Property, Plant and Equipment, Net

3 Months Ended

Jan. 28, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

8 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 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. Costs associated with general maintenance and repairs are expensed as incurred within cost of sales or selling, general and administrative expense in 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.

On January 13, 2022, with the acquisition of Intimidator, the company acquired $26.8 million of property, plant, and equipment, based on preliminary fair value purchase accounting adjustments. For additional information on the company's acquisition of Intimidator, refer to Note 2, Business Combination.

Property, plant and equipment, net was as follows:

(Dollars in thousands)	January 28, 2022		January 29, 2021		October 31, 2021
Land and land improvements	$	57,924	$	56,808	$	57,690
Buildings and leasehold improvements	326,137		299,566		308,217
Machinery and equipment	529,289		500,410		522,012
Tooling	221,646		231,728		220,966
Computer hardware and software	97,629		102,357		97,485
Construction in process	95,448		58,346		85,722
Property, plant, and equipment, gross	1,328,073		1,249,215		1,292,092
Less: accumulated depreciation	820,524		792,068		804,361
Property, plant, and equipment, net	$	507,549	$	457,147	$	487,731