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Operating Segments | 3 Months Ended
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Jan. 31, 2020
Segment Reporting [Abstract] |
Operating Segments |
11. | Operating segments
We conduct business across three primary business 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 Statements 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 the same as those described in Note 1, Significant Accounting Policies, of our annual report on Form 10-K for the year ended October 31, 2019. The following table presents information about our segments:
|  | Adhesive Dispensing Systems |  |  | Advanced Technology Systems |  |  | Industrial Coating Systems |  |  | Corporate |  |  | Total |
Three months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net external sales |  | $ | 207,225 |  |  | $ | 231,117 |  |  | $ | 56,574 |  |  | $ | — |  |  | $ | 494,916 |
Operating profit (loss) |  |  | 48,618 |  |  |  | 32,287 |  |  |  | 7,786 |  |  |  | (13,598 | ) |  |  | 75,093 |
Three months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net external sales |  | $ | 211,517 |  |  | $ | 234,458 |  |  | $ | 51,935 |  |  | $ | — |  |  | $ | 497,910 |
Operating profit (loss) |  |  | 47,892 |  |  |  | 40,785 |  |  |  | 7,516 |  |  |  | (11,912 | ) |  |  | 84,281 |
A reconciliation of total segment operating income to total consolidated income before income taxes is as follows:
|  | Three Months Ended |
|  | January 31, 2020 |  |  | January 31, 2019 |
Total profit for reportable segments |  | $ | 75,093 |  |  | $ | 84,281 |
Interest expense |  |  | (9,740 | ) |  |  | (12,365 | )
Interest and investment income |  |  | 588 |  |  |  | 316 |
Other-net |  |  | (2,846 | ) |  |  | (4,189 | )
Income before income taxes |  | $ | 63,095 |  |  | $ | 68,043 |
We have significant sales in the following geographic regions:
|  | Three Months Ended |
|  | January 31, 2020 |  |  | January 31, 2019 |
United States |  | $ | 188,500 |  |  | $ | 170,350 |
Americas |  |  | 31,083 |  |  |  | 32,437 |
Europe |  |  | 126,391 |  |  |  | 132,675 |
Japan |  |  | 27,552 |  |  |  | 29,047 |
Asia Pacific |  |  | 121,390 |  |  |  | 133,401 |
Total net external sales |  | $ | 494,916 |  |  | $ | 497,910 |

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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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