|
Segment Data
The presentation of segment information reflects the manner in which management organizes segments for making operating decisions and assessing performance. On this basis, the company has determined it has three reportable business segments: Professional, Residential, and Distribution. The Distribution segment, which consists of company-owned domestic distributorships, has been combined with the company’s corporate activities and elimination of intersegment revenues and expenses that is shown as “Other” in the following tables due to the insignificance of the segment.
The following table shows the summarized financial information concerning the company’s reportable segments:
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Three months ended July 29, 2011 |
|
Professional |
|
Residential |
|
Other |
|
Total |
|
|
Net sales |
|
$ |
345,972 |
|
$ |
147,479 |
|
$ |
7,594 |
|
$ |
501,045 |
|
|
Intersegment gross sales |
|
10,678 |
|
842 |
|
(11,520 |
) |
— |
|
|
Earnings (loss) before income taxes |
|
64,344 |
|
4,638 |
|
(16,691 |
) |
52,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended July 30, 2010 |
|
Professional |
|
Residential |
|
Other |
|
Total |
|
|
Net sales |
|
$ |
317,876 |
|
$ |
135,759 |
|
$ |
5,255 |
|
$ |
458,890 |
|
|
Intersegment gross sales |
|
4,471 |
|
101 |
|
(4,572 |
) |
— |
|
|
Earnings (loss) before income taxes |
|
62,681 |
|
10,650 |
|
(21,366 |
) |
51,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended July 29, 2011 |
|
Professional |
|
Residential |
|
Other |
|
Total |
|
|
Net sales |
|
$ |
1,022,536 |
|
$ |
480,404 |
|
$ |
12,918 |
|
$ |
1,515,858 |
|
|
Intersegment gross sales |
|
30,245 |
|
3,006 |
|
(33,251 |
) |
— |
|
|
Earnings (loss) before income taxes |
|
187,869 |
|
42,545 |
|
(63,170 |
) |
167,244 |
|
|
Total assets |
|
540,977 |
|
210,479 |
|
216,091 |
|
967,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended July 30, 2010 |
|
Professional |
|
Residential |
|
Other |
|
Total |
|
|
Net sales |
|
$ |
880,252 |
|
$ |
462,613 |
|
$ |
10,202 |
|
$ |
1,353,067 |
|
|
Intersegment gross sales |
|
12,841 |
|
422 |
|
(13,263 |
) |
— |
|
|
Earnings (loss) before income taxes |
|
156,094 |
|
49,190 |
|
(68,114 |
) |
137,170 |
|
|
Total assets |
|
459,712 |
|
153,840 |
|
266,100 |
|
879,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table summarizes the components of the loss before income taxes included in “Other” shown above:
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
July 29, |
|
July 30, |
|
July 29, |
|
July 30, |
|
|
(Dollars in thousands) |
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
Corporate expenses |
|
$ |
(15,462 |
) |
$ |
(19,523 |
) |
$ |
(53,227 |
) |
$ |
(57,919 |
) |
|
Interest expense, net |
|
(4,294 |
) |
(4,243 |
) |
(12,596 |
) |
(12,759 |
) |
|
Other |
|
3,065 |
|
2,400 |
|
2,653 |
|
2,564 |
|
|
Total |
|
$ |
(16,691 |
) |
$ |
(21,366 |
) |
$ |
(63,170 |
) |
$ |
(68,114 |
) | |