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Segment Data | 6 Months Ended
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May 03, 2024
Segment Reporting [Abstract] |
Segment Data |
2 | Segment Data
The company's businesses are organized, managed, and internally grouped into segments based on similarities in products and services. Segment selection is based on the manner in which the company's chief operating decision maker organizes segments for making operating and investment decisions and assessing performance. The company has identified twelve 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. The company's remaining activities are presented as "Other" due to their insignificance. The company's Other activities consist of the company's wholly-owned domestic distribution company, the company's corporate activities, and the elimination of intersegment revenues and expenses. The following tables present summarized financial information concerning the company’s reportable business segments and Other activities (dollars in millions):
Three Months Ended May 3, 2024 |  | Professional |  | Residential |  | Other |  | Total
Net sales |  | $ | 1,005.6 |  |  | $ | 335.6 |  |  | $ | 7.8 |  |  | $ | 1,349.0 |
Intersegment gross sales (eliminations) |  | 11.1 |  |  | — |  |  | (11.1) |  |  | — |
Earnings (loss) before income taxes |  | $ | 190.7 |  |  | $ | 36.1 |  |  | $ | (47.6) |  |  | $ | 179.2 |
Six Months Ended May 3, 2024 |  | Professional |  | Residential |  | Other |  | Total
Net sales |  | $ | 1,762.1 |  |  | $ | 575.7 |  |  | $ | 13.1 |  |  | $ | 2,350.9 |
Intersegment gross sales (eliminations) |  | 21.8 |  |  | 0.1 |  |  | (21.9) |  |  | — |
Earnings (loss) before income taxes |  | 303.5 |  |  | 59.6 |  |  | (103.8) |  |  | 259.3 |
Total assets |  | $ | 2,768.4 |  |  | $ | 669.3 |  |  | $ | 414.5 |  |  | $ | 3,852.2 |
Three Months Ended May 5, 2023 |  | Professional |  | Residential |  | Other |  | Total
Net sales |  | $ | 1,068.7 |  |  | $ | 265.8 |  |  | $ | 4.8 |  |  | $ | 1,339.3 |
Intersegment gross sales (eliminations) |  | 13.0 |  |  | — |  |  | (13.0) |  |  | — |
Earnings (loss) before income taxes |  | $ | 227.5 |  |  | $ | 22.7 |  |  | $ | (39.4) |  |  | $ | 210.8 |
Six Months Ended May 5, 2023 |  | Professional |  | Residential |  | Other |  | Total
Net sales |  | $ | 1,949.4 |  |  | $ | 530.5 |  |  | $ | 8.3 |  |  | $ | 2,488.2 |
Intersegment gross sales (eliminations) |  | 23.8 |  |  | 0.1 |  |  | (23.9) |  |  | — |
Earnings (loss) before income taxes |  | 371.6 |  |  | 60.5 |  |  | (90.0) |  |  | 342.1 |
Total assets |  | $ | 2,820.3 |  |  | $ | 568.7 |  |  | $ | 352.4 |  |  | $ | 3,741.4 |
The following table presents the details of operating loss before income taxes for the company's Other activities:
|  | Three Months Ended |  | Six Months Ended
(Dollars in millions) |  | May 3, 2024 |  | May 5, 2023 |  | May 3, 2024 |  | May 5, 2023
Corporate expenses |  | $ | (42.5) |  |  | $ | (33.0) |  |  | $ | (90.6) |  |  | $ | (76.7) |
Interest expense |  | (16.7) |  |  | (14.7) |  |  | (32.9) |  |  | (28.8) |
Earnings from the company's wholly-owned domestic distribution company and other income, net |  | 11.6 |  |  | 8.3 |  |  | 19.7 |  |  | 15.5 |
Total operating loss |  | $ | (47.6) |  |  | $ | (39.4) |  |  | $ | (103.8) |  |  | $ | (90.0) |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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