Operating segments

6 Months Ended

Apr. 30, 2024

Segment Reporting [Abstract]

Operating segments

Operating segments

We conduct business in three primary operating segments: Industrial Precision Solutions, Medical and Fluid Solutions, and Advanced Technology Solutions. 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 the same as those described in the Significant accounting policies Note.

Industrial Precision Solutions: This segment focuses on delivering proprietary dispensing and processing technology, both standard and highly customized equipment, to diverse end markets. Product lines commonly reduce material consumption, increase line efficiency through precision dispense and measurement and control, 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, agricultural, consumer durables and non-durables markets.

Medical and Fluid Solutions: This segment includes the Company’s fluid management solutions for medical, high-tech industrial and other diverse end markets. Related plastic tubing, balloons, catheters, syringes, cartridges, tips and fluid connection components are used to dispense or control fluids within customers’ medical devices or products, as well as production processes.

Advanced Technology Solutions: This segment focuses on products serving electronics end markets. Advanced Technology Solutions products integrate our proprietary product technologies found in progressive stages of an electronics customer’s production processes, such as surface treatment, precisely controlled dispensing of material and test and inspection to ensure quality and reliability. Applications include, but are not limited to, semiconductors, printed circuit boards, electronic components and automotive electronics.

The following table presents information about our segments:

Three Months Ended	Industrial Precision Solutions		Medical and Fluid Solutions		Advanced Technology Solutions		Corporate		Total
April 30, 2024
Net external sales	$	366,991	$	168,966	$	114,685	$	—	$	650,642
Operating profit (loss)	117,831		48,993		18,784		(16,992)		168,616
April 30, 2023
Net external sales	$	335,807	$	166,526	$	147,832	$	—	$	650,165
Operating profit (loss)	111,773		47,922		26,090		(13,278)		172,507
Six Months Ended
April 30, 2024
Net external sales	$	721,538	$	328,492	$	233,805	$	—	$	1,283,835
Operating profit (loss)	226,195		95,093		37,822		(31,059)		328,051
April 30, 2023
Net external sales	$	647,353	$	320,813	$	292,476	$	—	$	1,260,642
Operating profit (loss)	214,093		87,307		43,053		(27,727)		316,726

We had significant sales in the following geographic regions:

	Three Months Ended				Six Months Ended
	April 30, 2024		April 30, 2023		April 30, 2024		April 30, 2023
Americas	$	294,428	$	278,731	$	568,440	$	543,610
Europe	182,070		167,904		361,380		330,843
Asia Pacific	174,144		203,530		354,015		386,189
Total net external sales	$	650,642	$	650,165	$	1,283,835	$	1,260,642