Operating Segments and Geographic Area Data

12 Months Ended

Oct. 31, 2025

Segment Reporting [Abstract]

Operating Segments and Geographic Area Data

Note 15 — Operating segments and geographic area data

We conduct business in three primary operating segments.

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 dispensing 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 and consumer non-durable end markets. Advanced Technology Solutions products integrate our proprietary product technologies found in progressive stages of an electronics customer’s production and measurement and control 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, in-line measurement sensors, gauges and analyzers.

Effective November 1, 2024, the MCS division was transferred from the IPS segment to the ATS segment due to an organizational change and determination that the economic and business characteristics of MCS better aligned with the Company’s ATS segment. Our segment reporting reflects this change and prior year financial information was revised to be comparable.

The composition of segments and measure of segment profitability is consistent with that used by our chief operating decision maker ("CODM"), our President and Chief Executive Officer. The primary measure used by our CODM for purposes of making decisions about allocating resources to the segments and assessing performance was changed in 2025 from segment operating profit (loss) to segment EBITDA, which equals sales less adjusted cost of sales and adjusted selling and administrative expenses plus depreciation. Cost of sales and selling and administrative expenses are adjusted for certain special items such as non-recurring cost reduction activities and acquisition related costs, including intangible asset amortization. The CODM uses segment EBITDA in the annual budgeting and forecasting processes and regularly evaluates segment EBITDA results versus budget, forecast and prior year when making allocation of capital, financial and employee resource decisions.

The accounting policies of the segments are the same as those described in Note 1. There are no intersegment sales. Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive compensation, charitable donations, corporate facilities, and other items that are of a corporate or functional governance nature. Interest expense-net and other income/expense-net are excluded from the measure of segment profitability reviewed by our CODM and are not presented by operating segment.

No single customer accounted for 10 percent or more of sales in 2025, 2024 or 2023.

The following table presents information about our reportable segments, consistent with reporting to our CODM, as further reconciled to consolidated GAAP financial results:

	2025		2024		2023
Sales
Industrial Precision Solutions	$	1,331,792	$	1,398,912	$	1,297,070
Medical and Fluid Solutions	835,385		695,452		660,316
Advanced Technology Solutions	624,510		595,557		671,246
Total segment sales	2,791,687		2,689,921		2,628,632
Adjusted cost of sales
Industrial Precision Solutions	(521,346)		(566,243)		(533,044)
Medical and Fluid Solutions	(419,853)		(344,040)		(325,334)
Advanced Technology Solutions	(297,208)		(279,297)		(332,506)
Total segment adjusted cost of sales	(1,238,407)		(1,189,580)		(1,190,884)
Adjusted selling and administrative expenses
Industrial Precision Solutions	(340,305)		(334,912)		(296,184)
Medical and Fluid Solutions	(136,966)		(117,007)		(108,212)
Advanced Technology Solutions	(187,421)		(193,298)		(201,275)
Total segment adjusted selling and administrative expenses	(664,692)		(645,217)		(605,671)
Depreciation
Industrial Precision Solutions	23,732		23,012		17,353
Medical and Fluid Solutions	33,118		22,148		19,064
Advanced Technology Solutions	6,708		6,219		7,266
Total segment depreciation	63,558		51,379		43,683
EBITDA
Industrial Precision Solutions	493,873		520,769		485,195
Medical and Fluid Solutions	311,684		256,553		245,834
Advanced Technology Solutions	146,589		129,181		144,731
Total segment EBITDA	952,146		906,503		875,760
Inventory step-up amortization	(3,135)		(7,703)		(8,862)
Acquisition related costs	(2,334)		(13,957)		(19,966)
Severance and other	(19,256)		(17,332)		(5,487)
Divestiture and related charges	(12,545)		—		—
Depreciation and amortization	(150,523)		(136,175)		(111,898)
Corporate expenses	(52,628)		(57,335)		(56,786)
Interest expense	(104,156)		(88,924)		(59,505)
Interest and investment income	3,051		4,913		2,680
Other - net	(12,972)		(4,509)		(597)
Income before taxes	$	597,648	$	585,481	$	615,339

The following table presents additional information about our reportable segments:

	Industrial Precision Solutions		Medical and Fluid Solutions		Advanced Technology Solutions		Corporate		Total
Year ended October 31, 2025
Amortization of intangibles	$	28,762	$	38,469	$	12,033	$	—	$	79,264
Identifiable assets (1	1,858,974		2,201,528		738,762		1,118,417		5,917,681
Property, plant and equipment expenditures	13,754		30,089		6,227		7,990		58,060
Year ended October 31, 2024
Amortization of intangibles	$	28,176	$	35,913	$	12,883	$	—	$	76,972
Identifiable assets (1)	1,698,627		2,252,483		864,073		1,185,783		6,000,966
Property, plant and equipment expenditures	16,924		19,533		4,237		23,716		64,410
Year ended October 31, 2023
Amortization of intangibles	$	9,731	$	35,924	$	14,064	$	—	$	59,719
Identifiable assets (1)	1,732,696		1,532,928		880,675		1,105,471		5,251,770
Property, plant and equipment expenditures	8,854		15,716		4,612		5,401		34,583

(1) 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 net sales, measured based on their geographic destination, and long-lived assets in the following geographic areas:

	2025		2024		2023
Net external sales
Americas	$	1,205,830	$	1,178,626	$	1,149,760
Europe	722,221		726,100		682,676
Asia Pacific	863,636		785,195		796,196
Total net external sales	$	2,791,687	$	2,689,921	$	2,628,632
Long-lived assets
Americas	$	433,123	$	465,521	$	328,312
Europe	106,122		113,274		109,428
Asia Pacific	55,147		59,432		61,282
Total long-lived assets	$	594,392	$	638,227	$	499,022

Net external sales in the United States were $922,733, $899,421 and $888,405 for 2025, 2024 and 2023, respectively. Long-lived assets include property, plant and equipment - net and operating right of use lease assets. Long-lived assets in the U.S. were $424,845, $447,130 and $310,781 for 2025, 2024 and 2023, respectively.