Operating Segments and Geographic Area Data

12 Months Ended

Oct. 31, 2024

Segment Reporting [Abstract]

Operating Segments and Geographic Area Data

Operating segments and geographic area data

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 Consolidated Statement 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 Note 1.

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.

No single customer accounted for 10 percent or more of sales in 2024, 2023 or 2022.

The following table presents information about our reportable segments:

	Industrial Precision Solutions		Medical and Fluid Solutions		Advanced Technology Solutions		Corporate		Total
Year ended October 31, 2024
Net external sales	$	1,484,249	$	695,452	$	510,220	$	—	$	2,689,921
Depreciation and amortization	56,856		58,061		13,433		7,825		136,175
Operating profit (loss)	470,559		187,731		94,231		(78,520)		674,001
Identifiable assets (a)	1,926,426		2,267,239		697,224		1,184,222		6,075,111
Property, plant and equipment expenditures	16,892		19,533		4,269		23,716		64,410
Year ended October 31, 2023
Net external sales	$	1,391,046	$	660,316	$	577,270	$	—	$	2,628,632
Depreciation and amortization	33,228		54,988		15,185		8,497		111,898
Operating profit (loss)	460,889		189,367		101,662		(79,157)		672,761
Identifiable assets (a)	1,932,527		1,544,456		730,192		1,105,471		5,312,646
Property, plant and equipment expenditures	9,257		15,716		4,209		5,401		34,583
Year ended October 31, 2022
Net external sales	$	1,337,242	$	690,177	$	562,859	$	—	$	2,590,278
Depreciation and amortization	27,891		54,674		8,780		8,578		99,923
Operating profit (loss)	434,476		217,199		133,253		(82,568)		702,360
Identifiable assets (a)	1,112,825		1,558,861		397,250		812,964		3,881,900
Property, plant and equipment expenditures	9,490		31,009		2,383		8,546		51,428

(a)Operating segment identifiable assets include notes and accounts receivable net of allowance for doubtful accounts, inventories net of reserves, property, plant and equipment net of accumulated depreciation and goodwill. Corporate assets are principally cash and cash equivalents, deferred income taxes, leases, headquarter facilities and intangible assets.

We have significant sales and long-lived assets in the following geographic areas:

	2024		2023		2022
Net external sales
Americas	$	1,178,626	$	1,149,760	$	1,096,596
Europe	726,100		682,676		645,603
Asia Pacific	785,195		796,196		848,079
Total net external sales	$	2,689,921	$	2,628,632	$	2,590,278
Long-lived assets
Americas	$	465,521	$	328,312	$	332,709
Europe	113,274		109,428		62,039
Asia Pacific	59,432		61,282		60,973
Total long-lived assets	$	638,227	$	499,022	$	455,721

Long-lived assets include property, plant and equipment - net and operating right of use lease assets.

A reconciliation of total assets for reportable segments to total consolidated assets is as follows:

	2024		2023		2022
Total identifiable assets for reportable segments	$	6,075,111	$	5,312,646	$	3,881,900
Eliminations	(74,145)		(60,876)		(61,525)
Total consolidated assets	$	6,000,966	$	5,251,770	$	3,820,375