Operating Segments

3 Months Ended

Jan. 31, 2022

Segment Reporting [Abstract]

Operating Segments

Operating segments

We conduct business across two primary operating segments:  Industrial Precision Solutions (IPS) and Advanced Technology Solutions (ATS). The composition of segments and measure of segment profitability is consistent with that used by our chief operating decision maker. The primary measure used by the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing performance is operating profit, which equals sales less cost of sales and certain operating expenses. Items below the operating profit line of the Condensed Consolidated Statements of Income (interest and investment income, interest expense and other income/expense) are excluded from the measure of segment profitability reviewed by our chief operating decision maker and are not presented by operating segment. The accounting policies of the segments are generally the same as those described in Note - Significant Accounting Policies.

Industrial Precision Solutions: This segment delivers proprietary dispensing and processing technology to diverse end markets. Product lines reduce material consumption, increase line efficiency and enhance product brand and appearance. Components are used for dispensing adhesives, coatings, paint, finishes, sealants and other materials. This segment primarily serves the industrial, consumer durables and non-durables markets.

Advanced Technology Solutions: This segment integrates our proprietary product technologies found in progressive stages of a customer’s production processes, such as surface treatment, precisely controlled dispensing of material and post-dispense test and inspection to ensure quality. Related single-use plastic molded syringes, cartridges, tips, fluid connection components, tubing, balloons and catheters are used to dispense or control fluids in production processes or within customers’ end products. This segment predominantly serves customers in the electronics, medical and related high-tech industrial markets.

The following table presents information about our segments:

Three Months Ended	Industrial Precision Solutions		Advanced Technology Solutions		Corporate		Total
January 31, 2022
Net external sales	$	323,933	$	285,233	$	—	$	609,166
Operating profit (loss)	102,187		76,327		(22,654)		155,860
January 31, 2021
Net external sales	$	288,416	$	238,150	$	—	$	526,566
Operating profit (loss)	83,403		47,201		(21,579)		109,025

We had significant sales in the following geographic regions:

	Three Months Ended
	January 31, 2022		January 31, 2021
United States	$	191,377	$	185,316
Americas	48,525		36,138
Europe	155,985		135,151
Japan	25,558		27,115
Asia Pacific	187,721		142,846
Total net external sales	$	609,166	$	526,566