Business Segment Information

12 Months Ended

Oct. 31, 2024

Segment Reporting [Abstract]

Business Segment Information

Note 12. Business Segment Information

The Company discloses information about its operating segments, which were established based on the way that management organizes segments within the Company for making operating decisions and assessing financial performance. The Company's two operating segments are described below.

•CooperVision. Competes in the worldwide contact lens market by developing, manufacturing and marketing a broad range of products for contact lens wearers, featuring advanced materials and optics.

•CooperSurgical. Competes in the fertility and women's health care market through its diversified portfolio of products and services, including fertility products and services, medical devices, cryostorage (such as cord blood and cord tissue storage) and contraception.

The Company uses operating income, as presented in our financial reports, as the primary measure of segment profitability. The Company does not allocate costs from corporate functions to segment operating income. The Company uses the same accounting policies to generate segment results as it does for consolidated results.

No customers accounted for 10% or more of our consolidated net revenue in fiscal 2024, 2023 and 2022.

Total identifiable assets are those used in continuing operations except cash and cash equivalents, which the Company includes as corporate assets.

The following table presents a summary of our business segment net sales:

(In millions)	2024		2023		2022
CooperVision net sales by category:
Toric and multifocal	$	1,257.2	$	1,134.4	$	1,001.8
Sphere, other	1,352.2		1,289.3		1,241.5
Total CooperVision net sales	2,609.4		2,423.7		2,243.3
CooperSurgical net sales by category:
Office and surgical	774.7		689.5		633.6
Fertility	511.3		480.0		431.5
Total CooperSurgical net sales	1,286.0		1,169.5		1,065.1
Total net sales	$	3,895.4	$	3,593.2	$	3,308.4

Information by business segment for each of the years in the three-year period ended October 31, 2024, follows:

(In millions)	CooperVision		CooperSurgical		Corporate		Consolidated
2024
Net sales	$	2,609.4	$	1,286.0	$	—	$	3,895.4
Operating income (loss)	$	676.2	$	118.3	$	(88.8)	$	705.7
Interest expense							114.3
Other expense, net							9.1
Income before income taxes							$	582.3
Identifiable assets	$	7,285.1	$	4,832.0	$	198.1	$	12,315.2
Depreciation expense	$	151.8	$	22.1	$	—	$	173.9
Amortization expense	$	28.2	$	173.0	$	—	$	201.2
Capital expenditures	$	388.6	$	32.6	$	—	$	421.2
2023
Net sales	$	2,423.7	$	1,169.5	$	—	$	3,593.2
Operating income (loss)	$	587.7	$	16.1	$	(70.7)	$	533.1
Interest expense							105.3
Other expense, net							14.9
Income before income taxes							$	412.9
Identifiable assets	$	7,044.0	$	4,351.8	$	263.1	$	11,658.9
Depreciation expense	$	156.9	$	24.6	$	—	$	181.5
Amortization expense	$	32.9	$	153.3	$	—	$	186.2
Capital expenditures	$	364.4	$	28.1	$	—	$	392.5
2022
Net sales	$	2,243.3	$	1,065.1	$	—	$	3,308.4
Operating income (loss)	$	494.3	$	67.1	$	(53.8)	$	507.6
Interest expense							57.3
Other (income), net							(25.0)
Income before income taxes							$	475.3
Identifiable assets	$	6,778.9	$	4,407.8	$	305.6	$	11,492.3
Depreciation expense	$	144.5	$	22.1	$	—	$	166.6
Amortization expense	$	32.3	$	147.2	$	—	$	179.5
Capital expenditures	$	223.0	$	19.0	$	—	$	242.0

Information by geographical area by country of domicile for each of the years in the three-year period ended October 31, 2024, follows:

(In millions)	United States		Europe		Rest of World, Other Eliminations & Corporate		Consolidated
2024
Net sales to unaffiliated customers	$	1,965.9	$	1,155.9	$	773.6	$	3,895.4
Sales between geographic areas	602.9		1,065.2		(1,668.1)		—
Net sales	$	2,568.8	$	2,221.1	$	(894.5)	$	3,895.4
Operating income	$	74.2	$	601.8	$	29.7	$	705.7
Long-lived assets	$	1,188.8	$	401.7	$	272.9	$	1,863.4
2023
Net sales to unaffiliated customers	$	1,812.2	$	1,041.2	$	739.8	$	3,593.2
Sales between geographic areas	563.1		1,016.7		(1,579.8)		—
Net sales	$	2,375.3	$	2,057.9	$	(840.0)	$	3,593.2
Operating income	$	—	$	516.2	$	16.9	$	533.1
Long-lived assets	$	1,027.6	$	325.9	$	279.1	$	1,632.6
2022
Net sales to unaffiliated customers	$	1,638.5	$	987.2	$	682.7	$	3,308.4
Sales between geographic areas	514.4		897.3		(1,411.7)		—
Net sales	$	2,152.9	$	1,884.5	$	(729.0)	$	3,308.4
Operating (loss) income	$	71.8	$	403.8	$	32.0	$	507.6
Long-lived assets	$	856.1	$	310.8	$	266.0	$	1,432.9