0000737758-21-000023 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Jul. 30, 2021	Aug. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 30, 2021
Document Transition Report	false
Entity File Number	1-8649
Entity Registrant Name	THE TORO COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0580470
Entity Address, Address Line One	8111 Lyndale Avenue South
Entity Address, City or Town	Bloomington
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55420-1196
City Area Code	952
Local Phone Number	888-8801
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	TTC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		106,444,673
Entity Central Index Key	0000737758
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Income Statement [Abstract]
Net sales	$ 976,836	$ 840,972	$ 2,998,929	$ 2,537,853
Cost of sales	645,719	546,398	1,949,823	1,648,474
Gross profit	331,117	294,574	1,049,106	889,379
Selling, general and administrative expense	209,178	178,622	604,986	556,503
Operating earnings	121,939	115,952	444,120	332,876
Interest expense	(7,016)	(8,304)	(21,662)	(25,119)
Other income, net	2,528	3,345	8,062	10,746
Earnings before income taxes	117,451	110,993	430,520	318,503
Provision for income taxes	21,131	22,025	80,748	60,998
Net earnings	$ 96,320	$ 88,968	$ 349,772	$ 257,505
Basic net earnings per share of common stock (usd per share)	$ 0.90	$ 0.83	$ 3.25	$ 2.39
Diluted net earnings per share of common stock (usd per share)	$ 0.89	$ 0.82	$ 3.21	$ 2.37
Weighted-average number of shares of common stock outstanding — Basic (in shares)	107,130	107,710	107,667	107,561
Weighted-average number of shares of common stock outstanding — Diluted (in shares)	108,363	108,543	108,818	108,569

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 96,320	$ 88,968	$ 349,772	$ 257,505
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(5,314)	14,011	6,685	8,120
Derivative instruments, net of tax of $2,641; $(4,589); $140; and $(3,558), respectively	8,035	(14,885)	886	(11,559)
Pension benefits	0	0	0	912
Other comprehensive income (loss), net of tax	2,721	(874)	7,571	(2,527)
Comprehensive income	$ 99,041	$ 88,094	$ 357,343	$ 254,978

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Statement of Comprehensive Income [Abstract]
Derivative instruments, tax	$ 2,641	$ (4,589)	$ 140	$ (3,558)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 30, 2021	Oct. 31, 2020	Jul. 31, 2020
ASSETS
Cash and cash equivalents	$ 535,330	$ 479,892	$ 394,141
Receivables, net	301,234	261,135	294,672
Inventories, net	665,648	652,433	656,208
Prepaid expenses and other current assets	43,577	34,188	39,225
Total current assets	1,545,789	1,427,648	1,384,246
Property, plant, and equipment, net	456,992	467,919	457,891
Goodwill	421,958	424,075	424,228
Other intangible assets, net	426,497	408,305	413,270
Right-of-use assets	72,236	78,752	81,634
Investment in finance affiliate	19,272	19,745	22,580
Deferred income taxes	6,362	6,466	9,772
Other assets	18,943	20,318	20,242
Total assets	2,968,049	2,853,228	2,813,863
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt	104,217	99,873	108,869
Accounts payable	411,413	363,953	268,747
Accrued liabilities	427,407	376,524	404,314
Short-term lease liabilities	15,403	15,447	15,182
Total current liabilities	958,440	855,797	797,112
Long-term debt, less current portion	587,345	691,250	782,036
Long-term lease liabilities	60,002	66,641	69,752
Deferred income taxes	74,381	70,435	71,346
Other long-term liabilities	50,703	54,277	39,585
Stockholders’ equity:
Preferred stock, par value $1.00 per share, authorized 1,000,000 voting and 850,000 non-voting shares, none issued and outstanding	0	0	0
Common stock, par value $1.00 per share, authorized 175,000,000 shares; issued and outstanding 106,440,513 shares as of July 30, 2021, 107,264,098 shares as of July 31, 2020, and 107,582,670 shares as of October 31, 2020	106,441	107,583	107,264
Retained earnings	1,157,428	1,041,507	981,344
Accumulated other comprehensive loss	(26,691)	(34,262)	(34,576)
Total stockholders’ equity	1,237,178	1,114,828	1,054,032
Total liabilities and stockholders’ equity	$ 2,968,049	$ 2,853,228	$ 2,813,863

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jul. 30, 2021	Oct. 31, 2020	Jul. 31, 2020
Stock disclosures
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00	$ 1.00
Preferred stock, issued (in shares)	0	0	0
Preferred stock, outstanding (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00	$ 1.00
Common stock, authorized (in shares)	175,000,000	175,000,000	175,000,000
Common stock, issued (in shares)	106,440,513	107,582,670	107,264,098
Common stock, outstanding (in shares)	106,440,513	107,582,670	107,264,098
Voting preferred stock
Stock disclosures
Preferred stock, authorized (in shares)	1,000,000	1,000,000	1,000,000
Non-voting preferred stock
Stock disclosures
Preferred stock, authorized (in shares)	850,000	850,000	850,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020
Cash flows from operating activities:
Net earnings	$ 349,772	$ 257,505
Adjustments to reconcile net earnings to net cash provided by operating activities:
Non-cash income from finance affiliate	(4,694)	(6,161)
Distributions from finance affiliate, net	5,167	7,729
Depreciation of property, plant and equipment	55,301	55,272
Amortization of other intangible assets	17,493	14,591
Fair value step-up adjustment to acquired inventory	0	3,951
Stock-based compensation expense	16,176	10,322
Deferred income taxes	699	(3,425)
Other	(26)	521
Changes in operating assets and liabilities, net of the effect of acquisitions:
Receivables, net	(42,217)	(17,687)
Inventories, net	(20,080)	18,248
Prepaid expenses and other assets	(1,019)	7,827
Accounts payable, accrued liabilities, and other liabilities	100,563	(42,817)
Net cash provided by operating activities	477,135	305,876
Cash flows from investing activities:
Purchases of property, plant and equipment	(47,961)	(46,627)
Business combinations, net of cash acquired	(14,874)	(138,225)
Asset acquisitions, net of cash acquired	(27,176)	0
Proceeds from asset disposals	588	204
Proceeds from sale of a business	18,732	0
Net cash used in investing activities	(70,691)	(184,648)
Cash flows from financing activities:
Borrowings under debt arrangements	0	636,025
Repayments under debt arrangements	(100,000)	(446,025)
Proceeds from exercise of stock options	12,535	11,939
Payments of withholding taxes for stock awards	(1,875)	(2,102)
Purchases of TTC common stock	(177,152)	0
Dividends paid on TTC common stock	(84,677)	(80,683)
Net cash (used in) provided by financing activities	(351,169)	119,154
Effect of exchange rates on cash and cash equivalents	163	1,931
Net increase in cash and cash equivalents	55,438	242,313
Cash and cash equivalents as of the beginning of the fiscal period	479,892	151,828
Cash and cash equivalents as of the end of the fiscal period	$ 535,330	$ 394,141

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at beginning of period at Oct. 31, 2019	$ 859,578	$ 106,742	$ 784,885	$ (32,049)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(80,683)		(80,683)
Issuance of shares for exercised stock options and vested restricted stock units and performance share awards	9,371	551	8,820
Stock-based compensation expense	10,322		10,322
Contribution of stock to a deferred compensation trust	2,568		2,568
Purchase of common stock	(2,102)	(29)	(2,073)
Other comprehensive income (loss)	(2,527)			(2,527)
Net earnings	257,505		257,505
Balance at end of period at Jul. 31, 2020	1,054,032	107,264	981,344	(34,576)
Balance at beginning of period at May. 01, 2020	984,950	107,111	911,541	(33,702)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(26,939)		(26,939)
Issuance of shares for exercised stock options and vested restricted stock units and performance share awards	3,592	162	3,430
Stock-based compensation expense	4,955		4,955
Purchase of common stock	(620)	(9)	(611)
Other comprehensive income (loss)	(874)			(874)
Net earnings	88,968		88,968
Balance at end of period at Jul. 31, 2020	1,054,032	107,264	981,344	(34,576)
Balance at beginning of period at Oct. 31, 2020	1,114,828	107,583	1,041,507	(34,262)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(84,677)		(84,677)
Issuance of shares for exercised stock options and vested restricted stock units and performance share awards	11,050	588	10,462
Stock-based compensation expense	16,176		16,176
Contribution of stock to a deferred compensation trust	1,485	23	1,462
Purchase of common stock	(179,027)	(1,753)	(177,274)
Other comprehensive income (loss)	7,571			7,571
Net earnings	349,772		349,772
Balance at end of period at Jul. 30, 2021	1,237,178	106,441	1,157,428	(26,691)
Balance at beginning of period at Apr. 30, 2021	1,229,417	107,043	1,151,786	(29,412)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(28,075)		(28,075)
Issuance of shares for exercised stock options and vested restricted stock units and performance share awards	1,670	65	1,605
Stock-based compensation expense	5,831		5,831
Purchase of common stock	(70,706)	(667)	(70,039)
Other comprehensive income (loss)	2,721			2,721
Net earnings	96,320		96,320
Balance at end of period at Jul. 30, 2021	$ 1,237,178	$ 106,441	$ 1,157,428	$ (26,691)

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends paid on common stock (in dollars per share)	$ 0.2625	$ 0.25	$ 0.7875	$ 0.75
Issuance of share-based payment awards (in shares)	64,260	162,488	587,723	550,835
Contribution to a deferred compensation trust (in shares)			22,700
Purchase of shares of common stock (in shares)	666,672	9,206	1,752,579	28,818

Basis of Presentation

9 Months Ended

Jul. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation


1			Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by United States ("U.S.") generally accepted accounting principles ("GAAP") for complete financial statements. Unless the context indicates otherwise, the terms "company," "TTC," "we," "our," or "us" refer to The Toro Company and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated from the unaudited Condensed Consolidated Financial Statements.

In the opinion of management, the unaudited Condensed Consolidated Financial Statements include all adjustments, consisting primarily of recurring accruals, considered necessary for the fair presentation of the company's Consolidated Financial Position, Results of Operations, and Cash Flows for the periods presented. Due to seasonality within the industries in which the company's business operates and the current COVID-19 pandemic, among other factors, operating results for the nine months ended July 30, 2021 cannot be annualized to determine the expected results for the fiscal year ending October 31, 2021.

The company’s fiscal year ends on October 31, and quarterly results are reported based on three-month periods that generally end on the Friday closest to the calendar quarter end. For comparative purposes, however, the company’s second and third quarters always include exactly 13 weeks of results so that the quarter end date for these two quarters is not necessarily the Friday closest to the calendar month end.

For further information regarding the company's basis of presentation, refer to the Consolidated Financial Statements and Notes to Consolidated Financial Statements included in the company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2020. The policies described in that report are used for preparing the company's quarterly reports on Form 10-Q.

Impact of COVID-19 Pandemic

In March 2020, the World Health Organization declared the novel coronavirus ("COVID-19," "virus," or "the pandemic") outbreak a global pandemic. COVID-19 has negatively impacted public health and portions of the global economy, significantly disrupted global supply chains, and created volatility in financial markets. The continuing implications of COVID-19 on the company remain uncertain and will depend on certain future developments, including the duration of the pandemic; any adverse impact due to variants of the virus; its impact on market demand for the company's products; its impact on the company's employees, customers, and suppliers; the range of government mandated restrictions and other measures; and the success of the deployment of approved COVID-19 vaccines, their effectiveness against the novel strain and related variants, and their rate of adoption. This uncertainty could have a material impact on accounting estimates and assumptions utilized to prepare the Condensed Consolidated Financial Statements as of and for the nine months ended July 30, 2021 and in future reporting periods, which could result in a material adverse impact on the company's Consolidated Financial Position, Results of Operations, and Cash Flows.

Accounting Policies and Estimates

In preparing the Condensed Consolidated Financial Statements in conformity with U.S. GAAP, management must make decisions that impact the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures, including disclosures of contingent assets and liabilities. Such decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. Estimates are used in determining, among other items, sales promotion and incentive accruals, incentive compensation accruals, income tax accruals, inventory valuation, warranty accruals, allowances for current expected credit losses, pension accruals, self-insurance accruals, legal accruals, right-of-use assets and lease liabilities, useful lives for tangible and finite-lived intangible assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, and valuations of the assets acquired and liabilities assumed in a business combination, when applicable. These estimates and assumptions are based on management’s best estimates and judgments at the time they are made and are generally derived from management's understanding and analysis of the relevant and current circumstances, historical experience, and actuarial and other independent external third-party specialist valuations, when applicable. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances, including the economic environment. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with certainty, including those impacted by COVID-19, actual amounts could differ significantly from those estimated at the time the Condensed Consolidated Financial Statements are prepared.

New Accounting Pronouncements Adopted

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies the measurement approach for credit losses on financial assets measured on an amortized cost basis from an 'incurred loss' method to an 'expected loss' method. Such modification of the measurement approach for credit losses eliminates the requirement that a credit loss be considered probable, or incurred, to impact the valuation of a financial asset measured on an amortized cost basis. The amended guidance requires the measurement of expected credit losses to be based on relevant information, including historical experience, current conditions, and a reasonable and supportable forecast that affects the collectability of the related financial asset. This amendment affects trade receivables, off-balance-sheet credit exposures, and any other financial assets not excluded from the scope of this amendment that have the contractual right to receive cash. The amended guidance was adopted in the first quarter of fiscal 2021, under the modified retrospective transition method. The adoption of the amended guidance did not have a material impact on the company's Condensed Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amended guidance was adopted in the first quarter of fiscal 2021 and did not have a material impact on the company's Condensed Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans (Topic 715), which modifies the disclosure requirements for defined benefit pension plans and other post-retirement plans. The amended guidance was adopted in the first quarter of fiscal 2021 and did not have a material impact on the company's Condensed Consolidated Financial Statements.

New Accounting Pronouncements Not Yet Adopted

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The amended guidance also clarifies and simplifies other aspects of the accounting for income taxes under accounting standards codification Topic 740, Income Taxes. The amended guidance will become effective for the company in the first quarter of fiscal 2022. Early adoption is permitted. The company is currently evaluating the impact of this new standard on its Condensed Consolidated Financial Statements.

In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), which clarified that before applying or upon discontinuing the equity method of accounting for an investment in equity securities, an entity should consider observable transactions that require it to apply or discontinue the equity method of accounting for the purposes of applying the fair value measurement alternative. The amended guidance will become effective for the company in the first quarter of fiscal 2022. Early adoption is permitted. The company is currently evaluating the impact of this standard on its Condensed Consolidated Financial Statements.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional guidance to ease the potential burden of accounting for reference rate reform due to the cessation of the London Interbank Offered Rate, commonly referred to as "LIBOR." The temporary guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, relationships, and transactions affected by reference rate reform if certain criteria are met. The provisions of the temporary optional guidance are only available until December 31, 2022, when the reference rate reform activity is expected to be substantially complete. When adopted, entities may apply the provisions as of the beginning of the reporting period when the election is made. The company is currently evaluating the impact of this standard on its Condensed Consolidated Financial Statements and has yet to elect an adoption date.

The company believes that all other recently issued accounting pronouncements from the FASB that the company has not noted above, will not have a material impact on its Condensed Consolidated Financial Statements or do not apply to its operations.

Business Combination and Assets Acquisitions

9 Months Ended

Jul. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Business Combination and Asset Acquisitions


2			Business Combination and Asset Acquisitions

Venture Products, Inc. ("Venture Products")

On March 2, 2020, the company completed its acquisition of Venture Products, the manufacturer of Ventrac-branded products. Venture Products designs, manufactures, markets, and sells articulating turf, landscape, and snow and ice management equipment for grounds, landscape contractor, golf, municipal, and rural acreage customers and provides innovative product

offerings that broadened and strengthened the company's Professional segment and expanded its dealer network. On the closing date of the acquisition, the company paid preliminary merger consideration of $165.9 million, which consisted of a cash payment of $136.4 million ("initial cash payment") and a $29.5 million holdback to satisfy any indemnification or certain other obligations of Venture Products to the company. The preliminary merger consideration was subject to certain customary adjustments, which were finalized during the third quarter of fiscal 2020 and resulted in an aggregate merger consideration of $163.2 million and at such time, $4.5 million of the holdback set aside for such customary adjustments was released accordingly. During the second quarter of fiscal 2021, $14.9 million of the remaining holdback was released and the remaining holdback of $10.0 million is expected to expire during the fourth quarter of fiscal 2021. As of the closing date of the acquisition, the company funded the initial cash payment with borrowings under its unsecured senior revolving credit facility.

The company accounted for the acquisition in accordance with the accounting standards codification guidance for business combinations, whereby the purchase price was allocated to the acquired net tangible and intangible assets of Venture Products based on their fair values as of the closing date of the acquisition. Such fair values were based on internal company and independent external third-party valuations. The following table summarizes the allocation of the purchase price to the fair values assigned to the Venture Products assets acquired and liabilities assumed:


(Dollars in thousands)	March 2, 2020
Cash and cash equivalents	$	3,476
Receivables	6,342
Inventories	23,000
Prepaid expenses and other current assets	239
Property, plant and equipment	26,976
Goodwill	61,225
Other intangible assets:
Finite-lived customer-related	19,100
Indefinite-lived trade name	56,200
Accounts payable	(4,075)
Accrued liabilities	(5,196)
Deferred income tax liabilities	(20,586)
Total fair value of net assets acquired	166,701
Less: cash and cash equivalents acquired	(3,476)
Total purchase price	$	163,225

The goodwill recognized is primarily attributable to the value of the workforce, the reputation of Venture Products, expected future cash flows, and expected synergies, including customer and dealer growth opportunities and integrating and expanding existing product lines. Key areas of expected cost synergies include increased purchasing power for commodities, components, parts, and accessories, and supply chain consolidation. The goodwill resulting from the Venture Products acquisition was recognized within the company's Professional segment and is non-deductible for tax purposes. During the first quarter of fiscal 2021, the company completed its valuation of income taxes to finalize the purchase price allocation, which resulted in a decrease to the carrying amount of goodwill of $1.0 million from the amounts reported within the company's Annual Report on Form 10-K for the fiscal year ended October 31, 2020. Such purchase accounting adjustment did not impact the company's Condensed Consolidated Statements of Earnings for the three and nine month periods ended July 30, 2021.

The allocation of the purchase price to the net assets acquired resulted in the recognition of $75.3 million of other intangible assets as of the closing date of the acquisition. The fair values of the acquired trade name and customer-related intangible assets were determined using the income approach whereby an intangible asset's fair value is equal to the present value of future economic benefits to be derived from ownership of the asset. The useful lives of the other intangible assets were determined based on the period of expected cash flows used to measure the fair value of the intangible assets adjusted as appropriate for entity-specific factors including legal, regulatory, contractual, competitive, economic, and/or other factors that may limit the useful life of the respective intangible asset. The fair value of the indefinite-lived trade name was determined using the relief from royalty method, which is based on the hypothetical royalty stream that would be received if the company were to license the trade name and was based on expected future revenues. The fair value of the customer-related intangible asset was determined using the excess earnings method and was based on the expected operating cash flows attributable to the customer-related intangible asset, which was determined by deducting expected economic costs, including operating expenses and contributory asset charges, from the revenue expected to be generated from the customer-related intangible asset. As of the closing date of the acquisition, the weighted-average useful life of the customer-related intangible asset was determined to be 16.0 years.

Asset Acquisitions

Effective November 4, 2020, during the first quarter of fiscal 2021, the company completed the acquisition of Turflynx, Lda, a developer of innovative autonomous solutions for turf management and effective March 1, 2021, during the second quarter of fiscal 2021, the company completed the acquisition of Left Hand Robotics, Inc., a developer of innovative autonomous solutions for turf and snow management. These acquisitions complement and support the development of alternative power, smart-connected, and autonomous products within the company's Professional and Residential segments. Neither of these acquisitions met the definition of a business combination as substantially all of the fair value of the gross assets acquired in each acquisition was concentrated in the respective finite-lived developed technology other intangible asset and as a result, the company accounted for each of these transactions as an asset acquisition. In an asset acquisition, goodwill is not recognized, but rather, any excess purchase consideration over the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net assets as of the acquisition date and any direct acquisition-related transaction costs are capitalized as part of the purchase consideration. These asset acquisitions were immaterial in relation to the company's Consolidated Financial Condition and Results of Operations and as a result, additional purchase accounting disclosures have been omitted.

Segment Data

9 Months Ended

Jul. 30, 2021

Segment Reporting [Abstract]

Segment Data


3			Segment Data

The company's businesses are organized, managed, and internally grouped into segments based on similarities in products and services. Segment selection is based on the manner in which management organizes segments for making operating and investment decisions and assessing performance. The company has identified eleven operating segments and has aggregated certain of those segments into two reportable segments: Professional and Residential. The aggregation of the company's segments is based on the segments having the following similarities: economic characteristics, types of products and services, types of production processes, type or class of customers, and method of distribution. The company's remaining activities are presented as "Other" due to their insignificance. As further described in Note 7, Divestiture, during the first quarter of fiscal 2021, the company completed the sale of its Northeastern U.S. distribution company. As a result, for the three and nine month periods ended July 30, 2021, the company's Other activities consisted of the company's wholly-owned domestic distribution company, the company's corporate activities, and the elimination of intersegment revenues and expenses. For the three and nine month periods ended July 31, 2020, the company's Other activities consisted of the company's wholly-owned domestic distribution companies, the company's corporate activities, and the elimination of intersegment revenues and expenses.

The following tables present summarized financial information concerning the company’s reportable segments and Other activities (in thousands):


Three Months Ended July 30, 2021	Professional		Residential		Other		Total
Net sales	$	718,477	$	252,117	$	6,242	$	976,836
Intersegment gross sales (eliminations)	8,241		13		(8,254)		—
Earnings (loss) before income taxes	$	122,331	$	31,548	$	(36,428)	$	117,451


Nine Months Ended July 30, 2021	Professional		Residential		Other		Total
Net sales	$	2,197,058	$	784,852	$	17,019	$	2,998,929
Intersegment gross sales (eliminations)	24,034		39		(24,073)		—
Earnings (loss) before income taxes	406,279		109,642		(85,401)		430,520
Total assets	$	1,949,681	$	327,064	$	691,304	$	2,968,049


Three Months Ended July 31, 2020	Professional		Residential		Other		Total
Net sales	$	623,615	$	204,961	$	12,396	$	840,972
Intersegment gross sales (eliminations)	12,738		23		(12,761)		—
Earnings (loss) before income taxes	$	113,652	$	28,545	$	(31,204)	$	110,993


Nine Months Ended July 31, 2020	Professional		Residential		Other		Total
Net sales	$	1,879,423	$	632,807	$	25,623	$	2,537,853
Intersegment gross sales (eliminations)	38,151		84		(38,235)		—
Earnings (loss) before income taxes	322,385		87,233		(91,115)		318,503
Total assets	$	1,967,882	$	268,562	$	577,419	$	2,813,863

The following table presents the details of operating loss before income taxes for the company's Other activities:


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Corporate expenses	$	(33,797)	$	(29,078)	$	(78,814)	$	(76,961)
Interest expense	(7,016)		(8,304)		(21,662)		(25,119)
Earnings from wholly-owned domestic distribution companies and other income, net	4,385		6,178		15,075		10,965
Total operating loss	$	(36,428)	$	(31,204)	$	(85,401)	$	(91,115)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Revenue

9 Months Ended

Jul. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue


4			Revenue

The following tables disaggregate the company's reportable segment net sales by major product type and geographic market (in thousands):


Three Months Ended July 30, 2021	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	609,022	$	247,152	$	3,164	$	859,338
Irrigation	109,455		4,965		3,078		117,498
Total net sales	$	718,477	$	252,117	$	6,242	$	976,836

Revenue by geographic market:
United States	$	559,907	$	219,022	$	6,242	$	785,171
International Countries	158,570		33,095		—		191,665
Total net sales	$	718,477	$	252,117	$	6,242	$	976,836


Nine Months Ended July 30, 2021	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	1,891,138	$	761,724	$	11,436	$	2,664,298
Irrigation	305,920		23,128		5,583		334,631
Total net sales	$	2,197,058	$	784,852	$	17,019	$	2,998,929

Revenue by geographic market:
United States	$	1,681,972	$	661,017	$	17,019	$	2,360,008
International Countries	515,086		123,835		—		638,921
Total net sales	$	2,197,058	$	784,852	$	17,019	$	2,998,929


Three Months Ended July 31, 2020	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	525,285	$	199,012	$	7,029	$	731,326
Irrigation	98,330		5,949		5,367		109,646
Total net sales	$	623,615	$	204,961	$	12,396	$	840,972

Revenue by geographic market:
United States	$	500,828	$	177,734	$	12,396	$	690,958
International Countries	122,787		27,227		—		150,014
Total net sales	$	623,615	$	204,961	$	12,396	$	840,972


Nine Months Ended July 31, 2020	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	1,618,337	$	608,870	$	16,389	$	2,243,596
Irrigation	261,086		23,937		9,234		294,257
Total net sales	$	1,879,423	$	632,807	$	25,623	$	2,537,853

Revenue by geographic market:
United States	$	1,464,393	$	539,836	$	25,623	$	2,029,852
International Countries	415,030		92,971		—		508,001
Total net sales	$	1,879,423	$	632,807	$	25,623	$	2,537,853

Contract Liabilities

Contract liabilities relate to deferred revenue recognized for cash consideration received at contract inception in advance of the company's performance under the respective contract and generally relate to the sale of separately priced extended warranty contracts, service contracts, and non-refundable customer deposits. The company recognizes revenue over the term of the contract in proportion to the costs expected to be incurred in satisfying the performance obligations under the separately priced extended warranty and service contracts. For non-refundable customer deposits, the company recognizes revenue as of the point in time in which the performance obligation has been satisfied under the contract with the customer, which typically occurs upon change in control at the time a product is shipped. As of July 30, 2021 and October 31, 2020, $24.6 million and $21.9 million, respectively, of deferred revenue associated with outstanding separately priced extended warranty contracts, service contracts, and non-refundable customer deposits was reported within accrued liabilities and other long-term liabilities in the Condensed Consolidated Balance Sheets. For the three and nine months ended July 30, 2021, the company recognized $3.1 million and $8.0 million, respectively, of the October 31, 2020 deferred revenue balance within net sales in the Condensed Consolidated Statements of Earnings. The company expects to recognize approximately $2.0 million of the October 31, 2020 deferred revenue amount within net sales throughout the remainder of fiscal 2021, $6.9 million in fiscal 2022, and $5.0 million thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets, Net

9 Months Ended

Jul. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net


5			Goodwill and Other Intangible Assets, Net

Goodwill

The changes in the carrying amount of goodwill by reportable segment for the first nine months of fiscal 2021 were as follows:


(Dollars in thousands)	Professional		Residential		Other		Total
Balance as of October 31, 2020	$	412,061	$	10,480	$	1,534	$	424,075

Purchase price allocation adjustment	(1,027)		—		—		(1,027)
Goodwill divested	—		—		(1,534)		(1,534)
Translation adjustments	311		133		—		444
Balance as of July 30, 2021	$	411,345	$	10,613	$	—	$	421,958

Other Intangible Assets, Net

The components of other intangible assets, net as of July 30, 2021, July 31, 2020, and October 31, 2020 were as follows (in thousands):


July 30, 2021	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,275	$	(14,482)	$	3,793
Non-compete agreements	5.5	6,908		(6,861)		47
Customer-related	18.2	239,762		(59,017)		180,745
Developed technology	7.0	87,512		(40,943)		46,569
Trade names	15.3	7,544		(2,882)		4,662
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	14.6	364,391		(128,575)		235,816
Indefinite-lived - trade names		190,681		—		190,681
Total other intangible assets, net		$	555,072	$	(128,575)	$	426,497


July 31, 2020	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,232	$	(13,697)	$	4,535
Non-compete agreements	5.5	6,871		(6,804)		67
Customer-related	18.2	239,661		(44,368)		195,293
Developed technology	7.6	51,999		(34,232)		17,767
Trade names	15.3	7,540		(2,453)		5,087
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	15.5	328,693		(105,944)		222,749
Indefinite-lived - trade names		190,521		—		190,521
Total other intangible assets, net		$	519,214	$	(105,944)	$	413,270


October 31, 2020	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,257	$	(13,919)	$	4,338
Non-compete agreements	5.5	6,892		(6,831)		61
Customer-related	18.2	239,634		(48,005)		191,629
Developed technology	7.6	51,995		(35,208)		16,787
Trade names	15.4	7,530		(2,552)		4,978
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	15.5	328,698		(110,905)		217,793
Indefinite-lived - trade names		190,512		—		190,512
Total other intangible assets, net		$	519,210	$	(110,905)	$	408,305

For the three and nine months ended July 30, 2021, amortization expense for finite-lived intangible assets was $6.4 million and $17.5 million, respectively. For the three and nine months ended July 31, 2020, amortization expense for finite-lived intangible assets was $5.0 million and $14.6 million, respectively. Estimated amortization expense for the remainder of fiscal 2021 and succeeding fiscal years is as follows: fiscal 2021 (remainder), $6.4 million; fiscal 2022, $24.2 million; fiscal 2023, $22.4 million; fiscal 2024, $21.4 million; fiscal 2025, $19.8 million; fiscal 2026, $19.0 million; and after fiscal 2026, $122.6 million.

Indebtedness

9 Months Ended

Jul. 30, 2021

Debt Disclosure [Abstract]

Indebtedness


6			Indebtedness

The following is a summary of the company's indebtedness:


(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
$600 million revolving credit facility, due June 2023	$	—	$	—	$	—
$200 million term loan, due April 2022	100,000		100,000		100,000
$300 million term loan, due April 2024	170,000		180,000		180,000
$190 million term loan, due June 2023	—		190,000		90,000
3.81% series A senior notes, due June 2029	100,000		100,000		100,000
3.91% series B senior notes, due June 2031	100,000		100,000		100,000
7.8% debentures, due June 2027	100,000		100,000		100,000
6.625% senior notes, due May 2037	124,024		123,962		123,978
Less: unamortized discounts, debt issuance costs, and deferred charges	2,462		3,057		2,855
Total long-term debt	691,562		890,905		791,123
Less: current portion of long-term debt	104,217		108,869		99,873
Long-term debt, less current portion	$	587,345	$	782,036	$	691,250

Principal payments required on the company's outstanding indebtedness, based on the maturity dates defined within the company's debt arrangements, for the remainder of fiscal 2021 and succeeding fiscal years are as follows: fiscal 2021 (remainder), $0.0 million; fiscal 2022, $108.5 million; fiscal 2023, $17.0 million; fiscal 2024, $144.5 million; fiscal 2025, $0.0 million; fiscal 2026, $0.0 million; and after fiscal 2026, $425.0 million. As of July 30, 2021, the company reclassified the remaining $100.0 million outstanding balance under the $200.0 million three-year unsecured senior term loan facility, net of the

related proportionate share of deferred debt issuance costs, to current portion of long-term debt within the Condensed Consolidated Balance Sheets as the maturity date of the $200.0 million three-year unsecured senior term loan facility is April 1, 2022 and is within the next twelve months. Additionally, as of July 30, 2021, the company reclassified $4.2 million of the outstanding balance under the $300.0 million five-year unsecured senior term loan facility, net of the related proportionate share of deferred debt issuance costs, to current portion of long-term debt within the Condensed Consolidated Balance Sheets as the company is required to begin making quarterly amortization payments on the $300.0 million five-year unsecured senior term loan facility within the next twelve months. During the first nine months of fiscal 2021, the company prepaid the remaining $90.0 million of outstanding borrowings under the $190.0 million three-year unsecured senior term loan facility and prepaid $10.0 million of the remaining outstanding borrowings under the $300.0 million five-year unsecured senior term loan facility.

Divestiture

9 Months Ended

Jul. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Divestiture


7			Divestiture

On November 2, 2020, in the first quarter of fiscal 2021, the company completed the sale of its Northeastern U.S. distribution company. The divestiture was not material based on the company's Consolidated Financial Condition and Results of Operations.

Inventories, Net

9 Months Ended

Jul. 30, 2021

Inventory Disclosure [Abstract]

Inventories, Net


8			Inventories, Net

Inventories are valued at the lower of cost or net realizable value, with cost determined by the first-in, first-out ("FIFO") and average cost methods for a majority of the company's inventories. All remaining inventories are valued at the lower of cost or market, with cost determined under the last-in, first-out ("LIFO") method. The company records an inventory valuation adjustment for excess, slow-moving, and obsolete inventory that is equal to the excess of the cost of the inventory over the estimated net realizable value or market value for the inventory depending on the inventory costing method. Such inventory valuation adjustment is based on a review and comparison of current inventory levels to planned production, as well as planned and historical sales of the inventory. The inventory valuation adjustment to net realizable value or market value establishes a new cost basis of the inventory that cannot be subsequently reversed.

Inventories, net were as follows:


(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
Raw materials and work in process	$	280,774	$	197,439	$	168,759
Finished goods and service parts	466,961		540,840		565,761
Total FIFO and average cost value	747,735		738,279		734,520
Less: adjustment to LIFO value	82,087		82,071		82,087
Total inventories, net	$	665,648	$	656,208	$	652,433

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

Product Warranty Guarantees

9 Months Ended

Jul. 30, 2021

Product Warranties Disclosures [Abstract]

Product Warranty Guarantees


10			Product Warranty Guarantees

The company’s products are warranted to provide assurance that the product will function as expected and to ensure customer confidence in design, workmanship, and overall quality. Standard warranty coverage is generally provided for specified periods of time and on select products’ hours of usage, and generally covers parts, labor, and other expenses for non-maintenance repairs. In addition to the standard warranties offered by the company on its products, the company also sells separately priced extended warranty coverage on select products for a prescribed period after the original warranty period expires. For additional information on the contract liabilities associated with the company's separately priced extended warranties, refer to Note 4, Revenue.

The company recognizes expense and provides an accrual for estimated future warranty costs at the time of sale and also establishes accruals for major rework campaigns. Warranty accruals are based primarily on the estimated number of products under warranty, historical average costs incurred to service warranty claims, the trend in the historical ratio of claims to sales, and the historical length of time between the sale and resulting warranty claim. The company periodically assesses the adequacy of its warranty accruals based on changes in these factors and records any necessary adjustments if actual claims experience indicates that adjustments are necessary. The changes in accrued warranties were as follows:


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Beginning balance	$	119,389	$	102,884	$	107,121	$	96,604
Provisions	17,686		15,186		56,204		46,289
Acquisitions	—		—		—		2,557
Claims	(20,300)		(16,800)		(51,104)		(48,430)
Changes in estimates	377		226		4,931		4,476
Ending balance	$	117,152	$	101,496	$	117,152	$	101,496

Investment in Finance Affiliate

9 Months Ended

Jul. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment in Finance Affiliate


11			Investment in Finance Affiliate

The company and TCF Inventory Finance, Inc. ("TCFIF"), a subsidiary of The Huntington National Bank, are parties to the Red Iron joint venture ("Red Iron"), which was established primarily to provide inventory financing to certain distributors and dealers of certain of the company’s products in the U.S. These financing transactions are structured as an advance in the form of a payment by Red Iron to the company on behalf of a distributor or dealer with respect to invoices financed by Red Iron. These payments extinguish the obligation of the dealer or distributor to make payment to the company under the terms of the applicable invoice. The company has also entered into a limited inventory repurchase agreement with Red Iron, under which the company has agreed to repurchase certain repossessed products, up to a maximum aggregate amount of $7.5 million in a calendar year. The company's financial exposure under this limited inventory repurchase agreement is limited to the difference between the amount paid for repurchases of repossessed product and the amount received upon the subsequent resale of the repossessed product. The company has repurchased immaterial amounts of inventory under this limited inventory repurchase agreement for the nine months ended July 30, 2021 and July 31, 2020.

Under separate agreements between Red Iron and the dealers and distributors, Red Iron provides loans to the dealers and distributors for the advances paid by Red Iron to the company. The net amount of receivables financed for dealers and distributors under this arrangement for the nine months ended July 30, 2021 and July 31, 2020 were $1,733.0 million and $1,374.3 million, respectively. As of July 30, 2021, Red Iron’s total assets were $387.6 million and total liabilities were $344.8

million. The total amount of receivables due from Red Iron to the company as of July 30, 2021, July 31, 2020, and October 31, 2020 were $13.8 million, $21.0 million and $12.6 million, respectively.

The company owns 45 percent of Red Iron and TCFIF owns 55 percent of Red Iron. The company accounts for its investment in Red Iron under the equity method of accounting. At inception, the company and TCFIF each contributed a specified amount of the estimated cash required to enable Red Iron to purchase the company’s inventory financing receivables and to provide financial support for Red Iron’s inventory financing programs. Red Iron borrows the remaining requisite estimated cash utilizing a $625.0 million secured revolving credit facility established under a credit agreement between Red Iron and TCFIF. The company’s total investment in Red Iron as of July 30, 2021, July 31, 2020, and October 31, 2020 was $19.3 million, $22.6 million, and $19.7 million, respectively. The company has not guaranteed the outstanding indebtedness of Red Iron.

Stock-Based Compensation

9 Months Ended

Jul. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation


12			Stock-Based Compensation

Compensation costs related to stock-based compensation awards were as follows:


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Stock option awards	$	2,614	$	2,483	$	7,271	$	6,577
Performance share awards	2,184		1,665		5,205		327
Restricted stock unit awards	1,033		807		3,029		2,725
Unrestricted common stock awards	—		—		671		693
Total compensation cost for stock-based compensation awards	$	5,831	$	4,955	$	16,176	$	10,322

Stock Option Awards

Under The Toro Company Amended and Restated 2010 Equity and Incentive Plan, as amended and restated (the "2010 plan"), stock options are granted with an exercise price equal to the closing price of the company’s common stock on the date of grant, as reported by the New York Stock Exchange. Options are generally granted to executive officers, other employees, and non-employee members of the company’s Board of Directors ("Board") on an annual basis in the first quarter of the company’s fiscal year. Compensation cost equal to the grant date fair value is generally recognized for these awards over the vesting period. Compensation cost recognized for other employees not considered executive officers and non-employee Board members is net of estimated forfeitures, which are determined at the time of grant based on historical forfeiture experience.

The fair value of each stock option is estimated on the date of grant using the Black-Scholes valuation method with the assumptions noted in the table below. The expected life is a significant assumption as it determines the period for which the risk-free interest rate, stock price volatility, and dividend yield must be applied. The expected life is the average length of time in which executive officers, other employees, and non-employee Board members are expected to exercise their stock options, which is primarily based on historical exercise experience. The company groups executive officers and non-employee Board members for valuation purposes based on similar historical exercise behavior. Expected stock price volatility is based on the daily movement of the company’s common stock over the most recent historical period equivalent to the expected life of the option. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate over the expected life at the time of grant. The expected dividend yield is estimated over the expected life based on the company’s historical cash dividends paid, expected future cash dividends and dividend yield, and expected changes in the company’s stock price.

The table below illustrates the weighted-average valuation assumptions for options granted in the first nine months of the following fiscal periods:


	Fiscal 2021	Fiscal 2020
Expected life of option in years	6.21	6.31
Expected stock price volatility	23.26%	19.53%
Risk-free interest rate	0.55%	1.73%
Expected dividend yield	0.86%	0.99%
Per share weighted-average fair value at date of grant	$19.39	$15.23

Performance Share Awards

Under the 2010 plan, the company grants performance share awards to executive officers and other employees under which they are entitled to receive shares of the company’s common stock contingent on the achievement of performance goals of the company, which are generally measured over a three-year period. The number of shares of common stock a participant receives can be increased (up to 200 percent of target levels) or reduced (down to zero) based on the level of achievement of

performance goals and will vest at the end of a three-year period. Performance share awards are generally granted on an annual basis in the first quarter of the company’s fiscal year. Compensation cost is recognized for these awards on a straight-line basis over the vesting period based on the per share fair value, which is equal to the closing price of the company's common stock on the date of grant, and the probability of achieving each performance goal. The per share weighted-average fair value of performance share awards granted during the first quarter of fiscal 2021 and 2020 was $90.59 and $77.33, respectively. No performance share awards were granted during the second or third quarter of fiscal 2021 and 2020.

Restricted Stock Unit Awards

Under the 2010 plan, restricted stock unit awards are generally granted to certain employees that are not executive officers. Occasionally, restricted stock unit awards may be granted, including to executive officers, in connection with hiring, mid-year promotions, leadership transition, or retention. Compensation cost equal to the grant date fair value, net of estimated forfeitures, is recognized for these awards over the vesting period. The grant date fair value is equal to the closing price of the company's common stock on the date of grant multiplied by the number of shares subject to the restricted stock unit awards and estimated forfeitures are determined on the grant date based on historical forfeiture experience. The per share weighted-average fair value of restricted stock unit awards granted during the first nine months of fiscal 2021 and 2020 was $97.84 and $74.43, respectively.

Unrestricted Common Stock Awards

During the first quarter of fiscal 2021 and 2020, 8,070 and 8,920 shares, respectively, of fully vested unrestricted common stock awards were granted to certain Board members as a component of their compensation for their service on the Board and were recorded within selling, general and administrative expense in the Condensed Consolidated Statements of Earnings. No shares of fully vested unrestricted common stock awards were granted during the second or third quarter of fiscal 2021 and 2020.

Stockholders' Equity

9 Months Ended

Jul. 30, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity


13			Stockholders' Equity

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss ("AOCL"), net of tax, within the Condensed Consolidated Statements of Stockholders' Equity were as follows:


(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
Foreign currency translation adjustments	$	17,823	$	22,905	$	24,508
Pension benefits	5,106		3,949		5,106
Cash flow derivative instruments	3,762		7,722		4,648
Total accumulated other comprehensive loss	$	26,691	$	34,576	$	34,262

The components and activity of AOCL, net of tax, for the three and nine month periods ended July 30, 2021 and July 31, 2020 were as follows:


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of April 30, 2021	$	12,509	$	5,106	$	11,797	$	29,412
Other comprehensive (income) loss before reclassifications	5,314		—		(11,117)		(5,803)
Amounts reclassified from AOCL	—		—		3,082		3,082
Net current period other comprehensive (income) loss	5,314		—		(8,035)		(2,721)
Balance as of July 30, 2021	$	17,823	$	5,106	$	3,762	$	26,691


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2020	$	24,508	$	5,106	$	4,648	$	34,262
Other comprehensive income before reclassifications	(6,685)		—		(10,151)		(16,836)
Amounts reclassified from AOCL	—		—		9,265		9,265
Net current period other comprehensive income	(6,685)		—		(886)		(7,571)
Balance as of July 30, 2021	$	17,823	$	5,106	$	3,762	$	26,691


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of May 1, 2020	$	36,916	$	3,949	$	(7,163)	$	33,702
Other comprehensive (income) loss before reclassifications	(14,011)		—		16,838		2,827
Amounts reclassified from AOCL	—		—		(1,953)		(1,953)
Net current period other comprehensive (income) loss	(14,011)		—		14,885		874
Balance as of July 31, 2020	$	22,905	$	3,949	$	7,722	$	34,576


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2019	$	31,025	$	4,861	$	(3,837)	$	32,049
Other comprehensive (income) loss before reclassifications	(8,120)		—		17,529		9,409
Amounts reclassified from AOCL	—		(912)		(5,970)		(6,882)
Net current period other comprehensive (income) loss	(8,120)		(912)		11,559		2,527
Balance as of July 31, 2020	$	22,905	$	3,949	$	7,722	$	34,576

For additional information on the components reclassified from AOCL to the respective line items in net earnings for derivative instruments refer to Note 17, Derivative Instruments and Hedging Activities.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Per Share Data

9 Months Ended

Jul. 30, 2021

Earnings Per Share [Abstract]

Per Share Data


14			Per Share Data

Reconciliations of basic and diluted weighted-average number of shares of common stock outstanding were as follows:


	Three Months Ended		Nine Months Ended
(Shares in thousands)	July 30, 2021	July 31, 2020	July 30, 2021	July 31, 2020
Basic
Weighted-average number of shares of common stock	107,130	107,710	107,661	107,547
Assumed issuance of contingent shares	—	—	6	14
Weighted-average number of shares of common stock outstanding - Basic	107,130	107,710	107,667	107,561

Diluted
Weighted-average number of shares of common stock outstanding - Basic	107,130	107,710	107,667	107,561
Effect of dilutive shares	1,233	833	1,151	1,008
Weighted-average number of shares of common stock outstanding - Diluted	108,363	108,543	108,818	108,569

The effect of dilutive shares from stock option awards and restricted stock unit awards is computed under the treasury stock method. Stock option awards to purchase 2,109 and 635,002 shares of common stock during the third quarter of fiscal 2021 and 2020, respectively, were excluded from the computation of diluted net earnings per share of common stock because they were anti-dilutive. Stock option awards to purchase 425,748 and 493,723 shares of common stock during the first nine months of fiscal 2021 and 2020, respectively, were excluded from the computation of diluted net earnings per share of common stock because they were anti-dilutive.

Contingencies

9 Months Ended

Jul. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Contingencies


15			Contingencies

Litigation

From time to time, the company is party to litigation in the ordinary course of business. Such matters are generally subject to uncertainties and to outcomes that are not predictable with assurance and that may not be known for extended periods of time. Litigation occasionally involves claims for punitive, as well as compensatory, damages arising out of the use of the company’s products. Although the company is self-insured to some extent, the company maintains insurance against certain product liability losses. The company is also subject to litigation and administrative and judicial proceedings with respect to claims involving asbestos and the discharge of hazardous substances into the environment. Some of these claims assert damages and liability for personal injury, remedial investigations or clean up and other costs and damages. The company is also occasionally

involved in commercial disputes, employment disputes, and patent litigation cases in which it is asserting or defending against patent infringement claims. To prevent possible infringement of the company’s patents by others, the company periodically reviews competitors’ products. To avoid potential liability with respect to others’ patents, the company reviews certain patents issued by the U.S. Patent and Trademark Office and foreign patent offices. The company believes these activities help minimize its risk of being a defendant in patent infringement litigation.

The company records a liability in its Condensed Consolidated Financial Statements for costs related to claims, including future legal costs, settlements, and judgments, where the company has assessed that a loss is probable and an amount can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. The company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred. In the opinion of management, the amount of liability, if any, with respect to these matters, individually or in the aggregate, will not materially affect its Consolidated Results of Operations, Financial Position, or Cash Flows.

In situations where the company receives, or expects to receive, a favorable ruling related to a litigation settlement, the company follows the accounting standards codification guidance for gain contingencies. The company does not allow for the recognition of a gain contingency within its Condensed Consolidated Financial Statements prior to the settlement of the underlying events or contingencies associated with the gain contingency. As a result, the consideration related to a gain contingency is recorded in the Condensed Consolidated Financial Statements during the period in which all underlying events or contingencies are resolved and the gain is realized.

Litigation Settlement

On November 19, 2020, Exmark Manufacturing Company Incorporated ("Exmark"), a wholly-owned subsidiary of the company, and Briggs & Stratton Corporation (“BGG”) entered into a settlement agreement (“Settlement Agreement”) relating to the decade-long patent infringement litigation that Exmark originally filed in May 2010 against Briggs & Stratton Power Products Group, LLC (“BSPPG”), a former wholly-owned subsidiary of BGG (Case No. 8:10CV187, U.S. District Court for the District of Nebraska) (the “Infringement Action”). In the Infringement Action, Exmark alleged that certain mower decks manufactured by BSPPG infringed an Exmark mower deck patent. Despite favorable judgments in the Infringement Action in favor of Exmark, including with regard to awarded damages, actions by BGG during the second half of calendar year 2020 put in jeopardy the certainty and timing of the eventual receipt of the damages awarded to Exmark in the Infringement Action, including (i) the filing by BGG and certain of its subsidiaries for bankruptcy relief under chapter 11 of title 11 of the United States Bankruptcy Code (“BGG Bankruptcy”); (ii) the sale of substantially all the assets (but not certain liabilities, including the Infringement Action) of BGG and its subsidiaries to a third-party pursuant to Section 363 of the United States Bankruptcy Code; and (iii) a petition filed by BGG for a panel rehearing of the United States Court of Appeals for the Federal Circuit's decision in the Infringement Action (“Rehearing Petition”).

As a result, on November 19, 2020, Exmark entered into the Settlement Agreement with BGG which provided, among other things, that (i) upon approval by the bankruptcy court, and such approval becoming final and nonappealable, BGG agreed to pay Exmark $33.65 million (“Settlement Amount”), (ii) BGG agreed to immediately withdraw the Rehearing Petition and otherwise not pursue additional appellate review regarding the Infringement Action, and (iii) after receipt of the Settlement Amount, Exmark agreed to release a supersedeas appeal bond that had been obtained by BGG to support payment of the damages awarded to Exmark in the Infringement Action. On November 20, 2020, BGG filed a motion to withdraw the Rehearing Petition and on December 16, 2020, the bankruptcy court approved the Settlement Agreement. During January 2021, the first quarter of fiscal 2021, the Settlement Amount was received by Exmark in connection with the settlement of the Infringement Action and at such time, the underlying events and contingencies associated with the gain contingency related to the Infringement Action were satisfied. As such, the company recognized in selling, general and administrative expense within the Condensed Consolidated Statements of Earnings during the first quarter of fiscal 2021 (i) the gain associated with the Infringement Action and (ii) a corresponding expense related to the contingent fee arrangement with the company's external legal counsel customary in patent infringement cases equal to approximately 50 percent of the Settlement Amount.

Leases

9 Months Ended

Jul. 30, 2021

Leases [Abstract]

Leases


16			Leases

The company enters into contracts that are, or contain, operating lease agreements for certain property, plant, or equipment assets utilized in the normal course of business, such as buildings for manufacturing facilities, office space, distribution centers, and warehouse facilities; land for product testing sites; machinery and equipment for research and development activities, manufacturing and assembly processes, and administrative tasks; and vehicles for sales, service, marketing, and distribution activities. Contracts that explicitly or implicitly relate to property, plant, and equipment are assessed at inception to determine if the contract is, or contains, a lease. Such contracts for operating lease agreements convey the company's right to direct the use of, and obtain substantially all of the economic benefits from, an identified asset for a defined period of time in exchange for consideration. The lease term begins and is determined upon lease commencement, which is the point in time when the company takes possession of the identified asset, and generally includes all non-cancelable periods. Lease expense for the company's operating leases is recognized on a straight-line basis over the lease term and is recorded within cost of sales or selling, general and administrative expense within the Condensed Consolidated Statements of Earnings as dictated by the nature and use of the underlying asset. The company does not recognize right-of-use assets and lease liabilities, but does recognize expense on a straight-line basis, for short-term operating leases which have a lease term of 12 months or less and do not include an option to purchase the underlying asset.

Lease payments are determined at lease commencement and generally represent fixed lease payments as defined within the respective lease agreement or, in the case of certain lease agreements, variable lease payments that are measured as of the lease commencement date based on the prevailing index or market rate. Future adjustments to variable lease payments are defined and scheduled within the respective lease agreement and are determined based upon the prevailing market or index rate at the time of the adjustment relative to the market or index rate determined at lease commencement. Certain other lease agreements contain variable lease payments that are determined based upon actual utilization of the identified asset. Such future adjustments to variable lease payments and variable lease payments based upon actual utilization of the identified asset are not included within the determination of lease payments at commencement but rather, are recorded as variable lease expense in the period in which the variable lease cost is incurred.

Right-of-use assets represent the company's right to use an underlying asset throughout the lease term and lease liabilities represent the company's obligation to make lease payments arising from the lease agreement. The company accounts for operating lease liabilities at lease commencement and on an ongoing basis as the present value of the minimum remaining lease payments under the respective lease term. Minimum remaining lease payments are generally discounted to present value based the estimated incremental borrowing rate at lease commencement as the rate implicit in the lease is generally not readily determinable. Right-of-use assets are measured as the amount of the corresponding operating lease liability for the respective operating lease agreement, adjusted for prepaid or accrued lease payments, the remaining balance of any lease incentives received, unamortized initial direct costs, and impairment of the operating lease right-of-use asset, as applicable.

The following table presents the lease expense incurred on the company’s operating, short-term, and variable leases:


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Operating lease expense	$	4,397	$	4,036	$	14,488	$	14,253
Short-term lease expense	256		876		1,693		2,204
Variable lease expense	22		20		72		116
Total lease expense	$	4,675	$	4,932	$	16,253	$	16,573

The following table presents supplemental cash flow information related to the company's operating leases:


	Nine Months Ended
(Dollars in thousands)	July 30, 2021		July 31, 2020
Operating cash flows for amounts included in the measurement of lease liabilities	$	14,288	$	13,949
Right-of-use assets obtained in exchange for lease obligations	$	4,739	$	18,698

The following table presents other lease information related to the company's operating leases:


(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
Weighted-average remaining lease term of operating leases in years	6.6		7.2		7.1
Weighted-average discount rate of operating leases	2.70	%	2.80	%	2.79	%

The following table reconciles the total undiscounted future cash flows based on the anticipated future minimum operating lease payments by fiscal year for the company's operating leases to the present value of operating lease liabilities recorded within the Condensed Consolidated Balance Sheets as of July 30, 2021:


(Dollars in thousands)	July 30, 2021
2021 (remaining)	$	4,712
2022	17,015
2023	13,736
2024	12,246
2025	10,751
Thereafter	23,998
Total future minimum operating lease payments	82,458
Less: imputed interest	7,053
Present value of operating lease liabilities	$	75,405

Derivative Instruments and Hedging Activities

9 Months Ended

Jul. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities


17			Derivative Instruments and Hedging Activities

Risk Management Objective of Using Derivatives

The company is exposed to foreign currency exchange rate risk arising from transactions in the normal course of business, such as sales to third-party customers, sales and loans to wholly-owned foreign subsidiaries, costs associated with foreign plant operations, and purchases from suppliers. The company’s primary currency exchange rate exposures are with the Euro, the Australian dollar, the Canadian dollar, the British pound, the Mexican peso, the Japanese yen, the Chinese Renminbi, and the Romanian New Leu against the U.S. dollar, as well as the Romanian New Leu against the Euro.

To reduce its exposure to foreign currency exchange rate risk, the company actively manages the exposure of its foreign currency exchange rate risk by entering into various derivative instruments to hedge against such risk, authorized under a company policy that places controls on these hedging activities, with counterparties that are highly rated financial institutions. The company’s policy does not allow the use of derivative instruments for trading or speculative purposes. The company has also made an accounting policy election to use the portfolio exception with respect to measuring counterparty credit risk for derivative instruments and to measure the fair value of a portfolio of financial assets and financial liabilities on the basis of the net open risk position with each counterparty.

The company’s hedging activities primarily involve the use of forward currency contracts to hedge most foreign currency transactions, including forecasted sales and purchases denominated in foreign currencies. The company uses derivative instruments only in an attempt to limit underlying exposure from foreign currency exchange rate fluctuations and to minimize earnings and cash flow volatility associated with foreign currency exchange rate fluctuations. Decisions on whether to use such derivative instruments are primarily based on the amount of exposure to the currency involved and an assessment of the near-term market value for each currency.

The company recognizes all derivative instruments at fair value on the Condensed Consolidated Balance Sheets as either assets or liabilities. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as a cash flow hedging instrument.

Cash Flow Hedging Instruments

The company formally documents relationships between cash flow hedging instruments and the related hedged transactions, as well as its risk-management objective and strategy for undertaking cash flow hedging instruments. This process includes linking all cash flow hedging instruments to the forecasted transactions, such as sales to third-parties and costs associated with foreign plant operations, including purchases from suppliers. At the cash flow hedge’s inception and on an ongoing basis, the company formally assesses whether the cash flow hedging instruments have been highly effective in offsetting changes in the cash flows of the hedged transactions and whether those cash flow hedging instruments may be expected to remain highly effective in future periods.

Changes in the fair values of the spot rate component of outstanding, highly effective cash flow hedging instruments included in the assessment of hedge effectiveness are recorded in other comprehensive income within AOCL on the Condensed Consolidated Balance Sheets and are subsequently reclassified to net earnings within the Condensed Consolidated Statements of Earnings during the same period in which the cash flows of the underlying hedged transaction affect net earnings. Changes in the fair values of hedge components excluded from the assessment of effectiveness are recognized immediately in net earnings under the mark-to-market approach. The classification of gains or losses recognized on cash flow hedging instruments and excluded components within the Condensed Consolidated Statements of Earnings is the same as that of the underlying

exposure. Results of cash flow hedging instruments, and the related excluded components, of sales and costs associated with foreign plant operations, including purchases from suppliers, are recorded in net sales and cost of sales, respectively. The maximum amount of time the company hedges its exposure to the variability in future cash flows for forecasted trade sales and purchases is two years.

When it is determined that a derivative instrument is not, or has ceased to be, highly effective as a cash flow hedge, the company discontinues cash flow hedge accounting prospectively. The gain or loss on the dedesignated derivative instrument remains in AOCL and is reclassified to net earnings within the same Condensed Consolidated Statements of Earnings line item as the underlying exposure when the forecasted transaction affects net earnings. When the company discontinues cash flow hedge accounting because it is no longer probable, but it is still reasonably possible that the forecasted transaction will occur by the end of the originally expected period or within an additional two-month period of time thereafter, the gain or loss on the derivative instrument remains in AOCL and is reclassified to net earnings within the same Condensed Consolidated Statements of Earnings line item as the underlying exposure when the forecasted transaction affects net earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were in AOCL are immediately recognized in net earnings within other income, net in the Condensed Consolidated Statements of Earnings. In all situations in which cash flow hedge accounting is discontinued and the derivative instrument remains outstanding, the company carries the derivative instrument at its fair value on the Condensed Consolidated Balance Sheets, recognizing future changes in the fair value within other income, net in the Condensed Consolidated Statements of Earnings.

As of July 30, 2021, the notional amount outstanding of forward currency contracts designated as cash flow hedging instruments was $267.8 million.

Derivatives Not Designated as Cash Flow Hedging Instruments

The company also enters into foreign currency contracts that include forward currency contracts to mitigate the remeasurement of specific assets and liabilities on the Condensed Consolidated Balance Sheets. These contracts are not designated as cash flow hedging instruments. Accordingly, changes in the fair value of hedges of recorded balance sheet positions, such as cash, receivables, payables, intercompany notes, and other various contractual claims to pay or receive foreign currencies other than the functional currency, are recognized immediately in other income, net, on the Condensed Consolidated Statements of Earnings together with the transaction gain or loss from the hedged balance sheet position.

The following table presents the fair value and location of the company’s derivative instruments on the Condensed Consolidated Balance Sheets:


(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
Derivative assets:
Derivatives designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	$	1,235	$	(645)	$	802
Derivatives not designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	309		753		131
Total derivative assets	$	1,544	$	108	$	933

Derivative liabilities:
Derivatives designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	$	3,682	$	5,248	$	2,687
Derivatives not designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	1,554		849		(203)
Total derivative liabilities	$	5,236	$	6,097	$	2,484

The company entered into an International Swap Dealers Association ("ISDA") Master Agreement with each counterparty that permits the net settlement of amounts owed under their respective contracts. The ISDA Master Agreement is an industry standardized contract that governs all derivative contracts entered into between the company and the respective counterparty. Under these master netting agreements, net settlement generally permits the company or the counterparty to determine the net amount payable or receivable for contracts due on the same date or in the same currency for similar types of derivative transactions. The company records the fair value of its derivative instruments at the net amount on its Condensed Consolidated Balance Sheets.

The following table presents the effects of the master netting arrangements on the fair value of the company’s derivative instruments that are recorded on the Condensed Consolidated Balance Sheets:


(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
Derivative assets:
Forward currency contracts:
Gross amount of derivative assets	$	1,544	$	1,116	$	1,139
Derivative liabilities offsetting derivative assets	—		(1,008)		(206)
Net amount of derivative assets	$	1,544	$	108	$	933

Derivative liabilities:
Forward currency contracts:
Gross amount of derivative liabilities	$	(5,849)	$	(6,465)	$	(3,233)
Derivative assets offsetting derivative liabilities	613		368		749
Net amount of derivative liabilities	$	(5,236)	$	(6,097)	$	(2,484)

The following tables present the impact and location of the amounts reclassified from AOCL into net earnings on the Condensed Consolidated Statements of Earnings and the impact of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the company's derivatives designated as cash flow hedging instruments for the three and nine months ended July 30, 2021 and July 31, 2020:


	Three Months Ended
	Gain (Loss) Reclassified from AOCL into Earnings				Gain (Loss) Recognized in OCI on Derivatives
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	(3,113)	$	1,795	$	7,350	$	(13,501)
Cost of sales	31		158		685		(1,384)
Total derivatives designated as cash flow hedging instruments	$	(3,082)	$	1,953	$	8,035	$	(14,885)


	Nine Months Ended
	Gain (Loss) Reclassified from AOCL into Earnings				Gain (Loss) Recognized in OCI on Derivatives
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	(9,325)	$	5,272	$	620	$	(10,396)
Cost of sales	60		698		266		(1,163)
Total derivatives designated as cash flow hedging instruments	$	(9,265)	$	5,970	$	886	$	(11,559)

The company recognized immaterial losses within other income, net on the Condensed Consolidated Statements of Earnings during the third quarter and first nine months of fiscal 2021 and 2020 due to the discontinuance of cash flow hedge accounting on certain forward currency contracts designated as cash flow hedging instruments. As of July 30, 2021, the company expects to reclassify approximately $5.1 million of losses from AOCL to earnings during the next twelve months.

The following tables present the impact and location of derivative instruments on the Condensed Consolidated Statements of Earnings for the company’s derivatives designated as cash flow hedging instruments and the related components excluded from effectiveness testing:


	Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in thousands)	July 30, 2021				July 31, 2020
Three Months Ended	Net Sales		Cost of Sales		Net Sales		Cost of Sales
Condensed Consolidated Statements of Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	976,836	$	(645,719)	$	840,972	$	(546,398)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain (loss) reclassified from AOCL into earnings	(3,113)		31		1,795		158
Gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	322	$	70	$	191	$	86


	Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in thousands)	July 30, 2021				July 31, 2020
Nine Months Ended	Net Sales		Cost of Sales		Net Sales		Cost of Sales
Condensed Consolidated Statements of Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	2,998,929	$	(1,949,823)	$	2,537,853	$	(1,648,474)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain (loss) reclassified from AOCL into earnings	(9,325)		60		5,272		698
Gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	784	$	366	$	3,183	$	231

The following table presents the impact and location of derivative instruments on the Condensed Consolidated Statements of Earnings for the company’s derivatives not designated as cash flow hedging instruments:


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Gain (loss) on derivatives not designated as cash flow hedging instruments
Forward currency contracts:
Other income, net	$	1,972	$	(7,093)	$	(4,511)	$	(5,316)
Total gain (loss) on derivatives not designated as cash flow hedging instruments	$	1,972	$	(7,093)	$	(4,511)	$	(5,316)

Fair Value Measurements

9 Months Ended

Jul. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements


18			Fair Value Measurements

The company categorizes its assets and liabilities into one of three levels based on the assumptions (inputs) used in valuing the asset or liability. Estimates of fair value for financial assets and financial liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value, and requires certain disclosures. The framework discusses valuation techniques such as the market approach (comparable market prices), the income approach (present value of future income or cash flows), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment.

The three levels are defined as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3: Unobservable inputs reflecting management’s assumptions about the inputs used in pricing the asset or liability.

Recurring Fair Value Measurements

The company's derivative instruments consist of forward currency contracts that are measured at fair value on a recurring basis. The fair value of such forward currency contracts is determined based on observable market transactions of forward currency prices and spot currency rates as of the reporting date.

The following tables present, by level within the fair value hierarchy, the company's financial assets and liabilities that are measured at fair value on a recurring basis as of July 30, 2021, July 31, 2020, and October 31, 2020, according to the valuation technique utilized to determine their fair values:


(Dollars in thousands)			Fair Value Measurements Using Inputs Considered as:
July 30, 2021	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	1,544	$	—	$	1,544	$	—
Total assets	$	1,544	$	—	$	1,544	$	—

Liabilities:
Forward currency contracts	$	5,236	$	—	$	5,236	$	—
Total liabilities	$	5,236	$	—	$	5,236	$	—


(Dollars in thousands)			Fair Value Measurements Using Inputs Considered as:
July 31, 2020	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	108	$	—	$	108	$	—
Total assets	$	108	$	—	$	108	$	—

Liabilities:
Forward currency contracts	$	6,097	$	—	$	6,097	$	—
Total liabilities	$	6,097	$	—	$	6,097	$	—


(Dollars in thousands)			Fair Value Measurements Using Inputs Considered as:
October 31, 2020	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	933	$	—	$	933	$	—
Total assets	$	933	$	—	$	933	$	—

Liabilities:
Forward currency contracts	$	2,484	$	—	$	2,484	$	—
Total liabilities	$	2,484	$	—	$	2,484	$	—

Nonrecurring Fair Value Measurements

The company measures certain assets and liabilities at fair value on a non-recurring basis. Assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets, goodwill, and indefinite-lived intangible assets, which would generally be recorded at fair value as a result of an impairment charge. Assets acquired and liabilities assumed as part of a business combination or asset acquisition are also measured at fair value on a non-recurring basis during the measurement period allowed by the accounting standards codification guidance for business combinations, when applicable. For additional information on the company's business combination and asset acquisitions and the related non-recurring fair value measurement of the assets acquired and liabilities assumed, refer to Note 2, Business Combination and Asset Acquisitions.

Other Fair Value Disclosures

The carrying values of the company's short-term financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and short-term debt, including current maturities of long-term debt, when applicable, approximate their fair values due to their short-term nature. As of July 30, 2021, July 31, 2020 and October 31, 2020, the company's long-term debt included $424.0 million of gross fixed-rate debt that is not subject to variable interest rate fluctuations. The gross fair value of such long-term debt is determined using Level 2 inputs by discounting the projected cash flows based on quoted market rates at which similar amounts of debt could currently be borrowed. As of July 30, 2021, the estimated gross fair value of long-term debt with fixed interest rates was $525.9 million compared to its gross carrying amount of $424.0 million. As of July 31, 2020, the estimated gross fair value of long-term debt with fixed interest rates was $500.4 million compared to its gross carrying amount of $424.0 million. As of October 31, 2020, the estimated gross fair value of long-term debt with fixed interest rates was $508.2 million compared to its gross carrying amount of $424.0 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Subsequent Events

9 Months Ended

Jul. 30, 2021

Subsequent Events [Abstract]

Subsequent Events


19			Subsequent Events

The company has evaluated all subsequent events and concluded that no subsequent events have occurred that would require recognition in the Condensed Consolidated Financial Statements or disclosure in the Notes to the Condensed Consolidated Financial Statements.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Jul. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by United States ("U.S.") generally accepted accounting principles ("GAAP") for complete financial statements. Unless the context indicates otherwise, the terms "company," "TTC," "we," "our," or "us" refer to The Toro Company and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated from the unaudited Condensed Consolidated Financial Statements.In the opinion of management, the unaudited Condensed Consolidated Financial Statements include all adjustments, consisting primarily of recurring accruals, considered necessary for the fair presentation of the company's Consolidated Financial Position, Results of Operations, and Cash Flows for the periods presented.
Fiscal Period	The company’s fiscal year ends on October 31, and quarterly results are reported based on three-month periods that generally end on the Friday closest to the calendar quarter end. For comparative purposes, however, the company’s second and third quarters always include exactly 13 weeks of results so that the quarter end date for these two quarters is not necessarily the Friday closest to the calendar month end.
Accounting Policies and Estimates	Accounting Policies and Estimates In preparing the Condensed Consolidated Financial Statements in conformity with U.S. GAAP, management must make decisions that impact the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures, including disclosures of contingent assets and liabilities. Such decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. Estimates are used in determining, among other items, sales promotion and incentive accruals, incentive compensation accruals, income tax accruals, inventory valuation, warranty accruals, allowances for current expected credit losses, pension accruals, self-insurance accruals, legal accruals, right-of-use assets and lease liabilities, useful lives for tangible and finite-lived intangible assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, and valuations of the assets acquired and liabilities assumed in a business combination, when applicable. These estimates and assumptions are based on management’s best estimates and judgments at the time they are made and are generally derived from management's understanding and analysis of the relevant and current circumstances, historical experience, and actuarial and other independent external third-party specialist valuations, when applicable. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances, including the economic environment. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with certainty, including those impacted by COVID-19, actual amounts could differ significantly from those estimated at the time the Condensed Consolidated Financial Statements are prepared.
New Accounting Pronouncements Adopted and New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies the measurement approach for credit losses on financial assets measured on an amortized cost basis from an 'incurred loss' method to an 'expected loss' method. Such modification of the measurement approach for credit losses eliminates the requirement that a credit loss be considered probable, or incurred, to impact the valuation of a financial asset measured on an amortized cost basis. The amended guidance requires the measurement of expected credit losses to be based on relevant information, including historical experience, current conditions, and a reasonable and supportable forecast that affects the collectability of the related financial asset. This amendment affects trade receivables, off-balance-sheet credit exposures, and any other financial assets not excluded from the scope of this amendment that have the contractual right to receive cash. The amended guidance was adopted in the first quarter of fiscal 2021, under the modified retrospective transition method. The adoption of the amended guidance did not have a material impact on the company's Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amended guidance was adopted in the first quarter of fiscal 2021 and did not have a material impact on the company's Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans (Topic 715), which modifies the disclosure requirements for defined benefit pension plans and other post-retirement plans. The amended guidance was adopted in the first quarter of fiscal 2021 and did not have a material impact on the company's Condensed Consolidated Financial Statements. New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The amended guidance also clarifies and simplifies other aspects of the accounting for income taxes under accounting standards codification Topic 740, Income Taxes. The amended guidance will become effective for the company in the first quarter of fiscal 2022. Early adoption is permitted. The company is currently evaluating the impact of this new standard on its Condensed Consolidated Financial Statements. In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), which clarified that before applying or upon discontinuing the equity method of accounting for an investment in equity securities, an entity should consider observable transactions that require it to apply or discontinue the equity method of accounting for the purposes of applying the fair value measurement alternative. The amended guidance will become effective for the company in the first quarter of fiscal 2022. Early adoption is permitted. The company is currently evaluating the impact of this standard on its Condensed Consolidated Financial Statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional guidance to ease the potential burden of accounting for reference rate reform due to the cessation of the London Interbank Offered Rate, commonly referred to as "LIBOR." The temporary guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, relationships, and transactions affected by reference rate reform if certain criteria are met. The provisions of the temporary optional guidance are only available until December 31, 2022, when the reference rate reform activity is expected to be substantially complete. When adopted, entities may apply the provisions as of the beginning of the reporting period when the election is made. The company is currently evaluating the impact of this standard on its Condensed Consolidated Financial Statements and has yet to elect an adoption date. The company believes that all other recently issued accounting pronouncements from the FASB that the company has not noted above, will not have a material impact on its Condensed Consolidated Financial Statements or do not apply to its operations.
Inventories, Net	Inventories are valued at the lower of cost or net realizable value, with cost determined by the first-in, first-out ("FIFO") and average cost methods for a majority of the company's inventories. All remaining inventories are valued at the lower of cost or market, with cost determined under the last-in, first-out ("LIFO") method. The company records an inventory valuation adjustment for excess, slow-moving, and obsolete inventory that is equal to the excess of the cost of the inventory over the estimated net realizable value or market value for the inventory depending on the inventory costing method. Such inventory valuation adjustment is based on a review and comparison of current inventory levels to planned production, as well as planned and historical sales of the inventory. The inventory valuation adjustment to net realizable value or market value establishes a new cost basis of the inventory that cannot be subsequently reversed.
Leases	The company enters into contracts that are, or contain, operating lease agreements for certain property, plant, or equipment assets utilized in the normal course of business, such as buildings for manufacturing facilities, office space, distribution centers, and warehouse facilities; land for product testing sites; machinery and equipment for research and development activities, manufacturing and assembly processes, and administrative tasks; and vehicles for sales, service, marketing, and distribution activities. Contracts that explicitly or implicitly relate to property, plant, and equipment are assessed at inception to determine if the contract is, or contains, a lease. Such contracts for operating lease agreements convey the company's right to direct the use of, and obtain substantially all of the economic benefits from, an identified asset for a defined period of time in exchange for consideration. The lease term begins and is determined upon lease commencement, which is the point in time when the company takes possession of the identified asset, and generally includes all non-cancelable periods. Lease expense for the company's operating leases is recognized on a straight-line basis over the lease term and is recorded within cost of sales or selling, general and administrative expense within the Condensed Consolidated Statements of Earnings as dictated by the nature and use of the underlying asset. The company does not recognize right-of-use assets and lease liabilities, but does recognize expense on a straight-line basis, for short-term operating leases which have a lease term of 12 months or less and do not include an option to purchase the underlying asset. Lease payments are determined at lease commencement and generally represent fixed lease payments as defined within the respective lease agreement or, in the case of certain lease agreements, variable lease payments that are measured as of the lease commencement date based on the prevailing index or market rate. Future adjustments to variable lease payments are defined and scheduled within the respective lease agreement and are determined based upon the prevailing market or index rate at the time of the adjustment relative to the market or index rate determined at lease commencement. Certain other lease agreements contain variable lease payments that are determined based upon actual utilization of the identified asset. Such future adjustments to variable lease payments and variable lease payments based upon actual utilization of the identified asset are not included within the determination of lease payments at commencement but rather, are recorded as variable lease expense in the period in which the variable lease cost is incurred. Right-of-use assets represent the company's right to use an underlying asset throughout the lease term and lease liabilities represent the company's obligation to make lease payments arising from the lease agreement. The company accounts for operating lease liabilities at lease commencement and on an ongoing basis as the present value of the minimum remaining lease payments under the respective lease term. Minimum remaining lease payments are generally discounted to present value based the estimated incremental borrowing rate at lease commencement as the rate implicit in the lease is generally not readily determinable. Right-of-use assets are measured as the amount of the corresponding operating lease liability for the respective operating lease agreement, adjusted for prepaid or accrued lease payments, the remaining balance of any lease incentives received, unamortized initial direct costs, and impairment of the operating lease right-of-use asset, as applicable.
Derivative Instruments and Hedging Activities	Risk Management Objective of Using Derivatives The company is exposed to foreign currency exchange rate risk arising from transactions in the normal course of business, such as sales to third-party customers, sales and loans to wholly-owned foreign subsidiaries, costs associated with foreign plant operations, and purchases from suppliers. The company’s primary currency exchange rate exposures are with the Euro, the Australian dollar, the Canadian dollar, the British pound, the Mexican peso, the Japanese yen, the Chinese Renminbi, and the Romanian New Leu against the U.S. dollar, as well as the Romanian New Leu against the Euro. To reduce its exposure to foreign currency exchange rate risk, the company actively manages the exposure of its foreign currency exchange rate risk by entering into various derivative instruments to hedge against such risk, authorized under a company policy that places controls on these hedging activities, with counterparties that are highly rated financial institutions. The company’s policy does not allow the use of derivative instruments for trading or speculative purposes. The company has also made an accounting policy election to use the portfolio exception with respect to measuring counterparty credit risk for derivative instruments and to measure the fair value of a portfolio of financial assets and financial liabilities on the basis of the net open risk position with each counterparty. The company’s hedging activities primarily involve the use of forward currency contracts to hedge most foreign currency transactions, including forecasted sales and purchases denominated in foreign currencies. The company uses derivative instruments only in an attempt to limit underlying exposure from foreign currency exchange rate fluctuations and to minimize earnings and cash flow volatility associated with foreign currency exchange rate fluctuations. Decisions on whether to use such derivative instruments are primarily based on the amount of exposure to the currency involved and an assessment of the near-term market value for each currency. The company recognizes all derivative instruments at fair value on the Condensed Consolidated Balance Sheets as either assets or liabilities. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as a cash flow hedging instrument. Cash Flow Hedging Instruments The company formally documents relationships between cash flow hedging instruments and the related hedged transactions, as well as its risk-management objective and strategy for undertaking cash flow hedging instruments. This process includes linking all cash flow hedging instruments to the forecasted transactions, such as sales to third-parties and costs associated with foreign plant operations, including purchases from suppliers. At the cash flow hedge’s inception and on an ongoing basis, the company formally assesses whether the cash flow hedging instruments have been highly effective in offsetting changes in the cash flows of the hedged transactions and whether those cash flow hedging instruments may be expected to remain highly effective in future periods. Changes in the fair values of the spot rate component of outstanding, highly effective cash flow hedging instruments included in the assessment of hedge effectiveness are recorded in other comprehensive income within AOCL on the Condensed Consolidated Balance Sheets and are subsequently reclassified to net earnings within the Condensed Consolidated Statements of Earnings during the same period in which the cash flows of the underlying hedged transaction affect net earnings. Changes in the fair values of hedge components excluded from the assessment of effectiveness are recognized immediately in net earnings under the mark-to-market approach. The classification of gains or losses recognized on cash flow hedging instruments and excluded components within the Condensed Consolidated Statements of Earnings is the same as that of the underlying exposure. Results of cash flow hedging instruments, and the related excluded components, of sales and costs associated with foreign plant operations, including purchases from suppliers, are recorded in net sales and cost of sales, respectively. The maximum amount of time the company hedges its exposure to the variability in future cash flows for forecasted trade sales and purchases is two years. When it is determined that a derivative instrument is not, or has ceased to be, highly effective as a cash flow hedge, the company discontinues cash flow hedge accounting prospectively. The gain or loss on the dedesignated derivative instrument remains in AOCL and is reclassified to net earnings within the same Condensed Consolidated Statements of Earnings line item as the underlying exposure when the forecasted transaction affects net earnings. When the company discontinues cash flow hedge accounting because it is no longer probable, but it is still reasonably possible that the forecasted transaction will occur by the end of the originally expected period or within an additional two-month period of time thereafter, the gain or loss on the derivative instrument remains in AOCL and is reclassified to net earnings within the same Condensed Consolidated Statements of Earnings line item as the underlying exposure when the forecasted transaction affects net earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were in AOCL are immediately recognized in net earnings within other income, net in the Condensed Consolidated Statements of Earnings. In all situations in which cash flow hedge accounting is discontinued and the derivative instrument remains outstanding, the company carries the derivative instrument at its fair value on the Condensed Consolidated Balance Sheets, recognizing future changes in the fair value within other income, net in the Condensed Consolidated Statements of Earnings. As of July 30, 2021, the notional amount outstanding of forward currency contracts designated as cash flow hedging instruments was $267.8 million. Derivatives Not Designated as Cash Flow Hedging Instruments The company also enters into foreign currency contracts that include forward currency contracts to mitigate the remeasurement of specific assets and liabilities on the Condensed Consolidated Balance Sheets. These contracts are not designated as cash flow hedging instruments. Accordingly, changes in the fair value of hedges of recorded balance sheet positions, such as cash, receivables, payables, intercompany notes, and other various contractual claims to pay or receive foreign currencies other than the functional currency, are recognized immediately in other income, net, on the Condensed Consolidated Statements of Earnings together with the transaction gain or loss from the hedged balance sheet position.
Fair Value Measurements	The company categorizes its assets and liabilities into one of three levels based on the assumptions (inputs) used in valuing the asset or liability. Estimates of fair value for financial assets and financial liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value, and requires certain disclosures. The framework discusses valuation techniques such as the market approach (comparable market prices), the income approach (present value of future income or cash flows), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs reflecting management’s assumptions about the inputs used in pricing the asset or liability. Recurring Fair Value Measurements The company's derivative instruments consist of forward currency contracts that are measured at fair value on a recurring basis. The fair value of such forward currency contracts is determined based on observable market transactions of forward currency prices and spot currency rates as of the reporting date. Nonrecurring Fair Value Measurements The company measures certain assets and liabilities at fair value on a non-recurring basis. Assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets, goodwill, and indefinite-lived intangible assets, which would generally be recorded at fair value as a result of an impairment charge. Assets acquired and liabilities assumed as part of a business combination or asset acquisition are also measured at fair value on a non-recurring basis during the measurement period allowed by the accounting standards codification guidance for business combinations, when applicable. For additional information on the company's business combination and asset acquisitions and the related non-recurring fair value measurement of the assets acquired and liabilities assumed, refer to Note 2, Business Combination and Asset Acquisitions. Other Fair Value DisclosuresThe carrying values of the company's short-term financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and short-term debt, including current maturities of long-term debt, when applicable, approximate their fair values due to their short-term nature.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Business Combination and Asset Acquisitions (Tables)

9 Months Ended

Jul. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Summary of Allocation of Preliminary Purchase Price Assigned to the Venture Products

The following table summarizes the allocation of the purchase price to the fair values assigned to the Venture Products assets acquired and liabilities assumed:


(Dollars in thousands)	March 2, 2020
Cash and cash equivalents	$	3,476
Receivables	6,342
Inventories	23,000
Prepaid expenses and other current assets	239
Property, plant and equipment	26,976
Goodwill	61,225
Other intangible assets:
Finite-lived customer-related	19,100
Indefinite-lived trade name	56,200
Accounts payable	(4,075)
Accrued liabilities	(5,196)
Deferred income tax liabilities	(20,586)
Total fair value of net assets acquired	166,701
Less: cash and cash equivalents acquired	(3,476)
Total purchase price	$	163,225

Segment Data (Tables)

9 Months Ended

Jul. 30, 2021

Segment Reporting [Abstract]

Summarized Financial Information Concerning Reportable Segments

The following tables present summarized financial information concerning the company’s reportable segments and Other activities (in thousands):


Three Months Ended July 30, 2021	Professional		Residential		Other		Total
Net sales	$	718,477	$	252,117	$	6,242	$	976,836
Intersegment gross sales (eliminations)	8,241		13		(8,254)		—
Earnings (loss) before income taxes	$	122,331	$	31,548	$	(36,428)	$	117,451


Nine Months Ended July 30, 2021	Professional		Residential		Other		Total
Net sales	$	2,197,058	$	784,852	$	17,019	$	2,998,929
Intersegment gross sales (eliminations)	24,034		39		(24,073)		—
Earnings (loss) before income taxes	406,279		109,642		(85,401)		430,520
Total assets	$	1,949,681	$	327,064	$	691,304	$	2,968,049


Three Months Ended July 31, 2020	Professional		Residential		Other		Total
Net sales	$	623,615	$	204,961	$	12,396	$	840,972
Intersegment gross sales (eliminations)	12,738		23		(12,761)		—
Earnings (loss) before income taxes	$	113,652	$	28,545	$	(31,204)	$	110,993


Nine Months Ended July 31, 2020	Professional		Residential		Other		Total
Net sales	$	1,879,423	$	632,807	$	25,623	$	2,537,853
Intersegment gross sales (eliminations)	38,151		84		(38,235)		—
Earnings (loss) before income taxes	322,385		87,233		(91,115)		318,503
Total assets	$	1,967,882	$	268,562	$	577,419	$	2,813,863

Summary of Components of Loss Before Income Taxes Included in Other Segment

The following table presents the details of operating loss before income taxes for the company's Other activities:


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Corporate expenses	$	(33,797)	$	(29,078)	$	(78,814)	$	(76,961)
Interest expense	(7,016)		(8,304)		(21,662)		(25,119)
Earnings from wholly-owned domestic distribution companies and other income, net	4,385		6,178		15,075		10,965
Total operating loss	$	(36,428)	$	(31,204)	$	(85,401)	$	(91,115)

Revenue (Tables)

9 Months Ended

Jul. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables disaggregate the company's reportable segment net sales by major product type and geographic market (in thousands):


Three Months Ended July 30, 2021	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	609,022	$	247,152	$	3,164	$	859,338
Irrigation	109,455		4,965		3,078		117,498
Total net sales	$	718,477	$	252,117	$	6,242	$	976,836

Revenue by geographic market:
United States	$	559,907	$	219,022	$	6,242	$	785,171
International Countries	158,570		33,095		—		191,665
Total net sales	$	718,477	$	252,117	$	6,242	$	976,836


Nine Months Ended July 30, 2021	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	1,891,138	$	761,724	$	11,436	$	2,664,298
Irrigation	305,920		23,128		5,583		334,631
Total net sales	$	2,197,058	$	784,852	$	17,019	$	2,998,929

Revenue by geographic market:
United States	$	1,681,972	$	661,017	$	17,019	$	2,360,008
International Countries	515,086		123,835		—		638,921
Total net sales	$	2,197,058	$	784,852	$	17,019	$	2,998,929


Three Months Ended July 31, 2020	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	525,285	$	199,012	$	7,029	$	731,326
Irrigation	98,330		5,949		5,367		109,646
Total net sales	$	623,615	$	204,961	$	12,396	$	840,972

Revenue by geographic market:
United States	$	500,828	$	177,734	$	12,396	$	690,958
International Countries	122,787		27,227		—		150,014
Total net sales	$	623,615	$	204,961	$	12,396	$	840,972


Nine Months Ended July 31, 2020	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	1,618,337	$	608,870	$	16,389	$	2,243,596
Irrigation	261,086		23,937		9,234		294,257
Total net sales	$	1,879,423	$	632,807	$	25,623	$	2,537,853

Revenue by geographic market:
United States	$	1,464,393	$	539,836	$	25,623	$	2,029,852
International Countries	415,030		92,971		—		508,001
Total net sales	$	1,879,423	$	632,807	$	25,623	$	2,537,853

Goodwill and Other Intangible Assets, Net (Tables)

9 Months Ended

Jul. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill by reportable segment for the first nine months of fiscal 2021 were as follows:


(Dollars in thousands)	Professional		Residential		Other		Total
Balance as of October 31, 2020	$	412,061	$	10,480	$	1,534	$	424,075

Purchase price allocation adjustment	(1,027)		—		—		(1,027)
Goodwill divested	—		—		(1,534)		(1,534)
Translation adjustments	311		133		—		444
Balance as of July 30, 2021	$	411,345	$	10,613	$	—	$	421,958

Schedule of Finite-Lived Intangible Assets

The components of other intangible assets, net as of July 30, 2021, July 31, 2020, and October 31, 2020 were as follows (in thousands):


July 30, 2021	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,275	$	(14,482)	$	3,793
Non-compete agreements	5.5	6,908		(6,861)		47
Customer-related	18.2	239,762		(59,017)		180,745
Developed technology	7.0	87,512		(40,943)		46,569
Trade names	15.3	7,544		(2,882)		4,662
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	14.6	364,391		(128,575)		235,816
Indefinite-lived - trade names		190,681		—		190,681
Total other intangible assets, net		$	555,072	$	(128,575)	$	426,497


July 31, 2020	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,232	$	(13,697)	$	4,535
Non-compete agreements	5.5	6,871		(6,804)		67
Customer-related	18.2	239,661		(44,368)		195,293
Developed technology	7.6	51,999		(34,232)		17,767
Trade names	15.3	7,540		(2,453)		5,087
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	15.5	328,693		(105,944)		222,749
Indefinite-lived - trade names		190,521		—		190,521
Total other intangible assets, net		$	519,214	$	(105,944)	$	413,270


October 31, 2020	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,257	$	(13,919)	$	4,338
Non-compete agreements	5.5	6,892		(6,831)		61
Customer-related	18.2	239,634		(48,005)		191,629
Developed technology	7.6	51,995		(35,208)		16,787
Trade names	15.4	7,530		(2,552)		4,978
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	15.5	328,698		(110,905)		217,793
Indefinite-lived - trade names		190,512		—		190,512
Total other intangible assets, net		$	519,210	$	(110,905)	$	408,305

Schedule of Indefinite-Lived Intangible Assets

The components of other intangible assets, net as of July 30, 2021, July 31, 2020, and October 31, 2020 were as follows (in thousands):


July 30, 2021	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,275	$	(14,482)	$	3,793
Non-compete agreements	5.5	6,908		(6,861)		47
Customer-related	18.2	239,762		(59,017)		180,745
Developed technology	7.0	87,512		(40,943)		46,569
Trade names	15.3	7,544		(2,882)		4,662
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	14.6	364,391		(128,575)		235,816
Indefinite-lived - trade names		190,681		—		190,681
Total other intangible assets, net		$	555,072	$	(128,575)	$	426,497


July 31, 2020	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,232	$	(13,697)	$	4,535
Non-compete agreements	5.5	6,871		(6,804)		67
Customer-related	18.2	239,661		(44,368)		195,293
Developed technology	7.6	51,999		(34,232)		17,767
Trade names	15.3	7,540		(2,453)		5,087
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	15.5	328,693		(105,944)		222,749
Indefinite-lived - trade names		190,521		—		190,521
Total other intangible assets, net		$	519,214	$	(105,944)	$	413,270


October 31, 2020	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,257	$	(13,919)	$	4,338
Non-compete agreements	5.5	6,892		(6,831)		61
Customer-related	18.2	239,634		(48,005)		191,629
Developed technology	7.6	51,995		(35,208)		16,787
Trade names	15.4	7,530		(2,552)		4,978
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	15.5	328,698		(110,905)		217,793
Indefinite-lived - trade names		190,512		—		190,512
Total other intangible assets, net		$	519,210	$	(110,905)	$	408,305

Indebtedness (Tables)

9 Months Ended

Jul. 30, 2021

Debt Disclosure [Abstract]

Summary of Debt

The following is a summary of the company's indebtedness:


(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
$600 million revolving credit facility, due June 2023	$	—	$	—	$	—
$200 million term loan, due April 2022	100,000		100,000		100,000
$300 million term loan, due April 2024	170,000		180,000		180,000
$190 million term loan, due June 2023	—		190,000		90,000
3.81% series A senior notes, due June 2029	100,000		100,000		100,000
3.91% series B senior notes, due June 2031	100,000		100,000		100,000
7.8% debentures, due June 2027	100,000		100,000		100,000
6.625% senior notes, due May 2037	124,024		123,962		123,978
Less: unamortized discounts, debt issuance costs, and deferred charges	2,462		3,057		2,855
Total long-term debt	691,562		890,905		791,123
Less: current portion of long-term debt	104,217		108,869		99,873
Long-term debt, less current portion	$	587,345	$	782,036	$	691,250

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Inventories, Net (Tables)

9 Months Ended

Jul. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories, net were as follows:


(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
Raw materials and work in process	$	280,774	$	197,439	$	168,759
Finished goods and service parts	466,961		540,840		565,761
Total FIFO and average cost value	747,735		738,279		734,520
Less: adjustment to LIFO value	82,087		82,071		82,087
Total inventories, net	$	665,648	$	656,208	$	652,433

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Jul. 30, 2021

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

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

Product Warranty Guarantees (Tables)

9 Months Ended

Jul. 30, 2021

Product Warranties Disclosures [Abstract]

Schedule of Changes in Accrued Warranties

The changes in accrued warranties were as follows:


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Beginning balance	$	119,389	$	102,884	$	107,121	$	96,604
Provisions	17,686		15,186		56,204		46,289
Acquisitions	—		—		—		2,557
Claims	(20,300)		(16,800)		(51,104)		(48,430)
Changes in estimates	377		226		4,931		4,476
Ending balance	$	117,152	$	101,496	$	117,152	$	101,496

Stock-Based Compensation (Tables)

9 Months Ended

Jul. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Compensation Cost Related to Stock-Based Awards

Compensation costs related to stock-based compensation awards were as follows:


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Stock option awards	$	2,614	$	2,483	$	7,271	$	6,577
Performance share awards	2,184		1,665		5,205		327
Restricted stock unit awards	1,033		807		3,029		2,725
Unrestricted common stock awards	—		—		671		693
Total compensation cost for stock-based compensation awards	$	5,831	$	4,955	$	16,176	$	10,322

Schedule of Assumptions for Options Granted

The table below illustrates the weighted-average valuation assumptions for options granted in the first nine months of the following fiscal periods:


	Fiscal 2021	Fiscal 2020
Expected life of option in years	6.21	6.31
Expected stock price volatility	23.26%	19.53%
Risk-free interest rate	0.55%	1.73%
Expected dividend yield	0.86%	0.99%
Per share weighted-average fair value at date of grant	$19.39	$15.23

Stockholders' Equity (Tables)

9 Months Ended

Jul. 30, 2021

Stockholders' Equity Note [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss (AOCL), Net of Tax

The components of accumulated other comprehensive loss ("AOCL"), net of tax, within the Condensed Consolidated Statements of Stockholders' Equity were as follows:


(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
Foreign currency translation adjustments	$	17,823	$	22,905	$	24,508
Pension benefits	5,106		3,949		5,106
Cash flow derivative instruments	3,762		7,722		4,648
Total accumulated other comprehensive loss	$	26,691	$	34,576	$	34,262

Schedule of Components and Activity of AOCL

The components and activity of AOCL, net of tax, for the three and nine month periods ended July 30, 2021 and July 31, 2020 were as follows:


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of April 30, 2021	$	12,509	$	5,106	$	11,797	$	29,412
Other comprehensive (income) loss before reclassifications	5,314		—		(11,117)		(5,803)
Amounts reclassified from AOCL	—		—		3,082		3,082
Net current period other comprehensive (income) loss	5,314		—		(8,035)		(2,721)
Balance as of July 30, 2021	$	17,823	$	5,106	$	3,762	$	26,691


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2020	$	24,508	$	5,106	$	4,648	$	34,262
Other comprehensive income before reclassifications	(6,685)		—		(10,151)		(16,836)
Amounts reclassified from AOCL	—		—		9,265		9,265
Net current period other comprehensive income	(6,685)		—		(886)		(7,571)
Balance as of July 30, 2021	$	17,823	$	5,106	$	3,762	$	26,691


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of May 1, 2020	$	36,916	$	3,949	$	(7,163)	$	33,702
Other comprehensive (income) loss before reclassifications	(14,011)		—		16,838		2,827
Amounts reclassified from AOCL	—		—		(1,953)		(1,953)
Net current period other comprehensive (income) loss	(14,011)		—		14,885		874
Balance as of July 31, 2020	$	22,905	$	3,949	$	7,722	$	34,576


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2019	$	31,025	$	4,861	$	(3,837)	$	32,049
Other comprehensive (income) loss before reclassifications	(8,120)		—		17,529		9,409
Amounts reclassified from AOCL	—		(912)		(5,970)		(6,882)
Net current period other comprehensive (income) loss	(8,120)		(912)		11,559		2,527
Balance as of July 31, 2020	$	22,905	$	3,949	$	7,722	$	34,576

Per Share Data (Tables)

9 Months Ended

Jul. 30, 2021

Earnings Per Share [Abstract]

Reconciliations of basic and diluted weighted-average shares of common stock outstanding

Reconciliations of basic and diluted weighted-average number of shares of common stock outstanding were as follows:


	Three Months Ended		Nine Months Ended
(Shares in thousands)	July 30, 2021	July 31, 2020	July 30, 2021	July 31, 2020
Basic
Weighted-average number of shares of common stock	107,130	107,710	107,661	107,547
Assumed issuance of contingent shares	—	—	6	14
Weighted-average number of shares of common stock outstanding - Basic	107,130	107,710	107,667	107,561

Diluted
Weighted-average number of shares of common stock outstanding - Basic	107,130	107,710	107,667	107,561
Effect of dilutive shares	1,233	833	1,151	1,008
Weighted-average number of shares of common stock outstanding - Diluted	108,363	108,543	108,818	108,569

Leases (Tables)

9 Months Ended

Jul. 30, 2021

Leases [Abstract]

Supplemental Cash Flow and Other Lease Information

The following table presents the lease expense incurred on the company’s operating, short-term, and variable leases:


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Operating lease expense	$	4,397	$	4,036	$	14,488	$	14,253
Short-term lease expense	256		876		1,693		2,204
Variable lease expense	22		20		72		116
Total lease expense	$	4,675	$	4,932	$	16,253	$	16,573

The following table presents supplemental cash flow information related to the company's operating leases:


	Nine Months Ended
(Dollars in thousands)	July 30, 2021		July 31, 2020
Operating cash flows for amounts included in the measurement of lease liabilities	$	14,288	$	13,949
Right-of-use assets obtained in exchange for lease obligations	$	4,739	$	18,698

The following table presents other lease information related to the company's operating leases:


(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
Weighted-average remaining lease term of operating leases in years	6.6		7.2		7.1
Weighted-average discount rate of operating leases	2.70	%	2.80	%	2.79	%

Future Minimum Operating Lease Payments


(Dollars in thousands)	July 30, 2021
2021 (remaining)	$	4,712
2022	17,015
2023	13,736
2024	12,246
2025	10,751
Thereafter	23,998
Total future minimum operating lease payments	82,458
Less: imputed interest	7,053
Present value of operating lease liabilities	$	75,405

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Jul. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivatives and Consolidated Balance Sheet Location

The following table presents the fair value and location of the company’s derivative instruments on the Condensed Consolidated Balance Sheets:


(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
Derivative assets:
Derivatives designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	$	1,235	$	(645)	$	802
Derivatives not designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	309		753		131
Total derivative assets	$	1,544	$	108	$	933

Derivative liabilities:
Derivatives designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	$	3,682	$	5,248	$	2,687
Derivatives not designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	1,554		849		(203)
Total derivative liabilities	$	5,236	$	6,097	$	2,484

Schedule of Effects of Master Netting Arrangements on Fair Value of Derivative Contracts Recorded in Consolidated Balance Sheets

The following table presents the effects of the master netting arrangements on the fair value of the company’s derivative instruments that are recorded on the Condensed Consolidated Balance Sheets:


(Dollars in thousands)	July 30, 2021		July 31, 2020		October 31, 2020
Derivative assets:
Forward currency contracts:
Gross amount of derivative assets	$	1,544	$	1,116	$	1,139
Derivative liabilities offsetting derivative assets	—		(1,008)		(206)
Net amount of derivative assets	$	1,544	$	108	$	933

Derivative liabilities:
Forward currency contracts:
Gross amount of derivative liabilities	$	(5,849)	$	(6,465)	$	(3,233)
Derivative assets offsetting derivative liabilities	613		368		749
Net amount of derivative liabilities	$	(5,236)	$	(6,097)	$	(2,484)

Schedule of Impact of Derivative Instruments on Consolidated Statements of Earnings for Derivatives Designated as Cash Flow Hedging Instruments


	Three Months Ended
	Gain (Loss) Reclassified from AOCL into Earnings				Gain (Loss) Recognized in OCI on Derivatives
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	(3,113)	$	1,795	$	7,350	$	(13,501)
Cost of sales	31		158		685		(1,384)
Total derivatives designated as cash flow hedging instruments	$	(3,082)	$	1,953	$	8,035	$	(14,885)


	Nine Months Ended
	Gain (Loss) Reclassified from AOCL into Earnings				Gain (Loss) Recognized in OCI on Derivatives
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	(9,325)	$	5,272	$	620	$	(10,396)
Cost of sales	60		698		266		(1,163)
Total derivatives designated as cash flow hedging instruments	$	(9,265)	$	5,970	$	886	$	(11,559)


	Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in thousands)	July 30, 2021				July 31, 2020
Three Months Ended	Net Sales		Cost of Sales		Net Sales		Cost of Sales
Condensed Consolidated Statements of Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	976,836	$	(645,719)	$	840,972	$	(546,398)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain (loss) reclassified from AOCL into earnings	(3,113)		31		1,795		158
Gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	322	$	70	$	191	$	86


	Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in thousands)	July 30, 2021				July 31, 2020
Nine Months Ended	Net Sales		Cost of Sales		Net Sales		Cost of Sales
Condensed Consolidated Statements of Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	2,998,929	$	(1,949,823)	$	2,537,853	$	(1,648,474)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain (loss) reclassified from AOCL into earnings	(9,325)		60		5,272		698
Gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	784	$	366	$	3,183	$	231

Schedule of Impact of Derivative Instruments on Consolidated Statements of Earnings for Derivatives Not Designated as Hedging Instruments


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	July 30, 2021		July 31, 2020		July 30, 2021		July 31, 2020
Gain (loss) on derivatives not designated as cash flow hedging instruments
Forward currency contracts:
Other income, net	$	1,972	$	(7,093)	$	(4,511)	$	(5,316)
Total gain (loss) on derivatives not designated as cash flow hedging instruments	$	1,972	$	(7,093)	$	(4,511)	$	(5,316)

Fair Value Measurements (Tables)

9 Months Ended

Jul. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis


(Dollars in thousands)			Fair Value Measurements Using Inputs Considered as:
July 30, 2021	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	1,544	$	—	$	1,544	$	—
Total assets	$	1,544	$	—	$	1,544	$	—

Liabilities:
Forward currency contracts	$	5,236	$	—	$	5,236	$	—
Total liabilities	$	5,236	$	—	$	5,236	$	—


(Dollars in thousands)			Fair Value Measurements Using Inputs Considered as:
July 31, 2020	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	108	$	—	$	108	$	—
Total assets	$	108	$	—	$	108	$	—

Liabilities:
Forward currency contracts	$	6,097	$	—	$	6,097	$	—
Total liabilities	$	6,097	$	—	$	6,097	$	—


(Dollars in thousands)			Fair Value Measurements Using Inputs Considered as:
October 31, 2020	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	933	$	—	$	933	$	—
Total assets	$	933	$	—	$	933	$	—

Liabilities:
Forward currency contracts	$	2,484	$	—	$	2,484	$	—
Total liabilities	$	2,484	$	—	$	2,484	$	—

Business Combination and Asset Acquisitions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended		12 Months Ended
	Mar. 02, 2020	Oct. 31, 2021	Apr. 30, 2021	Jan. 29, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020	Oct. 31, 2020
Business Acquisition [Line Items]
Decrease to carrying amount of goodwill						$ 1,027
Finite-lived intangible asset, useful life						14 years 7 months 6 days	15 years 6 months	15 years 6 months
Venture Products, Inc Affiliate
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 136,400
Business combination, consideration transferred, holdback	29,500		$ 14,900
Total purchase price	163,225				$ 163,200
Business combination, consideration transferred, holdback expired					$ 4,500
Decrease to carrying amount of goodwill				$ 1,000
Other intangible assets	$ 75,300
Finite-lived intangible asset, useful life	16 years
Venture Products, Inc Affiliate \| Forecast
Business Acquisition [Line Items]
Business combination, consideration transferred, holdback		$ 10,000
Previously Reported \| Venture Products, Inc Affiliate
Business Acquisition [Line Items]
Preliminary purchase price	$ 165,900

Business Combination and Asset Acquisitions - Allocation of Preliminary Purchase Price Assigned to the Venture Products (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 02, 2020	Jul. 31, 2020	Jul. 30, 2021	Oct. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 424,228	$ 421,958	$ 424,075
Venture Products, Inc Affiliate
Business Acquisition [Line Items]
Cash and cash equivalents	$ 3,476
Receivables	6,342
Inventories	23,000
Prepaid expenses and other current assets	239
Property, plant and equipment	26,976
Goodwill	61,225
Other intangible assets:
Finite-lived customer-related	19,100
Indefinite-lived trade name	56,200
Accounts payable	(4,075)
Accrued liabilities	(5,196)
Deferred income tax liabilities	(20,586)
Total fair value of net assets acquired	166,701
Less: cash and cash equivalents acquired	(3,476)
Total purchase price	$ 163,225	$ 163,200

Segment Data - Narrative (Details)	9 Months Ended
Segment Data - Narrative (Details)	Jul. 30, 2021 segment
Segment Reporting [Abstract]
Operating segments	11
Reportable segments	2

Segment Data - Summarized Financial Information of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020	Oct. 31, 2020
Financial information concerning reportable segments
Net sales	$ 976,836	$ 840,972	$ 2,998,929	$ 2,537,853
Earnings (loss) before income taxes	117,451	110,993	430,520	318,503
Total assets	2,968,049	2,813,863	2,968,049	2,813,863	$ 2,853,228
Operating Segments \| Professional
Financial information concerning reportable segments
Net sales	718,477	623,615	2,197,058	1,879,423
Earnings (loss) before income taxes	122,331	113,652	406,279	322,385
Total assets	1,949,681	1,967,882	1,949,681	1,967,882
Operating Segments \| Residential
Financial information concerning reportable segments
Net sales	252,117	204,961	784,852	632,807
Earnings (loss) before income taxes	31,548	28,545	109,642	87,233
Total assets	327,064	268,562	327,064	268,562
Other
Financial information concerning reportable segments
Net sales	6,242	12,396	17,019	25,623
Earnings (loss) before income taxes	(36,428)	(31,204)	(85,401)	(91,115)
Total assets	691,304	577,419	691,304	577,419
Intersegment gross sales (eliminations)
Financial information concerning reportable segments
Net sales	(8,254)	(12,761)	(24,073)	(38,235)
Intersegment gross sales (eliminations) \| Professional
Financial information concerning reportable segments
Net sales	8,241	12,738	24,034	38,151
Intersegment gross sales (eliminations) \| Residential
Financial information concerning reportable segments
Net sales	$ 13	$ 23	$ 39	$ 84

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

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-Subparagraph (SX 210.7-03(a)(12))
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+ Details

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Segment Data - Components of Loss before Income Taxes Included in Other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Components of the loss before income taxes included in "Other"
Interest expense	$ (7,016)	$ (8,304)	$ (21,662)	$ (25,119)
Earnings from wholly-owned domestic distribution companies and other income, net	2,528	3,345	8,062	10,746
Earnings before income taxes	117,451	110,993	430,520	318,503
Other
Components of the loss before income taxes included in "Other"
Corporate expenses	(33,797)	(29,078)	(78,814)	(76,961)
Interest expense	(7,016)	(8,304)	(21,662)	(25,119)
Earnings from wholly-owned domestic distribution companies and other income, net	4,385	6,178	15,075	10,965
Earnings before income taxes	$ (36,428)	$ (31,204)	$ (85,401)	$ (91,115)

- Definition

+ References

+ Details

Revenue - Disaggregation by Major Product Type and Geographic Market (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 976,836	$ 840,972	$ 2,998,929	$ 2,537,853
United States
Disaggregation of Revenue [Line Items]
Revenues	785,171	690,958	2,360,008	2,029,852
International Countries
Disaggregation of Revenue [Line Items]
Revenues	191,665	150,014	638,921	508,001
Equipment
Disaggregation of Revenue [Line Items]
Revenues	859,338	731,326	2,664,298	2,243,596
Irrigation
Disaggregation of Revenue [Line Items]
Revenues	117,498	109,646	334,631	294,257
Operating Segments \| Professional
Disaggregation of Revenue [Line Items]
Revenues	718,477	623,615	2,197,058	1,879,423
Operating Segments \| Professional \| United States
Disaggregation of Revenue [Line Items]
Revenues	559,907	500,828	1,681,972	1,464,393
Operating Segments \| Professional \| International Countries
Disaggregation of Revenue [Line Items]
Revenues	158,570	122,787	515,086	415,030
Operating Segments \| Professional \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	609,022	525,285	1,891,138	1,618,337
Operating Segments \| Professional \| Irrigation
Disaggregation of Revenue [Line Items]
Revenues	109,455	98,330	305,920	261,086
Operating Segments \| Residential
Disaggregation of Revenue [Line Items]
Revenues	252,117	204,961	784,852	632,807
Operating Segments \| Residential \| United States
Disaggregation of Revenue [Line Items]
Revenues	219,022	177,734	661,017	539,836
Operating Segments \| Residential \| International Countries
Disaggregation of Revenue [Line Items]
Revenues	33,095	27,227	123,835	92,971
Operating Segments \| Residential \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	247,152	199,012	761,724	608,870
Operating Segments \| Residential \| Irrigation
Disaggregation of Revenue [Line Items]
Revenues	4,965	5,949	23,128	23,937
Other
Disaggregation of Revenue [Line Items]
Revenues	6,242	12,396	17,019	25,623
Other \| United States
Disaggregation of Revenue [Line Items]
Revenues	6,242	12,396	17,019	25,623
Other \| International Countries
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	3,164	7,029	11,436	16,389
Other \| Irrigation
Disaggregation of Revenue [Line Items]
Revenues	$ 3,078	$ 5,367	$ 5,583	$ 9,234

Revenue - Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 30, 2021	Jul. 30, 2021	Oct. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 24.6	$ 24.6	$ 21.9
Contract with customer liability revenue recognized	$ 3.1	$ 8.0

Revenue - Performance Obligation (Details) $ in Millions	Jul. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 2.0
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-11-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 6.9
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-11-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5.0
Revenue, remaining performance obligation, expected timing of satisfaction, period

Goodwill and Other Intangible Assets, Net - Changes in Net Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Jul. 30, 2021 USD ($)
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	$ 424,075
Purchase price allocation adjustment	(1,027)
Goodwill divested	(1,534)
Translation adjustments	444
Goodwill, balance at end of period	421,958
Operating Segments \| Professional
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	412,061
Purchase price allocation adjustment	(1,027)
Goodwill divested	0
Translation adjustments	311
Goodwill, balance at end of period	411,345
Operating Segments \| Residential
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	10,480
Purchase price allocation adjustment	0
Goodwill divested	0
Translation adjustments	133
Goodwill, balance at end of period	10,613
Other
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	1,534
Purchase price allocation adjustment	0
Goodwill divested	(1,534)
Translation adjustments	0
Goodwill, balance at end of period	$ 0

Goodwill and Other Intangible Assets, Net - Components of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020	Oct. 31, 2020
Other Intangible Assets
Weighted-Average Useful Life in Years			14 years 7 months 6 days	15 years 6 months	15 years 6 months
Gross Carrying Amount	$ 364,391	$ 328,693	$ 364,391	$ 328,693	$ 328,698
Accumulated Amortization	(128,575)	(105,944)	(128,575)	(105,944)	(110,905)
Net	235,816	222,749	235,816	222,749	217,793
Indefinite-lived - trade names	190,681	190,521	190,681	190,521	190,512
Total other intangible assets, gross	555,072	519,214	555,072	519,214	519,210
Total other intangible assets, net	426,497	413,270	426,497	413,270	$ 408,305
Estimated amortization expense
Amortization of other intangible assets	6,400	5,000	17,500	$ 14,600
Fiscal 2021 (remainder)	6,400		6,400
Fiscal 2022	24,200		24,200
Fiscal 2023	22,400		22,400
Fiscal 2024	21,400		21,400
Fiscal 2025	19,800		19,800
Fiscal 2026	19,000		19,000
After fiscal 2026	122,600		$ 122,600
Patents
Other Intangible Assets
Weighted-Average Useful Life in Years			9 years 10 months 24 days	9 years 10 months 24 days	9 years 10 months 24 days
Gross Carrying Amount	18,275	18,232	$ 18,275	$ 18,232	$ 18,257
Accumulated Amortization	(14,482)	(13,697)	(14,482)	(13,697)	(13,919)
Net	3,793	4,535	$ 3,793	$ 4,535	$ 4,338
Non-compete agreements
Other Intangible Assets
Weighted-Average Useful Life in Years			5 years 6 months	5 years 6 months	5 years 6 months
Gross Carrying Amount	6,908	6,871	$ 6,908	$ 6,871	$ 6,892
Accumulated Amortization	(6,861)	(6,804)	(6,861)	(6,804)	(6,831)
Net	47	67	$ 47	$ 67	$ 61
Customer-related
Other Intangible Assets
Weighted-Average Useful Life in Years			18 years 2 months 12 days	18 years 2 months 12 days	18 years 2 months 12 days
Gross Carrying Amount	239,762	239,661	$ 239,762	$ 239,661	$ 239,634
Accumulated Amortization	(59,017)	(44,368)	(59,017)	(44,368)	(48,005)
Net	180,745	195,293	$ 180,745	$ 195,293	$ 191,629
Developed technology
Other Intangible Assets
Weighted-Average Useful Life in Years			7 years	7 years 7 months 6 days	7 years 7 months 6 days
Gross Carrying Amount	87,512	51,999	$ 87,512	$ 51,999	$ 51,995
Accumulated Amortization	(40,943)	(34,232)	(40,943)	(34,232)	(35,208)
Net	46,569	17,767	$ 46,569	$ 17,767	$ 16,787
Trade names
Other Intangible Assets
Weighted-Average Useful Life in Years			15 years 3 months 18 days	15 years 3 months 18 days	15 years 4 months 24 days
Gross Carrying Amount	7,544	7,540	$ 7,544	$ 7,540	$ 7,530
Accumulated Amortization	(2,882)	(2,453)	(2,882)	(2,453)	(2,552)
Net	4,662	5,087	$ 4,662	$ 5,087	$ 4,978
Backlog and other
Other Intangible Assets
Weighted-Average Useful Life in Years			7 months 6 days	7 months 6 days	7 months 6 days
Gross Carrying Amount	4,390	4,390	$ 4,390	$ 4,390	$ 4,390
Accumulated Amortization	(4,390)	(4,390)	(4,390)	(4,390)	(4,390)
Net	$ 0	$ 0	$ 0	$ 0	$ 0

Indebtedness - Summary of Debt (Details) - USD ($)	Jul. 30, 2021	Oct. 31, 2020	Jul. 31, 2020
Debt Instrument [Line Items]
Less: unamortized discounts, debt issuance costs, and deferred charges	$ 2,462,000	$ 2,855,000	$ 3,057,000
Total long-term debt	691,562,000	791,123,000	890,905,000
Less: current portion of long-term debt	104,217,000	99,873,000	108,869,000
Long-term debt, less current portion	587,345,000	691,250,000	782,036,000
Line of Credit \| $600 million revolving credit facility, due June 2023
Debt Instrument [Line Items]
Debt instrument, face amount	600,000,000
Long-term debt, gross	0	0	0
Senior Notes \| $200 million term loan, due April 2022
Debt Instrument [Line Items]
Debt instrument, face amount	200,000,000
Long-term debt, gross	100,000,000	100,000,000	100,000,000
Less: current portion of long-term debt	100,000,000
Senior Notes \| $300 million term loan, due April 2024
Debt Instrument [Line Items]
Debt instrument, face amount	300,000,000
Long-term debt, gross	170,000,000	180,000,000	180,000,000
Less: current portion of long-term debt	4,200,000
Senior Notes \| $190 million term loan, due June 2023
Debt Instrument [Line Items]
Debt instrument, face amount	190,000,000
Long-term debt, gross	$ 0	90,000,000	190,000,000
Senior Notes \| 3.81% series A senior notes, due June 2029
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.81%
Long-term debt, gross	$ 100,000,000	100,000,000	100,000,000
Senior Notes \| 3.91% series B senior notes, due June 2031
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.91%
Long-term debt, gross	$ 100,000,000	100,000,000	100,000,000
Senior Notes \| 6.625% senior notes, due May 2037
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.625%
Long-term debt, gross	$ 124,024,000	123,978,000	123,962,000
Corporate Debt Securities \| 7.8% debentures, due June 2027
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.80%
Long-term debt, gross	$ 100,000,000	$ 100,000,000	$ 100,000,000

Indebtedness - Narrative (Details) - USD ($)	9 Months Ended
Indebtedness - Narrative (Details) - USD ($)	Jul. 30, 2021	Oct. 31, 2020	Jul. 31, 2020
Debt Instrument [Line Items]
Fiscal 2021 (remainder)	$ 0
Fiscal 2022	108,500,000
Fiscal 2023	17,000,000
Fiscal 2024	144,500,000
Fiscal 2025	0
Fiscal 2026	0
After fiscal 2026	425,000,000
Current portion of long-term debt	104,217,000	$ 99,873,000	$ 108,869,000
$200 million term loan, due April 2022 \| Senior Notes
Debt Instrument [Line Items]
Current portion of long-term debt	100,000,000
Debt instrument, face amount	$ 200,000,000
Debt instrument, term	3 years
$300 million term loan, due April 2024 \| Senior Notes
Debt Instrument [Line Items]
Current portion of long-term debt	$ 4,200,000
Debt instrument, face amount	$ 300,000,000
Debt instrument, term	5 years
Early repayment of senior debt	$ 10,000,000
$190 million term loan, due June 2023 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 190,000,000
Debt instrument, term	3 years
Early repayment of senior debt	$ 90,000,000

Inventories, Net (Details) - USD ($) $ in Thousands	Jul. 30, 2021	Oct. 31, 2020	Jul. 31, 2020
Inventory Disclosure [Abstract]
Raw materials and work in process	$ 280,774	$ 168,759	$ 197,439
Finished goods and service parts	466,961	565,761	540,840
Total FIFO and average cost value	747,735	734,520	738,279
Less: adjustment to LIFO value	82,087	82,087	82,071
Total inventories, net	$ 665,648	$ 652,433	$ 656,208

Property, Plant and Equipment, Net - Narrative (Details)	9 Months Ended
	Jul. 30, 2021
Buildings and leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Tooling \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Tooling \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Software and Software Development Costs \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years
Software and Software Development Costs \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years

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

Product Warranty Guarantees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Warranty provisions, claims, and changes in estimates
Balance at beginning of period	$ 119,389	$ 102,884	$ 107,121	$ 96,604
Provisions	17,686	15,186	56,204	46,289
Acquisitions	0	0	0	2,557
Claims	(20,300)	(16,800)	(51,104)	(48,430)
Changes in estimates	377	226	4,931	4,476
Balance at end of period	$ 117,152	$ 101,496	$ 117,152	$ 101,496

Investment in Finance Affiliate (Details) - USD ($)	9 Months Ended
Investment in Finance Affiliate (Details) - USD ($)	Jul. 30, 2021	Jul. 31, 2020	Oct. 31, 2020
Schedule of Equity Method Investments
Total assets	$ 2,968,049,000	$ 2,813,863,000	$ 2,853,228,000
Red Iron Acceptance, LLC
Schedule of Equity Method Investments
Maximum aggregate amount of products repossessed by Red Iron and the TCFIF Canadian affiliate, entity has agreed to repurchase in a calendar year (up to)	7,500,000
Net amount of new receivables financed for dealers and distributors	1,733,000,000	1,374,300,000
Related party transaction, due from (to) related party, current	$ 13,800,000	21,000,000	12,600,000
Portion owned by Toro	45.00%
Portion owned by TCFIF	55.00%
Maximum borrowing capacity under credit facility	$ 625,000,000
Investment in joint venture	19,300,000	$ 22,600,000	$ 19,700,000
Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Red Iron Acceptance, LLC
Schedule of Equity Method Investments
Total assets	387,600,000
Total liabilities	$ 344,800,000

Stock-Based Compensation - Compensation Costs Related to Stock-Based Awards Granted (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	$ 5,831	$ 4,955	$ 16,176	$ 10,322
Stock option awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	2,614	2,483	7,271	6,577
Performance share awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	2,184	1,665	5,205	327
Restricted stock unit awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	1,033	807	3,029	2,725
Unrestricted common stock awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	$ 0	$ 0	$ 671	$ 693

Stock-Based Compensation - Assumptions for Options Granted (Details) - $ / shares	9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020
Stock-Based Compensation
Weighted-average fair value at date of grant (in dollars per share)	$ 19.39	$ 15.23
Stock option awards
Stock-Based Compensation
Expected life of option in years	6 years 2 months 15 days	6 years 3 months 21 days
Expected stock price volatility	23.26%	19.53%
Risk-free interest rate	0.55%	1.73%
Expected dividend yield	0.86%	0.99%

Stock-Based Compensation - Performance Share Awards, Restricted Stock Unit Awards and Unrestricted Common Stock Awards (Details) - $ / shares	3 Months Ended						9 Months Ended
	Jul. 30, 2021	Apr. 30, 2021	Jan. 29, 2021	Jul. 31, 2020	May 01, 2020	Jan. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Performance share awards
Stock-Based Compensation
Performance goal period							3 years
Weighted-average fair value of awards granted (in dollars per share)	$ 0	$ 0	$ 90.59	$ 0	$ 0	$ 77.33
Performance share awards \| Maximum
Stock-Based Compensation
Vesting percentage							200.00%
Performance share awards \| Minimum
Stock-Based Compensation
Vesting percentage							0.00%
Restricted stock and restricted stock unit awards
Stock-Based Compensation
Weighted-average fair value of awards granted (in dollars per share)							$ 97.84	$ 74.43
Unrestricted common stock awards \| Board of Directors
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares)	0	0	8,070,000	0	0	8,920,000
Tranche One \| Stock option awards \| Board of Directors
Stock-Based Compensation
Vesting percentage							33.33%
Tranche One \| Restricted stock and restricted stock unit awards
Stock-Based Compensation
Vesting percentage							33.33%
Tranche Two \| Stock option awards \| Board of Directors
Stock-Based Compensation
Vesting percentage							33.33%
Tranche Two \| Restricted stock and restricted stock unit awards
Stock-Based Compensation
Vesting percentage							33.33%
Tranche Three \| Stock option awards \| Board of Directors
Stock-Based Compensation
Vesting percentage							33.33%
Tranche Three \| Restricted stock and restricted stock unit awards
Stock-Based Compensation
Vesting percentage							33.33%

Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Jul. 30, 2021	Oct. 31, 2020	Jul. 31, 2020
Accumulated other comprehensive loss (AOCL)
Foreign currency translation adjustments	$ 17,823	$ 24,508	$ 22,905
Pension benefits	5,106	5,106	3,949
Cash flow derivative instruments	3,762	4,648	7,722
Total accumulated other comprehensive loss	$ 26,691	$ 34,262	$ 34,576

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Stockholders' Equity - Components and Activity of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	$ (1,229,417)	$ (984,950)	$ (1,114,828)	$ (859,578)
Other comprehensive (income) loss before reclassifications	(5,803)	2,827	(16,836)	9,409
Amounts reclassified from AOCL	3,082	(1,953)	9,265	(6,882)
Net current period other comprehensive (income) loss	(2,721)	874	(7,571)	2,527
Balance at end of period	(1,237,178)	(1,054,032)	(1,237,178)	(1,054,032)
Accumulated Other Comprehensive Loss
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	29,412	33,702	34,262	32,049
Net current period other comprehensive (income) loss	(2,721)	874	(7,571)	2,527
Balance at end of period	26,691	34,576	26,691	34,576
Foreign Currency Translation Adjustments
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	12,509	36,916	24,508	31,025
Other comprehensive (income) loss before reclassifications	5,314	(14,011)	(6,685)	(8,120)
Amounts reclassified from AOCL	0	0	0	0
Net current period other comprehensive (income) loss	5,314	(14,011)	(6,685)	(8,120)
Balance at end of period	17,823	22,905	17,823	22,905
Pension Benefits
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	5,106	3,949	5,106	4,861
Other comprehensive (income) loss before reclassifications	0	0	0	0
Amounts reclassified from AOCL	0	0	0	(912)
Net current period other comprehensive (income) loss	0	0	0	(912)
Balance at end of period	5,106	3,949	5,106	3,949
Cash Flow Derivative Instruments
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	11,797	(7,163)	4,648	(3,837)
Other comprehensive (income) loss before reclassifications	(11,117)	16,838	(10,151)	17,529
Amounts reclassified from AOCL	3,082	(1,953)	9,265	(5,970)
Net current period other comprehensive (income) loss	(8,035)	14,885	(886)	11,559
Balance at end of period	$ 3,762	$ 7,722	$ 3,762	$ 7,722

- Definition

+ References

+ Details

Per Share Data (Details) - shares	3 Months Ended		9 Months Ended
Per Share Data (Details) - shares	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Basic
Weighted-average number of shares of common stock (in shares)	107,130,000	107,710,000	107,661,000	107,547,000
Assumed issuance of contingent shares (in shares)	0	0	6,000	14,000
Weighted-average number of shares of common stock outstanding — Basic (in shares)	107,130,000	107,710,000	107,667,000	107,561,000
Diluted
Weighted-average number of shares of common stock outstanding — Basic (in shares)	107,130,000	107,710,000	107,667,000	107,561,000
Effect of dilutive securities (in shares)	1,233,000	833,000	1,151,000	1,008,000
Weighted-average number of shares of common stock outstanding — Diluted (in shares)	108,363,000	108,543,000	108,818,000	108,569,000
Options, restricted stock, and restricted stock units, excluded from the diluted earnings per share (in shares)	2,109	635,002	425,748	493,723

Contingencies (Details) - Exmark Manufacturing Company Incorporated v. Briggs & Stratton Corporation $ in Thousands	Nov. 19, 2020 USD ($)
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party	$ 33,650
Litigation settlement, percentage of the settlement amount	50.00%

Leases - Lease Expense Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Leases [Abstract]
Operating lease expense	$ 4,397	$ 4,036	$ 14,488	$ 14,253
Short-term lease expense	256	876	1,693	2,204
Variable lease expense	22	20	72	116
Total lease expense	$ 4,675	$ 4,932	$ 16,253	$ 16,573

Leases - Supplemental Cash Flow and Other Lease Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020
Leases [Abstract]
Operating cash flows for amounts included in the measurement of lease liabilities	$ 14,288	$ 13,949
Right-of-use assets obtained in exchange for lease obligations	$ 4,739	$ 18,698

Leases - Summary of Other Lease Information (Details)	Jul. 30, 2021	Oct. 31, 2020	Jul. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term of operating leases in years	6 years 7 months 6 days	7 years 1 month 6 days	7 years 2 months 12 days
Weighted-average discount rate of operating leases	2.70%	2.79%	2.80%

Leases - Schedule of Future Minimum Operating Lease Payments (Details) $ in Thousands	Jul. 30, 2021 USD ($)
ASC Topic 842 Leases
2021 (remaining)	$ 4,712
2022	17,015
2023	13,736
2024	12,246
2025	10,751
Thereafter	23,998
Total future minimum operating lease payments	82,458
Less: imputed interest	7,053
Present value of operating lease liabilities	$ 75,405

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	9 Months Ended
	Jul. 30, 2021 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Maximum length of time hedged in cash flow hedge	2 years
Cash flow hedge effectiveness measurement period	2 months
Loss from AOCL earnings	$ 5.1
Forward currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 267.8

Derivative Instruments and Hedging Activities - Fair Value and Location of Derivative Instruments (Details) - USD ($) $ in Thousands	Jul. 30, 2021	Oct. 31, 2020	Jul. 31, 2020
Fair value of derivatives
Derivative assets:	$ 1,544	$ 933	$ 108
Derivative liabilities:	5,236	2,484	6,097
Forward currency contracts
Fair value of derivatives
Derivative assets:	1,544	933	108
Derivative liabilities:	5,236	2,484	6,097
Forward currency contracts \| Derivatives designated as cash flow hedging instruments: \| Prepaid expenses and other current assets
Fair value of derivatives
Derivative assets:	1,235	802	(645)
Forward currency contracts \| Derivatives designated as cash flow hedging instruments: \| Accrued liabilities
Fair value of derivatives
Derivative liabilities:	3,682	2,687	5,248
Forward currency contracts \| Derivatives not designated as cash flow hedging instruments: \| Prepaid expenses and other current assets
Fair value of derivatives
Derivative assets:	309	131	753
Forward currency contracts \| Derivatives not designated as cash flow hedging instruments: \| Accrued liabilities
Fair value of derivatives
Derivative liabilities:	$ 1,554	$ (203)	$ 849

Derivative Instruments and Hedging Activities - Effects of Master Netting Arrangements (Details) - USD ($) $ in Thousands	Jul. 30, 2021	Oct. 31, 2020	Jul. 31, 2020
Derivative assets:
Net amount of derivative assets	$ 1,544	$ 933	$ 108
Derivative liabilities:
Net amount of derivative liabilities	(5,236)	(2,484)	(6,097)
Forward currency contracts
Derivative assets:
Gross amount of derivative assets	1,544	1,139	1,116
Derivative liabilities offsetting derivative assets	0	(206)	(1,008)
Net amount of derivative assets	1,544	933	108
Derivative liabilities:
Gross amount of derivative liabilities	(5,849)	(3,233)	(6,465)
Derivative assets offsetting derivative liabilities	613	749	368
Net amount of derivative liabilities	$ (5,236)	$ (2,484)	$ (6,097)

Derivative Instruments and Hedging Activities - Impact and Location of Amounts Reclassified from AOCL and Impacts and Location on OCI (Details) - Cash flow hedging - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from AOCL into Earnings	$ (3,082)	$ 1,953	$ (9,265)	$ 5,970
Gain (Loss) Recognized in OCI on Derivatives	8,035	(14,885)	886	(11,559)
Forward currency contracts \| Net Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from AOCL into Earnings	(3,113)	1,795	(9,325)	5,272
Gain (Loss) Recognized in OCI on Derivatives	7,350	(13,501)	620	(10,396)
Forward currency contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from AOCL into Earnings	31	158	60	698
Gain (Loss) Recognized in OCI on Derivatives	$ 685	$ (1,384)	$ 266	$ (1,163)

Derivative Instruments and Hedging Activities - Impact and Location of Derivative Instruments for Derivatives Designated as Cash Flow Hedging and the Related Components Excluded From Effectiveness Testing (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Net sales	$ 976,836	$ 840,972	$ 2,998,929	$ 2,537,853
Cost of Sales	(645,719)	(546,398)	(1,949,823)	(1,648,474)
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) reclassified from AOCL into earnings	(3,082)	1,953	(9,265)	5,970
Net Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Net sales	976,836	840,972	2,998,929	2,537,853
Cost of Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Cost of Sales	(645,719)	(546,398)	(1,949,823)	(1,648,474)
Forward currency contracts \| Net Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) reclassified from AOCL into earnings	(3,113)	1,795	(9,325)	5,272
Gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	322	191	784	3,183
Forward currency contracts \| Cost of Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) reclassified from AOCL into earnings	31	158	60	698
Gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$ 70	$ 86	$ 366	$ 231

- Definition

+ References

+ Details

Derivative Instruments and Hedging Activities - Impact and Location of Derivatives Not Designated As Cash Flow Hedging Instruments (Details) - Other income, net - Derivatives not designated as cash flow hedging instruments: - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 30, 2021	Jul. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on derivatives not designated as cash flow hedging instruments	$ 1,972	$ (7,093)	$ (4,511)	$ (5,316)
Forward currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on derivatives not designated as cash flow hedging instruments	$ 1,972	$ (7,093)	$ (4,511)	$ (5,316)

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jul. 30, 2021	Oct. 31, 2020	Jul. 31, 2020
Assets:
Forward currency contracts	$ 1,544	$ 933	$ 108
Liabilities:
Forward currency contracts	5,236	2,484	6,097
Forward currency contracts
Assets:
Forward currency contracts	1,544	933	108
Liabilities:
Forward currency contracts	5,236	2,484	6,097
Measured on a recurring basis
Assets:
Total assets	1,544	933	108
Liabilities:
Total liabilities	5,236	2,484	6,097
Measured on a recurring basis \| Forward currency contracts
Assets:
Forward currency contracts	1,544	933	108
Liabilities:
Forward currency contracts	5,236	2,484	6,097
Measured on a recurring basis \| Level 1
Assets:
Total assets	0	0	0
Liabilities:
Total liabilities	0	0	0
Measured on a recurring basis \| Level 1 \| Forward currency contracts
Assets:
Forward currency contracts	0	0	0
Liabilities:
Forward currency contracts	0	0	0
Measured on a recurring basis \| Level 2
Assets:
Total assets	1,544	933	108
Liabilities:
Total liabilities	5,236	2,484	6,097
Measured on a recurring basis \| Level 2 \| Forward currency contracts
Assets:
Forward currency contracts	1,544	933	108
Liabilities:
Forward currency contracts	5,236	2,484	6,097
Measured on a recurring basis \| Level 3
Assets:
Total assets	0	0	0
Liabilities:
Total liabilities	0	0	0
Measured on a recurring basis \| Level 3 \| Forward currency contracts
Assets:
Forward currency contracts	0	0	0
Liabilities:
Forward currency contracts	$ 0	$ 0	$ 0

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Jul. 30, 2021	Oct. 31, 2020	Jul. 31, 2020
Assets and liabilities measured at fair value disclosures
Long-term debt, percentage bearing fixed interest, amount	$ 424.0	$ 424.0	$ 424.0
Level 2
Assets and liabilities measured at fair value disclosures
Long-term debt, fair value	$ 525.9	$ 508.2	$ 500.4