
Tax credit carryforwards	715
Indefinite tax credit carryforward amount	1,154
Indefinite carryforward period	5,308
Valuation allowance relates to tax credits and loss carryforwards	5,046
Net change in the valuation allowance	1,005	1,442
Maximum [Member]
Operating Loss Carryforwards [Line Items]
Decrease in unrecognized tax benefits	1,000
Minimum [Member]
Operating Loss Carryforwards [Line Items]
Decrease in unrecognized tax benefits	0
Federal [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	31,054
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	5,308
State [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 54,527

XML

Acquisitions (Details 1) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Oct. 31, 2012 2012 acquisitions [Member]	Oct. 31, 2011 2012 acquisitions [Member]	Oct. 31, 2011 2011 acquisitions [Member] Value Plastics [Member]	Oct. 31, 2010 2011 acquisitions [Member] Value Plastics [Member]
Business acquisition pro forma of financial information
Sales	$ 1,537,251	$ 1,429,798	$ 1,259,127	$ 1,067,729
Net income	$ 234,092	$ 225,867	$ 224,934	$ 166,921
Basic earnings per share	$ 3.63	$ 3.34	$ 3.33	$ 2.47
Diluted earnings per share	$ 3.60	$ 3.30	$ 3.29	$ 2.44

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Notes payable (Tables)

12 Months Ended

Oct. 31, 2012

Notes payable [Abstract]

Bank lines of credit and notes

	2012			2011
Maximum borrowings under bank lines of credit:
Domestic banks	$	50,000		$	—
Foreign banks		40,260			43,305
Total	$	90,260		$	43,305
Outstanding notes payable:
Domestic bank debt	$	50,000		$	—
Foreign bank debt		1			33
Total	$	50,001		$	33
Weighted-average interest rate on notes payable		1.1	%		1.5	%
Unused bank lines of credit	$	40,259		$	43,272

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Significant accounting policies (Details Textual) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Significant accounting policies (Textual) [Abstract]
Advertising costs incurred	$ 10,935	$ 9,008	$ 8,267
Research and development costs incurred	36,535	26,997	23,835
Liquid instruments maturity days	90 days or less
Cost percentage of inventory under LIFO method	24.00%	26.00%
Consolidated inventories under FIFO method	6,810	6,779
Standard product warranty period	1 year
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options for common shares excluded from computation of diluted earning per share	75	71	17
Interest charges capitalized [Member]
Property Plant and Equipment [Line Items]
Interest charges capitalized	$ 0	$ 0	$ 0

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Retirement, pension and other postretirement plans (Details 13)	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Postretirement Benefit Plans, United States [Member]
Assumptions used to determine benefit obligations at October 31:
Discount rate	3.85%	4.50%	5.25%
Health care cost trend rate	4.90%	9.36%	9.00%
Rate to which health care cost trend rate is assumed to decline (ultimate trend rate)	3.60%	5.00%	5.00%
Year the rate reaches the ultimate trend	2017	2016	2020
Assumptions used to determine net benefit costs for the years ended October 31:
Discount rate	4.50%	5.25%	5.50%
Postretirement Benefit Plans, International [Member]
Assumptions used to determine benefit obligations at October 31:
Discount rate	4.40%	5.85%	5.75%
Health care cost trend rate	7.00%	7.00%	6.80%
Rate to which health care cost trend rate is assumed to decline (ultimate trend rate)	3.50%	3.50%	4.80%
Year the rate reaches the ultimate trend	2031	2031	2013
Assumptions used to determine net benefit costs for the years ended October 31:
Discount rate	5.85%	5.75%	6.75%

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Fair value measurements (Details) (Recurring [Member], USD $) In Thousands, unless otherwise specified	Oct. 31, 2012
Assets:
Rabbi trust	$ 13,356
Forward exchange contracts, asset	1,104
Total assets at fair value	14,460
Liabilities:
Deferred compensation plans	6,071
Forward exchange contracts, liability	433
Total liabilities at fair value	6,504
Level 1 [Member]
Assets:
Rabbi trust
Forward exchange contracts, asset
Total assets at fair value
Liabilities:
Deferred compensation plans	6,071
Total liabilities at fair value	6,071
Level 2 [Member]
Assets:
Rabbi trust	13,356
Forward exchange contracts, asset	1,104
Total assets at fair value	14,460
Liabilities:
Forward exchange contracts, liability	433
Total liabilities at fair value	433
Level 3 [Member]
Assets:
Rabbi trust
Forward exchange contracts, asset
Total assets at fair value
Liabilities:
Deferred compensation plans
Forward exchange contracts, liability
Total liabilities at fair value

XML

Retirement, pension and other postretirement plans (Details 7) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Pension plan, United States [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	$ 214,128	$ 184,701	$ 175,864
Pension plan, United States [Member] | Cash [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	1,346	618
Pension plan, United States [Member] | Money Market Funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	2,114	1,845
Pension plan, United States [Member] | Equity Securities Basic Materials [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	5,849	5,081
Pension plan, United States [Member] | Equity Securities Consumer Goods [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	7,359	5,942
Pension plan, United States [Member] | Equity Securities Financial [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	9,190	6,989
Pension plan, United States [Member] | Equity Securities Healthcare [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	4,891	4,062
Pension plan, United States [Member] | Equity Securities Industrial Goods [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	3,174	3,993
Pension plan, United States [Member] | Equity Securities Technology [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	4,581	4,767
Pension plan, United States [Member] | Equity Securities Utilities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	1,491	1,578
Pension plan, United States [Member] | Mutual Funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	39,900	7,353
Pension plan, United States [Member] | U.S. Government Debt Securities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	17,697	24,224
Pension plan, United States [Member] | Corporate Debt Securities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	24,865	35,514
Pension plan, United States [Member] | Other Debt Securities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	593	826
Pension plan, United States [Member] | Other type of investments real estate collective funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	13,110
Pension plan, United States [Member] | Other Type of Investments Pooled Investment Funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	77,220	81,062
Pension plan, United States [Member] | Other Type of Investments Other [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	748	847
Pension plan, United States [Member] | Level 1 [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	82,427	45,520
Pension plan, United States [Member] | Level 1 [Member] | Cash [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	1,346	618
Pension plan, United States [Member] | Level 1 [Member] | Money Market Funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	2,114	1,845
Pension plan, United States [Member] | Level 1 [Member] | Equity Securities Basic Materials [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	5,849	5,081
Pension plan, United States [Member] | Level 1 [Member] | Equity Securities Consumer Goods [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	7,359	5,942
Pension plan, United States [Member] | Level 1 [Member] | Equity Securities Financial [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	9,190	6,989
Pension plan, United States [Member] | Level 1 [Member] | Equity Securities Healthcare [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	4,891	4,062
Pension plan, United States [Member] | Level 1 [Member] | Equity Securities Industrial Goods [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	3,174	3,993
Pension plan, United States [Member] | Level 1 [Member] | Equity Securities Technology [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	4,581	4,767
Pension plan, United States [Member] | Level 1 [Member] | Equity Securities Utilities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	1,491	1,578
Pension plan, United States [Member] | Level 1 [Member] | Mutual Funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	39,900	7,353
Pension plan, United States [Member] | Level 1 [Member] | U.S. Government Debt Securities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	1,784	2,445
Pension plan, United States [Member] | Level 1 [Member] | Other Type of Investments Other [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	748	847
Pension plan, United States [Member] | Level 2 [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	118,591	139,181
Pension plan, United States [Member] | Level 2 [Member] | U.S. Government Debt Securities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	15,913	21,779
Pension plan, United States [Member] | Level 2 [Member] | Corporate Debt Securities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	24,865	35,514
Pension plan, United States [Member] | Level 2 [Member] | Other Debt Securities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	593	826
Pension plan, United States [Member] | Level 2 [Member] | Other Type of Investments Pooled Investment Funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	77,220	81,062
Pension plan, United States [Member] | Level 3 [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	13,110
Pension plan, United States [Member] | Level 3 [Member] | Cash [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Money Market Funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Equity Securities Basic Materials [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Equity Securities Consumer Goods [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Equity Securities Financial [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Equity Securities Healthcare [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Equity Securities Industrial Goods [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Equity Securities Technology [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Equity Securities Utilities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Mutual Funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | U.S. Government Debt Securities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Corporate Debt Securities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Other Debt Securities [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Other Type of Investments Insurance Contract [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Other type of investments real estate collective funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	13,110
Pension plan, United States [Member] | Level 3 [Member] | Other Type of Investments Pooled Investment Funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension plan, United States [Member] | Level 3 [Member] | Other Type of Investments Other [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets
Pension Plan, International [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	34,217	32,167	29,799
Pension Plan, International [Member] | Cash [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	323	322
Pension Plan, International [Member] | Other Type of Investments Insurance Contract [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	19,046	18,501
Pension Plan, International [Member] | Other Type of Investments Pooled Investment Funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	14,848	13,344
Pension Plan, International [Member] | Level 1 [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	323	322
Pension Plan, International [Member] | Level 1 [Member] | Cash [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	323	322
Pension Plan, International [Member] | Level 2 [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	14,848	13,344
Pension Plan, International [Member] | Level 2 [Member] | Other Type of Investments Pooled Investment Funds [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	14,848	13,344
Pension Plan, International [Member] | Level 3 [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	19,046	18,501
Pension Plan, International [Member] | Level 3 [Member] | Other Type of Investments Insurance Contract [Member]
Defined Benefit Plan Fair Value of Plan Assets
Fair value of plan assets	$ 19,046	$ 18,501

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Quarterly financial data (Unaudited) (Tables)

12 Months Ended

Oct. 31, 2012

Quarterly financial data (unaudited) [Abstract]

Quarterly financial data

	First		Second		Third		Fourth
2012:
Sales	$	275,836	$	315,193	$	379,872	$	438,677
Gross margin		169,346		189,656		223,214		241,073
Net income		38,338		52,111		66,694		67,686
Earnings per share:
Basic		0.59		0.81		1.04		1.06
Diluted		0.58		0.80		1.03		1.04
2011:
Sales	$	270,962	$	318,924	$	312,255	$	331,018
Gross margin		166,171		197,752		188,050		196,459
Net income		45,897		65,242		56,550		54,675
Earnings per share:
Basic		0.67		0.96		0.83		0.82
Diluted		0.67		0.95		0.82		0.81

XML

Significant accounting policies

12 Months Ended

Oct. 31, 2012

Significant accounting policies [Abstract]

Significant accounting policies

Note 1 — Significant accounting policies

Consolidation — The consolidated financial statements include the accounts of Nordson Corporation and majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual amounts could differ from these estimates.

Fiscal year — Our fiscal year ends on October 31.

Revenue recognition — Most of our revenues are recognized upon shipment, provided that persuasive evidence of an arrangement exists, the sales price is fixed or determinable, collectibility is reasonably assured, and title and risk of loss have passed to the customer.

A relative selling price hierarchy exists for determining the selling price of deliverables in multiple deliverable arrangements. Vendor specific objective evidence (VSOE) is used, if available. Third-party evidence (TPE) is used if VSOE is not available, and best estimated selling price (BESP) is used if neither VSOE nor TPE is available. Our multiple deliverable arrangements include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, therefore, are typically regarded as inconsequential or perfunctory. Revenue for undelivered items is deferred and included within accrued liabilities in the accompanying balance sheet. Revenues deferred in 2012, 2011 and 2010 were not material.

Shipping and handling costs — Amounts billed to customers for shipping and handling are recorded as revenue. Shipping and handling expenses are included in cost of sales.

Advertising costs — Advertising costs are expensed as incurred and were $10,935, $9,008 and $8,267 in 2012, 2011 and 2010, respectively.

Research and development — Research and development costs are expensed as incurred and were $36,535, $26,997 and $23,835 in 2012, 2011 and 2010, respectively.

Earnings per share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding during each year, while diluted earnings per share are based on the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents consist of shares issuable upon exercise of stock options computed using the treasury stock method, as well as nonvested (restricted) stock and deferred stock-based compensation. Options whose exercise price is higher than the average market price are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Options for 75, 71 and 17 common shares were excluded from the diluted earnings per share calculation in 2012, 2011 and 2010, respectively, because their effect would have been anti-dilutive.

Cash and cash equivalents — Highly liquid instruments with maturities of 90 days or less at date of purchase are considered to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value.

Allowance for doubtful accounts — An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of customers to make required payments. The amount of the allowance is determined principally on the basis of past collection experience and known factors regarding specific customers. Accounts are written off against the allowance when it becomes evident that collection will not occur.

Inventories — Inventories are valued at the lower of cost or market. Cost was determined using the last-in, first-out (LIFO) method for 24 percent of consolidated inventories at October 31, 2012, and 26 percent at October 31, 2011. The first-in, first-out (FIFO) method is used for all other inventories. Consolidated inventories would have been $6,810 and $6,779 higher than reported at October 31, 2012 and October 31, 2011, respectively, had the FIFO method, which approximates current cost, been used for valuation of all inventories.

Property, plant and equipment and depreciation — Property, plant and equipment are carried at cost. Additions and improvements that extend the lives of assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. Plant and equipment are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets or, in the case of property under capital leases, over the terms of the leases. Leasehold improvements are depreciated over the shorter of the lease term or their useful lives. Useful lives are as follows:

Land improvements	15-25 years
Buildings	20-40 years
Machinery and equipment	3-12 years
Enterprise management systems	5-13 years

Depreciation expense is included in cost of sales and selling and administrative expenses.

Internal use software costs are expensed or capitalized depending on whether they are incurred in the preliminary project stage, application development stage or the post-implementation stage. Amounts capitalized are amortized over the estimated useful lives of the software beginning with the project’s completion. All re-engineering costs are expensed as incurred. Interest costs on significant capital projects are capitalized. No interest was capitalized in 2012, 2011 or 2010.

Goodwill and intangible assets — Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. The majority of goodwill relates to and is assigned directly to specific reporting units. Goodwill is not amortized but is subject to annual impairment testing. Our annual impairment testing is performed as of August 1. Testing is done more frequently if an event occurs or circumstances change that would indicate the fair value of a reporting unit is less than the carrying amount of those assets.

Other amortizable intangible assets, which consist primarily of patent/technology costs, customer relationships, noncompete agreements, and trade names, are amortized over their useful lives on a straight-line basis. At October 31, 2012, the weighted average useful lives for each major category of amortizable intangible assets were:

Patent/technology costs	14 years
Customer relationships	15 years
Noncompete agreements	5 years
Trade names	16 years

Foreign currency translation — The financial statements of subsidiaries outside the United States are generally measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet dates. Income and expense items are translated at average monthly rates of exchange. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Generally, gains and losses from foreign currency transactions, including forward contracts, of these subsidiaries and the United States parent are included in net income. Gains and losses from intercompany foreign currency transactions of a long-term investment nature are included in accumulated other comprehensive income (loss).

Accumulated other comprehensive loss — Accumulated other comprehensive loss at October 31, 2012 and 2011, consisted of:

	2012			2011
Translation adjustments	$	26,234		$	37,040
Pension and postretirement benefit plan adjustments		(130,460	)		(117,052	)
	$	(104,226	)	$	(80,012	)

Warranties — Our standard warranty program provides for repair or replacement of defective products within a specified time period (generally one year) measured from the date of delivery or first use. The estimate for future warranty-related costs is calculated based on actual historical return rates. Based on analysis of return rates and other factors, warranty provisions are adjusted as necessary. The liability for warranty costs is included in other accrued liabilities in the Consolidated Balance Sheet.

Following is a reconciliation of the product warranty liability for 2012 and 2011:

	2012			2011
Balance at beginning of year	$	6,723		$	5,242
Accruals for warranties		5,430			7,417
Warranty assumed from acquisitions		2,252			72
Warranty payments		(5,307	)		(6,017	)
Currency adjustments		(169	)		9
Balance at end of year	$	8,929		$	6,723

Presentation — Certain amounts for 2011 and 2010 have been reclassified to conform to 2012 presentation.

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Valuation and Qualifying Accounts and Reserves (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts and Reserves
Balance at Beginning of Year	$ 3,311	$ 3,353	$ 3,728
Assumed from Acquisitions	648	22	6
Charged to Expense	710	977	607
Deductions	801	1,047	901
Currency Effects	(92)	6	(87)
Balance at End of Year	3,776	3,311	3,353
Inventory Obsolescence and Other Reserves [Member]
Valuation and Qualifying Accounts and Reserves
Balance at Beginning of Year	16,050	16,802	15,740
Assumed from Acquisitions	2,071	8	187
Charged to Expense	6,033	3,982	4,233
Deductions	3,237	4,850	3,061
Currency Effects	(412)	108	(297)
Balance at End of Year	$ 20,505	$ 16,050	$ 16,802

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Retirement, pension and other postretirement plans (Details 8) (Pension Plans, Defined Benefit [Member], Level 3 [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011
Pension Plans, Defined Benefit [Member] | Level 3 [Member]
Change in plan assets:
Beginning fair value of plan assets	$ 18,501	$ 17,699
Net unrealized gains	1,949	55
Net realized gains	2
Purchases	14,311	2,202
Sales	(2,183)	(1,523)
Transfers in (out)
Foreign currency translation	(424)	68
Ending fair value of plan assets	$ 32,156	$ 18,501

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Supplemental information for the statement of cash flows (Tables)

12 Months Ended

Oct. 31, 2012

Supplemental information for the statement of cash flows [Abstract]

Supplemental information for the statement of cash flows

	2012		2011		2010
Cash operating activities:
Interest paid	$	9,285	$	5,179	$	6,432
Income taxes paid		70,606		96,487		21,526
Non-cash investing and financing activities:
Capitalized lease obligations incurred	$	12,981	$	8,154	$	5,468
Capitalized lease obligations terminated		894		534		721
Shares acquired and issued through exercise of stock options		2,323		5,228		5,151

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Subsequent events

12 Months Ended

Oct. 31, 2012

Subsequent events [Abstract]

Subsequent events

Note 21 — Subsequent events

On November 12, 2012, we purchased certain assets of Kodama Chemical Industry Co., Ltd a licensed distributor of our EDI business in Japan. This new operation will provide new-die sales to extrusion processors, web converters, and OEMs in Japan and Taiwan and carry out final manufacturing steps on new equipment to enhance die performance and accommodate local requirements. Die remanufacturing will be available to customers throughout the Asia-Pacific region.

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Contingencies

12 Months Ended

Oct. 31, 2012

Contingencies [Abstract]

Contingencies

Note 20 — Contingencies

We are involved in pending or potential litigation regarding environmental, product liability, patent, contract, employee and other matters arising from the normal course of business. Including the environmental matter discussed below, it is our opinion, after consultation with legal counsel, that resolutions of these matters are not expected to result in a material effect on our financial condition, quarterly or annual operating results or cash flows.

Environmental — We have voluntarily agreed with the City of New Richmond, Wisconsin and other Potentially Responsible Parties to share costs associated with the remediation of the City of New Richmond municipal landfill (the “Site”) and constructing a potable water delivery system serving the impacted area down gradient of the Site. At October 31, 2012, and 2011 our accrual for the ongoing operation, maintenance and monitoring obligation at the Site was $750 and $795, respectively. The liability for environmental remediation represents management’s best estimate of the probable and reasonably estimable undiscounted costs related to known remediation obligations. The accuracy of our estimate of environmental liability is affected by several uncertainties such as additional requirements that may be identified in connection with remedial activities, the complexity and evolution of environmental laws and regulations, and the identification of presently unknown remediation requirements. Consequently, our liability could be greater than our current estimate. However, we do not expect that the costs associated with remediation will have a material adverse effect on our financial condition or results of operations.

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Divestiture (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2010	Oct. 31, 2009
Divestiture (Textual) [Abstract]
Loss on divestiture	$ (357)
UV Curing graphic arts and lamps product lines [Member]
Divestiture (Textual) [Abstract]
Loss on divestiture	(357)
Impairment of assets held for sale		14,101
Impairment of goodwill		$ 12,129

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Retirement, pension and other postretirement plans (Details 2) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Pension plan, United States [Member]
For all plans:
Accumulated benefit obligation	$ 316,080	$ 261,767
For plans with benefit obligations in excess of plan assets:
Projected benefit obligation	326,792	268,949
Accumulated benefit obligation	316,080	261,767
Fair value of plan assets	214,128	184,701
Pension Plan, International [Member]
For all plans:
Accumulated benefit obligation	65,725	56,529
For plans with benefit obligations in excess of plan assets:
Projected benefit obligation	70,153	64,945
Accumulated benefit obligation	58,425	54,749
Fair value of plan assets	$ 26,757	$ 30,185

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Operating segments and geographic area data (Tables)

12 Months Ended

Oct. 31, 2012

Operating segments and geographic area data [Abstract]

Reportable segments

	Adhesive Dispensing Systems			Advanced Technology Systems		Industrial Coating Systems			Corporate			Total
Year ended October 31, 2012
Net external sales	$	684,096		$	515,992	$	209,490		$	—		$	1,409,578
Depreciation		9,532			8,695		3,141			3,101			24,469
Operating profit		211,072	(a)		134,074		25,933	(b)		(35,599	)		335,480
Identifiable assets (c)		611,357			718,354		110,982			395,331	(d)		1,836,024
Expenditures for long-lived assets		14,612			6,871		4,602			4,874			30,959
Year ended October 31, 2011
Net external sales	$	611,911		$	437,232	$	184,016		$	—		$	1,233,159
Depreciation		7,087			7,851		2,855			2,965			20,758
Operating profit (loss)		210,350	(a)		114,660		27,220			(36,687	)(e)		315,543
Identifiable assets (c)		286,974			691,479		71,438			270,500	(d)		1,320,391
Expenditures for long-lived assets		4,477			4,833		2,437			8,492			20,239
Year ended October 31, 2010
Net external sales	$	525,290		$	367,900	$	148,361		$	—		$	1,041,551
Depreciation		8,014			7,502		2,990			4,119			22,625
Operating profit		166,255			84,261		14,574			(30,257	)(e)		234,833
Identifiable assets (c)		251,881			476,368		62,451			206,663	(d)		997,363
Expenditures for long-lived assets		1,857			2,789		551			9,120			14,317

(a) Includes $3,862 of cost of goods sold — restructuring and severance and restructuring costs in 2012. Includes $1,811 of impairment charges related to write down of assets to fair value and $1,589 of severance charges and other termination fees in 2011.

(b) Includes $690 of severance and restructuring costs in 2012.

(c) Operating segment identifiable assets include notes and accounts receivable net of customer advance payments and allowance for doubtful accounts, inventories net of reserves, property, plant and equipment net of accumulated depreciation and goodwill.

(d) Corporate assets are principally cash and cash equivalents, deferred income taxes, capital leases, headquarter facilities, the major portion of our enterprise management system, and intangible assets.

(e) Includes $3,120 of expense related to the withdrawal from a multiemployer employee pension fund in Japan in 2011 and severance charges of $2,029 in 2010.

Summary of significant sales and long-lived assets

	2012		2011		2010
Net external sales
United States	$	388,904	$	312,328	$	273,652
Americas		109,074		102,077		78,058
Europe		381,005		390,319		336,119
Japan		127,509		111,003		93,318
Asia Pacific		403,086		317,432		260,404
Total net external sales	$	1,409,578	$	1,233,159	$	1,041,551
Long-lived assets
United States	$	127,486	$	90,994	$	80,974
Americas		3,180		2,933		1,865
Europe		14,896		16,312		13,401
Japan		3,431		3,496		3,587
Asia Pacific		25,938		17,148		16,568
Total long-lived assets	$	174,931	$	130,883	$	116,395

Total consolidated income before income taxes

	2012			2011			2010
Total profit for reportable segments	$	335,480		$	315,543		$	234,833
Interest expense		(11,153	)		(5,069	)		(6,263	)
Interest and investment income		463			569			819
Other-net		1,463			3,518			1,930
Income before income taxes	$	326,253		$	314,561		$	231,319

Summary of reconciliation of consolidated assets

	2012			2011			2010
Total assets for reportable segments	$	1,836,024		$	1,320,391		$	997,363
Customer advance payments		20,894			9,375			10,999
Eliminations		(27,403	)		(25,316	)		(22,008	)
Total consolidated assets	$	1,829,515		$	1,304,450		$	986,354

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Valuation and Qualifying Accounts and Reserves

12 Months Ended

Oct. 31, 2012

Valuation and Qualifying Accounts and Reserves [Abstract]

Valuation and Qualifying Accounts and Reserves

Schedule II — Valuation and Qualifying Accounts and Reserves

	Balance at Beginning of Year		Assumed from Acquisitions		Charged to Expense		Deductions		Currency Effects			Balance at End of Year
Allowance for Doubtful Accounts
2010	$	3,728		6		607		901		(87	)	$	3,353
2011	$	3,353		22		977		1,047		6		$	3,311
2012	$	3,311		648		710		801		(92	)	$	3,776
Inventory Obsolescence and Other Reserves
2010	$	15,740		187		4,233		3,061		(297	)	$	16,802
2011	$	16,802		8		3,982		4,850		108		$	16,050
2012	$	16,050		2,071		6,033		3,237		(412	)	$	20,505

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Significant accounting Policies (Policies)

12 Months Ended

Oct. 31, 2012

Significant accounting policies [Abstract]

Consolidation

Consolidation — The consolidated financial statements include the accounts of Nordson Corporation and majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates

Use of estimates — The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes. Actual amounts could differ from these estimates.

Fiscal Year

Fiscal year — Our fiscal year ends on October 31.

Revenue recognition

Revenue recognition — Most of our revenues are recognized upon shipment, provided that persuasive evidence of an arrangement exists, the sales price is fixed or determinable, collectibility is reasonably assured, and title and risk of loss have passed to the customer.

A relative selling price hierarchy exists for determining the selling price of deliverables in multiple deliverable arrangements. Vendor specific objective evidence (VSOE) is used, if available. Third-party evidence (TPE) is used if VSOE is not available, and best estimated selling price (BESP) is used if neither VSOE nor TPE is available. Our multiple deliverable arrangements include installation, installation supervision, training, and spare parts, which tend to be completed in a short period of time, at an insignificant cost, and utilizing skills not unique to us, therefore, are typically regarded as inconsequential or perfunctory. Revenue for undelivered items is deferred and included within accrued liabilities in the accompanying balance sheet. Revenues deferred in 2012, 2011 and 2010 were not material.

Shipping and handling costs

Shipping and handling costs — Amounts billed to customers for shipping and handling are recorded as revenue. Shipping and handling expenses are included in cost of sales.

Advertising costs

Advertising costs — Advertising costs are expensed as incurred and were $10,935, $9,008 and $8,267 in 2012, 2011 and 2010, respectively.

Research and development

Research and development — Research and development costs are expensed as incurred and were $36,535, $26,997 and $23,835 in 2012, 2011 and 2010, respectively.

Earnings per share

Earnings per share — Basic earnings per share are computed based on the weighted-average number of common shares outstanding during each year, while diluted earnings per share are based on the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents consist of shares issuable upon exercise of stock options computed using the treasury stock method, as well as nonvested (restricted) stock and deferred stock-based compensation. Options whose exercise price is higher than the average market price are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Options for 75, 71 and 17 common shares were excluded from the diluted earnings per share calculation in 2012, 2011 and 2010, respectively, because their effect would have been anti-dilutive.

Cash and cash equivalents

Cash and cash equivalents — Highly liquid instruments with maturities of 90 days or less at date of purchase are considered to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value.

Allowance for doubtful accounts

Allowance for doubtful accounts — An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of customers to make required payments. The amount of the allowance is determined principally on the basis of past collection experience and known factors regarding specific customers. Accounts are written off against the allowance when it becomes evident that collection will not occur.

Inventories

Inventories — Inventories are valued at the lower of cost or market. Cost was determined using the last-in, first-out (LIFO) method for 24 percent of consolidated inventories at October 31, 2012, and 26 percent at October 31, 2011. The first-in, first-out (FIFO) method is used for all other inventories. Consolidated inventories would have been $6,810 and $6,779 higher than reported at October 31, 2012 and October 31, 2011, respectively, had the FIFO method, which approximates current cost, been used for valuation of all inventories.

Property, plant and equipment and depreciation

Property, plant and equipment and depreciation — Property, plant and equipment are carried at cost. Additions and improvements that extend the lives of assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. Plant and equipment are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets or, in the case of property under capital leases, over the terms of the leases. Leasehold improvements are depreciated over the shorter of the lease term or their useful lives. Useful lives are as follows:

Land improvements	15-25 years
Buildings	20-40 years
Machinery and equipment	3-12 years
Enterprise management systems	5-13 years

Depreciation expense is included in cost of sales and selling and administrative expenses.

Internal use software costs are expensed or capitalized depending on whether they are incurred in the preliminary project stage, application development stage or the post-implementation stage. Amounts capitalized are amortized over the estimated useful lives of the software beginning with the project’s completion. All re-engineering costs are expensed as incurred. Interest costs on significant capital projects are capitalized. No interest was capitalized in 2012, 2011 or 2010.

Goodwill and intangible assets

Goodwill and intangible assets — Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. The majority of goodwill relates to and is assigned directly to specific reporting units. Goodwill is not amortized but is subject to annual impairment testing. Our annual impairment testing is performed as of August 1. Testing is done more frequently if an event occurs or circumstances change that would indicate the fair value of a reporting unit is less than the carrying amount of those assets.

Other amortizable intangible assets, which consist primarily of patent/technology costs, customer relationships, noncompete agreements, and trade names, are amortized over their useful lives on a straight-line basis. At October 31, 2012, the weighted average useful lives for each major category of amortizable intangible assets were:

Patent/technology costs	14 years
Customer relationships	15 years
Noncompete agreements	5 years
Trade names	16 years

Foreign currency translation

Foreign currency translation — The financial statements of subsidiaries outside the United States are generally measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet dates. Income and expense items are translated at average monthly rates of exchange. The resulting translation adjustments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Generally, gains and losses from foreign currency transactions, including forward contracts, of these subsidiaries and the United States parent are included in net income. Gains and losses from intercompany foreign currency transactions of a long-term investment nature are included in accumulated other comprehensive income (loss).

Accumulated other comprehensive loss

Accumulated other comprehensive loss — Accumulated other comprehensive loss at October 31, 2012 and 2011, consisted of:

	2012			2011
Translation adjustments	$	26,234		$	37,040
Pension and postretirement benefit plan adjustments		(130,460	)		(117,052	)
	$	(104,226	)	$	(80,012	)

Warranties

Warranties — Our standard warranty program provides for repair or replacement of defective products within a specified time period (generally one year) measured from the date of delivery or first use. The estimate for future warranty-related costs is calculated based on actual historical return rates. Based on analysis of return rates and other factors, warranty provisions are adjusted as necessary. The liability for warranty costs is included in other accrued liabilities in the Consolidated Balance Sheet.

Following is a reconciliation of the product warranty liability for 2012 and 2011:

	2012			2011
Balance at beginning of year	$	6,723		$	5,242
Accruals for warranties		5,430			7,417
Warranty assumed from acquisitions		2,252			72
Warranty payments		(5,307	)		(6,017	)
Currency adjustments		(169	)		9
Balance at end of year	$	8,929		$	6,723

Presentation

Presentation — Certain amounts for 2011 and 2010 have been reclassified to conform to 2012 presentation.

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Cash flows from operating activities:
Net income	$ 224,829	$ 222,364	$ 168,048
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	24,469	20,758	22,625
Amortization	14,521	8,018	6,263
Long-lived asset impairments		1,811
Provision for losses on receivables	710	977	607
Deferred income taxes	9,828	716	26,830
Tax benefit from the exercise of stock options	(4,792)	(6,924)	(7,798)
Non-cash stock compensation	10,365	8,845	7,633
(Gain)/loss on sale of property, plant and equipment	(638)	362	(18)
Loss on divestiture			357
Other	(3,919)	(5,628)	(10,791)
Changes in operating assets and liabilities:
Receivables	(49,595)	(4,474)	(50,732)
Inventories	171	(14,666)	(15,004)
Other current assets	(1,201)	(1,619)	222
Other noncurrent assets	(1,290)	875	(2,837)
Accounts payable	4,882	4,389	7,046
Income taxes payable	18,855	(1,993)	18,170
Accrued liabilities	12,923	3,263	5,466
Customer advance payments	2,124	(2,382)	2,614
Other noncurrent liabilities	12,156	12,035	(38,515)
Net cash provided by operating activities	274,398	246,727	140,186
Cash flows from investing activities:
Additions to property, plant and equipment	(30,959)	(20,239)	(14,317)
Proceeds from sale of property, plant and equipment	6,120	161	354
Proceeds from sale of product lines	2,213		(990)
Acquisition of businesses, net of cash acquired	(443,864)	(292,980)	(18,576)
Proceeds from sale of (purchases of) marketable securities	(279)	7,552	(7,795)
Net cash used in investing activities	(466,769)	(305,506)	(41,324)
Cash flows from financing activities:
Proceeds from short-term borrowings	250,001	190	12,566
Repayment of short-term borrowings	(200,033)	(2,361)	(11,411)
Proceeds from long-term debt	401,175	1,039,800	116,000
Repayment of long-term debt	(136,589)	(830,937)	(162,290)
Repayment of capital lease obligations	(5,203)	(4,738)	(4,392)
Issuance of common shares	4,934	9,652	13,828
Purchase of treasury shares	(88,455)	(137,989)	(24,935)
Tax benefit from the exercise of stock options	4,792	6,924	7,798
Dividends paid	(33,805)	(29,838)	(26,439)
Net cash provided by (used in) financing activities	196,817	50,703	(79,275)
Effect of exchange rate changes on cash	(615)	3,155	3,961
Increase (decrease) in cash and cash equivalents	3,831	(4,921)	23,548
Cash and cash equivalents at beginning of year	37,408	42,329	18,781
Cash and cash equivalents at end of year	$ 41,239	$ 37,408	$ 42,329

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Significant accounting policies (Tables)

12 Months Ended

Oct. 31, 2012

Significant accounting policies [Abstract]

Useful lives of property, plant and equipment and depreciation

Land improvements	15-25 years
Buildings	20-40 years
Machinery and equipment	3-12 years
Enterprise management systems	5-13 years

Weighted average useful lives for each major category of amortizable intangible assets

Patent/technology costs	14 years
Customer relationships	15 years
Noncompete agreements	5 years
Trade names	16 years

Accumulated Other Comprehensive Loss

	2012			2011
Translation adjustments	$	26,234		$	37,040
Pension and postretirement benefit plan adjustments		(130,460	)		(117,052	)
	$	(104,226	)	$	(80,012	)

Reconciliation of the product warranty liability

	2012			2011
Balance at beginning of year	$	6,723		$	5,242
Accruals for warranties		5,430			7,417
Warranty assumed from acquisitions		2,252			72
Warranty payments		(5,307	)		(6,017	)
Currency adjustments		(169	)		9
Balance at end of year	$	8,929		$	6,723

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Long-term debt (Details Textual) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012 Installment
Long-term debt (Textual) [Abstract]
Annual maturity of long term debt, 2013	55,668
Annual maturity of long term debt, 2014	10,671
Annual maturity of long term debt, 2015	10,675
Annual maturity of long term debt, 2016	10,679
Annual maturity of long term debt, 2017	300,533
Senior note, due 2013 [Member]
Debt Instrument [Line Items]
Fixed interest rate	4.98%
Number of installments to repay the loan	1
Revolving credit agreement for 2017 [Member]
Debt Instrument [Line Items]
Revolving credit facility	500,000
Weighted average interest for borrowings	1.23%
Private shelf facility, due 2012-2020 [Member]
Debt Instrument [Line Items]
Value of agreement with New York Life Investment Management LLC	150,000
Fixed interest rate	2.21%
Period of agreement	3 years
Maximum life of borrowings	12 years
Average life of borrowings	10 years
Senior notes, due 2017-2025 [Member]
Debt Instrument [Line Items]
Weighted average life of notes	8 years 9 months 11 days
Weighted average interest for borrowings	2.93%
Loans Payable With State of Ohio [Member]
Debt Instrument [Line Items]
Fixed interest rate	3.00%
Duration of repayment	15 years
Cuyahoga County [Member]
Debt Instrument [Line Items]
Fixed interest rate	3.50%
Duration of repayment	15 years

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Quarterly Financial Data (Unaudited) (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended					12 Months Ended
	Oct. 31, 2012	Apr. 30, 2012	Jan. 31, 2012	Jul. 31, 2011	Jan. 31, 2011	Oct. 31, 2012	Oct. 31, 2011
Quarterly financial data (unaudited) [Abstract]
Pre-tax severance and restructuring costs		$ 3,776	$ 811
Cost of sales - restructuring		2,040				2,040
Unrecognized tax benefits				2,027			2,027
Withdrawal from multiplier pension fund				3,136
Tax benefit from changes in tax law					1,242
Settlement loss			682
Gain on sale of real estate, before tax	$ 832

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Capital shares (Tables)

12 Months Ended

Oct. 31, 2012

Capital shares [Abstract]

Capital shares

Year	Number of Shares		Total Amount		Average per Share
2012		1,831	$	86,022	$	46.98
2011		3024	$	134,163	$	44.37
2010		697	$	22,047	$	31.63

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Recently issued accounting standards (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012
Recently issued accounting standards (Textual) [Abstract]
Material changes to revenue deferral amounts	$ 0

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Income taxes (Details 1)	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Income taxes [Abstract]
Statutory federal income tax rate	35.00%	35.00%	35.00%
Domestic Production Deduction	(1.82%)	(1.76%)	(0.75%)
Foreign tax rate variances, net of foreign tax credits	(2.31%)	(2.51%)	(4.56%)
State and local taxes, net of federal income tax benefit	0.43%	0.42%	(0.79%)
Tax expense related to tax law change			2.27%
Tax benefit from sale of UV product lines			(4.43%)
Amounts related to prior years	(0.31%)	(1.31%)	0.34%
Other - net	0.10%	(0.53%)	0.27%
Effective tax rate	31.09%	29.31%	27.35%

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Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Consolidated Statements of Income [Abstract]
Sales	$ 1,409,578	$ 1,233,159	$ 1,041,551
Operating costs and expenses:
Cost of sales	584,249	484,727	419,937
Cost of sales - restructuring	2,040
Selling and administrative expenses	485,285	429,489	384,752
Severance and restructuring costs	2,524	1,589	2,029
Long-lived asset impairments		1,811
Total operating costs and expenses	1,074,098	917,616	806,718
Operating profit	335,480	315,543	234,833
Other income (expense):
Interest expense	(11,153)	(5,069)	(6,263)
Interest and investment income	463	569	819
Other - net	1,463	3,518	1,930
Total other income (expense)	(9,227)	(982)	(3,514)
Income before income taxes	326,253	314,561	231,319
Income tax provision:
Current	91,596	91,481	36,441
Deferred	9,828	716	26,830
Total income tax expense	101,424	92,197	63,271
Net income	$ 224,829	$ 222,364	$ 168,048
Average common shares	64,407	67,616	67,610
Incremental common shares attributable to outstanding stock options, nonvested stock and deferred stock-based compensation	696	809	832
Average common shares and common share equivalents	65,103	68,425	68,442
Basic earnings per share	$ 3.49	$ 3.29	$ 2.49
Diluted earnings per share	$ 3.45	$ 3.25	$ 2.46
Dividends declared per common share	$ 0.525	$ 0.44	$ 0.39

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Goodwill and intangible assets (Tables)

12 Months Ended

Oct. 31, 2012

Goodwill and intangible assets [Abstract]

Summary of changes in the carrying amount of goodwill

	Adhesive Dispensing Systems			Advanced Technology Systems			Industrial Coating Systems		Total
Balance at October 31, 2011	$	41,962		$	505,864		$	—	$	547,826
Acquisitions/Adjustment		243,430			(96	)		23,247		266,581
Currency effect		(981	)		(609	)		—		(1,590	)
Balance at October 31, 2012	$	284,411		$	505,159		$	23,247	$	812,817

Summary of intangible assets subject to amortization

	October 31, 2012
	Carrying Amount		Accumulated Amortization		Net Book Value
Patent/technology costs	$	68,892	$	15,678	$	53,214
Customer relationships		126,086		18,167		107,919
Noncompete agreements		9,337		5,234		4,103
Trade name		65,911		3,716		62,195
Other		1,432		972		460
Total	$	271,658	$	43,767	$	227,891

	October 31, 2011
	Carrying Amount		Accumulated Amortization		Net Book Value
Patent/technology costs	$	43,235	$	11,571	$	31,664
Customer relationships		78,324		11,843		66,481
Noncompete agreements		5,042		3,727		1,315
Trade name		22,143		1,530		20,613
Other		1,437		811		626
Total	$	150,181	$	29,482	$	120,699

Estimated Amortization Expense

Year	Amounts
2013	$	22,436
2014	$	20,347
2015	$	14,061
2016	$	13,383
2017	$	12,822

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Acquisitions (Details) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012 2012 acquisitions [Member]	Oct. 31, 2011 2011 acquisitions [Member] Value Plastics [Member]
Allocation of purchase price
Less cash acquired	$ (8,403)	$ (3,108)
Purchase price	443,864	258,379
Fair values:
Current assets	69,940
Non-current assets	57,808
Assets acquired		27,101
Goodwill	266,677	178,954
Intangible assets subject to amortization	122,596	74,720
Current liabilities	(31,298)
Non-current liabilities	(33,456)
Liabilities assumed		(19,288)
Fair value of the assets acquired and the liabilities assumed, intangible assets	$ 452,267	$ 261,487

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Quarterly financial data (Unaudited) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Oct. 31, 2012	Jul. 31, 2012	Apr. 30, 2012	Jan. 31, 2012	Oct. 31, 2011	Jul. 31, 2011	Apr. 30, 2011	Jan. 31, 2011	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Quarterly financial data (unaudited) [Abstract]
Sales	$ 438,677	$ 379,872	$ 315,193	$ 275,836	$ 331,018	$ 312,255	$ 318,924	$ 270,962	$ 1,409,578	$ 1,233,159	$ 1,041,551
Gross margin	241,073	223,214	189,656	169,346	196,459	188,050	197,752	166,171
Net income	$ 67,686	$ 66,694	$ 52,111	$ 38,338	$ 54,675	$ 56,550	$ 65,242	$ 45,897	$ 224,829	$ 222,364	$ 168,048
Earnings per share:
Basic earnings per share	$ 1.06	$ 1.04	$ 0.81	$ 0.59	$ 0.82	$ 0.83	$ 0.96	$ 0.67	$ 3.49	$ 3.29	$ 2.49
Diluted earnings per share	$ 1.04	$ 1.03	$ 0.80	$ 0.58	$ 0.81	$ 0.82	$ 0.95	$ 0.67	$ 3.45	$ 3.25	$ 2.46

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Consolidated Statements of Shareholders' Equity (USD $) In Thousands	Total	Common shares	Capital in excess of stated value	Retained earnings	Accumulated other comprehensive income (loss)	Common shares in treasury, at cost
Balance at Oct. 31, 2009			$ 241,494	$ 656,086	$ (55,470)	$ (484,387)
Balance, shares at Oct. 31, 2009		30,667
Shares issued under company stock and employee benefit plans			(1,330)			20,309
Shares issued under company stock and employee benefit plans, shares		(1,448)
Purchase of treasury shares	(22,047)					(30,087)
Purchase of treasury shares, shares		933
Tax benefit from stock option and restricted stock transactions			7,798
Stock-based compensation			7,633
Net income	168,048			168,048
Dividends paid ($.525 per share in 2012, $.44 per share in 2011, and $.39 per share in 2010)				(26,439)
Translation adjustments	(4,361)				(4,361)
Remeasurement of supplemental pension liability	(2,746)				(2,746)
Settlement loss recognized, net of tax of $ (331) in 2012 and $(3,085) in 2010	5,126				5,126
Net prior service cost arising during the year, net of tax of $(1,078) in 2012, $(315) in 2011 and $3 in 2010					18
Net actuarial loss arising during the year, net of tax of $7,791 in 2012, $9,002 in 2011 and $4,756 in 2010					(8,873)
Balance at Oct. 31, 2010	505,072	12,253	255,595	797,695	(66,306)	(494,165)
Balance, shares at Oct. 31, 2010		30,152
Shares issued under company stock and employee benefit plans			1,564			13,315
Shares issued under company stock and employee benefit plans, shares		(936)
Purchase of treasury shares	(134,163)					(143,217)
Purchase of treasury shares, shares		3,206
Tax benefit from stock option and restricted stock transactions			6,924
Stock-based compensation			8,845
Net income	222,364			222,364
Dividends paid ($.525 per share in 2012, $.44 per share in 2011, and $.39 per share in 2010)				(29,838)
Translation adjustments	562				562
Net prior service cost arising during the year, net of tax of $(1,078) in 2012, $(315) in 2011 and $3 in 2010					414
Net actuarial loss arising during the year, net of tax of $7,791 in 2012, $9,002 in 2011 and $4,756 in 2010					(14,682)
Balance at Oct. 31, 2011	571,323	12,253	272,928	990,221	(80,012)	(624,067)
Balance, shares at Oct. 31, 2011		32,422
Shares issued under company stock and employee benefit plans			(504)			7,762
Shares issued under company stock and employee benefit plans, shares		(571)
Purchase of treasury shares	(86,022)					(90,778)
Purchase of treasury shares, shares		1,915
Tax benefit from stock option and restricted stock transactions			4,792
Stock-based compensation			10,365
Net income	224,829			224,829
Dividends paid ($.525 per share in 2012, $.44 per share in 2011, and $.39 per share in 2010)				(33,805)
Translation adjustments	(10,806)				(10,806)
Settlement loss recognized, net of tax of $ (331) in 2012 and $(3,085) in 2010	563				563
Net prior service cost arising during the year, net of tax of $(1,078) in 2012, $(315) in 2011 and $3 in 2010					1,959
Net actuarial loss arising during the year, net of tax of $7,791 in 2012, $9,002 in 2011 and $4,756 in 2010					(15,930)
Balance at Oct. 31, 2012	$ 669,770	$ 12,253	$ 287,581	$ 1,181,245	$ (104,226)	$ (707,083)
Balance, shares at Oct. 31, 2012		33,766

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Stock-based compensation (Details Textual) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Stock-based Compensation (Textual) [Abstract]
Percentage of common shares available for grant from Outstanding common shares			2.50%
Number of shares available for grant	1,606
Weighted-average expected volatility used	46.20%	44.30%
Weighted average grant date fair value of stock options granted	$ 17.03	$ 16.80	$ 11.08
Expense related to non vested common shares	$ 1,724	$ 1,278	$ 774
Expense related to director deferred compensation	265	265	351
Periods of performance considered for calculating compensation expense	3 years
Compensation expense charged	4,235	4,067	3,879
Cumulative amount recorded in shareholders' equity related to Long Term Incentive Plan	8,707	6,081	3,879
Number of common shares reserved for future issuance	2,682
Stock Options [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Maximum rate of stock option, description	not exceeding 25 percent per year
Maximum rate of stock option	25.00%
Unrecognized compensation cost related to nonvested common shares	8,030
Weighted average period expected to be amortized, non vested shares	1 year 9 months 18 days
Beginning period of option exercised	1 year
Compensation expense recognized	3,789	2,906	2,231
Total intrinsic value of options exercised	13,329	23,076	22,821
Cash received from exercise of stock options	4,934	9,652	13,828
Tax benefit realized from tax deductions from exercises of stock options	4,792	6,924	7,798
Option Expiring period	10 years
Restricted Stock [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Unrecognized compensation cost related to nonvested common shares	$ 2,119
Weighted average period expected to be amortized, non vested shares	1 year 8 months 12 days
Restricted stock blocking period, Minimum	1 year
Restricted stock blocking period, Maximum	3 years
Period of termination of service	1 year
Executive Officer and Selected Other Key Employees [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Weighted Average Grant Date Fair Value	$ 42.12	$ 42.02	$ 26.10
Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Weighted Average Grant Date Fair Value	$ 42.12	$ 42.02	$ 29.52
Other Employees [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Weighted Average Grant Date Fair Value	$ 42.12	$ 42.02	$ 26.10

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Retirement, pension and other postretirement plans (Details 5) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012
Discount Rate [Member] | Pension plan, United States [Member]
The effect of a one percent change in the discount rate, expected return on assets and compensation increase
Defined benefit plan effect of 1% point increase on service and interest cost	$ (3,897)
Defined benefit plan effect of 1% point decrease on service and interest cost	4,670
Defined benefit plan effect of 1% point increase on pension obligation	(37,767)
Defined benefit plan effect of 1% point decrease on pension obligation	47,918
Discount Rate [Member] | Pension Plan, International [Member]
The effect of a one percent change in the discount rate, expected return on assets and compensation increase
Defined benefit plan effect of 1% point increase on service and interest cost	(851)
Defined benefit plan effect of 1% point decrease on service and interest cost	1,398
Defined benefit plan effect of 1% point increase on pension obligation	(13,344)
Defined benefit plan effect of 1% point decrease on pension obligation	17,074
Expected Return on Assets [Member] | Pension plan, United States [Member]
The effect of a one percent change in the discount rate, expected return on assets and compensation increase
Defined benefit plan effect of 1% point increase on service and interest cost	(1,890)
Defined benefit plan effect of 1% point decrease on service and interest cost	1,890
Defined benefit plan effect of 1% point increase on pension obligation
Defined benefit plan effect of 1% point decrease on pension obligation
Expected Return on Assets [Member] | Pension Plan, International [Member]
The effect of a one percent change in the discount rate, expected return on assets and compensation increase
Defined benefit plan effect of 1% point increase on service and interest cost	(321)
Defined benefit plan effect of 1% point decrease on service and interest cost	321
Defined benefit plan effect of 1% point increase on pension obligation
Defined benefit plan effect of 1% point decrease on pension obligation
Compensation Increase [Member] | Pension plan, United States [Member]
The effect of a one percent change in the discount rate, expected return on assets and compensation increase
Defined benefit plan effect of 1% point increase on service and interest cost	2,792
Defined benefit plan effect of 1% point decrease on service and interest cost	(2,309)
Defined benefit plan effect of 1% point increase on pension obligation	17,886
Defined benefit plan effect of 1% point decrease on pension obligation	(14,864)
Compensation Increase [Member] | Pension Plan, International [Member]
The effect of a one percent change in the discount rate, expected return on assets and compensation increase
Defined benefit plan effect of 1% point increase on service and interest cost	903
Defined benefit plan effect of 1% point decrease on service and interest cost	(734)
Defined benefit plan effect of 1% point increase on pension obligation	6,304
Defined benefit plan effect of 1% point decrease on pension obligation	$ (5,468)

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Acquisition (Details Textual 1) (USD $) In Thousands, unless otherwise specified									3 Months Ended		9 Months Ended		3 Months Ended		12 Months Ended		12 Months Ended			12 Months Ended				12 Months Ended				12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2012 2012 acquisitions [Member]	Nov. 02, 2010 Micromedics [Member] Other 2011 acquisitions [Member]	Jun. 30, 2011 Verbruggen [Member] Other 2011 acquisitions [Member]	Jan. 05, 2010 GLT Gesellschaft Fur Lottechnik [Member] 2010 acquisitions [Member]	Oct. 31, 2011 Value Plastics [Member] 2011 acquisitions [Member]	Oct. 31, 2012 Sealant Equipment And Engineering [Member] 2012 acquisitions [Member]	Jan. 31, 2011 Customer Lists [Member] Micromedics [Member] Other 2011 acquisitions [Member]	Nov. 02, 2010 Customer Lists [Member] Micromedics [Member] Other 2011 acquisitions [Member]	Jul. 31, 2011 Customer Lists [Member] Verbruggen [Member] Other 2011 acquisitions [Member]	Jun. 30, 2011 Customer Lists [Member] Verbruggen [Member] Other 2011 acquisitions [Member]	Jan. 31, 2010 Customer Lists [Member] GLT Gesellschaft Fur Lottechnik [Member] 2010 acquisitions [Member]	Jan. 05, 2010 Customer Lists [Member] GLT Gesellschaft Fur Lottechnik [Member] 2010 acquisitions [Member]	Oct. 31, 2011 Customer Lists [Member] Value Plastics [Member] 2011 acquisitions [Member]	Aug. 26, 2011 Customer Lists [Member] Value Plastics [Member] 2011 acquisitions [Member]	Oct. 31, 2012 Customer Lists [Member] EDI, Xaloy and Sealant Equipment [Member] 2012 acquisitions [Member]	Oct. 31, 2011 Technology Asset [Member] Value Plastics [Member] 2011 acquisitions [Member]	Aug. 26, 2011 Technology Asset [Member] Value Plastics [Member] 2011 acquisitions [Member]	Oct. 31, 2012 Technology Asset [Member] EDI, Xaloy and Sealant Equipment [Member] 2012 acquisitions [Member]	Oct. 31, 2012 Trade name [Member]	Oct. 31, 2011 Trade name [Member] Value Plastics [Member] 2011 acquisitions [Member]	Aug. 26, 2011 Trade name [Member] Value Plastics [Member] 2011 acquisitions [Member]	Oct. 31, 2012 Trade name [Member] EDI, Xaloy and Sealant Equipment [Member] 2012 acquisitions [Member]	Oct. 31, 2012 Non-compete agreements [Member]	Oct. 31, 2011 Non-compete agreements [Member] Value Plastics [Member] 2011 acquisitions [Member]	Aug. 26, 2011 Non-compete agreements [Member] Value Plastics [Member] 2011 acquisitions [Member]	Oct. 31, 2012 Non-compete agreements [Member] EDI, Xaloy and Sealant Equipment [Member] 2012 acquisitions [Member]
Acquisition (Textual) [Abstract]
Fair value of the assets acquired and the liabilities assumed, intangible assets			$ 122,596	$ 7,500	$ 4,017	$ 7,270	$ 74,720			$ 4,550		$ 2,900		$ 5,661		$ 40,400	$ 48,730		$ 18,500	$ 25,740			$ 15,400	$ 43,710			$ 420	$ 4,416
Customer relationships amortization period									10 years		11 years		10 years		25 years		9 years	15 years		15 years	16 years	20 years		15 years	5 years	2 years		2 years
Goodwill	$ 812,817	$ 547,826						$ 23,247

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Details of balance sheet (Tables)

12 Months Ended

Oct. 31, 2012

Details of balance sheet [Abstract]

Details of balance sheet

	2012			2011
Receivables:
Accounts	$	308,604		$	235,240
Notes		13,797			16,082
Other		5,938			6,299
		328,339			257,621
Allowance for doubtful accounts		(3,776	)		(3,311	)
	$	324,563		$	254,310
Inventories:
Finished goods	$	103,552		$	98,879
Work-in-process		22,159			13,971
Raw materials and finished parts		71,189			51,891
		196,900			164,741
Obsolescence and other reserves		(20,505	)		(16,050	)
LIFO reserve		(6,810	)		(6,779	)
	$	169,585		$	141,912
Property, plant and equipment:
Land	$	8,533		$	7,791
Land improvements		3,424			3,392
Buildings		125,338			121,870
Machinery and equipment		257,229			207,734
Enterprise management system		43,335			43,006
Construction-in-progress		10,110			5,623
Leased property under capitalized leases		23,842			16,796
		471,811			406,212
Accumulated depreciation and amortization		(296,880	)		(275,329	)
	$	174,931		$	130,883
Accrued liabilities:
Salaries and other compensation	$	46,930		$	44,068
Pension and retirement		1,435			1,030
Taxes other than income taxes		10,766			9,252
Other		62,819			46,944
	$	121,950		$	101,294

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Retirement, pension and other postretirement plans (Details 11) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011
Postretirement Benefit Plans, United States [Member]
Amounts recognized in accumulated other comprehensive (gain) loss:
Balance at beginning of year	$ 35,374	$ 21,423
Net (gain) loss arising during the year	(4,315)	14,410
Prior service cost (credit) arising during the year	(202)
Net gain (loss) recognized during the year	(1,790)	(1,606)
Prior service (cost) credit recognized during the year	584	1,147
Balance at end of year	29,651	35,374
Postretirement Benefit Plans, International [Member]
Amounts recognized in accumulated other comprehensive (gain) loss:
Balance at beginning of year	(260)	(203)
Net (gain) loss arising during the year	108	(62)
Net gain (loss) recognized during the year	14	8
Exchange rate effect during the year		(3)
Balance at end of year	$ (138)	$ (260)

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Divestiture

12 Months Ended

Oct. 31, 2012

Divestiture [Abstract]

Divestiture

Note 14 — Divestiture

On June 30, 2010, we sold our UV Curing graphic arts and lamps product lines to Baldwin Technology Company, Inc. These product lines were reported in the Advanced Technology Systems segment. This divestiture did not qualify for discontinued operations treatment, because it was not a component of an entity, as its operations and cash flows were not clearly distinguished from the rest of the entity. During 2010, we recognized a pretax loss on disposition of $357, which is reflected in selling and administrative expenses in the Consolidated Statement of Income. We recognized a pre-tax impairment charge of $14,101 in 2009, including $12,129 of goodwill impairment, to write down the carrying amount of the assets held for sale to the estimated fair value less costs to sell. The tax benefit related to the write-off of our tax basis in the investment in these product lines is discussed in Note 4.

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Leases (Tables)

12 Months Ended

Oct. 31, 2012

Leases [Abstract]

Assets held under capitalized leases and included in property, plant and equipment

	2012			2011
Transportation equipment	$	15,697		$	14,215
Other		8,145			2,581
Total capitalized leases		23,842			16,796
Accumulated amortization		(7,614	)		(6,969	)
Net capitalized leases	$	16,228		$	9,827

Future minimum lease payments under noncancelable capitalized and operating leases

	Capitalized Leases		Operating Leases
Year:
2013	$	6,714	$	12,408
2014		5,133		7,813
2015		2,639		5,622
2016		955		4,172
2017		469		3,287
Later years		5,184		11,465
Total minimum lease payments		21,094	$	44,767
Less amount representing executory costs		2,065
Net minimum lease payments		19,029
Less amount representing interest		3,136
Present value of net minimum lease payments		15,893
Less current portion		4,948
Long-term obligations at October 31, 2012	$	10,945

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Acquisition (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended								12 Months Ended				3 Months Ended	12 Months Ended
	Oct. 31, 2012	Jul. 31, 2012	Apr. 30, 2012	Jan. 31, 2012	Oct. 31, 2011	Jul. 31, 2011	Apr. 30, 2011	Jan. 31, 2011	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010	Oct. 31, 2012 2012 acquisitions [Member]	Jun. 14, 2012 EDI Holdings, Inc [Member]	Jun. 14, 2012 EDI Holdings, Inc [Member] 2012 acquisitions [Member]	Jun. 21, 2012 Xaloy Superior Holdings, Inc [Member]	Jun. 21, 2012 Xaloy Superior Holdings, Inc [Member] 2012 acquisitions [Member]	Oct. 31, 2012 EDI, Xaloy and Sealant Equipment [Member] 2012 acquisitions [Member]	Oct. 31, 2011 EDI, Xaloy and Sealant Equipment [Member] 2012 acquisitions [Member]	Aug. 02, 2012 Sealant Equipment & Engineering, Inc [Member]	Aug. 02, 2012 Sealant Equipment & Engineering, Inc [Member] 2012 acquisitions [Member]	Oct. 31, 2011 Value Plastics Inc [Member] 2011 acquisitions [Member]	Oct. 31, 2011 Value Plastics Inc [Member] 2011 acquisitions [Member]	Oct. 31, 2010 Value Plastics Inc [Member] 2011 acquisitions [Member]	Aug. 26, 2011 Value Plastics Inc [Member] 2011 acquisitions [Member]	Nov. 02, 2010 Micromedics [Member] Other 2011 acquisitions [Member]	Jun. 30, 2011 Verbruggen [Member] Other 2011 acquisitions [Member]	Jan. 05, 2010 GLT Gesellschaft Fur Lottechnik [Member] 2010 acquisitions [Member]
Business Acquisition [Line Items]
Acquired percent of the outstanding shares														100.00%		100.00%				100.00%				100.00%	100.00%	100.00%	100.00%
Sales	$ 438,677	$ 379,872	$ 315,193	$ 275,836	$ 331,018	$ 312,255	$ 318,924	$ 270,962	$ 1,409,578	$ 1,233,159	$ 1,041,551						$ 76,968
Net income attributable	67,686	66,694	52,111	38,338	54,675	56,550	65,242	45,897	224,829	222,364	168,048						2,584
Fair value of the assets acquired and the liabilities assumed, goodwill																	11,000				15,600
Adjusted to include acquisition related expenses																		2,109					375
Acquisition related expenses excluded from results																	2,109					375
Nonrecurring expense related to the fair value adjustment to acquisition-date inventory included in pro forma results																		4,589					4,575
Nonrecurring expense related to the fair value adjustment to acquisition-date inventory excluded from pro forma results																	4,589					2,401
Intangible assets, amortization expense																	11,713	13,159				3,829	3,829
Fair value of the consideration transferred, net of cash acquired																									21,296	13,305	18,576
Goodwill												$ 266,677	$ 127,183		$ 116,247				$ 23,247						$ 13,312	$ 8,461	$ 6,034

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Operating segments and geographic area data

12 Months Ended

Oct. 31, 2012

Operating segments and geographic area data [Abstract]

Operating segments and geographic area data

Note 16 — Operating segments and geographic area data

We conduct business in three primary operating segments: Adhesive Dispensing Systems, Advanced Technology Systems, and Industrial Coating Systems. Effective November 1, 2011, the Industrial Coating Systems segment includes our fuel cell product line that had previously been reported in the Advanced Technology Systems segment. This reclassification more closely reflects the change in management of this product line and its related growth opportunities. Prior year results have been reclassified to reflect the segment change.

The composition of segments and measure of segment profitability is consistent with that used by our chief operating decision maker. The primary measure used by the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing performance is operating profit, which equals sales less cost of sales and certain operating expenses. Items below the operating profit line of the Consolidated Statement of Income (interest and investment income, interest expense and other income/expense) are excluded from the measure of segment profitability reviewed by our chief operating decision maker and are not presented by operating segment. In addition, the measure of segment operating profit that is reported to and reviewed by the chief operating decision maker excludes severance costs in 2010 associated with a cost reduction program that began in 2008 and expense in 2011 related to the withdrawal from a multiemployer employee pension fund in Japan. The accounting policies of the segments are generally the same as those described in Note 1, Significant Accounting Policies.

No single customer accounted for ten percent or more of sales in 2012, 2011 or 2010.

The following table presents information about our reportable segments:

	Adhesive Dispensing Systems			Advanced Technology Systems		Industrial Coating Systems			Corporate			Total
Year ended October 31, 2012
Net external sales	$	684,096		$	515,992	$	209,490		$	—		$	1,409,578
Depreciation		9,532			8,695		3,141			3,101			24,469
Operating profit		211,072	(a)		134,074		25,933	(b)		(35,599	)		335,480
Identifiable assets (c)		611,357			718,354		110,982			395,331	(d)		1,836,024
Expenditures for long-lived assets		14,612			6,871		4,602			4,874			30,959
Year ended October 31, 2011
Net external sales	$	611,911		$	437,232	$	184,016		$	—		$	1,233,159
Depreciation		7,087			7,851		2,855			2,965			20,758
Operating profit (loss)		210,350	(a)		114,660		27,220			(36,687	)(e)		315,543
Identifiable assets (c)		286,974			691,479		71,438			270,500	(d)		1,320,391
Expenditures for long-lived assets		4,477			4,833		2,437			8,492			20,239
Year ended October 31, 2010
Net external sales	$	525,290		$	367,900	$	148,361		$	—		$	1,041,551
Depreciation		8,014			7,502		2,990			4,119			22,625
Operating profit		166,255			84,261		14,574			(30,257	)(e)		234,833
Identifiable assets (c)		251,881			476,368		62,451			206,663	(d)		997,363
Expenditures for long-lived assets		1,857			2,789		551			9,120			14,317

(a) Includes $3,862 of cost of goods sold — restructuring and severance and restructuring costs in 2012. Includes $1,811 of impairment charges related to write down of assets to fair value and $1,589 of severance charges and other termination fees in 2011.

(b) Includes $690 of severance and restructuring costs in 2012.

(c) Operating segment identifiable assets include notes and accounts receivable net of customer advance payments and allowance for doubtful accounts, inventories net of reserves, property, plant and equipment net of accumulated depreciation and goodwill.

(d) Corporate assets are principally cash and cash equivalents, deferred income taxes, capital leases, headquarter facilities, the major portion of our enterprise management system, and intangible assets.

(e) Includes $3,120 of expense related to the withdrawal from a multiemployer employee pension fund in Japan in 2011 and severance charges of $2,029 in 2010.

We have significant sales and long-lived assets in the following geographic areas:

	2012		2011		2010
Net external sales
United States	$	388,904	$	312,328	$	273,652
Americas		109,074		102,077		78,058
Europe		381,005		390,319		336,119
Japan		127,509		111,003		93,318
Asia Pacific		403,086		317,432		260,404
Total net external sales	$	1,409,578	$	1,233,159	$	1,041,551
Long-lived assets
United States	$	127,486	$	90,994	$	80,974
Americas		3,180		2,933		1,865
Europe		14,896		16,312		13,401
Japan		3,431		3,496		3,587
Asia Pacific		25,938		17,148		16,568
Total long-lived assets	$	174,931	$	130,883	$	116,395

A reconciliation of total segment operating income to total consolidated income before income taxes is as follows:

	2012			2011			2010
Total profit for reportable segments	$	335,480		$	315,543		$	234,833
Interest expense		(11,153	)		(5,069	)		(6,263	)
Interest and investment income		463			569			819
Other-net		1,463			3,518			1,930
Income before income taxes	$	326,253		$	314,561		$	231,319

A reconciliation of total assets for reportable segments to total consolidated assets is as follows:

	2012			2011			2010
Total assets for reportable segments	$	1,836,024		$	1,320,391		$	997,363
Customer advance payments		20,894			9,375			10,999
Eliminations		(27,403	)		(25,316	)		(22,008	)
Total consolidated assets	$	1,829,515		$	1,304,450		$	986,354

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Retirement, pension and other postretirement plans (Details 14) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012
Postretirement Benefit Plans, United States [Member]
One percentage point change in the discount rate and assumed health care cost trend rate
Effect on total service and interest cost components in 2012 ,1% point increase	$ (858)
Effect on total service and interest cost components in 2012 ,1% point decrease	1,056
Effect on postretirement obligation as of October 31, 2012, 1% point increase	(9,402)
Effect on postretirement obligation as of October 31, 2012, 1% point decrease	11,835
Effect on total service and interest cost components in 2012 ,1% point increase	699
Effect on total service and interest cost components in 2012 ,1% point decrease	(558)
Effect on postretirement obligation as of October 31, 2012, 1% point increase	10,827
Effect on postretirement obligation as of October 31, 2012, 1% point decrease	(8,766)
Postretirement Benefit Plans, International [Member]
One percentage point change in the discount rate and assumed health care cost trend rate
Effect on total service and interest cost components in 2012 ,1% point increase	(8)
Effect on total service and interest cost components in 2012 ,1% point decrease	10
Effect on postretirement obligation as of October 31, 2012, 1% point increase	(163)
Effect on postretirement obligation as of October 31, 2012, 1% point decrease	217
Effect on total service and interest cost components in 2012 ,1% point increase	18
Effect on total service and interest cost components in 2012 ,1% point decrease	(13)
Effect on postretirement obligation as of October 31, 2012, 1% point increase	205
Effect on postretirement obligation as of October 31, 2012, 1% point decrease	$ (158)

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Goodwill and intangible assets (Details 1) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Summary of intangible assets subject to amortization
Carrying Amount	$ 271,658	$ 150,181
Accumulated Amortization	43,767	29,482
Net Book Value	227,891	120,699
Patent/technology costs [Member]
Summary of intangible assets subject to amortization
Carrying Amount	68,892	43,235
Accumulated Amortization	15,678	11,571
Net Book Value	53,214	31,664
Customer relationships [Member]
Summary of intangible assets subject to amortization
Carrying Amount	126,086	78,324
Accumulated Amortization	18,167	11,843
Net Book Value	107,919	66,481
Non-compete agreements [Member]
Summary of intangible assets subject to amortization
Carrying Amount	9,337	5,042
Accumulated Amortization	5,234	3,727
Net Book Value	4,103	1,315
Trade name [Member]
Summary of intangible assets subject to amortization
Carrying Amount	65,911	22,143
Accumulated Amortization	3,716	1,530
Net Book Value	62,195	20,613
Other [Member]
Summary of intangible assets subject to amortization
Carrying Amount	1,432	1,437
Accumulated Amortization	972	811
Net Book Value	$ 460	$ 626

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Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Retained earnings
Dividend paid per share	$ 0.525	$ 0.44	$ 0.39
Accumulated other comprehensive income (loss)
Tax on remeasurement of supplemental pension liability			$ 1,648
Tax on settlement loss recognized	(331)		(3,085)
Tax on net prior service cost (credit) occurring during the year	(1,078)	(315)	3
Tax on net actuarial loss occurring during the year	$ 7,791	$ 9,002	$ 4,756

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 224,829	$ 222,364	$ 168,048
Components of other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(10,806)	562	(4,361)
Pension and postretirement benefit plans:
Prior service credit arising during the year	2,142	714	1,138
Net actuarial loss arising during the year	(23,829)	(20,966)	(15,466)
Amortization of prior service cost	(183)	(300)	(1,120)
Amortization of actuarial loss	7,899	6,284	6,593
Remeasurement of supplemental pension liability			(2,746)
Settlement loss recognized	563		5,126
Total pension and postretirement benefit plans	(13,408)	(14,268)	(6,475)
Total other comprehensive loss	(24,214)	(13,706)	(10,836)
Total comprehensive income	$ 200,615	$ 208,658	$ 157,212

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Financial instruments

12 Months Ended

Oct. 31, 2012

Financial instruments [Abstract]

Financial instruments

Note 9 — Financial instruments

We operate internationally and enter into intercompany transactions denominated in foreign currencies. Consequently, we are subject to market risk arising from exchange rate movements between the dates foreign currency transactions occur and the dates they are settled. We regularly use foreign currency forward contracts to reduce our risks related to most of these transactions. These contracts usually have maturities of 90 days or less and generally require us to exchange foreign currencies for U.S. dollars at maturity, at rates stated in the contracts. These contracts are not designated as hedging instruments under U.S. GAAP. Accordingly, the changes in the fair value of the hedges of balance sheet positions are recognized in each accounting period in “other — net” on the Consolidated Statement of Income together with the transaction gain or loss from the hedged balance sheet position. In 2012, we recognized net gains of $294 on foreign exchange contracts and net losses of $1,310 from the change in fair value of balance sheet positions. In 2011, we recognized net losses of $11,277 on foreign exchange contracts and net gains of $13,477 from the change in fair value of balance sheet positions. In 2010, we recognized net gains of $7,970 on foreign exchange contracts and net losses of $6,749 from the change in fair value of balance sheet positions. We do not use financial instruments for trading or speculative purposes.

The following table summarizes, by currency, forward exchange contracts outstanding at October 31, 2012 and 2011:

	Sell				Buy
	Notional Amounts		Fair Market Value		Notional Amounts		Fair Market Value
October 31, 2012 contract amounts:
Euro	$	3,186	$	3,220	$	95,370	$	95,769
Pound sterling		—		—		28,771		28,959
Japanese yen		5,810		5,766		15,643		15,465
Others		5,273		5,244		37,443		37,666
Total	$	14,269	$	14,230	$	177,227	$	177,859
October 31, 2011 contract amounts:
Euro	$	10,920	$	10,967	$	88,209	$	87,736
Pound sterling		29,381		29,465		56,028		56,515
Japanese yen		16,723		16,416		15,788		15,566
Others		13,827		13,891		33,001		33,473
Total	$	70,851	$	70,739	$	193,026	$	193,290

We also use intercompany foreign currency transactions of a long-term investment nature to hedge the value of investment in wholly-owned subsidiaries. For hedges of the net investment in foreign operations, realized and unrealized gains and losses are shown in the cumulative translation adjustment account included in total comprehensive income. For 2012 and 2011, net gains of $240 and net losses of $170, respectively, were included in the cumulative translation adjustment account related to foreign denominated fixed-rate debt designated as a hedge of net investment in foreign operations.

We are exposed to credit-related losses in the event of nonperformance by counterparties to financial instruments. These financial instruments include cash deposits and forward exchange contracts. We periodically monitor the credit ratings of these counterparties in order to minimize our exposure. Our customers represent a wide variety of industries and geographic regions. As of October 31, 2012, there were no significant concentrations of credit risk.

The carrying amounts and fair values of financial instruments, other than receivables and accounts payable, are shown in the table below. The carrying values of receivables and accounts payable approximate fair value due to the short-term nature of these instruments.

	2012				2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	41,239	$	41,239	$	37,408	$	37,408
Marketable securities		279		279		—		—
Notes payable		50,001		50,001		33		33
Long-term debt (including current portion)		583,709		584,624		319,123		313,850
Forward exchange contracts (net)		671		671		376		376

We used the following methods and assumptions in estimating the fair value of financial instruments:

• Cash, cash equivalents and notes payable are valued at their carrying amounts due to the relatively short period to maturity of the instruments.

• Marketable securities are valued at quoted market prices, which are considered to be Level 1 inputs under the fair value hierarchy.

• Long-term debt is valued by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy.

• Foreign exchange contracts are estimated using quoted exchange rates, which are considered to be Level 2 inputs under the fair value hierarchy.

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Operating segments and geographic area data (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Oct. 31, 2012	Jul. 31, 2012	Apr. 30, 2012	Jan. 31, 2012	Oct. 31, 2011	Jul. 31, 2011	Apr. 30, 2011	Jan. 31, 2011	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Net external sales
Net external sales	$ 438,677	$ 379,872	$ 315,193	$ 275,836	$ 331,018	$ 312,255	$ 318,924	$ 270,962	$ 1,409,578	$ 1,233,159	$ 1,041,551
Long-lived assets	174,931				130,883				174,931	130,883	116,395
United States [Member]
Net external sales
Net external sales									388,904	312,328	273,652
Long-lived assets	127,486				90,994				127,486	90,994	80,974
Americas [Member]
Net external sales
Net external sales									109,074	102,077	78,058
Long-lived assets	3,180				2,933				3,180	2,933	1,865
Europe [Member]
Net external sales
Net external sales									381,005	390,319	336,119
Long-lived assets	14,896				16,312				14,896	16,312	13,401
Japan [Member]
Net external sales
Net external sales									127,509	111,003	93,318
Long-lived assets	3,431				3,496				3,431	3,496	3,587
Asia Pacific [Member]
Net external sales
Net external sales									403,086	317,432	260,404
Long-lived assets	$ 25,938				$ 17,148				$ 25,938	$ 17,148	$ 16,568

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Stock-based compensation (Details 4) (Deferred Compensation, Share Equivalent Units [Member], Directors [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Oct. 31, 2012
Deferred Compensation, Share Equivalent Units [Member] | Directors [Member]
Summarized activity related to director deferred compensation shares
Number of Shares, Outstanding, Beginning Balance	243
Number of Shares, Deferrals	3
Number of Shares, Restricted stock units vested	11
Number of Shares, Dividend equivalents	2
Number of Shares, Distributions	(59)
Number of Shares, Outstanding, Ending Balance	200
Weighted-Average Grant Date Fair Value Per Share, Beginning Balance	$ 17.51
Weighted-Average Grant Date Fair Value Per Share, Deferrals	$ 52.74
Weighted-Average Grant Date Fair Value Per Share, Restricted stock units vested	$ 28.47
Weighted-Average Grant Date Fair Value Per Share, Dividend equivalents	$ 51.68
Weighted-Average Grant Date Fair Value Per Share, Distributions	$ 15.93
Weighted-Average Grant Date Fair Value Per Share, Ending Balance	$ 19.44

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Stock-based compensation (Details 2) (Stock Options [Member])	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011
Fair value assumptions of stock options
Expected volatility, Minimum	45.40%	43.10%
Expected volatility, Maximum	46.90%	45.10%
Risk-free interest rate, Minimum	1.03%	1.89%
Risk-free interest rate, Maximum	1.23%	2.25%
Expected dividend yield	1.20%	1.28%
Minimum [Member]
Fair value assumptions of stock options
Expected life of the option (in years)	5 years 4 months 24 days	5 years 4 months 24 days
Maximum [Member]
Fair value assumptions of stock options
Expected life of the option (in years)	6 years 1 month 6 days	6 years 3 months 18 days

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Document and Entity Information (USD $)	12 Months Ended
	Oct. 31, 2012	Nov. 30, 2012	Apr. 29, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	NORDSON CORP
Entity Central Index Key	0000072331
Document Type	10-K
Document Period End Date	Oct. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--10-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 3,452,129,000
Entity Common Stock, Shares Outstanding		64,321,670

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Capital shares

12 Months Ended

Oct. 31, 2012

Capital shares [Abstract]

Capital shares

Note 10 — Capital shares

Preferred — We have authorized 10,000 Series A convertible preferred shares without par value. No preferred shares were outstanding in 2012, 2011 or 2010.

Common — We have 160,000 authorized common shares without par value. At October 31, 2012 and 2011, there were 98,023 common shares issued. At October 31, 2012 and 2011, the number of outstanding common shares, net of treasury shares, was 64,257 and 65,601, respectively.

Common shares repurchased as part of publicly announced programs during 2012, 2011 and 2010 were as follows:

Year	Number of Shares		Total Amount		Average per Share
2012		1,831	$	86,022	$	46.98
2011		3024	$	134,163	$	44.37
2010		697	$	22,047	$	31.63

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Notes payable (Details) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Bank lines of credit and notes
Maximum borrowings under bank lines of credit	$ 90,260	$ 43,305
Outstanding notes payable	50,001	33
Weighted-average interest rate on notes payable	1.10%	1.50%
Unused bank lines of credit	40,259	43,272
Domestic Bank Debt [Member]
Bank lines of credit and notes
Maximum borrowings under bank lines of credit	50,000
Outstanding notes payable	50,000
Foreign Bank Debt [Member]
Bank lines of credit and notes
Maximum borrowings under bank lines of credit	40,260	43,305
Outstanding notes payable	$ 1	$ 33

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Stock-based compensation (Details 1) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Oct. 31, 2012
Price Range 12 to 20 [Member]
Summarized information on currently outstanding options
Number outstanding	629
Weighted-average remaining contractual life, in years	4 years 3 months 18 days
Weighted-average exercise price	$ 15.80
Number exercisable	484
Weighted-average exercise price	$ 16.22
Price Range 21 to 28 [Member]
Summarized information on currently outstanding options
Number outstanding	499
Weighted-average remaining contractual life, in years	5 years 9 months 18 days
Weighted-average exercise price	$ 26.58
Number exercisable	320
Weighted-average exercise price	$ 26.27
Price Range 29 to 44 [Member]
Summarized information on currently outstanding options
Number outstanding	636
Weighted-average remaining contractual life, in years	8 years 4 months 24 days
Weighted-average exercise price	$ 42.14
Number exercisable	89
Weighted-average exercise price	$ 38.44

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Current assets:
Cash and cash equivalents	$ 41,239	$ 37,408
Marketable securities	279
Receivables - net	324,563	254,310
Inventories - net	169,585	141,912
Deferred income taxes	29,929	25,378
Prepaid expenses	21,028	17,949
Total current assets	586,623	476,957
Property, plant and equipment - net	174,931	130,883
Goodwill	812,817	547,826
Intangible assets - net	227,891	120,699
Other assets	27,253	28,085
Total assets	1,829,515	1,304,450
Current liabilities:
Notes payable	50,001	33
Accounts payable	62,869	46,381
Income taxes payable	27,354	15,283
Accrued liabilities	121,950	101,294
Customer advance payments	20,894	9,375
Current maturities of long-term debt	55,668	5,664
Current obligations under capital leases	4,948	4,131
Total current liabilities	343,684	182,161
Long-term debt	528,041	313,459
Obligations under capital leases	10,945	5,202
Pension obligations	161,399	123,058
Postretirement obligations	69,851	71,943
Deferred income taxes	26,159	17,415
Other liabilities	19,666	19,889
Shareholders' equity:
Preferred shares, no par value; 10,000 shares authorized; none issued
Common shares, no par value; 160,000 shares authorized; 98,023 shares issued at October 31, 2012 and 2011	12,253	12,253
Capital in excess of stated value	287,581	272,928
Retained earnings	1,181,245	990,221
Accumulated other comprehensive loss	(104,226)	(80,012)
Common shares in treasury, at cost	(707,083)	(624,067)
Total shareholders' equity	669,770	571,323
Total liabilities and shareholders' equity	$ 1,829,515	$ 1,304,450

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Income taxes

12 Months Ended

Oct. 31, 2012

Income taxes [Abstract]

Income taxes

Note 4 — Income taxes

Income tax expense includes the following:

	2012		2011			2010
Current:
U.S. federal	$	51,458	$	53,983		$	9,811
State and local		1,378		2,029			29
Foreign		38,760		35,469			26,601
Total current		91,596		91,481			36,441
Deferred:
U.S. federal		7,204		1,851			34,097
State and local		782		23			(2,771	)
Foreign		1,842		(1,158	)		(4,496	)
Total deferred		9,828		716			26,830
	$	101,424	$	92,197		$	63,271

Earnings before income taxes of domestic operations, which are calculated after intercompany profit eliminations, were $177,035, $181,258 and $130,149 in 2012, 2011 and 2010, respectively.

Income tax expense in 2012 includes a benefit of $2,717 related to the utilization of loss carryforwards and to the release of the valuation allowance related to loss carryforwards which are expected to be utilized in future years. Income tax expense in 2011 and 2010 includes a benefit related to the utilization of loss carryforwards of $682 and $1,876, respectively.

Income tax expense for 2011 includes a benefit of $2,027 from a reduction in unrecognized tax benefits, primarily related to settlements with tax authorities. In December 2010, the U.S. Congress passed and the President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which provided retroactive reinstatement of a research credit. As a result, income tax expense for 2011 includes a tax benefit of $1,580 related to research credit generated in 2010.

During 2010 we sold our UV Curing graphic arts and lamps product lines to Baldwin Technology Company, Inc., as discussed in Note 14, and we recognized $10,243 in tax benefits from the write-off of our tax basis in the product lines. Income tax expense for 2010 was negatively impacted by the enactment in March 2010 of the Patient Protection and Affordable Care Act and the subsequent enactment of the Health Care and Education Reconciliation Act of 2010, resulting in an additional tax charge of $5,249. The charge is due to a reduction in the value of our deferred tax asset as a result of a change to the tax treatment associated with Medicare Part D subsidies.

A reconciliation of the U.S. statutory federal rate to the worldwide consolidated effective tax rate follows:

	2012			2011			2010
Statutory federal income tax rate		35.00	%		35.00	%		35.00	%
Domestic Production Deduction		(1.82	)		(1.76	)		(0.75	)
Foreign tax rate variances, net of foreign tax credits		(2.31	)		(2.51	)		(4.56	)
State and local taxes, net of federal income tax benefit		0.43			0.42			(0.79	)
Tax expense related to tax law change		—			—			2.27
Tax benefit from sale of UV product lines		—			—			(4.43	)
Amounts related to prior years		(0.31	)		(1.31	)		0.34
Other — net		0.10			(0.53	)		0.27
Effective tax rate		31.09	%		29.31	%		27.35	%

The Domestic Production Deduction, enacted by the American Jobs Creation Act of 2004, allows a deduction with respect to income from certain United States manufacturing activities.

Earnings before income taxes of international operations, which are calculated before intercompany profit elimination entries, were $149,218, $133,303 and $101,170 in 2012, 2011 and 2010, respectively. Deferred income taxes are not provided on undistributed earnings of international subsidiaries that are intended to be permanently invested in those operations. These undistributed earnings aggregated approximately $400,487 and $391,679 at October 31, 2012 and 2011, respectively. Should these earnings be distributed, applicable foreign tax credits would substantially offset United States taxes due upon the distribution.

At October 31, 2012 and 2011, total unrecognized tax benefits were $3,140 and $2,576, respectively. The amounts that, if recognized, would impact the effective tax rate were $2,601 and $2,517 at October 31, 2012 and 2011, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2012, 2011 and 2010 is as follows:

	2012			2011			2010
Balance at beginning of year	$	2,576		$	4,078		$	3,969
Additions based on tax positions related to the current year		148			387			388
Additions for tax positions of prior years		896			138			359
Reductions for tax positions of prior years		—			—			(638	)
Settlements		—			(2,027	)		—
Lapse of statute of limitations		(480	)		—			—
Balance at end of year	$	3,140		$	2,576		$	4,078

At October 31, 2012 and 2011, we had accrued interest expense related to unrecognized tax benefits of $304 and $327, respectively. We include interest accrued related to unrecognized tax benefits in interest expense. Penalties, if incurred, would be recognized as other income (expense).

We are subject to United States Federal income tax as well as income taxes in numerous state and foreign jurisdictions. We are subject to examination in the U.S. by the Internal Revenue Service (IRS) for the 2009 through 2012 tax years; tax years prior to 2009 have been examined by the IRS. Generally, major state and foreign jurisdiction tax years remain open to examination for tax years after 2006. Within the next twelve months, it is reasonably possible that certain foreign statute of limitations periods would expire, which could result in a decrease in our unrecognized tax benefits in a range of $0 to $1,000.

Significant components of deferred tax assets and liabilities are as follows:

	2012			2011
Deferred tax assets:
Employee benefits	$	88,821		$	79,027
Other accruals not currently deductible for taxes		17,991			12,114
Tax credit and loss carryforwards		17,145			12,576
Inventory adjustments		5,278			4,085
Translation of foreign currency accounts		929			716
Total deferred tax assets		130,164			108,518
Valuation allowance		(5,046	)		(6,051	)
Total deferred tax assets		125,118			102,467
Deferred tax liabilities:
Depreciation and amortization		121,348			94,487
Translation of foreign currency accounts		—			17
Total deferred tax liabilities		121,348			94,504
Net deferred tax assets	$	3,770		$	7,963

At October 31, 2012, we had $1,869 of tax credit carryforwards of which $715 will expire in 2013 through 2030, and $1,154 of which has an indefinite carryforward period. We also had $31,054 Federal, $54,527 state and $5,308 foreign operating loss carryforwards, of which $85,581 will expire in 2013 through 2032, and $5,308 of which has an indefinite carryforward period. The net change in the valuation allowance was a decrease of $1,005 in 2012 and a decrease of $1,442 in 2011. The valuation allowance of $5,046 at October 31, 2012, relates primarily to tax credits and loss carryforwards that may expire before being realized. We continue to assess the need for valuation allowances against deferred tax assets based on determinations of whether it is more likely than not that deferred tax benefits will be realized.

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Retirement, pension and other postretirement plans

12 Months Ended

Oct. 31, 2012

Retirement, pension and other postretirement plans [Abstract]

Retirement, pension and other postretirement plans

Note 3 — Retirement, pension and other postretirement plans

Retirement plans — We have funded contributory retirement plans covering certain employees. Our contributions are primarily determined by the terms of the plans, subject to the limitation that they shall not exceed the amounts deductible for income tax purposes. We also sponsor unfunded contributory supplemental retirement plans for certain employees. Generally, benefits under these plans vest gradually over a period of approximately three years from date of employment, and are based on the employee’s contribution. The expense applicable to retirement plans for 2012, 2011 and 2010 was approximately $10,827, $8,594 and $7,945, respectively.

Pension plans — We have various pension plans covering a portion of our United States and international employees. Pension plan benefits are generally based on years of employment and, for salaried employees, the level of compensation. Actuarially determined amounts are contributed to United States plans to provide sufficient assets to meet future benefit payment requirements. We also sponsor an unfunded supplemental pension plan for certain employees. International subsidiaries fund their pension plans according to local requirements.

A reconciliation of the benefit obligations, plan assets, accrued benefit cost and the amount recognized in financial statements for pension plans is as follows:

	United States						International
	2012			2011			2012			2011
Change in benefit obligation:
Benefit obligation at beginning of year	$	268,949		$	237,370		$	71,361		$	71,936
Service cost		7,488			6,058			1,504			2,097
Interest cost		12,137			12,008			3,002			2,973
Participant contributions		—			—			133			124
Plan amendments		(3,199	)		5			—			(1,210	)
Addition of plans from business combination		14,935			—			—			—
Foreign currency exchange rate change		—			—			(2,000	)		345
Actuarial (gain) loss		36,852			21,289			11,934			(2,567	)
Benefits paid		(10,370	)		(7,781	)		(2,501	)		(2,337	)
Benefit obligation at end of year	$	326,792		$	268,949		$	83,433		$	71,361
Change in plan assets:
Beginning fair value of plan assets	$	184,701		$	175,864		$	32,167		$	29,799
Actual return on plan assets		22,088			15,946			1,283			672
Company contributions		9,060			672			3,492			3,788
Participant contributions		—			—			133			124
Addition of plans from business combination		8,649			—			—			—
Foreign currency exchange rate change		—			—			(357	)		121
Benefits paid		(10,370	)		(7,781	)		(2,501	)		(2,337	)
Ending fair value of plan assets	$	214,128		$	184,701		$	34,217		$	32,167
Funded status at end of year	$	(112,664	)	$	(84,248	)	$	(49,216	)	$	(39,194	)
Amounts recognized in financial statements:
Noncurrent asset	$	—		$	—		$	144		$	191
Accrued benefit liability		(620	)		(571	)		(5	)		(4	)
Long-term pension and retirement obligations		(112,044	)		(83,677	)		(49,355	)		(39,381	)
Total amount recognized in financial statements	$	(112,664	)	$	(84,248	)	$	(49,216	)	$	(39,194	)

	United States					International
	2012			2011		2012			2011
Amounts recognized in accumulated other comprehensive (gain) loss:
Net actuarial loss	$	154,238		$	136,927	$	26,310		$	14,937
Prior service cost (credit)		(1,506	)		2,035		(1,080	)		(1,201	)
Accumulated other comprehensive loss	$	152,732		$	138,962	$	25,230		$	13,736
Amounts expected to be recognized during next fiscal year:
Amortization of net actuarial loss	$	13,943		$	11,356	$	1,418		$	579
Amortization of prior service cost (credit)		157			667		(96	)		(98	)
Total	$	14,100		$	12,023	$	1,322		$	481

The following table summarizes the changes in accumulated other comprehensive (gain) loss:

	United States						International
	2012			2011			2012			2011
Balance at beginning of year	$	138,962		$	126,144		$	13,736		$	17,500
Net (gain) loss arising during the year		29,877			20,917			12,197			(1,773	)
Prior service cost (credit) arising during the year		(3,199	)		5			—			(1,210	)
Net gain (loss) recognized during the year		(11,672	)		(7,438	)		(564	)		(858	)
Prior service (cost) credit recognized during the year		(342	)		(666	)		97			(5	)
Settlement loss		(894	)		—			—			—
Exchange rate effect during the year		—			—			(236	)		82
Balance at end of year	$	152,732		$	138,962		$	25,230		$	13,736

Information regarding the accumulated benefit obligation is as follows:

	United States				International
	2012		2011		2012		2011
For all plans:
Accumulated benefit obligation	$	316,080	$	261,767	$	65,725	$	56,529
For plans with benefit obligations in excess of plan assets:
Projected benefit obligation		326,792		268,949		70,153		64,945
Accumulated benefit obligation		316,080		261,767		58,425		54,749
Fair value of plan assets		214,128		184,701		26,757		30,185

Net pension benefit costs include the following components:

	United States									International
	2012			2011			2010			2012			2011			2010
Service cost	$	7,488		$	6,058		$	5,997		$	1,504		$	2,097		$	1,632
Interest cost		12,137			12,008			11,883			3,002			2,973			2,791
Expected return on plan assets		(14,901	)		(15,575	)		(14,716	)		(1,547	)		(1,466	)		(1,348	)
Amortization of prior service cost (credit)		342			666			579			(97	)		5			49
Amortization of net actuarial (gain) loss		11,672			7,438			6,181			564			858			369
Settlement loss		682			—			8,022			—			—			190
Total benefit cost	$	17,420		$	10,595		$	17,946		$	3,426		$	4,467		$	3,683

Net periodic pension cost for 2012 included a settlement loss of $682, due to a plan termination. Net periodic pension cost for 2010 included settlement losses of $8,212, due to lump sum retirement payments.

The weighted average assumptions used in the valuation of pension benefits were as follows:

	United States									International
	2012			2011			2010			2012			2011			2010
Assumptions used to determine benefit obligations at October 31:
Discount rate		3.85	%		4.46	%		5.21	%		3.52	%		4.43	%		4.17	%
Rate of compensation increase		3.12			3.20			3.30			3.13			3.16			3.21
Assumptions used to determine net benefit costs for the years ended October 31:
Discount rate		4.46			5.21			5.50			4.43			4.17			4.78
Expected return on plan assets		7.75			8.25			8.51			4.85			4.84			4.85
Rate of compensation increase		3.20			3.30			3.30			3.16			3.21			2.86

The amortization of prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the plans.

The discount rate reflects the current rate at which pension liabilities could be effectively settled at the end of the year. The discount rate used considers a yield derived from matching projected pension payments with maturities of a portfolio of available bonds that receive the highest rating given from a recognized investments ratings agency. The decrease in the discount rate in 2012 and 2011 is due to lower yields for these types of investments as a result of the economic environment.

In determining the expected return on plan assets, we consider both historical performance and an estimate of future long-term rates of return on assets similar to those in our plans. We consult with and consider the opinions of financial and other professionals in developing appropriate return assumptions. The rate of compensation increase is based on managements’ estimates using historical experience and expected increases in rates.

Economic assumptions have a significant effect on the amounts reported. The effect of a one percent change in the discount rate, expected return on assets and compensation increase is shown in the table below. Bracketed numbers represent decreases in expense and obligation amounts.

	United States						International
	1% Point Increase			1% Point Decrease			1% Point Increase			1% Point Decrease
Discount rate:
Effect on total service and interest cost components in 2012	$	(3,897	)	$	4,670		$	(851	)	$	1,398
Effect on pension obligation as of October 31, 2012	$	(37,767	)	$	47,918		$	(13,344	)	$	17,074
Expected return on assets:
Effect on total service and interest cost components in 2012	$	(1,890	)	$	1,890		$	(321	)	$	321
Effect on pension obligation as of October 31, 2012	$	—		$	—		$	—		$	—
Compensation increase:
Effect on total service and interest cost components in 2012	$	2,792		$	(2,309	)	$	903		$	(734	)
Effect on pension obligation as of October 31, 2012	$	17,886		$	(14,864	)	$	6,304		$	(5,468	)

The allocation of pension plan assets as of October 31, 2012 and 2011 is as follows:

	United States				International
	2012		2011		2012		2011
Asset Category
Equity securities		37%		22%		—%		—%
Debt securities		20		33		—		—
Insurance contracts		—		—		56		58
Pooled investment funds		42		44		43		41
Other		1		1		1		1
Total		100%		100%		100%		100%

Our investment objective for defined benefit plan assets is to meet the plans’ benefit obligations, while minimizing the potential for future required plan contributions.

Our United States plans comprise 86 percent of the worldwide pension assets. The investment strategies focus on asset class diversification, liquidity to meet benefit payments and an appropriate balance of long-term investment return and risk. Target ranges for asset allocations are determined by dynamically matching the actuarial projections of the plans’ future liabilities and benefit payments with expected long-term rates of return on the assets, taking into account investment return volatility and correlations across asset classes. The current target in “return-seeking assets” is 60 percent and 40 percent in fixed income. Plan assets are diversified across several investment managers and are generally invested in liquid funds that are selected to track broad market equity and bond indices. Investment risk is carefully controlled with plan assets rebalanced to target allocations on a periodic basis and continual monitoring of investment managers’ performance relative to the investment guidelines established with each investment manager.

Our international plans comprise 14 percent of the worldwide pension assets. Asset allocations are developed on a country-specific basis. Our investment strategy is to cover pension obligations with insurance contracts or to employ independent managers to invest the assets.

The fair values of our pension plan assets at October 31, 2012 by asset category are in the table below.

	United States								International
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash	$	1,346	$	1,346	$	—	$	—	$	323	$	323	$	—	$	—
Money market funds		2,114		2,114		—		—		—		—		—		—
Equity securities:
Basic materials		5,849		5,849		—		—		—		—		—		—
Consumer goods		7,359		7,359		—		—		—		—		—		—
Financial		9,190		9,190		—		—		—		—		—		—
Healthcare		4,891		4,891		—		—		—		—		—		—
Industrial goods		3,174		3,174		—		—		—		—		—		—
Technology		4,581		4,581		—		—		—		—		—		—
Utilities		1,491		1,491		—		—		—		—		—		—
Mutual funds		39,900		39,900		—		—		—		—		—		—
Fixed income securities:
U.S. Government		17,697		1,784		15,913		—		—		—		—		—
Corporate		24,865		—		24,865		—		—		—		—		—
Other		593		—		593		—		—		—		—		—
Other types of investments:
Insurance contracts		—		—		—		—		19,046		—		—		19,046
Real estate collective funds		13,110		—		—		13,110		—		—		—		—
Pooled investment funds		77,220		—		77,220		—		14,848		—		14,848		—
Other		748		748		—		—		—		—		—		—
	$	214,128	$	82,427	$	118,591	$	13,110	$	34,217	$	323	$	14,848	$	19,046

The fair values of our pension plan assets at October 31, 2011 by asset category are in the table below.

	United States								International
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash	$	618	$	618	$	—	$	—	$	322	$	322	$	—	$	—
Money market funds		1,845		1,845		—		—		—		—		—		—
Equity securities:
Basic materials		5,081		5,081		—		—		—		—		—		—
Consumer goods		5,942		5,942		—		—		—		—		—		—
Financial		6,989		6,989		—		—		—		—		—		—
Healthcare		4,062		4,062		—		—		—		—		—		—
Industrial goods		3,993		3,993		—		—		—		—		—		—
Technology		4,767		4,767		—		—		—		—		—		—
Utilities		1,578		1,578		—		—		—		—		—		—
Mutual funds		7,353		7,353		—		—		—		—		—		—
Fixed income securities:
U.S. Government		24,224		2,445		21,779		—		—		—		—		—
Corporate		35,514		—		35,514		—		—		—		—		—
Other		826		—		826		—		—		—		—		—
Other types of investments:
Insurance contracts		—		—		—		—		18,501		—		—		18,501
Pooled investment funds		81,062		—		81,062		—		13,344		—		13,344		—
Other		847		847		—		—		—		—		—		—
	$	184,701	$	45,520	$	139,181	$	—	$	32,167	$	322	$	13,344	$	18,501

At October 31, 2012 and 2011, the pension plans did not have any investment in our common shares.

The inputs and methodology used to measure fair value of plan assets are consistent with those described in Note 18. Following are the valuation methodologies used to measure these assets:

• Money market funds — Money market funds are public investment vehicles that are valued with a net asset value of one dollar. This is a quoted price in an active market and is classified as Level 1.

• Equity securities — Common stocks are valued at the closing price reported on the active market on which the individual securities are traded and are classified as Level 1. Mutual funds are valued at the net asset values of the shares at year-end, as determined by the closing price reported on the active market on which the individual securities are traded and are classified as Level 1.

• Fixed income securities — U.S. Treasury bills reflect the closing price on the active market in which the securities are traded and are classified as Level 1. Securities of U.S. agencies are valued using bid evaluations and a classified as Level 2. Corporate fixed income securities are valued using evaluated prices, such as dealer quotes, bids and offers and are therefore classified as Level 2.

• Insurance contracts — Insurance contracts are investments with various insurance companies. The assets are valued at the fair value as reported by the insurance companies. These contracts do not hold any specific assets. These investments are classified as Level 3.

• Real estate collective funds — These funds are valued at the estimated fair value of the underlying properties. Estimated fair value is calculated using a combination of key inputs, such as revenue and expense growth rates, terminal capitalization rates and discount rates. These investments are classified as Level 3.

• Pooled investment funds — These are public investment vehicles valued using the net asset value. The net asset value is based on the value of the assets owned by the plan, less liabilities. These investments are not quoted on an active exchange and are classified as Level 2.

The following table sets forth a summary of changes in fair value of the pension plan investments classified as Level 3 for the years ended October 31, 2012 and 2011:

	2012			2011
Balance at beginning of year	$	18,501		$	17,699
Net unrealized gains		1,949			55
Net realized gains		2			—
Purchases		14,311			2,202
Sales		(2,183	)		(1,523	)
Transfers in (out)		—			—
Foreign currency translation		(424	)		68
Balance at end of year	$	32,156		$	18,501

Contributions to pension plans in 2013 are estimated to be approximately $26,500.

Retiree pension benefit payments, which reflect expected future service, are anticipated to be paid as follows:

Year	United States		International
2013	$	9,899	$	1,909
2014		10,750		2,324
2015		11,781		2,874
2016		12,856		2,395
2017		13,974		2,096
2018-2022		87,241		19,331

Other postretirement plans — We have an unfunded postretirement benefit plan covering certain of our United States employees. Employees hired after January 1, 2002, are not eligible to participate in this plan. The plan provides medical and life insurance benefits. The plan is contributory, with retiree contributions in the form of premiums that are adjusted annually, and contains other cost-sharing features, such as deductibles and coinsurance. We also sponsor an unfunded, non-contributory postretirement benefit plan that provides medical and life insurance benefits for certain international employees.

A reconciliation of the benefit obligations, accrued benefit cost and the amount recognized in financial statements for other postretirement plans is as follows:

	United States						International
	2012			2011			2012			2011
Change in benefit obligation:
Benefit obligation at beginning of year	$	73,392		$	55,599		$	678		$	659
Service cost		1,183			1,122			28			31
Interest cost		2,759			2,932			41			41
Participant contributions		1,393			1,307			—			—
Plan amendment		(202	)		—			—			—
Foreign currency exchange rate change		—			—			1			13
Actuarial (gain) loss		(4,315	)		14,409			107			(62	)
Benefits paid		(2,982	)		(1,977	)		(4	)		(4	)
Benefit obligation at end of year	$	71,228		$	73,392		$	851		$	678
Change in plan assets:
Beginning fair value of plan assets	$	—		$	—		$	—		$	—
Company contributions		1,589			670			4			4
Participant contributions		1,393			1,307			—			—
Benefits paid		(2,982	)		(1,977	)		(4	)		(4	)
Ending fair value of plan assets	$	—		$	—		$	—		$	—
Funded status at end of year	$	(71,228	)	$	(73,392	)	$	(851	)	$	(678	)
Amounts recognized in financial statements:
Accrued benefit liability	$	(2,224	)	$	(2,123	)	$	(4	)	$	(4	)
Long-term postretirement obligations		(69,004	)		(71,269	)		(847	)		(674	)
Total amount recognized in financial statements	$	(71,228	)	$	(73,392	)	$	(851	)	$	(678	)

The 2012 Amendment noted in the table above relates to a change in the plan design of the retiree medical plan effective January 1, 2013 moving to a Health Reimbursement Arrangement for post-65 coverage.

	United States						International
	2012			2011			2012			2011
Amounts recognized in accumulated other comprehensive (gain) loss:
Net actuarial (gain) loss	$	31,585		$	37,690		$	(138	)	$	(260	)
Prior service cost (credit)		(1,934	)		(2,316	)		—			—
Accumulated other comprehensive (gain) loss	$	29,651		$	35,374		$	(138	)	$	(260	)
Amounts expected to be recognized during next fiscal year:
Amortization of net actuarial (gain) loss	$	2,214		$	2,681		$	(4	)	$	(14	)
Amortization of prior service cost (credit)		(1,758	)		(584	)		—			—
Total	$	456		$	2,097		$	(4	)	$	(14	)

The following table summarizes the changes in accumulated other comprehensive (gain) loss:

	United States						International
	2012			2011			2012			2011
Balance at beginning of year	$	35,374		$	21,423		$	(260	)	$	(203	)
Net (gain) loss arising during the year		(4,315	)		14,410			108			(62	)
Prior service cost (credit) arising during the year		(202	)		—			—			—
Net gain (loss) recognized during the year		(1,790	)		(1,606	)		14			8
Prior service credit (cost) recognized during the year		584			1,147			—			—
Exchange rate effect during the year		—			—			—			(3	)
Balance at end of year	$	29,651		$	35,374		$	(138	)	$	(260	)

Net postretirement benefit costs include the following components:

	United States									International
	2012			2011			2010			2012			2011			2010
Service cost	$	1,183		$	1,122		$	837		$	28		$	31		$	29
Interest cost		2,759			2,932			2,504			41			41			44
Amortization of prior service cost (credit)		(584	)		(1,147	)		(1,147	)		—			—			—
Amortization of net actuarial (gain) loss		1,789			1,606			1,170			(14	)		(8	)		(5	)
Total benefit cost	$	5,147		$	4,513		$	3,364		$	55		$	64		$	68

The weighted average assumptions used in the valuation of postretirement benefits were as follows:

	United States									International
	2012			2011			2010			2012			2011			2010
Assumptions used to determine benefit obligations at October 31:
Discount rate		3.85	%		4.50	%		5.25	%		4.40	%		5.85	%		5.75	%
Health care cost trend rate		4.90			9.36			9.00			7.00			7.00			6.80
Rate to which health care cost trend rate is assumed to decline (ultimate trend rate)		3.60			5.00			5.00			3.50			3.50			4.80
Year the rate reaches the ultimate trend rate		2017			2016			2020			2031			2031			2013
Assumption used to determine net benefit costs for the years ended October 31:
Discount rate		4.50	%		5.25	%		5.50	%		5.85	%		5.75	%		6.75	%

The decrease in the weighted-average health care cost trend rate in the United States relates to a change in the plan design of the retiree medical plan effective January 1, 2013 moving to a Health Reimbursement Arrangement for post-65 coverage.

The discount rate and the health care cost trend rate assumptions have a significant effect on the amounts reported. For example, a one-percentage point change in the discount rate and the assumed health care cost trend rate would have the following effects:

	United States						International
	1% Point Increase			1% Point Decrease			1% Point Increase			1% Point Decrease
Discount rate:
Effect on total service and interest cost components in 2012	$	(858	)	$	1,056		$	(8	)	$	10
Effect on postretirement obligation as of October 31, 2012	$	(9,402	)	$	11,835		$	(163	)	$	217
Health care trend rate:
Effect on total service and interest cost components in 2012	$	699		$	(558	)	$	18		$	(13	)
Effect on postretirement obligation as of October 31, 2012	$	10,827		$	(8,766	)	$	205		$	(158	)

Contributions to postretirement plans in 2013 are estimated to be approximately $2,300.

Retiree postretirement benefit payments are anticipated to be paid as follows:

	United States				International
Year	With Medicare Part D Subsidy		Without Medicare Part D Subsidy
2013	$	2,273	$	2,322	$	4
2014		2,491		2,491		4
2015		2,771		2,771		12
2016		3,032		3,032		13
2017		3,250		3,250		14
2018-2022		18,548		18,548		106

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Supplemental information for the statement of cash flows

12 Months Ended

Oct. 31, 2012

Supplemental information for the statement of cash flows [Abstract]

Supplemental information for the statement of cash flows

Note 15 — Supplemental information for the statement of cash flows

	2012		2011		2010
Cash operating activities:
Interest paid	$	9,285	$	5,179	$	6,432
Income taxes paid		70,606		96,487		21,526
Non-cash investing and financing activities:
Capitalized lease obligations incurred	$	12,981	$	8,154	$	5,468
Capitalized lease obligations terminated		894		534		721
Shares acquired and issued through exercise of stock options		2,323		5,228		5,151

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Stock-based compensation

12 Months Ended

Oct. 31, 2012

Stock-based compensation [Abstract]

Stock-based compensation

Note 11 — Stock-based compensation

The amended and restated 2004 long-term performance plan, approved by shareholders in 2008, provides for the granting of stock options, stock appreciation rights, nonvested (restricted) stock, stock purchase rights, stock equivalent units, nonvested (restricted) stock units, cash awards and other stock- or performance-based incentives. The number of common shares available for grant is 2.5 percent of the number of common shares outstanding as of the first day of each year. At the end of 2012, there were 1,606 shares available for grant in 2013.

Stock options — Nonqualified or incentive stock options may be granted to our employees and directors. Generally, options granted to employees may be exercised beginning one year from the date of grant at a rate not exceeding 25 percent per year and expire 10 years from the date of grant. Vesting accelerates upon the occurrence of events that involve or may result in a change of control. Option exercises are satisfied through the issuance of treasury shares on a first-in, first-out basis. We recognized compensation expense of $3,789, $2,906 and $2,231 for 2012, 2011 and 2010, respectively.

Following is a summary of stock options for 2012:

	Number of Options			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic Value		Weighted-Average Remaining Term
Outstanding at October 31, 2011		1,851		$	24.22
Granted		299		$	43.73
Exercised		(365	)	$	19.90
Forfeited or expired		(21	)	$	30.19
Outstanding at October 31, 2012		1,764		$	28.35	$	54,141		6.2 years
Vested at October 31, 2012 or expected to vest		1,709		$	28.07	$	52,911		6.2 years
Exercisable at October 31, 2012		893		$	22.05	$	33,039		4.7 years

Summarized information on currently outstanding options follows:

	Range of Exercise Price
	$12 — $20		$21 — $28		$29 — $44
Number outstanding		629		499		636
Weighted-average remaining contractual life, in years		4.3		5.8		8.4
Weighted-average exercise price	$	15.80	$	26.58	$	42.14
Number exercisable		484		320		89
Weighted-average exercise price	$	16.22	$	26.27	$	38.44

As of October 31, 2012, there was $8,030 of total unrecognized compensation cost related to nonvested stock options. That cost is expected to be amortized over a weighted average period of approximately 1.8 years.

The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. The fair value of each option grant was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:

	2012	2011
Expected volatility	45.4%-46.9%	43.1%-45.1%
Expected dividend yield	1.20%	1.28%
Risk-free interest rate	1.03%-1.23%	1.89%-2.25%
Expected life of the option (in years)	5.4-6.1	5.4-6.3

The weighted-average expected volatility used to value options granted in 2012 and 2011 was 46.2 percent and 44.3 percent, respectively.

Historical information was the primary basis for the selection of the expected volatility, expected dividend yield and the expected lives of the options. The risk-free interest rate was selected based upon yields of United States Treasury issues with terms equal to the expected life of the option being valued.

The weighted average grant date fair value of stock options granted during 2012, 2011 and 2010 was $17.03, $16.80 and $11.08, respectively.

The total intrinsic value of options exercised during 2012, 2011 and 2010 was $13,329, $23,076 and $22,821, respectively. Cash received from the exercise of stock options for 2012, 2011 and 2010 was $4,934, $9,652 and $13,828, respectively. The tax benefit realized from tax deductions from exercises for 2012, 2011 and 2010 was $4,792, $6,924 and $7,798, respectively.

Nonvested (restricted) stock — We may grant nonvested (restricted) stock to our employees and directors. These shares may not be transferred for a designated period of time (one to three years) defined at the date of grant. For employee recipients, shares are forfeited on a pro-rata basis in the event employment is terminated as a consequence of the employee recipient’s early retirement, disability or death prior to the lapse of any restrictions. Restrictions lapse in the event of a recipient’s retirement at or after normal retirement age. Termination for any other reason prior to the lapse of any restrictions results in forfeiture of the shares. For non-employee directors, all restrictions lapse in the event of disability or death of the non-employee director. Termination of service as a director for any other reason within one year of date of grant results in a pro-rata forfeiture of shares.

As shares are issued, deferred stock-based compensation equivalent to the fair market value on the date of grant is charged to shareholders’ equity and subsequently amortized over the restriction period. Tax benefits arising from the lapse of restrictions on the stock are recognized when realized and credited to capital in excess of stated value.

The following table summarizes 2012 activity related to nonvested stock:

	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Nonvested at October 31, 2011		81		$	34.95
Granted		52		$	45.62
Vested		(28	)	$	33.50
Forfeited		(5	)	$	42.53
Nonvested at October 31, 2012		100		$	40.58

As of October 31, 2012, there was $2,119 of unrecognized compensation cost related to nonvested stock. The cost is expected to be amortized over a weighted average period of 1.7 years. The amount charged to expense related to nonvested stock was $1,724, $1,278 and $774 in 2012, 2011 and 2010, respectively.

Deferred directors’ compensation — Non-employee directors may defer all or part of their compensation until retirement. Compensation may be deferred as cash or as stock equivalent units. Deferred cash amounts are recorded as liabilities. Additional stock equivalent units are earned when common stock dividends are declared.

The following table summarizes activity related to director deferred compensation share equivalent units during 2012:

	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Outstanding at October 31, 2011		243		$	17.51
Deferrals		3		$	52.74
Restricted stock units vested		11		$	28.47
Dividend equivalents		2		$	51.68
Distributions		(59	)	$	15.93
Outstanding at October 31, 2012		200		$	19.44

The amount charged to expense related to this plan was $265, $265 and $351 in 2012, 2011 and 2010, respectively.

Long-Term Incentive Plan — Under the Long-Term Incentive Plan, executive officers and selected other key employees receive common stock awards based on corporate performance measures over three-year performance periods. Awards vary based on the degree to which corporate performance exceeds predetermined threshold, target and maximum performance levels at the end of a performance period. No award will occur unless certain threshold performance objectives are exceeded.

The amount of compensation expense is based upon current performance projections for each three-year period and the percentage of the requisite service that has been rendered. The calculations are also based upon the grant date fair value determined using the closing market price of common stock at the grant date, adjusted for dividends not to be paid. This value was $42.12 per share for both the executive officers and the selected other key employees for 2012 and $42.02 per share for both the executive officers and the selected other key employees for 2011. The per share values for 2010 were $26.10 and $29.52 for the executive officers group and $26.10 for the selected other key employees. The cumulative amounts recorded in shareholders’ equity at October 31, 2012, 2011 and 2010 were $8,707, $6,081 and $3,879, respectively. The amounts charged to expense for executive officers and selected other key employees in 2012, 2011 and 2010 were $4,235, $4,067 and $3,879, respectively.

Shares reserved for future issuance — At October 31, 2012, there were 2,682 of common shares reserved for future issuance through the exercise of outstanding options or rights.

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Financial instruments (Details) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Summarized values by currency and forward exchange contracts outstanding
Notional amount of foreign currency derivative sale contracts	$ 14,269	$ 70,851
Fair market value of Foreign currency derivative sale contracts	14,230	70,739
Notional amount of foreign currency derivative purchase contracts	177,227	193,026
Fair market value of Foreign currency derivative purchase contracts	177,859	193,290
Euro [Member]
Summarized values by currency and forward exchange contracts outstanding
Notional amount of foreign currency derivative sale contracts	3,186	10,920
Fair market value of Foreign currency derivative sale contracts	3,220	10,967
Notional amount of foreign currency derivative purchase contracts	95,370	88,209
Fair market value of Foreign currency derivative purchase contracts	95,769	87,736
Pound sterling [Member]
Summarized values by currency and forward exchange contracts outstanding
Notional amount of foreign currency derivative sale contracts		29,381
Fair market value of Foreign currency derivative sale contracts		29,465
Notional amount of foreign currency derivative purchase contracts	28,771	56,028
Fair market value of Foreign currency derivative purchase contracts	28,959	56,515
Japanese Yen [Member]
Summarized values by currency and forward exchange contracts outstanding
Notional amount of foreign currency derivative sale contracts	5,810	16,723
Fair market value of Foreign currency derivative sale contracts	5,766	16,416
Notional amount of foreign currency derivative purchase contracts	15,643	15,788
Fair market value of Foreign currency derivative purchase contracts	15,465	15,566
Others [Member]
Summarized values by currency and forward exchange contracts outstanding
Notional amount of foreign currency derivative sale contracts	5,273	13,827
Fair market value of Foreign currency derivative sale contracts	5,244	13,891
Notional amount of foreign currency derivative purchase contracts	37,443	33,001
Fair market value of Foreign currency derivative purchase contracts	$ 37,666	$ 33,473

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Notes payable

12 Months Ended

Oct. 31, 2012

Notes payable [Abstract]

Notes payable

Note 7 — Notes payable

Bank lines of credit and notes payable are summarized as follows:

	2012			2011
Maximum borrowings under bank lines of credit:
Domestic banks	$	50,000		$	—
Foreign banks		40,260			43,305
Total	$	90,260		$	43,305
Outstanding notes payable:
Domestic bank debt	$	50,000		$	—
Foreign bank debt		1			33
Total	$	50,001		$	33
Weighted-average interest rate on notes payable		1.1	%		1.5	%
Unused bank lines of credit	$	40,259		$	43,272

In 2012, we entered into a 364-day, $250,000 Credit Agreement with PNC Bank. We borrowed $250,000 under this agreement for acquisitions made in 2012 and then repaid $200,000 using proceeds of the Senior Notes described in Note 8, leaving a balance of $50,000 outstanding at October 31, 2012. No additional borrowings can be made under this agreement, and any future repayments will reduce the maximum amount by the amount of the repayment.

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Retirement, pension and other postretirement plans (Details 6)	Oct. 31, 2012	Oct. 31, 2011
Pension plan, United States [Member]
Allocation of pension plan assets
Defined Benefit Plan, Actual Plan Asset Allocations	100.00%	100.00%
Pension plan, United States [Member] | Equity securities [Member]
Allocation of pension plan assets
Defined Benefit Plan, Actual Plan Asset Allocations	37.00%	22.00%
Pension plan, United States [Member] | Debt securities [Member]
Allocation of pension plan assets
Defined Benefit Plan, Actual Plan Asset Allocations	20.00%	33.00%
Pension plan, United States [Member] | Pooled investment funds [Member]
Allocation of pension plan assets
Defined Benefit Plan, Actual Plan Asset Allocations	42.00%	44.00%
Pension plan, United States [Member] | Other [Member]
Allocation of pension plan assets
Defined Benefit Plan, Actual Plan Asset Allocations	1.00%	1.00%
Pension Plan, International [Member]
Allocation of pension plan assets
Defined Benefit Plan, Actual Plan Asset Allocations	100.00%	100.00%
Pension Plan, International [Member] | Insurance contracts [Member]
Allocation of pension plan assets
Defined Benefit Plan, Actual Plan Asset Allocations	56.00%	58.00%
Pension Plan, International [Member] | Pooled investment funds [Member]
Allocation of pension plan assets
Defined Benefit Plan, Actual Plan Asset Allocations	43.00%	41.00%
Pension Plan, International [Member] | Other [Member]
Allocation of pension plan assets
Defined Benefit Plan, Actual Plan Asset Allocations	1.00%	1.00%

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Goodwill and intangible assets (Details Textual) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Jun. 14, 2012 EDI Holdings, Inc [Member]	Jun. 21, 2012 Xaloy Superior Holdings, Inc [Member]	Aug. 02, 2012 Sealant Equipment & Engineering, Inc [Member]	Oct. 31, 2012 Advanced Technology Systems [Member]	Oct. 31, 2011 Advanced Technology Systems [Member]	Oct. 31, 2012 Industrial Coating Systems [Member]	Oct. 31, 2011 Industrial Coating Systems [Member]
Goodwill [Line Items]
Goodwill accumulated impairment loss	$ 232,789	$ 232,789				$ 229,173	$ 229,173	$ 3,616	$ 3,616
Business Acquisition [Line Items]
Acquisition of Goodwill of EDI, Xaloy and SE&E			127,183	116,247	23,247
Goodwill and intangible assets (Textual) [Abstract]
Intangible assets, amortization expense	$ 14,521	$ 8,018

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Details of balance sheet

12 Months Ended

Oct. 31, 2012

Details of balance sheet [Abstract]

Details of balance sheet

Note 5 — Details of balance sheet

	2012			2011
Receivables:
Accounts	$	308,604		$	235,240
Notes		13,797			16,082
Other		5,938			6,299
		328,339			257,621
Allowance for doubtful accounts		(3,776	)		(3,311	)
	$	324,563		$	254,310
Inventories:
Finished goods	$	103,552		$	98,879
Work-in-process		22,159			13,971
Raw materials and finished parts		71,189			51,891
		196,900			164,741
Obsolescence and other reserves		(20,505	)		(16,050	)
LIFO reserve		(6,810	)		(6,779	)
	$	169,585		$	141,912
Property, plant and equipment:
Land	$	8,533		$	7,791
Land improvements		3,424			3,392
Buildings		125,338			121,870
Machinery and equipment		257,229			207,734
Enterprise management system		43,335			43,006
Construction-in-progress		10,110			5,623
Leased property under capitalized leases		23,842			16,796
		471,811			406,212
Accumulated depreciation and amortization		(296,880	)		(275,329	)
	$	174,931		$	130,883
Accrued liabilities:
Salaries and other compensation	$	46,930		$	44,068
Pension and retirement		1,435			1,030
Taxes other than income taxes		10,766			9,252
Other		62,819			46,944
	$	121,950		$	101,294

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Leases

12 Months Ended

Oct. 31, 2012

Leases [Abstract]

Leases

Note 6 — Leases

We have lease commitments expiring at various dates, principally for manufacturing, warehouse and office space, automobiles and office equipment. Many leases contain renewal options and some contain purchase options and residual guarantees.

Rent expense for all operating leases was approximately $13,822, $12,292 and $12,266 in 2012, 2011 and 2010, respectively.

Amortization of assets recorded under capital leases is recorded in depreciation expense.

Assets held under capitalized leases and included in property, plant and equipment are as follows:

	2012			2011
Transportation equipment	$	15,697		$	14,215
Other		8,145			2,581
Total capitalized leases		23,842			16,796
Accumulated amortization		(7,614	)		(6,969	)
Net capitalized leases	$	16,228		$	9,827

In 2012, we entered into a lease for a new manufacturing facility in Swainsboro, Georgia that is being accounted for as a capitalized lease that is included in Other in the table above.

At October 31, 2012, future minimum lease payments under noncancelable capitalized and operating leases are as follows:

	Capitalized Leases		Operating Leases
Year:
2013	$	6,714	$	12,408
2014		5,133		7,813
2015		2,639		5,622
2016		955		4,172
2017		469		3,287
Later years		5,184		11,465
Total minimum lease payments		21,094	$	44,767
Less amount representing executory costs		2,065
Net minimum lease payments		19,029
Less amount representing interest		3,136
Present value of net minimum lease payments		15,893
Less current portion		4,948
Long-term obligations at October 31, 2012	$	10,945

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Long-term debt

12 Months Ended

Oct. 31, 2012

Long-term debt [Abstract]

Long-term debt

Note 8 — Long-term debt

A summary of long-term debt is as follows:

	2012		2011
Revolving credit agreement, due 2017	$	262,450	$	192,200
Senior notes, due 2017-2025		200,000		—
Private shelf facility, due 2012-2020		69,445		75,000
Senior note, due 2013		50,000		50,000
Development loans, due 2011-2026		1,814		1,923
		583,709		319,123
Less current maturities		55,668		5,664
Long-term maturities	$	528,041	$	313,459

Revolving credit agreement — This $500,000 unsecured multi-currency revolving credit agreement is with a group of banks and expires in 2017. Payment of quarterly commitment fees is required. The weighted average interest rate for borrowings under this agreement was 1.23 percent at October 31, 2012.

Senior notes, due 2017-2025 —These fixed-rate notes entered into in 2012 with a group of insurance companies had an original weighted-average life of 8.78 years at the time of issuance. The weighted-average interest rate at October 31, 2012 was 2.93 percent.

Private shelf facility — In 2011, we entered into a $150,000 three-year Private Shelf Note agreement with New York Life Investment Management LLC (NYLIM). Borrowings under the agreement may be up to 12 years, with an average life of up to 10 years, and are unsecured. The interest rate on each borrowing can be fixed or floating and is based upon the market rate at the borrowing date. At October 31, 2012, the amount outstanding under this facility was at a fixed rate of 2.21 percent per annum.

Senior note, due 2013 — This note is payable in one installment and has a fixed interest rate of 4.98 percent.

Development loans, due 2011-2026 — These fixed-rate loans with the State of Ohio and Cuyahoga County, Ohio were issued in 2011 in connection with the construction of our new corporate headquarters building and are payable in monthly installments over 15 years beginning in 2011. The interest rate on the State of Ohio loan is 3.00 percent, and the interest rate on the Cuyahoga County loan is 3.50 percent.

Annual maturities — The annual maturities of long-term debt for the five years subsequent to October 31, 2012, are as follows: $55,668 in 2013; $10,671 in 2014; $10,675 in 2015; and $10,679 in 2016 and $300,533 in 2017.

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Retirement, pension and other postretirement plans (Details 10) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Postretirement Benefit Plans, United States [Member]
Change in benefit obligation:
Benefit obligation at beginning of year	$ 73,392	$ 55,599
Service cost	1,183	1,122	837
Interest cost	2,759	2,932	2,504
Participant contributions	1,393	1,307
Plan amendments	(202)
Actuarial (gain) loss	(4,315)	14,409
Benefits paid	(2,982)	(1,977)
Benefit obligation at end of year	71,228	73,392	55,599
Change in plan assets:
Beginning fair value of plan assets
Company contributions	1,589	670
Participant contributions	1,393	1,307
Benefits paid	(2,982)	(1,977)
Ending fair value of plan assets
Funded status at end of year	(71,228)	(73,392)
Amounts recognized in financial statements:
Accrued benefit liability	(2,224)	(2,123)
Long-term postretirement obligations	(69,004)	(71,269)
Total amount recognized in financial statements	(71,228)	(73,392)
Amounts recognized in accumulated other comprehensive (gain) loss:
Net actuarial (gain) loss	31,585	37,690
Prior service cost (credit)	(1,934)	(2,316)
Accumulated other comprehensive loss	29,651	35,374	21,423
Amounts expected to be recognized during next fiscal year:
Amortization of net actuarial (gain) loss	2,214	2,681
Amortization of prior service cost (credit)	(1,758)	(584)
Total	456	2,097
Postretirement Benefit Plans, International [Member]
Change in benefit obligation:
Benefit obligation at beginning of year	678	659
Service cost	28	31	29
Interest cost	41	41	44
Foreign currency exchange rate change	1	13
Actuarial (gain) loss	107	(62)
Benefits paid	(4)	(4)
Benefit obligation at end of year	851	678	659
Change in plan assets:
Beginning fair value of plan assets
Company contributions	4	4
Benefits paid	(4)	(4)
Ending fair value of plan assets
Funded status at end of year	(851)	(678)
Amounts recognized in financial statements:
Accrued benefit liability	(4)	(4)
Long-term postretirement obligations	(847)	(674)
Total amount recognized in financial statements	(851)	(678)
Amounts recognized in accumulated other comprehensive (gain) loss:
Net actuarial (gain) loss	(138)	(260)
Accumulated other comprehensive loss	(138)	(260)	(203)
Amounts expected to be recognized during next fiscal year:
Amortization of net actuarial (gain) loss	(4)	(14)
Total	$ (4)	$ (14)

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Financial instruments (Details 1) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Carrying Amount [Member]
Carrying amounts and fair values of financial instruments, other than receivables and accounts payable
Cash and cash equivalents, Fair Value	$ 41,239	$ 37,408
Marketable securities, Fair Value	279
Notes payable, Fair Value	50,001	33
Long-term debt (including current portion), Fair Value	583,709	319,123
Forward exchange contracts (net), Fair Value	671	376
Fair Value [Member]
Carrying amounts and fair values of financial instruments, other than receivables and accounts payable
Cash and cash equivalents, Fair Value	41,239	37,408
Marketable securities, Fair Value	279
Notes payable, Fair Value	50,001	33
Long-term debt (including current portion), Fair Value	584,624	313,850
Forward exchange contracts (net), Fair Value	$ 671	$ 376

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Retirement, pension and other postretirement plans (Details 12) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Postretirement Benefit Plans, United States [Member]
Net postretirement benefit costs
Service cost	$ 1,183	$ 1,122	$ 837
Interest cost	2,759	2,932	2,504
Amortization of prior service cost (credit)	(584)	(1,147)	(1,147)
Amortization of net actuarial (gain) loss	1,789	1,606	1,170
Total benefit cost	5,147	4,513	3,364
Postretirement Benefit Plans, International [Member]
Net postretirement benefit costs
Service cost	28	31	29
Interest cost	41	41	44
Amortization of net actuarial (gain) loss	(14)	(8)	(5)
Total benefit cost	$ 55	$ 64	$ 68

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Operating segments and geographic area data (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Oct. 31, 2012	Jul. 31, 2012	Apr. 30, 2012	Jan. 31, 2012	Oct. 31, 2011	Jul. 31, 2011	Apr. 30, 2011	Jan. 31, 2011	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Reportable segments
Net external sales	$ 438,677	$ 379,872	$ 315,193	$ 275,836	$ 331,018	$ 312,255	$ 318,924	$ 270,962	$ 1,409,578	$ 1,233,159	$ 1,041,551
Depreciation									24,469	20,758	22,625
Operating profit (loss)									335,480	315,543	234,833
Identifiable assets	1,836,024				1,320,391				1,836,024	1,320,391	997,363
Expenditures for long-lived assets									30,959	20,239	14,317
Adhesive Dispensing Systems [Member]
Reportable segments
Net external sales									684,096	611,911	525,290
Depreciation									9,532	7,087	8,014
Operating profit (loss)									211,072	210,350	166,255
Identifiable assets	611,357				286,974				611,357	286,974	251,881
Expenditures for long-lived assets									14,612	4,477	1,857
Advanced Technology Systems [Member]
Reportable segments
Net external sales									515,992	437,232	367,900
Depreciation									8,695	7,851	7,502
Operating profit (loss)									134,074	114,660	84,261
Identifiable assets	718,354				691,479				718,354	691,479	476,368
Expenditures for long-lived assets									6,871	4,833	2,789
Industrial Coating Systems [Member]
Reportable segments
Net external sales									209,490	184,016	148,361
Depreciation									3,141	2,855	2,990
Operating profit (loss)									25,933	27,220	14,574
Identifiable assets	110,982				71,438				110,982	71,438	62,451
Expenditures for long-lived assets									4,602	2,437	551
Corporate [Member]
Reportable segments
Depreciation									3,101	2,965	4,119
Operating profit (loss)									(35,599)	(36,687)	(30,257)
Identifiable assets	395,331				270,500				395,331	270,500	206,663
Expenditures for long-lived assets									$ 4,874	$ 8,492	$ 9,120

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Retirement, pension and other postretirement plans (Details 9) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012
Pension plan, United States [Member]
Retiree postretirement benefit payments
2013	$ 9,899
2014	10,750
2015	11,781
2016	12,856
2017	13,974
2018-2022	87,241
Pension Plan, International [Member]
Retiree postretirement benefit payments
2013	1,909
2014	2,324
2015	2,874
2016	2,395
2017	2,096
2018-2022	$ 19,331

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Stock-based compensation (Details 3) (Restricted Stock [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Oct. 31, 2012
Restricted Stock [Member]
Summarized activity related to nonvested shares
Number of Nonvested Shares, Beginning Balance	81
Number of Nonvested Shares, Granted	52
Number of Nonvested Shares, Vested	(28)
Number of Nonvested Shares, Forfeited	(5)
Number of Nonvested Shares, Ending Balance	100
Weighted-Average Grant Date Fair Value, Nonvested Shares, Beginning Balance	$ 34.95
Weighted-Average Grant Date Fair Value, Granted	$ 45.62
Weighted-Average Grant Date Fair Value, Vested	$ 33.50
Weighted-Average Grant Date Fair Value, Forfeited	$ 42.53
Weighted-Average Grant Date Fair Value, Nonvested Shares, Ending Balance	$ 40.58

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Income taxes (Tables)

12 Months Ended

Oct. 31, 2012

Income taxes [Abstract]

Income tax expense

	2012		2011			2010
Current:
U.S. federal	$	51,458	$	53,983		$	9,811
State and local		1,378		2,029			29
Foreign		38,760		35,469			26,601
Total current		91,596		91,481			36,441
Deferred:
U.S. federal		7,204		1,851			34,097
State and local		782		23			(2,771	)
Foreign		1,842		(1,158	)		(4,496	)
Total deferred		9,828		716			26,830
	$	101,424	$	92,197		$	63,271

Income taxes computed at the U.S. statutory rate and income tax

	2012			2011			2010
Statutory federal income tax rate		35.00	%		35.00	%		35.00	%
Domestic Production Deduction		(1.82	)		(1.76	)		(0.75	)
Foreign tax rate variances, net of foreign tax credits		(2.31	)		(2.51	)		(4.56	)
State and local taxes, net of federal income tax benefit		0.43			0.42			(0.79	)
Tax expense related to tax law change		—			—			2.27
Tax benefit from sale of UV product lines		—			—			(4.43	)
Amounts related to prior years		(0.31	)		(1.31	)		0.34
Other — net		0.10			(0.53	)		0.27
Effective tax rate		31.09	%		29.31	%		27.35	%

Unrecognized tax benefits

	2012			2011			2010
Balance at beginning of year	$	2,576		$	4,078		$	3,969
Additions based on tax positions related to the current year		148			387			388
Additions for tax positions of prior years		896			138			359
Reductions for tax positions of prior years		—			—			(638	)
Settlements		—			(2,027	)		—
Lapse of statute of limitations		(480	)		—			—
Balance at end of year	$	3,140		$	2,576		$	4,078

Significant components of deferred tax assets and liabilities

	2012			2011
Deferred tax assets:
Employee benefits	$	88,821		$	79,027
Other accruals not currently deductible for taxes		17,991			12,114
Tax credit and loss carryforwards		17,145			12,576
Inventory adjustments		5,278			4,085
Translation of foreign currency accounts		929			716
Total deferred tax assets		130,164			108,518
Valuation allowance		(5,046	)		(6,051	)
Total deferred tax assets		125,118			102,467
Deferred tax liabilities:
Depreciation and amortization		121,348			94,487
Translation of foreign currency accounts		—			17
Total deferred tax liabilities		121,348			94,504
Net deferred tax assets	$	3,770		$	7,963

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Significant accounting policies (Details 3) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011
Reconciliation of the product warranty liability
Beginning balance	$ 6,723	$ 5,242
Accruals for warranties	5,430	7,417
Warranty assumed from acquisitions	2,252	72
Warranty payments	(5,307)	(6,017)
Currency adjustments	(169)	9
Ending balance	$ 8,929	$ 6,723

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Acquisitions

12 Months Ended

Oct. 31, 2012

Acquisitions [Abstract]

Acquisitions

Note 13 — Acquisitions

Business acquisitions have been accounted for as purchases, with the acquired assets and liabilities recorded at estimated fair value on the dates of acquisition. The cost in excess of the net assets of the business acquired is included in goodwill. Operating results since the respective dates of acquisitions are included in the Consolidated Statement of Income.

2012 acquisitions

On June 14, 2012, we acquired 100 percent of the outstanding shares of EDI Holdings, Inc. (EDI), a provider of slot coating and flat polymer extrusion dies for plastic processors and web converters headquartered in Chippewa Falls, Wisconsin. EDI is being reported in our Adhesive Dispensing Systems segment.

On June 21, 2012, we acquired 100 percent of the outstanding shares of Xaloy Superior Holdings, Inc. (Xaloy), a manufacturer of melt delivery components for injection and extrusion machinery in the global plastic processing industry headquartered in New Castle, Pennsylvania. Xaloy is being reported in our Adhesive Dispensing Systems segment.

On August 1, 2012 we acquired 100 percent of the outstanding shares of Sealant Equipment & Engineering, Inc. (SEE), a manufacturer of precision dispense systems and fluid dispense valves headquartered in Plymouth, Michigan. SEE is being reported in our Industrial Coating Systems segment.

These acquisitions were not individually material, but in the aggregate they must be disclosed pursuant to the business combinations guidance. Net sales and net income attributable to these acquisitions since their respective acquisition dates were approximately $76,968 and $2,584, respectively. The table below shows a preliminary allocation of the combined purchase price.

Fair values:
Current assets	$	69,940
Non-current assets		57,808
Goodwill		266,677
Intangible assets subject to amortization		122,596
Current liabilities		(31,298	)
Non-current liabilities		(33,456	)
		452,267
Less cash acquired		(8,403	)
Purchase price	$	443,864

The intangible assets consist of customer lists of $48,730, which are being amortized over a weighted average life of 9 years; technology assets of $25,740 which are being amortized over a weighted average life of 15 years; trade names of $43,710 which are being amortized over a weighted average life of 15 years; and non-compete agreements of $4,416, which are being amortized over a weighted average life of 2 years. The goodwill of $23,247 associated with the SEE acquisition is tax deductible, and none of the goodwill associated with the EDI and Xaloy acquisitions is tax deductible. However, there is $11,000 of goodwill related to their previous acquisitions that is tax deductible.

The following unaudited pro forma financial information for 2012 and 2011 assumes the acquisitions above occurred as of the beginning of 2011, after giving effect to certain adjustments, including amortization of intangible assets, interest expense on acquisition debt and income tax effects. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations which may occur in the future or that would have occurred had the acquisitions been affected on the date indicated, nor are they necessarily indicative of our future results of operations.

	2012		2011
Sales	$	1,537,251	$	1,429,798
Net income	$	234,092	$	225,867
Basic earnings per share	$	3.63	$	3.34
Diluted earnings per share	$	3.60	$	3.30

Proforma results for 2011 were adjusted to include $2,109 of acquisition-related expenses and $4,589 of nonrecurring expense related to the fair value adjustment to acquisition-date inventory. Proforma results for 2012 were adjusted to exclude $2,109 of acquisition-related expenses and $4,589 of nonrecurring expense related to the fair value adjustment to acquisition-date inventory. Proforma results for 2011 and 2012 includes $13,159 and $11,713 of pretax amortization expense related to intangible assets.

2011 acquisitions

Value Plastics — On August 26, 2011, we acquired 100 percent of the outstanding shares of Value Plastics, a leading designer and manufacturer of precision engineered, plastic molded, single-use fluid connection components headquartered in Fort Collins, Colorado. Value Plastics’ products are used primarily in critical flow control applications for healthcare and medical device markets. Cash, and proceeds from our revolving loan agreement and private shelf facility with NYLIM, were used for the purchase. Value Plastics supports our strategic objective of building upon our medical and life sciences platform and complements our growing positions in biomaterial delivery devices and medical device assembly. Our global reach and infrastructure will provide opportunities to leverage the business’ profitable growth beyond its primary domestic markets served and into general industrial markets. Value Plastics is being reported in our Advanced Technology Systems segment.

The allocation of purchase price is shown in the table below.

Fair values:
Assets acquired	$	27,101
Liabilities assumed		(19,288	)
Intangible assets subject to amortization		74,720
Goodwill		178,954
		261,487
Less cash acquired		(3,108	)
Purchase price	$	258,379

The intangible assets include customer relationships of $40,400 being amortized over 25 years, technology and know-how of $18,500 being amortized over 15 years, a trade name asset of $15,400 being amortized over 20 years and a non-compete agreement of $420 being amortized over two years. None of the goodwill associated with the Value Plastics acquisition is tax deductible; however, they had $15,600 of existing goodwill related to a previous acquisition that is tax deductible.

The following unaudited pro forma financial information for 2011 and 2010 assumes the acquisition occurred as of the beginning of 2010, after giving effect to certain adjustments, including amortization of intangible assets, interest expense on acquisition debt and income tax effects. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations which may occur in the future or that would have occurred had the acquisition of Value Plastics been affected on the date indicated, nor are they necessarily indicative of our future results of operations.

	2011		2010
Sales	$	1,259,127	$	1,067,729
Net income	$	224,934	$	166,921
Basic earnings per share	$	3.33	$	2.47
Diluted earnings per share	$	3.29	$	2.44

Proforma results for 2010 were adjusted to include $375 of acquisition-related expenses and $4,575 of nonrecurring expense related to the fair value adjustment to acquisition-date inventory. Proforma results for 2011 were adjusted to exclude $375 of acquisition-related expenses and $2,401 of nonrecurring expense related to the fair value adjustment to acquisition-date inventory. Proforma results for both years include $3,829 of pretax amortization expense related to Value Plastics’ intangible assets.

Other 2011 acquisitions — On November 1, 2010, we acquired 100 percent of the outstanding shares of Micromedics, an Eagan, Minnesota company that is a leader in applying and dispensing biomaterials for controlling bleeding, healing wounds and other related medical procedures. The acquisition date fair value of the consideration transferred, which consisted solely of cash, was $21,296. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $13,312 and identifiable intangible assets of $7,500 were recorded, of which customer relationships is the primary asset valued at $4,550 and amortized over 10 years. Goodwill associated with this acquisition is not tax deductible. Micromedics is being reported in our Advanced Technology Systems segment.

On June 30, 2011, we acquired 100 percent of the outstanding shares of Verbruggen, a Belgium manufacturer of flat dies and coextrusion equipment for the multi-layer flexible packaging industry. The acquisition date fair value of the consideration transferred, which consisted solely of cash, was $13,305. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $8,461 and identifiable intangible assets of $4,017 were recorded, of which customer relationships is the primary asset valued at $2,900 and amortized over 11 years. Goodwill associated with this acquisition is not tax deductible. Verbruggen is being reported in our Adhesive Dispensing Systems segment.

Assuming the Micromedics and Verbruggen acquisitions had taken place at the beginning of 2010, pro-forma results for 2011 and 2010 would not have been materially different.

2010 acquisition

On January 5, 2010, we acquired 100 percent of the outstanding shares of G L T Gesellschaft für Löttechnik mbH (GLT), a German distributor of EFD dispensing systems and related products. The acquisition date fair value of the consideration transferred, which consisted solely of cash, was $18,576. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $6,034 and identifiable intangible assets of $7,270 were recorded. The identifiable intangible assets consist primarily of $5,661 of customer relationships that are being amortized over 10 years. GLT is being reported in our Advanced Technology Systems segment. Assuming this acquisition had taken place at the beginning of 2010, pro-forma results would not have been materially different.

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Contingencies (Details) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Contingencies [Abstract]
Accrual for the ongoing operation, maintenance and monitoring obligation at the Site	$ 750	$ 795

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Fair value measurements

12 Months Ended

Oct. 31, 2012

Fair value measurements [Abstract]

Fair value measurements

Note 18 — Fair value measurements

The inputs to the valuation techniques used to measure fair value are classified into the following categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The following table presents the classification of our assets and liabilities measured at fair value on a recurring basis at October 31, 2012:

	Total		Level 1		Level 2		Level 3
Assets:
Rabbi trust (a)	$	13,356	$	—	$	13,356	$	—
Forward exchange contracts (b)		1,104		—		1,104		—
Total assets at fair value	$	14,460	$	—	$	14,460	$	—
Liabilities:
Deferred compensation plans (c)	$	6,071	$	6,071	$	—	$	—
Forward exchange contracts (b)		433		—		433		—
Total liabilities at fair value	$	6,504	$	6,071	$	433	$	—

(a) We maintain a rabbi trust that serves as an investment to shadow our deferred compensation plan liability. The investment assets of the trust consist of life insurance policies for which we recognize income or expense based upon changes in cash surrender value.

(b) We enter into foreign currency forward contracts to reduce the risk of foreign currency exposures resulting from receivables, payables, intercompany receivables, intercompany payables and loans denominated in foreign currencies. Foreign exchange contracts are valued using market exchange rates. These foreign exchange contracts are not designated as hedges.

(c) Senior management and other highly compensated employees may defer up to 100 percent of their salary and incentive compensation into various non-qualified deferred compensation plans. Deferrals can be allocated to various market performance measurement funds. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds.

Fair value disclosures related to impairments of long-lived assets are disclosed in Note 12, and fair value disclosures related to goodwill and indefinite-lived intangible assets are disclosed in Note 17.

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Severance and restructuring costs (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		12 Months Ended
	Apr. 30, 2012	Jan. 31, 2012	Oct. 31, 2012	Oct. 31, 2011 Adhesive Dispensing Systems [Member]	Oct. 31, 2012 Adhesive Dispensing Systems Georgia Operations [Member]	Oct. 31, 2011 Adhesive Dispensing Systems Georgia Operations [Member]	Oct. 31, 2012 Adhesive Dispensing Systems Georgia Operations [Member] Production inefficiencies and moving costs [Member]	Oct. 31, 2012 Adhesive Dispensing System Germany [Member]	Oct. 31, 2011 Adhesive Dispensing System Germany [Member]	Oct. 31, 2012 Advanced Technology Systems Operations [Member]	Oct. 31, 2012 Industrial Coating Systems [Member]	Oct. 31, 2012 Corporate [Member]	Oct. 31, 2010 Corporate [Member]
Severance and restructuring costs (Textual) [Abstract]
Severance and restructuring costs					$ 769	$ 1,557		$ 177	$ 32	$ 12	$ 690		$ 2,029
Recorded severance and restructuring costs							876
Restructuring charges	3,776	811					2,916
Payments of expense made					2,326			206			690
Cost of sales - restructuring	2,040		2,040				2,040
Severance costs and other termination fees associated with the restructuring incurred to date					2,326			209				23,986
Severance costs and other termination fees associated with the restructuring incurred to date										530
Assets held for sale measured on non recurring basis						4,150			932
Impairment charges				1,811		1,322			489
Gain or loss on sale of facility					$ 830			$ (117)

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Significant accounting policies (Details 1)	12 Months Ended
	Oct. 31, 2012
Patent/technology costs [Member]
Weighted average useful lives for each major category of amortizable intangible assets
Weighted average useful lives for each major category of amortizable intangible assets	14 years
Customer relationships [Member]
Weighted average useful lives for each major category of amortizable intangible assets
Weighted average useful lives for each major category of amortizable intangible assets	15 years
Non-compete agreements [Member]
Weighted average useful lives for each major category of amortizable intangible assets
Weighted average useful lives for each major category of amortizable intangible assets	5 years
Trade name [Member]
Weighted average useful lives for each major category of amortizable intangible assets
Weighted average useful lives for each major category of amortizable intangible assets	16 years

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Operating segments and geographic area data (Details 3) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Summary of reconciliation of consolidated assets
Assets	$ 1,829,515	$ 1,304,450	$ 986,354
Total Assets for Reportable Segments [Member]
Summary of reconciliation of consolidated assets
Assets	1,836,024	1,320,391	997,363
Customer Advance Payments [Member]
Summary of reconciliation of consolidated assets
Assets	20,894	9,375	10,999
Elimination [Member]
Summary of reconciliation of consolidated assets
Assets	$ (27,403)	$ (25,316)	$ (22,008)

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Stock-based compensation (Tables)

12 Months Ended

Oct. 31, 2012

Stock-based compensation [Abstract]

Summarized activity related to stock options

	Number of Options			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic Value		Weighted-Average Remaining Term
Outstanding at October 31, 2011		1,851		$	24.22
Granted		299		$	43.73
Exercised		(365	)	$	19.90
Forfeited or expired		(21	)	$	30.19
Outstanding at October 31, 2012		1,764		$	28.35	$	54,141		6.2 years
Vested at October 31, 2012 or expected to vest		1,709		$	28.07	$	52,911		6.2 years
Exercisable at October 31, 2012		893		$	22.05	$	33,039		4.7 years

Summarized information on currently outstanding options

	Range of Exercise Price
	$12 — $20		$21 — $28		$29 — $44
Number outstanding		629		499		636
Weighted-average remaining contractual life, in years		4.3		5.8		8.4
Weighted-average exercise price	$	15.80	$	26.58	$	42.14
Number exercisable		484		320		89
Weighted-average exercise price	$	16.22	$	26.27	$	38.44

Fair value assumptions of stock options

	2012	2011
Expected volatility	45.4%-46.9%	43.1%-45.1%
Expected dividend yield	1.20%	1.28%
Risk-free interest rate	1.03%-1.23%	1.89%-2.25%
Expected life of the option (in years)	5.4-6.1	5.4-6.3

Summarized activity related to nonvested shares

	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Nonvested at October 31, 2011		81		$	34.95
Granted		52		$	45.62
Vested		(28	)	$	33.50
Forfeited		(5	)	$	42.53
Nonvested at October 31, 2012		100		$	40.58

Summarized activity related to director deferred compensation shares

	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Outstanding at October 31, 2011		243		$	17.51
Deferrals		3		$	52.74
Restricted stock units vested		11		$	28.47
Dividend equivalents		2		$	51.68
Distributions		(59	)	$	15.93
Outstanding at October 31, 2012		200		$	19.44

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Goodwill and intangible assets (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012
Summary of changes in the carrying amount of goodwill
Balance at October 31, 2011	$ 547,826
Acquisitions/Adjustment	266,581
Currency effect	(1,590)
Balance at October 31, 2012	812,817
Adhesive Dispensing Systems [Member]
Summary of changes in the carrying amount of goodwill
Balance at October 31, 2011	41,962
Acquisitions/Adjustment	243,430
Currency effect	(981)
Balance at October 31, 2012	284,411
Advanced Technology Systems [Member]
Summary of changes in the carrying amount of goodwill
Balance at October 31, 2011	505,864
Acquisitions/Adjustment	(96)
Currency effect	(609)
Balance at October 31, 2012	505,159
Industrial Coating Systems [Member]
Summary of changes in the carrying amount of goodwill
Balance at October 31, 2011
Acquisitions/Adjustment	23,247
Currency effect
Balance at October 31, 2012	$ 23,247

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Shareholders' equity:
Preferred shares, par value
Preferred shares, authorized	10,000	10,000
Preferred shares, issued
Common shares, par value
Common shares, authorized	160,000	160,000
Common shares, issued	98,023	98,023

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Capital shares (Details Textual) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Capital shares (Textual) [Abstract]
Preferred shares, authorized	10,000	10,000
Preference shares outstanding	0	0	0
Common shares, authorized	160,000	160,000
Common shares, issued	98,023	98,023
Common Shares Outstanding	64,257	65,601

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Recently issued accounting standards

12 Months Ended

Oct. 31, 2012

Recently issued accounting standards [Abstract]

Recently issued accounting standards

Note 2 — Recently issued accounting standards

In December 2010, the Financial Accounting Standards Board (FASB) issued guidance that provides requirements for pro forma revenue and earnings disclosures related to business combinations. This guidance requires disclosure of revenue and earnings of the combined business as if the combination occurred at the start of the prior annual reporting period only. We adopted this standard on November 1, 2011, and required disclosures are included in Note 13.

In May 2011, the FASB clarified the guidance concerning fair value measurements and disclosures. The guidance requires the disclosure of quantitative information about unobservable inputs used, a description of the valuation processes used, and a qualitative discussion around the sensitivity of the measurements. We adopted this guidance on February 1, 2012, and there was no material impact on our consolidated financial statements.

In June 2011, the FASB issued an Accounting Standards Update (ASU) that amends current comprehensive income guidance. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of shareholders’ equity. Instead, comprehensive income must be reported in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements. We adopted this guidance in 2012, and it did not impact our consolidated financial statements, as it only resulted in a change in the format of presentation.

In September 2011, the FASB issued guidance amending the way companies test for goodwill impairment. Companies will have the option to first assess qualitative factors to determine the existence of events or circumstances that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, companies determine that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the two-step impairment test is unnecessary. This guidance is effective for us beginning in 2013, with early adoption permitted. Adoption of this guidance could change our annual process for goodwill impairment testing, but will not impact the financial statements.

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Retirement, pension and other postretirement plans (Details 4)	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Pension plan, United States [Member]
Assumptions used to determine benefit obligations at October 31:
Discount rate	3.85%	4.46%	5.21%
Rate of compensation increase	3.12%	3.20%	3.30%
Assumptions used to determine net benefit costs for the years ended October 31:
Discount rate	4.46%	5.21%	5.50%
Expected return on plan assets	7.75%	8.25%	8.51%
Rate of compensation increase	3.20%	3.30%	3.30%
Pension Plan, International [Member]
Assumptions used to determine benefit obligations at October 31:
Discount rate	3.52%	4.43%	4.17%
Rate of compensation increase	3.13%	3.16%	3.21%
Assumptions used to determine net benefit costs for the years ended October 31:
Discount rate	4.43%	4.17%	4.78%
Expected return on plan assets	4.85%	4.84%	4.85%
Rate of compensation increase	3.16%	3.21%	2.86%

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Long-term debt (Details) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Long-term debt
Long-term Debt	$ 583,709	$ 319,123
Less current maturities	55,668	5,664
Long-term maturities	528,041	313,459
Revolving credit agreement, due 2017 [Member]
Long-term debt
Long-term Debt	262,450	192,200
Senior notes, due 2017-2025 [Member]
Long-term debt
Long-term Debt	200,000
Private shelf facility, due 2012-2020 [Member]
Long-term debt
Long-term Debt	69,445	75,000
Senior note, due 2013 [Member]
Long-term debt
Long-term Debt	50,000	50,000
Development loans, due 2011-2026 [Member]
Long-term debt
Long-term Debt	$ 1,814	$ 1,923

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Operating segments and geographic area data (Details textual) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012 Segment	Oct. 31, 2011	Oct. 31, 2010	Jul. 31, 2011
Segment Reporting Information [Line Items]
Withdrawal from multiplier pension fund				$ 3,136
Severance Charges and Other Termination Fees	2,524	1,589	2,029
Operating segments and geographic area data (Textual) [Abstract]
Number of Operating Segments	3
Major customers threshold limit	ten percent or more of sales	ten percent or more of sales	ten percent or more of sales
Adhesive Dispensing Systems [Member]
Segment Reporting Information [Line Items]
Impairment charges		1,811
Cost of sales restructuring and severance and restructuring costs	3,862
Severance Charges and Other Termination Fees		1,589
Corporate [Member]
Segment Reporting Information [Line Items]
Withdrawal from multiplier pension fund		3,120
Severance and restructuring costs			2,029
Industrial Coating Systems [Member]
Segment Reporting Information [Line Items]
Severance and restructuring costs	$ 690

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Retirement, pension and other postretirement plans (Details 15) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012
With Medicare Part D Subsidy US [Member]
Retiree postretirement benefit payments
2013	$ 2,273
2014	2,491
2015	2,771
2016	3,032
2017	3,250
2018-2022	18,548
Without Medicare Part D Subsidy US [Member]
Retiree postretirement benefit payments
2013	2,322
2014	2,491
2015	2,771
2016	3,032
2017	3,250
2018-2022	18,548
Postretirement Benefit Plans, International [Member]
Retiree postretirement benefit payments
2013	4
2014	4
2015	12
2016	13
2017	14
2018-2022	$ 106

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Quarterly financial data (Unaudited)

12 Months Ended

Oct. 31, 2012

Quarterly financial data (unaudited) [Abstract]

Quarterly financial data (unaudited)

Note 19 — Quarterly financial data (unaudited)

	First		Second		Third		Fourth
2012:
Sales	$	275,836	$	315,193	$	379,872	$	438,677
Gross margin		169,346		189,656		223,214		241,073
Net income		38,338		52,111		66,694		67,686
Earnings per share:
Basic		0.59		0.81		1.04		1.06
Diluted		0.58		0.80		1.03		1.04
2011:
Sales	$	270,962	$	318,924	$	312,255	$	331,018
Gross margin		166,171		197,752		188,050		196,459
Net income		45,897		65,242		56,550		54,675
Earnings per share:
Basic		0.67		0.96		0.83		0.82
Diluted		0.67		0.95		0.82		0.81

The sum of the per-share amounts for the four quarters of 2012 and 2011 do not equal the annual per-share amounts due to differences in the average number of shares outstanding during the respective periods.

During the first quarter of 2012, pre-tax severance and restructuring costs of $811 and pre-tax costs of $682 related to the termination of a pension plan were recorded. During the second quarter of 2012, pre-tax severance and restructuring costs of $3,776 were recorded. Of this amount, $2,040 was recorded in cost of sales. During the fourth quarter of 2012, a pre-tax gain of $832 on the sale of real estate was recorded.

During the first quarter of 2011, net income tax benefits of $1,242 were recorded as a result of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that was passed by the U.S. Congress and signed by the President in December 2010. During the third quarter of 2011, a favorable adjustment to unrecognized tax benefits primarily related to settlements with tax authorities reduced income taxes by $2,027. The third quarter also included expense of $3,136 related to a fee paid to withdraw from a multiemployer employee pension fund in Japan.

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Income taxes (Details 3) (USD $) In Thousands, unless otherwise specified	Oct. 31, 2012	Oct. 31, 2011
Deferred tax assets:
Employee benefits	$ 88,821	$ 79,027
Other accruals not currently deductible for taxes	17,991	12,114
Tax credit and loss carryforwards	17,145	12,576
Inventory adjustments	5,278	4,085
Translation of foreign currency accounts	929	716
Total deferred tax assets	130,164	108,518
Valuation allowance	(5,046)	(6,051)
Total deferred tax assets	125,118	102,467
Deferred tax liabilities:
Depreciation and amortization	121,348	94,487
Translation of foreign currency accounts		17
Total deferred tax liabilities	121,348	94,504
Net deferred tax assets	$ 3,770	$ 7,963

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Long-term debt (Tables)

12 Months Ended

Oct. 31, 2012

Long-term debt [Abstract]

Long-term debt

	2012		2011
Revolving credit agreement, due 2017	$	262,450	$	192,200
Senior notes, due 2017-2025		200,000		—
Private shelf facility, due 2012-2020		69,445		75,000
Senior note, due 2013		50,000		50,000
Development loans, due 2011-2026		1,814		1,923
		583,709		319,123
Less current maturities		55,668		5,664
Long-term maturities	$	528,041	$	313,459

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Severance and restructuring costs

12 Months Ended

Oct. 31, 2012

Severance and restructuring costs [Abstract]

Severance and restructuring costs

Note 12 — Severance and restructuring costs

In order to optimize Industrial Coating Systems operations in Ohio, a restructuring initiative was undertaken in 2012 that resulted in $690 of severance costs. All severance amounts were paid in 2012.

In order to optimize Advanced Technology Systems operations, a restructuring initiative was undertaken in 2012 that will result in the consolidation of a facility in Florida with a facility in California. Severance costs associated with this initiative will be approximately $530. Of that amount, $12 was recorded in 2012, with the remainder to be recorded in 2013.

In 2011, we announced a restructuring of the Georgia operations of our Adhesive Dispensing Systems segment in order to optimize operations and better serve our customers. The restructuring involved the expansion of our facility in Duluth and construction of a new facility in Swainsboro, where operations from our existing Swainsboro facility, as well as facilities in Norcross and Dawsonville, were transferred. Severance costs and other termination fees associated with this action were $2,326. Of the total expense amount, $769 was recorded in 2012, and $1,557 was recorded in 2011. Payments of $2,326 were made in 2012. In addition, $2,916 of expenses related to production inefficiencies and moving costs were incurred in 2012. Of this amount, $2,040 was recorded in cost of sales, and $876 was recorded in severance and restructuring costs.

As a result of this restructuring initiative, we assessed the fair value of the Swainsboro, Norcross and Dawsonville facilities in 2011 and remeasured to fair value two of them using third-party property appraisals or market-corroborated inputs. The amount of Level 2 long-lived assets measured at fair value on a non-recurring basis was $4,150. Impairment losses of $1,322 on the two facilities were recorded in long-lived asset impairments in the Consolidated Statement of Income. The Swainsboro and Norcross facilities were sold in 2012, and the resulting net gain of $830 was included in other income in the Consolidated Statement of Income.

In order to optimize Adhesive Dispensing Systems segment operations in Germany, a restructuring initiative was launched in 2011 that resulted in severance costs of $209. Of that amount, $177 was recorded in 2012, and $32 was recorded in 2011. Payments of $206 were made in 2012. In 2011, we also assessed the fair value of a facility and remeasured it to fair value using a third party appraisal. The amount of Level 2 long-lived assets measured at fair value on a non-recurring basis was $932. An impairment loss of $489 was recorded in long-lived asset impairments in the Consolidated Statement of Income. This facility was sold in 2012, and a loss of $117 was recorded in other expense in the Consolidated Statement of Income.

Cost reduction activities were taken in 2008 through 2010 primarily in response to economic conditions and with the objective of improving operating efficiencies. Total severance and related costs of these actions were $23,986, of which $2,029 was recorded in 2010. The severance costs were recorded in the Corporate segment.

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Supplemental information for the statement of cash flows (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Oct. 31, 2012	Oct. 31, 2011	Oct. 31, 2010
Cash operating activities:
Interest paid	$ 9,285	$ 5,179	$ 6,432
Income taxes paid	70,606	96,487	21,526
Non-cash investing and financing activities:
Capitalized lease obligations incurred	12,981	8,154	5,468
Capitalized lease obligations terminated	894	534	721
Shares acquired and issued through exercise of stock options	$ 2,323	$ 5,228	$ 5,151