Property and Depreciation

9 Months Ended

Jul. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Depreciation

9 Property and Depreciation

Property, plant, and equipment assets are carried at cost less accumulated depreciation. The company provides for depreciation of property, plant, and equipment utilizing the straight-line method over the estimated useful lives of the assets. Buildings, land improvements, and leasehold improvements are generally depreciated over 10 to 40 years, machinery and equipment are generally depreciated over two to 15 years, tooling is generally depreciated over three to five years, and computer hardware and software and website development costs are generally depreciated over two to five years. Expenditures for major renewals and improvements, which substantially increase the useful lives of existing assets, are capitalized, and expenditures for general maintenance and repairs are charged to operating expenses as incurred. Interest is capitalized during the construction period for significant capital projects.

On March 2, 2020, with the acquisition of Venture Products, the company acquired $27.0 million of property, plant, and equipment based on fair value purchase accounting adjustments. For additional information on the company's acquisition of Venture Products, refer to Note 2, Business Combinations.

Property, plant and equipment was as follows:

(Dollars in thousands)	July 31, 2020		August 2, 2019		October 31, 2019
Land and land improvements	$	56,257	$	55,786	$	55,613
Buildings and leasehold improvements	289,484		259,928		276,556
Machinery and equipment	474,519		420,262		453,314
Tooling	218,851		224,230		226,870
Computer hardware and software	95,891		91,577		94,409
Construction in process	77,227		70,367		34,937
Property, plant, and equipment, gross	1,212,229		1,122,150		1,141,699
Less: accumulated depreciation	754,338		695,735		704,382
Property, plant, and equipment, net	$	457,891	$	426,415	$	437,317