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SEGMENT DATA | 12 Months Ended
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Oct. 31, 2015
SEGMENT DATA |
SEGMENT DATA |
12 |  | SEGMENT DATA
The company's businesses are organized, managed, and internally grouped into segments based on differences in products and services. Segment selection was based on the manner in which management organizes segments for making operating and investment decisions and assessing performance. The company has identified nine operating segments and has aggregated those segments into three reportable segments: Professional, Residential, and Distribution. The aggregation of the company's segments is based on the segments having the following similarities: economic characteristics, types of products and services, types of production processes, type or class of customers, and method of distribution. The company's 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 and is shown as "Other" due to the insignificance of the segment. The Professional business segment consists of turf and landscape equipment and irrigation products. The Professional business segment also includes professional snow and ice removal equipment as a result of the acquisition of the BOSS business, as discussed in Note 2. Turf and landscape equipment products include sports fields and grounds maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, rental and specialty construction equipment, and other maintenance equipment. Irrigation and lighting products consist of sprinkler heads, electric and hydraulic valves, controllers, computer irrigation central control systems, and micro-irrigation drip tape and hose products, as well as professionally installed lighting products offered through distributors and landscape contractors that also purchase irrigation products. Professional business segment products are sold mainly through a network of distributors and dealers to professional users engaged in maintaining golf courses, sports fields, municipal properties, agricultural fields, residential and commercial landscapes, and removing snow, as well as directly to government customers, rental companies, and large retailers. The Residential business segment consists of walk power mowers, riding mowers, snow throwers, replacement parts, and home solutions products, including trimmers, blowers, blower-vacuums, and underground and hose-end retail irrigation products sold in Australia. Residential business segment products are sold to homeowners through a network of distributors and dealers, and through a broad array of home centers, hardware retailers, and mass retailers, as well as over the Internet. The Other segment consists of the company's Distribution segment and corporate activities and elimination of intersegment revenues and expenses. Corporate activities include general corporate expenditures (finance, human resources, legal, information services, public relations, and similar activities) and other unallocated corporate assets and liabilities, such as corporate facilities, parts inventory, and deferred tax assets. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1. The company evaluates the performance of its Professional and Residential business segment results based on earnings from operations plus other income, net. Operating loss for the Other segment includes earnings (loss) from domestic wholly owned distribution companies, corporate activities, other income, and interest expense. The business segment's operating profits or losses include direct costs incurred at the segment's operating level plus allocated expenses, such as profit sharing and manufacturing expenses. The allocated expenses represent costs that these operations would have incurred otherwise, but do not include general corporate expenses, interest expense, and income taxes. The company accounts for intersegment gross sales at current market prices. The following table shows summarized financial information concerning the company's reportable segments:
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Fiscal years ended October 31 |  |  | Professional |  |  | Residential |  |  | Other |  |  | Total |
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2015 |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,639,659 |  | $ | 725,682 |  | $ | 25,534 |  | $ | 2,390,875 |
Intersegment gross sales |  |  | 45,634 |  |  | 406 |  |  | (46,040 | ) |  | – |
Earnings (loss) before income taxes |  |  | 308,010 |  |  | 84,956 |  |  | (101,935 | ) |  | 291,031 |
Total assets |  |  | 805,686 |  |  | 217,093 |  |  | 280,879 |  |  | 1,303,658 |
Capital expenditures |  |  | 29,016 |  |  | 9,953 |  |  | 17,405 |  |  | 56,374 |
Depreciation and amortization |  |  | 42,799 |  |  | 9,131 |  |  | 11,213 |  |  | 63,143 |
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2014 |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,477,578 |  | $ | 672,443 |  | $ | 22,670 |  | $ | 2,172,691 |
Intersegment gross sales |  |  | 41,376 |  |  | 424 |  |  | (41,800 | ) |  | – |
Earnings (loss) before income taxes |  |  | 276,305 |  |  | 76,916 |  |  | (96,776 | ) |  | 256,445 |
Total assets |  |  | 573,086 |  |  | 172,984 |  |  | 446,345 |  |  | 1,192,415 |
Capital expenditures |  |  | 25,226 |  |  | 12,417 |  |  | 33,495 |  |  | 71,138 |
Depreciation and amortization |  |  | 34,228 |  |  | 8,883 |  |  | 10,027 |  |  | 53,138 |
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2013 |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,425,259 |  | $ | 594,411 |  | $ | 21,761 |  | $ | 2,041,431 |
Intersegment gross sales |  |  | 40,416 |  |  | 402 |  |  | (40,818 | ) |  | – |
Earnings (loss) before income taxes |  |  | 254,424 |  |  | 62,033 |  |  | (89,744 | ) |  | 226,713 |
Total assets |  |  | 528,926 |  |  | 167,918 |  |  | 305,904 |  |  | 1,002,748 |
Capital expenditures |  |  | 32,362 |  |  | 7,838 |  |  | 9,227 |  |  | 49,427 |
Depreciation and amortization |  |  | 34,706 |  |  | 10,321 |  |  | 9,107 |  |  | 54,134 |
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The following table presents the details of the Other segment operating loss before income taxes:
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Fiscal years ended October 31 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
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Corporate expenses |  | $ | (95,167 | ) | $ | (88,539 | ) | $ | (85,359 | )
Interest expense |  |  | (18,757 | ) |  | (15,426 | ) |  | (16,210 | )
Other income |  |  | 11,989 |  |  | 7,189 |  |  | 11,825 |
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Total |  | $ | (101,935 | ) | $ | (96,776 | ) | $ | (89,744 | )
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The following table presents net sales for groups of similar products and services:
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Fiscal years ended October 31 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
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Equipment |  | $ | 2,004,274 |  | $ | 1,765,845 |  | $ | 1,649,489 |
Irrigation and lighting |  |  | 386,601 |  |  | 406,846 |  |  | 391,942 |
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Total |  | $ | 2,390,875 |  | $ | 2,172,691 |  | $ | 2,041,431 |
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Sales to one customer in the Residential segment accounted for 11 percent of total consolidated gross sales in both fiscal 2015 and 2014, and 10 percent in fiscal 2013. Geographic Data The following geographic area data includes net sales based on product shipment destination. Long-lived assets consist of net property, plant, and equipment, which is determined based on physical location in addition to allocated capital tooling from U.S. plant facilities.
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Fiscal years ended October 31 |  |  | United States |  |  | Foreign Countries |  |  | Total |
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2015 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,780,240 |  | $ | 610,635 |  | $ | 2,390,875 |
Long-lived assets |  |  | 190,262 |  |  | 34,733 |  |  | 224,995 |
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2014 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,550,077 |  | $ | 622,614 |  | $ | 2,172,691 |
Long-lived assets |  |  | 169,797 |  |  | 35,398 |  |  | 205,195 |
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2013 |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,426,060 |  | $ | 615,371 |  | $ | 2,041,431 |
Long-lived assets |  |  | 143,547 |  |  | 41,549 |  |  | 185,096 |
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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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