10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________

FORM 10-Q

_____________________________________________________________

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended April 30, 2022

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from              to             

Commission File Number 1-8597

_____________________________________________________________

The Cooper Companies, Inc.

(Exact name of registrant as specified in its charter)

_____________________________________________________________

Delaware	94-2657368
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

6101 Bollinger Canyon Road, Suite 500,

San Ramon, California 94583

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (925) 460-3600

_____________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $.10 par value	COO	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.):    Yes  ☐    No  ☒

On May 27, 2022, 49,336,487 shares of Common Stock, $0.10 par value, were outstanding.

INDEX

 

		Page No.
PART I.	FINANCIAL INFORMATION
Item 1.	Unaudited Financial Statements
	Consolidated Statements of Income and Comprehensive Income	3
	Consolidated Condensed Balance Sheets	4
	Consolidated Condensed Statements of Stockholders' Equity	5
	Consolidated Condensed Statements of Cash Flows	7
	Notes to Consolidated Condensed Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	42
Item 4.	Controls and Procedures	42
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	44
Item 5.	Other Information	44
Item 6.	Exhibits	45
Signature		46

2

PART I. FINANCIAL INFORMATION

Item 1. Unaudited Financial Statements

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Consolidated Statements of Income and Comprehensive Income

Periods Ended April 30,

(In millions, except for earnings per share)

(Unaudited)

	Three Months				Six Months
	2022		2021		2022		2021
Net sales	$	829.8	$	719.5	$	1,616.9	$	1,400.0
Cost of sales	297.3		232.4		566.0		462.2
Gross profit	532.5		487.1		1,050.9		937.8
Selling, general and administrative expense	322.4		285.8		641.5		547.0
Research and development expense	26.3		21.0		52.4		42.4
Amortization of intangibles	51.1		37.1		93.4		71.8
Operating income	132.7		143.2		263.6		276.6
Interest expense	10.8		6.1		17.4		12.5
Other (income) expense, net	(41.8)		0.7		(39.4)		(11.8)
Income before income taxes	163.7		136.4		285.6		275.9
Provision for income taxes (Note 6)	37.1		18.9		63.8		(1,942.7)
Net income	$	126.6	$	117.5	$	221.8	$	2,218.6
Earnings per share (Note 7):
Basic	$	2.57	$	2.39	$	4.49	$	45.12
Diluted	$	2.55	$	2.36	$	4.45	$	44.65
Number of shares used to compute earnings per share:
Basic	49.3		49.2		49.4		49.2
Diluted	49.7		49.7		49.8		49.7
Other comprehensive income, net of tax:
Cash flow hedges	$	39.3	$	15.2	$	52.7	$	19.7
Foreign currency translation adjustment	(96.6)		18.9		(145.8)		105.1
Comprehensive income	$	69.3	$	151.6	$	128.7	$	2,343.4

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

3

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

(In millions, unaudited)

	April 30, 2022		October 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	399.2	$	95.9
Trade accounts receivable, net of allowance for credit losses of $13.8 at April 30, 2022, and $9.2 at October 31, 2021	532.0		515.3
Inventories (Note 3)	603.8		585.6
Prepaid expense and other current assets	203.2		179.3
Assets held-for-sale	—		89.2
Total current assets	1,738.2		1,465.3
Property, plant and equipment, at cost	2,719.1		2,655.7
Less: accumulated depreciation and amortization	1,353.5		1,308.1
	1,365.6		1,347.6
Operating lease right-of-use assets	249.9		257.0
Goodwill (Note 4)	3,719.4		2,574.0
Other intangibles, net (Note 4)	1,907.4		1,271.5
Deferred tax assets	2,480.1		2,546.6
Other assets	317.4		144.2
Total assets	$	11,778.0	$	9,606.2
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt (Note 5)	$	905.7	$	82.9
Accounts payable	184.1		161.4
Employee compensation and benefits	120.0		148.7
Operating lease liabilities	36.2		35.7
Other current liabilities	402.4		301.7
Liabilities held-for-sale	—		1.7
Total current liabilities	1,648.4		732.1
Long-term debt (Note 5)	2,346.7		1,396.1
Deferred tax liabilities	131.6		24.1
Long-term tax payable	126.1		139.6
Operating lease liabilities	226.0		231.7
Accrued pension liability and other	285.4		140.6
Total liabilities	$	4,764.2	$	2,664.2
Contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $10 cents par value, 1.0 shares authorized, zero shares issued or outstanding	—		—
Common stock, $10 cents par value, 120.0 shares authorized, 53.8 issued and 49.3 outstanding at April 30, 2022, and 53.7 issued and 49.3 outstanding at October 31, 2021	5.4		5.4
Additional paid-in capital	1,736.8		1,715.2
Accumulated other comprehensive loss	(434.5)		(341.3)
Retained earnings	6,422.5		6,202.1
Treasury stock at cost: 4.6 shares at April 30, 2022, and 4.4 shares at October 31, 2021	(716.6)		(639.6)
Total Cooper stockholders’ equity	7,013.6		6,941.8
Noncontrolling interests	0.2		0.2
Stockholders’ equity (Note 9)	7,013.8		6,942.0
Total liabilities and stockholders’ equity	$	11,778.0	$	9,606.2

    

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

4

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Stockholders' Equity

(In millions, unaudited)

	Common Shares			Treasury Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Noncontrolling Interests		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance at November 1, 2020	49.1	$	4.9	4.3	$	0.4	$	1,646.8	$	(472.0)	$	3,261.8	$	(617.3)	$	0.2	$	3,824.8
Net income	—	—		—	—		—		—		2,101.1		—		—		2,101.1
Other comprehensive income, net of tax	—	—		—	—		—		90.7		—		—		—		90.7
Issuance of common stock for stock plans, net	0.1	—		—	—		(11.0)		—		—		—		—		(11.0)
Issuance of common stock for employee stock purchase plan	—	—		—	—		0.8		—		—		0.6		—		1.4
Dividends on common stock ($0.03 per share)	—	—		—	—		—		—		(1.5)		—		—		(1.5)
Share-based compensation expense	—	—		—	—		10.6		—		—		—		—		10.6
Treasury stock repurchase	(0.1)	—		0.1	—		—		—		—		(24.8)		—		(24.8)
ASU 2016-13 adoption	—	—		—	—		—		—		(1.4)		—		—		(1.4)
Balance at January 31, 2021	49.1	$	4.9	4.4	$	0.4	$	1,647.2	$	(381.3)	$	5,360.0	$	(641.5)	$	0.2	$	5,989.9
Net income	—	—		—	—		—		—		117.5		—		—		117.5
Other comprehensive income, net of tax	—	—		—	—		—		34.1		—		—		—		34.1
Issuance of common stock for stock plans, net	0.1	0.1		—	—		9.7		—		—		—		—		9.8
Issuance of common stock for employee stock purchase plan	—	—		—	—		0.9		—		—		0.6		—		1.5
Share-based compensation expense	—	—		—	—		10.0		—		—		—		—		10.0
Treasury stock repurchase	—	—		—	—		—		—		—		—		—		—
Balance at April 30, 2021	49.2	$	5.0	4.4	$	0.4	$	1,667.8	$	(347.2)	$	5,477.5	$	(640.9)	$	0.2	$	6,162.8

5

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Stockholders' Equity

(In millions, unaudited)

	Common Shares			Treasury Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Noncontrolling Interests		Total Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance at November 1, 2021	49.3	$	5.0	4.4	$	0.4	$	1,715.2	$	(341.3)	$	6,202.1	$	(639.6)	$	0.2	$	6,942.0
Net income	—	—		—	—		—		—		95.3		—		—		95.3
Other comprehensive income, net of tax	—	—		—	—		—		(35.9)		—		—		—		(35.9)
Issuance of common stock for stock plans, net	0.1	—		—	—		(10.0)		—		—		—		—		(10.0)
Issuance of common stock for employee stock purchase plan	—	—		—	—		1.2		—		—		0.7		—		1.9
Dividends on common stock ($0.03 per share)	—	—		—	—		—		—		(1.5)		—		—		(1.5)
Share-based compensation expense	—	—		—	—		12.8		—		—		—		—		12.8
Treasury stock repurchase	(0.2)	—		0.2	—		—		—		—		(78.5)		—		(78.5)
Balance at January 31, 2022	49.2	$	5.0	4.6	$	0.4	$	1,719.2	$	(377.2)	$	6,295.9	$	(717.4)	$	0.2	$	6,926.1
Net income	—	—		—	—		—		—		126.6		—		—		126.6
Other comprehensive income, net of tax	—	—		—	—		—		(57.3)		—		—		—		(57.3)
Issuance of common stock for stock plans, net	0.1	—		—	—		3.5		—		—		—		—		3.5
Issuance of common stock for employee stock purchase plan	—	—		—	—		1.4		—		—		0.8		—		2.2
Share-based compensation expense	—	—		—	—		12.7		—		—		—		—		12.7
Treasury stock repurchase	—	—		—	—		—		—		—		—		—		—
Balance at April 30, 2022	49.3	$	5.0	4.6	$	0.4	$	1,736.8	$	(434.5)	$	6,422.5	$	(716.6)	$	0.2	$	7,013.8

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

6

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flows

Six Months Ended April 30,

(In millions, unaudited)

	2022		2021
Cash flows from operating activities:
Net income	$	221.8	$	2,218.6
Depreciation and amortization	175.4		153.0
Settlement of contingent consideration (Note 2)	(40.7)		—
Increase in operating capital	(52.4)		(61.4)
Deferred income taxes	35.6		(1,977.6)
Other non-cash items	(41.9)		7.7
Net cash provided by operating activities	297.8		340.3
Cash flows from investing activities:
Purchases of property, plant and equipment	(100.5)		(105.8)
Acquisitions of businesses and assets, net of cash acquired, and other	$	(1,637.1)	(170.9)
Proceeds from sale of interest in a subsidiary (Note 2)	52.6		—
Net cash used in investing activities	$	(1,685.0)	(276.7)
Cash flows from financing activities:
Proceeds from long-term debt	1,503.0		486.3
Repayments of long-term debt	(549.0)		(545.6)
Net proceeds from short-term debt	832.3		5.4
Net payments related to share-based compensation awards	(7.5)		(1.3)
Dividends on common stock	(1.5)		(1.5)
Repurchase of common stock	(78.5)		(24.8)
Issuance of common stock for employee stock purchase plan	3.4		2.5
Debt issuance costs	(3.5)		—
Settlement of contingent consideration (Note 2)	(2.2)		—
Net cash provided by (used in) financing activities	1,696.5		(79.0)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6.3)		5.0
Net increase in cash, cash equivalents and restricted cash	303.0		(10.4)
Cash, cash equivalents and restricted cash at beginning of period	96.6		116.8
Cash, cash equivalents and restricted cash at end of period	$	399.6	$	106.4
Reconciliation of cash flow information:
Cash and cash equivalents	$	399.2	$	105.9
Restricted cash included in other current assets	0.4		0.5
Total cash, cash equivalents and restricted cash	$	399.6	$	106.4

The accompanying notes are an integral part of these Consolidated Condensed Financial Statements.

7

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

Note 1. General

The accompanying Consolidated Condensed Financial Statements of the Cooper Companies, Inc. and its subsidiaries (the Company) have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the requirements of Regulation S-X, Rule 10-01 for financial statements required to be filed as a part of this Quarterly Report on Form 10-Q. Unless the context requires otherwise, terms "the Company", "we", "us", and "our" are used to refer collectively to the Cooper Companies, Inc. and its subsidiaries.

The accompanying Consolidated Condensed Financial Statements and related notes are unaudited and should be read in conjunction with the audited Consolidated Financial Statements of the Cooper Companies, Inc. and its subsidiaries (the Company) and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2021. The Consolidated Condensed Financial Statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the interim periods presented. Readers should not assume that the results reported here either indicate or guarantee future performance.

Accounting Policies

There have been no material changes to our significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021.

Estimates

The World Health Organization categorized the Coronavirus disease 2019 (COVID-19) as a pandemic. The COVID-19 pandemic has caused a severe global health crisis, along with economic and societal disruptions and uncertainties, which have negatively impacted business and healthcare activity globally. As a result of healthcare systems responding to the demands of managing the pandemic, governments around the world imposing measures designed to reduce the transmission of the COVID-19 virus, and individuals responding to the concerns of contracting the COVID-19 virus, many optical practitioners & retailers, hospitals, medical offices and fertility clinics closed their facilities, restricted access, or delayed or canceled patient visits, exams and elective medical procedures, and many customers that have reopened are experiencing reduced patient visits. These factors have had, and in the future may continue to have, an adverse effect on our sales, operating results and cash flows.

The preparation of Consolidated Condensed Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates particularly as it relates to estimates reliant on forecasts and other assumptions reasonably available to the Company and the uncertain future impacts of the COVID-19 pandemic and related economic disruptions. The extent to which the COVID-19 pandemic and related economic disruptions impact our business and financial results will depend on future developments including, but not limited to, the continued spread, duration and severity of the COVID-19 pandemic; the occurrence, spread, duration and severity of any subsequent wave or waves of outbreaks, including the emergence and spread of variants of the COVID-19 virus; the actions taken by the U.S. and foreign governments to contain the COVID-19 pandemic, address its impact or respond to the reduction in global and local economic activity; the occurrence, duration and severity of a global, regional or national recession, depression or other sustained adverse market event; the impact of the developments described above on our customers and suppliers; and how quickly and to what extent normal economic and operating conditions can resume. The accounting matters assessed included, but were not limited to:

•allowance for doubtful accounts and credit losses

•the carrying value of inventory

•the carrying value of goodwill and other long-lived assets

There was not a material impact to the above estimates in the Company’s Consolidated Condensed Financial Statements for the three and six months ended April 30, 2022. The Company continually monitors and evaluates the estimates used as additional information becomes available. Adjustments will be made to these provisions periodically to reflect new facts and circumstances that may indicate that historical experience may not be indicative of current and/or future results. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material

8

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

changes to the estimates and material impacts to the Company’s Consolidated Condensed Financial Statements in future reporting periods.

Exit costs

During the second quarter of fiscal 2022, the Company initiated a plan to exit its contact lens care business, a non-core business unit of the CooperVision segment. We expect the exit activity to be completed by the end of fiscal 2022. Exit charges recognized in the three months ended April 30, 2022, were $20.7 million, of which $17.4 million is recognized in cost of sales and $3.3 million is recognized in selling, general, and administrative expense in the Consolidated Statements of Income. Exit costs primarily related to inventory write-down, asset impairments and employee-related costs. Total exit costs are expected to be in a range of $30.0 million to $40.0 million.

Accounting Pronouncements Recently Adopted

In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This guidance removes certain exceptions to the general principles in Topic 740 and enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company adopted this guidance on November 1, 2021, and it did not have an impact on the Consolidated Condensed Financial Statements.

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). This update amends the guidance on convertible instruments and the derivatives scope exception for contracts in an entity's own equity and improves and amends the related EPS guidance for both Subtopics. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2021. Early adoption is permitted but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company early adopted this guidance on November 1, 2021, and it did not have an impact on the Consolidated Condensed Financial Statements.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This update requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2022, and should be applied prospectively to business combinations occurring on or after the effective date of the standard. Early adoption is permitted, including adoption in an interim period. The Company early adopted this guidance on November 1, 2021, and has applied the guidance to the business combinations entered into during fiscal 2022. Refer to Note 2. Acquisitions and Joint Venture for further information.

Accounting Pronouncements Issued Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and subsequent amendment to the initial guidance: ASU 2021-01, Reference Rate Reform (Topic 848): Scope (collectively, “Topic 848”). Topic 848 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance generally can be applied from March 12, 2020 through December 31, 2022. The Company is currently assessing the impacts of the practical expedients provided in Topic 848 and which, if any, the Company will adopt.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This update requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This standard is effective for fiscal years beginning after December 15, 2021, and should be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2021-10 on the Consolidated Condensed Financial Statements.

9

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

No other recently issued accounting pronouncements had or are expected to have a material impact on the Company's Consolidated Condensed Financial Statements.

Note 2. Acquisitions and Joint Venture

The following is a summary of the allocation of the total purchase consideration for business and asset acquisitions that the Company completed during the six months ended April 30, 2022, and fiscal 2021:

(In millions)	April 30, 2022		October 31, 2021
Technology	$	1.8	$	178.6
In-Process Research & Development (IPR&D)	—		20.0
Customer relationships	679.7		7.5
Trademarks	55.3		1.3
Other	—		0.6
Total identifiable intangible assets	$	736.8	$	208.0
Goodwill	1,239.2		91.6
Net tangible liabilities	(295.6)		(10.8)
Fair value of contingent consideration	(1.5)		(39.1)
Total closing purchase price	$	1,678.9	$	249.7

All acquisitions were funded by cash generated from operations or facility borrowings.

For business acquisitions, the Company recorded tangible and intangible assets acquired and liabilities assumed at their fair values as of the applicable date of acquisition. For asset acquisitions, the Company recorded tangible and intangible assets acquired and liabilities assumed at their estimated and relative fair values as of the applicable date of acquisition.

The Company believes these acquisitions strengthen CooperSurgical's and CooperVision's businesses through the addition of new distributors or complementary products and services.

Fiscal Year 2022

On April 6, 2022, CooperSurgical completed the acquisition of a private cryopreservation services company that specializes in cryogenic services. The purchase price allocation is preliminary, and the Company is in the process of finalizing information primarily related to the valuation of intangible assets and property, plant and equipment and the corresponding impact on goodwill.

Refer to "Fiscal Year 2021" below for details on formation of a joint venture with Essilor International and related activities that occurred in fiscal year 2022 following the acquisition of SightGlass Vision, Inc. (SGV) in fiscal year 2021.

On February 7, 2022, CooperSurgical entered into a binding letter of intent to acquire Cook Medical's Reproductive Health business, a manufacturer of minimally invasive medical devices focused on the fertility, obstetrics and gynecology markets. The aggregate consideration is $875.0 million in cash, with $675.0 million payable at the closing and the remaining $200.0 million payable in $50.0 million installments following each of the first, second, third and fourth anniversaries of the closing. The transaction is subject to customary closing conditions, including entry into a definitive acquisition agreement and regulatory approvals, and compliance with local consultation requirements.

Generate Life Sciences®

On December 17, 2021, CooperSurgical completed the acquisition of 100% of the equity interests in Generate Life Sciences (Generate), a privately held leading provider of donor egg and sperm for fertility treatments, fertility cryopreservation services and newborn stem cell storage (cord blood & cord tissue), and paid an aggregate purchase consideration of approximately $1.663 billion, reflecting working capital, and other adjustments. The cash consideration was funded through a combination of $1.5 billion in proceeds from the issuance of a senior unsecured term loan and available cash on hand.

The Company has accounted for the acquisition of Generate as a business combination, in accordance with ASC Topic 805, Business Combinations. The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the acquisition date:

10

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(In millions)
Current assets:
Cash and cash equivalents	$	58.6
Trade accounts receivable, net	23.3
Inventories	4.0
Prepaid expense and other current assets	29.9
Total current assets	115.8
Property, plant and equipment	35.9
Operating lease right-of-use assets	21.4
Goodwill	1,230.4
Customer relationships	671.9
Trademarks	54.9
Deferred tax assets	15.7
Other assets	0.8
Total assets acquired	$	2,146.8
Current liabilities:
Accounts payable	$	12.6
Employee compensation and benefits	12.3
Operating lease liabilities	2.5
Deferred revenue	68.4
Other current liabilities	15.1
Total current liabilities	110.9
Deferred tax liabilities	140.3
Operating lease liabilities	18.8
Deferred revenue	212.5
Other liabilities	1.2
Total liabilities assumed	$	483.7
Total purchase price	$	1,663.1

The purchase accounting is incomplete and subject to change during the measurement period, which may result in material changes to the purchase price allocation. The Company is in the process of finalizing information primarily related to the valuation of intangible assets and property, plant and equipment, the measurement of deferred revenue, the associated deferred tax adjustments and the corresponding impact on goodwill. The Company recorded a measurement period adjustment of $62.2 million to goodwill in the second quarter of fiscal 2022 ended April 30, 2022.

Deferred revenue was recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers, as a result of the adoption of ASU 2021-08. See Note 1. General for additional information.

The Company currently estimates that customer relationships will be amortized over 13 years and trademarks will be amortized over 14 years. Goodwill is primarily attributable to assembled workforce and expected synergies to be achieved. The goodwill recognized is not deductible for tax purposes.

The transaction costs associated with the acquisition consisted primarily of legal, regulatory and financial advisory fees, which were expensed as incurred as selling, general and administrative expense.

Generate's revenue and net income for the period from the acquisition date to April 30, 2022, were $104.8 million and $4.2 million, respectively. The following unaudited pro forma information summarizes the combined results of operations of the Company and Generate as if the acquisition had been completed at the beginning of the Company’s fiscal 2021:

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THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

	Three months ended April 30,				Six months ended April 30,
(In millions)	2022		2021		2022		2021
Revenue	$	830.0	$	788.3	$	1,653.0	$	1,532.4
Net income	$	125.8	$	111.3	$	205.8	$	2,222.8

The unaudited pro forma information for the first six months of fiscal 2022 and 2021 was calculated after applying the Company's accounting policies and the impact of acquisition date fair value adjustments. The adjustments primarily include increased amortization for the fair value of acquired intangible assets, increased depreciation for the fair value of acquired property, plant, and equipment, increased revenue as a result of the ASU 2021-08 deferred revenue adjustments, decreased interest expense as a result of the reversal of Generate's historical interest expense partially offset by additional interest expense on the debt obtained to finance the transaction.

The pro forma information does not reflect the effect of costs or synergies that would have been expected to result from the integration of the acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred at the beginning of fiscal 2021, or of future results of the consolidated entities.

Fiscal Year 2021

On May 3, 2021, CooperSurgical completed the acquisition of a privately-held medical device company that develops single-use illuminating medical devices. The purchase price allocation is preliminary, and the Company is in the process of finalizing information primarily related to the valuation of intangible assets and inventory, the associated deferred tax adjustments and the corresponding impact on goodwill.

On April 26, 2021, CooperVision completed the acquisition of a privately-held UK contact lens manufacturer focusing on specialty contact lenses. This acquisition expands CooperVision’s specialty eye care portfolio and accelerates its development of myopia management solutions in the UK.

On March 1, 2021, CooperSurgical completed the acquisition of a privately-held medical device company that designed and developed an innovative obstetric product for use in urgent obstetrics to reduce risks associated with childbirth.

On February 1, 2021, CooperSurgical acquired all of the remaining equity interests of a privately-held medical device company that developed the Mara® Water Vapor Ablation System, which is used for endometrial ablation. The Company accounted for this acquisition as an asset acquisition, whereby the Company allocated the total cost of the acquisition to the net assets acquired on the basis of their estimated relative fair values on the acquisition date with no goodwill recognized. The primary asset acquired in this asset acquisition is Technology.

On January 19, 2021, CooperVision acquired all of the remaining equity interests of SGV, a privately-held medical device company that developed spectacle lenses for myopia management. The transaction included potential payments of future consideration that were contingent upon the achievement of the regulatory approval milestone (the regulatory approval payment) and the acquired business reaching certain revenue thresholds over a specified period (the revenue payments). The undiscounted range of the contingent consideration was zero to $139.1 million payable to the other former equity interest owners.

The fair value of the regulatory approval payment was determined using an option pricing framework based on the expected payment under the contractual terms and the estimates of the probability of achieving the regulatory approval. The fair value of the revenue payments was determined using a Monte Carlo simulation based on the revenue projections and the expected payment for each simulation.

In March 2022, the entities amended the terms of the contingent consideration, which resulted in CooperVision paying $42.9 million to the former equity interest owners in exchange for the elimination of the revenue payments. As a result, during the three and six months ended April 30, 2022, CooperVision recognized a net gain of $15.7 million and $12.2 million, respectively. As of April 30, 2022, the remaining contingent liability related to regulatory approval payment was $31.8 million.

Further, in March 2022, CooperVision and Essilor International SAS (Essilor) executed the Contribution Agreement and Stock Purchase Agreement (the “Agreements”) whereby Essilor paid CooperVision $52.6 million in exchange for 50% interest in SGV and their proportionate share of the revenue payments. As part of the Agreements, each party contributed their interest in SGV and $10 million in cash to form a new joint venture. CooperVision then remeasured the fair value of its retained equity investment in the joint venture at $90.0 million which resulted in a $57.4 million gain in Other (income) expense on deconsolidation of SGV.

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THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

The fair value of the joint venture was determined using the income valuation approach. Under the income approach, we used a discounted cash flow model (“DCF”) in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate expected rate of return. The discount rate used for cash flows reflects capital market conditions and the specific risks associated with the business. This valuation approaches is considered a Level 3 fair value measurement. Fair value determination requires complex assumptions and judgment by management in projecting future operating results, selecting guideline companies for comparisons, determining appropriate market value multiples, selecting the discount rate to measure the risks inherent in the future cash flows. Any material changes in key assumptions, including failure to meet business plans, deterioration in the financial market, an increase in interest rate or an increase in the cost of equity financing by market participants within the industry or other unanticipated events and circumstances, may affect such estimates.

On December 31, 2020, CooperSurgical completed the acquisition of a privately-held in vitro fertilization (IVF) cryo-storage software solutions company.

The pro forma results of operations of these acquisitions have not been presented because the effect of the business combinations described above was not material to the consolidated results of operations.

Contingent Consideration

Certain of the Company’s business combinations involve potential payments of future consideration that are contingent upon the achievement of regulatory milestones and/or the acquired business reaching certain revenue thresholds. A liability is recorded for the estimated fair value of the contingent consideration on the acquisition date. The fair value of the contingent consideration is remeasured at each reporting period, and the change in fair value is recognized in selling, general and administrative expense in the Consolidated Statements of Income and Comprehensive Income.

The following table provides a reconciliation of the beginning and ending balances of contingent consideration:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
Beginning balance	$	100.9	$	30.2	$	97.4	$	—
Purchase price contingent consideration	1.5		0.6		1.5		30.8
Payments	(42.9)		—		(42.9)		—
Change in fair value	(13.9)		—		(10.4)		—
Ending balance	$	45.6	$	30.8	$	45.6	$	30.8

Note 3. Inventories

(In millions)	April 30, 2022		October 31, 2021
Raw materials	$	157.8	$	137.7
Work-in-process	12.8		14.0
Finished goods	433.2		433.9
Total inventories	$	603.8	$	585.6

Inventories are stated at the lower of cost and net realizable value. Cost is computed using standard cost that approximates actual cost, on a first-in, first-out basis.

Note 4. Intangible Assets

Goodwill

(In millions)	CooperVision		CooperSurgical		Total
Balance at October 31, 2021	$	1,841.0	$	733.0	$	2,574.0
Current period additions	—		1,239.2		1,239.2
Foreign currency translation adjustment	(81.6)		(12.2)		(93.8)
Balance at April 30, 2022	$	1,759.4	$	1,960.0	$	3,719.4

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THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

The Company evaluates goodwill for impairment annually during the third quarter of the fiscal year and when an event occurs or circumstances change such that it is reasonably possible that impairment may exist. The Company accounts for goodwill, evaluates and tests goodwill balances for impairment in accordance with related accounting standards.

The Company performed an annual impairment assessment in the third quarter of fiscal 2021, and its analysis indicated that there was no impairment of goodwill in its reporting units.

Other Intangible Assets

	April 30, 2022				October 31, 2021
(In millions)	Gross  Carrying Amount		Accumulated Amortization		Gross  Carrying Amount		Accumulated Amortization		Weighted Average Amortization Period (in years)
Intangible assets with definite lives:
Composite intangible asset	$	1,061.9	$	318.6	$	1,061.8	$	283.2	15
Customer relationships	1,048.6		265.6		378.4		240.1		13
Technology	504.0		299.3		513.0		287.9		10
Trademarks	210.6		55.5		156.7		49.1		14
License and distribution rights and other	32.6		22.1		33.4		21.6		11
	2,857.7		$	961.1	2,143.3		$	881.9	14
Less: accumulated amortization and translation	961.1				881.9
Intangible assets with definite lives, net	1,896.6				1,261.4
Intangible assets with indefinite lives, net (1)	10.8				10.1
Total other intangibles, net	$	1,907.4			$	1,271.5

(1) Intangible assets with indefinite lives include technology and trademarks.

Balances include foreign currency translation adjustments.

Intangible assets with definite lives are amortized over the estimated useful life of the assets. As of April 30, 2022, the estimate of future amortization expenses for intangible assets with definite lives is as follows:

Fiscal Years:	(In millions)
Remainder of 2022	$	101.9
2023	202.0
2024	198.1
2025	188.2
2026	180.9
Thereafter	1,025.5
Total remaining amortization for intangible assets with definite lives	$	1,896.6

The Company assesses definite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of a definite-lived intangible asset (asset group) may not be recoverable. When events or changes in circumstances indicate that the carrying amount of a definite-lived intangible asset may not be recoverable, in accordance with related accounting standards, the Company evaluates whether the definite-lived intangible asset is impaired by comparing its carrying value to its undiscounted future cash flows.

The Company assesses indefinite-lived intangible assets annually in the third quarter of the fiscal year, or whenever events or circumstances indicate that the carrying amount of an indefinite-lived intangible asset (asset group) may not be recoverable. The Company evaluates whether the indefinite-lived intangible asset is impaired by comparing its carrying value to its fair value.

The Company performed an annual impairment assessment in the third quarter of fiscal 2021 and did not recognize any intangible asset impairment charges.

14

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

Note 5. Debt

(In millions)	April 30, 2022		October 31, 2021
Overdraft and other credit facilities	$	65.7	$	83.0
Term loan	840.0		—
Less: unamortized debt issuance cost	—		(0.1)
Short-term debt	$	905.7	$	82.9
Revolving credit	—		546.1
Term loans	2,350.0		850.0
Other	0.2		0.2
Less: unamortized debt issuance cost	(3.5)		(0.2)
Long-term debt	2,346.7		1,396.1
Total debt	$	3,252.4	$	1,479.0

Term Loan Agreement on December 17, 2021

On December 17, 2021, the Company entered into a Term Loan Agreement (the 2021 Credit Agreement) by and among the Company, the lenders from time to time party thereto, and PNC Bank, National Association, as administrative agent. The 2021 Credit Agreement provides for a term loan facility (the 2021 Term Loan Facility) in an aggregate principal amount of $1.5 billion, which, unless terminated earlier, matures on December 17, 2026. In addition, the Company has the ability from time to time to request an increase to the commitments under the 2021 Term Loan Facility or to establish a new term loan facility under the 2021 Credit Agreement in an aggregate principal amount not to exceed $1.125 billion, upon prior written notice to the administrative agent and subject to the discretionary participation of the lenders funding such term loans and certain limitations set forth in the 2021 Credit Agreement.

Amounts outstanding under the 2021 Term Loan Facility will bear interest, at the Company’s option, at either (i) the alternate base rate, which is a rate per annum equal to the greatest of (a) the administrative agent’s prime rate, (b) one-half of one percent in excess of the federal funds effective rate and (c) one percent in excess of the adjusted London interbank offered (“LIBO”) rate for a one-month interest period on such day, or (ii) the adjusted LIBO rate, plus, in each case, an applicable rate of, initially, zero basis points, in respect of base rate loans, and 75 basis points, in respect of adjusted LIBO rate loans. Following a specified period after the closing date, the applicable rates will be determined quarterly by reference to a grid based upon the Company’s ratio of consolidated net indebtedness to consolidated EBITDA, each as defined in the 2021 Credit Agreement.

The 2021 Term Loan Facility is not subject to amortization and is not subject to mandatory prepayments prior to maturity. The Company may prepay loan balances from time to time, in whole or in part, without premium or penalty (other than any related breakage costs).

On December 17, 2021, the Company borrowed $1.5 billion under the 2021 Term Loan Facility and used the proceeds to fund the acquisition of Generate. Refer to Note. 2 Acquisitions and Joint Venture for more details.

The interest rate on the 2021 Term Loan Facility was 1.71% at April 30, 2022.

The 2021 Credit Agreement contains customary restrictive covenants, as well as financial covenants that require the Company to maintain a certain Total Leverage Ratio and Interest Coverage Ratio, each as defined in the 2021 Credit Agreement, consistent with the 2020 Credit Agreement discussed below.

Term Loan Agreement on November 2, 2021

On November 2, 2021, the Company entered into a 364-day, $840.0 million, term loan agreement by and among the Company, the lenders party thereto and The Bank of Nova Scotia, as administrative agent (the 2021 364-Day Term Loan Agreement), which matures on November 1, 2022. The Company used part of the funds to partially repay outstanding borrowings under the 2020 Revolving Credit Facility and for general corporate purposes.

15

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

Amounts outstanding under the 2021 364-Day Term Loan Agreement will bear interest, at the Company’s option, at either the alternate base rate, or the adjusted LIBO rate (each as defined in the 2021 364-Day Term Loan Agreement), plus, in the case of adjusted LIBO rate loans, an applicable rate of 60 basis points.

The 2021 364-Day Term Loan Agreement contains customary restrictive covenants, as well as financial covenants that require the Company to maintain a certain total leverage ratio and interest coverage ratio, each as defined in the 2021 364-Day Term Loan Agreement, consistent with the 2020 Credit Agreement. discussed below.

Revolving Credit and Term Loan Agreement on April 1, 2020

On April 1, 2020, the Company entered into a Revolving Credit and Term Loan Agreement (the 2020 Credit Agreement), among the Company, CooperVision International Holding Company, LP, CooperSurgical Netherlands B.V., CooperVision Holding Kft. the lenders from time to time party thereto, and KeyBank National Association, as administrative agent. The 2020 Credit Agreement provides for (a) a multicurrency revolving credit facility (the 2020 Revolving Credit Facility) in an aggregate principal amount of $1.29 billion and (b) a term loan facility (the 2020 Term Loan Facility) in an aggregate principal amount of $850.0 million, each of which, unless terminated earlier, mature on April 1, 2025. In addition, the Company has the ability from time to time to request an increase to the size of the revolving credit facility or establish one or more new term loans under the term loan facility in an aggregate amount up to $1.605 billion, subject to the discretionary participation of the lenders.

Amounts outstanding under the 2020 Credit Agreement will bear interest, at the Company’s option, at either the base rate, or the adjusted LIBO rate or adjusted foreign currency rate, plus, in each case, an applicable rate of between 0.00% and 0.50% in respect of base rate loans, and between 0.75% and 1.50% in respect of adjusted LIBO rate or adjusted foreign currency rate loans, in each case in accordance with a pricing grid tied to the Total Leverage Ratio, as defined in the 2020 Credit Agreement. During the term of the 2020 Revolving Credit Facility, the Borrowers may borrow, repay and re-borrow amounts available under the Revolving Credit Facility, subject to voluntary reduction of the revolving commitment.

The Company pays an annual commitment fee that ranges from 0.10% to 0.20% of the unused portion of the 2020 Revolving Credit Facility based upon the Company’s Total Leverage Ratio, as defined in the 2020 Credit Agreement. In addition to the annual commitment fee, the Company is also required to pay certain letter of credit and related fronting fees and other administrative fees pursuant to the terms of the 2020 Credit Agreement.

On April 1, 2020, the Company borrowed $850.0 million under the 2020 Term Loan Facility and $445.0 million under the 2020 Revolving Credit Facility and used the proceeds to repay the outstanding amounts under the previous credit agreement and an outstanding term loan, and for general corporate purposes.

On October 30, 2020, the Company entered into Amendment No. 1 to the 2020 Credit Agreement (the First Amendment to the 2020 Credit Agreement). The First Amendment to the 2020 Credit Agreement modifies the 2020 Credit Agreement by, among other things, adding CooperVision International Limited as a revolving borrower and releasing certain borrowers in the 2020 Credit Agreement.

On December 17, 2021, the Company entered into Amendment No.2 to the 2020 Credit Agreement (the Second Amendment to the 2020 Credit Agreement). The Second Amendment to the 2020 Credit Agreement modified the 2020 Credit Agreement by, among other things, adding CooperSurgical Holdings Limited as a revolving borrower, releasing CooperVision Holding Kft as a borrower, and updating the benchmark replacement language in the 2020 Credit Agreement.

The interest rate on the 2020 Term Loan Facility was 1.71% at April 30, 2022.

The 2020 Credit Agreement contains customary restrictive covenants, as well as financial covenants that require the Company to maintain a certain Total Leverage Ratio and Interest Coverage Ratio, each as defined in the 2020 Credit Agreement:

•Interest Coverage Ratio, as defined, to be at least 3.00 to 1.00 at all times.

•Total Leverage Ratio, as defined, to be no higher than 3.75 to 1.00.

At April 30, 2022, the Company was in compliance with the Interest Coverage Ratio at 39.28 to 1.00 and the Total Leverage Ratio at 2.59 to 1.00. The Company, after considering the potential impacts of the COVID-19 pandemic, expects to remain in compliance with its financial maintenance covenant and meet its debt service obligations for at least the twelve months following the date of issuance of these financial statements.

Refer to our Annual Report on Form 10-K for the fiscal year ended October 31, 2021, for more details.

16

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

The following is a summary of the maximum commitments and the net amounts available to us under credit facilities discussed above as of April 30, 2022:

(In millions)	Facility Limit		Outstanding Borrowings		Outstanding Letters of Credit		Total Amount Available		Maturity Date
2021 Term Loan Facility	$	1,500.0	$	1,500.0	n/a		—		December 17, 2026
2021 364-Day Term Loan	840.0		840.0		n/a		—		November 1, 2022
2020 Revolving Credit Facility	1,290.0		—		$	1.3	$	1,288.7	April 1, 2025
2020 Term Loan Facility	850.0		850.0		n/a		—		April 1, 2025
Total	$	4,480.0	$	3,190.0	$	1.3	$	1,288.7

Note 6. Income Taxes

The Company's effective tax rates for the three months ended April 30, 2022, and April 30, 2021, were 22.7% and 13.8%, respectively. The increase was primarily due to changes in the geographical composition of pre-tax earnings and excess tax benefits from share-based compensation.

The Company's effective tax rates for the six months ended April 30, 2022, and April 30, 2021, were 22.3% and (704.2)%, respectively. The increase was primarily due to an intra-group transfer of intellectual property during the six months ended April 30, 2021, as discussed below.

In November 2020, the Company completed an intra-group transfer of certain intellectual property and related assets of CooperVision to a UK subsidiary as part of a group restructuring to establish headquarters operations in the UK. Determining fair value involved significant judgment related to future revenue growth, operating margins and discount rates. The transfer resulted in a step-up of the UK tax-deductible basis in the intellectual property and goodwill, creating a temporary difference between the book basis and the tax basis of these assets. As a result, the Company recognized a deferred tax asset of $1,987.9 million, with a corresponding income tax benefit, during the three months ended January 31, 2021.

Note 7. Earnings Per Share

Periods Ended April 30,	Three Months				Six Months
(In millions, except per share amounts)	2022		2021		2022		2021
Net income	$	126.6	$	117.5	$	221.8	$	2,218.6
Basic:
Weighted average common shares	49.3		49.2		49.4		49.2
Basic earnings per share	$	2.57	$	2.39	$	4.49	$	45.12
Diluted:
Weighted average common shares	49.3		49.2		49.4		49.2
Effect of dilutive stock plans	0.4		0.5		0.4		0.5
Diluted weighted average common shares	49.7		49.7		49.8		49.7
Diluted earnings per share	$	2.55	$	2.36	$	4.45	$	44.65

The following table sets forth stock options to purchase our common stock that were not included in the diluted earnings per share calculation because their effect would have been antidilutive for the periods presented:

Periods Ended April 30,	Three Months			Six Months
(In thousands, except exercise prices)	2022	2021		2022	2021
Stock option shares excluded	224	108		224	108
Range of exercise prices	$345.74 - $406.17	$	345.74	$345.74 - $406.17	$	345.74
Restricted stock units excluded	12	—		11	8

17

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

Note 8. Share-Based Compensation Plans

The Company has several share-based compensation plans that are described in the Company’s Annual Report on Form 10‑K for the fiscal year ended October 31, 2021. The compensation expense and related income tax benefit recognized in our Consolidated Statements of Income and Comprehensive Income for share-based awards were as follows:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
Selling, general and administrative expense	$	11.3	$	8.7	$	22.8	$	17.8
Cost of sales	1.0		0.9		2.3		2.0
Research and development expense	0.7		0.6		1.5		1.2
Total share-based compensation expense	$	13.0	$	10.2	$	26.6	$	21.0
Related income tax benefit	$	1.1	$	1.2	$	2.7	$	2.4

Note 9. Stockholders’ Equity

Analysis of Changes in Accumulated Other Comprehensive (Loss) Income:

(In millions)	Foreign Currency Translation Adjustment		Minimum Pension Liability		Derivative Instruments		Total
Balance at October 31, 2020	$	(402.3)	$	(56.7)	$	(13.0)	$	(472.0)
Gross change in value	82.2		29.8		34.3		146.3
Tax effect	(0.2)		(7.2)		(8.2)		(15.6)
Balance at October 31, 2021	$	(320.3)	$	(34.1)	$	13.1	$	(341.3)
Gross change in value	(145.9)		—		69.6		(76.3)
Tax effect	—		—		(16.9)		(16.9)
Balance at April 30, 2022	$	(466.2)	$	(34.1)	$	65.8	$	(434.5)

Share Repurchases

In December 2011, the Company's Board of Directors authorized the 2012 Share Repurchase Program and through subsequent amendments, the most recent in March 2017, the total repurchase authorization was increased from $500.0 million to $1.0 billion of the Company's common stock. This program has no expiration date and may be discontinued at any time. Purchases under the 2012 Share Repurchase Program are subject to a review of the circumstances in place at the time and may be made from time to time as permitted by securities laws and other legal requirements.

During the three months ended April 30, 2022, there were no share repurchases under the program. During the six months ended April 30, 2022, the Company repurchased 191.2 thousand shares of its common stock for $78.5 million, at an average purchase price of $410.41 per share. At April 30, 2022, $256.4 million remained authorized for repurchase under the 2012 Share Repurchase Program.

During the three months ended April 30, 2021, there were no shares repurchases under the program. During the six months ended April 30, 2021, the Company repurchased 69.6 thousand shares of its common stock for $24.8 million, at an average purchase price of $356.61 per share.

Dividends    

The Company paid a semiannual dividend of approximately $1.5 million or 3 cents per share, on February 9, 2022, to stockholders of record on January 21, 2022. The Company paid a semiannual dividend of approximately $1.5 million or 3 cents per share, on February 9, 2021, to stockholders of record on January 22, 2021.

Note 10. Fair Value Measurements

Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to

18

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

valuation techniques used to measure fair value. An asset’s or liability’s level is based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities carried at fair value are valued and disclosed in one of the following three levels of the valuation hierarchy:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions.

At April 30, 2022, and October 31, 2021, the carrying value of cash and cash equivalents, accounts receivable, prepaid expense and other current assets, lines of credit, accounts payable and other current liabilities approximate fair value due to the short-term nature of such instruments and the ability to obtain financing on similar terms.

The carrying value of the Company's revolving credit facility and term loans approximates fair value based on current market rates (Level 2). On April 6, 2020, the Company entered into six interest rate swap contracts which are used to hedge its exposure to changes in cash flows associated with its variable rate debt and are designated as derivatives in a cash flow hedge. The payment streams are based on a total notional amount of $1.5 billion at the inception of the contracts. The interest rate swap contracts had maturities of seven years or less. As of April 30, 2022, three of the six interest rate swap contracts have matured and the outstanding contracts have a total notional amount of $1.0 billion.

The gain or loss on the derivatives is recorded as a component of accumulated other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings.

The fair value of the interest rate swap contracts is measured on a recurring basis by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates (forward curves) derived from observable market interest rate curves. The interest rate swap contracts were categorized as Level 2 in the fair value hierarchy, as the inputs to the derivative pricing model are generally observable and do not contain a high level of subjectivity. Refer to Note 14. Financial Derivatives and Hedging for further information.

The Company did not have any cross currency swaps or foreign currency forward contracts as of April 30, 2022, and October 31, 2021.

The fair value of the Company's contingent consideration for which a liability is recorded and the initial measurement of the joint venture interest, are a Level 3 measurement, and the change in fair value is recognized in selling, general and administrative expense in the Consolidated Statements of Income and Comprehensive Income. Refer to Note 2. Acquisitions and Joint Venture for further information.

Nonrecurring fair value measurements

The Company uses fair value measures when determining assets and liabilities acquired in an acquisition and joint venture as described in Note 2. Acquisitions and Joint Venture, which are considered a Level 3 measurement.

Note 11. Employee Benefits

The Company's Retirement Income Plan (the Plan), a defined benefit plan, covers substantially all full-time United States employees. The Company's contributions are designed to fund normal cost on a current basis and to fund the estimated prior service cost of benefit improvements. The unit credit actuarial cost method is used to determine the annual cost. The Company pays the entire cost of the Plan and funds such costs as they accrue. Virtually all of the assets of the Plan are comprised of equities and participation in equity and fixed income funds.

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THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

The Company's results of operations for the three and six months ended April 30, 2022, and 2021, reflect the following components of net periodic defined benefit costs:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
Service cost	$	4.6	$	4.3	$	9.2	$	8.6
Interest cost	1.3		1.1		2.6		2.2
Expected return on plan assets	(3.9)		(3.1)		(7.9)		(6.2)
Recognized net actuarial gain	0.6		1.3		1.2		2.7
Net periodic defined benefit plan cost	$	2.6	$	3.6	$	5.1	$	7.3

The Company has not determined how much it expects to contribute to the Plan and did not contribute to the Plan in the first half of fiscal 2022. The Company did not contribute to the Plan in the first half of fiscal 2021. The expected rate of return on Plan assets for determining net periodic benefit plan cost is 8%.

Note 12. Contingencies

The Company is involved in various lawsuits, claims and other legal matters from time to time that arise in the ordinary course of conducting business, including matters involving our products, intellectual property, supplier relationships, distributors, competitor relationships, employees and other matters. The Company does not believe that the ultimate resolution of these proceedings or claims pending against it could have a material adverse effect on its financial condition or results of operations. At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies. Legal fees are expensed as incurred.

Note 13. Business Segment Information

The Company discloses information about its operating segments, which were established based on the way that management organizes segments within the Company for making operating decisions and assessing financial performance. The Company's two operating segments are described below.

•CooperVision. Competes in the worldwide contact lens market by developing, manufacturing and marketing a broad range of products for contact lens wearers, featuring advanced materials and optics. CooperVision designs its products to solve vision challenges such as astigmatism, presbyopia, myopia, ocular dryness and eye fatigues, with a broad collection of spherical, toric and multifocal contact lenses.

•CooperSurgical. Competes in the general health care market with a focus on advancing the health of women, babies and families through a diversified portfolio of products and services focusing on women's health and fertility.

The Company has 50% ownership in the new joint venture and accounts for this investment under the equity method of accounting. This joint venture is not considered material to the overall results of the Company and is grouped under CooperVision segment.

The Company uses operating income, as presented in our financial reports, as the primary measure of segment profitability. The Company does not allocate costs from corporate functions to segment operating income. Items below operating income are not considered when measuring the profitability of a segment. The Company uses the same accounting policies to generate segment results as the Company does for consolidated results.

Total identifiable assets are those used in continuing operations except cash and cash equivalents, which the Company includes as corporate assets.

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THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

Segment information:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
CooperVision net sales by category:
Toric lens	$	185.6	$	172.8	$	367.8	$	335.1
Multifocal lens	66.4		58.0		132.2		115.7
Single-use sphere lens	161.1		144.5		328.1		290.5
Non single-use sphere, other	140.7		147.3		287.1		288.3
Total CooperVision net sales	$	553.8	$	522.6	$	1,115.2	$	1,029.6
CooperSurgical net sales by category:
Office and surgical products	$	161.6	$	112.6	$	290.5	$	216.1
Fertility	114.4		84.3		211.2		154.3
CooperSurgical net sales	276.0		196.9		501.7		370.4
Total net sales	$	829.8	$	719.5	$	1,616.9	$	1,400.0
Operating income (loss):
CooperVision	$	135.4	$	131.7	$	262.8	$	259.2
CooperSurgical	10.9		23.1		26.6		40.6
Corporate	(13.6)		(11.6)		(25.8)		(23.2)
Total operating income	132.7		143.2		263.6		276.6
Interest expense	10.8		6.1		17.4		12.5
Other (income) expense, net	(41.8)		0.7		(39.4)		(11.8)
Income before income taxes	$	163.7	$	136.4	$	285.6	$	275.9

(In millions)	April 30, 2022		October 31, 2021
Total identifiable assets:
CooperVision	$	6,825.6	$	6,965.9
CooperSurgical	4,448.4		2,395.6
Corporate	504.0		244.7
Total	$	11,778.0	$	9,606.2

Geographic information:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
Net sales to unaffiliated customers by country of domicile:
United States	$	418.9	$	336.1	$	784.2	$	649.1
Europe	243.2		230.0		493.5		450.8
Rest of world	167.7		153.4		339.2		300.1
Total	$	829.8	$	719.5	$	1,616.9	$	1,400.0

(In millions)	April 30, 2022		October 31, 2021
Net property, plant and equipment by country of domicile:
United States	$	786.9	$	737.5
Europe	337.2		377.2
Rest of world	241.5		232.9
Total	$	1,365.6	$	1,347.6

 

21

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

Note 14. Financial Derivatives and Hedging

As part of the Company’s overall risk management practices the Company enters into financial derivatives, interest rate swaps designated as cash flow hedges, to hedge the Company's exposure to changes in cash flows associated with its variable rate debt.

The Company records all derivatives on its Consolidated Condensed Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. All of the Company's derivatives have satisfied the criteria necessary to apply hedge accounting.

The gain or loss on derivative instruments designated and qualifying for cash flow hedge accounting is deferred in other comprehensive income. The changes in fair value for all trades that are not designated for hedge accounting are recognized in current period earnings. Deferred gains or losses from designated cash flow hedges are reclassified into earnings in the period that the hedged interest expense affects earnings. The effectiveness of cash flow hedges is assessed at inception and quarterly thereafter. The Company does not offset fair value amounts recognized for derivative instruments in its Consolidated Condensed Balance Sheets for presentation purposes.

Credit risk related to derivative transactions reflects the risk that a party to the transaction could fail to meet its obligation under the derivative contracts. Therefore, the Company’s exposure to the counterparty’s credit risk is generally limited to the amounts, if any, by which the counterparty’s obligations to the Company exceed the Company’s obligations to the counterparty. The Company’s policy is to enter into contracts only with financial institutions which meet certain minimum credit ratings to help mitigate counterparty credit risk.

As of April 30, 2022, and October 31, 2021, the Company had the following outstanding derivatives designated as hedging instruments:

(In millions, except for number of instruments)	Number of Instruments	Notional Value
Interest Rate Swap Contracts	3	$	1,000

These contracts have remaining maturities of five years or less.

The pre-tax impact of gain on derivatives recognized in other comprehensive income was $86.8 million ($65.7 million, net of tax) as of April 30, 2022. The pre-tax impact of loss on derivatives recognized in other comprehensive income was $8.9 million ($6.7 million, net of tax) as of April 30, 2021.

The following table summarizes the fair values of derivative instruments as of the periods indicated and the line items in the accompanying Consolidated Condensed Balance Sheets where the instruments are recorded:

	Derivative Assets
(In millions)		April 30, 2022		October 31, 2021
Derivatives designated as cash flow hedges	Balance sheet location
Interest rate swap contracts	Other non-current assets	$	86.8	$	17.2

The following table summarizes the amounts recognized with respect to our derivative instruments within the accompanying Consolidated Statements of Income and Comprehensive Income:

Periods Ended April 30,		Three Months				Six Months
(In millions)		2022		2021		2022		2021
Derivatives designated as cash flow hedges	Location of Loss Recognized on Derivatives
Interest rate swap contracts	Interest expense	$	1.4	$	2.0	$	3.3	$	4.1

The Company expects that $(14.6) million recorded as a component of accumulated other comprehensive income will be realized in the Consolidated Statements of Income and Comprehensive Income over the next twelve months and the amount will vary depending on prevailing interest rates.

22

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Notes to Consolidated Condensed Financial Statements

(Unaudited)

The following table details the changes in accumulated other comprehensive income:

(In millions)	Amount
Beginning balance gain as of October 31, 2021	$	17.2
Amount recognized in other comprehensive income on interest rate swap contracts, gross ($50.2 million, net of tax)	66.3
Amount reclassified from other comprehensive income into earnings, gross ($2.5 million, net of tax)	3.3
Ending balance gain as of April 30, 2022	$	86.8

23

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

Note numbers refer to “Notes to Consolidated Condensed Financial Statements” in Item 1. Unaudited Financial Statements.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These include statements relating to plans, prospects, goals, strategies, future actions, events or performance and other statements which are other than statements of historical fact, including all statements regarding the expected impact of the ongoing Coronavirus disease 2019 (COVID-19) pandemic on our business; and statements regarding acquisitions including the acquired companies' financial position, market position, product development and business strategy, expected cost synergies, expected timing and benefits of the transaction, difficulties in integrating entities or operations, as well as estimates of our and the acquired entities' future expenses, sales and earnings per share are forward-looking. In addition, all statements regarding anticipated growth in our net sales, anticipated effects of any product recalls, anticipated market conditions, planned product launches and expected results of operations and integration of any acquisition are forward-looking. To identify these statements, look for words like “believes,” “outlook,” “probable,” “expects,” “may,” “will,” “should,” “could,” “seeks,” “intends,” “plans,” “estimates” or “anticipates” and similar words or phrases. Forward-looking statements necessarily depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties. Among the factors that could cause our actual results and future actions to differ materially from those described in forward-looking statements are:

•The effects of the ongoing COVID-19 pandemic and related economic disruptions and new governmental regulations on our business, results of operations, cash flow and financial condition, including but not limited to the potential impact on our sales, operations and supply chain.

•Adverse changes in the global or regional general business, political and economic conditions, including the impact of continuing uncertainty and instability of certain countries, that could adversely affect our global markets, and the potential adverse economic impact and related uncertainty caused by these items, including but not limited to, the ongoing COVID-19 pandemic, inflation and escalating global trade barriers.

•The impact of Russia's invasion of Ukraine and the global response to this invasion on the global economy, European economy, financial markets, energy markets, currency rates and our ability to supply product to, or through, affected countries.

•Changes in tax laws or their interpretation, changes in statutory tax rates, and adverse outcomes in tax disputes including but not limited to, the United States (U.S.), the United Kingdom (UK) and other countries may affect our taxation of earnings recognized in foreign jurisdictions, result in unexpected tax liabilities, and/or negatively impact our effective tax rate.

•Foreign currency exchange rate and interest rate fluctuations including the risk of fluctuations in the value of foreign currencies or interest rates that would decrease our net sales and earnings.

•Our existing and future variable rate indebtedness and associated interest expense is impacted by rate increases, which could adversely affect our financial health or limit our ability to borrow additional funds.

•Acquisition-related adverse effects including the failure to successfully achieve the anticipated net sales, margins and earnings benefits of acquisitions, integration delays or costs and the requirement to record significant adjustments to the preliminary fair value of assets acquired and liabilities assumed within the measurement period, required regulatory approvals for an acquisition not being obtained or being delayed or subject to conditions that are not anticipated, adverse impacts of changes to accounting controls and reporting procedures, contingent liabilities or indemnification obligations, increased leverage and lack of access to available financing (including financing for the acquisition or refinancing of debt owed by us on a timely basis and on reasonable terms).

•Compliance costs and potential liability in connection with U.S. and foreign laws and health care regulations pertaining to privacy and security of personal information, such as HIPAA and the California Consumer Privacy

24

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

Act (CCPA) in the U.S. and the General Data Protection Regulation requirements in Europe, including but not limited to those resulting from data security breaches.

•A major disruption in the operations of our manufacturing, accounting and financial reporting, research and development, distribution facilities or raw material supply chain due to the ongoing COVID-19 pandemic, integration of acquisitions, man-made or natural disasters, cybersecurity incidents or other causes.

•A major disruption in the operations of our manufacturing, accounting and financial reporting, research and development or distribution facilities due to technological problems, including any related to our information systems maintenance, enhancements or new system deployments, integrations or upgrades.

•Market consolidation of large customers globally through mergers or acquisitions resulting in a larger proportion or concentration of our business being derived from fewer customers.

•Disruptions in supplies of raw materials, particularly components used to manufacture our silicone hydrogel lenses.

•New U.S. and foreign government laws and regulations, and changes in existing laws, regulations and enforcement guidance, which affect areas of our operations including, but not limited to, those affecting the health care industry, including the contact lens industry specifically and the medical device or pharmaceutical industries generally, including but not limited to the EU Medical Devices Regulation, and the EU In Vitro Diagnostic Medical Devices Regulation.

•Legal costs, insurance expenses, settlement costs and the risk of an adverse decision, prohibitive injunction or settlement related to product liability, patent infringement or other litigation.

•Limitations on sales following product introductions due to poor market acceptance.

•New competitors, product innovations or technologies, including but not limited to, technological advances by competitors, new products and patents attained by competitors, and competitors' expansion through acquisitions.

•Reduced sales, loss of customers and costs and expenses related to product recalls and warning letters.

•Failure to receive, or delays in receiving, regulatory approvals or certifications for products.

•Failure of our customers and end users to obtain adequate coverage and reimbursement from third-party payors for our products and services.

•The requirement to provide for a significant liability or to write off, or accelerate depreciation on, a significant asset, including goodwill, other intangible assets and idle manufacturing facilities and equipment.

•The success of our research and development activities and other start-up projects.

•Dilution to earnings per share from acquisitions or issuing stock.

•Impact and costs incurred from changes in accounting standards and policies.

•Risks related to environmental, social and corporate governance (ESG) issues, including those related to climate change and sustainability.

•Other events described in our Securities and Exchange Commission filings, including the “Business” and “Risk Factors” sections in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021, as such Risk Factors may be updated in quarterly filings including updates made in this filing.

We caution investors that forward-looking statements reflect our analysis only on their stated date. We disclaim any intent to update them except as required by law.

25

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

Results of Operations

In this section, we discuss the results of our operations for the second quarter of fiscal 2022 ended April 30, 2022, and compare them with the same period of fiscal 2021. We discuss our cash flows and current financial condition under “Capital Resources and Liquidity.” Within the tables presented, percentages are calculated based on the underlying whole-dollar amounts and, therefore, may not recalculate exactly from the rounded numbers used for disclosure purposes.    

Non-GAAP Financial Measures

The succeeding sections of Management’s Discussion and Analysis (MD&A) may include certain financial measures that are not defined by accounting principles generally accepted in the United States (GAAP). These measures, which are referred to as non-GAAP measures, are listed below:

•Free Cash Flow - Free cash flow is calculated as net cash provided by operating activities less capital expenditures.

•Constant currency - Constant currency is defined as excluding the effect of foreign currency fluctuations.

For a discussion of these measures and the reasons management believes they are useful to investors, refer to “Summary of Non-GAAP Financial Measures” below. To the extent applicable, this MD&A includes reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.

The presentation of these non-GAAP financial measures is not intended to be a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP and may be different from non-GAAP financial measures used by other companies, and therefore, may not be comparable among companies.

COVID-19 Considerations

The World Health Organization categorized COVID-19 as a pandemic. The COVID-19 pandemic has caused a severe global health crisis, along with economic and societal disruptions and uncertainties, which have negatively impacted business and healthcare activity globally. As a result of healthcare systems responding to the demands of managing the pandemic, governments around the world imposing measures designed to reduce the transmission of the COVID-19 virus, and individuals responding to the concerns of contracting the COVID-19 virus, many optical practitioners and retailers, hospitals, medical offices and fertility clinics closed their facilities, restricted access, or delayed or canceled patient visits, exams and elective medical procedures, and many customers that have reopened are experiencing reduced patient visits. These factors have had, and in the future may continue to have, an adverse effect on our sales, operating results and cash flows.

We have taken an active role in addressing the ongoing pandemic’s impact on our employees, suppliers, distribution channels, operations and customers, including taking precautionary measures, such as implementing contingency plans, and making operational adjustments as necessary. We have taken measures to help ensure the safety of our personnel in all our facilities, and we have endeavored and continue to follow recommended actions of government and health authorities to protect our employees worldwide.

As of the date of this filing, we have not experienced any significant disruption at our manufacturing facilities. We have had no significant disruption in our access to necessary raw materials and other supplies or with our distribution network; however, we have experienced higher unabsorbed fixed overhead costs, labor inefficiencies, delays in receiving certain raw materials, higher cost of production and higher freight charges as a result of the COVID-19 pandemic. Our manufacturing and distribution operations have responded to the impacts related to the COVID-19 pandemic, and we have been able to continue to supply our products and services around the world with limited interruption. In the future, we may decide or need to implement additional precautionary measures or operational adjustments as we deem prudent to meet consumer demand or to help further ensure employee safety. We believe that the actions we are taking have enabled us to keep our employees safe and our supply chain intact and will help us emerge from this global pandemic operationally sound and well positioned for long-term growth.

The extent to which the global COVID-19 pandemic and related economic disruptions impact our business, results of operations, cash flow and financial condition will depend on future developments. At this time, future developments are highly uncertain, difficult to predict and largely outside of our control. These include, but are not limited to, the spread,

26

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

duration and severity of the pandemic outbreak and any subsequent waves of additional outbreaks, including the emergence and spread of variants of the COVID-19 virus, actions taken by governments to contain the pandemic, address its impact or respond to the reduction in global and local economic activity, and how quickly and to what extent normal economic and operating conditions can resume. We will continue to closely monitor the developments relating to the COVID-19 pandemic and the responses from governments and private sector participants and their respective impact on our Company and on our customers, suppliers, vendors and business partners.

For more information on the risks associated with the COVID-19 pandemic, refer to Part II, Item 1A "Risk Factors" herein.

Second Quarter Highlights

•Gross profit of $532.5 million, up 9% from $487.1 million in the prior year period

•Operating income of $132.7 million, down 7% from $143.2 million in the prior year period

•Diluted earnings per share of $2.55, up 8% from $2.36 per share in the prior year period

•Cash provided by operations of $131.8 million, compared to $25.8 million in the prior year period

Six Months Highlights

•Gross profit $1,050.9 million, up 12% from $937.8 million in the prior year period

•Operating income $263.6 million, down 5% from $276.6 million in the prior year period

•Diluted earnings per share of $4.45, down 90% from $44.65 per share in the prior year period

•Cash provided by operations $297.8 million, compared to $340.3 million in the prior year period.

Outlook

Overall, we remain optimistic about the long-term prospects for the worldwide contact lens and general health care markets. However, the impact, risks and uncertainty relating to the global COVID-19 pandemic and related economic disruptions, as further described in the “COVID-19 Considerations” section above and in the “Risk Factors” section in Part II, Item 1A of this filing, have adversely affected our sales, cash flow and current performance and are likely to further adversely affect our future sales, cash flow and performance. Additionally, other events affecting the economy as a whole, including but not limited to the uncertainty and instability of global markets driven by Russia's invasion of Ukraine, foreign currency volatility, inflation, changes in tax laws, debt concerns, the uncertainty following the UK's withdrawal from the EU, changes

27

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

to existing and new regulations, global trade barriers including additional tariffs and the trend of consolidations within the health care industry could impact our current performance and continue to represent a risk to our future performance.

CooperVision - We compete in the worldwide contact lens market with our spherical, toric, multifocal, toric multifocal contact lenses offered in a variety of materials including using silicone hydrogel Aquaform® technology and PC Technology™. We believe that there will be lower contact lens wearer dropout rates as technology improves and enhances the wearing experience through a combination of improved designs and materials and the growth of preferred modalities such as single-use and monthly wearing options. CooperVision also competes in the myopia management and specialty eye care contact lens markets with myopia management contact lenses using its ActivControl® technology and with products such as orthokeratology (ortho-k) and scleral lenses. In November 2019, CooperVision received United States Food and Drug Administration (FDA) approval for its MiSight® 1 day lens, which is the first and only FDA-approved product indicated to slow the progression of myopia in children with treatment initiated between the ages of 8-12 and became available in the United States during fiscal 2020. In August 2021, CooperVision received Chinese National Medical Products Administration (NMPA) approval for its MiSight 1 day lens for use in China. CooperVision is focused on greater worldwide market penetration using recently introduced products, and we continue to expand our presence in existing and emerging markets, including through acquisitions.

CooperVision acquired the following entities during the six months ended April 30, 2021:

•    A privately-held U.K. contact lens manufacturer on April 26, 2021

•    A privately-held medical device company on January 19, 2021

During the second quarter of fiscal 2022, the Company initiated a plan to exit its contact lens care business, a non-core business unit of the CooperVision segment, which manufactures and supplies contact lens solutions. We expect the exit activity to be completed by the end of fiscal 2022. Exit charges recognized in the three months ended April 30, 2022, were $20.7 million, of which $17.4 million is recognized in cost of sales and $3.3 million is recognized in selling, general, and administrative expense in the Consolidated Statements of Income. Exit costs primarily related to inventory write-down, asset impairments and employee-related costs. Total exit costs are expected to be in a range of $30.0 million to $40.0 million.

In March 2022, the CooperVision and Essilor International SAS (Essilor) executed the Contribution Agreement and Stock Purchase Agreement (the “Agreements”) whereby Essilor paid CooperVision $52.6 million in exchange for 50% interest in SightGlass Vision, Inc. (SGV) and their proportionate share of the revenue payments. As part of the Agreements, each party contributed their interest in SGV and $10 million in cash to form a new joint venture. CooperVision then remeasured the fair value of its retained equity investment in the joint venture which resulted in a $57.4 million gain in Other (income) expense.

Our ability to compete successfully with a full range of silicone hydrogel products is an important factor to achieving our desired future levels of sales growth and profitability. CooperVision manufactures and markets a wide variety of silicone hydrogel contact lenses. Our single-use silicone hydrogel product franchises, clariti® and MyDay®, remain a focus as we expect increasing demand for these products as well as future single-use products as the global contact lens market continues to shift to this modality. Outside of single-use, the Biofinity® and Avaira Vitality® product families comprise our focus in the FRP, or frequent replacement product, market which encompasses the 2-week and monthly modalities. Included in this segment are unique products such as Biofinity Energys®, which helps individuals with digital eye fatigue.

CooperSurgical - Our CooperSurgical business competes in the general health care market with a commitment to advancing the health of women, babies and families through its diversified portfolio of products and services focusing on women's health and fertility. CooperSurgical has established its market presence and distribution system by developing products and acquiring companies, products and services that complement its business model.

CooperSurgical acquired the following entities during the six months ended April 30, 2022:

•    A private cryopreservation services company on April 6, 2022

•    Generate Life Sciences (Generate), a privately held leading provider of donor egg and sperm for fertility treatments, fertility cryopreservation services and newborn stem cell storage (cord blood & cord tissue), on December 17, 2021

28

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

CooperSurgical acquired the following entity during the six months ended April 30, 2021:

•A privately-held medical device company on March 1, 2021

•    A privately-held medical device company on February 1, 2021

•    A privately-held in vitro fertilization (IVF) cryo-storage software solutions company on December 31, 2020

On February 7, 2022, CooperSurgical entered into a binding letter of intent to acquire Cook Medical's Reproductive Health business, a manufacturer of minimally invasive medical devices focused on the fertility, obstetrics and gynecology markets. The aggregate consideration is $875.0 million in cash, with $675.0 million payable at the closing and the remaining $200.0 million payable in $50.0 million installments following each of the first, second, third and fourth anniversaries of the closing. The transaction is subject to customary closing conditions, including entry into a definitive acquisition agreement and regulatory approvals, and compliance with local consultation requirements.

Capital Resources - At April 30, 2022, we had $399.2 million in unrestricted cash, primarily held in the United States, and $1,288.7 million available under our 2020 Revolving Credit Facility. The $1.5 billion term loan entered into on December 17, 2021, the $840.0 million term loan entered into on November 2, 2021, and the $850.0 million term loan entered into on April 1, 2020, remain outstanding as of April 30, 2022.

See Note 5. Debt of the Consolidated Condensed Financial Statements for additional information.

Transition from LIBOR

The UK's Financial Conduct Authority, which regulates the London Interbank Offered Rate (LIBOR), announced in July 2017 that it will no longer persuade or require banks to submit rates for LIBOR after 2021. In March 2021, the FCA confirmed its intention to stop requiring banks to submit rates required to calculate LIBOR after 2021. However, for U.S. dollar-denominated (USD) LIBOR, only one-week and two-month USD LIBOR will cease to be published after 2021, and all remaining USD LIBOR tenors will continue being published until June 2023. Further, in March 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. We have material contracts that are indexed to LIBOR and are continuing to monitor this activity and evaluate the related risk. We are continuing to evaluate the scope of impacted contracts and the potential impact. We are also monitoring the developments regarding alternative rates and may amend certain contracts to accommodate those rates if the contract does not already specify a replacement rate. While the notional value of agreements potentially indexed to LIBOR is material, we do not expect a material impact on our financial statements related to this transition.

Selected Statistical Information – Percentage of Net Sales

	Three Months						Six Months
	Percentage of Net Sales				2022 vs 2021 % Change in Absolute Values		Percentage of Net Sales				2022 vs 2021 % Change in Absolute Values
Periods Ended April 30,	2022		2021				2022		2021
Net sales	100	%	100	%	15	%	100	%	100	%	15	%
Cost of sales	36	%	32	%	28	%	35	%	33	%	22	%
Gross profit	64	%	68	%	9	%	65	%	67	%	12	%
Selling, general and administrative expense	39	%	40	%	13	%	40	%	39	%	17	%
Research and development expense	3	%	3	%	25	%	3	%	3	%	24	%
Amortization of intangibles	6	%	5	%	38	%	6	%	5	%	30	%
Operating income	16	%	20	%	(7)	%	16	%	20	%	(5)	%

29

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

Net Sales Growth by Business Unit

Periods Ended April 30,	Three Months								Six Months
($ in millions)	2022		2021		Increase		2022 vs 2021 % Change		2022		2021		Increase		2022 vs 2021 % Change
CooperVision	$	553.8	$	522.6	$	31.2	6	%	$	1,115.2	$	1,029.6	$	85.6	8	%
CooperSurgical	276.0		196.9		79.1		40	%	501.7		370.4		131.3		35	%
Net sales	$	829.8	$	719.5	$	110.3	15	%	$	1,616.9	$	1,400.0	$	216.9	15	%

CooperVision Net Sales

The contact lens market has two major product categories:

•Spherical lenses including lenses that correct near- and farsightedness uncomplicated by more complex visual defects; and

•Toric and multifocal lenses including lenses that, in addition to correcting near- and farsightedness, address more complex visual defects such as astigmatism and presbyopia by adding optical properties of cylinder and axis, which correct for irregularities in the shape of the cornea.

CooperVision Net Sales by Category

Toric – Toric lenses include Biofinity toric, MyDay toric, clariti 1 day toric, Biomedics toric, Proclear toric and Avaira Vitality toric

Multifocal – Multifocal lenses include Biofinity multifocal, Biofinity toric multifocal, clariti 1 day multifocal, MyDay multifocal and Proclear 1 day multifocal

Single-use spheres – Our single-use lens portfolio includes clariti 1 day, MyDay, MiSight, Proclear 1 day and Biomedics 1 day

Non single-use sphere, other – Our FRP (frequent replacement product) lens portfolio and other include Biofinity, Biofinity Energys, Avaira Vitality, Biomedics, Proclear, clariti, ortho-k, scleral and custom lens, contact lens care and other

30

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

Three Months Ended April 30,					2022 vs 2021 % Change
($ in millions)	2022		2021
Toric	$	185.6	$	172.8	7	%
Multifocal	66.4		58.0		14	%
Single-use spheres	161.1		144.5		12	%
Non single-use sphere, other	140.7		147.3		(4)	%
	$	553.8	$	522.6	6	%

Six Months Ended April 30,					2022 vs 2021 % Change
($ in millions)	2022		2021
Toric	$	367.8	$	335.1	10	%
Multifocal	132.2		115.7		14	%
Single-use spheres	328.1		290.5		13	%
Non single-use sphere, other	287.1		288.3		—	%
	$	1,115.2	$	1,029.6	8	%

In the three and six months ended April 30, 2022:

•Toric and multifocal lenses grew primarily through the success of MyDay and Biofinity.

•Single-use sphere lenses growth was primarily driven by MyDay, clariti and MiSight lenses.

•Non single-use sphere lenses decreased primarily due to negative impact of foreign exchange, offset by growth driven by Biofinity, Avaira and ortho-k.

•"Other" products decreased primarily due to exit of contact lens care business. Contact lens care represented approximately 1% of net sales in both the three and six months ended April 30, 2022, and 2% of net sales in both the three and six months ended April 30, 2021.

•Total silicone hydrogel products increased by 10% and 11% in the three and six months ended April 30, 2022, representing 79% of net sales, compared to 77% in the three and six months ended April 30, 2021.

•Foreign exchange rates negatively impacted sales by approximately $26.2 million and $42.6 million in the three and six months ended April 30, 2022, and net sales increased by 11% and 12% in constant currency over the prior year periods.

31

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

•Sales growth was primarily driven by an increase in the volume of lenses sold across our core portfolio due to a recovery in demand from the impact of the COVID-19 pandemic.

•We could see downward pressure and volatility in certain markets related to net sales if the COVID-19 pandemic continues, as optical retailers and healthcare centers continue to restrict access, and social distancing measures continue.

CooperVision Net Sales by Geography

CooperVision competes in the worldwide soft contact lens market and services in three primary regions: the Americas, EMEA (Europe, Middle East and Africa) and Asia Pacific.

Periods Ended April 30,	Three Months						Six Months
($ in millions)	2022		2021		2022 vs 2021 % Change		2022		2021		2022 vs 2021 % Change
Americas	$	223.5	$	207.5	8	%	$	438.9	$	407.9	8	%
EMEA	205.9		194.2		6	%	419.4		383.0		10	%
Asia Pacific	124.4		120.9		3	%	256.9		238.7		8	%
	$	553.8	$	522.6	6	%	$	1,115.2	$	1,029.6	8	%

CooperVision's growth in net sales across all regions was primarily attributable to market gains of silicone hydrogel contact lenses. Refer to CooperVision Net Sales by Category above for further discussion.

CooperSurgical Net Sales by Category

CooperSurgical supplies the family health care market with a diversified portfolio of products and services. Our office and surgical offerings include products that facilitate surgical and non-surgical procedures that are commonly performed primarily by obstetricians and gynecologists in hospitals, surgical centers, fertility clinics and medical offices. Fertility offerings include highly specialized products and services that target the IVF process, including diagnostics testing with a goal to make fertility treatment safer, more efficient and convenient.

The chart below shows the percentage of net sales of office and surgical products and fertility.

32

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

Office/Surgical – Our significant office and surgical products and services include PARAGARD, Uterine Manipulators, Retractors, Closure products, Point-of-Care products, LEEP products, Endosee, Illuminate, Fetal Pillow and recently acquired stem cell services of Generate

Fertility – Our significant fertility products and services include fertility consumables, fertility equipment, Embryo Options, preimplantation genetic testing and recently acquired fertility services of Generate

Three Months Ended April 30,					2022 vs 2021 % Change
($ in millions)	2022		2021
Office and surgical products	$	161.6	$	112.6	43	%
Fertility	114.4		84.3		36	%
	$	276.0	$	196.9	40	%

Six Months Ended April 30,					2022 vs 2021 % Change
($ in millions)	2022		2021
Office and surgical products	$	290.5	$	216.1	34	%
Fertility	211.2		154.3		37	%
	$	501.7	$	370.4	35	%

In the three and six months ended April 30, 2022:

•Office and surgical products increased compared to the prior year periods mainly due to sales from the recently acquired stem cell services of Generate and sales from the acquired products, Illuminate and Fetal Pillow® compared to the prior year periods, partially offset by a decrease in PARAGARD® sales.

•Fertility net sales increased compared to the prior year periods mainly due to sales from our recent acquisition, Generate, and an increase in revenue from fertility consumables and equipment sales.

•Foreign exchange rates negatively impacted sales by approximately $8.3 million and $13.0 million in the three and six months ended April 30, 2022, and net sales increased by 44% and 39% in constant currency over the prior year periods.

•Sales growth was primarily driven by stronger demand for our products and services as a result of our customers continuing to reopen their health care facilities and medical offices.

•We could see downward pressure and volatility in certain markets related to net sales if the COVID-19 pandemic continues, as hospitals and healthcare centers continue to restrict access, and social distancing measures continue.

33

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

Gross Margin

Consolidated gross margins were 64% and 65% in the three and six months ended April 30, 2022, down from 68% and 67% in the prior year periods, primarily driven by unfavorable currency and contact lens care exit costs.

Selling, General and Administrative Expense (SGA)

Three Months Ended April 30,									2022 vs 2021 % Change
($ in millions)	2022		% Net Sales		2021		% Net Sales
CooperVision	$	188.9	34	%	$	194.5	37	%	(3)	%
CooperSurgical	119.9		43	%	79.7		40	%	50	%
Corporate	13.6		—		11.6		—		17	%
	$	322.4	39	%	$	285.8	40	%	13	%
Six Months Ended April 30,									2022 vs 2021 % Change
($ in millions)	2022		% Net Sales		2021		% Net Sales
CooperVision	$	399.7	36	%	$	373.6	36	%	7	%
CooperSurgical	216.0		43	%	150.3		41	%	44	%
Corporate	25.8		—		23.1		—		12	%
	$	641.5	40	%	$	547.0	39	%	17	%

CooperVision's SGA decreased in the three months ended April 30, 2022, compared to fiscal 2021 primarily due to net decrease in the fair value of contingent consideration. CooperVision's SGA increased in the six months ended April 30, 2022, compared to fiscal 2021 primarily due to increases in distribution costs, and advertising and marketing activities primarily related to myopia management, partially offset by net decrease in the fair value of contingent consideration.

CooperSurgical's SGA increased in the three and six months ended April 30, 2022, compared to fiscal 2021 primarily due to the addition of Generate's SGA and acquisition and integration expenses.

Corporate SGA increased in the three and six months ended April 30, 2022, compared to fiscal 2021 primarily due to higher share-based compensation expense.

Research and Development Expense (R&D)

Three Months Ended April 30,									2022 vs 2021 % Change
($ in millions)	2022		% Net Sales		2021		% Net Sales
CooperVision	$	14.4	3	%	$	13.8	3	%	5	%
CooperSurgical	11.9		4	%	7.2		4	%	65	%
	$	26.3	3	%	$	21.0	3	%	25	%
Six Months Ended April 30,									2022 vs 2021 % Change
($ in millions)	2022		% Net Sales		2021		% Net Sales
CooperVision	$	30.6	3	%	$	27.9	3	%	10	%
CooperSurgical	21.8		4	%	14.5		4	%	52	%
	$	52.4	3	%	$	42.4	3	%	24	%

In the three and six months ended April 30, 2022:

•CooperVision's R&D expense increased in the three and six months ended April 30, 2022, compared to fiscal 2021, mainly due to myopia management programs, and timing of R&D projects. As a percentage of sales, CooperVision's R&D expense remained relatively flat. CooperVision's R&D activities are primarily focused on the development of contact lenses, manufacturing technology and process enhancements.

34

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

•CooperSurgical's R&D expense increased in the three and six months ended April 30, 2022, compared to fiscal 2021, mainly due to the addition of Generate's R&D expense and changes in headcount. As a percentage of sales, CooperSurgical's R&D expense remained relatively flat. CooperSurgical's R&D activities are focused on developing and refining diagnostic and therapeutic products including medical interventions, surgical devices and fertility solutions.

Amortization Expense

Three Months Ended April 30,									2022 vs 2021 % Change
($ in millions)	2022		% Net Sales		2021		% Net Sales
CooperVision	$	8.0	1	%	$	9.4	2	%	(15)	%
CooperSurgical	43.1		16	%	27.7		14	%	56	%
	$	51.1	6	%	$	37.1	5	%	38	%
Six Months Ended April 30,									2022 vs 2021 % Change
($ in millions)	2022		% Net Sales		2021		% Net Sales
CooperVision	$	16.2	1	%	$	17.9	2	%	(9)	%
CooperSurgical	77.2		15	%	53.9		15	%	43	%
	$	93.4	6	%	$	71.8	5	%	30	%

CooperVision's amortization expense decreased in absolute dollars in the three and six months ended April 30, 2022, compared to fiscal 2021, primarily due to the deconsolidation of SGV. As a percentage of sales, CooperVision's amortization expense decreased, primarily due to an increase in net sales.

CooperSurgical's amortization expense increased in the three and six months ended April 30, 2022, compared to fiscal 2021, primarily due to the amortization of intangible assets newly acquired through acquisitions. As a percentage of sales, CooperSurgical's amortization expense remained relatively flat, primarily due to an increase in net sales.

Operating Income

Three Months Ended April 30,									2022 vs 2021 % Change
($ in millions)	2022		% Net Sales		2021		% Net Sales
CooperVision	$	135.4	24	%	$	131.7	25	%	3	%
CooperSurgical	10.9		4	%	23.1		12	%	(53)	%
Corporate	(13.6)		—		(11.6)		—		17	%
	$	132.7	16	%	$	143.2	20	%	(7)	%
Six Months Ended April 30,									2022 vs 2021 % Change
($ in millions)	2022		% Net Sales		2021		% Net Sales
CooperVision	$	262.8	24	%	$	259.2	25	%	1	%
CooperSurgical	26.6		5	%	40.6		11	%	(35)	%
Corporate	(25.8)		—		(23.2)		—		11	%
	$	263.6	16	%	$	276.6	20	%	(5)	%

CooperVision's operating income increased in absolute dollars in the three and six months ended April 30, 2022, compared to the prior year periods primarily due to an increase in net sales partially offset by net changes in operating expenses. As a percentage of net sales, CooperVision's operating income decreased, primarily due to an increase in net sales.

CooperSurgical's operating income decreased as a percentage of net sales and in absolute dollars in the three and six months ended April 30, 2022, compared to the prior year periods, primarily due to an increase in SGA and amortization expenses, partially offset by an increase in net sales.

Corporate operating loss increased in the three and six months ended April 30, 2022, compared to the prior year periods, primarily due to higher share-based compensation expense.

35

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

On a consolidated basis, operating income decreased as a percentage of net sales and in absolute dollars primarily due to an increase in SGA and amortization expense, partially offset by an increase in consolidated net sales.

Interest Expense

Three Months Ended April 30,									2022 vs 2021 % Change
($ in millions)	2022		% Net Sales		2021		% Net Sales
Interest expense	$	10.8	1	%	$	6.1	1	%	78	%
Six Months Ended April 30,									2022 vs 2021 % Change
($ in millions)	2022		% Net Sales		2021		% Net Sales
Interest expense	$	17.4	1	%	$	12.5	1	%	39	%

Interest expense increased in absolute dollars during the three and six months ended April 30, 2022, primarily due to higher average debt balances compared to the prior year periods.

Other (Income) Expense, Net

Periods Ended April 30,	Three Months				Six Months
($ in millions)	2022		2021		2022		2021
Investment gain	$	(48.4)	$	—	$	(48.4)	(11.5)
Foreign exchange loss	7.0		1.3		10.3		$	1.2
Other income, net	(0.4)		(0.6)		(1.3)		(1.5)
	$	(41.8)	$	0.7	$	(39.4)	$	(11.8)

Investment gain primarily consists of a gain on remeasurement of the fair value of retained equity investment in SGV as a result of deconsolidation.

Foreign exchange loss is mainly associated with intercompany receivables from Yen and Euro activity during the quarter.

Other income, net decreased in the three and six months ended April 30, 2022, primarily due to loss on minority investments, partially offset by defined benefit plan related income.

Provision for Income Taxes

Our effective tax rates for the three months ended April 30, 2022, and April 30, 2021, were 22.7% and 13.8%, respectively. The increase was primarily due to changes in the geographical composition of pre-tax earnings and excess tax benefits from share-based compensation.

Our effective tax rates for the six months ended April 30, 2022, and April 30, 2021, were 22.3% and (704.2)%, respectively. The increase was primarily due to an intra-group transfer of intellectual property during the six months ended April 30, 2021, as discussed below.

In November 2020, we completed an intra-group transfer of certain intellectual property and related assets of CooperVision to a UK subsidiary as part of a group restructuring to establish headquarters operations in the UK. Determining fair value involved significant judgment related to future revenue growth, operating margins and discount rates. The transfer resulted in a step-up of the UK tax-deductible basis in the intellectual property and goodwill, creating a temporary difference between the book basis and the tax basis of these assets. As a result, we recognized a deferred tax asset of $1,987.9 million, with a corresponding income tax benefit, during the three months ended January 31, 2021.

Share-Based Compensation Plans

We have several share-based compensation plans that are described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021. The compensation expense and related income tax benefit recognized in our Consolidated Statements of Income and Comprehensive Income for share-based awards were as follows:

36

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

Periods Ended April 30,	Three Months				Six Months
($ in millions)	2022		2021		2022		2021
Selling, general and administrative expense	$	11.3	$	8.7	$	22.8	$	17.8
Cost of sales	1.0		0.9		2.3		2.0
Research and development expense	0.7		0.6		1.5		1.2
Total share-based compensation expense	$	13.0	$	10.2	$	26.6	$	21.0
Related income tax benefit	$	1.1	$	1.2	$	2.7	$	2.4

Capital Resources and Liquidity

Second Quarter Highlights

•Operating cash flow of $131.8 million compared to $192.6 million in the prior year period

•Expenditures for purchases of property, plant and equipment of $43.4 million compared to $49.9 million in the prior year period

•Cash proceeds from sale of interest in a subsidiary of $52.6 million. Refer to Note 2. Acquisitions and Joint Venture for additional information

•Cash payments for acquisitions and others of $24.8 million compared to $91.1 million in the prior year period

•Cash provided by operations of $131.8 million offset by capital expenditures of $43.4 million resulted in positive free cash flow of $88.4 million, down $54.3 million compared to the prior year period

Six-Month Highlights

•Operating cash flow of $297.8 million compared to $340.3 million in the prior year period

•Expenditures for purchases of property, plant and equipment of $100.5 million compared to $105.8 million in the prior year period

•Cash proceeds from sale of interest in a subsidiary of $52.6 million. Refer to Note 2. Acquisitions and Joint Venture for additional information

•Cash payments for acquisitions and others of $1,637.1 million compared to $170.9 million in the prior year period

•Cash provided by operations of $297.8 million offset by capital expenditures of $100.5 million resulted in positive free cash flow of $197.3 million, down $37.2 million compared to the prior year period

Comparative Statistics

($ in millions)	April 30, 2022			October 31, 2021
Cash and cash equivalents	$	399.2		$	95.9
Total assets	$	11,778.0		$	9,606.2
Working capital	$	89.8		$	733.2
Total debt	$	3,252.4		$	1,479.0
Stockholders' equity	$	7,013.8		$	6,942.0
Ratio of debt to equity	0.46:1			0.21:1
Debt as a percentage of total capitalization	32		%	18		%

37

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

Working Capital

The decrease in working capital at April 30, 2022, from the end of fiscal 2021 was primarily due to:

•increase in short-term debt of $822.8 million, primarily due to the 2021 364-Day Term Loan Agreement entered into on November 2, 2021;

•increase in other current liabilities of $100.7 million, primarily due to the Generate acquisition. Refer to Note 2. Acquisitions and Joint Venture for further information;

•decrease in assets held-for-sale of $89.2 million due to deconsolidation of SGV and forming of a new joint venture. Refer to Note 2. Acquisitions and Joint Venture for further information;

•increase in accounts payable of $22.7 million due to timing of payments; partially offset by:

•increase in cash and cash equivalents of $303.3 million;

•decrease in employee compensation and benefits of $28.7 million due to timing of payments;

•increase in prepaid expense and other current assets of $23.9 million due to timing of payments;

•increase in inventories of $18.2 million primarily due to increase in production and the build up of inventory for future product launches;

•increase in trade accounts receivable of $16.7 million primarily due to higher sales and timing of collections.

At April 30, 2022, our inventory months on hand was 6.1 compared to 6.8 at October 31, 2021. The $18.2 million increase in inventories was primarily due to increase in production and the build up of inventory for future product launches.

Our days sales outstanding (DSO) was 57 days at April 30, 2022, compared to 64 days at October 31, 2021. The decrease in DSO from October 31, 2021 to April 30, 2022 was primarily due to timing of collections.

Operating Cash Flow

Cash provided by operating activities decreased by $42.5 million from $340.3 million in the first half of fiscal 2021 to $297.8 million in the first half of fiscal 2022. This decrease in cash flow provided by operating activities primarily consists of:

•decrease in net income of $1,996.8 million from a net income of $2,218.6 million in the first half of fiscal 2021 to $221.8 million in the first half of fiscal 2022;

•decrease from other non-cash items of $49.6 million, from $7.7 million cash inflow during the first half of fiscal 2021 to $41.9 million cash outflow during the first half of fiscal 2022;

•decrease from $40.7 million settlement of contingent consideration. Refer to Note 2. Acquisitions and Joint Venture for further information; partially offset by:

•increase of $2,013.2 million in the net changes in deferred income taxes. Refer to Note 6. Income Taxes for further information;

•increase of $22.4 million in net changes in depreciation and amortization, from $153.0 million during the first half of fiscal 2021 to $175.4 million during the first half of fiscal 2022;

•increase of $9.0 million in net cash flow from changes in operating capital, from $61.4 million outflow in the first half of fiscal 2021 to $52.4 million outflow in the first half of fiscal 2022.

The decrease in net income of $1,996.8 million was primarily due to:

38

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

•recognized income tax benefit of $1,987.9 million in the prior year period. Refer to Note 6. Income Taxes for further information;

•decrease of $13.00 million in operating income from $276.6 million in the first half of fiscal 2021 to $263.6 million in the first half of fiscal 2022 primarily due to the increase in certain costs;

The $9.0 million increase in the net cash flow from changes in operating capital compared to the prior year period is primarily due to:

•$46.5 million increase in the net changes in accounts payable primarily due to timing of payments;

•$42.9 million increase in the net changes in trade and other receivables primarily due to timing of collections and higher sales;

•$14.3 million increase in the net changes in prepaid and other assets due to timing of payments; partially offset by:

•$56.1 million decrease in the net changes in accrued liabilities;

•$23.8 million decrease in the net changes in the translation gain (loss);

•$8.6 million decrease in the net changes in income tax payable;

•$6.2 million decrease in the net changes in inventories.

The $49.6 million decrease in non-cash items compared to the prior year period is primarily due to:

•$57.4 million gain on remeasurement of the fair value of the retained equity investment in SGV as a result of deconsolidation;

•$36.7 million decrease in the net changes in long-term liabilities;

•$12.2 million decrease from change in fair value of contingent consideration; partially offset by:

•$24.6 million increase in net changes in other long-term assets & other;

•$13.1 million increase from minority interest in net income;

•$11.3 million increase from the effect of exchange rate change on cash.

Investing Cash Flow

Cash used in investing activities increased by $1,408.3 million to $1,685.0 million in the first half of fiscal 2022 from $276.7 million in the first half of fiscal 2021 due to:

•$1,466.2 million increase in payments made for acquisitions in the first half of fiscal 2022 compared to the prior year period, largely due to the Generate acquisition, partially offset by;

•$52.6 million increase in cash flows from sale of SGV. Refer to Note 2. Acquisitions and Joint Venture for further information.

Financing Cash Flow

Cash flows from financing activities increased by $1775.5 million to $1,696.5 million cash inflow in the first half of fiscal 2022 compared to $79.0 million outflow in the first half of fiscal 2021, primarily due to:

•$1,016.7 million increase in proceeds from long-term debt, primarily due to funds received from the 2021 Term Loan Facility; and

39

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

•$826.9 million increase in net proceeds from short-term debt, primarily due to the 2021 364-Day Term Loan Agreement; partially offset by:

•$53.7 million increase in repurchase of common stock compared to prior year period.

On November 2, 2021, the Company entered into a 364-day, $840.0 million, term loan agreement by and among the Company, the lenders party thereto and The Bank of Nova Scotia, as administrative agent (the 2021 364-Day Term Loan Agreement), which matures on November 1, 2022. The Company used part of the funds to partially repay outstanding borrowings under the 2020 Revolving Credit Facility and for general corporate purposes.

On December 17, 2021, the Company entered into a Term Loan Agreement (the 2021 Credit Agreement) by and among the Company, the lenders from time to time party thereto, and PNC Bank, National Association, as administrative agent. The 2021 Credit Agreement provides for a term loan facility (the 2021 Term Loan Facility) in an aggregate principal amount of $1.5 billion, which, unless terminated earlier, matures on December 17, 2026. In addition, the Company has the ability from time to time to request an increase to the commitments under the 2021 Term Loan Facility or to establish a new term loan facility under the 2021 Credit Agreement in an aggregate principal amount not to exceed $1.125 billion, upon prior written notice to the administrative agent and subject to the discretionary participation of the lenders funding such term loans and certain limitations set forth in the 2021 Credit Agreement.

The following is a summary of the maximum commitments and the net amounts available to us under different credit facilities as of April 30, 2022:

(In millions)	Facility Limit		Outstanding Borrowings		Outstanding Letters of Credit		Total Amount Available		Maturity Date
2021 Term Loan Facility	$	1,500.0	$	1,500.0	n/a		—		December 17, 2026
2021 364-Day Term Loan	840.0		840.0		n/a		—		November 1, 2022
2020 Revolving Credit Facility	1,290.0		—		$	1.3	$	1,288.7	April 1, 2025
2020 Term Loan Facility	850.0		850.0		n/a		—		April 1, 2025
Total	$	4,480.0	$	3,190.0	$	1.3	$	1,288.7

The 2020 Credit Agreement contains customary restrictive covenants, as well as financial covenants that require us to maintain a certain Total Leverage Ratio and Interest Coverage Ratio. As defined, in the 2020 Credit Agreement, we are required to maintain an Interest Coverage Ratio of at least 3.00 to 1.00, and a Total Leverage Ratio of no higher than 3.75 to 1.00. At April 30, 2022, we were in compliance with the Interest Coverage Ratio at 39.28 to 1.00 and the Total Leverage Ratio at 2.59 to 1.00. The Company, after considering the potential impacts of the COVID-19 pandemic, expects to remain in compliance with its financial maintenance covenant and meet its debt service obligations for at least the twelve months following the date of issuance of these financial statements.

See Note 5. Debt of the Consolidated Condensed Financial Statements for additional information.

Considering recent market conditions and the ongoing COVID-19 pandemic crisis, we have re-evaluated our operating cash flows and cash requirements and continue to believe that current cash, cash equivalents, future cash flow from operating activities and cash available under our 2020 Credit Agreement will be sufficient to meet our anticipated cash needs, including working capital needs, capital expenditures and contractual obligations for at least 12 months from the issuance date of the Consolidated Condensed Financial Statements included in this quarterly report. To the extent additional funds are necessary to meet our liquidity needs such as that for acquisitions, share repurchases, cash dividends or other activities as we execute our business strategy, we anticipate that additional funds will be obtained through the incurrence of additional indebtedness, additional equity financings or a combination of these potential sources of funds; however, such financing may not be available on favorable terms, or at all.

Share Repurchase

In December 2011, our Board of Directors authorized the 2012 Share Repurchase Program and through subsequent amendments, the most recent in March 2017, the total repurchase authorization was increased from $500.0 million to $1.0 billion of the Company's common stock. This program has no expiration date and may be discontinued at any time. Purchases under the 2012 Share Repurchase Program are subject to a review of the circumstances in place at the time and may be made from time to time as permitted by securities laws and other legal requirements.

40

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition

and Results of Operations

At April 30, 2022, $256.4 million remained authorized for repurchase under the 2012 Share Repurchase Program.

The Company's share repurchases during the six months ended April 30, 2022, and 2021, were as follows:

	Six Months
Periods Ended April 30,	2022		2021
Number of shares	191,165		69,622
Average repurchase price per share	$	410.41	$	356.61
Total costs of shares repurchased (in millions)	$	78.5	$	24.8

Dividends

We paid a semiannual dividend of approximately $1.5 million or 3 cents per share, on February 9, 2022, to stockholders of record on January 21, 2022.

Summary of Non-GAAP Financial Measures

The non-GAAP financial measures that may be included in Management's Discussion and Analysis and the reasons management believes they are useful to investors are described below. These measures should be considered supplemental in nature and are not intended to be a substitute for the related financial information prepared in accordance with GAAP. In addition, these measures may not be the same as similarly named measures presented by other companies.

Free cash flow is defined as cash provided by operating activities less capital expenditures. Management believes free cash flow is useful for investors as an additional measure of liquidity because it represents cash that is available to grow the business, make strategic acquisitions, repay debt, buyback common stock or fund the dividend. We use free cash flow internally to understand, manage, make operating decisions and evaluate our business. In addition, we use free cash flow to help plan and forecast future periods.

Constant currency is defined as excluding the effect of foreign currency rate fluctuations. In order to assist with the assessment of how our underlying businesses performed, we compare the percentage change in net sales from one period to another, excluding the effect of foreign currency fluctuations. To present this information, current period revenue for entities reporting in currencies other than the United States dollar are converted into United States dollars at the average foreign exchange rates for the corresponding period in the prior year.

Estimates and Critical Accounting Policies

Information regarding estimates and critical accounting policies is included in Management's Discussion and Analysis on Form 10-K for the fiscal year ended October 31, 2021. There have been no material changes in our policies from those previously discussed in our Form 10-K for the fiscal year ended October 31, 2021.

Accounting Pronouncements

Information regarding new accounting pronouncements is included in Note 1. General of the Consolidated Condensed Financial Statements of this Quarterly Report on Form 10-Q.

Trademarks

ActivControl®, Aquaform®, Avaira Vitality®, Biofinity®, Biofinity Energys®, MyDay® and MiSight® are registered trademarks of The Cooper Companies, Inc., its affiliates and/or subsidiaries. PC Technology™ is a trademark of The Cooper Companies, Inc., its affiliates and/or subsidiaries. The clariti® mark is a registered trademark of The Cooper Companies, Inc., its affiliates and/or subsidiaries worldwide except in the United States where the use of clariti® is licensed. INSORB®, PARAGARD®, Mara® and Fetal Pillow® are registered trademarks of CooperSurgical, Inc.

41

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 3. Quantitative and Qualitative Disclosure About Market Risk

Most of our operations outside the United States have their local currency as their functional currency. We are exposed to risks caused by changes in foreign exchange, principally our British pound sterling, euro, Japanese yen and Danish krone denominated debt and receivables denominated in currencies other than the United States dollar, and from operations in other foreign currencies. Although we may enter into foreign exchange agreements with financial institutions to reduce our exposure to fluctuations in foreign currency values relative to our debt or receivables obligations, these hedging transactions do not eliminate that risk entirely. We are also exposed to risks associated with changes in interest rates, as the interest rates on our revolving lines of credit and term loans may vary with the federal funds rate and LIBOR. We may decrease this interest rate risk by hedging a portion of variable rate debt effectively converting it to fixed rate debt for varying periods.

On April 6, 2020, we entered into six interest rate swap contracts to hedge the Company's exposure to changes in cash flows associated with its variable rate debt. The interest rate swap contracts became effective on April 6, 2020, and had maturities of seven years or less. As of April 30, 2022, the outstanding contracts have a total notional amount of $1.0 billion.

We did not have any cross currency swaps or foreign currency forward contracts as of April 30, 2022.

On April 1, 2020, we entered into a Revolving Credit and Term Loan Agreement (the 2020 Credit Agreement), among us, CooperVision International Holding Company, LP, CooperSurgical Netherlands B.V., CooperVision Holding Kft. the lenders from time to time party thereto, and KeyBank National Association, as administrative agent. The 2020 Credit Agreement provides for (a) a multicurrency revolving credit facility (the 2020 Revolving Credit Facility) in an aggregate principal amount of $1.29 billion and (b) a term loan facility (the 2020 Term Loan Facility) in an aggregate principal amount of $850.0 million, each of which, unless terminated earlier, mature on April 1, 2025. The 2020 Credit Agreement replaced our previous credit agreement and funds from the new term loan were used to repay the outstanding amounts under the previous credit agreement, to repay an outstanding term loan, and for general corporate purposes. At April 30, 2022, the Company had $1,288.7 million available under the 2020 Revolving Credit Facility and $850.0 million outstanding under the 2020 Term Loan Facility.

On November 2, 2021, the Company entered into a 364-day, $840.0 million, term loan agreement by and among the Company, the lenders party thereto and The Bank of Nova Scotia, as administrative agent (the 2021 364-Day Term Loan Agreement) which matures on November 1,2022. The Company used part of the funds to partially repay outstanding borrowings under the 2020 Revolving Credit Facility and for general corporate purposes. At April 30, 2022, the Company had $840.0 million outstanding under the 2021 364-Day Term Loan Agreement.

On December 17, 2021, the Company entered into a Term Loan Agreement (the 2021 Credit Agreement) by and among the Company, the lenders from time to time party thereto, and PNC Bank, National Association, as administrative agent. The 2021 Credit Agreement provides for a term loan facility (the 2021 Term Loan Facility) in an aggregate principal amount of $1.5 billion, which, unless terminated earlier, matures on December 17, 2026. In addition, the Company has the ability from time to time to request an increase to the commitments under the 2021 Term Loan Facility or to establish a new term loan facility under the 2021 Credit Agreement in an aggregate principal amount not to exceed $1.125 billion, upon prior written notice to the administrative agent and subject to the discretionary participation of the lenders funding such term loans and certain limitations set forth in the 2021 Credit Agreement. At April 30, 2022, the Company had $1.5 billion outstanding under the 2021 Term Loan Facility.

If interest rates were to have increased or decreased by 1% or 100 basis points, the quarterly interest expense would have increased or decreased by approximately $5.4 million based on average debt outstanding for the second quarter of fiscal 2022, after consideration of our interest rate swap contracts.

See Note 5. Debt of the Consolidated Condensed Financial Statements for additional information.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Based on management’s evaluation (with the participation of our Chief Executive Officer (our Principal Executive Officer) and Chief Financial Officer (our Principal Financial Officer)), as of the end of the period covered by this report, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, (the Exchange Act)) are effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange

42

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Commission rules and forms and is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during our second quarter of fiscal 2022, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We have not experienced any material impact to our internal controls over financial reporting despite the fact that certain of our employees are working remotely due to the COVID-19 pandemic. We are continually monitoring and assessing the COVID-19 related considerations and any impact on the design and operating effectiveness of our internal control over financial reporting.

43

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

Information regarding legal proceedings is included in Note 12. Contingencies of the Consolidated Condensed Financial Statements of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

Our business faces significant risks. These risks include those described below and may include additional risks and uncertainties not presently known to us or that we currently deem immaterial. Our business, financial condition and results of operations could be materially adversely affected by any of these risks, and the trading prices of our common stock could decline by virtue of these risks. These risks should be read in conjunction with the other information in this report.

Risk factors describing the major risks to our business can be found under Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021, and in our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2022.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

There was no share repurchase activity during the three-month period ended April 30, 2022.

The share repurchase program was approved by the Company’s Board of Directors in December 2011 (the 2012 Share Repurchase Program). The program as amended in December 2012, December 2013 and March 2017 provides authorization to repurchase up to a total of $1.0 billion of the Company’s common stock. Purchases under the 2012 Share Repurchase Program may be made from time to time on the open market at prevailing market prices or in privately negotiated transactions and are subject to a review of the circumstances in place at the time and will be made from time to time as permitted by securities laws and other legal requirements. This program has no expiration date and may be discontinued at any time.

During the second quarter of fiscal 2022, there were no share repurchases under the program. During the first quarter of fiscal 2022, we repurchased 191.2 thousand shares of the Company’s common stock for $78.5 million, at an average purchase price of $410.41 per share. At April 30, 2022, $256.4 million remained authorized for repurchase under the 2012 Share Repurchase Program.

During the second quarter of fiscal 2021, there were no share repurchases under the program. During the first quarter of fiscal 2021, we repurchased 69.6 thousand shares of the Company's common stock for $24.8 million, at an average purchase price of $356.61 per share.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

44

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Item 6. Exhibits

Exhibit Number	Description
31.1	Certification of the Chief Executive Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934
31.2	Certification of the Chief Financial Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934
32.1	Certification of the Chief Executive Officer, pursuant to 18 U.S.C. Section 1350
32.2	Certification of the Chief Financial Officer, pursuant to 18 U.S.C. Section 1350
101.1	The following materials from the Company's Quarterly Report on Form 10-Q for the three and six months period ended April 30, 2022 formatted in Inline XBRL (Extensible Business Reporting Language): (i) Consolidated Statements of Income and Comprehensive Income, (ii) Consolidated Condensed Balance Sheets, (iii) Consolidated Condensed Statements of Stockholders' Equity, (iv) Consolidated Condensed Statements of Cash Flows and (v) related Notes to Consolidated Condensed Financial Statements.
104.1	Cover Page Interactive Data File (embedded within the Inline XBRL document)

45

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	The Cooper Companies, Inc.
	(Registrant)
Date: June 3, 2022	/s/ Brian G. Andrews
	Brian G. Andrews
	Executive Vice President, Chief Financial Officer & Treasurer (Principal Financial Officer)
Date: June 3, 2022	/s/ Agostino Ricupati
	Agostino Ricupati
	Chief Accounting Officer & Senior Vice President, Finance & Tax (Principal Accounting Officer)

46

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)

AS ADOPTED PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Albert G. White III, certify that:

1.I have reviewed this quarterly report on Form 10-Q of The Cooper Companies, Inc. (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 3, 2022
	/s/ Albert G. White III
	Albert G. White III
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)

AS ADOPTED PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Brian G. Andrews, certify that:

1.1. I have reviewed this quarterly report on Form 10-Q of The Cooper Companies, Inc. (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 3, 2022
	/s/ Brian G. Andrews
	Brian G. Andrews
	Executive Vice President, Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Albert G. White III, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

•the Quarterly Report on Form 10-Q of The Cooper Companies, Inc. (the “Company”) for the quarterly period ended April 30, 2022, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

•the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 3, 2022	/s/ Albert G. White III
	Albert G. White III
	President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Brian G. Andrews, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

•the Quarterly Report on Form 10-Q of The Cooper Companies, Inc. (the “Company”) for the quarterly period ended April 30, 2022, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

•the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 3, 2022	/s/ Brian G. Andrews
	Brian G. Andrews
	Executive Vice President, Chief Financial Officer and Treasurer

XML

Cover Page - shares	6 Months Ended
	Apr. 30, 2022	May 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
Document Transition Report	false
Entity File Number	1-8597
Entity Registrant Name	The Cooper Companies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2657368
Entity Address, Address Line One	6101 Bollinger Canyon Road
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	San Ramon
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94583
City Area Code	925
Local Phone Number	460-3600
Title of 12(b) Security	Common Stock, $.10 par value
Trading Symbol	COO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,336,487
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000711404
Current Fiscal Year End Date	--10-31

XML

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Income Statement [Abstract]
Net sales	$ 829.8	$ 719.5	$ 1,616.9	$ 1,400.0
Cost of sales	297.3	232.4	566.0	462.2
Gross profit	532.5	487.1	1,050.9	937.8
Selling, general and administrative expense	322.4	285.8	641.5	547.0
Research and development expense	26.3	21.0	52.4	42.4
Amortization of intangibles	51.1	37.1	93.4	71.8
Operating income	132.7	143.2	263.6	276.6
Interest expense	10.8	6.1	17.4	12.5
Other (income) expense, net	(41.8)	0.7	(39.4)	(11.8)
Income before income taxes	163.7	136.4	285.6	275.9
Provision for income taxes (Note 6)	37.1	18.9	63.8	(1,942.7)
Net income	$ 126.6	$ 117.5	$ 221.8	$ 2,218.6
Earnings per share (Note 7):
Basic (in dollars per share)	$ 2.57	$ 2.39	$ 4.49	$ 45.12
Diluted (in dollars per share)	$ 2.55	$ 2.36	$ 4.45	$ 44.65
Number of shares used to compute earnings per share:
Basic (in shares)	49.3	49.2	49.4	49.2
Diluted (in shares)	49.7	49.7	49.8	49.7
Other comprehensive income, net of tax:
Cash flow hedges	$ 39.3	$ 15.2	$ 52.7	$ 19.7
Foreign currency translation adjustment	(96.6)	18.9	(145.8)	105.1
Comprehensive income	$ 69.3	$ 151.6	$ 128.7	$ 2,343.4

XML

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Current assets:
Cash and cash equivalents	$ 399.2	$ 95.9
Trade accounts receivable, net of allowance for credit losses of $13.8 at April 30, 2022, and $9.2 at October 31, 2021	532.0	515.3
Inventories (Note 3)	603.8	585.6
Prepaid expense and other current assets	203.2	179.3
Assets held-for-sale	0.0	89.2
Total current assets	1,738.2	1,465.3
Property, plant and equipment, at cost	2,719.1	2,655.7
Less: accumulated depreciation and amortization	1,353.5	1,308.1
Property, plant and equipment, net	1,365.6	1,347.6
Operating lease right-of-use assets	249.9	257.0
Goodwill (Note 4)	3,719.4	2,574.0
Other intangibles, net (Note 4)	1,907.4	1,271.5
Deferred tax assets	2,480.1	2,546.6
Other assets	317.4	144.2
Total assets	11,778.0	9,606.2
Current liabilities:
Short-term debt (Note 5)	905.7	82.9
Accounts payable	184.1	161.4
Employee compensation and benefits	120.0	148.7
Operating lease liabilities	36.2	35.7
Other current liabilities	402.4	301.7
Liabilities held-for-sale	0.0	1.7
Total current liabilities	1,648.4	732.1
Long-term debt (Note 5)	2,346.7	1,396.1
Deferred tax liabilities	131.6	24.1
Long-term tax payable	126.1	139.6
Operating lease liabilities	226.0	231.7
Accrued pension liability and other	285.4	140.6
Total liabilities	4,764.2	2,664.2
Contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $10 cents par value, 1.0 shares authorized, zero shares issued or outstanding	0.0	0.0
Common stock	5.4	5.4
Additional paid-in capital	1,736.8	1,715.2
Accumulated other comprehensive loss	(434.5)	(341.3)
Retained earnings	6,422.5	6,202.1
Treasury stock at cost: 4.6 shares at April 30, 2022, and 4.4 shares at October 31, 2021	(716.6)	(639.6)
Total Cooper stockholders’ equity	7,013.6	6,941.8
Noncontrolling interests	0.2	0.2
Stockholders’ equity (Note 9)	7,013.8	6,942.0
Total liabilities and stockholders’ equity	$ 11,778.0	$ 9,606.2

XML

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance for doubtful accounts	$ 13.8	$ 9.2
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, authorized (in shares)	1,000,000.0	1,000,000.0
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, authorized (in shares)	120,000,000.0	120,000,000.0
Common stock, issued (in shares)	53,800,000	53,700,000
Common stock, outstanding (in shares)	49,300,000	49,300,000
Treasury stock (in shares)	4,600,000	4,400,000

XML

Consolidated Condensed Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Shares	Treasury Stock	Treasury Stock Par Net Value	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests
Beginning balance (in shares) at Oct. 31, 2020			49,100,000	4,300,000
Beginning balance at Oct. 31, 2020	$ 3,824.8	$ (1.4)	$ 4.9	$ (617.3)	$ 0.4	$ 1,646.8	$ (472.0)	$ 3,261.8	$ (1.4)	$ 0.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,101.1							2,101.1
Other comprehensive income, net of tax	90.7						90.7
Issuance of common stock for stock plans, net (in shares)			100,000
Issuance of common stock for stock plans, net	(11.0)					(11.0)
Issuance of common stock for employee stock purchase plan	1.4			$ 0.6		0.8
Dividends on common stock ($0.03 per share)	(1.5)							(1.5)
Share-based compensation expense	10.6					10.6
Treasury stock repurchase (in shares)			(100,000)	100,000
Treasury stock repurchase	(24.8)			$ (24.8)
Ending balance (in shares) at Jan. 31, 2021			49,100,000	4,400,000
Ending balance at Jan. 31, 2021	5,989.9		$ 4.9	$ (641.5)	0.4	1,647.2	(381.3)	5,360.0		0.2
Beginning balance (in shares) at Oct. 31, 2020			49,100,000	4,300,000
Beginning balance at Oct. 31, 2020	3,824.8	$ (1.4)	$ 4.9	$ (617.3)	0.4	1,646.8	(472.0)	3,261.8	$ (1.4)	0.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 2,218.6
Treasury stock repurchase (in shares)	(69,600)
Treasury stock repurchase	$ (24.8)
Ending balance (in shares) at Apr. 30, 2021			49,200,000	4,400,000
Ending balance at Apr. 30, 2021	6,162.8		$ 5.0	$ (640.9)	0.4	1,667.8	(347.2)	5,477.5		0.2
Beginning balance (in shares) at Jan. 31, 2021			49,100,000	4,400,000
Beginning balance at Jan. 31, 2021	5,989.9		$ 4.9	$ (641.5)	0.4	1,647.2	(381.3)	5,360.0		0.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	117.5							117.5
Other comprehensive income, net of tax	34.1						34.1
Issuance of common stock for stock plans, net (in shares)			100,000
Issuance of common stock for stock plans, net	9.8		$ 0.1			9.7
Issuance of common stock for employee stock purchase plan	1.5			$ 0.6		0.9
Share-based compensation expense	$ 10.0					10.0
Treasury stock repurchase (in shares)	0
Treasury stock repurchase	$ 0.0
Ending balance (in shares) at Apr. 30, 2021			49,200,000	4,400,000
Ending balance at Apr. 30, 2021	$ 6,162.8		$ 5.0	$ (640.9)	0.4	1,667.8	(347.2)	5,477.5		0.2
Beginning balance (in shares) at Oct. 31, 2021	49,300,000		49,300,000	4,400,000
Beginning balance at Oct. 31, 2021	$ 6,942.0		$ 5.0	$ (639.6)	0.4	1,715.2	(341.3)	6,202.1		0.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	95.3							95.3
Other comprehensive income, net of tax	(35.9)						(35.9)
Issuance of common stock for stock plans, net (in shares)			100,000
Issuance of common stock for stock plans, net	(10.0)					(10.0)
Issuance of common stock for employee stock purchase plan	1.9			$ 0.7		1.2
Dividends on common stock ($0.03 per share)	(1.5)							(1.5)
Share-based compensation expense	12.8					12.8
Treasury stock repurchase (in shares)			(200,000)	200,000
Treasury stock repurchase	(78.5)			$ (78.5)
Ending balance (in shares) at Jan. 31, 2022			49,200,000	4,600,000
Ending balance at Jan. 31, 2022	$ 6,926.1		$ 5.0	$ (717.4)	0.4	1,719.2	(377.2)	6,295.9		0.2
Beginning balance (in shares) at Oct. 31, 2021	49,300,000		49,300,000	4,400,000
Beginning balance at Oct. 31, 2021	$ 6,942.0		$ 5.0	$ (639.6)	0.4	1,715.2	(341.3)	6,202.1		0.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 221.8
Treasury stock repurchase (in shares)	(191,200)
Treasury stock repurchase	$ (78.5)
Ending balance (in shares) at Apr. 30, 2022	49,300,000		49,300,000	4,600,000
Ending balance at Apr. 30, 2022	$ 7,013.8		$ 5.0	$ (716.6)	0.4	1,736.8	(434.5)	6,422.5		0.2
Beginning balance (in shares) at Jan. 31, 2022			49,200,000	4,600,000
Beginning balance at Jan. 31, 2022	6,926.1		$ 5.0	$ (717.4)	0.4	1,719.2	(377.2)	6,295.9		0.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	126.6							126.6
Other comprehensive income, net of tax	(57.3)						(57.3)
Issuance of common stock for stock plans, net	3.5					3.5
Issuance of common stock for employee stock purchase plan	2.2			$ 0.8		1.4
Share-based compensation expense	$ 12.7					12.7
Treasury stock repurchase (in shares)	0
Treasury stock repurchase	$ 0.0
Ending balance (in shares) at Apr. 30, 2022	49,300,000		49,300,000	4,600,000
Ending balance at Apr. 30, 2022	$ 7,013.8		$ 5.0	$ (716.6)	$ 0.4	$ 1,736.8	$ (434.5)	$ 6,422.5		$ 0.2

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Consolidated Condensed Statements of Stockholders' Equity (Parenthetical) - $ / shares			3 Months Ended
	Feb. 09, 2022	Feb. 09, 2021	Jan. 31, 2022	Jan. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 0.03	$ 0.03	$ 0.03	$ 0.03

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Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Cash flows from operating activities:
Net income	$ 221,800	$ 2,218,600
Depreciation and amortization	175,400	153,000
Settlement of contingent consideration (Note 2)	(40,700)	0
Increase in operating capital	(52,400)	(61,400)
Deferred income taxes	35,600	(1,977,600)
Other non-cash items	(41,900)	7,700
Net cash provided by operating activities	297,800	340,300
Cash flows from investing activities:
Purchases of property, plant and equipment	(100,500)	(105,800)
Acquisitions of businesses and assets, net of cash acquired, and other	(1,637,100)	(170,900)
Proceeds from sale of interest in a subsidiary (Note 2)	52,600	0
Net cash used in investing activities	(1,685,000)	(276,700)
Cash flows from financing activities:
Proceeds from long-term debt	1,503,000	486,300
Repayments of long-term debt	(549,000)	(545,600)
Net proceeds from short-term debt	832,300	5,400
Net payments related to share-based compensation awards	(7,500)	(1,300)
Dividends on common stock	(1,500)	(1,500)
Repurchase of common stock	(78,500)	(24,800)
Issuance of common stock for employee stock purchase plan	3,400	2,500
Debt issuance costs	(3,500)	0
Settlement of contingent consideration (Note 2)	(2,200)	0
Net cash provided by (used in) financing activities	1,696,500	(79,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6,300)	5,000
Net increase in cash, cash equivalents and restricted cash	303,000	(10,400)
Cash, cash equivalents and restricted cash at beginning of period	96,600	116,800
Cash, cash equivalents and restricted cash at end of period	399,600	106,400
Reconciliation of cash flow information:
Cash and cash equivalents	399,200	105,900
Restricted cash included in other current assets	400	500
Total cash, cash equivalents and restricted cash	$ 399,600	$ 106,400

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General

6 Months Ended

Apr. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

General

The accompanying Consolidated Condensed Financial Statements of the Cooper Companies, Inc. and its subsidiaries (the Company) have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the requirements of Regulation S-X, Rule 10-01 for financial statements required to be filed as a part of this Quarterly Report on Form 10-Q. Unless the context requires otherwise, terms "the Company", "we", "us", and "our" are used to refer collectively to the Cooper Companies, Inc. and its subsidiaries.

The accompanying Consolidated Condensed Financial Statements and related notes are unaudited and should be read in conjunction with the audited Consolidated Financial Statements of the Cooper Companies, Inc. and its subsidiaries (the Company) and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2021. The Consolidated Condensed Financial Statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the interim periods presented. Readers should not assume that the results reported here either indicate or guarantee future performance.

Accounting Policies

There have been no material changes to our significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021.

Estimates

The World Health Organization categorized the Coronavirus disease 2019 (COVID-19) as a pandemic. The COVID-19 pandemic has caused a severe global health crisis, along with economic and societal disruptions and uncertainties, which have negatively impacted business and healthcare activity globally. As a result of healthcare systems responding to the demands of managing the pandemic, governments around the world imposing measures designed to reduce the transmission of the COVID-19 virus, and individuals responding to the concerns of contracting the COVID-19 virus, many optical practitioners & retailers, hospitals, medical offices and fertility clinics closed their facilities, restricted access, or delayed or canceled patient visits, exams and elective medical procedures, and many customers that have reopened are experiencing reduced patient visits. These factors have had, and in the future may continue to have, an adverse effect on our sales, operating results and cash flows.

The preparation of Consolidated Condensed Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates particularly as it relates to estimates reliant on forecasts and other assumptions reasonably available to the Company and the uncertain future impacts of the COVID-19 pandemic and related economic disruptions. The extent to which the COVID-19 pandemic and related economic disruptions impact our business and financial results will depend on future developments including, but not limited to, the continued spread, duration and severity of the COVID-19 pandemic; the occurrence, spread, duration and severity of any subsequent wave or waves of outbreaks, including the emergence and spread of variants of the COVID-19 virus; the actions taken by the U.S. and foreign governments to contain the COVID-19 pandemic, address its impact or respond to the reduction in global and local economic activity; the occurrence, duration and severity of a global, regional or national recession, depression or other sustained adverse market event; the impact of the developments described above on our customers and suppliers; and how quickly and to what extent normal economic and operating conditions can resume. The accounting matters assessed included, but were not limited to:

•allowance for doubtful accounts and credit losses

•the carrying value of inventory

•the carrying value of goodwill and other long-lived assets

There was not a material impact to the above estimates in the Company’s Consolidated Condensed Financial Statements for the three and six months ended April 30, 2022. The Company continually monitors and evaluates the estimates used as additional information becomes available. Adjustments will be made to these provisions periodically to reflect new facts and circumstances that may indicate that historical experience may not be indicative of current and/or future results. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material

changes to the estimates and material impacts to the Company’s Consolidated Condensed Financial Statements in future reporting periods.

Exit costs

During the second quarter of fiscal 2022, the Company initiated a plan to exit its contact lens care business, a non-core business unit of the CooperVision segment. We expect the exit activity to be completed by the end of fiscal 2022. Exit charges recognized in the three months ended April 30, 2022, were $20.7 million, of which $17.4 million is recognized in cost of sales and $3.3 million is recognized in selling, general, and administrative expense in the Consolidated Statements of Income. Exit costs primarily related to inventory write-down, asset impairments and employee-related costs. Total exit costs are expected to be in a range of $30.0 million to $40.0 million.

Accounting Pronouncements Recently Adopted

In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This guidance removes certain exceptions to the general principles in Topic 740 and enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company adopted this guidance on November 1, 2021, and it did not have an impact on the Consolidated Condensed Financial Statements.

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). This update amends the guidance on convertible instruments and the derivatives scope exception for contracts in an entity's own equity and improves and amends the related EPS guidance for both Subtopics. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2021. Early adoption is permitted but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company early adopted this guidance on November 1, 2021, and it did not have an impact on the Consolidated Condensed Financial Statements.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This update requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2022, and should be applied prospectively to business combinations occurring on or after the effective date of the standard. Early adoption is permitted, including adoption in an interim period. The Company early adopted this guidance on November 1, 2021, and has applied the guidance to the business combinations entered into during fiscal 2022. Refer to Note 2. Acquisitions and Joint Venture for further information.

Accounting Pronouncements Issued Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and subsequent amendment to the initial guidance: ASU 2021-01, Reference Rate Reform (Topic 848): Scope (collectively, “Topic 848”). Topic 848 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance generally can be applied from March 12, 2020 through December 31, 2022. The Company is currently assessing the impacts of the practical expedients provided in Topic 848 and which, if any, the Company will adopt.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This update requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This standard is effective for fiscal years beginning after December 15, 2021, and should be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2021-10 on the Consolidated Condensed Financial Statements.

No other recently issued accounting pronouncements had or are expected to have a material impact on the Company's Consolidated Condensed Financial Statements.

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Acquisitions and Joint Venture

6 Months Ended

Apr. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Joint Venture

Acquisitions and Joint Venture

The following is a summary of the allocation of the total purchase consideration for business and asset acquisitions that the Company completed during the six months ended April 30, 2022, and fiscal 2021:

(In millions)	April 30, 2022		October 31, 2021
Technology	$	1.8	$	178.6
In-Process Research & Development (IPR&D)	—		20.0
Customer relationships	679.7		7.5
Trademarks	55.3		1.3
Other	—		0.6
Total identifiable intangible assets	$	736.8	$	208.0
Goodwill	1,239.2		91.6
Net tangible liabilities	(295.6)		(10.8)
Fair value of contingent consideration	(1.5)		(39.1)
Total closing purchase price	$	1,678.9	$	249.7

All acquisitions were funded by cash generated from operations or facility borrowings.

For business acquisitions, the Company recorded tangible and intangible assets acquired and liabilities assumed at their fair values as of the applicable date of acquisition. For asset acquisitions, the Company recorded tangible and intangible assets acquired and liabilities assumed at their estimated and relative fair values as of the applicable date of acquisition.

The Company believes these acquisitions strengthen CooperSurgical's and CooperVision's businesses through the addition of new distributors or complementary products and services.

Fiscal Year 2022

On April 6, 2022, CooperSurgical completed the acquisition of a private cryopreservation services company that specializes in cryogenic services. The purchase price allocation is preliminary, and the Company is in the process of finalizing information primarily related to the valuation of intangible assets and property, plant and equipment and the corresponding impact on goodwill.

Refer to "Fiscal Year 2021" below for details on formation of a joint venture with Essilor International and related activities that occurred in fiscal year 2022 following the acquisition of SightGlass Vision, Inc. (SGV) in fiscal year 2021.

On February 7, 2022, CooperSurgical entered into a binding letter of intent to acquire Cook Medical's Reproductive Health business, a manufacturer of minimally invasive medical devices focused on the fertility, obstetrics and gynecology markets. The aggregate consideration is $875.0 million in cash, with $675.0 million payable at the closing and the remaining $200.0 million payable in $50.0 million installments following each of the first, second, third and fourth anniversaries of the closing. The transaction is subject to customary closing conditions, including entry into a definitive acquisition agreement and regulatory approvals, and compliance with local consultation requirements.

Generate Life Sciences®

On December 17, 2021, CooperSurgical completed the acquisition of 100% of the equity interests in Generate Life Sciences (Generate), a privately held leading provider of donor egg and sperm for fertility treatments, fertility cryopreservation services and newborn stem cell storage (cord blood & cord tissue), and paid an aggregate purchase consideration of approximately $1.663 billion, reflecting working capital, and other adjustments. The cash consideration was funded through a combination of $1.5 billion in proceeds from the issuance of a senior unsecured term loan and available cash on hand.

The Company has accounted for the acquisition of Generate as a business combination, in accordance with ASC Topic 805, Business Combinations. The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the acquisition date:

(In millions)
Current assets:
Cash and cash equivalents	$	58.6
Trade accounts receivable, net	23.3
Inventories	4.0
Prepaid expense and other current assets	29.9
Total current assets	115.8
Property, plant and equipment	35.9
Operating lease right-of-use assets	21.4
Goodwill	1,230.4
Customer relationships	671.9
Trademarks	54.9
Deferred tax assets	15.7
Other assets	0.8
Total assets acquired	$	2,146.8
Current liabilities:
Accounts payable	$	12.6
Employee compensation and benefits	12.3
Operating lease liabilities	2.5
Deferred revenue	68.4
Other current liabilities	15.1
Total current liabilities	110.9
Deferred tax liabilities	140.3
Operating lease liabilities	18.8
Deferred revenue	212.5
Other liabilities	1.2
Total liabilities assumed	$	483.7
Total purchase price	$	1,663.1

The purchase accounting is incomplete and subject to change during the measurement period, which may result in material changes to the purchase price allocation. The Company is in the process of finalizing information primarily related to the valuation of intangible assets and property, plant and equipment, the measurement of deferred revenue, the associated deferred tax adjustments and the corresponding impact on goodwill. The Company recorded a measurement period adjustment of $62.2 million to goodwill in the second quarter of fiscal 2022 ended April 30, 2022.

Deferred revenue was recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers, as a result of the adoption of ASU 2021-08. See Note 1. General for additional information.

The Company currently estimates that customer relationships will be amortized over 13 years and trademarks will be amortized over 14 years. Goodwill is primarily attributable to assembled workforce and expected synergies to be achieved. The goodwill recognized is not deductible for tax purposes.

The transaction costs associated with the acquisition consisted primarily of legal, regulatory and financial advisory fees, which were expensed as incurred as selling, general and administrative expense.

Generate's revenue and net income for the period from the acquisition date to April 30, 2022, were $104.8 million and $4.2 million, respectively. The following unaudited pro forma information summarizes the combined results of operations of the Company and Generate as if the acquisition had been completed at the beginning of the Company’s fiscal 2021:

	Three months ended April 30,				Six months ended April 30,
(In millions)	2022		2021		2022		2021
Revenue	$	830.0	$	788.3	$	1,653.0	$	1,532.4
Net income	$	125.8	$	111.3	$	205.8	$	2,222.8

The unaudited pro forma information for the first six months of fiscal 2022 and 2021 was calculated after applying the Company's accounting policies and the impact of acquisition date fair value adjustments. The adjustments primarily include increased amortization for the fair value of acquired intangible assets, increased depreciation for the fair value of acquired property, plant, and equipment, increased revenue as a result of the ASU 2021-08 deferred revenue adjustments, decreased interest expense as a result of the reversal of Generate's historical interest expense partially offset by additional interest expense on the debt obtained to finance the transaction.

The pro forma information does not reflect the effect of costs or synergies that would have been expected to result from the integration of the acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred at the beginning of fiscal 2021, or of future results of the consolidated entities.

Fiscal Year 2021

On May 3, 2021, CooperSurgical completed the acquisition of a privately-held medical device company that develops single-use illuminating medical devices. The purchase price allocation is preliminary, and the Company is in the process of finalizing information primarily related to the valuation of intangible assets and inventory, the associated deferred tax adjustments and the corresponding impact on goodwill.

On April 26, 2021, CooperVision completed the acquisition of a privately-held UK contact lens manufacturer focusing on specialty contact lenses. This acquisition expands CooperVision’s specialty eye care portfolio and accelerates its development of myopia management solutions in the UK.

On March 1, 2021, CooperSurgical completed the acquisition of a privately-held medical device company that designed and developed an innovative obstetric product for use in urgent obstetrics to reduce risks associated with childbirth.

On February 1, 2021, CooperSurgical acquired all of the remaining equity interests of a privately-held medical device company that developed the Mara® Water Vapor Ablation System, which is used for endometrial ablation. The Company accounted for this acquisition as an asset acquisition, whereby the Company allocated the total cost of the acquisition to the net assets acquired on the basis of their estimated relative fair values on the acquisition date with no goodwill recognized. The primary asset acquired in this asset acquisition is Technology.

On January 19, 2021, CooperVision acquired all of the remaining equity interests of SGV, a privately-held medical device company that developed spectacle lenses for myopia management. The transaction included potential payments of future consideration that were contingent upon the achievement of the regulatory approval milestone (the regulatory approval payment) and the acquired business reaching certain revenue thresholds over a specified period (the revenue payments). The undiscounted range of the contingent consideration was zero to $139.1 million payable to the other former equity interest owners.

The fair value of the regulatory approval payment was determined using an option pricing framework based on the expected payment under the contractual terms and the estimates of the probability of achieving the regulatory approval. The fair value of the revenue payments was determined using a Monte Carlo simulation based on the revenue projections and the expected payment for each simulation.

In March 2022, the entities amended the terms of the contingent consideration, which resulted in CooperVision paying $42.9 million to the former equity interest owners in exchange for the elimination of the revenue payments. As a result, during the three and six months ended April 30, 2022, CooperVision recognized a net gain of $15.7 million and $12.2 million, respectively. As of April 30, 2022, the remaining contingent liability related to regulatory approval payment was $31.8 million.

Further, in March 2022, CooperVision and Essilor International SAS (Essilor) executed the Contribution Agreement and Stock Purchase Agreement (the “Agreements”) whereby Essilor paid CooperVision $52.6 million in exchange for 50% interest in SGV and their proportionate share of the revenue payments. As part of the Agreements, each party contributed their interest in SGV and $10 million in cash to form a new joint venture. CooperVision then remeasured the fair value of its retained equity investment in the joint venture at $90.0 million which resulted in a $57.4 million gain in Other (income) expense on deconsolidation of SGV.

The fair value of the joint venture was determined using the income valuation approach. Under the income approach, we used a discounted cash flow model (“DCF”) in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate expected rate of return. The discount rate used for cash flows reflects capital market conditions and the specific risks associated with the business. This valuation approaches is considered a Level 3 fair value measurement. Fair value determination requires complex assumptions and judgment by management in projecting future operating results, selecting guideline companies for comparisons, determining appropriate market value multiples, selecting the discount rate to measure the risks inherent in the future cash flows. Any material changes in key assumptions, including failure to meet business plans, deterioration in the financial market, an increase in interest rate or an increase in the cost of equity financing by market participants within the industry or other unanticipated events and circumstances, may affect such estimates.

On December 31, 2020, CooperSurgical completed the acquisition of a privately-held in vitro fertilization (IVF) cryo-storage software solutions company.

The pro forma results of operations of these acquisitions have not been presented because the effect of the business combinations described above was not material to the consolidated results of operations.

Contingent Consideration

Certain of the Company’s business combinations involve potential payments of future consideration that are contingent upon the achievement of regulatory milestones and/or the acquired business reaching certain revenue thresholds. A liability is recorded for the estimated fair value of the contingent consideration on the acquisition date. The fair value of the contingent consideration is remeasured at each reporting period, and the change in fair value is recognized in selling, general and administrative expense in the Consolidated Statements of Income and Comprehensive Income.

The following table provides a reconciliation of the beginning and ending balances of contingent consideration:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
Beginning balance	$	100.9	$	30.2	$	97.4	$	—
Purchase price contingent consideration	1.5		0.6		1.5		30.8
Payments	(42.9)		—		(42.9)		—
Change in fair value	(13.9)		—		(10.4)		—
Ending balance	$	45.6	$	30.8	$	45.6	$	30.8

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Inventories

6 Months Ended

Apr. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

(In millions)	April 30, 2022		October 31, 2021
Raw materials	$	157.8	$	137.7
Work-in-process	12.8		14.0
Finished goods	433.2		433.9
Total inventories	$	603.8	$	585.6

Inventories are stated at the lower of cost and net realizable value. Cost is computed using standard cost that approximates actual cost, on a first-in, first-out basis.

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Intangible Assets

6 Months Ended

Apr. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

Goodwill

(In millions)	CooperVision		CooperSurgical		Total
Balance at October 31, 2021	$	1,841.0	$	733.0	$	2,574.0
Current period additions	—		1,239.2		1,239.2
Foreign currency translation adjustment	(81.6)		(12.2)		(93.8)
Balance at April 30, 2022	$	1,759.4	$	1,960.0	$	3,719.4

The Company evaluates goodwill for impairment annually during the third quarter of the fiscal year and when an event occurs or circumstances change such that it is reasonably possible that impairment may exist. The Company accounts for goodwill, evaluates and tests goodwill balances for impairment in accordance with related accounting standards.

The Company performed an annual impairment assessment in the third quarter of fiscal 2021, and its analysis indicated that there was no impairment of goodwill in its reporting units.

Other Intangible Assets

	April 30, 2022				October 31, 2021
(In millions)	Gross  Carrying Amount		Accumulated Amortization		Gross  Carrying Amount		Accumulated Amortization		Weighted Average Amortization Period (in years)
Intangible assets with definite lives:
Composite intangible asset	$	1,061.9	$	318.6	$	1,061.8	$	283.2	15
Customer relationships	1,048.6		265.6		378.4		240.1		13
Technology	504.0		299.3		513.0		287.9		10
Trademarks	210.6		55.5		156.7		49.1		14
License and distribution rights and other	32.6		22.1		33.4		21.6		11
	2,857.7		$	961.1	2,143.3		$	881.9	14
Less: accumulated amortization and translation	961.1				881.9
Intangible assets with definite lives, net	1,896.6				1,261.4
Intangible assets with indefinite lives, net (1)	10.8				10.1
Total other intangibles, net	$	1,907.4			$	1,271.5

(1) Intangible assets with indefinite lives include technology and trademarks.

Balances include foreign currency translation adjustments.

Intangible assets with definite lives are amortized over the estimated useful life of the assets. As of April 30, 2022, the estimate of future amortization expenses for intangible assets with definite lives is as follows:

Fiscal Years:	(In millions)
Remainder of 2022	$	101.9
2023	202.0
2024	198.1
2025	188.2
2026	180.9
Thereafter	1,025.5
Total remaining amortization for intangible assets with definite lives	$	1,896.6

The Company assesses definite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of a definite-lived intangible asset (asset group) may not be recoverable. When events or changes in circumstances indicate that the carrying amount of a definite-lived intangible asset may not be recoverable, in accordance with related accounting standards, the Company evaluates whether the definite-lived intangible asset is impaired by comparing its carrying value to its undiscounted future cash flows.

The Company assesses indefinite-lived intangible assets annually in the third quarter of the fiscal year, or whenever events or circumstances indicate that the carrying amount of an indefinite-lived intangible asset (asset group) may not be recoverable. The Company evaluates whether the indefinite-lived intangible asset is impaired by comparing its carrying value to its fair value.

The Company performed an annual impairment assessment in the third quarter of fiscal 2021 and did not recognize any intangible asset impairment charges.

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Debt

6 Months Ended

Apr. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

(In millions)	April 30, 2022		October 31, 2021
Overdraft and other credit facilities	$	65.7	$	83.0
Term loan	840.0		—
Less: unamortized debt issuance cost	—		(0.1)
Short-term debt	$	905.7	$	82.9
Revolving credit	—		546.1
Term loans	2,350.0		850.0
Other	0.2		0.2
Less: unamortized debt issuance cost	(3.5)		(0.2)
Long-term debt	2,346.7		1,396.1
Total debt	$	3,252.4	$	1,479.0

Term Loan Agreement on December 17, 2021

On December 17, 2021, the Company entered into a Term Loan Agreement (the 2021 Credit Agreement) by and among the Company, the lenders from time to time party thereto, and PNC Bank, National Association, as administrative agent. The 2021 Credit Agreement provides for a term loan facility (the 2021 Term Loan Facility) in an aggregate principal amount of $1.5 billion, which, unless terminated earlier, matures on December 17, 2026. In addition, the Company has the ability from time to time to request an increase to the commitments under the 2021 Term Loan Facility or to establish a new term loan facility under the 2021 Credit Agreement in an aggregate principal amount not to exceed $1.125 billion, upon prior written notice to the administrative agent and subject to the discretionary participation of the lenders funding such term loans and certain limitations set forth in the 2021 Credit Agreement.

Amounts outstanding under the 2021 Term Loan Facility will bear interest, at the Company’s option, at either (i) the alternate base rate, which is a rate per annum equal to the greatest of (a) the administrative agent’s prime rate, (b) one-half of one percent in excess of the federal funds effective rate and (c) one percent in excess of the adjusted London interbank offered (“LIBO”) rate for a one-month interest period on such day, or (ii) the adjusted LIBO rate, plus, in each case, an applicable rate of, initially, zero basis points, in respect of base rate loans, and 75 basis points, in respect of adjusted LIBO rate loans. Following a specified period after the closing date, the applicable rates will be determined quarterly by reference to a grid based upon the Company’s ratio of consolidated net indebtedness to consolidated EBITDA, each as defined in the 2021 Credit Agreement.

The 2021 Term Loan Facility is not subject to amortization and is not subject to mandatory prepayments prior to maturity. The Company may prepay loan balances from time to time, in whole or in part, without premium or penalty (other than any related breakage costs).

On December 17, 2021, the Company borrowed $1.5 billion under the 2021 Term Loan Facility and used the proceeds to fund the acquisition of Generate. Refer to Note. 2 Acquisitions and Joint Venture for more details.

The interest rate on the 2021 Term Loan Facility was 1.71% at April 30, 2022.

The 2021 Credit Agreement contains customary restrictive covenants, as well as financial covenants that require the Company to maintain a certain Total Leverage Ratio and Interest Coverage Ratio, each as defined in the 2021 Credit Agreement, consistent with the 2020 Credit Agreement discussed below.

Term Loan Agreement on November 2, 2021

On November 2, 2021, the Company entered into a 364-day, $840.0 million, term loan agreement by and among the Company, the lenders party thereto and The Bank of Nova Scotia, as administrative agent (the 2021 364-Day Term Loan Agreement), which matures on November 1, 2022. The Company used part of the funds to partially repay outstanding borrowings under the 2020 Revolving Credit Facility and for general corporate purposes.

Amounts outstanding under the 2021 364-Day Term Loan Agreement will bear interest, at the Company’s option, at either the alternate base rate, or the adjusted LIBO rate (each as defined in the 2021 364-Day Term Loan Agreement), plus, in the case of adjusted LIBO rate loans, an applicable rate of 60 basis points.

The 2021 364-Day Term Loan Agreement contains customary restrictive covenants, as well as financial covenants that require the Company to maintain a certain total leverage ratio and interest coverage ratio, each as defined in the 2021 364-Day Term Loan Agreement, consistent with the 2020 Credit Agreement. discussed below.

Revolving Credit and Term Loan Agreement on April 1, 2020

On April 1, 2020, the Company entered into a Revolving Credit and Term Loan Agreement (the 2020 Credit Agreement), among the Company, CooperVision International Holding Company, LP, CooperSurgical Netherlands B.V., CooperVision Holding Kft. the lenders from time to time party thereto, and KeyBank National Association, as administrative agent. The 2020 Credit Agreement provides for (a) a multicurrency revolving credit facility (the 2020 Revolving Credit Facility) in an aggregate principal amount of $1.29 billion and (b) a term loan facility (the 2020 Term Loan Facility) in an aggregate principal amount of $850.0 million, each of which, unless terminated earlier, mature on April 1, 2025. In addition, the Company has the ability from time to time to request an increase to the size of the revolving credit facility or establish one or more new term loans under the term loan facility in an aggregate amount up to $1.605 billion, subject to the discretionary participation of the lenders.

Amounts outstanding under the 2020 Credit Agreement will bear interest, at the Company’s option, at either the base rate, or the adjusted LIBO rate or adjusted foreign currency rate, plus, in each case, an applicable rate of between 0.00% and 0.50% in respect of base rate loans, and between 0.75% and 1.50% in respect of adjusted LIBO rate or adjusted foreign currency rate loans, in each case in accordance with a pricing grid tied to the Total Leverage Ratio, as defined in the 2020 Credit Agreement. During the term of the 2020 Revolving Credit Facility, the Borrowers may borrow, repay and re-borrow amounts available under the Revolving Credit Facility, subject to voluntary reduction of the revolving commitment.

The Company pays an annual commitment fee that ranges from 0.10% to 0.20% of the unused portion of the 2020 Revolving Credit Facility based upon the Company’s Total Leverage Ratio, as defined in the 2020 Credit Agreement. In addition to the annual commitment fee, the Company is also required to pay certain letter of credit and related fronting fees and other administrative fees pursuant to the terms of the 2020 Credit Agreement.

On April 1, 2020, the Company borrowed $850.0 million under the 2020 Term Loan Facility and $445.0 million under the 2020 Revolving Credit Facility and used the proceeds to repay the outstanding amounts under the previous credit agreement and an outstanding term loan, and for general corporate purposes.

On October 30, 2020, the Company entered into Amendment No. 1 to the 2020 Credit Agreement (the First Amendment to the 2020 Credit Agreement). The First Amendment to the 2020 Credit Agreement modifies the 2020 Credit Agreement by, among other things, adding CooperVision International Limited as a revolving borrower and releasing certain borrowers in the 2020 Credit Agreement.

On December 17, 2021, the Company entered into Amendment No.2 to the 2020 Credit Agreement (the Second Amendment to the 2020 Credit Agreement). The Second Amendment to the 2020 Credit Agreement modified the 2020 Credit Agreement by, among other things, adding CooperSurgical Holdings Limited as a revolving borrower, releasing CooperVision Holding Kft as a borrower, and updating the benchmark replacement language in the 2020 Credit Agreement.

The interest rate on the 2020 Term Loan Facility was 1.71% at April 30, 2022.

The 2020 Credit Agreement contains customary restrictive covenants, as well as financial covenants that require the Company to maintain a certain Total Leverage Ratio and Interest Coverage Ratio, each as defined in the 2020 Credit Agreement:

•Interest Coverage Ratio, as defined, to be at least 3.00 to 1.00 at all times.

•Total Leverage Ratio, as defined, to be no higher than 3.75 to 1.00.

At April 30, 2022, the Company was in compliance with the Interest Coverage Ratio at 39.28 to 1.00 and the Total Leverage Ratio at 2.59 to 1.00. The Company, after considering the potential impacts of the COVID-19 pandemic, expects to remain in compliance with its financial maintenance covenant and meet its debt service obligations for at least the twelve months following the date of issuance of these financial statements.

Refer to our Annual Report on Form 10-K for the fiscal year ended October 31, 2021, for more details.

The following is a summary of the maximum commitments and the net amounts available to us under credit facilities discussed above as of April 30, 2022:

(In millions)	Facility Limit		Outstanding Borrowings		Outstanding Letters of Credit		Total Amount Available		Maturity Date
2021 Term Loan Facility	$	1,500.0	$	1,500.0	n/a		—		December 17, 2026
2021 364-Day Term Loan	840.0		840.0		n/a		—		November 1, 2022
2020 Revolving Credit Facility	1,290.0		—		$	1.3	$	1,288.7	April 1, 2025
2020 Term Loan Facility	850.0		850.0		n/a		—		April 1, 2025
Total	$	4,480.0	$	3,190.0	$	1.3	$	1,288.7

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Income Taxes

6 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company's effective tax rates for the three months ended April 30, 2022, and April 30, 2021, were 22.7% and 13.8%, respectively. The increase was primarily due to changes in the geographical composition of pre-tax earnings and excess tax benefits from share-based compensation.

The Company's effective tax rates for the six months ended April 30, 2022, and April 30, 2021, were 22.3% and (704.2)%, respectively. The increase was primarily due to an intra-group transfer of intellectual property during the six months ended April 30, 2021, as discussed below.

In November 2020, the Company completed an intra-group transfer of certain intellectual property and related assets of CooperVision to a UK subsidiary as part of a group restructuring to establish headquarters operations in the UK. Determining fair value involved significant judgment related to future revenue growth, operating margins and discount rates. The transfer resulted in a step-up of the UK tax-deductible basis in the intellectual property and goodwill, creating a temporary difference between the book basis and the tax basis of these assets. As a result, the Company recognized a deferred tax asset of $1,987.9 million, with a corresponding income tax benefit, during the three months ended January 31, 2021.

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Earnings Per Share

6 Months Ended

Apr. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Periods Ended April 30,	Three Months				Six Months
(In millions, except per share amounts)	2022		2021		2022		2021
Net income	$	126.6	$	117.5	$	221.8	$	2,218.6
Basic:
Weighted average common shares	49.3		49.2		49.4		49.2
Basic earnings per share	$	2.57	$	2.39	$	4.49	$	45.12
Diluted:
Weighted average common shares	49.3		49.2		49.4		49.2
Effect of dilutive stock plans	0.4		0.5		0.4		0.5
Diluted weighted average common shares	49.7		49.7		49.8		49.7
Diluted earnings per share	$	2.55	$	2.36	$	4.45	$	44.65

The following table sets forth stock options to purchase our common stock that were not included in the diluted earnings per share calculation because their effect would have been antidilutive for the periods presented:

Periods Ended April 30,	Three Months			Six Months
(In thousands, except exercise prices)	2022	2021		2022	2021
Stock option shares excluded	224	108		224	108
Range of exercise prices	$345.74 - $406.17	$	345.74	$345.74 - $406.17	$	345.74
Restricted stock units excluded	12	—		11	8

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Share-Based Compensation Plans

6 Months Ended

Apr. 30, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation Plans

Share-Based Compensation Plans

The Company has several share-based compensation plans that are described in the Company’s Annual Report on Form 10‑K for the fiscal year ended October 31, 2021. The compensation expense and related income tax benefit recognized in our Consolidated Statements of Income and Comprehensive Income for share-based awards were as follows:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
Selling, general and administrative expense	$	11.3	$	8.7	$	22.8	$	17.8
Cost of sales	1.0		0.9		2.3		2.0
Research and development expense	0.7		0.6		1.5		1.2
Total share-based compensation expense	$	13.0	$	10.2	$	26.6	$	21.0
Related income tax benefit	$	1.1	$	1.2	$	2.7	$	2.4

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Stockholders' Equity

6 Months Ended

Apr. 30, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Analysis of Changes in Accumulated Other Comprehensive (Loss) Income:

(In millions)	Foreign Currency Translation Adjustment		Minimum Pension Liability		Derivative Instruments		Total
Balance at October 31, 2020	$	(402.3)	$	(56.7)	$	(13.0)	$	(472.0)
Gross change in value	82.2		29.8		34.3		146.3
Tax effect	(0.2)		(7.2)		(8.2)		(15.6)
Balance at October 31, 2021	$	(320.3)	$	(34.1)	$	13.1	$	(341.3)
Gross change in value	(145.9)		—		69.6		(76.3)
Tax effect	—		—		(16.9)		(16.9)
Balance at April 30, 2022	$	(466.2)	$	(34.1)	$	65.8	$	(434.5)

Share Repurchases

In December 2011, the Company's Board of Directors authorized the 2012 Share Repurchase Program and through subsequent amendments, the most recent in March 2017, the total repurchase authorization was increased from $500.0 million to $1.0 billion of the Company's common stock. This program has no expiration date and may be discontinued at any time. Purchases under the 2012 Share Repurchase Program are subject to a review of the circumstances in place at the time and may be made from time to time as permitted by securities laws and other legal requirements.

During the three months ended April 30, 2022, there were no share repurchases under the program. During the six months ended April 30, 2022, the Company repurchased 191.2 thousand shares of its common stock for $78.5 million, at an average purchase price of $410.41 per share. At April 30, 2022, $256.4 million remained authorized for repurchase under the 2012 Share Repurchase Program.

During the three months ended April 30, 2021, there were no shares repurchases under the program. During the six months ended April 30, 2021, the Company repurchased 69.6 thousand shares of its common stock for $24.8 million, at an average purchase price of $356.61 per share.

Dividends    

The Company paid a semiannual dividend of approximately $1.5 million or 3 cents per share, on February 9, 2022, to stockholders of record on January 21, 2022. The Company paid a semiannual dividend of approximately $1.5 million or 3 cents per share, on February 9, 2021, to stockholders of record on January 22, 2021.

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Fair Value Measurements

6 Months Ended

Apr. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value MeasurementsAccounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to

valuation techniques used to measure fair value. An asset’s or liability’s level is based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities carried at fair value are valued and disclosed in one of the following three levels of the valuation hierarchy:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions.

At April 30, 2022, and October 31, 2021, the carrying value of cash and cash equivalents, accounts receivable, prepaid expense and other current assets, lines of credit, accounts payable and other current liabilities approximate fair value due to the short-term nature of such instruments and the ability to obtain financing on similar terms.

The carrying value of the Company's revolving credit facility and term loans approximates fair value based on current market rates (Level 2). On April 6, 2020, the Company entered into six interest rate swap contracts which are used to hedge its exposure to changes in cash flows associated with its variable rate debt and are designated as derivatives in a cash flow hedge. The payment streams are based on a total notional amount of $1.5 billion at the inception of the contracts. The interest rate swap contracts had maturities of seven years or less. As of April 30, 2022, three of the six interest rate swap contracts have matured and the outstanding contracts have a total notional amount of $1.0 billion.

The gain or loss on the derivatives is recorded as a component of accumulated other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings.

The fair value of the interest rate swap contracts is measured on a recurring basis by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates (forward curves) derived from observable market interest rate curves. The interest rate swap contracts were categorized as Level 2 in the fair value hierarchy, as the inputs to the derivative pricing model are generally observable and do not contain a high level of subjectivity. Refer to Note 14. Financial Derivatives and Hedging for further information.

The Company did not have any cross currency swaps or foreign currency forward contracts as of April 30, 2022, and October 31, 2021.

The fair value of the Company's contingent consideration for which a liability is recorded and the initial measurement of the joint venture interest, are a Level 3 measurement, and the change in fair value is recognized in selling, general and administrative expense in the Consolidated Statements of Income and Comprehensive Income. Refer to Note 2. Acquisitions and Joint Venture for further information.

Nonrecurring fair value measurements

The Company uses fair value measures when determining assets and liabilities acquired in an acquisition and joint venture as described in Note 2. Acquisitions and Joint Venture, which are considered a Level 3 measurement.

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Employee Benefits

6 Months Ended

Apr. 30, 2022

Retirement Benefits [Abstract]

Employee Benefits

Employee BenefitsThe Company's Retirement Income Plan (the Plan), a defined benefit plan, covers substantially all full-time United States employees. The Company's contributions are designed to fund normal cost on a current basis and to fund the estimated prior service cost of benefit improvements. The unit credit actuarial cost method is used to determine the annual cost. The Company pays the entire cost of the Plan and funds such costs as they accrue. Virtually all of the assets of the Plan are comprised of equities and participation in equity and fixed income funds.

The Company's results of operations for the three and six months ended April 30, 2022, and 2021, reflect the following components of net periodic defined benefit costs:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
Service cost	$	4.6	$	4.3	$	9.2	$	8.6
Interest cost	1.3		1.1		2.6		2.2
Expected return on plan assets	(3.9)		(3.1)		(7.9)		(6.2)
Recognized net actuarial gain	0.6		1.3		1.2		2.7
Net periodic defined benefit plan cost	$	2.6	$	3.6	$	5.1	$	7.3

The Company has not determined how much it expects to contribute to the Plan and did not contribute to the Plan in the first half of fiscal 2022. The Company did not contribute to the Plan in the first half of fiscal 2021. The expected rate of return on Plan assets for determining net periodic benefit plan cost is 8%.

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Contingencies	6 Months Ended
	Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	ContingenciesThe Company is involved in various lawsuits, claims and other legal matters from time to time that arise in the ordinary course of conducting business, including matters involving our products, intellectual property, supplier relationships, distributors, competitor relationships, employees and other matters. The Company does not believe that the ultimate resolution of these proceedings or claims pending against it could have a material adverse effect on its financial condition or results of operations. At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies. Legal fees are expensed as incurred.

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Business Segment Information

6 Months Ended

Apr. 30, 2022

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

The Company discloses information about its operating segments, which were established based on the way that management organizes segments within the Company for making operating decisions and assessing financial performance. The Company's two operating segments are described below.

•CooperVision. Competes in the worldwide contact lens market by developing, manufacturing and marketing a broad range of products for contact lens wearers, featuring advanced materials and optics. CooperVision designs its products to solve vision challenges such as astigmatism, presbyopia, myopia, ocular dryness and eye fatigues, with a broad collection of spherical, toric and multifocal contact lenses.

•CooperSurgical. Competes in the general health care market with a focus on advancing the health of women, babies and families through a diversified portfolio of products and services focusing on women's health and fertility.

The Company has 50% ownership in the new joint venture and accounts for this investment under the equity method of accounting. This joint venture is not considered material to the overall results of the Company and is grouped under CooperVision segment.

The Company uses operating income, as presented in our financial reports, as the primary measure of segment profitability. The Company does not allocate costs from corporate functions to segment operating income. Items below operating income are not considered when measuring the profitability of a segment. The Company uses the same accounting policies to generate segment results as the Company does for consolidated results.

Total identifiable assets are those used in continuing operations except cash and cash equivalents, which the Company includes as corporate assets.

Segment information:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
CooperVision net sales by category:
Toric lens	$	185.6	$	172.8	$	367.8	$	335.1
Multifocal lens	66.4		58.0		132.2		115.7
Single-use sphere lens	161.1		144.5		328.1		290.5
Non single-use sphere, other	140.7		147.3		287.1		288.3
Total CooperVision net sales	$	553.8	$	522.6	$	1,115.2	$	1,029.6
CooperSurgical net sales by category:
Office and surgical products	$	161.6	$	112.6	$	290.5	$	216.1
Fertility	114.4		84.3		211.2		154.3
CooperSurgical net sales	276.0		196.9		501.7		370.4
Total net sales	$	829.8	$	719.5	$	1,616.9	$	1,400.0
Operating income (loss):
CooperVision	$	135.4	$	131.7	$	262.8	$	259.2
CooperSurgical	10.9		23.1		26.6		40.6
Corporate	(13.6)		(11.6)		(25.8)		(23.2)
Total operating income	132.7		143.2		263.6		276.6
Interest expense	10.8		6.1		17.4		12.5
Other (income) expense, net	(41.8)		0.7		(39.4)		(11.8)
Income before income taxes	$	163.7	$	136.4	$	285.6	$	275.9

(In millions)	April 30, 2022		October 31, 2021
Total identifiable assets:
CooperVision	$	6,825.6	$	6,965.9
CooperSurgical	4,448.4		2,395.6
Corporate	504.0		244.7
Total	$	11,778.0	$	9,606.2

Geographic information:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
Net sales to unaffiliated customers by country of domicile:
United States	$	418.9	$	336.1	$	784.2	$	649.1
Europe	243.2		230.0		493.5		450.8
Rest of world	167.7		153.4		339.2		300.1
Total	$	829.8	$	719.5	$	1,616.9	$	1,400.0

(In millions)	April 30, 2022		October 31, 2021
Net property, plant and equipment by country of domicile:
United States	$	786.9	$	737.5
Europe	337.2		377.2
Rest of world	241.5		232.9
Total	$	1,365.6	$	1,347.6

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Financial Derivatives and Hedging

6 Months Ended

Apr. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Derivatives and Hedging

Financial Derivatives and Hedging

As part of the Company’s overall risk management practices the Company enters into financial derivatives, interest rate swaps designated as cash flow hedges, to hedge the Company's exposure to changes in cash flows associated with its variable rate debt.

The Company records all derivatives on its Consolidated Condensed Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. All of the Company's derivatives have satisfied the criteria necessary to apply hedge accounting.

The gain or loss on derivative instruments designated and qualifying for cash flow hedge accounting is deferred in other comprehensive income. The changes in fair value for all trades that are not designated for hedge accounting are recognized in current period earnings. Deferred gains or losses from designated cash flow hedges are reclassified into earnings in the period that the hedged interest expense affects earnings. The effectiveness of cash flow hedges is assessed at inception and quarterly thereafter. The Company does not offset fair value amounts recognized for derivative instruments in its Consolidated Condensed Balance Sheets for presentation purposes.

Credit risk related to derivative transactions reflects the risk that a party to the transaction could fail to meet its obligation under the derivative contracts. Therefore, the Company’s exposure to the counterparty’s credit risk is generally limited to the amounts, if any, by which the counterparty’s obligations to the Company exceed the Company’s obligations to the counterparty. The Company’s policy is to enter into contracts only with financial institutions which meet certain minimum credit ratings to help mitigate counterparty credit risk.

As of April 30, 2022, and October 31, 2021, the Company had the following outstanding derivatives designated as hedging instruments:

(In millions, except for number of instruments)	Number of Instruments	Notional Value
Interest Rate Swap Contracts	3	$	1,000

These contracts have remaining maturities of five years or less.

The pre-tax impact of gain on derivatives recognized in other comprehensive income was $86.8 million ($65.7 million, net of tax) as of April 30, 2022. The pre-tax impact of loss on derivatives recognized in other comprehensive income was $8.9 million ($6.7 million, net of tax) as of April 30, 2021.

The following table summarizes the fair values of derivative instruments as of the periods indicated and the line items in the accompanying Consolidated Condensed Balance Sheets where the instruments are recorded:

	Derivative Assets
(In millions)		April 30, 2022		October 31, 2021
Derivatives designated as cash flow hedges	Balance sheet location
Interest rate swap contracts	Other non-current assets	$	86.8	$	17.2

The following table summarizes the amounts recognized with respect to our derivative instruments within the accompanying Consolidated Statements of Income and Comprehensive Income:

Periods Ended April 30,		Three Months				Six Months
(In millions)		2022		2021		2022		2021
Derivatives designated as cash flow hedges	Location of Loss Recognized on Derivatives
Interest rate swap contracts	Interest expense	$	1.4	$	2.0	$	3.3	$	4.1

The Company expects that $(14.6) million recorded as a component of accumulated other comprehensive income will be realized in the Consolidated Statements of Income and Comprehensive Income over the next twelve months and the amount will vary depending on prevailing interest rates.

The following table details the changes in accumulated other comprehensive income:

(In millions)	Amount
Beginning balance gain as of October 31, 2021	$	17.2
Amount recognized in other comprehensive income on interest rate swap contracts, gross ($50.2 million, net of tax)	66.3
Amount reclassified from other comprehensive income into earnings, gross ($2.5 million, net of tax)	3.3
Ending balance gain as of April 30, 2022	$	86.8

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General (Policies)

6 Months Ended

Apr. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Estimates

Estimates

The World Health Organization categorized the Coronavirus disease 2019 (COVID-19) as a pandemic. The COVID-19 pandemic has caused a severe global health crisis, along with economic and societal disruptions and uncertainties, which have negatively impacted business and healthcare activity globally. As a result of healthcare systems responding to the demands of managing the pandemic, governments around the world imposing measures designed to reduce the transmission of the COVID-19 virus, and individuals responding to the concerns of contracting the COVID-19 virus, many optical practitioners & retailers, hospitals, medical offices and fertility clinics closed their facilities, restricted access, or delayed or canceled patient visits, exams and elective medical procedures, and many customers that have reopened are experiencing reduced patient visits. These factors have had, and in the future may continue to have, an adverse effect on our sales, operating results and cash flows.

The preparation of Consolidated Condensed Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates particularly as it relates to estimates reliant on forecasts and other assumptions reasonably available to the Company and the uncertain future impacts of the COVID-19 pandemic and related economic disruptions. The extent to which the COVID-19 pandemic and related economic disruptions impact our business and financial results will depend on future developments including, but not limited to, the continued spread, duration and severity of the COVID-19 pandemic; the occurrence, spread, duration and severity of any subsequent wave or waves of outbreaks, including the emergence and spread of variants of the COVID-19 virus; the actions taken by the U.S. and foreign governments to contain the COVID-19 pandemic, address its impact or respond to the reduction in global and local economic activity; the occurrence, duration and severity of a global, regional or national recession, depression or other sustained adverse market event; the impact of the developments described above on our customers and suppliers; and how quickly and to what extent normal economic and operating conditions can resume. The accounting matters assessed included, but were not limited to:

•allowance for doubtful accounts and credit losses

•the carrying value of inventory

•the carrying value of goodwill and other long-lived assets

There was not a material impact to the above estimates in the Company’s Consolidated Condensed Financial Statements for the three and six months ended April 30, 2022. The Company continually monitors and evaluates the estimates used as additional information becomes available. Adjustments will be made to these provisions periodically to reflect new facts and circumstances that may indicate that historical experience may not be indicative of current and/or future results. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material

changes to the estimates and material impacts to the Company’s Consolidated Condensed Financial Statements in future reporting periods.

Accounting Pronouncements Recently Adopted and Accounting Pronouncements Issued Not Yet Adopted

Accounting Pronouncements Recently Adopted

In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This guidance removes certain exceptions to the general principles in Topic 740 and enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company adopted this guidance on November 1, 2021, and it did not have an impact on the Consolidated Condensed Financial Statements.

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). This update amends the guidance on convertible instruments and the derivatives scope exception for contracts in an entity's own equity and improves and amends the related EPS guidance for both Subtopics. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2021. Early adoption is permitted but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company early adopted this guidance on November 1, 2021, and it did not have an impact on the Consolidated Condensed Financial Statements.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This update requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2022, and should be applied prospectively to business combinations occurring on or after the effective date of the standard. Early adoption is permitted, including adoption in an interim period. The Company early adopted this guidance on November 1, 2021, and has applied the guidance to the business combinations entered into during fiscal 2022. Refer to Note 2. Acquisitions and Joint Venture for further information.

Accounting Pronouncements Issued Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and subsequent amendment to the initial guidance: ASU 2021-01, Reference Rate Reform (Topic 848): Scope (collectively, “Topic 848”). Topic 848 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance generally can be applied from March 12, 2020 through December 31, 2022. The Company is currently assessing the impacts of the practical expedients provided in Topic 848 and which, if any, the Company will adopt.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This update requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This standard is effective for fiscal years beginning after December 15, 2021, and should be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2021-10 on the Consolidated Condensed Financial Statements.

No other recently issued accounting pronouncements had or are expected to have a material impact on the Company's Consolidated Condensed Financial Statements.

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Acquisitions and Joint Venture (Tables)

6 Months Ended

Apr. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Total purchase consideration for business and asset acquisitions

The following is a summary of the allocation of the total purchase consideration for business and asset acquisitions that the Company completed during the six months ended April 30, 2022, and fiscal 2021:

(In millions)	April 30, 2022		October 31, 2021
Technology	$	1.8	$	178.6
In-Process Research & Development (IPR&D)	—		20.0
Customer relationships	679.7		7.5
Trademarks	55.3		1.3
Other	—		0.6
Total identifiable intangible assets	$	736.8	$	208.0
Goodwill	1,239.2		91.6
Net tangible liabilities	(295.6)		(10.8)
Fair value of contingent consideration	(1.5)		(39.1)
Total closing purchase price	$	1,678.9	$	249.7

Schedule of recognized identified assets acquired and liabilities assumed

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the acquisition date:

(In millions)
Current assets:
Cash and cash equivalents	$	58.6
Trade accounts receivable, net	23.3
Inventories	4.0
Prepaid expense and other current assets	29.9
Total current assets	115.8
Property, plant and equipment	35.9
Operating lease right-of-use assets	21.4
Goodwill	1,230.4
Customer relationships	671.9
Trademarks	54.9
Deferred tax assets	15.7
Other assets	0.8
Total assets acquired	$	2,146.8
Current liabilities:
Accounts payable	$	12.6
Employee compensation and benefits	12.3
Operating lease liabilities	2.5
Deferred revenue	68.4
Other current liabilities	15.1
Total current liabilities	110.9
Deferred tax liabilities	140.3
Operating lease liabilities	18.8
Deferred revenue	212.5
Other liabilities	1.2
Total liabilities assumed	$	483.7
Total purchase price	$	1,663.1

Schedule of business acquisition, pro forma information

The following unaudited pro forma information summarizes the combined results of operations of the Company and Generate as if the acquisition had been completed at the beginning of the Company’s fiscal 2021:

	Three months ended April 30,				Six months ended April 30,
(In millions)	2022		2021		2022		2021
Revenue	$	830.0	$	788.3	$	1,653.0	$	1,532.4
Net income	$	125.8	$	111.3	$	205.8	$	2,222.8

Contingent consideration reconciliation

The following table provides a reconciliation of the beginning and ending balances of contingent consideration:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
Beginning balance	$	100.9	$	30.2	$	97.4	$	—
Purchase price contingent consideration	1.5		0.6		1.5		30.8
Payments	(42.9)		—		(42.9)		—
Change in fair value	(13.9)		—		(10.4)		—
Ending balance	$	45.6	$	30.8	$	45.6	$	30.8

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Inventories (Tables)

6 Months Ended

Apr. 30, 2022

Inventory Disclosure [Abstract]

Schedule of inventories

(In millions)	April 30, 2022		October 31, 2021
Raw materials	$	157.8	$	137.7
Work-in-process	12.8		14.0
Finished goods	433.2		433.9
Total inventories	$	603.8	$	585.6

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Intangible Assets (Tables)

6 Months Ended

Apr. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

Goodwill

(In millions)	CooperVision		CooperSurgical		Total
Balance at October 31, 2021	$	1,841.0	$	733.0	$	2,574.0
Current period additions	—		1,239.2		1,239.2
Foreign currency translation adjustment	(81.6)		(12.2)		(93.8)
Balance at April 30, 2022	$	1,759.4	$	1,960.0	$	3,719.4

Schedule of finite-lived intangible assets

Other Intangible Assets

	April 30, 2022				October 31, 2021
(In millions)	Gross  Carrying Amount		Accumulated Amortization		Gross  Carrying Amount		Accumulated Amortization		Weighted Average Amortization Period (in years)
Intangible assets with definite lives:
Composite intangible asset	$	1,061.9	$	318.6	$	1,061.8	$	283.2	15
Customer relationships	1,048.6		265.6		378.4		240.1		13
Technology	504.0		299.3		513.0		287.9		10
Trademarks	210.6		55.5		156.7		49.1		14
License and distribution rights and other	32.6		22.1		33.4		21.6		11
	2,857.7		$	961.1	2,143.3		$	881.9	14
Less: accumulated amortization and translation	961.1				881.9
Intangible assets with definite lives, net	1,896.6				1,261.4
Intangible assets with indefinite lives, net (1)	10.8				10.1
Total other intangibles, net	$	1,907.4			$	1,271.5

(1) Intangible assets with indefinite lives include technology and trademarks.

Schedule of indefinite-lived intangible assets

Other Intangible Assets

	April 30, 2022				October 31, 2021
(In millions)	Gross  Carrying Amount		Accumulated Amortization		Gross  Carrying Amount		Accumulated Amortization		Weighted Average Amortization Period (in years)
Intangible assets with definite lives:
Composite intangible asset	$	1,061.9	$	318.6	$	1,061.8	$	283.2	15
Customer relationships	1,048.6		265.6		378.4		240.1		13
Technology	504.0		299.3		513.0		287.9		10
Trademarks	210.6		55.5		156.7		49.1		14
License and distribution rights and other	32.6		22.1		33.4		21.6		11
	2,857.7		$	961.1	2,143.3		$	881.9	14
Less: accumulated amortization and translation	961.1				881.9
Intangible assets with definite lives, net	1,896.6				1,261.4
Intangible assets with indefinite lives, net (1)	10.8				10.1
Total other intangibles, net	$	1,907.4			$	1,271.5

(1) Intangible assets with indefinite lives include technology and trademarks.

Schedule of remaining amortization expenses for intangible assets with definite lives

As of April 30, 2022, the estimate of future amortization expenses for intangible assets with definite lives is as follows:

Fiscal Years:	(In millions)
Remainder of 2022	$	101.9
2023	202.0
2024	198.1
2025	188.2
2026	180.9
Thereafter	1,025.5
Total remaining amortization for intangible assets with definite lives	$	1,896.6

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Debt (Tables)

6 Months Ended

Apr. 30, 2022

Debt Disclosure [Abstract]

Schedule of debt

(In millions)	April 30, 2022		October 31, 2021
Overdraft and other credit facilities	$	65.7	$	83.0
Term loan	840.0		—
Less: unamortized debt issuance cost	—		(0.1)
Short-term debt	$	905.7	$	82.9
Revolving credit	—		546.1
Term loans	2,350.0		850.0
Other	0.2		0.2
Less: unamortized debt issuance cost	(3.5)		(0.2)
Long-term debt	2,346.7		1,396.1
Total debt	$	3,252.4	$	1,479.0

The following is a summary of the maximum commitments and the net amounts available to us under credit facilities discussed above as of April 30, 2022:

(In millions)	Facility Limit		Outstanding Borrowings		Outstanding Letters of Credit		Total Amount Available		Maturity Date
2021 Term Loan Facility	$	1,500.0	$	1,500.0	n/a		—		December 17, 2026
2021 364-Day Term Loan	840.0		840.0		n/a		—		November 1, 2022
2020 Revolving Credit Facility	1,290.0		—		$	1.3	$	1,288.7	April 1, 2025
2020 Term Loan Facility	850.0		850.0		n/a		—		April 1, 2025
Total	$	4,480.0	$	3,190.0	$	1.3	$	1,288.7

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Earnings Per Share (Tables)

6 Months Ended

Apr. 30, 2022

Earnings Per Share [Abstract]

Schedule of earnings per share

Periods Ended April 30,	Three Months				Six Months
(In millions, except per share amounts)	2022		2021		2022		2021
Net income	$	126.6	$	117.5	$	221.8	$	2,218.6
Basic:
Weighted average common shares	49.3		49.2		49.4		49.2
Basic earnings per share	$	2.57	$	2.39	$	4.49	$	45.12
Diluted:
Weighted average common shares	49.3		49.2		49.4		49.2
Effect of dilutive stock plans	0.4		0.5		0.4		0.5
Diluted weighted average common shares	49.7		49.7		49.8		49.7
Diluted earnings per share	$	2.55	$	2.36	$	4.45	$	44.65

Schedule of stock options and restricted stock units that were not included in the diluted earnings per share calculation

The following table sets forth stock options to purchase our common stock that were not included in the diluted earnings per share calculation because their effect would have been antidilutive for the periods presented:

Periods Ended April 30,	Three Months			Six Months
(In thousands, except exercise prices)	2022	2021		2022	2021
Stock option shares excluded	224	108		224	108
Range of exercise prices	$345.74 - $406.17	$	345.74	$345.74 - $406.17	$	345.74
Restricted stock units excluded	12	—		11	8

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Share-Based Compensation Plans (Tables)

6 Months Ended

Apr. 30, 2022

Share-based Payment Arrangement [Abstract]

Schedule of compensation expense and related income tax benefit for share-based awards

The compensation expense and related income tax benefit recognized in our Consolidated Statements of Income and Comprehensive Income for share-based awards were as follows:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
Selling, general and administrative expense	$	11.3	$	8.7	$	22.8	$	17.8
Cost of sales	1.0		0.9		2.3		2.0
Research and development expense	0.7		0.6		1.5		1.2
Total share-based compensation expense	$	13.0	$	10.2	$	26.6	$	21.0
Related income tax benefit	$	1.1	$	1.2	$	2.7	$	2.4

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Stockholders' Equity (Tables)

6 Months Ended

Apr. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of changes in accumulated other comprehensive (loss) income

Analysis of Changes in Accumulated Other Comprehensive (Loss) Income:

(In millions)	Foreign Currency Translation Adjustment		Minimum Pension Liability		Derivative Instruments		Total
Balance at October 31, 2020	$	(402.3)	$	(56.7)	$	(13.0)	$	(472.0)
Gross change in value	82.2		29.8		34.3		146.3
Tax effect	(0.2)		(7.2)		(8.2)		(15.6)
Balance at October 31, 2021	$	(320.3)	$	(34.1)	$	13.1	$	(341.3)
Gross change in value	(145.9)		—		69.6		(76.3)
Tax effect	—		—		(16.9)		(16.9)
Balance at April 30, 2022	$	(466.2)	$	(34.1)	$	65.8	$	(434.5)

The following table details the changes in accumulated other comprehensive income:

(In millions)	Amount
Beginning balance gain as of October 31, 2021	$	17.2
Amount recognized in other comprehensive income on interest rate swap contracts, gross ($50.2 million, net of tax)	66.3
Amount reclassified from other comprehensive income into earnings, gross ($2.5 million, net of tax)	3.3
Ending balance gain as of April 30, 2022	$	86.8

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Employee Benefits (Tables)

6 Months Ended

Apr. 30, 2022

Retirement Benefits [Abstract]

Schedule of components of net periodic pension costs

The Company's results of operations for the three and six months ended April 30, 2022, and 2021, reflect the following components of net periodic defined benefit costs:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
Service cost	$	4.6	$	4.3	$	9.2	$	8.6
Interest cost	1.3		1.1		2.6		2.2
Expected return on plan assets	(3.9)		(3.1)		(7.9)		(6.2)
Recognized net actuarial gain	0.6		1.3		1.2		2.7
Net periodic defined benefit plan cost	$	2.6	$	3.6	$	5.1	$	7.3

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Business Segment Information (Tables)

6 Months Ended

Apr. 30, 2022

Segment Reporting [Abstract]

Schedule of segment information

Segment information:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
CooperVision net sales by category:
Toric lens	$	185.6	$	172.8	$	367.8	$	335.1
Multifocal lens	66.4		58.0		132.2		115.7
Single-use sphere lens	161.1		144.5		328.1		290.5
Non single-use sphere, other	140.7		147.3		287.1		288.3
Total CooperVision net sales	$	553.8	$	522.6	$	1,115.2	$	1,029.6
CooperSurgical net sales by category:
Office and surgical products	$	161.6	$	112.6	$	290.5	$	216.1
Fertility	114.4		84.3		211.2		154.3
CooperSurgical net sales	276.0		196.9		501.7		370.4
Total net sales	$	829.8	$	719.5	$	1,616.9	$	1,400.0
Operating income (loss):
CooperVision	$	135.4	$	131.7	$	262.8	$	259.2
CooperSurgical	10.9		23.1		26.6		40.6
Corporate	(13.6)		(11.6)		(25.8)		(23.2)
Total operating income	132.7		143.2		263.6		276.6
Interest expense	10.8		6.1		17.4		12.5
Other (income) expense, net	(41.8)		0.7		(39.4)		(11.8)
Income before income taxes	$	163.7	$	136.4	$	285.6	$	275.9

Schedule of identifiable assets by segment

(In millions)	April 30, 2022		October 31, 2021
Total identifiable assets:
CooperVision	$	6,825.6	$	6,965.9
CooperSurgical	4,448.4		2,395.6
Corporate	504.0		244.7
Total	$	11,778.0	$	9,606.2

Schedule of net sales to unaffiliated customers by country of domicile

Geographic information:

Periods Ended April 30,	Three Months				Six Months
(In millions)	2022		2021		2022		2021
Net sales to unaffiliated customers by country of domicile:
United States	$	418.9	$	336.1	$	784.2	$	649.1
Europe	243.2		230.0		493.5		450.8
Rest of world	167.7		153.4		339.2		300.1
Total	$	829.8	$	719.5	$	1,616.9	$	1,400.0

Schedule of net property, plant and equipment by country of domicile

(In millions)	April 30, 2022		October 31, 2021
Net property, plant and equipment by country of domicile:
United States	$	786.9	$	737.5
Europe	337.2		377.2
Rest of world	241.5		232.9
Total	$	1,365.6	$	1,347.6

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Financial Derivatives and Hedging (Tables)

6 Months Ended

Apr. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of outstanding derivatives designated as hedging instruments

As of April 30, 2022, and October 31, 2021, the Company had the following outstanding derivatives designated as hedging instruments:

(In millions, except for number of instruments)	Number of Instruments	Notional Value
Interest Rate Swap Contracts	3	$	1,000

Schedule of fair values of derivative instruments in condensed consolidated balance sheets

The following table summarizes the fair values of derivative instruments as of the periods indicated and the line items in the accompanying Consolidated Condensed Balance Sheets where the instruments are recorded:

	Derivative Assets
(In millions)		April 30, 2022		October 31, 2021
Derivatives designated as cash flow hedges	Balance sheet location
Interest rate swap contracts	Other non-current assets	$	86.8	$	17.2

Schedule of derivative instruments recognized in condensed consolidated statements of income

The following table summarizes the amounts recognized with respect to our derivative instruments within the accompanying Consolidated Statements of Income and Comprehensive Income:

Periods Ended April 30,		Three Months				Six Months
(In millions)		2022		2021		2022		2021
Derivatives designated as cash flow hedges	Location of Loss Recognized on Derivatives
Interest rate swap contracts	Interest expense	$	1.4	$	2.0	$	3.3	$	4.1

Schedule of changes in accumulated other comprehensive income

Analysis of Changes in Accumulated Other Comprehensive (Loss) Income:

(In millions)	Foreign Currency Translation Adjustment		Minimum Pension Liability		Derivative Instruments		Total
Balance at October 31, 2020	$	(402.3)	$	(56.7)	$	(13.0)	$	(472.0)
Gross change in value	82.2		29.8		34.3		146.3
Tax effect	(0.2)		(7.2)		(8.2)		(15.6)
Balance at October 31, 2021	$	(320.3)	$	(34.1)	$	13.1	$	(341.3)
Gross change in value	(145.9)		—		69.6		(76.3)
Tax effect	—		—		(16.9)		(16.9)
Balance at April 30, 2022	$	(466.2)	$	(34.1)	$	65.8	$	(434.5)

The following table details the changes in accumulated other comprehensive income:

(In millions)	Amount
Beginning balance gain as of October 31, 2021	$	17.2
Amount recognized in other comprehensive income on interest rate swap contracts, gross ($50.2 million, net of tax)	66.3
Amount reclassified from other comprehensive income into earnings, gross ($2.5 million, net of tax)	3.3
Ending balance gain as of April 30, 2022	$	86.8

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General (Details) $ in Millions	3 Months Ended
	Apr. 30, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Exit charges	$ 20.7
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total exit costs expected	30.0
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total exit costs expected	40.0
Cost of sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Exit charges	17.4
Selling, general and administrative expense
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Exit charges	$ 3.3

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Acquisitions and Joint Venture - Total Purchase Consideration for Business and Asset Acquisitions (Details) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Schedule Of Business Acquisitions And Asset Acquisition, By Acquisition [Line Items]
Goodwill	$ 3,719.4	$ 2,574.0
Series Of Individually Immaterial Business Acquisitions And Asset Acquisitions
Schedule Of Business Acquisitions And Asset Acquisition, By Acquisition [Line Items]
Total identifiable intangible assets	736.8	208.0
Goodwill	1,239.2	91.6
Net tangible liabilities	(295.6)	(10.8)
Fair value of contingent consideration	(1.5)	(39.1)
Total closing purchase price	1,678.9	249.7
Series Of Individually Immaterial Business Acquisitions And Asset Acquisitions | Technology
Schedule Of Business Acquisitions And Asset Acquisition, By Acquisition [Line Items]
Total identifiable intangible assets	1.8	178.6
Series Of Individually Immaterial Business Acquisitions And Asset Acquisitions | In-Process Research & Development (IPR&D)
Schedule Of Business Acquisitions And Asset Acquisition, By Acquisition [Line Items]
Total identifiable intangible assets	0.0	20.0
Series Of Individually Immaterial Business Acquisitions And Asset Acquisitions | Customer relationships
Schedule Of Business Acquisitions And Asset Acquisition, By Acquisition [Line Items]
Total identifiable intangible assets	679.7	7.5
Series Of Individually Immaterial Business Acquisitions And Asset Acquisitions | Trademarks
Schedule Of Business Acquisitions And Asset Acquisition, By Acquisition [Line Items]
Total identifiable intangible assets	55.3	1.3
Series Of Individually Immaterial Business Acquisitions And Asset Acquisitions | Other
Schedule Of Business Acquisitions And Asset Acquisition, By Acquisition [Line Items]
Total identifiable intangible assets	$ 0.0	$ 0.6

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Acquisitions and Joint Venture - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 17, 2021	Mar. 31, 2022	Jul. 31, 2022	Apr. 30, 2022	Apr. 30, 2022	Apr. 30, 2021	Oct. 31, 2021	Feb. 01, 2021	Jan. 19, 2021
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life					14 years
Goodwill				$ 3,719,400,000	$ 3,719,400,000		$ 2,574,000,000
Proceeds from sale of interest in a subsidiary		$ 52,600,000			$ 52,600,000	$ 0
Equity method investment, ownership percentage		50.00%		50.00%	50.00%
Payments to form joint venture		$ 10,000,000
Equity method investments		90,000,000
Equity method investment realized gain		57,400,000
Essilor International SAS
Business Acquisition [Line Items]
Payments to form joint venture		10,000,000
Privately-Held Medical Device Company, Developed Mara Water Vapor Ablation System
Business Acquisition [Line Items]
Goodwill								$ 0
Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life					13 years
Trademarks
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life					14 years
Line of Credit | 2021 Term Loan Facility
Business Acquisition [Line Items]
Proceeds from line of credit	$ 1,500,000,000
Cook Medicals Reproductive Health Business | Forecast | Subsequent Event
Business Acquisition [Line Items]
Aggregate consideration			$ 875,000,000
Payments to acquire business			675,000,000
Payables incurred in acquisition			200,000,000
Cook Medicals Reproductive Health Business | Forecast | Subsequent Event | Payables First Installment
Business Acquisition [Line Items]
Payables incurred in acquisition			50,000,000
Cook Medicals Reproductive Health Business | Forecast | Subsequent Event | Payables Second Installment
Business Acquisition [Line Items]
Payables incurred in acquisition			50,000,000
Cook Medicals Reproductive Health Business | Forecast | Subsequent Event | Payables Third Installment
Business Acquisition [Line Items]
Payables incurred in acquisition			50,000,000
Cook Medicals Reproductive Health Business | Forecast | Subsequent Event | Payables Fourth Installment
Business Acquisition [Line Items]
Payables incurred in acquisition			$ 50,000,000
Generate Life Sciences
Business Acquisition [Line Items]
Payments to acquire business	$ 1,663,000,000
Ownership percentage	100.00%
Measurement period adjustment to goodwill				$ 62,200,000
Actual revenue generated					$ 104,800,000
Actual net income generated					$ 4,200,000
Goodwill	$ 1,230,400,000
Generate Life Sciences | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life					13 years
Generate Life Sciences | Trademarks
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life					14 years
Generate Life Sciences | Line of Credit | 2021 Term Loan Facility
Business Acquisition [Line Items]
Proceeds from line of credit	$ 1,500,000,000
Privately-Held Medical Device Company, Spectacle Lenses, Portion Attributable To Former Equity Interest Owners
Business Acquisition [Line Items]
Undiscounted range of the contingent consideration, minimum									$ 0
Undiscounted range of the contingent consideration, maximum									$ 139,100,000
Payment to settle former equity interest owners		$ 42,900,000
Net gains recognized				15,700,000	$ 12,200,000
Contingent consideration				$ 31,800,000	$ 31,800,000

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Acquisitions and Joint Venture- Asset and Liabilities (Details) - USD ($) $ in Millions	Apr. 30, 2022	Dec. 17, 2021	Oct. 31, 2021
Current assets:
Goodwill	$ 3,719.4		$ 2,574.0
Generate Life Sciences
Current assets:
Cash and cash equivalents		$ 58.6
Trade accounts receivable, net		23.3
Inventories		4.0
Prepaid expense and other current assets		29.9
Total current assets		115.8
Property, plant and equipment		35.9
Operating lease right-of-use assets		21.4
Goodwill		1,230.4
Deferred tax assets		15.7
Other assets		0.8
Total assets acquired		2,146.8
Current liabilities:
Accounts payable		12.6
Employee compensation and benefits		12.3
Operating lease liabilities		2.5
Deferred revenue		68.4
Other current liabilities		15.1
Total current liabilities		110.9
Deferred tax liabilities		140.3
Operating lease liabilities		18.8
Deferred revenue		212.5
Other liabilities		1.2
Total liabilities assumed		483.7
Total purchase price		1,663.1
Generate Life Sciences | Customer relationships
Current assets:
Finite-lived intangibles		671.9
Generate Life Sciences | Trademarks
Current assets:
Finite-lived intangibles		$ 54.9

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Acquisitions and Joint Venture - Proforma Information (Details) - Generate Life Sciences - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Business Acquisition [Line Items]
Revenue	$ 830.0	$ 788.3	$ 1,653.0	$ 1,532.4
Net income	$ 125.8	$ 111.3	$ 205.8	$ 2,222.8

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Acquisitions and Joint Venture - Contingent Consideration Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 100.9	$ 30.2	$ 97.4	$ 0.0
Purchase price contingent consideration	1.5	0.6	1.5	30.8
Payments	(42.9)	0.0	(42.9)	0.0
Change in fair value	(13.9)	0.0	(10.4)	0.0
Ending balance	$ 45.6	$ 30.8	$ 45.6	$ 30.8

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Inventories (Details) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 157.8	$ 137.7
Work-in-process	12.8	14.0
Finished goods	433.2	433.9
Total inventories	$ 603.8	$ 585.6

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Intangible Assets - Schedule of Goodwill (Details) $ in Millions	6 Months Ended
	Apr. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,574.0
Current period additions	1,239.2
Foreign currency translation adjustment	(93.8)
Ending balance	3,719.4
CooperVision
Goodwill [Roll Forward]
Beginning balance	1,841.0
Current period additions	0.0
Foreign currency translation adjustment	(81.6)
Ending balance	1,759.4
CooperSurgical
Goodwill [Roll Forward]
Beginning balance	733.0
Current period additions	1,239.2
Foreign currency translation adjustment	(12.2)
Ending balance	$ 1,960.0

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Intangible Assets - Narrative (Details)	3 Months Ended
	Jul. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill in reporting units	$ 0
Impairment of intangible assets	$ 0

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Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Apr. 30, 2022	Oct. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Amount	$ 2,857.7	$ 2,143.3
Accumulated Amortization	961.1	881.9
Intangible assets with definite lives, net	$ 1,896.6	1,261.4
Weighted Average Amortization Period (in years)	14 years
Intangible assets with indefinite lives, net	$ 10.8	10.1
Total other intangibles, net	1,907.4	1,271.5
Composite intangible asset
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Amount	1,061.9	1,061.8
Accumulated Amortization	$ 318.6	283.2
Weighted Average Amortization Period (in years)	15 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Amount	$ 1,048.6	378.4
Accumulated Amortization	$ 265.6	240.1
Weighted Average Amortization Period (in years)	13 years
Technology
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Amount	$ 504.0	513.0
Accumulated Amortization	$ 299.3	287.9
Weighted Average Amortization Period (in years)	10 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Amount	$ 210.6	156.7
Accumulated Amortization	$ 55.5	49.1
Weighted Average Amortization Period (in years)	14 years
License and distribution rights and other
Finite-Lived Intangible Assets [Line Items]
Gross  Carrying Amount	$ 32.6	33.4
Accumulated Amortization	$ 22.1	$ 21.6
Weighted Average Amortization Period (in years)	11 years

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Intangible Assets - Remaining Amortization Expenses for Intangible Assets with Definite Lives (Details) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 101.9
2023	202.0
2024	198.1
2025	188.2
2026	180.9
Thereafter	1,025.5
Intangible assets with definite lives, net	$ 1,896.6	$ 1,261.4

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Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Short-term Debt
Short-term debt	$ 905.7	$ 82.9
Less: unamortized debt issuance cost	0.0	(0.1)
Long-term Debt
Less: unamortized debt issuance cost	(3.5)	(0.2)
Long-term debt	2,346.7	1,396.1
Total debt	3,252.4	1,479.0
Term loans
Long-term Debt
Long-term debt, gross	2,350.0	850.0
Other
Long-term Debt
Long-term debt, gross	0.2	0.2
Revolving credit | Revolving credit
Long-term Debt
Long-term debt, gross	0.0	546.1
Overdraft and other credit facilities
Short-term Debt
Short-term debt	65.7	83.0
Term loan
Short-term Debt
Short-term debt	$ 840.0	$ 0.0

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Debt - Narrative (Details) - USD ($)				6 Months Ended
	Dec. 17, 2021	Nov. 02, 2021	Apr. 01, 2020	Apr. 30, 2022
Term Loan Agreement 2021, 364 Day | Term loan
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Debt term		364 days		364 days
Debt instrument, face amount		$ 840,000,000		$ 840,000,000.0
Term Loan Agreement 2021, 364 Day | London Interbank Offered Rate (LIBOR) | Term loan
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Debt instrument, basis spread on variable rate		0.60%
Line of Credit | 2021 Term Loan Facility
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Aggregate principal amount	$ 1,500,000,000			$ 1,500,000,000
Potential additional borrowing capacity	1,125,000,000
Proceeds from line of credit	$ 1,500,000,000
Interest rate				171.00%
Line of Credit | 2021 Term Loan Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Line of Credit | 2021 Term Loan Facility | London Interbank Offered Rate (LIBOR)
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Line of Credit | Term Loan Facility, 2021 Base Rate Loans | London Interbank Offered Rate (LIBOR)
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Debt instrument, basis spread on variable rate	0.00%
Line of Credit | Term Loan Facility 2021, Adjusted LIBO Rate Loans | London Interbank Offered Rate (LIBOR)
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Debt instrument, basis spread on variable rate	0.75%
Revolving Credit Facility And Term Loan Facility 2020 | Credit Agreement 2020 | Line of Credit
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Potential additional borrowing capacity			$ 1,605,000,000
Required minimum interest coverage ratio			3.00
Required maximum total leverage ratio			3.75
Interest coverage ratio				39.28
Total leverage ratio				2.59
Interest coverage ratio and total leverage ratio, expected minimum compliance period				12 months
Revolving Credit Facility And Term Loan Facility 2020 | Credit Agreement 2020 | London Interbank Offered Rate (LIBOR) | Line of Credit | Minimum
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Debt instrument, basis spread on variable rate			0.75%
Revolving Credit Facility And Term Loan Facility 2020 | Credit Agreement 2020 | London Interbank Offered Rate (LIBOR) | Line of Credit | Maximum
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Debt instrument, basis spread on variable rate			1.50%
Revolving Credit Facility And Term Loan Facility 2020 | Credit Agreement 2020 | Base Rate | Line of Credit | Minimum
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Debt instrument, basis spread on variable rate			0.00%
Revolving Credit Facility And Term Loan Facility 2020 | Credit Agreement 2020 | Base Rate | Line of Credit | Maximum
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Debt instrument, basis spread on variable rate			0.50%
Revolving Credit Facility | Credit Agreement 2020 | Line of Credit
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Aggregate principal amount			$ 1,290,000,000	$ 1,290,000,000
Proceeds from line of credit			$ 445,000,000
Revolving Credit Facility | Credit Agreement 2020 | Line of Credit | Minimum
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Commitment fee percentage			0.10%
Revolving Credit Facility | Credit Agreement 2020 | Line of Credit | Maximum
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Commitment fee percentage			0.20%
2020 Term Loan Facility | Credit Agreement 2020 | Line of Credit
Schedule of Long Term And Short Term Debt Instruments [Line Items]
Aggregate principal amount			$ 850,000,000	$ 850,000,000.0
Proceeds from line of credit			$ 850,000,000
Interest rate				1.71%

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Debt - Schedule of Maximum Commitments and Net Amounts Available under Credit Facilities (Details) - USD ($)		6 Months Ended
	Nov. 02, 2021	Apr. 30, 2022	Dec. 17, 2021	Oct. 31, 2021	Apr. 01, 2020
Line of Credit Facility [Line Items]
Short-term debt		$ 905,700,000		$ 82,900,000
Total debt		3,252,400,000		1,479,000,000
Term loan
Line of Credit Facility [Line Items]
Short-term debt		840,000,000.0		$ 0
Credit Agreement 2020 and Term Loan Agreement 2020
Line of Credit Facility [Line Items]
Total		4,480,000,000
Total debt		3,190,000,000
Total Amount Available		1,288,700,000
Term Loan Agreement 2021, 364 Day | Term loan
Line of Credit Facility [Line Items]
Facility Limit	$ 840,000,000	840,000,000.0
Short-term debt		$ 840,000,000.0
Debt term	364 days	364 days
Line of Credit | 2021 Term Loan Facility
Line of Credit Facility [Line Items]
Facility Limit		$ 1,500,000,000	$ 1,500,000,000
Outstanding Borrowings		1,500,000,000
Total Amount Available		0
Revolving Credit Facility | Credit Agreement 2020 | Line of Credit
Line of Credit Facility [Line Items]
Facility Limit		1,290,000,000			$ 1,290,000,000
Outstanding Borrowings		0
Outstanding Letters of Credit		1,300,000
Total Amount Available		1,288,700,000
2020 Term Loan Facility | Credit Agreement 2020 | Line of Credit
Line of Credit Facility [Line Items]
Facility Limit		850,000,000.0			$ 850,000,000
Outstanding Borrowings		$ 850,000,000.0

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Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	22.70%	13.80%	22.30%	(704.20%)
Deferred tax asset, intra-entity sale of certain intellectual property rights					$ 1,987,900,000

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Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Apr. 30, 2022	Jan. 31, 2022	Apr. 30, 2021	Jan. 31, 2021	Apr. 30, 2022	Apr. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 126.6	$ 95.3	$ 117.5	$ 2,101.1	$ 221.8	$ 2,218.6
Basic:
Weighted average common shares (in shares)	49.3		49.2		49.4	49.2
Basic earnings per share (in dollars per share)	$ 2.57		$ 2.39		$ 4.49	$ 45.12
Diluted:
Weighted average common shares (in shares)	49.3		49.2		49.4	49.2
Effect of potential dilutive shares (in shares)	0.4		0.5		0.4	0.5
Diluted weighted average common shares (in shares)	49.7		49.7		49.8	49.7
Diluted earnings per share (in dollars per share)	$ 2.55		$ 2.36		$ 4.45	$ 44.65

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Earnings Per Share - Schedule of Stock Options and Restricted Stock Units that were not Included in the Diluted Earnings Per Share Calculation (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Range of exercise prices, lower limit	$ 345.74	$ 345.74	$ 345.74	$ 345.74
Range of exercise prices, upper limit	$ 406.17	$ 345.74	$ 406.17	$ 345.74
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of stock option shares and restricted stock units excluded (in shares)	224	108	224	108
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of stock option shares and restricted stock units excluded (in shares)	12,000	0	11,000	8

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Share-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 13.0	$ 10.2	$ 26.6	$ 21.0
Related income tax benefit	1.1	1.2	2.7	2.4
Selling, general and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	11.3	8.7	22.8	17.8
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1.0	0.9	2.3	2.0
Research and development expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 0.7	$ 0.6	$ 1.5	$ 1.2

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Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) Income (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Apr. 30, 2022	Oct. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 6,942.0	$ 3,824.8
Gross change in value	(76.3)	146.3
Tax effect	(16.9)	(15.6)
Ending balance	7,013.8	6,942.0
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(320.3)	(402.3)
Gross change in value	(145.9)	82.2
Tax effect	0.0	(0.2)
Ending balance	(466.2)	(320.3)
Minimum Pension Liability
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(34.1)	(56.7)
Gross change in value	0.0	29.8
Tax effect	0.0	(7.2)
Ending balance	(34.1)	(34.1)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	13.1	(13.0)
Gross change in value	69.6	34.3
Tax effect	(16.9)	(8.2)
Ending balance	65.8	13.1
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(341.3)	(472.0)
Ending balance	$ (434.5)	$ (341.3)

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Stockholders' Equity - Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Apr. 30, 2022	Jan. 31, 2022	Apr. 30, 2021	Jan. 31, 2021	Apr. 30, 2022	Apr. 30, 2021	Mar. 31, 2017	Dec. 31, 2011
Stockholders' Equity Note [Abstract]
Share repurchase program, authorized amount for repurchase							$ 1,000.0	$ 500.0
Treasury stock repurchase (in shares)	0		0		191,200	69,600
Treasury stock repurchase	$ 0.0	$ 78.5	$ 0.0	$ 24.8	$ 78.5	$ 24.8
Average repurchase price per share (in dollars per share)					$ 410.41	$ 356.61
Share repurchase program, remaining authorized amount for repurchase	$ 256.4				$ 256.4

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Stockholders' Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended
	Feb. 09, 2022	Feb. 09, 2021	Jan. 31, 2022	Jan. 31, 2021	Apr. 30, 2022	Apr. 30, 2021
Stockholders' Equity Note [Abstract]
Dividends on common stock	$ 1.5	$ 1.5			$ 1.5	$ 1.5
Dividends on common stock (in dollars per share)	$ 0.03	$ 0.03	$ 0.03	$ 0.03

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Fair Value Measurements (Details) - Interest Rate Swap $ in Millions		6 Months Ended
	Apr. 06, 2020 USD ($) interest_rate_swap_contract	Apr. 30, 2022 USD ($) interest_rate_swap_contract	Oct. 31, 2021 USD ($)
Derivative [Line Items]
Number of interest rate swap contracts held	6	6
Derivative notional amount | $	$ 1,500	$ 1,000	$ 1,000
Derivative, term of contract (or less)	7 years	5 years
Number of interest rate swap contracts matured		3

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Employee Benefits - Schedule of Components of Net Periodic Defined Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Retirement Benefits [Abstract]
Service cost	$ 4.6	$ 4.3	$ 9.2	$ 8.6
Interest cost	1.3	1.1	2.6	2.2
Expected return on plan assets	(3.9)	(3.1)	(7.9)	(6.2)
Recognized net actuarial gain	0.6	1.3	1.2	2.7
Net periodic defined benefit plan cost	$ 2.6	$ 3.6	$ 5.1	$ 7.3

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Employee Benefits - Narrative (Details) - USD ($)	6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Retirement Benefits [Abstract]
Defined benefit plan, contributions by employer	$ 0	$ 0
Expected rate of return on plan assets for determining net periodic pension cost	8.00%

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Business Segment Information - Narrative (Details) - segment	6 Months Ended
	Apr. 30, 2022	Mar. 31, 2022
Segment Reporting [Abstract]
Number of operating segments	2
Equity method investment, ownership percentage	50.00%	50.00%

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Business Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Segment Reporting Information [Line Items]
Total net sales	$ 829.8	$ 719.5	$ 1,616.9	$ 1,400.0
Total operating income	132.7	143.2	263.6	276.6
Interest expense	10.8	6.1	17.4	12.5
Other (income) expense, net	(41.8)	0.7	(39.4)	(11.8)
Income before income taxes	163.7	136.4	285.6	275.9
Operating Segments | CooperVision
Segment Reporting Information [Line Items]
Total net sales	553.8	522.6	1,115.2	1,029.6
Total operating income	135.4	131.7	262.8	259.2
Operating Segments | CooperSurgical
Segment Reporting Information [Line Items]
Total net sales	276.0	196.9	501.7	370.4
Total operating income	10.9	23.1	26.6	40.6
Operating Segments | Toric lens | CooperVision
Segment Reporting Information [Line Items]
Total net sales	185.6	172.8	367.8	335.1
Operating Segments | Multifocal lens | CooperVision
Segment Reporting Information [Line Items]
Total net sales	66.4	58.0	132.2	115.7
Operating Segments | Single-use sphere lens | CooperVision
Segment Reporting Information [Line Items]
Total net sales	161.1	144.5	328.1	290.5
Operating Segments | Non single-use sphere, other | CooperVision
Segment Reporting Information [Line Items]
Total net sales	140.7	147.3	287.1	288.3
Operating Segments | Office and surgical products | CooperSurgical
Segment Reporting Information [Line Items]
Total net sales	161.6	112.6	290.5	216.1
Operating Segments | Fertility | CooperSurgical
Segment Reporting Information [Line Items]
Total net sales	114.4	84.3	211.2	154.3
Corporate
Segment Reporting Information [Line Items]
Total operating income	$ (13.6)	$ (11.6)	$ (25.8)	$ (23.2)

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Business Segment Information - Schedule of Identifiable Assets by Segment (Details) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Segment Reporting Information [Line Items]
Total Identifiable assets	$ 11,778.0	$ 9,606.2
Operating Segments | CooperVision
Segment Reporting Information [Line Items]
Total Identifiable assets	6,825.6	6,965.9
Operating Segments | CooperSurgical
Segment Reporting Information [Line Items]
Total Identifiable assets	4,448.4	2,395.6
Corporate
Segment Reporting Information [Line Items]
Total Identifiable assets	$ 504.0	$ 244.7

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Business Segment Information - Schedule of Net Sales to Unaffiliated Customers by Country of Domicile (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 829.8	$ 719.5	$ 1,616.9	$ 1,400.0
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	418.9	336.1	784.2	649.1
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	243.2	230.0	493.5	450.8
Rest of world
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 167.7	$ 153.4	$ 339.2	$ 300.1

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Business Segment Information - Schedule of Net Property, Plant and Equipment By Country of Domicile (Details) - USD ($) $ in Millions	Apr. 30, 2022	Oct. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net property, plant and equipment	$ 1,365.6	$ 1,347.6
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net property, plant and equipment	786.9	737.5
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net property, plant and equipment	337.2	377.2
Rest of world
Revenues from External Customers and Long-Lived Assets [Line Items]
Net property, plant and equipment	$ 241.5	$ 232.9

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Financial Derivatives and Hedging - Schedule of Outstanding Derivatives Designated as Hedging Instruments (Details) - Interest Rate Swap $ in Millions	Apr. 30, 2022 USD ($) interest_rate_swap_contract	Oct. 31, 2021 USD ($) interest_rate_swap_contract	Apr. 06, 2020 USD ($)
Derivative [Line Items]
Number of Instruments | interest_rate_swap_contract	3	3
Notional Value | $	$ 1,000	$ 1,000	$ 1,500

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Financial Derivatives and Hedging - Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	Apr. 06, 2020	Apr. 30, 2022	Apr. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-tax impact of gain on derivatives recognized in other comprehensive income (loss)		$ 86.8	$ 8.9
After tax impact of gain on derivatives recognized in other comprehensive income (loss)		65.7	$ 6.7
Derivative loss expected to be realized in earnings over the next twelve months		$ (14.6)
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, term of contract (or less)	7 years	5 years

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Financial Derivatives and Hedging - Schedule of Fair Values of Derivative Instruments in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Apr. 30, 2022	Apr. 30, 2021
Designated as Hedging Instrument | Interest Rate Swap | Other non-current assets
Derivatives, Fair Value [Line Items]
Interest rate swap contracts, assets	$ 86.8	$ 17.2

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Financial Derivatives and Hedging - Schedule of Derivative Instruments Recognized in Condensed Consolidated Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Interest expense | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loss recognized on derivatives within interest expense	$ 1.4	$ 2.0	$ 3.3	$ 4.1

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Financial Derivatives and Hedging - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
AOCI Attributable To Parent, Before Reclassification And Tax [Roll Forward]
Beginning balance	$ 6,926.1	$ 5,989.9	$ 6,942.0	$ 3,824.8
Amount recognized in other comprehensive income on interest rate swaps contracts, net of tax			50.2
Amount reclassified from other comprehensive income into earnings, net of tax			2.5
Ending balance	7,013.8	$ 6,162.8	7,013.8	6,162.8
Accumulated Gain (Loss), Net, Cash Flow Hedge, Before Tax, Parent
AOCI Attributable To Parent, Before Reclassification And Tax [Roll Forward]
Beginning balance			17.2
Ending balance	86.8		86.8
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable To Parent, Before Reclassification And Tax [Roll Forward]
Beginning balance			13.1	$ (13.0)
Amount recognized in other comprehensive income on interest rate swap contracts, gross ($50.2 million, net of tax)			66.3
Amount reclassified from other comprehensive income into earnings, gross ($2.5 million, net of tax)			3.3
Ending balance	$ 65.8		$ 65.8

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Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]