Property, Plant and Equipment, Net

9 Months Ended

Jul. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

9 Property, Plant and Equipment, Net

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 sales 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, net was as follows:

(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
Land and land improvements	$	56,004	$	56,257	$	57,387
Buildings and leasehold improvements	299,484		289,484		301,848
Machinery and equipment	508,383		474,519		499,312
Tooling	233,171		218,851		231,142
Computer hardware and software	102,293		95,891		102,312
Construction in process	82,211		77,227		48,157
Property, plant, and equipment, gross	1,281,546		1,212,229		1,240,158
Less: accumulated depreciation	824,554		754,338		772,239
Property, plant, and equipment, net	$	456,992	$	457,891	$	467,919