Segment Data

6 Months Ended

May 05, 2023

Segment Reporting [Abstract]

Segment Data

3 Segment Data

The company's businesses are organized, managed, and internally grouped into segments based on similarities in products and services. Segment selection is based on the manner in which the company's chief operating decision maker organizes segments for making operating and investment decisions and assessing performance. The company has identified twelve operating segments and has aggregated certain of those operating segments into two reportable segments: Professional and Residential. The aggregation of the company's segments is based on the segments having the following similarities: economic characteristics, types of products and services, types of production processes, type or class of customers, and method of distribution. The company's remaining activities are presented as "Other" due to their insignificance. The company's Other activities consist of the company's wholly-owned domestic distribution company, the company's corporate activities, and the elimination of intersegment revenues and expenses.

The following tables present summarized financial information concerning the company’s reportable business segments and Other activities (dollars in thousands):

Three Months Ended May 5, 2023	Professional		Residential		Other		Total
Net sales	$	1,068,733	$	265,836	$	4,757	$	1,339,326
Intersegment gross sales (eliminations)	12,976		21		(12,997)		—
Earnings (loss) before income taxes	$	227,496	$	22,731	$	(39,408)	$	210,819
Six Months Ended May 5, 2023	Professional		Residential		Other		Total
Net sales	$	1,949,393	$	530,451	$	8,322	$	2,488,166
Intersegment gross sales (eliminations)	23,831		60		(23,891)		—
Earnings (loss) before income taxes	371,572		60,563		(90,002)		342,133
Total assets	$	2,820,276	$	568,735	$	352,364	$	3,741,375

Three Months Ended April 29, 2022	Professional		Residential		Other		Total
Net sales	$	925,810	$	319,675	$	3,993	$	1,249,478
Intersegment gross sales (eliminations)	7,348		20		(7,368)		—
Earnings (loss) before income taxes	$	165,370	$	37,095	$	(37,409)	$	165,056
Six Months Ended April 29, 2022	Professional		Residential		Other		Total
Net sales	$	1,598,695	$	575,077	$	8,356	$	2,182,128
Intersegment gross sales (eliminations)	12,765		35		(12,800)		—
Earnings (loss) before income taxes	258,642		68,855		(75,294)		252,203
Total assets	$	2,589,796	$	477,926	$	411,584	$	3,479,306

The following table presents the details of operating loss before income taxes for the company's Other activities:

	Three Months Ended				Six Months Ended
(Dollars in thousands)	May 5, 2023		April 29, 2022		May 5, 2023		April 29, 2022
Corporate expenses	$	(33,033)	$	(30,715)	$	(76,695)	$	(63,543)
Interest expense	(14,711)		(8,024)		(28,835)		(15,037)
Earnings from the company's wholly-owned domestic distribution company and other income, net	8,336		1,330		15,528		3,286
Total operating loss	$	(39,408)	$	(37,409)	$	(90,002)	$	(75,294)