Segment Data

6 Months Ended

May 03, 2024

Segment Reporting [Abstract]

Segment Data

2 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 millions):

Three Months Ended May 3, 2024	Professional		Residential		Other		Total
Net sales	$	1,005.6	$	335.6	$	7.8	$	1,349.0
Intersegment gross sales (eliminations)	11.1		—		(11.1)		—
Earnings (loss) before income taxes	$	190.7	$	36.1	$	(47.6)	$	179.2
Six Months Ended May 3, 2024	Professional		Residential		Other		Total
Net sales	$	1,762.1	$	575.7	$	13.1	$	2,350.9
Intersegment gross sales (eliminations)	21.8		0.1		(21.9)		—
Earnings (loss) before income taxes	303.5		59.6		(103.8)		259.3
Total assets	$	2,768.4	$	669.3	$	414.5	$	3,852.2

Three Months Ended May 5, 2023	Professional		Residential		Other		Total
Net sales	$	1,068.7	$	265.8	$	4.8	$	1,339.3
Intersegment gross sales (eliminations)	13.0		—		(13.0)		—
Earnings (loss) before income taxes	$	227.5	$	22.7	$	(39.4)	$	210.8
Six Months Ended May 5, 2023	Professional		Residential		Other		Total
Net sales	$	1,949.4	$	530.5	$	8.3	$	2,488.2
Intersegment gross sales (eliminations)	23.8		0.1		(23.9)		—
Earnings (loss) before income taxes	371.6		60.5		(90.0)		342.1
Total assets	$	2,820.3	$	568.7	$	352.4	$	3,741.4

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 millions)	May 3, 2024		May 5, 2023		May 3, 2024		May 5, 2023
Corporate expenses	$	(42.5)	$	(33.0)	$	(90.6)	$	(76.7)
Interest expense	(16.7)		(14.7)		(32.9)		(28.8)
Earnings from the company's wholly-owned domestic distribution company and other income, net	11.6		8.3		19.7		15.5
Total operating loss	$	(47.6)	$	(39.4)	$	(103.8)	$	(90.0)