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Business Segment Information | 12 Months Ended
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Oct. 31, 2019
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information Cooper uses operating income, as presented in our financial reports, as the primary measure of segment profitability. We do not allocate costs from corporate functions to segment operating income. Items below operating income are not considered when measuring the profitability of a segment. We use the same accounting policies to generate segment results as we do for our consolidated results. Total net sales include sales to customers as reported in our Consolidated Statements of Income and sales between geographic areas that are priced at terms that allow for a reasonable profit for the seller. Operating income (loss) is total net sales less cost of sales, selling, general and administrative expenses, research and development expenses, amortization and intangible impairments. Corporate operating loss is principally corporate headquarters expense. Interest expense, and other income and expenses are not allocated to individual segments. No customers accounted for 10% or more of our consolidated net revenue in the fiscal 2019 and 2018. One customer, a CooperVision contact lens distributor, accounted for approximately 10% of our consolidated net revenue in the fiscal 2017. Identifiable assets are those used in continuing operations except cash and cash equivalents, which we include as corporate assets. Long-lived assets are net property, plant and equipment. The following table presents a summary of our business segment net sales:
(In millions) | 2019 |  | 2018 |  | 2017
CooperVision net sales by category: |  |  |  |  |
Toric lens | $ | 620.0 |  |  | $ | 591.4 |  |  | $ | 526.8 |
Multifocal lens | 202.9 |  |  | 196.6 |  |  | 177.2 |
Single-use sphere lens | 568.2 |  |  | 520.1 |  |  | 438.3 |
Non single-use sphere and other | 581.8 |  |  | 573.9 |  |  | 531.8 |
Total CooperVision net sales | 1,972.9 |  |  | 1,882.0 |  |  | 1,674.1 |
CooperSurgical net sales by category: |  |  |  |  |
Office and surgical products | 422.4 |  |  | 400.4 |  |  | 214.7 |
Fertility | 258.1 |  |  | 250.4 |  |  | 250.2 |
Total CooperSurgical net sales | 680.5 |  |  | 650.8 |  |  | 464.9 |
Total net sales | $ | 2,653.4 |  |  | $ | 2,532.8 |  |  | $ | 2,139.0 |
Information by business segment for each of the years in the three-year period ended October 31, 2019, follows:
(In millions) | CooperVision |  | CooperSurgical |  | Corporate |  | Consolidated
2019 |  |  |  |  |  |  |
Net sales | $ | 1,972.9 |  |  | $ | 680.5 |  |  | $ | — |  |  | $ | 2,653.4 |
Operating income (loss) | $ | 506.4 |  |  | $ | 87.9 |  |  | $ | (47.6 | ) |  | $ | 546.7 |
Interest expense |  |  |  |  |  |  | 68.0 |
Other expense, net |  |  |  |  |  |  | 1.3 |
Income before income taxes |  |  |  |  |  |  | $ | 477.4 |
Identifiable assets | $ | 3,911.6 |  |  | $ | 2,189.8 |  |  | $ | 173.1 |  |  | $ | 6,274.5 |
Depreciation expense | $ | 125.8 |  |  | $ | 9.0 |  |  | $ | 0.2 |  |  | $ | 135.0 |
Amortization expense | $ | 40.9 |  |  | $ | 104.9 |  |  | $ | — |  |  | $ | 145.8 |
Capital expenditures | $ | 259.0 |  |  | $ | 33.1 |  |  | $ | — |  |  | $ | 292.1 |
2018 |  |  |  |  |  |  |
Net sales | $ | 1,882.0 |  |  | $ | 650.8 |  |  | $ | — |  |  | $ | 2,532.8 |
Operating income (loss) | $ | 479.8 |  |  | $ | (19.9 | ) |  | $ | (56.8 | ) |  | $ | 403.1 |
Interest expense |  |  |  |  |  |  | 82.7 |
Other (income), net |  |  |  |  |  |  | (11.5 | )
Income before income taxes |  |  |  |  |  |  | $ | 331.9 |
Identifiable assets | $ | 3,746.0 |  |  | $ | 2,201.7 |  |  | $ | 165.1 |  |  | $ | 6,112.8 |
Depreciation expense | $ | 120.1 |  |  | $ | 8.1 |  |  | $ | 0.2 |  |  | $ | 128.4 |
Amortization expense | $ | 43.6 |  |  | $ | 103.1 |  |  | $ | — |  |  | $ | 146.7 |
Capital expenditures | $ | 178.4 |  |  | $ | 15.1 |  |  | $ | 0.1 |  |  | $ | 193.6 |
2017 |  |  |  |  |  |  |  |
Net sales | $ | 1,674.1 |  |  | $ | 464.9 |  |  | $ | — |  |  | $ | 2,139.0 |
Operating income (loss) | $ | 418.4 |  |  | $ | 58.5 |  |  | $ | (47.8 | ) |  | $ | 429.1 |
Interest expense |  |  |  |  |  |  | 33.4 |
Other expense, net |  |  |  |  |  |  | 1.7 |
Income before income taxes |  |  |  |  |  |  | $ | 394.0 |
Identifiable assets | $ | 3,562.6 |  |  | $ | 1,107.5 |  |  | $ | 188.6 |  |  | $ | 4,858.7 |
Depreciation expense | $ | 115.0 |  |  | $ | 4.7 |  |  | $ | 0.3 |  |  | $ | 120.0 |
Amortization expense | $ | 36.7 |  |  | $ | 31.7 |  |  | $ | — |  |  | $ | 68.4 |
Capital expenditures | $ | 108.2 |  |  | $ | 18.9 |  |  | $ | 0.1 |  |  | $ | 127.2 |
Information by geographical area by country of domicile for each of the years in the three-year period ended October 31, 2019, follows:
(In millions) | United States |  | Europe |  | Rest of World, Other Eliminations & Corporate |  | Consolidated
2019 |  |  |  |  |  |  |
Net sales to unaffiliated customers | $ | 1,211.8 |  |  | $ | 854.8 |  |  | $ | 586.8 |  |  | $ | 2,653.4 |
Sales between geographic areas | 650.7 |  |  | 300.8 |  |  | (951.5 | ) |  | — |
Net sales | $ | 1,862.5 |  |  | $ | 1,155.6 |  |  | $ | (364.7 | ) |  | $ | 2,653.4 |
Operating income | $ | 83.2 |  |  | $ | 29.3 |  |  | $ | 434.2 |  |  | $ | 546.7 |
Property, plant and equipment, net | $ | 626.5 |  |  | $ | 358.8 |  |  | $ | 146.8 |  |  | $ | 1,132.1 |
2018 |  |  |  |  |  |  |
Sales to unaffiliated customers | $ | 1,162.2 |  |  | $ | 846.5 |  |  | $ | 524.1 |  |  | $ | 2,532.8 |
Sales between geographic areas | 274.3 |  |  | 407.1 |  |  | (681.4 | ) |  | — |
Net sales | $ | 1,436.5 |  |  | $ | 1,253.6 |  |  | $ | (157.3 | ) |  | $ | 2,532.8 |
Operating (loss) income | $ | (39.3 | ) |  | $ | (16.8 | ) |  | $ | 459.2 |  |  | $ | 403.1 |
Property, plant and equipment, net | $ | 516.7 |  |  | $ | 340.7 |  |  | $ | 118.6 |  |  | $ | 976.0 |
2017 |  |  |  |  |  |  |
Sales to unaffiliated customers | $ | 931.1 |  |  | $ | 746.2 |  |  | $ | 461.7 |  |  | $ | 2,139.0 |
Sales between geographic areas | 255.7 |  |  | 440.5 |  |  | (696.2 | ) |  | — |
Net sales | $ | 1,186.8 |  |  | $ | 1,186.7 |  |  | $ | (234.5 | ) |  | $ | 2,139.0 |
Operating income | $ | 37.8 |  |  | $ | 1.6 |  |  | $ | 389.7 |  |  | $ | 429.1 |
Property, plant and equipment, net | $ | 472.8 |  |  | $ | 352.3 |  |  | $ | 85.0 |  |  | $ | 910.1 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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