Property, Plant, and Equipment, Net

6 Months Ended

May 03, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment, Net

7 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.

Property, plant, and equipment, net was as follows:

(Dollars in millions)	May 3, 2024		May 5, 2023		October 31, 2023
Land and land improvements	$	69.3	$	61.6	$	69.0
Buildings and leasehold improvements	359.9		328.3		355.8
Machinery and equipment	625.3		567.2		624.6
Tooling	261.8		227.0		260.4
Computer hardware and software	98.8		106.0		98.0
Construction in process	165.5		199.9		133.2
Property, plant, and equipment, gross	1,580.6		1,490.0		1,541.0
Less: accumulated depreciation	942.8		884.2		899.3
Property, plant, and equipment, net	$	637.8	$	605.8	$	641.7