XML 40 R24.htm IDEA: XBRL DOCUMENT
v3.21.2

Operating Segments and Geographic Area Data | 12 Months Ended
--- | ---
Oct. 31, 2021
Segment Reporting [Abstract] |
Operating Segments and Geographic Area Data | Operating segments and geographic area data We conduct business in two primary operating segments: Industrial Precision Solutions and Advanced Technology Solutions. 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. Effective in the second quarter of 2020, we made changes to realign our management team and our operating segments. This realignment will enable us to better serve global customers and markets, to more efficiently leverage technology synergies, to operate divisions of significant size in a consistent and focused way and to position ourselves for our next chapter of profitable growth. The revised operating segments better reflect how we manage the Company, allocate resources, and assess performance of the businesses. We realigned our former three operating segments into two: Industrial Precision Solutions and Advanced Technology Solutions. Existing product lines were unchanged as part of this new structure. Industrial Precision Solutions: This segment combines our former Adhesive Dispensing Systems (ADS) and Industrial Coating Systems (ICS) businesses. IPS enhances the technology synergies between ADS and ICS to deliver proprietary dispensing and processing technology to diverse end markets. Product lines reduce material consumption, increase line efficiency and enhance product brand and appearance. Components are used for dispensing adhesives, coatings, paint, finishes, sealants and other materials. This segment primarily serves the industrial, consumer durables and non-durables markets. Advanced Technology Solutions: This segment integrates our proprietary product technologies found in progressive stages of a customer’s production processes, such as surface treatment, precisely controlled dispensing of material and post-dispense test and inspection to ensure quality. Related single-use plastic molded syringes, cartridges, tips, fluid connection components, tubing, balloons and catheters are used to dispense or control fluids in production processes or within customers’ end products. This segment predominantly serves customers in the electronics, medical and related high-tech industrial markets. The financial information presented herein reflects the impact of the preceding changes and prior periods have been revised to reflect these changes. No single customer accounted for 10 percent or more of sales in 2021, 2020 or 2019. The following table presents information about our reportable segments:
| Industrial Precision Solutions |  | Advanced Technology Solutions |  | Corporate |  | Total
Year ended October 31, 2021 |  |  |  |  |  |  |
Net external sales | $ | 1,246,947 |  |  | $ | 1,115,262 |  |  | $ | — |  |  | $ | 2,362,209 |
Depreciation and amortization | 25,673 |  |  | 68,426 |  |  | 9,784 |  |  | 103,883 |
Operating profit (loss) | 414,192 |  |  | 271,660 |  |  | (70,725) |  |  | 615,127 |
Identifiable assets (b) | 898,051 |  |  | 1,902,637 |  |  | 967,796 |  | (a) | 3,768,484 |
Property, plant and equipment expenditures | 9,009 |  |  | 23,064 |  |  | 6,230 |  |  | 38,303 |
Year ended October 31, 2020 |  |  |  |  |  |  |
Net external sales | $ | 1,143,423 |  |  | $ | 977,677 |  |  | $ | — |  |  | $ | 2,121,100 |
Depreciation and amortization | 38,939 |  |  | 64,543 |  |  | 9,820 |  |  | 113,302 |
Operating profit (loss) | 208,028 |  |  | 191,602 |  |  | (50,085) |  |  | 349,545 |
Identifiable assets (b) | 882,946 |  |  | 1,849,391 |  |  | 948,048 |  | (a) | 3,680,385 |
Property, plant and equipment expenditures | 18,545 |  |  | 31,520 |  |  | 470 |  |  | 50,535 |
Year ended October 31, 2019 |  |  |  |  |  |  |
Net external sales | $ | 1,208,376 |  |  | $ | 985,850 |  |  | $ | — |  |  | $ | 2,194,226 |
Depreciation and amortization | 38,333 |  |  | 62,836 |  |  | 9,075 |  |  | 110,244 |
Operating profit (loss) | 329,054 |  |  | 205,609 |  |  | (51,550) |  |  | 483,113 |
Identifiable assets (b) | 997,460 |  |  | 1,740,259 |  |  | 782,188 |  | (a) | 3,519,907 |
Property, plant and equipment expenditures | 30,400 |  |  | 26,010 |  |  | 7,834 |  |  | 64,244 |
(a)Corporate assets are principally cash and cash equivalents, deferred income taxes, leases, headquarter facilities, the major portion of our enterprise management system, and intangible assets. Includes assets held for sale in 2020, see Note 4. (b)Operating segment identifiable assets include notes and accounts receivable net of 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:
| 2021 |  | 2020 |  | 2019
Net external sales |  |  |  |  |
United States | $ | 789,303 |  |  | $ | 755,642 |  |  | $ | 758,383 |
Americas | 179,807 |  |  | 141,473 |  |  | 167,661 |
Europe | 617,492 |  |  | 536,636 |  |  | 571,596 |
Japan | 107,572 |  |  | 126,601 |  |  | 126,756 |
Asia Pacific | 668,035 |  |  | 560,748 |  |  | 569,830 |
Total net external sales | $ | 2,362,209 |  |  | $ | 2,121,100 |  |  | $ | 2,194,226 |
Long-lived assets |  |  |  |  |
United States | $ | 311,254 |  |  | $ | 329,390 |  |  | $ | 286,894 |
Americas | 11,624 |  |  | 2,307 |  |  | 1,948 |
Europe | 67,776 |  |  | 69,854 |  |  | 44,041 |
Japan | 18,318 |  |  | 22,733 |  |  | 6,169 |
Asia Pacific | 57,444 |  |  | 56,459 |  |  | 59,843 |
Total long-lived assets | $ | 466,416 |  |  | $ | 480,743 |  |  | $ | 398,895 |
Long-lived assets includes property, plant and equipment - net and operating right of use lease assets, which were recorded as a result of the new lease standard as codified in ASC 842 and excludes amounts held for sale in 2020, see Note 4. The increase in 2020 was driven primarily by the recording of the operating right of use lease assets. A reconciliation of total segment operating profit to total consolidated income before income taxes is as follows:
| 2021 |  | 2020 |  | 2019
Total profit for reportable segments | $ | 615,127 |  |  | $ | 349,545 |  |  | $ | 483,113 |
Interest expense | (25,491) |  |  | (32,160) |  |  | (47,145) |
Interest and investment income | 2,150 |  |  | 1,681 |  |  | 1,844 |
Other-net | (17,610) |  |  | (17,577) |  |  | (6,708) |
Income before income taxes | $ | 574,176 |  |  | $ | 301,489 |  |  | $ | 431,104 |
A reconciliation of total assets for reportable segments to total consolidated assets is as follows:
| 2021 |  | 2020 |  | 2019
Total identifiable assets for reportable segments | $ | 3,768,484 |  |  | $ | 3,680,385 |  |  | $ | 3,519,907 |
Customer advance payments | 77,868 |  |  | 42,323 |  |  | 41,131 |
Eliminations | (55,391) |  |  | (48,052) |  |  | (44,591) |
Total consolidated assets | $ | 3,790,961 |  |  | $ | 3,674,656 |  |  | $ | 3,516,447 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration