v3.25.1
Segment Information
 6 Months Ended
Apr. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We present four reportable segments in accordance with ASC Topic 280-10-50, “Segment Reporting” (ASC 280): (1) NA Fenestration, comprising four operating segments primarily focused on the fenestration market in North America including vinyl profiles, insulating glass spacers, screens, custom compound mixing, and other fenestration components; (2) EU Fenestration, comprising our U.K.-based vinyl extrusion business, manufacturing vinyl profiles and conservatories, and the European insulating glass business manufacturing insulating glass spacers; (3) NA Cabinet Components, comprising our cabinet door and components segment; and (4) Tyman, which was acquired on August 1, 2024, comprising a leading international supplier of engineered fenestration components and access solutions to the construction industry. We maintain a grouping called Unallocated Corporate & Other, which includes transaction expenses, stock-based compensation, long-term incentive awards based on the performance of our common stock and other factors, certain severance and legal costs not deemed to be allocable to all segments, depreciation of corporate assets, interest expense, other, net, income taxes and inter-segment eliminations, and executive incentive compensation and medical expense fluctuations relative to planned costs as determined during the annual planning process. Other general and administrative costs associated with the corporate office are allocated to the reportable segments, based upon a relative measure of profitability in order to more accurately reflect each reportable business segment's administrative costs. The accounting policies of our operating segments are the same as those used to prepare the accompanying condensed consolidated financial statements. Corporate general and administrative expense allocated during the three and six month period ended April 30, 2025 was $10.0 million and $17.9 million, respectively, and $6.9 million and $14.2 million for the comparable prior year periods.
ASC Topic 280-10-50, “Segment Reporting” (ASC 280) permits aggregation of operating segments based on factors including, but not limited to: (1) similar nature of products serving the building products industry, primarily the fenestration business; (2) similar production processes, although there are some differences in the amount of automation amongst operating plants; (3) similar types or classes of customers, namely the primary OEMs; (4) similar distribution methods for product delivery, although the extent of the use of third-party distributors will vary amongst the businesses; (5) similar regulatory environment; and (6) converging long-term economic similarities.
Segment information for the three and six months ended April 30, 2025 and 2024, and total assets as of April 30, 2025 and October 31, 2024 are summarized in the following table (in thousands):
NA FenestrationEU FenestrationNA Cabinet Comp.TymanUnallocated Corp. & OtherTotal
Three Months Ended April 30, 2025
Net sales$151,026 $61,257 $51,237 $190,107 $(1,149)452,478 
Depreciation and amortization4,667 2,659 3,015 8,775 76 19,192 
Operating income (loss)16,661 10,559 92 16,382 (2,773)40,921 
Capital expenditures6,489 727 1,239 5,368 1,097 14,920 
Three Months Ended April 30, 2024
Net sales$159,774 $56,583 $51,078 $— $(1,234)$266,201 
Depreciation and amortization5,218 2,538 3,082 — 56 10,894 
Operating income (loss)18,565 10,478 306 — (8,712)20,637 
Capital expenditures5,739 605 1,099 — 160 7,603 
Six Months Ended April 30, 2025
Net sales$285,359 $109,728 $95,047 $365,783 $(3,395)$852,522 
Depreciation and amortization9,446 5,269 6,024 23,038 155 43,932 
Operating income (loss)23,515 17,862 (3,790)2,717 (6,361)33,943 
Capital expenditures12,140 1,329 1,656 9,456 1,963 26,544 
Six Months Ended April 30, 2024
Net sales$307,769 $106,020 $94,215 $— $(2,648)$505,356 
Depreciation and amortization10,693 5,096 6,147 — 110 22,046 
Operating income (loss)26,807 17,909 (3,491)— (12,671)28,554 
Capital expenditures11,460 2,406 2,935 — 382 17,183 
As of April 30, 2025
Total assets$407,552 $244,562 $145,170 $916,393 $594,589 $2,308,266 
As of October 31, 2024
Total assets$373,934 $239,501 $147,907 $1,243,265 $315,181 $2,319,788 
The following table summarizes the change in the carrying amount of goodwill by reportable business segment for the six months ended April 30, 2025 (in thousands):
NA FenestrationEU FenestrationNA Cabinet Comp.TymanUnallocated Corp. & OtherTotal
Balance as of October 31, 2024$80,105 $67,194 $39,147 $388,265 $— $574,711 
Foreign currency translation adjustment— 2,421 — 1,978 — 4,399 
Balance as of April 30, 2025$80,105 $69,615 $39,147 $390,243 $— $579,110 
For further details of Goodwill, see Note 6, “Goodwill & Intangible Assets,” located herewith.
We did not allocate non-operating loss or income tax benefit to the reportable segments. The following table reconciles operating income as reported above to net income for the three and six months ended April 30, 2025 and 2024 (in thousands):
Three Months EndedSix Months Ended
April 30,April 30,
2025202420252024
Operating income$40,921 $20,637 $33,943 $28,554 
Interest expense(13,940)(950)(28,126)(2,018)
Other, net(159)4 1,070 1,046 
Income tax expense(6,307)(4,314)(1,257)(5,956)
Net income$20,515 $15,377 $5,630 $21,626