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Segment Data | 12 Months Ended
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Oct. 31, 2024
Segment Reporting [Abstract] |
Segment Data |
3 | Segment Data
The company's businesses are organized, managed, and internally grouped into segments based on similarities in products and services. Segment determination is based on the manner in which the CODM organizes segments for making operating and investment decisions and assessing performance. In the third quarter of fiscal 2024, the company modified the level at which information was being reviewed, including modification to the reporting packages and materials regularly reviewed by the CODM to evaluate the company’s operating results to assess performance and allocate resources. As a result, the company has identified nine operating segments and has aggregated certain of those operating segments into two reportable segments: Professional and Residential. 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. For a summary of our products by market for our Professional and Residential reportable segments, refer to refer to Part I, Item 1, "Business," of this Annual Report on Form 10-K. The company's remaining activities consists of the company's wholly-owned domestic distribution company, certain corporate activities, and the elimination of intersegment revenues and expenses. Corporate activities include general corporate expenditures (finance, human resources, legal, information technology, public relations, business development, and similar activities) and other unallocated corporate assets and liabilities, such as corporate facilities and deferred tax assets and liabilities. These remaining activities are presented as "Other" due to their insignificance. The accounting policies of the reportable business segments are the same as those described in the summary of significant accounting policies in Note 1, Summary of Significant Accounting Policies and Related Data. The company evaluates the performance of its Professional and Residential reportable business segment results based on earnings from operations plus other income, net. The reportable business segment's operating profits or losses include direct costs incurred at the reportable business 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. Operating loss for the company's Other activities includes earnings (loss) from the company's domestic wholly-owned distribution company, certain corporate activities, other income, and interest expense. The company accounts for intersegment gross sales at current market prices. The following tables present summarized financial information concerning the company's reportable business segments and Other activities (dollars in millions):
Fiscal Year Ended October 31, 2024 |  | Professional |  | Residential |  | Other |  | Total
Net sales |  | $ | 3,556.9 |  |  | $ | 998.3 |  |  | $ | 28.6 |  |  | $ | 4,583.8 |
Intersegment gross sales (eliminations) |  | 49.2 |  |  | 0.4 |  |  | (49.6) |  |  | — |
Earnings (loss) before income taxes |  | 638.9 |  |  | 78.4 |  |  | (204.5) |  |  | 512.8 |
Total assets |  | 2,673.6 |  |  | 521.2 |  |  | 388.0 |  |  | 3,582.8 |
Capital expenditures |  | 60.0 |  |  | 14.7 |  |  | 28.8 |  |  | 103.5 |
Depreciation and amortization |  | $ | 94.6 |  |  | $ | 18.0 |  |  | $ | 15.6 |  |  | $ | 128.2 |
Fiscal Year Ended October 31, 2023 |  | Professional |  | Residential |  | Other |  | Total
Net sales |  | $ | 3,674.6 |  |  | $ | 854.2 |  |  | $ | 24.4 |  |  | $ | 4,553.2 |
Intersegment gross sales (eliminations) |  | 45.8 |  |  | 0.2 |  |  | (46.0) |  |  | — |
Earnings (loss) before income taxes 1 |  | 509.1 |  |  | 68.9 |  |  | (177.5) |  |  | 400.5 |
Total assets |  | 2,679.6 |  |  | 565.1 |  |  | 399.6 |  |  | 3,644.3 |
Capital expenditures |  | 79.9 |  |  | 45.6 |  |  | 24.0 |  |  | 149.5 |
Depreciation and amortization |  | $ | 89.3 |  |  | $ | 14.9 |  |  | $ | 15.0 |  |  | $ | 119.2 |
Fiscal Year Ended October 31, 2022 |  | Professional |  | Residential |  | Other |  | Total
Net sales |  | $ | 3,429.6 |  |  | $ | 1,068.6 |  |  | $ | 16.5 |  |  | $ | 4,514.7 |
Intersegment gross sales (eliminations) |  | 33.5 |  |  | 0.1 |  |  | (33.6) |  |  | — |
Earnings (loss) before income taxes |  | 584.0 |  |  | 112.7 |  |  | (144.2) |  |  | 552.5 |
Total assets |  | 2,702.8 |  |  | 501.6 |  |  | 351.6 |  |  | 3,556.0 |
Capital expenditures |  | 94.3 |  |  | 31.0 |  |  | 18.2 |  |  | 143.5 |
Depreciation and amortization |  | $ | 82.7 |  |  | $ | 13.0 |  |  | $ | 13.1 |  |  | $ | 108.8 |
1 The Professional reportable segment earnings (loss) before income taxes includes $151.3 million of non-cash impairment charges recorded during the preparation of the financial statements for the third quarter of fiscal 2023 related to Intimidator. For additional information regarding the impairment charges, refer to Note 1, Summary of Significant Accounting Policies and Related Data. During fiscal 2024, 2023, and 2022, no customers accounted for 10.0 percent or more of total consolidated gross sales. The following table presents the details of operating loss before income taxes for the company's Other activities (dollars in millions):
Fiscal Years Ended October 31 |  | 2024 |  | 2023 |  | 2022
Corporate expenses |  | $ | (170.3) |  |  | $ | (151.8) |  |  | $ | (126.3) |
Interest expense |  | (61.9) |  |  | (58.7) |  |  | (35.7) |
Earnings from the company's wholly-owned domestic distribution company and other income, net |  | 27.7 |  |  | 33.0 |  |  | 17.8 |
Total operating loss |  | $ | (204.5) |  |  | $ | (177.5) |  |  | $ | (144.2) |
The following geographic area data includes net sales based on product shipment destination and long-lived assets, which consist of property, plant and equipment, net, and is based on physical location in addition to allocated capital tooling from U.S. plant facilities (dollars in millions):
Fiscal Years Ended October 31 |  | United States |  | International Countries |  | Total
2024 |  |  |  |  |  |
Net sales |  | $ | 3,660.8 |  |  | $ | 923.0 |  |  | $ | 4,583.8 |
Long-lived assets |  | $ | 534.8 |  |  | $ | 110.0 |  |  | $ | 644.8 |
2023 |  |  |  |  |  |
Net sales |  | $ | 3,605.5 |  |  | $ | 947.7 |  |  | $ | 4,553.2 |
Long-lived assets |  | $ | 540.4 |  |  | $ | 101.3 |  |  | $ | 641.7 |
2022 |  |  |  |  |  |
Net sales |  | $ | 3,635.5 |  |  | $ | 879.2 |  |  | $ | 4,514.7 |
Long-lived assets |  | $ | 505.9 |  |  | $ | 65.8 |  |  | $ | 571.7 |

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- Definition The entire disclosure for reporting segments including data and tables. 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