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Operating Segments and Geographic Area Data

12 Months Ended

Oct. 31, 2019

Segment Reporting [Abstract]

Operating Segments and Geographic Area Data

Note 15 — Operating segments and geographic area data

We conduct business in three primary operating segments: Adhesive Dispensing Systems, Advanced Technology Systems, and Industrial Coating Systems. 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. The accounting policies of the segments are generally the same as those described in Note 1, Significant Accounting Policies.

No single customer accounted for 10 percent or more of sales in 2019, 2018 or 2017.

The following table presents information about our reportable segments:

		Adhesive Dispensing Systems				Advanced Technology Systems				Industrial Coating Systems				Corporate				Total
Year ended October 31, 2019
Net external sales		$	950,917			$	985,850			$	257,459			$	—			$	2,194,226
Depreciation and amortization			32,401				62,836				5,932				9,075				110,244
Operating profit (loss)			275,216				205,609				53,838				(51,550	)			483,113
Identifiable assets (b)			839,997				1,740,259				157,463				782,188		(a)		3,519,907
Expenditures for long-lived assets			26,005				26,010				4,395				7,834				64,244
Year ended October 31, 2018
Net external sales		$	955,192			$	1,039,366			$	260,110			$	—			$	2,254,668
Depreciation and amortization			31,597				62,594				6,166				8,050				108,407
Operating profit (loss)			262,627				244,880				52,421				(57,349	)			502,579
Identifiable assets (b)			829,696				1,713,404				122,088				763,734		(a)		3,428,922
Expenditures for long-lived assets			46,911				16,205				8,546				18,128				89,790
Year ended October 31, 2017
Net external sales		$	916,019			$	897,623			$	253,340			$	—			$	2,066,982
Depreciation and amortization			29,118				49,535				5,559				6,642				90,854
Operating profit (loss)			256,812				229,611				45,528				(65,549	)			466,402
Identifiable assets (b)			794,699				1,718,844				120,458				790,940		(a)		3,424,941
Expenditures for long-lived assets			35,310				21,135				9,108				6,005				71,558

(a) 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.  

(b) 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.

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

		2019				2018				2017
Net external sales
United States		$	758,383			$	720,832			$	647,657
Americas			167,661				158,837				147,026
Europe			571,596				622,108				530,812
Japan			126,756				161,771				147,189
Asia Pacific			569,830				591,120				594,298
Total net external sales		$	2,194,226			$	2,254,668			$	2,066,982
Long-lived assets
United States		$	286,894			$	279,437			$	266,921
Americas			1,948				2,158				2,322
Europe			44,041				41,663				39,102
Japan			6,169				5,492				5,594
Asia Pacific			59,843				57,916				32,472
Total long-lived assets		$	398,895			$	386,666			$	346,411

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

		2019				2018				2017
Total profit for reportable segments		$	483,113			$	502,579			$	466,402
Interest expense			(47,145	)			(49,576	)			(36,601	)
Interest and investment income			1,844				1,384				1,124
Other-net			(6,708	)			(5,868	)			(10,634	)
Income before income taxes		$	431,104			$	448,519			$	420,291

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

		2019				2018				2017
Total assets for reportable segments		$	3,519,907			$	3,428,922			$	3,424,941
Customer advance payments			41,131				38,997				34,654
Eliminations			(44,591	)			(46,907	)			(45,056	)
Total consolidated assets		$	3,516,447			$	3,421,012			$	3,414,539

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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

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