Property and Depreciation

3 Months Ended

Jan. 29, 2021

Property, Plant and Equipment [Abstract]


9			Property and Depreciation

Property, plant, and equipment assets are carried at cost less accumulated depreciation. The company generally accounts 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. Expenditures for general maintenance and repairs are charged to cost of goods sold or selling, general and administrative expense within the Condensed Consolidated Statements of Earnings depending on the nature and use of the related asset. Interest is capitalized during the construction period for significant capital projects.

Property, plant and equipment was as follows:


(Dollars in thousands)	January 29, 2021		January 31, 2020		October 31, 2020
Land and land improvements	$	56,808	$	55,602	$	57,387
Buildings and leasehold improvements	299,566		276,705		301,848
Machinery and equipment	500,410		450,321		499,312
Tooling	231,728		216,541		231,142
Computer hardware and software	102,357		94,385		102,312
Construction in process	58,346		58,056		48,157
Property, plant, and equipment, gross	1,249,215		1,151,610		1,240,158
Less: accumulated depreciation	792,068		720,357		772,239
Property, plant, and equipment, net	$	457,147	$	431,253	$	467,919