Property, Plant and Equipment, Net

9 Months Ended

Jul. 29, 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 three 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 $27.4 million of property, plant, and equipment. For additional information on the company's acquisition of Intimidator, refer to Note 2, Business Combinations and Asset Acquisitions.

Property, plant and equipment, net was as follows:

(Dollars in thousands)	July 29, 2022		July 30, 2021		October 31, 2021
Land and land improvements	$	57,169	$	56,004	$	57,690
Buildings and leasehold improvements	326,111		299,484		308,217
Machinery and equipment	535,303		508,383		522,012
Tooling	221,290		233,171		220,966
Computer hardware and software	96,834		102,293		97,485
Construction in process	141,503		82,211		85,722
Property, plant, and equipment, gross	1,378,210		1,281,546		1,292,092
Less: accumulated depreciation	846,394		824,554		804,361
Property, plant, and equipment, net	$	531,816	$	456,992	$	487,731