Segment Data

9 Months Ended

Aug. 04, 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 August 4, 2023	Professional		Residential		Other		Total
Net sales	$	896,321	$	175,314	$	10,149	$	1,081,784
Intersegment gross sales (eliminations)	11,640		39		(11,679)		—
Earnings (loss) before income taxes1	$	13,049	$	3,848	$	(45,460)	$	(28,563)
Nine Months Ended August 4, 2023	Professional		Residential		Other		Total
Net sales	$	2,845,714	$	705,765	$	18,471	$	3,569,950
Intersegment gross sales (eliminations)	35,471		99		(35,570)		—
Earnings (loss) before income taxes1	384,621		64,411		(135,462)		313,570
Total assets	$	2,723,127	$	537,834	$	324,929	$	3,585,890

Three Months Ended July 29, 2022	Professional		Residential		Other		Total
Net sales	$	886,232	$	269,962	$	4,356	$	1,160,550
Intersegment gross sales (eliminations)	10,436		15		(10,451)		—
Earnings (loss) before income taxes	$	166,191	$	26,348	$	(35,448)	$	157,091
Nine Months Ended July 29, 2022	Professional		Residential		Other		Total
Net sales	$	2,484,927	$	845,039	$	12,712	$	3,342,678
Intersegment gross sales (eliminations)	23,201		50		(23,251)		—
Earnings (loss) before income taxes	424,833		95,203		(110,742)		409,294
Total assets	$	2,625,481	$	407,218	$	407,250	$	3,439,949

1    The Professional reportable segment earnings (loss) before income taxes includes $151.3 million of non-cash impairment charges recorded during the preparation of the financial statements for the third quarter of fiscal 2023 related to the Intimidator operating segment. For additional information regarding the impairment charges, refer to Note 5, Goodwill and Other Intangible Assets, Net.

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

	Three Months Ended				Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Corporate expenses	$	(33,999)	$	(30,816)	$	(110,694)	$	(94,359)
Interest expense	(14,987)		(9,182)		(43,822)		(24,219)
Earnings from the company's wholly-owned domestic distribution company and other income, net	3,526		4,550		19,054		7,836
Total operating loss	$	(45,460)	$	(35,448)	$	(135,462)	$	(110,742)