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Operating Segments and Geographic Area Data | 12 Months Ended
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Oct. 31, 2022
Segment Reporting [Abstract] |
Operating Segments and Geographic Area Data | Operating segments and geographic area data We conduct business in three primary operating segments: Industrial Precision Solutions, Medical and Fluid 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 the same as those described in Note 1, Significant Accounting Policies. Effective in the fourth quarter of 2022, we realigned our former two operating segments into three: Industrial Precision Solutions, Medical and Fluid Solutions, and Advanced Technology Solutions. Existing product lines were unchanged as part of this new structure. We made changes to realign our management team and our operating segments. This realignment gives us better visibility into our medical and electronics platforms, which have grown significantly through both organic and acquisitive opportunities. The revised operating segments better reflect how we now manage the Company, allocate resources and assess performance of the businesses. Certain reclassifications have been made to our segment disclosures, principally related to this segment change. We also revised our geographic regions, such that the United States and Japan are now included in the Americas and Asia Pacific, respectively. As such, our geographical regions as used throughout this report include the Americas (United States, Canada, Mexico and Central and South America), Asia Pacific (including Japan) and Europe. Industrial Precision Solutions: This segment is focused on delivering proprietary dispensing and processing technology, both standard and highly customized equipment, to diverse end markets. Product lines commonly reduce material consumption, increase line efficiency through precision dispense and measurement and control, 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. Medical and Fluid Solutions: This segment includes the Company’s fluid management solutions for medical, high-tech industrial and other diverse end markets. Related plastic tubing, balloons, catheters, syringes, cartridges, tips and fluid connection components are used to dispense or control fluids within customers’ medical devices or products, as well as production processes. Advanced Technology Solutions: This segment is focused on products serving electronics end markets. Advanced Technology Solutions products integrate our proprietary product technologies found in progressive stages of an electronics customer’s production processes, such as surface treatment, precisely controlled dispensing of material and test and inspection to ensure quality and reliability. Applications include, but are not limited to, semiconductors, printed circuit boards, electronic components and automotive electronics. No single customer accounted for 10 percent or more of sales in 2022, 2021 or 2020. The following table presents information about our reportable segments:
| Industrial Precision Solutions |  | Medical and Fluid Solutions |  | Advanced Technology Solutions |  | Corporate |  | Total
Year ended October 31, 2022 |  |  |  |  |  |  |  |  |
Net external sales | $ | 1,337,242 |  |  | $ | 690,177 |  |  | $ | 562,859 |  |  | $ | — |  |  | $ | 2,590,278 |
Depreciation and amortization | 27,891 |  |  | 54,674 |  |  | 8,780 |  |  | 8,578 |  |  | 99,923 |
Operating profit (loss) | 434,476 |  |  | 217,199 |  |  | 133,253 |  |  | (82,568) |  |  | 702,360 |
Identifiable assets (b) | 1,112,825 |  |  | 1,558,861 |  |  | 397,250 |  |  | 812,964 |  | (a) | 3,881,900 |
Property, plant and equipment expenditures | 9,490 |  |  | 31,009 |  |  | 2,383 |  |  | 8,546 |  |  | 51,428 |
Year ended October 31, 2021 |  |  |  |  |  |  |  |  |
Net external sales | $ | 1,246,947 |  |  | $ | 641,654 |  |  | $ | 473,608 |  |  | $ | — |  |  | $ | 2,362,209 |
Depreciation and amortization | 25,673 |  |  | 56,600 |  |  | 11,826 |  |  | 9,784 |  |  | 103,883 |
Operating profit (loss) | 414,192 |  |  | 198,194 |  |  | 73,466 |  |  | (70,725) |  |  | 615,127 |
Identifiable assets (b) | 964,840 |  |  | 1,519,144 |  |  | 394,572 |  |  | 967,796 |  | (a) | 3,846,352 |
Property, plant and equipment expenditures | 9,009 |  |  | 21,115 |  |  | 1,949 |  |  | 6,230 |  |  | 38,303 |
Year ended October 31, 2020 |  |  |  |  |  |  |  |  |
Net external sales | $ | 1,143,423 |  |  | $ | 564,899 |  |  | $ | 412,778 |  |  | $ | — |  |  | $ | 2,121,100 |
Depreciation and amortization | 38,939 |  |  | 53,588 |  |  | 10,955 |  |  | 9,820 |  |  | 113,302 |
Operating profit (loss) | 208,028 |  |  | 150,296 |  |  | 41,306 |  |  | (50,085) |  |  | 349,545 |
Identifiable assets (b) | 915,148 |  |  | 1,482,585 |  |  | 396,617 |  |  | 928,358 |  | (a) | 3,722,708 |
Property, plant and equipment expenditures | 18,545 |  |  | 27,892 |  |  | 3,628 |  |  | 470 |  |  | 50,535 |
(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:
| 2022 |  | 2021 |  | 2020
Net external sales |  |  |  |  |
Americas | $ | 1,096,596 |  |  | $ | 969,110 |  |  | $ | 897,115 |
Europe | 645,603 |  |  | 617,492 |  |  | 536,636 |
Asia Pacific | 848,079 |  |  | 775,607 |  |  | 687,349 |
Total net external sales | $ | 2,590,278 |  |  | $ | 2,362,209 |  |  | $ | 2,121,100 |
Long-lived assets |  |  |  |  |
Americas | $ | 332,709 |  |  | $ | 322,878 |  |  | $ | 331,697 |
Europe | 62,039 |  |  | 67,776 |  |  | 69,854 |
Asia Pacific | 60,973 |  |  | 75,762 |  |  | 79,192 |
Total long-lived assets | $ | 455,721 |  |  | $ | 466,416 |  |  | $ | 480,743 |
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. A reconciliation of total assets for reportable segments to total consolidated assets is as follows:
| 2022 |  | 2021 |  | 2020
Total identifiable assets for reportable segments | $ | 3,881,900 |  |  | $ | 3,846,352 |  |  | $ | 3,722,708 |
Eliminations | (61,525) |  |  | (55,391) |  |  | (48,052) |
Total consolidated assets | $ | 3,820,375 |  |  | $ | 3,790,961 |  |  | $ | 3,674,656 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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