0000737758-22-000006 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Jan. 28, 2022	Feb. 24, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 28, 2022
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		104,537,567
Entity Central Index Key	0000737758
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 28, 2022	Jan. 29, 2021
Income Statement [Abstract]
Net sales	$ 932,650	$ 872,986
Cost of sales	632,174	557,950
Gross profit	300,476	315,036
Selling, general and administrative expense	208,850	173,571
Operating earnings	91,626	141,465
Interest expense	(7,013)	(7,522)
Other income, net	2,534	1,883
Earnings before income taxes	87,147	135,826
Provision for income taxes	17,637	24,545
Net earnings	$ 69,510	$ 111,281
Basic net earnings per share of common stock (in dollars per share)	$ 0.66	$ 1.03
Diluted net earnings per share of common stock (in dollars per share)	$ 0.66	$ 1.02
Weighted-average number of shares of common stock outstanding — Basic (in shares)	105,037	108,122
Weighted-average number of shares of common stock outstanding — Diluted (in shares)	106,048	109,194

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2022	Jan. 29, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 69,510	$ 111,281
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(5,990)	10,396
Derivative instruments, net of tax of $2,032 and $(2,792), respectively	6,372	(8,310)
Other comprehensive income, net of tax	382	2,086
Comprehensive income	$ 69,892	$ 113,367

- 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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Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2022	Jan. 29, 2021
Statement of Comprehensive Income [Abstract]
Derivative instruments, tax	$ 2,032	$ (2,792)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
ASSETS
Cash and cash equivalents	$ 192,959	$ 405,612	$ 433,394
Receivables, net	366,270	310,279	306,865
Inventories, net	832,072	738,170	675,307
Prepaid expenses and other current assets	45,962	35,124	41,177
Total current assets	1,437,263	1,489,185	1,456,743
Property, plant, and equipment, net	507,549	487,731	457,147
Goodwill	576,940	421,680	422,163
Other intangible assets, net	600,797	420,041	410,587
Right-of-use assets	78,306	66,990	75,467
Investment in finance affiliate	24,119	20,671	22,955
Deferred income taxes	3,938	5,800	9,658
Other assets	24,133	24,042	20,418
Total assets	3,253,045	2,936,140	2,875,138
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt	100,000	0	9,992
Accounts payable	474,483	503,116	364,361
Accrued liabilities	395,739	419,620	429,820
Short-term lease liabilities	15,842	14,283	15,368
Total current liabilities	986,064	937,019	819,541
Long-term debt, less current portion	991,354	691,242	691,356
Long-term lease liabilities	65,760	55,752	63,469
Deferred income taxes	50,382	50,397	71,970
Other long-term liabilities	39,936	50,598	49,080
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 104,528,510 shares as of January 28, 2022, 107,613,431 shares as of January 29, 2021, and 105,205,734 shares as of October 31, 2021	104,529	105,206	107,613
Retained earnings	1,040,634	1,071,922	1,104,285
Accumulated other comprehensive loss	(25,614)	(25,996)	(32,176)
Total stockholders’ equity	1,119,549	1,151,132	1,179,722
Total liabilities and stockholders’ equity	$ 3,253,045	$ 2,936,140	$ 2,875,138

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
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)	104,528,510	105,205,734	107,613,431
Common stock, outstanding (in shares)	104,528,510	105,205,734	107,613,431
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	3 Months Ended
	Jan. 28, 2022	Jan. 29, 2021
Cash flows from operating activities:
Net earnings	$ 69,510	$ 111,281
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Non-cash income from finance affiliate	(1,398)	(1,283)
Contributions to finance affiliate, net	(2,050)	(1,927)
Depreciation of property, plant and equipment	18,487	19,173
Amortization of other intangible assets	6,456	4,894
Compensation cost for stock-based compensation awards	5,225	4,516
Deferred income taxes	0	1,232
Other	146	1,080
Changes in operating assets and liabilities, net of the effect of acquisitions:
Receivables, net	(50,599)	(46,159)
Inventories, net	(59,171)	(25,594)
Prepaid expenses and other assets	(4,187)	(2,794)
Accounts payable, accrued liabilities, and other liabilities	(72,462)	30,606
Net cash (used in) provided by operating activities	(90,043)	95,025
Cash flows from investing activities:
Purchases of property, plant and equipment	(11,903)	(10,504)
Business combinations, net of cash acquired	(401,494)	0
Asset acquisition, net of cash acquired	0	(4,542)
Proceeds from asset disposals	26	74
Proceeds from sale of a business	0	12,886
Net cash used in investing activities	(413,371)	(2,086)
Cash flows from financing activities:
Borrowings under debt arrangements	400,000	0
Repayments under debt arrangements	0	(90,000)
Proceeds from exercise of stock options	1,150	7,714
Payments of withholding taxes for stock awards	(1,381)	(941)
Purchases of TTC common stock	(75,000)	(31,351)
Dividends paid on TTC common stock	(31,469)	(28,411)
Net cash provided by (used in) financing activities	293,300	(142,989)
Effect of exchange rates on cash and cash equivalents	(2,539)	3,552
Net decrease in cash and cash equivalents	(212,653)	(46,498)
Cash and cash equivalents as of the beginning of the fiscal period	405,612	479,892
Cash and cash equivalents as of the end of the fiscal period	$ 192,959	$ 433,394

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, 2020	$ 1,114,828	$ 107,583	$ 1,041,507	$ (34,262)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(28,411)		(28,411)
Issuance of common stock	6,229	350	5,879
Stock-based compensation expense	4,516		4,516
Contribution of shares to a deferred compensation trust	1,485	23	1,462
Purchase of common stock	(32,292)	(343)	(31,949)
Other comprehensive income (loss)	2,086			2,086
Net earnings	111,281		111,281
Balance at end of period at Jan. 29, 2021	1,179,722	107,613	1,104,285	(32,176)
Balance at beginning of period at Oct. 31, 2021	1,151,132	105,206	1,071,922	(25,996)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(31,469)		(31,469)
Issuance of common stock	1,183	109	1,074
Stock-based compensation expense	5,225		5,225
Contribution of shares to a deferred compensation trust	(33)	(33)	0
Purchase of common stock	(76,381)	(753)	(75,628)
Other comprehensive income (loss)	382			382
Net earnings	69,510		69,510
Balance at end of period at Jan. 28, 2022	$ 1,119,549	$ 104,529	$ 1,040,634	$ (25,614)

- 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
	Jan. 28, 2022	Jan. 29, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends paid on common stock (in dollars per share)	$ 0.30	$ 0.2625
Issuance of share-based payment awards (in shares)	109,658	351,178
Contribution to a deferred compensation trust (in shares)	33,162	22,700
Purchase of shares of common stock (in shares)	752,519	343,117

Basis of Presentation

3 Months Ended

Jan. 28, 2022

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 businesses operate and the current COVID-19 pandemic, among other factors, operating results for the three months ended January 28, 2022 cannot be annualized to determine the expected results for the fiscal year ending October 31, 2022.

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, 2021. 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 future developments, including any adverse impact due to additional 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 COVID-19 vaccines and their effectiveness against the virus and related variants. 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 three months ended January 28, 2022 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 or an asset acquisition, 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 December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 was adopted in the first quarter of fiscal 2022 and did not have a material impact on the company's 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 was adopted in the first quarter of fiscal 2022 and did not have a material impact on the company's Condensed Consolidated Financial Statements.

New Accounting Pronouncements Not Yet Adopted

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 guidance was effective upon issuance on March 12, 2020 and the provisions of the temporary optional guidance provided by the ASU may be elected on a prospective basis from the beginning of an interim period that includes the issuance date of the ASU through December 31, 2022, when the reference rate reform activity is expected to be substantially complete. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, to provide supplemental guidance and to further clarify the scope of the amended guidance. At this time, the company does not have receivables, hedging relationships, or operating lease agreements that reference LIBOR or another reference rate expected to be discontinued; and therefore, the company has not applied the optional practical expedients under this ASU to these classes of assets. On October 5, 2021, the company entered into an amended and restated credit agreement and at such time, the company concluded that the optional practical expedients provided by the ASU would not be elected as the required criteria were not met. The amended and restated credit agreement includes a transition clause in the event LIBOR is discontinued and the company's other fixed-rate financing agreements do not reference LIBOR or another reference rate expected to be discontinued. As such, the company does not expect the transition of LIBOR to have a material impact on the company's Condensed Consolidated Financial Statements; however, a review of other contracts and agreements is underway and is expected to be completed prior to December 31, 2022.

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

3 Months Ended

Jan. 28, 2022

Business Combination and Asset Acquisition [Abstract]

Business Combination


2			Business Combination

Intimidator Group

On January 13, 2022 ("closing date"), pursuant to an equity interest purchase agreement ("equity agreement"), the company acquired the privately-held Intimidator Group ("Intimidator"). Intimidator primarily designs, manufactures, markets, and sells a commercial-grade line of zero-turn mowers under the Spartan Mowers brand, which are intended to provide innovative turf management solutions to landscape contractors and other customers who require a commercial-grade solution. The acquisition of Intimidator broadened the company's Professional reportable segment and expanded its manufacturing footprint and dealer network.

The Intimidator acquisition was structured as an equity purchase, pursuant to which the company acquired 100 percent of the equity interests of the legal entities that comprised Intimidator, with the legal entities continuing as surviving entities and wholly-owned subsidiaries of the company. As part of the acquisition, the company also acquired the real property used by Intimidator that was owned by an affiliate of Intimidator. The aggregate preliminary cash consideration was $398.9 million ("purchase price") and remains subject to certain customary adjustments based on, among other things, the amount of actual cash, debt, and working capital in the business of Intimidator at the closing date. Such customary adjustments are expected to be completed during fiscal 2022. Additionally, the aggregate preliminary cash consideration remains subject to contingent consideration through the end of calendar year 2022, in the event of certain qualifying tax changes. As a result, the company could be subject to additional cash purchase consideration for an amount not to exceed $15.0 million and remittance of such contingent consideration, if required, is due by March 15, 2023. As of January 28, 2022, no liability was recorded within the

Condensed Consolidated Balance Sheets for the contingent consideration as the contingency is not probable or estimable. If amounts were recorded for the contingent consideration during the 12 month provisional measurement period allowed under the accounting standards codification guidance for business combinations as a result of a qualifying tax change, the aggregate preliminary cash consideration would be increased by the amount of the contingent consideration with a corresponding increase in the goodwill recognized for the acquisition. The company funded the preliminary purchase price with borrowings under its existing unsecured senior revolving credit facility and cash provided by operating activities. For additional information regarding the company's unsecured senior revolving credit facility utilized to fund the purchase price, refer to Note 6, Indebtedness.

Preliminary Purchase Price Allocation

The company accounted for the acquisition in accordance with the accounting standards codification guidance for business combinations, whereby the aggregate preliminary purchase price was allocated to the acquired net tangible and intangible assets of Intimidator based on their fair values as of the closing date. The company believes that the information available as of the closing date provides a reasonable basis for estimating fair values of the assets acquired and liabilities assumed; however, the company is continuing to finalize these amounts. Thus, the preliminary measurements of the fair values of the assets acquired and liabilities assumed within the preliminary purchase price allocation are subject to change as additional information becomes available and as additional analysis is performed. The company expects to finalize its preliminary valuation and complete the allocation of the preliminary purchase price as soon as practicable, but no later than one year from the closing date of the acquisition, as required.

The following table summarizes the allocation of the preliminary purchase price to the fair values assigned to the assets acquired and liabilities assumed. These preliminary fair values are based on internal company and independent external third-party valuations and are subject to change as certain asset and liability valuations are finalized:


(Dollars in thousands)	January 13, 2022
Cash and cash equivalents	$	2,601
Receivables	6,788
Inventories	36,006
Prepaid expenses and other current assets	511
Property, plant and equipment	26,825
Right-of-use assets	349
Goodwill	155,638
Other intangible assets:
Indefinite-lived trade name	99,100
Finite-lived trade names	3,260
Finite-lived customer-related	81,300
Finite-lived backlog	2,250
Accounts payable	(10,142)
Accrued liabilities	(2,662)
Short-term lease liabilities	(102)
Long-term lease liabilities	(247)

Total fair value of net assets acquired	401,475
Less: cash and cash equivalents acquired	(2,601)
Total preliminary purchase price	$	398,874

The goodwill recognized is primarily attributable to the expected future cash flows, the value of the workforce, and expected synergies, including customer and dealer growth opportunities, expanding existing product lines, and cost reduction initiatives. 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 acquisition of Intimidator was recognized within the company's Professional segment and is the primary driver for the increase in the company's Professional segment goodwill to $566.4 million as of January 28, 2022. The acquisition was considered an asset acquisition for income tax purposes and as a result, the goodwill arising from the transaction is deductible.

Other Intangible Assets Acquired

The allocation of the preliminary purchase price to the net assets acquired resulted in the recognition of $185.9 million of preliminary value for other intangible assets as of the closing date. The preliminary fair values of the acquired trade names, customer-related, and backlog 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. As of the closing date, the acquired finite-lived intangible assets had a weighted average useful life of 9.5 years. The preliminary fair values of the trade names were 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 respective trade name and were based on expected future revenues from the respective trade name. The weighted-average useful life of the finite-lived trade name intangible assets was determined to be 9.8 years as of the closing date. The preliminary fair values of the customer-related and backlog intangible assets were determined using the excess earnings method and were based on the expected operating cash flows attributable to the respective intangible asset, which were determined by deducting expected economic costs, including operating expenses and contributory asset charges, from the revenue expected to be generated from the respective intangible asset. As of the closing date of the acquisition, the weighted-average useful life of the customer-related and backlog intangible assets were determined to be 9.7 years and 9 months, respectively.

Results of Operations

Intimidator's results of operations are included within the company's Professional reportable segment in the company's Condensed Consolidated Financial Statements from the closing date. Intimidator's operations had an immaterial impact on the company's Professional reportable segment net sales and segment earnings for the three month period ended January 28, 2022. Unaudited pro forma financial information is not disclosed as the Intimidator acquisition was not considered material to the company's consolidated results of operations.

Segment Data

3 Months Ended

Jan. 28, 2022

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 the company's chief operating decision maker organizes segments for making operating and investment decisions and assessing performance. The company has identified twelve operating segments and has aggregated certain of those operating 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. The company's Other activities consist of the company's wholly-owned domestic distribution company, 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 business segments and Other activities (in thousands):







Three Months Ended January 28, 2022	Professional		Residential		Other		Total
Net sales	$	672,885	$	255,402	$	4,363	$	932,650
Intersegment gross sales (eliminations)	5,417		15		(5,432)		—
Earnings (loss) before income taxes	93,272		31,760		(37,885)		87,147
Total assets	$	2,486,201	$	444,549	$	322,295	$	3,253,045







Three Months Ended January 29, 2021	Professional		Residential		Other		Total
Net sales	$	650,223	$	217,700	$	5,063	$	872,986
Intersegment gross sales (eliminations)	6,642		16		(6,658)		—
Earnings (loss) before income taxes	116,816		32,108		(13,098)		135,826
Total assets	$	1,952,536	$	345,185	$	577,417	$	2,875,138

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


	Three Months Ended
(Dollars in thousands)	January 28, 2022		January 29, 2021
Corporate expenses	$	(32,828)	$	(11,303)
Interest expense	(7,013)		(7,522)
Earnings from wholly-owned domestic distribution companies and other income, net	1,956		5,727
Total operating loss	$	(37,885)	$	(13,098)

- 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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+ Details

Revenue

3 Months Ended

Jan. 28, 2022

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 January 28, 2022	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	570,871	$	244,589	$	3,147	$	818,607
Irrigation	102,014		10,813		1,216		114,043
Total net sales	$	672,885	$	255,402	$	4,363	$	932,650

Revenue by geographic market:
United States	$	530,734	$	202,567	$	4,363	$	737,664
International countries	142,151		52,835		—		194,986
Total net sales	$	672,885	$	255,402	$	4,363	$	932,650


Three Months Ended January 29, 2021	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	575,775	$	205,923	$	3,942	$	785,640
Irrigation	74,448		11,777		1,121		87,346
Total net sales	$	650,223	$	217,700	$	5,063	$	872,986

Revenue by geographic market:
United States	$	501,860	$	174,382	$	5,063	$	681,305
International countries	148,363		43,318		—		191,681
Total net sales	$	650,223	$	217,700	$	5,063	$	872,986

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 January 28, 2022 and October 31, 2021, $24.6 million and $24.1 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 months ended January 28, 2022, the company recognized $2.5 million of the October 31, 2021 deferred revenue balance within net sales in the Condensed Consolidated Statements of Earnings. The company expects to recognize approximately $8.6 million of the October 31, 2021 deferred revenue amount within net sales throughout the remainder of fiscal 2022, $7.7 million in fiscal 2023, and $5.3 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.

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+ Details

Goodwill and Other Intangible Assets, Net

3 Months Ended

Jan. 28, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net


5			Goodwill and Other Intangible Assets, Net

The company's acquisition of Intimidator on January 13, 2022 resulted in the recognition of $155.6 million and $185.9 million of preliminary goodwill and other intangible assets, respectively. For additional information on the company's acquisition of Intimidator, refer to Note 2, Business Combination.

Goodwill

The changes in the carrying amount of goodwill by reportable segment for the first three months of fiscal 2022 were as follows:


(Dollars in thousands)	Professional		Residential		Other		Total
Balance as of October 31, 2021	$	411,079	$	10,601	$	—	$	421,680
Goodwill acquired	155,638		—		—		155,638
Translation adjustments	(321)		(57)		—		(378)
Balance as of January 28, 2022	$	566,396	$	10,544	$	—	$	576,940

Other Intangible Assets, Net

The components of other intangible assets, net as of January 28, 2022, January 29, 2021, and October 31, 2021 were as follows (in thousands):


January 28, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,291	$	(14,858)	$	3,433
Non-compete agreements	5.5	6,921		(6,885)		36
Customer-related	16.0	322,296		(66,325)		255,971
Developed technology	7.0	87,427		(45,748)		41,679
Trade names	13.7	10,762		(3,038)		7,724
Backlog and other	0.7	6,640		(4,390)		2,250
Total finite-lived	13.5	452,337		(141,244)		311,093
Indefinite-lived - trade names		289,704		—		289,704
Total other intangible assets, net		$	742,041	$	(141,244)	$	600,797


January 29, 2021	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,275	$	(14,123)	$	4,152
Non-compete agreements	5.5	6,908		(6,851)		57
Customer-related	18.2	239,816		(51,747)		188,069
Developed technology	7.7	59,017		(36,230)		22,787
Trade names	15.3	7,563		(2,684)		4,879
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	15.3	335,969		(116,025)		219,944
Indefinite-lived - trade names		190,643		—		190,643
Total other intangible assets, net		$	526,612	$	(116,025)	$	410,587


October 31, 2021	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,283	$	(14,670)	$	3,613
Non-compete agreements	5.5	6,914		(6,872)		42
Customer-related	18.2	239,679		(62,617)		177,062
Developed technology	7.0	87,473		(43,348)		44,125
Trade names	15.4	7,524		(2,969)		4,555
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	14.6	364,263		(134,866)		229,397
Indefinite-lived - trade names		190,644		—		190,644
Total other intangible assets, net		$	554,907	$	(134,866)	$	420,041

Amortization expense for finite-lived intangible assets for the three months ended January 28, 2022 and January 29, 2021 were $6.5 million and $4.9 million, respectively. Estimated amortization expense for the remainder of fiscal 2022 and succeeding fiscal years is as follows: fiscal 2022 (remainder), $27.2 million; fiscal 2023, $32.7 million; fiscal 2024, $30.7 million; fiscal 2025, $28.2 million; fiscal 2026, $27.2 million; fiscal 2027, $22.7 million; and after fiscal 2027, $142.4 million.

Indebtedness

3 Months Ended

Jan. 28, 2022

Debt Disclosure [Abstract]

Indebtedness


6			Indebtedness

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


(Dollars in thousands)	January 28, 2022		January 29, 2021		October 31, 2021
$600 million revolving credit facility, due October 2026	$	400,000	$	—	$	—
$270 million term loan, due October 2026	270,000		—		270,000
$200 million term loan, due April 2022	—		100,000		—
$300 million term loan, due April 2024	—		180,000		—
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	124,055		123,993		124,040
Less: unamortized discounts, debt issuance costs, and deferred charges	2,701		2,645		2,798
Total long-term debt	1,091,354		701,348		691,242
Less: current portion of long-term debt	100,000		9,992		—
Long-term debt, less current portion	$	991,354	$	691,356	$	691,242

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 2022 and succeeding fiscal years are as follows: fiscal 2022 (remainder), $0.0 million; fiscal 2023, $0.0 million; fiscal 2024, $0.0 million; fiscal 2025, $27.0 million; fiscal 2026, $643.0 million; fiscal 2027, $0.0 million; and after fiscal 2027, $425.0 million. Typically, the company's revolving credit facility is classified as long-term debt within the Condensed Consolidated Balance Sheets as the company has the ability to extend the outstanding borrowings under the revolving credit facility for the full-term of the facility. However, if the company intends to prepay a portion of the outstanding balance under the revolving credit facility within the next twelve months, the company reclassifies the portion of outstanding borrowings under the revolving credit facility that the company intends to repay within the next twelve months to current portion of long-term debt within the Condensed Consolidated Balance Sheets. As of January 28, 2022, the company reclassified $100.0 million of outstanding borrowings under the revolving credit facility to current portion of long-term debt within the Condensed Consolidated Balance Sheets as the company currently intends to repay this amount within the next twelve months.

Inventories, Net

3 Months Ended

Jan. 28, 2022

Inventory Disclosure [Abstract]

Inventories, Net


7			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. As needed, 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.

On January 13, 2022, with the acquisition of Intimidator, the company acquired $36.0 million of inventory, based on preliminary fair value purchase accounting adjustments. For additional information on the company's acquisition of Intimidator, refer to Note 2, Business Combination.

Inventories, net were as follows:


(Dollars in thousands)	January 28, 2022		January 29, 2021		October 31, 2021
Raw materials and work in process	$	383,285	$	226,979	$	335,325
Finished goods and service parts	584,274		530,415		538,332
Total FIFO and average cost value	967,559		757,394		873,657
Less: adjustment to LIFO value	135,487		82,087		135,487
Total inventories, net	$	832,072	$	675,307	$	738,170

Property, Plant and Equipment, Net

3 Months Ended

Jan. 28, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net


8			Property, Plant and Equipment, Net

Property, plant and equipment assets are carried at cost less accumulated depreciation. The company generally accounts for depreciation of property, plant, and equipment utilizing the straight-line method over the estimated useful lives of the assets. Buildings and leasehold improvements are generally depreciated over 10 to 40 years, machinery and equipment are generally depreciated over two to 15 years, tooling is generally depreciated over three to five years, and computer hardware and software and website development costs are generally depreciated over two to five years. Expenditures for major renewals and improvements, which substantially increase the useful lives of existing assets, are capitalized. Costs associated with general maintenance and repairs are expensed as incurred within cost of sales or selling, general and administrative expense in the Condensed Consolidated Statements of Earnings depending on the nature and use of the related asset. Interest is capitalized during the construction period for significant capital projects.

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

Property, plant and equipment, net was as follows:


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

Product Warranty Guarantees

3 Months Ended

Jan. 28, 2022

Product Warranties Disclosures [Abstract]

Product Warranty Guarantees


9			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.

At the time of sale, the company recognizes expense and records an accrual by product line for estimated costs in connection with forecasted future warranty claims. The company's estimate of the cost of future warranty claims is 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 the cost of actual claims experience indicates that adjustments to the company's warranty accrual are necessary. Additionally, from time to time, the company may also establish warranty accruals for its estimate of the costs necessary to settle major rework campaigns on a product-specific basis during the period in which the circumstances giving rise to the major rework campaign become known and when the costs to satisfactorily address the situation are both probable and estimable. The warranty accrual for the cost of a major rework campaign is primarily based on an estimate of the cost to repair each affected unit and the number of affected units expected to be repaired.

The changes in accrued warranties were as follows:


	Three Months Ended
(Dollars in thousands)	January 28, 2022		January 29, 2021
Beginning balance	$	116,783	$	107,121
Provisions	17,194		16,695
Acquisitions	1,940		—
Claims	(15,911)		(15,186)
Changes in estimates	(146)		153
Ending balance	$	119,860	$	108,783

Investment in Finance Affiliate

3 Months Ended

Jan. 28, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investment in Finance Affiliate


10			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"), the primary purpose of which is 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 three months ended January 28, 2022 and January 29, 2021.

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 three months ended January 28, 2022 and January 29, 2021 were $528.1 million and $511.3 million, respectively. As of January 28, 2022, Red Iron’s total assets were $496.9 million and total liabilities were $443.3 million. The total amount of receivables due from Red Iron to the company as of January 28, 2022, January 29, 2021, and October 31, 2021 were $28.1 million, $13.1 million and $31.0 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 January 28, 2022, January 29, 2021, and October 31, 2021 was $24.1 million, $23.0 million, and $20.7 million, respectively. The company has not guaranteed the outstanding indebtedness of Red Iron.

Stock-Based Compensation

3 Months Ended

Jan. 28, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation


11			Stock-Based Compensation

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


	Three Months Ended
(Dollars in thousands)	January 28, 2022		January 29, 2021
Stock option awards	$	1,828	$	2,058
Performance share awards	1,621		827
Restricted stock unit awards	1,147		960
Unrestricted common stock awards	629		671
Total compensation cost for stock-based compensation awards	$	5,225	$	4,516

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 but may also be granted throughout the fiscal year in connection with hiring, mid-year promotions, leadership transition, or retention, as needed and applicable. Options generally vest one-third each year over a three-year period and have a ten-year term but in certain circumstances, the vesting requirement may be modified such that options granted to certain employees vest in full on the three-year anniversary of the date of grant and have a ten-year term. Compensation cost equal to the grant date fair value determined under the Black-Scholes valuation method 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. Stock options granted to executive officers and other employees are subject to accelerated expensing if the option holder meets the retirement definition set forth in the 2010 plan. In that case, the fair value of the options is expensed in the fiscal year of grant because generally, if the option holder is employed as of the end of the fiscal year in which the options are granted, such options will not be forfeited but continue to vest according to their schedule following retirement. Similarly, if a non-employee Board member has served on the company's Board for ten full fiscal years or more, the awards will not be forfeited but continue to vest according to their schedule following retirement. Therefore, the fair value of the options granted is fully expensed on the date of the grant.

The fair value of each stock option is estimated on the date of grant using various inputs and assumptions under the Black-Scholes valuation method. 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 used under the Black-Scholes valuation method for options granted in the first three months of the following fiscal periods:


	Fiscal 2022	Fiscal 2021
Expected life of option in years	6.19	6.21
Expected stock price volatility	23.76%	23.26%
Risk-free interest rate	1.30%	0.55%
Expected dividend yield	0.93%	0.86%
Per share weighted-average fair value at date of grant	$22.58	$19.38

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 2022 and 2021 was $98.41 and $90.59, respectively.

Restricted Stock Unit Awards

Under the 2010 plan, restricted stock unit awards are generally granted to certain employees who 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. Restricted stock unit awards generally vest one-third each year over a three-year period, or vest in full on the three-year anniversary of the date of grant. 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 three months of fiscal 2022 and 2021 was $99.94 and $91.51, respectively.

Unrestricted Common Stock AwardsDuring the first quarter of fiscal 2022 and 2021, 6,453 and 8,070 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. Additionally, our Board members may elect to convert a portion or all of their calendar year annual retainers otherwise payable in cash into shares of the company's common stock.

Stockholders' Equity

3 Months Ended

Jan. 28, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity


12			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)	January 28, 2022		January 29, 2021		October 31, 2021
Foreign currency translation adjustments	$	25,525	$	14,112	$	19,535
Pension benefits	3,899		5,106		3,899
Cash flow derivative instruments	(3,810)		12,958		2,562
Total accumulated other comprehensive loss	$	25,614	$	32,176	$	25,996

The components and activity of AOCL, net of tax, for the three month periods ended January 28, 2022 and January 29, 2021 were as follows:


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2021	$	19,535	$	3,899	$	2,562	$	25,996
Other comprehensive (income) loss before reclassifications	5,990		—		(6,641)		(651)
Amounts reclassified from AOCL	—		—		269		269
Net current period other comprehensive (income) loss	5,990		—		(6,372)		(382)
Balance as of January 28, 2022	$	25,525	$	3,899	$	(3,810)	$	25,614


(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) loss before reclassifications	(10,396)		—		6,312		(4,084)
Amounts reclassified from AOCL	—		—		1,998		1,998
Net current period other comprehensive (income) loss	(10,396)		—		8,310		(2,086)
Balance as of January 29, 2021	$	14,112	$	5,106	$	12,958	$	32,176

For additional information on the components reclassified from AOCL to the respective line items in net earnings for derivative instruments refer to Note 16, 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

3 Months Ended

Jan. 28, 2022

Earnings Per Share [Abstract]

Per Share Data


13			Per Share Data

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


	Three Months Ended
(Shares in thousands)	January 28, 2022	January 29, 2021
Basic
Weighted-average number of shares of common stock	105,015	108,103
Assumed issuance of contingent shares	22	19
Weighted-average number of shares of common stock outstanding - Basic	105,037	108,122

Diluted
Weighted-average number of shares of common stock outstanding - Basic	105,037	108,122
Effect of dilutive shares	1,011	1,072
Weighted-average number of shares of common stock outstanding - Diluted	106,048	109,194

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 466,338 and 268,778 shares of common stock during the first quarter of fiscal 2022 and 2021, respectively, were excluded from the computation of diluted net earnings per share of common stock because they were anti-dilutive.

Contingencies

3 Months Ended

Jan. 28, 2022

Commitments and Contingencies Disclosure [Abstract]

Contingencies


14			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 or employment-related 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 the company's 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

3 Months Ended

Jan. 28, 2022

Leases [Abstract]

Leases


15			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
(Dollars in thousands)	January 28, 2022		January 29, 2021
Operating lease expense	$	6,165	$	4,974
Short-term lease expense	1,415		580
Variable lease expense	—		17
Total lease expense	$	7,580	$	5,571

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


	Three Months Ended
(Dollars in thousands)	January 28, 2022		January 29, 2021
Operating cash flows for amounts included in the measurement of lease liabilities	$	4,567	$	4,682
Right-of-use assets obtained in exchange for lease obligations	$	14,881	$	293

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


(Dollars in thousands)	January 28, 2022		January 29, 2021		October 31, 2021
Weighted-average remaining lease term of operating leases in years	6.6		6.9		6.6
Weighted-average discount rate of operating leases	2.56	%	2.78	%	2.71	%

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 January 28, 2022:


(Dollars in thousands)	January 28, 2022
2022 (remaining)	$	13,618
2023	16,571
2024	15,101
2025	12,992
2026	7,965
Thereafter	23,862
Total future minimum operating lease payments	90,109
Less: imputed interest	8,507
Present value of operating lease liabilities	$	81,602

Derivative Instruments and Hedging Activities

3 Months Ended

Jan. 28, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities


16			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 enters 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 January 28, 2022, the notional amount outstanding of forward currency contracts designated as cash flow hedging instruments was $287.5 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)	January 28, 2022		January 29, 2021		October 31, 2021
Derivative assets:
Derivatives designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	$	5,451	$	1,294	$	189
Derivatives not designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	1,491		178		133
Total derivative assets	$	6,942	$	1,472	$	322

Derivative liabilities:
Derivatives designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	$	—	$	14,763	$	1,260
Derivatives not designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	118		2,200		872
Total derivative liabilities	$	118	$	16,963	$	2,132

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)	January 28, 2022		January 29, 2021		October 31, 2021
Derivative assets:
Forward currency contracts:
Gross amount of derivative assets	$	8,118	$	1,472	$	423
Derivative liabilities offsetting derivative assets	(1,176)		—		(101)
Net amount of derivative assets	$	6,942	$	1,472	$	322

Derivative liabilities:
Forward currency contracts:
Gross amount of derivative liabilities	$	(159)	$	(16,970)	$	(4,853)
Derivative assets offsetting derivative liabilities	41		7		2,721
Net amount of derivative liabilities	$	(118)	$	(16,963)	$	(2,132)

The following table presents 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 months ended January 28, 2022 and January 29, 2021:


	Three Months Ended
	Gain (Loss) Reclassified from AOCL into Earnings				Gain (Loss) Recognized in OCI on Derivatives
(Dollars in thousands)	January 28, 2022		January 29, 2021		January 28, 2022		January 29, 2021
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	(118)	$	(2,097)	$	5,670	$	(7,694)
Cost of sales	(151)		99		702		(616)
Total derivatives designated as cash flow hedging instruments	$	(269)	$	(1,998)	$	6,372	$	(8,310)

The company recognized immaterial gains and losses within other income, net in the Condensed Consolidated Statements of Earnings during the first quarter of fiscal 2022 and fiscal 2021, respectively, due to the discontinuance of cash flow hedge accounting on certain forward currency contracts designated as cash flow hedging instruments. As of January 28, 2022, the company expects to reclassify approximately $2.1 million of gains 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)	January 28, 2022				January 29, 2021
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	$	932,650	$	(632,174)	$	872,986	$	(557,950)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain (loss) reclassified from AOCL into earnings	(118)		(151)		(2,097)		99
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	(926)	$	97	$	162	$	185

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
(Dollars in thousands)	January 28, 2022		January 29, 2021
Gain (loss) on derivatives not designated as cash flow hedging instruments
Forward currency contracts:
Other income, net	$	1,242	$	(3,478)
Total gain (loss) on derivatives not designated as cash flow hedging instruments	$	1,242	$	(3,478)

Fair Value Measurements

3 Months Ended

Jan. 28, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements


17			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 January 28, 2022, January 29, 2021, and October 31, 2021, according to the valuation technique utilized to determine their fair values (in thousands):


			Fair Value Measurements Using Inputs Considered as:
January 28, 2022	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	6,942	$	—	$	6,942	$	—
Total assets	$	6,942	$	—	$	6,942	$	—

Liabilities:
Forward currency contracts	$	118	$	—	$	118	$	—
Total liabilities	$	118	$	—	$	118	$	—


			Fair Value Measurements Using Inputs Considered as:
January 29, 2021	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	1,472	$	—	$	1,472	$	—
Total assets	$	1,472	$	—	$	1,472	$	—

Liabilities:
Forward currency contracts	$	16,963	$	—	$	16,963	$	—
Total liabilities	$	16,963	$	—	$	16,963	$	—


			Fair Value Measurements Using Inputs Considered as:
October 31, 2021	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	322	$	—	$	322	$	—
Total assets	$	322	$	—	$	322	$	—

Liabilities:
Forward currency contracts	$	2,132	$	—	$	2,132	$	—
Total liabilities	$	2,132	$	—	$	2,132	$	—

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 and asset acquisitions, when applicable. For additional information on the company's business combination and the related non-recurring fair value measurement of the assets acquired and liabilities assumed, refer to Note 2, Business Combination.

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 January 28, 2022, January 29, 2021 and October 31, 2021, the company's long-term debt included $424.1 million, $424.0 million and $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 January 28, 2022, the estimated gross fair value of long-term debt with fixed interest rates was $499.1 million compared to its gross carrying amount of $424.1 million. As of January 29, 2021, the estimated gross fair value of long-term debt with fixed interest rates was $524.3 million compared to its gross carrying amount of $424.0 million. As of October 31, 2021, the estimated gross fair value of long-term debt with fixed interest rates was $517.9 million compared to its gross carrying amount of $424.0 million. For additional information regarding long-term debt with fixed interest rates, refer to Note 6, Indebtedness.

- 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

3 Months Ended

Jan. 28, 2022

Subsequent Events [Abstract]

Subsequent Events


18			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)	3 Months Ended
Basis of Presentation (Policies)	Jan. 28, 2022
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 or an asset acquisition, 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 December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 was adopted in the first quarter of fiscal 2022 and did not have a material impact on the company's 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 was adopted in the first quarter of fiscal 2022 and did not have a material impact on the company's Condensed Consolidated Financial Statements. New Accounting Pronouncements Not Yet Adopted 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 guidance was effective upon issuance on March 12, 2020 and the provisions of the temporary optional guidance provided by the ASU may be elected on a prospective basis from the beginning of an interim period that includes the issuance date of the ASU through December 31, 2022, when the reference rate reform activity is expected to be substantially complete. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, to provide supplemental guidance and to further clarify the scope of the amended guidance. At this time, the company does not have receivables, hedging relationships, or operating lease agreements that reference LIBOR or another reference rate expected to be discontinued; and therefore, the company has not applied the optional practical expedients under this ASU to these classes of assets. On October 5, 2021, the company entered into an amended and restated credit agreement and at such time, the company concluded that the optional practical expedients provided by the ASU would not be elected as the required criteria were not met. The amended and restated credit agreement includes a transition clause in the event LIBOR is discontinued and the company's other fixed-rate financing agreements do not reference LIBOR or another reference rate expected to be discontinued. As such, the company does not expect the transition of LIBOR to have a material impact on the company's Condensed Consolidated Financial Statements; however, a review of other contracts and agreements is underway and is expected to be completed prior to December 31, 2022. 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. As needed, 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 enters 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 January 28, 2022, the notional amount outstanding of forward currency contracts designated as cash flow hedging instruments was $287.5 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 and asset acquisitions, when applicable. For additional information on the company's business combination and the related non-recurring fair value measurement of the assets acquired and liabilities assumed, refer to Note 2, Business Combination. 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.

- 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 (Tables)

3 Months Ended

Jan. 28, 2022

Business Combination and Asset Acquisition [Abstract]

Summary of Allocation of Preliminary Purchase Price Assigned to Intimidator Group


(Dollars in thousands)	January 13, 2022
Cash and cash equivalents	$	2,601
Receivables	6,788
Inventories	36,006
Prepaid expenses and other current assets	511
Property, plant and equipment	26,825
Right-of-use assets	349
Goodwill	155,638
Other intangible assets:
Indefinite-lived trade name	99,100
Finite-lived trade names	3,260
Finite-lived customer-related	81,300
Finite-lived backlog	2,250
Accounts payable	(10,142)
Accrued liabilities	(2,662)
Short-term lease liabilities	(102)
Long-term lease liabilities	(247)

Total fair value of net assets acquired	401,475
Less: cash and cash equivalents acquired	(2,601)
Total preliminary purchase price	$	398,874

Segment Data (Tables)

3 Months Ended

Jan. 28, 2022

Segment Reporting [Abstract]

Summarized Financial Information Concerning Reportable Segments

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







Three Months Ended January 28, 2022	Professional		Residential		Other		Total
Net sales	$	672,885	$	255,402	$	4,363	$	932,650
Intersegment gross sales (eliminations)	5,417		15		(5,432)		—
Earnings (loss) before income taxes	93,272		31,760		(37,885)		87,147
Total assets	$	2,486,201	$	444,549	$	322,295	$	3,253,045







Three Months Ended January 29, 2021	Professional		Residential		Other		Total
Net sales	$	650,223	$	217,700	$	5,063	$	872,986
Intersegment gross sales (eliminations)	6,642		16		(6,658)		—
Earnings (loss) before income taxes	116,816		32,108		(13,098)		135,826
Total assets	$	1,952,536	$	345,185	$	577,417	$	2,875,138

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
(Dollars in thousands)	January 28, 2022		January 29, 2021
Corporate expenses	$	(32,828)	$	(11,303)
Interest expense	(7,013)		(7,522)
Earnings from wholly-owned domestic distribution companies and other income, net	1,956		5,727
Total operating loss	$	(37,885)	$	(13,098)

Revenue (Tables)

3 Months Ended

Jan. 28, 2022

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 January 28, 2022	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	570,871	$	244,589	$	3,147	$	818,607
Irrigation	102,014		10,813		1,216		114,043
Total net sales	$	672,885	$	255,402	$	4,363	$	932,650

Revenue by geographic market:
United States	$	530,734	$	202,567	$	4,363	$	737,664
International countries	142,151		52,835		—		194,986
Total net sales	$	672,885	$	255,402	$	4,363	$	932,650


Three Months Ended January 29, 2021	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	575,775	$	205,923	$	3,942	$	785,640
Irrigation	74,448		11,777		1,121		87,346
Total net sales	$	650,223	$	217,700	$	5,063	$	872,986

Revenue by geographic market:
United States	$	501,860	$	174,382	$	5,063	$	681,305
International countries	148,363		43,318		—		191,681
Total net sales	$	650,223	$	217,700	$	5,063	$	872,986

Goodwill and Other Intangible Assets, Net (Tables)

3 Months Ended

Jan. 28, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill by reportable segment for the first three months of fiscal 2022 were as follows:


(Dollars in thousands)	Professional		Residential		Other		Total
Balance as of October 31, 2021	$	411,079	$	10,601	$	—	$	421,680
Goodwill acquired	155,638		—		—		155,638
Translation adjustments	(321)		(57)		—		(378)
Balance as of January 28, 2022	$	566,396	$	10,544	$	—	$	576,940

Schedule of Finite-Lived Intangible Assets

The components of other intangible assets, net as of January 28, 2022, January 29, 2021, and October 31, 2021 were as follows (in thousands):


January 28, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,291	$	(14,858)	$	3,433
Non-compete agreements	5.5	6,921		(6,885)		36
Customer-related	16.0	322,296		(66,325)		255,971
Developed technology	7.0	87,427		(45,748)		41,679
Trade names	13.7	10,762		(3,038)		7,724
Backlog and other	0.7	6,640		(4,390)		2,250
Total finite-lived	13.5	452,337		(141,244)		311,093
Indefinite-lived - trade names		289,704		—		289,704
Total other intangible assets, net		$	742,041	$	(141,244)	$	600,797


January 29, 2021	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,275	$	(14,123)	$	4,152
Non-compete agreements	5.5	6,908		(6,851)		57
Customer-related	18.2	239,816		(51,747)		188,069
Developed technology	7.7	59,017		(36,230)		22,787
Trade names	15.3	7,563		(2,684)		4,879
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	15.3	335,969		(116,025)		219,944
Indefinite-lived - trade names		190,643		—		190,643
Total other intangible assets, net		$	526,612	$	(116,025)	$	410,587


October 31, 2021	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,283	$	(14,670)	$	3,613
Non-compete agreements	5.5	6,914		(6,872)		42
Customer-related	18.2	239,679		(62,617)		177,062
Developed technology	7.0	87,473		(43,348)		44,125
Trade names	15.4	7,524		(2,969)		4,555
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	14.6	364,263		(134,866)		229,397
Indefinite-lived - trade names		190,644		—		190,644
Total other intangible assets, net		$	554,907	$	(134,866)	$	420,041

Schedule of Indefinite-Lived Intangible Assets

The components of other intangible assets, net as of January 28, 2022, January 29, 2021, and October 31, 2021 were as follows (in thousands):


January 28, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,291	$	(14,858)	$	3,433
Non-compete agreements	5.5	6,921		(6,885)		36
Customer-related	16.0	322,296		(66,325)		255,971
Developed technology	7.0	87,427		(45,748)		41,679
Trade names	13.7	10,762		(3,038)		7,724
Backlog and other	0.7	6,640		(4,390)		2,250
Total finite-lived	13.5	452,337		(141,244)		311,093
Indefinite-lived - trade names		289,704		—		289,704
Total other intangible assets, net		$	742,041	$	(141,244)	$	600,797


January 29, 2021	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,275	$	(14,123)	$	4,152
Non-compete agreements	5.5	6,908		(6,851)		57
Customer-related	18.2	239,816		(51,747)		188,069
Developed technology	7.7	59,017		(36,230)		22,787
Trade names	15.3	7,563		(2,684)		4,879
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	15.3	335,969		(116,025)		219,944
Indefinite-lived - trade names		190,643		—		190,643
Total other intangible assets, net		$	526,612	$	(116,025)	$	410,587


October 31, 2021	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,283	$	(14,670)	$	3,613
Non-compete agreements	5.5	6,914		(6,872)		42
Customer-related	18.2	239,679		(62,617)		177,062
Developed technology	7.0	87,473		(43,348)		44,125
Trade names	15.4	7,524		(2,969)		4,555
Backlog and other	0.6	4,390		(4,390)		—
Total finite-lived	14.6	364,263		(134,866)		229,397
Indefinite-lived - trade names		190,644		—		190,644
Total other intangible assets, net		$	554,907	$	(134,866)	$	420,041

Indebtedness (Tables)

3 Months Ended

Jan. 28, 2022

Debt Disclosure [Abstract]

Summary of Debt

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


(Dollars in thousands)	January 28, 2022		January 29, 2021		October 31, 2021
$600 million revolving credit facility, due October 2026	$	400,000	$	—	$	—
$270 million term loan, due October 2026	270,000		—		270,000
$200 million term loan, due April 2022	—		100,000		—
$300 million term loan, due April 2024	—		180,000		—
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	124,055		123,993		124,040
Less: unamortized discounts, debt issuance costs, and deferred charges	2,701		2,645		2,798
Total long-term debt	1,091,354		701,348		691,242
Less: current portion of long-term debt	100,000		9,992		—
Long-term debt, less current portion	$	991,354	$	691,356	$	691,242

- 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

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+ Details

Inventories, Net (Tables)

3 Months Ended

Jan. 28, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories, net were as follows:


(Dollars in thousands)	January 28, 2022		January 29, 2021		October 31, 2021
Raw materials and work in process	$	383,285	$	226,979	$	335,325
Finished goods and service parts	584,274		530,415		538,332
Total FIFO and average cost value	967,559		757,394		873,657
Less: adjustment to LIFO value	135,487		82,087		135,487
Total inventories, net	$	832,072	$	675,307	$	738,170

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Jan. 28, 2022

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Property, plant and equipment, net was as follows:


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

Product Warranty Guarantees (Tables)

3 Months Ended

Jan. 28, 2022

Product Warranties Disclosures [Abstract]

Schedule of Changes in Accrued Warranties

The changes in accrued warranties were as follows:


	Three Months Ended
(Dollars in thousands)	January 28, 2022		January 29, 2021
Beginning balance	$	116,783	$	107,121
Provisions	17,194		16,695
Acquisitions	1,940		—
Claims	(15,911)		(15,186)
Changes in estimates	(146)		153
Ending balance	$	119,860	$	108,783

Stock-Based Compensation (Tables)

3 Months Ended

Jan. 28, 2022

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
(Dollars in thousands)	January 28, 2022		January 29, 2021
Stock option awards	$	1,828	$	2,058
Performance share awards	1,621		827
Restricted stock unit awards	1,147		960
Unrestricted common stock awards	629		671
Total compensation cost for stock-based compensation awards	$	5,225	$	4,516

Schedule of Assumptions for Options Granted

The table below illustrates the weighted-average valuation assumptions used under the Black-Scholes valuation method for options granted in the first three months of the following fiscal periods:


	Fiscal 2022	Fiscal 2021
Expected life of option in years	6.19	6.21
Expected stock price volatility	23.76%	23.26%
Risk-free interest rate	1.30%	0.55%
Expected dividend yield	0.93%	0.86%
Per share weighted-average fair value at date of grant	$22.58	$19.38

Stockholders' Equity (Tables)

3 Months Ended

Jan. 28, 2022

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)	January 28, 2022		January 29, 2021		October 31, 2021
Foreign currency translation adjustments	$	25,525	$	14,112	$	19,535
Pension benefits	3,899		5,106		3,899
Cash flow derivative instruments	(3,810)		12,958		2,562
Total accumulated other comprehensive loss	$	25,614	$	32,176	$	25,996

Schedule of Components and Activity of AOCL

The components and activity of AOCL, net of tax, for the three month periods ended January 28, 2022 and January 29, 2021 were as follows:


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2021	$	19,535	$	3,899	$	2,562	$	25,996
Other comprehensive (income) loss before reclassifications	5,990		—		(6,641)		(651)
Amounts reclassified from AOCL	—		—		269		269
Net current period other comprehensive (income) loss	5,990		—		(6,372)		(382)
Balance as of January 28, 2022	$	25,525	$	3,899	$	(3,810)	$	25,614


(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) loss before reclassifications	(10,396)		—		6,312		(4,084)
Amounts reclassified from AOCL	—		—		1,998		1,998
Net current period other comprehensive (income) loss	(10,396)		—		8,310		(2,086)
Balance as of January 29, 2021	$	14,112	$	5,106	$	12,958	$	32,176

Per Share Data (Tables)

3 Months Ended

Jan. 28, 2022

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
(Shares in thousands)	January 28, 2022	January 29, 2021
Basic
Weighted-average number of shares of common stock	105,015	108,103
Assumed issuance of contingent shares	22	19
Weighted-average number of shares of common stock outstanding - Basic	105,037	108,122

Diluted
Weighted-average number of shares of common stock outstanding - Basic	105,037	108,122
Effect of dilutive shares	1,011	1,072
Weighted-average number of shares of common stock outstanding - Diluted	106,048	109,194

Leases (Tables)

3 Months Ended

Jan. 28, 2022

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
(Dollars in thousands)	January 28, 2022		January 29, 2021
Operating lease expense	$	6,165	$	4,974
Short-term lease expense	1,415		580
Variable lease expense	—		17
Total lease expense	$	7,580	$	5,571

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


	Three Months Ended
(Dollars in thousands)	January 28, 2022		January 29, 2021
Operating cash flows for amounts included in the measurement of lease liabilities	$	4,567	$	4,682
Right-of-use assets obtained in exchange for lease obligations	$	14,881	$	293

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


(Dollars in thousands)	January 28, 2022		January 29, 2021		October 31, 2021
Weighted-average remaining lease term of operating leases in years	6.6		6.9		6.6
Weighted-average discount rate of operating leases	2.56	%	2.78	%	2.71	%

Future Minimum Operating Lease Payments


(Dollars in thousands)	January 28, 2022
2022 (remaining)	$	13,618
2023	16,571
2024	15,101
2025	12,992
2026	7,965
Thereafter	23,862
Total future minimum operating lease payments	90,109
Less: imputed interest	8,507
Present value of operating lease liabilities	$	81,602

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Jan. 28, 2022

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)	January 28, 2022		January 29, 2021		October 31, 2021
Derivative assets:
Derivatives designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	$	5,451	$	1,294	$	189
Derivatives not designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	1,491		178		133
Total derivative assets	$	6,942	$	1,472	$	322

Derivative liabilities:
Derivatives designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	$	—	$	14,763	$	1,260
Derivatives not designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	118		2,200		872
Total derivative liabilities	$	118	$	16,963	$	2,132

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)	January 28, 2022		January 29, 2021		October 31, 2021
Derivative assets:
Forward currency contracts:
Gross amount of derivative assets	$	8,118	$	1,472	$	423
Derivative liabilities offsetting derivative assets	(1,176)		—		(101)
Net amount of derivative assets	$	6,942	$	1,472	$	322

Derivative liabilities:
Forward currency contracts:
Gross amount of derivative liabilities	$	(159)	$	(16,970)	$	(4,853)
Derivative assets offsetting derivative liabilities	41		7		2,721
Net amount of derivative liabilities	$	(118)	$	(16,963)	$	(2,132)

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)	January 28, 2022		January 29, 2021		January 28, 2022		January 29, 2021
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	(118)	$	(2,097)	$	5,670	$	(7,694)
Cost of sales	(151)		99		702		(616)
Total derivatives designated as cash flow hedging instruments	$	(269)	$	(1,998)	$	6,372	$	(8,310)


	Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in thousands)	January 28, 2022				January 29, 2021
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	$	932,650	$	(632,174)	$	872,986	$	(557,950)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain (loss) reclassified from AOCL into earnings	(118)		(151)		(2,097)		99
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	(926)	$	97	$	162	$	185

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


	Three Months Ended
(Dollars in thousands)	January 28, 2022		January 29, 2021
Gain (loss) on derivatives not designated as cash flow hedging instruments
Forward currency contracts:
Other income, net	$	1,242	$	(3,478)
Total gain (loss) on derivatives not designated as cash flow hedging instruments	$	1,242	$	(3,478)

Fair Value Measurements (Tables)

3 Months Ended

Jan. 28, 2022

Fair Value Disclosures [Abstract]

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


			Fair Value Measurements Using Inputs Considered as:
January 28, 2022	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	6,942	$	—	$	6,942	$	—
Total assets	$	6,942	$	—	$	6,942	$	—

Liabilities:
Forward currency contracts	$	118	$	—	$	118	$	—
Total liabilities	$	118	$	—	$	118	$	—


			Fair Value Measurements Using Inputs Considered as:
January 29, 2021	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	1,472	$	—	$	1,472	$	—
Total assets	$	1,472	$	—	$	1,472	$	—

Liabilities:
Forward currency contracts	$	16,963	$	—	$	16,963	$	—
Total liabilities	$	16,963	$	—	$	16,963	$	—


			Fair Value Measurements Using Inputs Considered as:
October 31, 2021	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	322	$	—	$	322	$	—
Total assets	$	322	$	—	$	322	$	—

Liabilities:
Forward currency contracts	$	2,132	$	—	$	2,132	$	—
Total liabilities	$	2,132	$	—	$	2,132	$	—

Business Combination - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 13, 2022	Jan. 28, 2022	Jan. 29, 2021	Oct. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 576,940	$ 422,163	$ 421,680
Finite-lived intangible asset, useful life		13 years 6 months	15 years 3 months 18 days	14 years 7 months 6 days
Operating Segments \| Professional
Business Acquisition [Line Items]
Goodwill		$ 566,396		$ 411,079
Trade names
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life		13 years 8 months 12 days	15 years 3 months 18 days	15 years 4 months 24 days
Intimidator
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Payments to acquire businesses, gross	$ 398,900
Additional cash purchase consideration, maximum	15,000
Goodwill	155,638
Other intangible assets	$ 185,900
Finite-lived intangible asset, useful life	9 years 6 months
Intimidator \| Trade names
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	9 years 9 months 18 days
Intimidator \| Customer-related
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	9 years 8 months 12 days
Intimidator \| Backlog
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	9 months

Business Combination - Allocation of Preliminary Purchase Price Assigned to the Intimidator Group (Details) - USD ($) $ in Thousands	Jan. 13, 2022	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
Business Acquisition [Line Items]
Goodwill		$ 576,940	$ 421,680	$ 422,163
Intimidator
Business Acquisition [Line Items]
Cash and cash equivalents	$ 2,601
Receivables	6,788
Inventories	36,006
Prepaid expenses and other current assets	511
Property, plant and equipment	26,825
Right-of-use assets	349
Goodwill	155,638
Other intangible assets:
Indefinite-lived trade name	99,100
Accounts payable	(10,142)
Accrued liabilities	(2,662)
Short-term lease liabilities	(102)
Long-term lease liabilities	(247)
Total fair value of net assets acquired	401,475
Less: cash and cash equivalents acquired	(2,601)
Total preliminary purchase price	398,874
Intimidator \| Trade names
Other intangible assets:
Finite-lived intangibles	3,260
Intimidator \| Customer-related
Other intangible assets:
Finite-lived intangibles	81,300
Intimidator \| Backlog
Other intangible assets:
Finite-lived intangibles	$ 2,250

Segment Data - Narrative (Details)	3 Months Ended
Segment Data - Narrative (Details)	Jan. 28, 2022 segment
Segment Reporting [Abstract]
Operating segments	12
Reportable segments	2

Segment Data - Summarized Financial Information of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2022	Jan. 29, 2021	Oct. 31, 2021
Financial information concerning reportable segments
Net sales	$ 932,650	$ 872,986
Earnings (loss) before income taxes	87,147	135,826
Total assets	3,253,045	2,875,138	$ 2,936,140
Operating Segments \| Professional
Financial information concerning reportable segments
Net sales	672,885	650,223
Earnings (loss) before income taxes	93,272	116,816
Total assets	2,486,201	1,952,536
Operating Segments \| Residential
Financial information concerning reportable segments
Net sales	255,402	217,700
Earnings (loss) before income taxes	31,760	32,108
Total assets	444,549	345,185
Other Activities
Financial information concerning reportable segments
Net sales	4,363	5,063
Earnings (loss) before income taxes	(37,885)	(13,098)
Total assets	322,295	577,417
Intersegment gross sales (eliminations)
Financial information concerning reportable segments
Net sales	(5,432)	(6,658)
Intersegment gross sales (eliminations) \| Professional
Financial information concerning reportable segments
Net sales	5,417	6,642
Intersegment gross sales (eliminations) \| Residential
Financial information concerning reportable segments
Net sales	$ 15	$ 16

- 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.

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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.

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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
	Jan. 28, 2022	Jan. 29, 2021
Components of the loss before income taxes included in "Other"
Interest expense	$ (7,013)	$ (7,522)
Earnings from wholly-owned domestic distribution companies and other income, net	2,534	1,883
Earnings before income taxes	87,147	135,826
Other Activities
Components of the loss before income taxes included in "Other"
Corporate expenses	(32,828)	(11,303)
Interest expense	(7,013)	(7,522)
Earnings from wholly-owned domestic distribution companies and other income, net	1,956	5,727
Earnings before income taxes	$ (37,885)	$ (13,098)

- Definition

+ References

+ Details

Revenue - Disaggregation by Major Product Type and Geographic Market (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2022	Jan. 29, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 932,650	$ 872,986
United States
Disaggregation of Revenue [Line Items]
Revenues	737,664	681,305
International countries
Disaggregation of Revenue [Line Items]
Revenues	194,986	191,681
Equipment
Disaggregation of Revenue [Line Items]
Revenues	818,607	785,640
Irrigation
Disaggregation of Revenue [Line Items]
Revenues	114,043	87,346
Operating Segments \| Professional
Disaggregation of Revenue [Line Items]
Revenues	672,885	650,223
Operating Segments \| Professional \| United States
Disaggregation of Revenue [Line Items]
Revenues	530,734	501,860
Operating Segments \| Professional \| International countries
Disaggregation of Revenue [Line Items]
Revenues	142,151	148,363
Operating Segments \| Professional \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	570,871	575,775
Operating Segments \| Professional \| Irrigation
Disaggregation of Revenue [Line Items]
Revenues	102,014	74,448
Operating Segments \| Residential
Disaggregation of Revenue [Line Items]
Revenues	255,402	217,700
Operating Segments \| Residential \| United States
Disaggregation of Revenue [Line Items]
Revenues	202,567	174,382
Operating Segments \| Residential \| International countries
Disaggregation of Revenue [Line Items]
Revenues	52,835	43,318
Operating Segments \| Residential \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	244,589	205,923
Operating Segments \| Residential \| Irrigation
Disaggregation of Revenue [Line Items]
Revenues	10,813	11,777
Other Activities
Disaggregation of Revenue [Line Items]
Revenues	4,363	5,063
Other Activities \| United States
Disaggregation of Revenue [Line Items]
Revenues	4,363	5,063
Other Activities \| International countries
Disaggregation of Revenue [Line Items]
Revenues	0	0
Other Activities \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	3,147	3,942
Other Activities \| Irrigation
Disaggregation of Revenue [Line Items]
Revenues	$ 1,216	$ 1,121

Revenue - Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2022	Oct. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 24.6	$ 24.1
Contract with customer liability revenue recognized	$ 2.5

Revenue - Performance Obligation (Details) $ in Millions	Jan. 28, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 8.6
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
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	$ 7.7
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-11-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5.3
Revenue, remaining performance obligation, expected timing of satisfaction, period

Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	Jan. 28, 2022	Jan. 13, 2022	Oct. 31, 2021	Jan. 29, 2021
Goodwill [Line Items]
Goodwill	$ 576,940		$ 421,680	$ 422,163
Intimidator
Goodwill [Line Items]
Goodwill		$ 155,638
Other intangible assets		$ 185,900

Goodwill and Other Intangible Assets, Net - Changes in Net Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Jan. 28, 2022 USD ($)
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	$ 421,680
Goodwill acquired	155,638
Translation adjustments	(378)
Goodwill, balance at end of period	576,940
Operating Segments \| Professional
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	411,079
Goodwill acquired	155,638
Translation adjustments	(321)
Goodwill, balance at end of period	566,396
Operating Segments \| Residential
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	10,601
Goodwill acquired	0
Translation adjustments	(57)
Goodwill, balance at end of period	10,544
Other Activities
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	0
Goodwill acquired	0
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		12 Months Ended
	Jan. 28, 2022	Jan. 29, 2021	Oct. 31, 2021
Other Intangible Assets
Weighted-Average Useful Life in Years	13 years 6 months	15 years 3 months 18 days	14 years 7 months 6 days
Gross Carrying Amount	$ 452,337	$ 335,969	$ 364,263
Accumulated Amortization	(141,244)	(116,025)	(134,866)
Net	311,093	219,944	229,397
Indefinite-lived - trade names	289,704	190,643	190,644
Total other intangible assets, gross	742,041	526,612	554,907
Total other intangible assets, net	600,797	410,587	$ 420,041
Estimated amortization expense
Amortization of other intangible assets	6,500	$ 4,900
Fiscal 2022 (remainder)	27,200
Fiscal 2023	32,700
Fiscal 2024	30,700
Fiscal 2025	28,200
Fiscal 2026	27,200
Fiscal 2027	22,700
After fiscal 2027	$ 142,400
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	$ 18,291	$ 18,275	$ 18,283
Accumulated Amortization	(14,858)	(14,123)	(14,670)
Net	$ 3,433	$ 4,152	$ 3,613
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	$ 6,921	$ 6,908	$ 6,914
Accumulated Amortization	(6,885)	(6,851)	(6,872)
Net	$ 36	$ 57	$ 42
Customer-related
Other Intangible Assets
Weighted-Average Useful Life in Years	16 years	18 years 2 months 12 days	18 years 2 months 12 days
Gross Carrying Amount	$ 322,296	$ 239,816	$ 239,679
Accumulated Amortization	(66,325)	(51,747)	(62,617)
Net	$ 255,971	$ 188,069	$ 177,062
Developed technology
Other Intangible Assets
Weighted-Average Useful Life in Years	7 years	7 years 8 months 12 days	7 years
Gross Carrying Amount	$ 87,427	$ 59,017	$ 87,473
Accumulated Amortization	(45,748)	(36,230)	(43,348)
Net	$ 41,679	$ 22,787	$ 44,125
Trade names
Other Intangible Assets
Weighted-Average Useful Life in Years	13 years 8 months 12 days	15 years 3 months 18 days	15 years 4 months 24 days
Gross Carrying Amount	$ 10,762	$ 7,563	$ 7,524
Accumulated Amortization	(3,038)	(2,684)	(2,969)
Net	$ 7,724	$ 4,879	$ 4,555
Backlog and other
Other Intangible Assets
Weighted-Average Useful Life in Years	8 months 12 days	7 months 6 days	7 months 6 days
Gross Carrying Amount	$ 6,640	$ 4,390	$ 4,390
Accumulated Amortization	(4,390)	(4,390)	(4,390)
Net	$ 2,250	$ 0	$ 0

Indebtedness - Summary of Debt (Details) - USD ($)	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
Debt Instrument [Line Items]
Less: unamortized discounts, debt issuance costs, and deferred charges	$ 2,701,000	$ 2,798,000	$ 2,645,000
Total long-term debt	1,091,354,000	691,242,000	701,348,000
Less: current portion of long-term debt	100,000,000	0	9,992,000
Long-term debt, less current portion	991,354,000	691,242,000	691,356,000
Line of Credit \| $600 million revolving credit facility, due October 2026
Debt Instrument [Line Items]
Long-term debt, gross	400,000,000	0	0
Debt instrument, face amount	600,000,000
Senior Notes \| $270 million term loan, due October 2026
Debt Instrument [Line Items]
Long-term debt, gross	270,000,000	270,000,000	0
Debt instrument, face amount	270,000,000
Senior Notes \| $200 million term loan, due April 2022
Debt Instrument [Line Items]
Long-term debt, gross	0	0	100,000,000
Debt instrument, face amount	200,000,000
Senior Notes \| $300 million term loan, due April 2024
Debt Instrument [Line Items]
Long-term debt, gross	0	0	180,000,000
Debt instrument, face amount	300,000,000
Senior Notes \| 3.81% series A senior notes, due June 2029
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000,000	100,000,000	100,000,000
Debt instrument, interest rate, stated percentage	3.81%
Senior Notes \| 3.91% series B senior notes, due June 2031
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000,000	100,000,000	100,000,000
Debt instrument, interest rate, stated percentage	3.91%
Senior Notes \| 6.625% senior notes, due May 2037
Debt Instrument [Line Items]
Long-term debt, gross	$ 124,055,000	124,040,000	123,993,000
Debt instrument, interest rate, stated percentage	6.625%
Corporate Debt Securities \| 7.8% debentures, due June 2027
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000,000	$ 100,000,000	$ 100,000,000
Debt instrument, interest rate, stated percentage	7.80%

Indebtedness - Narrative (Details) - USD ($) $ in Thousands	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
Debt Disclosure [Abstract]
Fiscal 2022 (remainder)	$ 0
Fiscal 2023	0
Fiscal 2024	0
Fiscal 2025	27,000
Fiscal 2026	643,000
Fiscal 2027	0
After fiscal 2027	425,000
Current portion of long-term debt	$ 100,000	$ 0	$ 9,992

Inventories, Net - Narrative (Details) $ in Thousands	Jan. 13, 2022 USD ($)
Intimidator
Business Acquisition [Line Items]
Inventory acquired	$ 36,006

Inventories, Net (Details) - USD ($) $ in Thousands	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
Inventory Disclosure [Abstract]
Raw materials and work in process	$ 383,285	$ 335,325	$ 226,979
Finished goods and service parts	584,274	538,332	530,415
Total FIFO and average cost value	967,559	873,657	757,394
Less: adjustment to LIFO value	135,487	135,487	82,087
Total inventories, net	$ 832,072	$ 738,170	$ 675,307

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2022	Jan. 13, 2022
Intimidator
Property, Plant and Equipment [Line Items]
Property, plant and equipment		$ 26,825
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	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 1,328,073	$ 1,292,092	$ 1,249,215
Less: accumulated depreciation	820,524	804,361	792,068
Property, plant, and equipment, net	507,549	487,731	457,147
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	57,924	57,690	56,808
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	326,137	308,217	299,566
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	529,289	522,012	500,410
Tooling
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	221,646	220,966	231,728
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	97,629	97,485	102,357
Construction in process
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 95,448	$ 85,722	$ 58,346

Product Warranty Guarantees (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2022	Jan. 29, 2021
Warranty provisions, claims, and changes in estimates
Balance at beginning of period	$ 116,783	$ 107,121
Provisions	17,194	16,695
Acquisitions	1,940	0
Claims	(15,911)	(15,186)
Changes in estimates	(146)	153
Balance at end of period	$ 119,860	$ 108,783

Investment in Finance Affiliate (Details) - USD ($)	3 Months Ended
Investment in Finance Affiliate (Details) - USD ($)	Jan. 28, 2022	Jan. 29, 2021	Oct. 31, 2021
Schedule of Equity Method Investments
Total assets	$ 3,253,045,000	$ 2,875,138,000	$ 2,936,140,000
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	528,100,000	511,300,000
Related party transaction, due from (to) related party, current	$ 28,100,000	13,100,000	31,000,000
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	24,100,000	$ 23,000,000	$ 20,700,000
Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Red Iron Acceptance, LLC
Schedule of Equity Method Investments
Total assets	496,900,000
Total liabilities	$ 443,300,000

Stock-Based Compensation - Compensation Costs Related to Stock-Based Awards Granted (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2022	Jan. 29, 2021
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	$ 5,225	$ 4,516
Stock option awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	1,828	2,058
Performance share awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	1,621	827
Restricted stock unit awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	1,147	960
Unrestricted common stock awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	$ 629	$ 671

Stock-Based Compensation - Stock Option Awards, Performance Share Awards, Restricted Stock Unit Awards and Unrestricted Common Stock Awards (Details) - $ / shares shares in Thousands	3 Months Ended
	Jan. 28, 2022	Jan. 29, 2021
Stock option awards
Stock-Based Compensation
Vesting period	3 years
Term of options	10 years
Performance share awards
Stock-Based Compensation
Performance goal period	3 years
Weighted-average fair value of awards granted (in dollars per share)	$ 98.41	$ 90.59
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
Vesting period	3 years
Weighted-average fair value of awards granted (in dollars per share)	$ 99.94	$ 91.51
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)	6,453	8,070
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%

Stock-Based Compensation - Assumptions for Options Granted (Details) - $ / shares	3 Months Ended
	Jan. 28, 2022	Jan. 29, 2021
Stock-Based Compensation
Per share weighted-average fair value at date of grant (in dollars per share)	$ 22.58	$ 19.38
Stock option awards
Stock-Based Compensation
Expected life of option in years	6 years 2 months 8 days	6 years 2 months 15 days
Expected stock price volatility	23.76%	23.26%
Risk-free interest rate	1.30%	0.55%
Expected dividend yield	0.93%	0.86%

Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
Accumulated other comprehensive loss (AOCL)
Foreign currency translation adjustments	$ 25,525	$ 19,535	$ 14,112
Pension benefits	3,899	3,899	5,106
Cash flow derivative instruments	(3,810)	2,562	12,958
Total accumulated other comprehensive loss	$ 25,614	$ 25,996	$ 32,176

- 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
	Jan. 28, 2022	Jan. 29, 2021
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	$ (1,151,132)	$ (1,114,828)
Other comprehensive (income) loss before reclassifications	(651)	(4,084)
Amounts reclassified from AOCL	269	1,998
Net current period other comprehensive (income) loss	(382)	(2,086)
Balance at end of period	(1,119,549)	(1,179,722)
Accumulated Other Comprehensive Loss
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	25,996	34,262
Net current period other comprehensive (income) loss	(382)	(2,086)
Balance at end of period	25,614	32,176
Foreign Currency Translation Adjustments
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	19,535	24,508
Other comprehensive (income) loss before reclassifications	5,990	(10,396)
Amounts reclassified from AOCL	0	0
Net current period other comprehensive (income) loss	5,990	(10,396)
Balance at end of period	25,525	14,112
Pension Benefits
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	3,899	5,106
Other comprehensive (income) loss before reclassifications	0	0
Amounts reclassified from AOCL	0	0
Net current period other comprehensive (income) loss	0	0
Balance at end of period	3,899	5,106
Cash Flow Derivative Instruments
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	2,562	4,648
Other comprehensive (income) loss before reclassifications	(6,641)	6,312
Amounts reclassified from AOCL	269	1,998
Net current period other comprehensive (income) loss	(6,372)	8,310
Balance at end of period	$ (3,810)	$ 12,958

- Definition

+ References

+ Details

Per Share Data (Details) - shares	3 Months Ended
Per Share Data (Details) - shares	Jan. 28, 2022	Jan. 29, 2021
Basic
Weighted-average number of shares of common stock (in shares)	105,015,000	108,103,000
Assumed issuance of contingent shares (in shares)	22,000	19,000
Weighted-average number of shares of common stock outstanding — Basic (in shares)	105,037,000	108,122,000
Diluted
Weighted-average number of shares of common stock outstanding — Basic (in shares)	105,037,000	108,122,000
Effect of dilutive shares (in shares)	1,011,000	1,072,000
Weighted-average number of shares of common stock outstanding — Diluted (in shares)	106,048,000	109,194,000
Options, restricted stock, and restricted stock units, excluded from the diluted earnings per share (in shares)	466,338	268,778

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
	Jan. 28, 2022	Jan. 29, 2021
Leases [Abstract]
Operating lease expense	$ 6,165	$ 4,974
Short-term lease expense	1,415	580
Variable lease expense	0	17
Total lease expense	$ 7,580	$ 5,571

Leases - Supplemental Cash Flow and Other Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2022	Jan. 29, 2021
Leases [Abstract]
Operating cash flows for amounts included in the measurement of lease liabilities	$ 4,567	$ 4,682
Right-of-use assets obtained in exchange for lease obligations	$ 14,881	$ 293

Leases - Summary of Other Lease Information (Details)	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
Leases [Abstract]
Weighted-average remaining lease term of operating leases in years	6 years 7 months 6 days	6 years 7 months 6 days	6 years 10 months 24 days
Weighted-average discount rate of operating leases	2.56%	2.71%	2.78%

Leases - Schedule of Future Minimum Operating Lease Payments (Details) $ in Thousands	Jan. 28, 2022 USD ($)
ASC Topic 842 Leases
2022 (remaining)	$ 13,618
2023	16,571
2024	15,101
2025	12,992
2026	7,965
Thereafter	23,862
Total future minimum operating lease payments	90,109
Less: imputed interest	8,507
Present value of operating lease liabilities	$ 81,602

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	3 Months Ended
	Jan. 28, 2022 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
Gains to be reclassified from AOCL to earnings	$ 2.1
Forward currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 287.5

Derivative Instruments and Hedging Activities - Fair Value and Location of Derivative Instruments (Details) - USD ($) $ in Thousands	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
Fair value of derivatives
Derivative assets	$ 6,942	$ 322	$ 1,472
Derivative liabilities	118	2,132	16,963
Forward currency contracts
Fair value of derivatives
Derivative assets	6,942	322	1,472
Derivative liabilities	118	2,132	16,963
Forward currency contracts \| Derivatives designated as cash flow hedging instruments: \| Prepaid expenses and other current assets
Fair value of derivatives
Derivative assets	5,451	189	1,294
Forward currency contracts \| Derivatives designated as cash flow hedging instruments: \| Accrued liabilities
Fair value of derivatives
Derivative liabilities	0	1,260	14,763
Forward currency contracts \| Derivatives not designated as cash flow hedging instruments: \| Prepaid expenses and other current assets
Fair value of derivatives
Derivative assets	1,491	133	178
Forward currency contracts \| Derivatives not designated as cash flow hedging instruments: \| Accrued liabilities
Fair value of derivatives
Derivative liabilities	$ 118	$ 872	$ 2,200

Derivative Instruments and Hedging Activities - Effects of Master Netting Arrangements (Details) - USD ($) $ in Thousands	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
Derivative assets:
Net amount of derivative assets	$ 6,942	$ 322	$ 1,472
Derivative liabilities:
Net amount of derivative liabilities	(118)	(2,132)	(16,963)
Forward currency contracts
Derivative assets:
Gross amount of derivative assets	8,118	423	1,472
Derivative liabilities offsetting derivative assets	(1,176)	(101)	0
Net amount of derivative assets	6,942	322	1,472
Derivative liabilities:
Gross amount of derivative liabilities	(159)	(4,853)	(16,970)
Derivative assets offsetting derivative liabilities	41	2,721	7
Net amount of derivative liabilities	$ (118)	$ (2,132)	$ (16,963)

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
	Jan. 28, 2022	Jan. 29, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from AOCL into Earnings	$ (269)	$ (1,998)
Gain (Loss) Recognized in OCI on Derivatives	6,372	(8,310)
Forward currency contracts \| Net Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from AOCL into Earnings	(118)	(2,097)
Gain (Loss) Recognized in OCI on Derivatives	5,670	(7,694)
Forward currency contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from AOCL into Earnings	(151)	99
Gain (Loss) Recognized in OCI on Derivatives	$ 702	$ (616)

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
	Jan. 28, 2022	Jan. 29, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net sales	$ 932,650	$ 872,986
Cost of Sales	(632,174)	(557,950)
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) reclassified from AOCL into earnings	(269)	(1,998)
Net Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Net sales	932,650	872,986
Cost of Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Cost of Sales	(632,174)	(557,950)
Forward currency contracts \| Net Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) reclassified from AOCL into earnings	(118)	(2,097)
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value	(926)	162
Forward currency contracts \| Cost of Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) reclassified from AOCL into earnings	(151)	99
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$ 97	$ 185

- 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
	Jan. 28, 2022	Jan. 29, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on derivatives not designated as cash flow hedging instruments	$ 1,242	$ (3,478)
Forward currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on derivatives not designated as cash flow hedging instruments	$ 1,242	$ (3,478)

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
Assets:
Forward currency contracts	$ 6,942	$ 322	$ 1,472
Liabilities:
Forward currency contracts	118	2,132	16,963
Forward currency contracts
Assets:
Forward currency contracts	6,942	322	1,472
Liabilities:
Forward currency contracts	118	2,132	16,963
Measured on a recurring basis
Assets:
Total assets	6,942	322	1,472
Liabilities:
Total liabilities	118	2,132	16,963
Measured on a recurring basis \| Forward currency contracts
Assets:
Forward currency contracts	6,942	322	1,472
Liabilities:
Forward currency contracts	118	2,132	16,963
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	6,942	322	1,472
Liabilities:
Total liabilities	118	2,132	16,963
Measured on a recurring basis \| Level 2 \| Forward currency contracts
Assets:
Forward currency contracts	6,942	322	1,472
Liabilities:
Forward currency contracts	118	2,132	16,963
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	Jan. 28, 2022	Oct. 31, 2021	Jan. 29, 2021
Assets and liabilities measured at fair value disclosures
Long-term debt, percentage bearing fixed interest, amount	$ 424.1	$ 424.0	$ 424.0
Level 2
Assets and liabilities measured at fair value disclosures
Long-term debt, fair value	$ 499.1	$ 517.9	$ 524.3