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Business Segment Information | 12 Months Ended
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Oct. 31, 2023
Segment Reporting [Abstract] |
Business Segment Information | Note 12. Business Segment Information The Company discloses information about its operating segments, which were established based on the way that management organizes segments within the Company for making operating decisions and assessing financial performance. The Company's two operating segments are described below. •CooperVision. Competes in the worldwide contact lens market by developing, manufacturing and marketing a broad range of products for contact lens wearers, featuring advanced materials and optics. •CooperSurgical. Competes in the general health care market with a focus on advancing the health of women, babies and families through a diversified portfolio of products and services focusing on women's health and fertility. The Company uses operating income, as presented in our financial reports, as the primary measure of segment profitability. The Company does not allocate costs from corporate functions to segment operating income. The Company uses the same accounting policies to generate segment results as it does for consolidated results. No customers accounted for 10% or more of our consolidated net revenue in fiscal 2023, 2022 and 2021. Total identifiable assets are those used in continuing operations except cash and cash equivalents, which the Company includes as corporate assets. The following table presents a summary of our business segment net sales:
(In millions) | 2023 |  | 2022 |  | 2021
CooperVision net sales by category: |  |  |  |  |
Toric lens | $ | 828.7 |  |  | $ | 737.4 |  |  | $ | 697.5 |
Multifocal lens | 305.7 |  |  | 264.4 |  |  | 238.6 |
Single-use sphere lens | 705.4 |  |  | 661.6 |  |  | 616.3 |
Non single-use sphere, other | 583.9 |  |  | 579.9 |  |  | 599.6 |
Total CooperVision net sales | 2,423.7 |  |  | 2,243.3 |  |  | 2,152.0 |
CooperSurgical net sales by category: |  |  |  |  |
Office and surgical | 689.5 |  |  | 633.6 |  |  | 451.3 |
Fertility | 480.0 |  |  | 431.5 |  |  | 319.2 |
Total CooperSurgical net sales | 1,169.5 |  |  | 1,065.1 |  |  | 770.5 |
Total net sales | $ | 3,593.2 |  |  | $ | 3,308.4 |  |  | $ | 2,922.5 |
Information by business segment for each of the years in the three-year period ended October 31, 2023 follows:
(In millions) | CooperVision |  | CooperSurgical |  | Corporate |  | Consolidated
2023 |  |  |  |  |  |  |
Net sales | $ | 2,423.7 |  |  | $ | 1,169.5 |  |  | $ | — |  |  | $ | 3,593.2 |
Operating income (loss) | $ | 587.7 |  |  | $ | 16.1 |  |  | $ | (70.7) |  |  | $ | 533.1 |
Interest expense |  |  |  |  |  |  | 105.3 |
Other expense, net |  |  |  |  |  |  | 14.9 |
Income before income taxes |  |  |  |  |  |  | $ | 412.9 |
Identifiable assets | $ | 7,044.0 |  |  | $ | 4,351.8 |  |  | $ | 263.1 |  |  | $ | 11,658.9 |
Depreciation expense | $ | 156.9 |  |  | $ | 24.6 |  |  | $ | — |  |  | $ | 181.5 |
Amortization expense | $ | 32.9 |  |  | $ | 153.3 |  |  | $ | — |  |  | $ | 186.2 |
Capital expenditures | $ | 364.4 |  |  | $ | 28.1 |  |  | $ | — |  |  | $ | 392.5 |
2022 |  |  |  |  |  |  |
Net sales | $ | 2,243.3 |  |  | $ | 1,065.1 |  |  | $ | — |  |  | $ | 3,308.4 |
Operating income (loss) | $ | 494.3 |  |  | $ | 67.1 |  |  | $ | (53.8) |  |  | $ | 507.6 |
Interest expense |  |  |  |  |  |  | 57.3 |
Other (income), net |  |  |  |  |  |  | (25.0) |
Income before income taxes |  |  |  |  |  |  | $ | 475.3 |
Identifiable assets | $ | 6,778.9 |  |  | $ | 4,407.8 |  |  | $ | 305.6 |  |  | $ | 11,492.3 |
Depreciation expense | $ | 144.5 |  |  | $ | 22.1 |  |  | $ | — |  |  | $ | 166.6 |
Amortization expense | $ | 32.3 |  |  | $ | 147.2 |  |  | $ | — |  |  | $ | 179.5 |
Capital expenditures | $ | 223.0 |  |  | $ | 19.0 |  |  | $ | — |  |  | $ | 242.0 |
2021 |  |  |  |  |  |  |
Net sales | $ | 2,152.0 |  |  | $ | 770.5 |  |  | $ | — |  |  | $ | 2,922.5 |
Operating income (loss) | $ | 481.3 |  |  | $ | 71.8 |  |  | $ | (47.3) |  |  | $ | 505.8 |
Interest expense |  |  |  |  |  |  | 23.1 |
Other expense, net |  |  |  |  |  |  | (8.8) |
Income before income taxes |  |  |  |  |  |  | $ | 491.5 |
Identifiable assets | $ | 6,965.9 |  |  | $ | 2,395.6 |  |  | $ | 244.7 |  |  | $ | 9,606.2 |
Depreciation expense | $ | 148.3 |  |  | $ | 14.9 |  |  | $ | — |  |  | $ | 163.2 |
Amortization expense | $ | 35.7 |  |  | $ | 110.4 |  |  | $ | — |  |  | $ | 146.1 |
Capital expenditures | $ | 190.0 |  |  | $ | 24.4 |  |  | $ | — |  |  | $ | 214.4 |
Information by geographical area by country of domicile for each of the years in the three-year period ended October 31, 2023 follows:
(In millions) | United States |  | Europe |  | Rest of World, Other Eliminations & Corporate |  | Consolidated
2023 |  |  |  |  |  |  |
Net sales to unaffiliated customers | $ | 1,812.2 |  |  | $ | 1,041.2 |  |  | $ | 739.8 |  |  | $ | 3,593.2 |
Sales between geographic areas | 563.1 |  |  | 1,016.7 |  |  | (1,579.8) |  |  | — |
Net sales | $ | 2,375.3 |  |  | $ | 2,057.9 |  |  | $ | (840.0) |  |  | $ | 3,593.2 |
Operating income | $ | — |  |  | $ | 516.2 |  |  | $ | 16.9 |  |  | $ | 533.1 |
Long-lived assets | $ | 1,027.6 |  |  | $ | 325.9 |  |  | $ | 279.1 |  |  | $ | 1,632.6 |
2022 |  |  |  |  |  |  |
Net sales to unaffiliated customers | $ | 1,638.5 |  |  | $ | 987.2 |  |  | $ | 682.7 |  |  | $ | 3,308.4 |
Sales between geographic areas | 514.4 |  |  | 897.3 |  |  | (1,411.7) |  |  | — |
Net sales | $ | 2,152.9 |  |  | $ | 1,884.5 |  |  | $ | (729.0) |  |  | $ | 3,308.4 |
Operating (loss) income | $ | 71.8 |  |  | $ | 403.8 |  |  | $ | 32.0 |  |  | $ | 507.6 |
Long-lived assets | $ | 856.1 |  |  | $ | 310.8 |  |  | $ | 266.0 |  |  | $ | 1,432.9 |
2021 |  |  |  |  |  |  |
Net sales to unaffiliated customers | $ | 1,339.2 |  |  | $ | 957.9 |  |  | $ | 625.4 |  |  | $ | 2,922.5 |
Sales between geographic areas | 494.9 |  |  | 815.1 |  |  | (1,310.0) |  |  | — |
Net sales | $ | 1,834.1 |  |  | $ | 1,773.0 |  |  | $ | (684.6) |  |  | $ | 2,922.5 |
Operating (loss) income | $ | (26.8) |  |  | $ | 416.2 |  |  | $ | 116.4 |  |  | $ | 505.8 |
Long-lived assets | $ | 737.5 |  |  | $ | 377.2 |  |  | $ | 232.9 |  |  | $ | 1,347.6 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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