0000737758-23-000024 | 10-Q | XBRL Viewer

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Revenue - Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Aug. 04, 2023	Aug. 04, 2023	Oct. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 25.0	$ 25.0	$ 28.0
Contract with customer liability revenue recognized	$ 3.5	$ 12.4

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Aug. 04, 2023

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)	August 4, 2023		July 29, 2022		October 31, 2022
Derivative assets:
Derivatives designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	$	9,940	$	17,723	$	27,733
Derivatives not designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	3,823		4,618		5,523
Total derivative assets	$	13,763	$	22,341	$	33,256

Derivative liabilities:
Derivatives designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	$	76	$	—	$	—
Derivatives not designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	14		18		—
Total derivative liabilities	$	90	$	18	$	—

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)	August 4, 2023		July 29, 2022		October 31, 2022
Derivative assets:
Forward currency contracts:
Gross amount of derivative assets	$	14,931	$	22,424	$	33,256
Derivative liabilities offsetting derivative assets	1,168		83		—
Net amount of derivative assets	$	13,763	$	22,341	$	33,256

Derivative liabilities:
Forward currency contracts:
Gross amount of derivative liabilities	$	95	$	18	$	—
Derivative assets offsetting derivative liabilities	5		—		—
Net amount of derivative liabilities	$	90	$	18	$	—

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

The following table presents the impact and location of the amounts reclassified from AOCL into net earnings on the Condensed Consolidated Statements of (Loss) Earnings and the impact of derivative instruments on the Condensed Consolidated Statements of Comprehensive (Loss) Income for the company's derivatives designated as cash flow hedging instruments for the three and nine months ended August 4, 2023 and July 29, 2022:


	Three Months Ended
	Gain Reclassified from AOCL into Earnings				(Loss) Gain Reclassified from AOCL into Earnings
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	1,962	$	1,640	$	(846)	$	2,508
Cost of sales	1,218		200		1,452		(36)
Total derivatives designated as cash flow hedging instruments	$	3,180	$	1,840	$	606	$	2,472


	Nine Months Ended
	Gain Reclassified from AOCL into Earnings				(Loss) Gain Recognized in OCI on Derivatives
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	9,723	$	1,431	$	(18,099)	$	14,836
Cost of sales	3,036		164		3,658		1,207
Total derivatives designated as cash flow hedging instruments	$	12,759	$	1,595	$	(14,441)	$	16,043

The following tables present the impact and location of derivative instruments on the Condensed Consolidated Statements of (Loss) 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)	August 4, 2023				July 29, 2022
Three Months Ended	Net Sales		Cost of Sales		Net Sales		Cost of Sales
Condensed Consolidated Statements of (Loss) Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	1,081,784	$	(709,430)	$	1,160,550	$	(760,644)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings	1,962		1,218		1,640		200
(loss) gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	(356)	$	762	$	646	$	627


	Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in thousands)	August 4, 2023				July 29, 2022
Nine Months Ended	Net Sales		Cost of Sales		Net Sales		Cost of Sales
Condensed Consolidated Statements of (Loss) Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	3,569,950	$	(2,321,951)	$	3,342,678	$	(2,236,927)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings	9,723		3,036		1,431		164
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	2,036	$	1,777	$	(930)	$	1,180

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

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


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
(Loss) gain on derivatives not designated as cash flow hedging instruments
Forward currency contracts:
Other (loss) income, net	$	(2,730)	$	(344)	$	(4,530)	$	3,639
Total gain (loss) on derivatives not designated as cash flow hedging instruments	$	(2,730)	$	(344)	$	(4,530)	$	3,639

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, 2021	$ 1,151,132	$ 105,206	$ 1,071,922	$ (25,996)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(94,401)		(94,401)
Issuance of common stock under stock-based compensation plans	4,473	234	4,239
Stock-based compensation expense	17,105		17,105
Contribution of shares to a deferred compensation trust	(33)	(33)
Purchase of common stock	(112,312)	(1,213)	(111,099)
Other comprehensive income (loss)	(5,147)			(5,147)
Net (loss) earnings	325,785		325,785
Balance at end of period at Jul. 29, 2022	1,286,602	104,194	1,213,551	(31,143)
Balance at beginning of period at Apr. 29, 2022	1,223,516	104,568	1,146,771	(27,823)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(31,447)		(31,447)
Issuance of common stock under stock-based compensation plans	2,193	81	2,112
Stock-based compensation expense	5,972		5,972
Purchase of common stock	(35,462)	(455)	(35,007)
Other comprehensive income (loss)	(3,320)			(3,320)
Net (loss) earnings	125,150		125,150
Balance at end of period at Jul. 29, 2022	1,286,602	104,194	1,213,551	(31,143)
Balance at beginning of period at Oct. 31, 2022	1,351,701	103,970	1,280,856	(33,125)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(106,505)		(106,505)
Issuance of common stock under stock-based compensation plans	19,412	490	18,922
Stock-based compensation expense	14,382		14,382
Contribution of shares to a deferred compensation trust	(14)	(14)
Purchase of common stock	(63,788)	(611)	(63,177)
Other comprehensive income (loss)	2,533			2,533
Net (loss) earnings	259,362		259,362
Balance at end of period at Aug. 04, 2023	1,477,083	103,835	1,403,840	(30,592)
Balance at beginning of period at May. 05, 2023	1,559,997	104,136	1,485,046	(29,185)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(35,417)		(35,417)
Issuance of common stock under stock-based compensation plans	1,847	56	1,791
Stock-based compensation expense	3,634		3,634
Purchase of common stock	(36,608)	(357)	(36,251)
Other comprehensive income (loss)	(1,407)			(1,407)
Net (loss) earnings	(14,963)		(14,963)
Balance at end of period at Aug. 04, 2023	$ 1,477,083	$ 103,835	$ 1,403,840	$ (30,592)

- 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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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Assets:
Forward currency contracts	$ 13,763	$ 33,256	$ 22,341
Liabilities:
Forward currency contracts	90	0	18
Forward currency contracts
Assets:
Forward currency contracts	13,763	33,256	22,341
Liabilities:
Forward currency contracts	90	0	18
Measured on a recurring basis
Assets:
Total assets	13,763	33,256	22,341
Liabilities:
Total liabilities	90	0	18
Measured on a recurring basis \| Forward currency contracts
Assets:
Forward currency contracts	13,763	33,256	22,341
Liabilities:
Forward currency contracts	90	0	18
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	13,763	33,256	22,341
Liabilities:
Total liabilities	90	0	18
Measured on a recurring basis \| Level 2 \| Forward currency contracts
Assets:
Forward currency contracts	13,763	33,256	22,341
Liabilities:
Forward currency contracts	90	0	18
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

Goodwill and Other Intangible Assets, Net

9 Months Ended

Aug. 04, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net


5			Goodwill and Other Intangible Assets, Net

Impairment

Goodwill and indefinite-lived intangible assets are assessed for impairment at least annually during the fourth quarter of each fiscal year unless events or changes in circumstances indicate that impairment may have occurred prior to the annual assessment. Goodwill is assessed for impairment at the reporting unit level and the company's reporting units are its 12 operating segments. Indefinite-lived intangible assets are assessed for impairment at the individual indefinite-lived intangible asset or asset group level, as appropriate. Through the second quarter of fiscal 2023, the company previously assessed qualitative factors, including overall financial performance such as actual and projected cash flows, revenues, and earnings, and concluded it was not more likely than not that the indefinite-lived Spartan trade name intangible asset was impaired nor that the fair value of the Intimidator reporting unit was less than its carrying amount.

During the preparation of the financial statements for the third quarter of fiscal 2023, the company identified deterioration in year-to-date fiscal 2023 results of Intimidator compared to previous expectations and resulting downward revisions to the company's projected future results of Intimidator made during the third quarter of fiscal 2023 as part of the company's annual long range strategic planning process, including future expected cash flows, which were significantly lower than previously expected. The underperformance was attributable to summer seasonality trends that did not materialize primarily due to reduced retail demand from homeowners who prefer professional solutions. This reduced retail demand from homeowners who prefer professional solutions was driven by persistent hot and dry weather patterns across key regions, coupled with a number of macro factors, including higher interest rates, economic uncertainty, and consumer spending preferences following the exceptional demand during the pandemic. Additionally, the company had previously replenished the Intimidator customer channel, which, combined with the reduced retail demand, caused a significant reduction in shipments and customer reorders during the third quarter of fiscal 2023, as well as a material reduction in projected future financial results for Intimidator.

Based on the above factors, the company concluded it was more likely than not that the indefinite-lived Spartan trade name intangible asset was impaired and that the fair value of the Intimidator reporting unit was less than its carrying amount. As such, the company performed quantitative impairment analyses to compare the fair value of the Spartan trade name intangible asset and the Intimidator reporting unit with their respective carrying amounts. Prior to the end of the third quarter of fiscal 2023, the company did not have a material uncertainty associated with the assets of the Intimidator reporting unit, and therefore, did not previously report an early warning disclosure.

The fair value of the Spartan trade name was determined using the relief-from-royalty method under the income approach which utilized various inputs and assumptions, including projected revenues from the company's forecasting process, assumed royalty rates that could be payable if the company did not own the intangible asset, terminal growth rates applied to forecasted revenues, and a discount rate. The fair value of the Intimidator reporting unit under the quantitative goodwill impairment test was determined using a discounted cash flow model under the income approach which utilized various inputs and assumptions, including projected operating results and growth rates from the company's forecasting process, applicable tax rates, estimated capital expenditures and depreciation, estimated changes in working capital, terminal growth rates applied to projected operating results in the terminal period, and a weighted-average cost of capital rate. Inputs used to estimate these fair values included significant unobservable inputs that reflect the company’s assumptions about the inputs that market participants would use and, therefore, the fair value assessments are classified within Level 3 of the fair value hierarchy.

As a result of these analyses, at the end of the third quarter of fiscal 2023, the company recorded an impairment charge of $18.0 million related to the indefinite-lived Spartan trade name intangible asset reported under the Professional segment. Further, during the same period, the company recorded an impairment charge of $133.3 million related to goodwill of the Intimidator reporting unit also reported under the Professional segment. Subsequent to these impairment charges, the remaining balance of the indefinite-lived Spartan trade name intangible asset was $81.1 million and the remaining balance of goodwill for the Intimidator reporting unit was $30.5 million. The charges are included in the Non-cash impairment charges caption on the Condensed Consolidated Statements of (Loss) Earnings. These impairment charges resulted in a $36.7 million income tax benefit (deferred tax asset) associated with the remaining tax deductible basis in goodwill and other intangible assets.

Goodwill

The changes in the carrying amount of goodwill by reportable segment for the first nine months of fiscal 2023 were as follows:


(Dollars in thousands)	Professional		Residential		Other		Total
Balance as of October 31, 2022	$	573,031	$	10,266	$	—	$	583,297

Non-cash impairment charge	(133,263)		—		—		(133,263)
Translation adjustments	1,080		150		—		1,230
Balance as of August 4, 2023	$	440,848	$	10,416	$	—	$	451,264

Other Intangible Assets, Net

The components of other intangible assets, net as of August 4, 2023, July 29, 2022, and October 31, 2022 were as follows (dollars in thousands):


August 4, 2023	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,218	$	(15,864)	$	2,354
Non-compete agreements	5.5	6,858		(6,851)		7
Customer-related	15.7	329,059		(101,952)		227,107
Developed technology	7.1	102,108		(60,776)		41,332
Trade names	13.7	10,740		(3,921)		6,819
Backlog and other	0.6	5,730		(5,730)		—
Total finite-lived	13.2	472,713		(195,094)		277,619
Indefinite-lived - trade names		271,571		—		271,571
Total other intangible assets, net		$	744,284	$	(195,094)	$	549,190


July 29, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,252	$	(15,178)	$	3,074
Non-compete agreements	5.5	6,887		(6,861)		26
Customer-related	16.0	321,113		(78,017)		243,096
Developed technology	7.1	102,013		(50,412)		51,601
Trade names	13.7	10,689		(3,267)		7,422
Backlog and other	0.6	5,730		(5,280)		450
Total finite-lived	13.4	464,684		(159,015)		305,669
Indefinite-lived - trade names		289,472		—		289,472
Total other intangible assets, net		$	754,156	$	(159,015)	$	595,141


October 31, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,210	$	(15,317)	$	2,893
Non-compete agreements	5.5	6,851		(6,829)		22
Customer-related	16.0	320,959		(83,805)		237,154
Developed technology	7.1	101,915		(53,001)		48,914
Trade names	13.8	10,667		(3,395)		7,272
Backlog and other	0.6	5,730		(5,505)		225
Total finite-lived	13.4	464,332		(167,852)		296,480
Indefinite-lived - trade names		289,352		—		289,352
Total other intangible assets, net		$	753,684	$	(167,852)	$	585,832

Amortization expense for finite-lived intangible assets for the three and nine months ended August 4, 2023 was $8.9 million and $26.8 million, respectively. Amortization expense for finite-lived intangibles assets for the three and nine months ended July 29, 2022 was $9.1 million and $24.8 million, respectively. As of August 4, 2023, estimated amortization expense for the remainder of fiscal 2023 and succeeding fiscal years is as follows:


(Dollars in thousands)	August 4, 2023
2023 (remaining)	$	8,905
2024	34,568
2025	31,715
2026	30,534
2027	25,601
2028	22,305
Thereafter	123,991
Total estimated amortization expense	$	277,619

Stockholders' Equity - Components and Activity of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	$ (1,559,997)	$ (1,223,516)	$ (1,351,701)	$ (1,151,132)
Other comprehensive loss (income) before reclassifications	4,587	5,160	10,226	6,742
Amounts reclassified from AOCL	(3,180)	(1,840)	(12,759)	(1,595)
Net current period other comprehensive loss (income)	1,407	3,320	(2,533)	5,147
Balance at end of period	(1,477,083)	(1,286,602)	(1,477,083)	(1,286,602)
Accumulated Other Comprehensive Loss
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	29,185	27,823	33,125	25,996
Net current period other comprehensive loss (income)	1,407	3,320	(2,533)	5,147
Balance at end of period	30,592	31,143	30,592	31,143
Foreign Currency Translation Adjustments
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	32,334	34,933	51,321	19,535
Other comprehensive loss (income) before reclassifications	2,013	5,792	(16,974)	21,190
Amounts reclassified from AOCL	0	0	0	0
Net current period other comprehensive loss (income)	2,013	5,792	(16,974)	21,190
Balance at end of period	34,347	40,725	34,347	40,725
Pension Benefits
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	3,621	3,899	3,621	3,899
Other comprehensive loss (income) before reclassifications	0	0	0	0
Amounts reclassified from AOCL	0	0	0	0
Net current period other comprehensive loss (income)	0	0	0	0
Balance at end of period	3,621	3,899	3,621	3,899
Cash Flow Derivative Instruments
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	(6,770)	(11,009)	(21,817)	2,562
Other comprehensive loss (income) before reclassifications	2,574	(632)	27,200	(14,448)
Amounts reclassified from AOCL	(3,180)	(1,840)	(12,759)	(1,595)
Net current period other comprehensive loss (income)	(606)	(2,472)	14,441	(16,043)
Balance at end of period	$ (7,376)	$ (13,481)	$ (7,376)	$ (13,481)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Derivative Instruments and Hedging Activities - Fair Value and Location of Derivative Instruments (Details) - USD ($) $ in Thousands	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Fair value of derivatives
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Derivative assets	$ 13,763	$ 33,256	$ 22,341
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities	Accrued liabilities
Derivative liabilities	$ 90	$ 0	$ 18
Forward currency contracts
Fair value of derivatives
Derivative assets	13,763	33,256	22,341
Derivative liabilities	90	0	18
Forward currency contracts \| Derivatives designated as cash flow hedging instruments:
Fair value of derivatives
Derivative assets	9,940	27,733	17,723
Derivative liabilities	76	0	0
Forward currency contracts \| Derivatives not designated as cash flow hedging instruments:
Fair value of derivatives
Derivative assets	3,823	5,523	4,618
Derivative liabilities	$ 14	$ 0	$ 18

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Revenue

9 Months Ended

Aug. 04, 2023

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 (dollars in thousands):


Three Months Ended August 4, 2023	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	777,284	$	169,070	$	5,214	$	951,568
Irrigation	119,037		6,244		4,935		130,216
Total net sales	$	896,321	$	175,314	$	10,149	$	1,081,784

Revenue by geographic market:
United States	$	690,810	$	145,861	$	10,149	$	846,820
International countries	205,511		29,453		—		234,964
Total net sales	$	896,321	$	175,314	$	10,149	$	1,081,784


Nine Months Ended August 4, 2023	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	2,486,947	$	682,770	$	11,512	$	3,181,229
Irrigation	358,767		22,995		6,959		388,721
Total net sales	$	2,845,714	$	705,765	$	18,471	$	3,569,950

Revenue by geographic market:
United States	$	2,225,498	$	569,295	$	18,471	$	2,813,264
International countries	620,216		136,470		—		756,686
Total net sales	$	2,845,714	$	705,765	$	18,471	$	3,569,950


Three Months Ended July 29, 2022	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	780,738	$	265,469	$	1,102	$	1,047,309
Irrigation	105,494		4,493		3,254		113,241
Total net sales	$	886,232	$	269,962	$	4,356	$	1,160,550

Revenue by geographic market:
United States	$	710,386	$	229,666	$	4,356	$	944,408
International countries	175,846		40,296		—		216,142
Total net sales	$	886,232	$	269,962	$	4,356	$	1,160,550


Nine Months Ended July 29, 2022	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	2,149,549	$	823,536	$	6,207	$	2,979,292
Irrigation	335,378		21,503		6,505		363,386
Total net sales	$	2,484,927	$	845,039	$	12,712	$	3,342,678

Revenue by geographic market:
United States	$	1,969,933	$	703,234	$	12,712	$	2,685,879
International countries	514,994		141,805		—		656,799
Total net sales	$	2,484,927	$	845,039	$	12,712	$	3,342,678

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 August 4, 2023 and October 31, 2022, $25.0 million and $28.0 million, respectively, of deferred revenue associated with outstanding separately priced extended warranty contracts, service contracts, and non-refundable customer deposits was reported within accrued liabilities and other long-term liabilities in the Condensed Consolidated Balance Sheets. For the three and nine months ended August 4, 2023, the company recognized $3.5 million and $12.4 million, respectively, of the October 31, 2022 deferred revenue balance within net sales in the Condensed Consolidated Statements of (Loss) Earnings. The company expects to recognize approximately $2.3 million of the October 31, 2022 deferred revenue amount within net sales throughout the remainder of fiscal 2023, $8.0 million in fiscal 2024, 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.

+ References

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Aug. 04, 2023	Aug. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 04, 2023
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		103,844,080
Entity Central Index Key	0000737758
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Inventories, Net (Tables)

9 Months Ended

Aug. 04, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories, net were as follows:


(Dollars in thousands)	August 4, 2023		July 29, 2022		October 31, 2022
Raw materials and work in process	$	435,070	$	402,719	$	482,884
Finished goods and service parts	847,494		672,042		738,097
Total FIFO and average cost value	1,282,564		1,074,761		1,220,981
Less: adjustment to LIFO value	169,872		135,487		169,872
Total inventories, net	$	1,112,692	$	939,274	$	1,051,109

Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Oct. 31, 2022
Loss Contingencies [Line Items]
Net amount of new receivables financed for dealers and distributors	$ 2,160.8	$ 1,886.1
Net amount outstanding of receivables financed for dealers and distributors	1,010.5	690.7	$ 776.1
Related Party
Loss Contingencies [Line Items]
Accounts receivable, current	30.4	14.4	17.7
Red Iron And TCFCFC
Loss Contingencies [Line Items]
Repurchase commitment, maximum amount	7.5
Wholesale Financing
Loss Contingencies [Line Items]
Receivables purchased by third party financing company from the company	367.6	458.9
Receivables financed by third party financing company, excluding Red Iron, outstanding	187.2	205.1	220.0
Maximum amount of contingent liability to repurchase inventory related receivables under limited inventory repurchase agreements	$ 118.8	$ 79.9	$ 80.0

Per Share Data (Tables)

9 Months Ended

Aug. 04, 2023

Earnings Per Share [Abstract]

Reconciliations of Basic and Diluted Weighted-Average Shares of Common Stock Outstanding

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


	Three Months Ended		Nine Months Ended
(Shares in thousands)	August 4, 2023	July 29, 2022	August 4, 2023	July 29, 2022
Basic
Weighted-average number of shares of common stock	104,286	104,827	104,473	104,924
Assumed issuance of contingent shares	—	—	6	7
Weighted-average number of shares of common stock outstanding - Basic	104,286	104,827	104,479	104,931

Diluted
Weighted-average number of shares of common stock outstanding - Basic	104,286	104,827	104,479	104,931
Effect of dilutive shares	—	621	930	823
Weighted-average number of shares of common stock outstanding - Diluted	104,286	105,448	105,409	105,754

Indebtedness (Tables)

9 Months Ended

Aug. 04, 2023

Debt Disclosure [Abstract]

Summary of Debt

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


(Dollars in thousands)	August 4, 2023		July 29, 2022		October 31, 2022
$600 million revolving credit facility, due October 2026	$	70,000	$	65,000	$	—


$270 million term loan, due October 2026	270,000		270,000		270,000
$200 million term loan, due April 2027	200,000		200,000		200,000
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
3.97% senior notes, due June 2032	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	124,148		124,086		124,102
Less: unamortized debt issuance costs	2,839		3,470		3,334
Total long-term debt	1,061,309		1,055,616		990,768
Less: current portion of long-term debt	—		65,000		—
Long-term debt, less current portion	$	1,061,309	$	990,616	$	990,768

Schedule of Principal Payments

As of August 4, 2023, 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 2023 and succeeding fiscal years are as follows:


(Dollars in thousands)	August 4, 2023
2023 (remaining)	$	—
2024	—
2025	37,000
2026	333,000
2027	270,000
2028	—
Thereafter	425,000
Total principal payments required	$	1,065,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Aug. 04, 2023

Fair Value Disclosures [Abstract]

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

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 August 4, 2023, July 29, 2022, and October 31, 2022, according to the valuation technique utilized to determine their fair values (dollars in thousands):


			Fair Value Measurements Using Inputs Considered as:
August 4, 2023	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	13,763	$	—	$	13,763	$	—
Total assets	$	13,763	$	—	$	13,763	$	—

Liabilities:
Forward currency contracts	$	90	$	—	$	90	$	—
Total liabilities	$	90	$	—	$	90	$	—


			Fair Value Measurements Using Inputs Considered as:
July 29, 2022	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	22,341	$	—	$	22,341	$	—
Total assets	$	22,341	$	—	$	22,341	$	—

Liabilities:
Forward currency contracts	$	18	$	—	$	18	$	—
Total liabilities	$	18	$	—	$	18	$	—


			Fair Value Measurements Using Inputs Considered as:
October 31, 2022	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	33,256	$	—	$	33,256	$	—
Total assets	$	33,256	$	—	$	33,256	$	—

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

Stockholders' Equity (Tables)

9 Months Ended

Aug. 04, 2023

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)	August 4, 2023		July 29, 2022		October 31, 2022
Foreign currency translation adjustments	$	34,347	$	40,725	$	51,321
Pension benefits	3,621		3,899		3,621
Cash flow derivative instruments	(7,376)		(13,481)		(21,817)
Total accumulated other comprehensive loss	$	30,592	$	31,143	$	33,125

Schedule of Components and Activity of AOCL

The components and activity of AOCL, net of tax, for the three and nine month periods ended August 4, 2023 and July 29, 2022 were as follows:


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of May 5, 2023	$	32,334	$	3,621	$	(6,770)	$	29,185
Other comprehensive loss before reclassifications	2,013		—		2,574		4,587
Amounts reclassified from AOCL	—		—		(3,180)		(3,180)
Net current period other comprehensive loss (income)	2,013		—		(606)		1,407
Balance as of August 4, 2023	$	34,347	$	3,621	$	(7,376)	$	30,592


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2022	$	51,321	$	3,621	$	(21,817)	$	33,125
Other comprehensive (income) loss before reclassifications	(16,974)		—		27,200		10,226
Amounts reclassified from AOCL	—		—		(12,759)		(12,759)
Net current period other comprehensive (income) loss	(16,974)		—		14,441		(2,533)
Balance as of August 4, 2023	$	34,347	$	3,621	$	(7,376)	$	30,592


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of April 29, 2022	$	34,933	$	3,899	$	(11,009)	$	27,823
Other comprehensive loss (income) before reclassifications	5,792		—		(632)		5,160
Amounts reclassified from AOCL	—		—		(1,840)		(1,840)
Net current period other comprehensive loss (income)	5,792		—		(2,472)		3,320
Balance as of July 29, 2022	$	40,725	$	3,899	$	(13,481)	$	31,143


(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 loss (income) before reclassifications	21,190		—		(14,448)		6,742
Amounts reclassified from AOCL	—		—		(1,595)		(1,595)
Net current period other comprehensive loss (income)	21,190		—		(16,043)		5,147
Balance as of July 29, 2022	$	40,725	$	3,899	$	(13,481)	$	31,143

Derivative Instruments and Hedging Activities - Effects of Master Netting Arrangements (Details) - USD ($) $ in Thousands	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Derivative assets:
Net amount of derivative assets	$ 13,763	$ 33,256	$ 22,341
Derivative liabilities:
Net amount of derivative liabilities	90	0	18
Forward currency contracts
Derivative assets:
Gross amount of derivative assets	14,931	33,256	22,424
Derivative liabilities offsetting derivative assets	1,168	0	83
Net amount of derivative assets	13,763	33,256	22,341
Derivative liabilities:
Gross amount of derivative liabilities	95	0	18
Derivative assets offsetting derivative liabilities	5	0	0
Net amount of derivative liabilities	$ 90	$ 0	$ 18

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) earnings	$ (14,963)	$ 125,150	$ 259,362	$ 325,785
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(2,013)	(5,792)	16,974	(21,190)
Derivative instruments, net of tax of $(199); $863; $(5,799); and $4,895, respectively	606	2,472	(14,441)	16,043
Other comprehensive (loss) income, net of tax	(1,407)	(3,320)	2,533	(5,147)
Comprehensive (loss) income	$ (16,370)	$ 121,830	$ 261,895	$ 320,638

- Definition

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

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 04, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Accumulated other comprehensive loss (AOCL)
Foreign currency translation adjustments	$ 34,347	$ 51,321	$ 40,725
Pension benefits	3,621	3,621	3,899
Cash flow derivative instruments	(7,376)	(21,817)	(13,481)
Total accumulated other comprehensive loss	$ 30,592	$ 33,125	$ 31,143

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Leases - Summary of Other Lease Information (Details)	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Leases [Abstract]
Weighted-average remaining lease term of operating leases in years	9 years 2 months 12 days	6 years	6 years 2 months 12 days
Weighted-average discount rate of operating leases	4.12%	3.53%	2.99%

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
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)	103,834,891	103,969,805	104,193,673
Common stock, outstanding (in shares)	103,834,891	103,969,805	104,193,673
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

Inventories, Net

9 Months Ended

Aug. 04, 2023

Inventory Disclosure [Abstract]

Inventories, Net


7			Inventories, Net

The company uses a combination of inventory valuation methods. 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 certain 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.

Inventories, net were as follows:


(Dollars in thousands)	August 4, 2023		July 29, 2022		October 31, 2022
Raw materials and work in process	$	435,070	$	402,719	$	482,884
Finished goods and service parts	847,494		672,042		738,097
Total FIFO and average cost value	1,282,564		1,074,761		1,220,981
Less: adjustment to LIFO value	169,872		135,487		169,872
Total inventories, net	$	1,112,692	$	939,274	$	1,051,109

Indebtedness - Summary of Debt (Details) - USD ($)	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ 2,839,000	$ 3,334,000	$ 3,470,000
Total long-term debt	1,061,309,000	990,768,000	1,055,616,000
Less: current portion of long-term debt	0	0	65,000,000
Long-term debt, less current portion	1,061,309,000	990,768,000	990,616,000
Line of Credit \| $600 million revolving credit facility, due October 2026
Debt Instrument [Line Items]
Long-term debt, gross	70,000,000	0	65,000,000
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	270,000,000
Debt instrument, face amount	270,000,000
Senior Notes \| $200 million term loan, due April 2027
Debt Instrument [Line Items]
Long-term debt, gross	200,000,000	200,000,000	200,000,000
Debt instrument, face amount	200,000,000
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 \| 3.97% senior notes, due June 2032
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000,000	100,000,000	100,000,000
Debt instrument, interest rate, stated percentage	3.97%
Senior Notes \| 6.625% senior notes, due May 2037
Debt Instrument [Line Items]
Long-term debt, gross	$ 124,148,000	124,102,000	124,086,000
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%

Fair Value Measurements

9 Months Ended

Aug. 04, 2023

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.


			Fair Value Measurements Using Inputs Considered as:
August 4, 2023	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	13,763	$	—	$	13,763	$	—
Total assets	$	13,763	$	—	$	13,763	$	—

Liabilities:
Forward currency contracts	$	90	$	—	$	90	$	—
Total liabilities	$	90	$	—	$	90	$	—


			Fair Value Measurements Using Inputs Considered as:
July 29, 2022	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	22,341	$	—	$	22,341	$	—
Total assets	$	22,341	$	—	$	22,341	$	—

Liabilities:
Forward currency contracts	$	18	$	—	$	18	$	—
Total liabilities	$	18	$	—	$	18	$	—


			Fair Value Measurements Using Inputs Considered as:
October 31, 2022	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	33,256	$	—	$	33,256	$	—
Total assets	$	33,256	$	—	$	33,256	$	—

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

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. For additional information regarding impairment related fair value measurements, refer to Note 5, Goodwill and Other Intangible Assets, Net. Assets acquired and liabilities assumed as part of a business combination are also measured at fair value on a non-recurring basis during the measurement period allowed by the accounting standards codification guidance for business combinations when applicable. Alternatively, under a cost accumulation model, the company measures the fair values of net assets acquired as part of an asset acquisition before allocating the cost of the asset acquisition to the net assets acquired on the basis of their relative fair values. 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 Combinations.

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 August 4, 2023, July 29, 2022, and October 31, 2022, the company's long-term debt included $524.1 million, $524.1 million, and $524.1 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 August 4, 2023, the estimated gross fair value of long-term debt with fixed interest rates was $497.7 million compared to its gross carrying amount of $524.1 million. As of July 29, 2022, the estimated gross fair value of long-term debt with fixed interest rates was $541.0 million compared to its gross carrying amount of $524.1 million. As of October 31, 2022, the estimated gross fair value of long-term debt with fixed interest rates was $489.8 million compared to its gross carrying amount of $524.1 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

Segment Data (Tables)

9 Months Ended

Aug. 04, 2023

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 (dollars in thousands):


Three Months Ended August 4, 2023	Professional		Residential		Other		Total
Net sales	$	896,321	$	175,314	$	10,149	$	1,081,784
Intersegment gross sales (eliminations)	11,640		39		(11,679)		—
Earnings (loss) before income taxes1	$	13,049	$	3,848	$	(45,460)	$	(28,563)

Nine Months Ended August 4, 2023	Professional		Residential		Other		Total
Net sales	$	2,845,714	$	705,765	$	18,471	$	3,569,950
Intersegment gross sales (eliminations)	35,471		99		(35,570)		—
Earnings (loss) before income taxes1	384,621		64,411		(135,462)		313,570
Total assets	$	2,723,127	$	537,834	$	324,929	$	3,585,890


Three Months Ended July 29, 2022	Professional		Residential		Other		Total
Net sales	$	886,232	$	269,962	$	4,356	$	1,160,550
Intersegment gross sales (eliminations)	10,436		15		(10,451)		—
Earnings (loss) before income taxes	$	166,191	$	26,348	$	(35,448)	$	157,091

Nine Months Ended July 29, 2022	Professional		Residential		Other		Total
Net sales	$	2,484,927	$	845,039	$	12,712	$	3,342,678
Intersegment gross sales (eliminations)	23,201		50		(23,251)		—
Earnings (loss) before income taxes	424,833		95,203		(110,742)		409,294
Total assets	$	2,625,481	$	407,218	$	407,250	$	3,439,949

1 The Professional reportable segment earnings (loss) before income taxes includes $151.3 million of non-cash impairment charges recorded during the preparation of the financial statements for the third quarter of fiscal 2023 related to the Intimidator operating segment. For additional information regarding the impairment charges, refer to Note 5, Goodwill and Other Intangible Assets, Net.

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

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


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Corporate expenses	$	(33,999)	$	(30,816)	$	(110,694)	$	(94,359)
Interest expense	(14,987)		(9,182)		(43,822)		(24,219)
Earnings from the company's wholly-owned domestic distribution company and other income, net	3,526		4,550		19,054		7,836
Total operating loss	$	(45,460)	$	(35,448)	$	(135,462)	$	(110,742)

Indebtedness - Schedule of Principal Payments (Details) $ in Thousands	Aug. 04, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (remaining)	$ 0
2024	0
2025	37,000
2026	333,000
2027	270,000
2028	0
Thereafter	425,000
Total principal payments required	$ 1,065,000

Revenue - Disaggregation by Major Product Type and Geographic Market (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 1,081,784	$ 1,160,550	$ 3,569,950	$ 3,342,678
United States
Disaggregation of Revenue [Line Items]
Revenues	846,820	944,408	2,813,264	2,685,879
International countries
Disaggregation of Revenue [Line Items]
Revenues	234,964	216,142	756,686	656,799
Equipment
Disaggregation of Revenue [Line Items]
Revenues	951,568	1,047,309	3,181,229	2,979,292
Irrigation
Disaggregation of Revenue [Line Items]
Revenues	130,216	113,241	388,721	363,386
Operating Segments \| Professional
Disaggregation of Revenue [Line Items]
Revenues	896,321	886,232	2,845,714	2,484,927
Operating Segments \| Professional \| United States
Disaggregation of Revenue [Line Items]
Revenues	690,810	710,386	2,225,498	1,969,933
Operating Segments \| Professional \| International countries
Disaggregation of Revenue [Line Items]
Revenues	205,511	175,846	620,216	514,994
Operating Segments \| Professional \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	777,284	780,738	2,486,947	2,149,549
Operating Segments \| Professional \| Irrigation
Disaggregation of Revenue [Line Items]
Revenues	119,037	105,494	358,767	335,378
Operating Segments \| Residential
Disaggregation of Revenue [Line Items]
Revenues	175,314	269,962	705,765	845,039
Operating Segments \| Residential \| United States
Disaggregation of Revenue [Line Items]
Revenues	145,861	229,666	569,295	703,234
Operating Segments \| Residential \| International countries
Disaggregation of Revenue [Line Items]
Revenues	29,453	40,296	136,470	141,805
Operating Segments \| Residential \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	169,070	265,469	682,770	823,536
Operating Segments \| Residential \| Irrigation
Disaggregation of Revenue [Line Items]
Revenues	6,244	4,493	22,995	21,503
Other Activities
Disaggregation of Revenue [Line Items]
Revenues	10,149	4,356	18,471	12,712
Other Activities \| United States
Disaggregation of Revenue [Line Items]
Revenues	10,149	4,356	18,471	12,712
Other Activities \| International countries
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other Activities \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	5,214	1,102	11,512	6,207
Other Activities \| Irrigation
Disaggregation of Revenue [Line Items]
Revenues	$ 4,935	$ 3,254	$ 6,959	$ 6,505

Stock-Based Compensation

9 Months Ended

Aug. 04, 2023

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				Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Stock option awards	$	1,984	$	2,664	$	6,287	$	7,207
Performance share awards	(195)		1,697		1,923		5,235
Restricted stock unit awards	1,845		1,611		5,086		4,034
Unrestricted common stock awards	—		—		1,086		629
Total compensation cost for stock-based compensation awards	$	3,634	$	5,972	$	14,382	$	17,105

Stock Option Awards

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 company's stock-based compensation plans. 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 nine months of the following fiscal periods:


	Fiscal 2023	Fiscal 2022
Expected life of option in years	6.31	6.19
Expected stock price volatility	25.20%	23.74%
Risk-free interest rate	3.79%	1.31%
Expected dividend yield	0.95%	0.94%
Per share weighted-average fair value at date of grant	$33.21	$22.55

Performance Share Awards

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 2023 and 2022 was $112.14 and $98.41, respectively. No performance share awards were granted during the second or third quarters of fiscal 2023 and 2022.

Restricted Stock Unit Awards

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 nine months of fiscal 2023 and 2022 was $103.46 and $89.19, respectively.

Unrestricted Common Stock Awards

During the first nine months of fiscal 2023 and 2022, 10,329 and 6,453 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 (Loss) Earnings. Additionally, the Company's 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. No shares of fully vested unrestricted common stock awards were granted during the second or third quarters of fiscal 2023 and 2022.

Stock-Based Compensation - Compensation Costs Related to Stock-Based Awards Granted (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	$ 3,634	$ 5,972	$ 14,382	$ 17,105
Stock option awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	1,984	2,664	$ 6,287	7,207
Stock option awards \| Board of Directors \| Tranche One
Stock-Based Compensation
Vesting percentage			33.33%
Stock option awards \| Board of Directors \| Tranche Two
Stock-Based Compensation
Vesting percentage			33.33%
Stock option awards \| Board of Directors \| Tranche Three
Stock-Based Compensation
Vesting percentage			33.33%
Performance share awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	(195)	1,697	$ 1,923	5,235
Restricted stock unit awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	1,845	1,611	5,086	4,034
Unrestricted common stock awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	$ 0	$ 0	$ 1,086	$ 629
Restricted stock and restricted stock unit awards \| Tranche One
Stock-Based Compensation
Vesting percentage			33.33%
Restricted stock and restricted stock unit awards \| Tranche Two
Stock-Based Compensation
Vesting percentage			33.33%
Restricted stock and restricted stock unit awards \| Tranche Three
Stock-Based Compensation
Vesting percentage			33.33%

Property, Plant, and Equipment, Net

9 Months Ended

Aug. 04, 2023

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment, Net


8			Property, Plant, and Equipment, Net

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

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


(Dollars in thousands)	August 4, 2023		July 29, 2022		October 31, 2022
Land and land improvements	$	63,020	$	57,169	$	59,550
Buildings and leasehold improvements	331,052		326,111		324,343
Machinery and equipment	585,337		535,303		557,588
Tooling	235,417		221,290		225,865
Computer hardware and software	108,211		96,834		104,713
Construction in process	204,317		141,503		144,418
Property, plant, and equipment, gross	1,527,354		1,378,210		1,416,477
Less: accumulated depreciation	902,391		846,394		844,816
Property, plant, and equipment, net	$	624,963	$	531,816	$	571,661

Leases (Tables)

9 Months Ended

Aug. 04, 2023

Leases [Abstract]

Supplemental Cash Flow and Other Lease Information

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


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Operating lease expense	$	6,117	$	3,833	$	19,047	$	16,304
Short-term lease expense	1,543		303		3,455		3,445
Variable lease expense	50		12		132		12
Total lease expense	$	7,710	$	4,148	$	22,634	$	19,761

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


	Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022
Operating cash flows for amounts included in the measurement of lease liabilities	$	16,477	$	14,129
Right-of-use assets obtained in exchange for lease obligations	$	54,065	$	18,236

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


	August 4, 2023		July 29, 2022		October 31, 2022
Weighted-average remaining lease term of operating leases in years	9.2		6.2		6.0
Weighted-average discount rate of operating leases	4.12	%	2.99	%	3.53	%

Future Minimum Operating Lease Payments

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 August 4, 2023:


(Dollars in thousands)	August 4, 2023
2023 (remaining)	$	4,112
2024	23,287
2025	21,269
2026	15,574
2027	12,078
Thereafter	68,393
Total future minimum operating lease payments	144,713
Less: imputed interest	25,664
Present value of operating lease liabilities	$	119,049

Product Warranty Guarantees (Tables)

9 Months Ended

Aug. 04, 2023

Product Warranties Disclosures [Abstract]

Schedule of Changes in Accrued Warranties

The changes in accrued warranties were as follows:


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Beginning balance	$	153,947	$	126,830	$	134,541	$	116,783
Changes in accrual related to warranties during the period (1)	20,521		20,873		69,956		59,757
Acquisitions	—		2,466		—		5,663
Payments made during the period (1)	(24,099)		(20,580)		(60,842)		(52,143)
Changes in accrual related to pre-existing warranties (1)	962		1,429		7,676		958
Ending balance	$	151,331	$	131,018	$	151,331	$	131,018

(1) Presentation of prior period changes in accrued warranties has been conformed to the current year presentation. There was no impact to the balance of accrued warranties in any period.

Commitments and Contingencies

9 Months Ended

Aug. 04, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


14			Commitments and Contingencies

Customer Financing Arrangements

Inventory Financing

The company is party to inventory financing arrangements with Red Iron, Huntington Commercial Finance Canada, Inc. ("HCFC"), and other third-party financial institutions (collectively, the "financial institutions") which provide inventory financing to certain dealers and distributors of certain of the company's products in the U.S. and internationally. These financing arrangements are structured as an advance in the form of a payment by the financial institutions to the company on behalf of a distributor or dealer with respect to invoices financed by the financial institution. These payments extinguish the obligation of the dealer or distributor to make payment to the company under the terms of the applicable invoice.

Under separate agreements between the financial institutions and the dealers and distributors, the financial institutions provide loans to the dealers and distributors for the advances paid by the financial institutions to the company. Under these financing arrangements, down payments are not required, and depending on the finance program for each product line, finance charges are incurred by the company, shared between the company and the distributor and/or the dealer, or paid by the distributor or dealer. The financial institutions retain a security interest in the distributors' and dealers' financed inventories and such inventories are monitored regularly through audits. Financing terms to the distributors and dealers require payment as the inventory, which secures the indebtedness, is sold to end-users or when payment otherwise become due under the agreements between the financial institutions and the distributors and dealers, whichever occurs first. Rates are generally indexed to the Secured Overnight Financing Rate ("SOFR"), or an alternative variable rate, plus a fixed percentage that differs based on whether the financing is for a distributor or dealer. Rates may also vary based on the product that is financed.

The net amount of receivables financed for dealers and distributors under this arrangement with Red Iron for the nine months ended August 4, 2023 and July 29, 2022 were $2,160.8 million and $1,886.1 million, respectively. The total amount of net receivables outstanding under this arrangement with Red Iron as of August 4, 2023, July 29, 2022, and October 31, 2022 were $1,010.5 million, $690.7 million and $776.1 million, respectively. The total amount of receivables due from Red Iron to the company as of August 4, 2023, July 29, 2022, and October 31, 2022 were $30.4 million, $14.4 million and $17.7 million, respectively.

The net amount of receivables financed for dealers and distributors under the arrangements with HCFC and the other third-party financial institutions for the nine months ended August 4, 2023 and July 29, 2022 were $367.6 million and $458.9 million, respectively. As of August 4, 2023, July 29, 2022, and October 31, 2022, $187.2 million, $205.1 million and $220.0 million of receivables financed by HCFC and the other third-party financial institutions were outstanding, respectively.

Inventory Repurchase Agreements

The company has entered into a limited inventory repurchase agreement with Red Iron and HCFC 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. Additionally, as a result of the company's floor plan financing agreements with the other third-party financial institutions, the company also entered into inventory repurchase agreements with the other third-party financial institutions. Under such inventory repurchase agreements, the company has agreed to repurchase products repossessed by the other third-party financial institutions. As of August 4, 2023, July 29, 2022 and October 31, 2022, the company was contingently liable to repurchase up to a maximum amount of $118.8 million, $79.9 million and $80.0 million, respectively, of inventory related to receivables under these inventory repurchase agreements. The company's financial exposure under these inventory repurchase agreements is limited to the difference between the amount paid to Red Iron, HCFC or other third-party financing institutions for repurchases of inventory and the amount received upon subsequent resale of the repossessed product. The company has repurchased immaterial amounts of inventory pursuant to such arrangements for the nine months ended August 4, 2023 and July 29, 2022.

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.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

Leases - Supplemental Cash Flow and Other Lease Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022
Leases [Abstract]
Operating cash flows for amounts included in the measurement of lease liabilities	$ 16,477	$ 14,129
Right-of-use assets obtained in exchange for lease obligations	$ 54,065	$ 18,236

Goodwill and Other Intangible Assets, Net - Changes in Net Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Aug. 04, 2023 USD ($)
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	$ 583,297
Non-cash impairment charge	(133,263)
Translation adjustments	1,230
Goodwill, balance at end of period	451,264
Operating Segments \| Professional
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	573,031
Non-cash impairment charge	(133,263)
Translation adjustments	1,080
Goodwill, balance at end of period	440,848
Operating Segments \| Residential
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	10,266
Non-cash impairment charge	0
Translation adjustments	150
Goodwill, balance at end of period	10,416
Other Activities
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	0
Non-cash impairment charge	0
Translation adjustments	0
Goodwill, balance at end of period	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Derivative Instruments and Hedging Activities - Impact and Location of Derivatives Not Designated As Cash Flow Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Earnings from the company's wholly-owned domestic distribution company and other income, net	Earnings from the company's wholly-owned domestic distribution company and other income, net	Earnings from the company's wholly-owned domestic distribution company and other income, net	Earnings from the company's wholly-owned domestic distribution company and other income, net
Derivatives not designated as cash flow hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on derivatives not designated as cash flow hedging instruments	$ (2,730)	$ (344)	$ (4,530)	$ 3,639
Forward currency contracts \| Derivatives not designated as cash flow hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on derivatives not designated as cash flow hedging instruments	$ (2,730)	$ (344)	$ (4,530)	$ 3,639

Leases

9 Months Ended

Aug. 04, 2023

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 (Loss) Earnings as dictated by the nature and use of the underlying asset. The company does not recognize right-of-use assets and lease liabilities, but does recognize expense on a straight-line basis, for short-term operating leases which have a lease term of 12 months or less and do not include an option to purchase the underlying asset.

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

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

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


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Operating lease expense	$	6,117	$	3,833	$	19,047	$	16,304
Short-term lease expense	1,543		303		3,455		3,445
Variable lease expense	50		12		132		12
Total lease expense	$	7,710	$	4,148	$	22,634	$	19,761

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


	Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022
Operating cash flows for amounts included in the measurement of lease liabilities	$	16,477	$	14,129
Right-of-use assets obtained in exchange for lease obligations	$	54,065	$	18,236

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


	August 4, 2023		July 29, 2022		October 31, 2022
Weighted-average remaining lease term of operating leases in years	9.2		6.2		6.0
Weighted-average discount rate of operating leases	4.12	%	2.99	%	3.53	%


(Dollars in thousands)	August 4, 2023
2023 (remaining)	$	4,112
2024	23,287
2025	21,269
2026	15,574
2027	12,078
Thereafter	68,393
Total future minimum operating lease payments	144,713
Less: imputed interest	25,664
Present value of operating lease liabilities	$	119,049

Stock-Based Compensation - Stock Option Awards, Performance Share Awards, Restricted Stock Unit Awards and Unrestricted Common Stock Awards (Details) - $ / shares	3 Months Ended						9 Months Ended
	Aug. 04, 2023	May 05, 2023	Feb. 03, 2023	Jul. 29, 2022	Apr. 29, 2022	Jan. 28, 2022	Aug. 04, 2023	Jul. 29, 2022
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)			$ 112.14			$ 98.41
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares)	0	0		0	0
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)							$ 103.46	$ 89.19
Unrestricted common stock awards
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares)	0	0		0	0
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)							10,329,000	6,453,000
Tranche One \| Stock option awards \| Board of Directors
Stock-Based Compensation
Vesting percentage							33.33%
Tranche One \| Restricted stock and restricted stock unit awards
Stock-Based Compensation
Vesting percentage							33.33%
Tranche Two \| Stock option awards \| Board of Directors
Stock-Based Compensation
Vesting percentage							33.33%
Tranche Two \| Restricted stock and restricted stock unit awards
Stock-Based Compensation
Vesting percentage							33.33%
Tranche Three \| Stock option awards \| Board of Directors
Stock-Based Compensation
Vesting percentage							33.33%
Tranche Three \| Restricted stock and restricted stock unit awards
Stock-Based Compensation
Vesting percentage							33.33%

Investment in Joint Venture (Details) - Red Iron Acceptance, LLC - USD ($)	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Schedule of Equity Method Investments
Portion owned by Toro	45.00%
Portion owned by TCFIF	55.00%
Maximum borrowing capacity under credit facility	$ 800,000,000
Investment in joint venture	$ 48,500,000	$ 39,300,000	$ 31,400,000

Goodwill and Other Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Estimated amortization expense
2023 (remaining)	$ 8,905
2024	34,568
2025	31,715
2026	30,534
2027	25,601
2028	22,305
Thereafter	123,991
Net	$ 277,619	$ 296,480	$ 305,669

Basis of Presentation

9 Months Ended

Aug. 04, 2023

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, among other factors, operating results for the nine months ended August 4, 2023 cannot be annualized to determine the expected results for the fiscal year ending October 31, 2023.

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, 2022. The policies described in that report are used for preparing the company's quarterly reports on Form 10-Q.

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, actual amounts could differ significantly from those estimated at the time the Condensed Consolidated Financial Statements are prepared.

New Accounting Pronouncements

In November 2021, the Financial Accounting Standards Board ("FASB") issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The update increases the transparency of government assistance including annual disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements. The amended guidance will become effective for the company for the fiscal 2023 annual period. The adoption of this standard is not expected to have a material impact on the company's Consolidated Financial Statements or annual disclosures.

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.

Goodwill and Other Intangible Assets, Net (Tables)

9 Months Ended

Aug. 04, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill by reportable segment for the first nine months of fiscal 2023 were as follows:


(Dollars in thousands)	Professional		Residential		Other		Total
Balance as of October 31, 2022	$	573,031	$	10,266	$	—	$	583,297

Non-cash impairment charge	(133,263)		—		—		(133,263)
Translation adjustments	1,080		150		—		1,230
Balance as of August 4, 2023	$	440,848	$	10,416	$	—	$	451,264

Schedule of Finite-Lived Intangible Assets

The components of other intangible assets, net as of August 4, 2023, July 29, 2022, and October 31, 2022 were as follows (dollars in thousands):


August 4, 2023	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,218	$	(15,864)	$	2,354
Non-compete agreements	5.5	6,858		(6,851)		7
Customer-related	15.7	329,059		(101,952)		227,107
Developed technology	7.1	102,108		(60,776)		41,332
Trade names	13.7	10,740		(3,921)		6,819
Backlog and other	0.6	5,730		(5,730)		—
Total finite-lived	13.2	472,713		(195,094)		277,619
Indefinite-lived - trade names		271,571		—		271,571
Total other intangible assets, net		$	744,284	$	(195,094)	$	549,190


July 29, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,252	$	(15,178)	$	3,074
Non-compete agreements	5.5	6,887		(6,861)		26
Customer-related	16.0	321,113		(78,017)		243,096
Developed technology	7.1	102,013		(50,412)		51,601
Trade names	13.7	10,689		(3,267)		7,422
Backlog and other	0.6	5,730		(5,280)		450
Total finite-lived	13.4	464,684		(159,015)		305,669
Indefinite-lived - trade names		289,472		—		289,472
Total other intangible assets, net		$	754,156	$	(159,015)	$	595,141


October 31, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,210	$	(15,317)	$	2,893
Non-compete agreements	5.5	6,851		(6,829)		22
Customer-related	16.0	320,959		(83,805)		237,154
Developed technology	7.1	101,915		(53,001)		48,914
Trade names	13.8	10,667		(3,395)		7,272
Backlog and other	0.6	5,730		(5,505)		225
Total finite-lived	13.4	464,332		(167,852)		296,480
Indefinite-lived - trade names		289,352		—		289,352
Total other intangible assets, net		$	753,684	$	(167,852)	$	585,832

Schedule of Indefinite-Lived Intangible Assets

The components of other intangible assets, net as of August 4, 2023, July 29, 2022, and October 31, 2022 were as follows (dollars in thousands):


August 4, 2023	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,218	$	(15,864)	$	2,354
Non-compete agreements	5.5	6,858		(6,851)		7
Customer-related	15.7	329,059		(101,952)		227,107
Developed technology	7.1	102,108		(60,776)		41,332
Trade names	13.7	10,740		(3,921)		6,819
Backlog and other	0.6	5,730		(5,730)		—
Total finite-lived	13.2	472,713		(195,094)		277,619
Indefinite-lived - trade names		271,571		—		271,571
Total other intangible assets, net		$	744,284	$	(195,094)	$	549,190


July 29, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,252	$	(15,178)	$	3,074
Non-compete agreements	5.5	6,887		(6,861)		26
Customer-related	16.0	321,113		(78,017)		243,096
Developed technology	7.1	102,013		(50,412)		51,601
Trade names	13.7	10,689		(3,267)		7,422
Backlog and other	0.6	5,730		(5,280)		450
Total finite-lived	13.4	464,684		(159,015)		305,669
Indefinite-lived - trade names		289,472		—		289,472
Total other intangible assets, net		$	754,156	$	(159,015)	$	595,141


October 31, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18,210	$	(15,317)	$	2,893
Non-compete agreements	5.5	6,851		(6,829)		22
Customer-related	16.0	320,959		(83,805)		237,154
Developed technology	7.1	101,915		(53,001)		48,914
Trade names	13.8	10,667		(3,395)		7,272
Backlog and other	0.6	5,730		(5,505)		225
Total finite-lived	13.4	464,332		(167,852)		296,480
Indefinite-lived - trade names		289,352		—		289,352
Total other intangible assets, net		$	753,684	$	(167,852)	$	585,832

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

estimated amortization expense for the remainder of fiscal 2023 and succeeding fiscal years is as follows:


(Dollars in thousands)	August 4, 2023
2023 (remaining)	$	8,905
2024	34,568
2025	31,715
2026	30,534
2027	25,601
2028	22,305
Thereafter	123,991
Total estimated amortization expense	$	277,619

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	9 Months Ended
	Aug. 04, 2023 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	$ 6.8
Forward currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 306.9

Derivative Instruments and Hedging Activities

9 Months Ended

Aug. 04, 2023

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 (Loss) 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 (Loss) 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 (Loss) 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 (Loss) 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 (Loss) 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 (Loss) Earnings.

As of August 4, 2023, the notional amount outstanding of forward currency contracts designated as cash flow hedging instruments was $306.9 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 (Loss) 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)	August 4, 2023		July 29, 2022		October 31, 2022
Derivative assets:
Derivatives designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	$	9,940	$	17,723	$	27,733
Derivatives not designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	3,823		4,618		5,523
Total derivative assets	$	13,763	$	22,341	$	33,256

Derivative liabilities:
Derivatives designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	$	76	$	—	$	—
Derivatives not designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	14		18		—
Total derivative liabilities	$	90	$	18	$	—

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)	August 4, 2023		July 29, 2022		October 31, 2022
Derivative assets:
Forward currency contracts:
Gross amount of derivative assets	$	14,931	$	22,424	$	33,256
Derivative liabilities offsetting derivative assets	1,168		83		—
Net amount of derivative assets	$	13,763	$	22,341	$	33,256

Derivative liabilities:
Forward currency contracts:
Gross amount of derivative liabilities	$	95	$	18	$	—
Derivative assets offsetting derivative liabilities	5		—		—
Net amount of derivative liabilities	$	90	$	18	$	—


	Three Months Ended
	Gain Reclassified from AOCL into Earnings				(Loss) Gain Reclassified from AOCL into Earnings
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	1,962	$	1,640	$	(846)	$	2,508
Cost of sales	1,218		200		1,452		(36)
Total derivatives designated as cash flow hedging instruments	$	3,180	$	1,840	$	606	$	2,472


	Nine Months Ended
	Gain Reclassified from AOCL into Earnings				(Loss) Gain Recognized in OCI on Derivatives
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	9,723	$	1,431	$	(18,099)	$	14,836
Cost of sales	3,036		164		3,658		1,207
Total derivatives designated as cash flow hedging instruments	$	12,759	$	1,595	$	(14,441)	$	16,043

The company recognized immaterial gains and losses within other income, net in the Condensed Consolidated Statements of (Loss) Earnings during the third quarter and first nine months of fiscal 2023 and fiscal 2022, respectively, due to the discontinuance of cash flow hedge accounting on certain forward currency contracts designated as cash flow hedging instruments. As of August 4, 2023, the company expects to reclassify approximately $6.8 million of gains from AOCL to earnings during the next twelve months.


	Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in thousands)	August 4, 2023				July 29, 2022
Three Months Ended	Net Sales		Cost of Sales		Net Sales		Cost of Sales
Condensed Consolidated Statements of (Loss) Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	1,081,784	$	(709,430)	$	1,160,550	$	(760,644)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings	1,962		1,218		1,640		200
(loss) gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	(356)	$	762	$	646	$	627


	Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in thousands)	August 4, 2023				July 29, 2022
Nine Months Ended	Net Sales		Cost of Sales		Net Sales		Cost of Sales
Condensed Consolidated Statements of (Loss) Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	3,569,950	$	(2,321,951)	$	3,342,678	$	(2,236,927)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings	9,723		3,036		1,431		164
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	2,036	$	1,777	$	(930)	$	1,180


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
(Loss) gain on derivatives not designated as cash flow hedging instruments
Forward currency contracts:
Other (loss) income, net	$	(2,730)	$	(344)	$	(4,530)	$	3,639
Total gain (loss) on derivatives not designated as cash flow hedging instruments	$	(2,730)	$	(344)	$	(4,530)	$	3,639

Condensed Consolidated Statements of (Loss) Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Income Statement [Abstract]
Net sales	$ 1,081,784	$ 1,160,550	$ 3,569,950	$ 3,342,678
Cost of sales	709,430	760,644	2,321,951	2,236,927
Gross profit	372,354	399,906	1,247,999	1,105,751
Selling, general and administrative expense	240,163	236,858	760,585	680,500
Non-cash impairment charges	151,263	0	151,263	0
Operating (loss) earnings	(19,072)	163,048	336,151	425,251
Interest expense	(14,987)	(9,182)	(43,822)	(24,219)
Other income, net	5,496	3,225	21,241	8,262
(Loss) earnings before income taxes	(28,563)	157,091	313,570	409,294
Income tax (benefit) provision	(13,600)	31,941	54,208	83,509
Net (loss) earnings	$ (14,963)	$ 125,150	$ 259,362	$ 325,785
Basic net (loss) earnings per share of common stock (in dollars per share)	$ (0.14)	$ 1.19	$ 2.48	$ 3.10
Diluted net (loss) earnings per share of common stock (in dollars per share)	$ (0.14)	$ 1.19	$ 2.46	$ 3.08
Weighted-average number of shares of common stock outstanding — Basic (in shares)	104,286	104,827	104,479	104,931
Weighted-average number of shares of common stock outstanding — Diluted (in shares)	104,286	105,448	105,409	105,754

Segment Data

9 Months Ended

Aug. 04, 2023

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 (dollars in thousands):


Three Months Ended August 4, 2023	Professional		Residential		Other		Total
Net sales	$	896,321	$	175,314	$	10,149	$	1,081,784
Intersegment gross sales (eliminations)	11,640		39		(11,679)		—
Earnings (loss) before income taxes1	$	13,049	$	3,848	$	(45,460)	$	(28,563)

Nine Months Ended August 4, 2023	Professional		Residential		Other		Total
Net sales	$	2,845,714	$	705,765	$	18,471	$	3,569,950
Intersegment gross sales (eliminations)	35,471		99		(35,570)		—
Earnings (loss) before income taxes1	384,621		64,411		(135,462)		313,570
Total assets	$	2,723,127	$	537,834	$	324,929	$	3,585,890


Three Months Ended July 29, 2022	Professional		Residential		Other		Total
Net sales	$	886,232	$	269,962	$	4,356	$	1,160,550
Intersegment gross sales (eliminations)	10,436		15		(10,451)		—
Earnings (loss) before income taxes	$	166,191	$	26,348	$	(35,448)	$	157,091

Nine Months Ended July 29, 2022	Professional		Residential		Other		Total
Net sales	$	2,484,927	$	845,039	$	12,712	$	3,342,678
Intersegment gross sales (eliminations)	23,201		50		(23,251)		—
Earnings (loss) before income taxes	424,833		95,203		(110,742)		409,294
Total assets	$	2,625,481	$	407,218	$	407,250	$	3,439,949

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


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Corporate expenses	$	(33,999)	$	(30,816)	$	(110,694)	$	(94,359)
Interest expense	(14,987)		(9,182)		(43,822)		(24,219)
Earnings from the company's wholly-owned domestic distribution company and other income, net	3,526		4,550		19,054		7,836
Total operating loss	$	(45,460)	$	(35,448)	$	(135,462)	$	(110,742)

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 42
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Inventories, Net (Details) - USD ($) $ in Thousands	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Inventory Disclosure [Abstract]
Raw materials and work in process	$ 435,070	$ 482,884	$ 402,719
Finished goods and service parts	847,494	738,097	672,042
Total FIFO and average cost value	1,282,564	1,220,981	1,074,761
Less: adjustment to LIFO value	169,872	169,872	135,487
Total inventories, net	$ 1,112,692	$ 1,051,109	$ 939,274

Product Warranty Guarantees

9 Months Ended

Aug. 04, 2023

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				Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Beginning balance	$	153,947	$	126,830	$	134,541	$	116,783
Changes in accrual related to warranties during the period (1)	20,521		20,873		69,956		59,757
Acquisitions	—		2,466		—		5,663
Payments made during the period (1)	(24,099)		(20,580)		(60,842)		(52,143)
Changes in accrual related to pre-existing warranties (1)	962		1,429		7,676		958
Ending balance	$	151,331	$	131,018	$	151,331	$	131,018

(1) Presentation of prior period changes in accrued warranties has been conformed to the current year presentation. There was no impact to the balance of accrued warranties in any period.

Stock-Based Compensation - Assumptions for Options Granted (Details) - $ / shares	9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022
Stock-Based Compensation
Per share weighted-average fair value at date of grant (in dollars per share)	$ 33.21	$ 22.55
Stock option awards
Stock-Based Compensation
Expected life of option in years	6 years 3 months 21 days	6 years 2 months 8 days
Expected stock price volatility	25.20%	23.74%
Risk-free interest rate	3.79%	1.31%
Expected dividend yield	0.95%	0.94%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Paragraph 1D
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-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Aug. 04, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost Related to Stock-Based Awards

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


	Three Months Ended				Nine Months Ended
(Dollars in thousands)	August 4, 2023		July 29, 2022		August 4, 2023		July 29, 2022
Stock option awards	$	1,984	$	2,664	$	6,287	$	7,207
Performance share awards	(195)		1,697		1,923		5,235
Restricted stock unit awards	1,845		1,611		5,086		4,034
Unrestricted common stock awards	—		—		1,086		629
Total compensation cost for stock-based compensation awards	$	3,634	$	5,972	$	14,382	$	17,105

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 nine months of the following fiscal periods:


	Fiscal 2023	Fiscal 2022
Expected life of option in years	6.31	6.19
Expected stock price volatility	25.20%	23.74%
Risk-free interest rate	3.79%	1.31%
Expected dividend yield	0.95%	0.94%
Per share weighted-average fair value at date of grant	$33.21	$22.55

Indebtedness

9 Months Ended

Aug. 04, 2023

Debt Disclosure [Abstract]

Indebtedness


6			Indebtedness

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


(Dollars in thousands)	August 4, 2023		July 29, 2022		October 31, 2022
$600 million revolving credit facility, due October 2026	$	70,000	$	65,000	$	—


$270 million term loan, due October 2026	270,000		270,000		270,000
$200 million term loan, due April 2027	200,000		200,000		200,000
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
3.97% senior notes, due June 2032	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	124,148		124,086		124,102
Less: unamortized debt issuance costs	2,839		3,470		3,334
Total long-term debt	1,061,309		1,055,616		990,768
Less: current portion of long-term debt	—		65,000		—
Long-term debt, less current portion	$	1,061,309	$	990,616	$	990,768


(Dollars in thousands)	August 4, 2023
2023 (remaining)	$	—
2024	—
2025	37,000
2026	333,000
2027	270,000
2028	—
Thereafter	425,000
Total principal payments required	$	1,065,000

Covenants

The company is in compliance with all covenants under the company’s outstanding indebtedness as of August 4, 2023.

Property, Plant, and Equipment, Net - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 1,527,354	$ 1,416,477	$ 1,378,210
Less: accumulated depreciation	902,391	844,816	846,394
Property, plant, and equipment, net	624,963	571,661	531,816
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	63,020	59,550	57,169
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	331,052	324,343	326,111
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	585,337	557,588	535,303
Tooling
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	235,417	225,865	221,290
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	108,211	104,713	96,834
Construction in process
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 204,317	$ 144,418	$ 141,503

Derivative Instruments and Hedging Activities - Impact and Location of Amounts Reclassified from AOCL and Impacts and Location on OCI (Details) - Cash flow hedging - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from AOCL into Earnings	$ 3,180	$ 1,840	$ 12,759	$ 1,595
(Loss) Gain Recognized in OCI on Derivatives	606	2,472	(14,441)	16,043
Forward currency contracts \| Net Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from AOCL into Earnings	1,962	1,640	9,723	1,431
(Loss) Gain Recognized in OCI on Derivatives	(846)	2,508	(18,099)	14,836
Forward currency contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from AOCL into Earnings	1,218	200	3,036	164
(Loss) Gain Recognized in OCI on Derivatives	$ 1,452	$ (36)	$ 3,658	$ 1,207

Leases - Lease Expense Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Leases [Abstract]
Operating lease expense	$ 6,117	$ 3,833	$ 19,047	$ 16,304
Short-term lease expense	1,543	303	3,455	3,445
Variable lease expense	50	12	132	12
Total lease expense	$ 7,710	$ 4,148	$ 22,634	$ 19,761

Investment in Joint Venture

9 Months Ended

Aug. 04, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Venture


10			Investment in Joint Venture

The company is party to a joint venture with Huntington Distribution Finance, Inc. ("HDF"), a subsidiary of The Huntington National Bank, established as Red Iron Acceptance, LLC ("Red Iron"), the primary purpose of which is to provide customer inventory financing to certain distributors and dealers of certain of the company’s products in the U.S. The company has also entered into a limited inventory repurchase agreement with Red Iron. For additional information regarding the customer financing aspect of the arrangement, as well as the limited inventory purchase agreement, refer to Note 14, Commitments and Contingencies.

The company owns 45 percent of Red Iron and HDF owns 55 percent of Red Iron. The company accounts for its investment in Red Iron under the equity method of accounting. The company and HDF each contributed a specified amount of the estimated cash required to enable Red Iron to purchase the company's floor plan financing receivables and to provide financial support for Red Iron's floor plan financing programs. Red Iron borrows the remaining requisite estimated cash utilizing an $800.0 million secured revolving credit facility established under a credit agreement between Red Iron and HDF. The company's total investment in Red Iron as of August 4, 2023, July 29, 2022 and October 31, 2022 was $48.5 million, $31.4 million, and $39.3 million, respectively. The company has not guaranteed the outstanding indebtedness of Red Iron.

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jan. 13, 2022	Aug. 04, 2023	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life		13 years 2 months 12 days	13 years 2 months 12 days	13 years 4 months 24 days	13 years 4 months 24 days
Non-cash impairment charge			$ 133,263
Professional
Business Acquisition [Line Items]
Impairment of indefinite-lived intangible assets		$ 18,000
Professional \| Intimidator Reporting Unit
Business Acquisition [Line Items]
Non-cash impairment charge		$ 133,300
Trade names
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life		13 years 8 months 12 days	13 years 8 months 12 days	13 years 9 months 18 days	13 years 8 months 12 days
Intimidator
Business Acquisition [Line Items]
Total purchase price	$ 399,766
Other intangible assets	$ 184,200
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 7 months 6 days
Intimidator \| Backlog
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life	9 months

Per Share Data (Details) - shares	3 Months Ended		9 Months Ended
Per Share Data (Details) - shares	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Basic
Weighted-average number of shares of common stock (in shares)	104,286,000	104,827,000	104,473,000	104,924,000
Assumed issuance of contingent shares (in shares)	0	0	6,000	7,000
Weighted-average number of shares of common stock outstanding — Basic (in shares)	104,286,000	104,827,000	104,479,000	104,931,000
Diluted
Weighted-average number of shares of common stock outstanding — Basic (in shares)	104,286,000	104,827,000	104,479,000	104,931,000
Effect of dilutive shares (in shares)	0	621,000	930,000	823,000
Weighted-average number of shares of common stock outstanding — Diluted (in shares)	104,286,000	105,448,000	105,409,000	105,754,000
Options, restricted stock, and restricted stock units, excluded from the diluted earnings per share (in shares)	1,410,092	1,066,621	483,650	896,184

Segment Data - Narrative (Details)	9 Months Ended
Segment Data - Narrative (Details)	Aug. 04, 2023 segment
Segment Reporting [Abstract]
Operating segments	12
Reportable segments	2

Segment Data - Components of Loss before Income Taxes Included in Other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Components of the loss before income taxes included in "Other"
Interest expense	$ (14,987)	$ (9,182)	$ (43,822)	$ (24,219)
Earnings from the company's wholly-owned domestic distribution company and other income, net	5,496	3,225	21,241	8,262
(Loss) earnings before income taxes	(28,563)	157,091	313,570	409,294
Other Activities
Components of the loss before income taxes included in "Other"
Corporate expenses	(33,999)	(30,816)	(110,694)	(94,359)
Interest expense	(14,987)	(9,182)	(43,822)	(24,219)
Earnings from the company's wholly-owned domestic distribution company and other income, net	3,526	4,550	19,054	7,836
(Loss) earnings before income taxes	$ (45,460)	$ (35,448)	$ (135,462)	$ (110,742)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Business Combinations - Allocation of Preliminary Purchase Price Assigned to the Intimidator Group (Details) - USD ($) $ in Thousands	Jan. 13, 2022	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Business Acquisition [Line Items]
Goodwill		$ 451,264	$ 583,297	$ 583,803
Intimidator
Business Acquisition [Line Items]
Cash and cash equivalents	$ 975
Receivables	6,954
Inventories	34,608
Prepaid expenses and other current assets	513
Property, plant, and equipment	27,447
Right-of-use assets	344
Goodwill	163,731
Other intangible assets:
Indefinite-lived trade name	99,100
Accounts payable	(8,535)
Accrued liabilities	(9,152)
Short-term lease liabilities	(100)
Long-term lease liabilities	(244)
Total fair value of net assets acquired	400,741
Less: cash and cash equivalents acquired	(975)
Total purchase price	399,766
Intimidator \| Trade names
Other intangible assets:
Finite-lived intangibles	3,260
Intimidator \| Customer-related
Other intangible assets:
Finite-lived intangibles	80,500
Intimidator \| Backlog
Other intangible assets:
Finite-lived intangibles	$ 1,340

Goodwill and Other Intangible Assets, Net - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023 USD ($)	Jul. 29, 2022 USD ($)	Aug. 04, 2023 USD ($) segment	Jul. 29, 2022 USD ($)	Oct. 31, 2022 USD ($)
Goodwill [Line Items]
Operating segments \| segment			12
Impairment of goodwill			$ 133,263
Indefinite-lived - trade names	$ 271,571	$ 289,472	271,571	$ 289,472	$ 289,352
Goodwill	451,264	583,803	451,264	583,803	$ 583,297
Income tax benefit	36,700		36,700
Amortization of other intangible assets	8,900	$ 9,100	26,800	$ 24,800
Trade Name, Spartan
Goodwill [Line Items]
Indefinite-lived - trade names	81,100		81,100
Intimidator Reporting Unit
Goodwill [Line Items]
Goodwill	30,500		$ 30,500
Professional
Goodwill [Line Items]
Impairment of indefinite-lived intangible assets	18,000
Professional \| Intimidator Reporting Unit
Goodwill [Line Items]
Impairment of goodwill	$ 133,300

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
ASSETS
Cash and cash equivalents	$ 147,926	$ 188,250	$ 231,564
Receivables, net	390,677	332,713	350,657
Inventories, net	1,112,692	1,051,109	939,274
Prepaid expenses and other current assets	80,493	103,279	82,861
Total current assets	1,731,788	1,675,351	1,604,356
Property, plant, and equipment, net	624,963	571,661	531,816
Goodwill	451,264	583,297	583,803
Other intangible assets, net	549,190	585,832	595,141
Right-of-use assets	116,623	76,121	73,349
Investment in finance affiliate	48,528	39,349	31,389
Deferred income taxes	41,711	5,310	961
Other assets	21,823	19,077	19,134
Total assets	3,585,890	3,555,998	3,439,949
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt	0	0	65,000
Accounts payable	407,366	578,624	487,030
Accrued liabilities	482,304	469,242	443,557
Short-term lease liabilities	17,828	15,747	15,675
Total current liabilities	907,498	1,063,613	1,011,262
Long-term debt, less current portion	1,061,309	990,768	990,616
Long-term lease liabilities	101,221	63,604	60,921
Deferred income taxes	109	44,272	50,332
Other long-term liabilities	38,670	42,040	40,216
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 103,834,891 shares as of August 4, 2023, 104,193,673 shares as of July 29, 2022, and 103,969,805 shares as of October 31, 2022	103,835	103,970	104,194
Retained earnings	1,403,840	1,280,856	1,213,551
Accumulated other comprehensive loss	(30,592)	(33,125)	(31,143)
Total stockholders’ equity	1,477,083	1,351,701	1,286,602
Total liabilities and stockholders’ equity	$ 3,585,890	$ 3,555,998	$ 3,439,949

Revenue (Tables)

9 Months Ended

Aug. 04, 2023

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 (dollars in thousands):


Three Months Ended August 4, 2023	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	777,284	$	169,070	$	5,214	$	951,568
Irrigation	119,037		6,244		4,935		130,216
Total net sales	$	896,321	$	175,314	$	10,149	$	1,081,784

Revenue by geographic market:
United States	$	690,810	$	145,861	$	10,149	$	846,820
International countries	205,511		29,453		—		234,964
Total net sales	$	896,321	$	175,314	$	10,149	$	1,081,784


Nine Months Ended August 4, 2023	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	2,486,947	$	682,770	$	11,512	$	3,181,229
Irrigation	358,767		22,995		6,959		388,721
Total net sales	$	2,845,714	$	705,765	$	18,471	$	3,569,950

Revenue by geographic market:
United States	$	2,225,498	$	569,295	$	18,471	$	2,813,264
International countries	620,216		136,470		—		756,686
Total net sales	$	2,845,714	$	705,765	$	18,471	$	3,569,950


Three Months Ended July 29, 2022	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	780,738	$	265,469	$	1,102	$	1,047,309
Irrigation	105,494		4,493		3,254		113,241
Total net sales	$	886,232	$	269,962	$	4,356	$	1,160,550

Revenue by geographic market:
United States	$	710,386	$	229,666	$	4,356	$	944,408
International countries	175,846		40,296		—		216,142
Total net sales	$	886,232	$	269,962	$	4,356	$	1,160,550


Nine Months Ended July 29, 2022	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	2,149,549	$	823,536	$	6,207	$	2,979,292
Irrigation	335,378		21,503		6,505		363,386
Total net sales	$	2,484,927	$	845,039	$	12,712	$	3,342,678

Revenue by geographic market:
United States	$	1,969,933	$	703,234	$	12,712	$	2,685,879
International countries	514,994		141,805		—		656,799
Total net sales	$	2,484,927	$	845,039	$	12,712	$	3,342,678

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Aug. 04, 2023
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. 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, 2022.
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, actual amounts could differ significantly from those estimated at the time the Condensed Consolidated Financial Statements are prepared.
New Accounting Pronouncements	New Accounting Pronouncements In November 2021, the Financial Accounting Standards Board ("FASB") issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The update increases the transparency of government assistance including annual disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements. The amended guidance will become effective for the company for the fiscal 2023 annual period. The adoption of this standard is not expected to have a material impact on the company's Consolidated Financial Statements or annual disclosures. 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 certain 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 (Loss) 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 (Loss) 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 (Loss) 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 (Loss) 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 (Loss) 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 (Loss) 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 (Loss) Earnings. As of August 4, 2023, the notional amount outstanding of forward currency contracts designated as cash flow hedging instruments was $306.9 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 (Loss) 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. For additional information regarding impairment related fair value measurements, refer to Note 5, Goodwill and Other Intangible Assets, Net. Assets acquired and liabilities assumed as part of a business combination are also measured at fair value on a non-recurring basis during the measurement period allowed by the accounting standards codification guidance for business combinations when applicable. Alternatively, under a cost accumulation model, the company measures the fair values of net assets acquired as part of an asset acquisition before allocating the cost of the asset acquisition to the net assets acquired on the basis of their relative fair values. 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 Combinations. Other Fair Value DisclosuresThe carrying values of the company's short-term financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and short-term debt, including current maturities of long-term debt, when applicable, approximate their fair values due to their short-term nature.

- Definition

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

+ References + Details

Stockholders' Equity

9 Months Ended

Aug. 04, 2023

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)	August 4, 2023		July 29, 2022		October 31, 2022
Foreign currency translation adjustments	$	34,347	$	40,725	$	51,321
Pension benefits	3,621		3,899		3,621
Cash flow derivative instruments	(7,376)		(13,481)		(21,817)
Total accumulated other comprehensive loss	$	30,592	$	31,143	$	33,125

The components and activity of AOCL, net of tax, for the three and nine month periods ended August 4, 2023 and July 29, 2022 were as follows:


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of May 5, 2023	$	32,334	$	3,621	$	(6,770)	$	29,185
Other comprehensive loss before reclassifications	2,013		—		2,574		4,587
Amounts reclassified from AOCL	—		—		(3,180)		(3,180)
Net current period other comprehensive loss (income)	2,013		—		(606)		1,407
Balance as of August 4, 2023	$	34,347	$	3,621	$	(7,376)	$	30,592


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2022	$	51,321	$	3,621	$	(21,817)	$	33,125
Other comprehensive (income) loss before reclassifications	(16,974)		—		27,200		10,226
Amounts reclassified from AOCL	—		—		(12,759)		(12,759)
Net current period other comprehensive (income) loss	(16,974)		—		14,441		(2,533)
Balance as of August 4, 2023	$	34,347	$	3,621	$	(7,376)	$	30,592


(Dollars in thousands)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of April 29, 2022	$	34,933	$	3,899	$	(11,009)	$	27,823
Other comprehensive loss (income) before reclassifications	5,792		—		(632)		5,160
Amounts reclassified from AOCL	—		—		(1,840)		(1,840)
Net current period other comprehensive loss (income)	5,792		—		(2,472)		3,320
Balance as of July 29, 2022	$	40,725	$	3,899	$	(13,481)	$	31,143


(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 loss (income) before reclassifications	21,190		—		(14,448)		6,742
Amounts reclassified from AOCL	—		—		(1,595)		(1,595)
Net current period other comprehensive loss (income)	21,190		—		(16,043)		5,147
Balance as of July 29, 2022	$	40,725	$	3,899	$	(13,481)	$	31,143

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 equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-Paragraph 6
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue - Performance Obligation (Details) $ in Millions	Aug. 04, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-05
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 2.3
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
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	$ 8.0
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-11-01
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 - Components of Other Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Other Intangible Assets
Weighted-Average Useful Life in Years	13 years 2 months 12 days	13 years 4 months 24 days	13 years 4 months 24 days
Gross Carrying Amount	$ 472,713	$ 464,332	$ 464,684
Accumulated Amortization	(195,094)	(167,852)	(159,015)
Net	277,619	296,480	305,669
Indefinite-lived - trade names	271,571	289,352	289,472
Total other intangible assets, gross	744,284	753,684	754,156
Total other intangible assets, net	$ 549,190	$ 585,832	$ 595,141
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	$ 18,218	$ 18,210	$ 18,252
Accumulated Amortization	(15,864)	(15,317)	(15,178)
Net	$ 2,354	$ 2,893	$ 3,074
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	$ 6,858	$ 6,851	$ 6,887
Accumulated Amortization	(6,851)	(6,829)	(6,861)
Net	$ 7	$ 22	$ 26
Customer-related
Other Intangible Assets
Weighted-Average Useful Life in Years	15 years 8 months 12 days	16 years	16 years
Gross Carrying Amount	$ 329,059	$ 320,959	$ 321,113
Accumulated Amortization	(101,952)	(83,805)	(78,017)
Net	$ 227,107	$ 237,154	$ 243,096
Developed technology
Other Intangible Assets
Weighted-Average Useful Life in Years	7 years 1 month 6 days	7 years 1 month 6 days	7 years 1 month 6 days
Gross Carrying Amount	$ 102,108	$ 101,915	$ 102,013
Accumulated Amortization	(60,776)	(53,001)	(50,412)
Net	$ 41,332	$ 48,914	$ 51,601
Trade names
Other Intangible Assets
Weighted-Average Useful Life in Years	13 years 8 months 12 days	13 years 9 months 18 days	13 years 8 months 12 days
Gross Carrying Amount	$ 10,740	$ 10,667	$ 10,689
Accumulated Amortization	(3,921)	(3,395)	(3,267)
Net	$ 6,819	$ 7,272	$ 7,422
Backlog and other
Other Intangible Assets
Weighted-Average Useful Life in Years	7 months 6 days	7 months 6 days	7 months 6 days
Gross Carrying Amount	$ 5,730	$ 5,730	$ 5,730
Accumulated Amortization	(5,730)	(5,505)	(5,280)
Net	$ 0	$ 225	$ 450

Subsequent Events

9 Months Ended

Aug. 04, 2023

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.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022
Cash flows from operating activities:
Net earnings	$ 259,362	$ 325,785
Adjustments to reconcile net earnings to net cash provided by operating activities:
Non-cash income from finance affiliate	(14,099)	(5,814)
Distributions from (Contributions to) finance affiliate, net	4,920	(4,905)
Depreciation of property, plant, and equipment	56,551	54,269
Amortization of other intangible assets	26,828	24,760
Stock-based compensation expense	14,382	17,105
Non-cash impairment charges	151,263	0
Other	720	3,893
Changes in operating assets and liabilities, net of the effect of acquisitions:
Receivables, net	(52,757)	(38,118)
Inventories, net	(46,580)	(173,000)
Other assets	(74,258)	(32,483)
Accounts payable	(174,743)	(24,858)
Other liabilities	3,076	7,929
Net cash provided by operating activities	154,665	154,563
Cash flows from investing activities:
Purchases of property, plant, and equipment	(105,700)	(75,772)
Proceeds from insurance claim	7,114	0
Business combinations, net of cash acquired	(20,971)	(402,386)
Asset acquisitions, net of cash acquired	0	(7,225)
Proceeds from asset disposals	399	197
Proceeds from sale of a business	0	4,605
Net cash used in investing activities	(119,158)	(480,581)
Cash flows from financing activities:
Borrowings under debt arrangements	515,000	700,000
Repayments under debt arrangements	(445,000)	(335,000)
Proceeds from exercise of stock options	19,398	4,440
Payments of withholding taxes for stock awards	(3,748)	(2,308)
Purchases of TTC common stock	(60,040)	(110,004)
Dividends paid on TTC common stock	(106,505)	(94,401)
Other	(1,525)	0
Net cash (used in) provided by financing activities	(82,420)	162,727
Effect of exchange rates on cash and cash equivalents	6,589	(10,757)
Net decrease in cash and cash equivalents	(40,324)	(174,048)
Cash and cash equivalents as of the beginning of the fiscal period	188,250	405,612
Cash and cash equivalents as of the end of the fiscal period	$ 147,926	$ 231,564

Property, Plant, and Equipment, Net (Tables)

9 Months Ended

Aug. 04, 2023

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

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


(Dollars in thousands)	August 4, 2023		July 29, 2022		October 31, 2022
Land and land improvements	$	63,020	$	57,169	$	59,550
Buildings and leasehold improvements	331,052		326,111		324,343
Machinery and equipment	585,337		535,303		557,588
Tooling	235,417		221,290		225,865
Computer hardware and software	108,211		96,834		104,713
Construction in process	204,317		141,503		144,418
Property, plant, and equipment, gross	1,527,354		1,378,210		1,416,477
Less: accumulated depreciation	902,391		846,394		844,816
Property, plant, and equipment, net	$	624,963	$	531,816	$	571,661

Derivative Instruments and Hedging Activities - Impact and Location of Derivative Instruments for Derivatives Designated as Cash Flow Hedging and the Related Components Excluded From Effectiveness Testing (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net sales	$ 1,081,784	$ 1,160,550	$ 3,569,950	$ 3,342,678
Cost of Sales	(709,430)	(760,644)	(2,321,951)	(2,236,927)
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCL into earnings	3,180	1,840	12,759	1,595
Net Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Net sales	1,081,784	1,160,550	3,569,950	3,342,678
Cost of Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Cost of Sales	(709,430)	(760,644)	(2,321,951)	(2,236,927)
Forward currency contracts \| Net Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCL into earnings	1,962	1,640	9,723	1,431
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value	(356)	646	2,036	(930)
Forward currency contracts \| Cost of Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCL into earnings	1,218	200	3,036	164
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$ 762	$ 627	$ 1,777	$ 1,180

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Leases - Schedule of Future Minimum Operating Lease Payments (Details) $ in Thousands	Aug. 04, 2023 USD ($)
ASC Topic 842 Leases
2023 (remaining)	$ 4,112
2024	23,287
2025	21,269
2026	15,574
2027	12,078
Thereafter	68,393
Total future minimum operating lease payments	144,713
Less: imputed interest	25,664
Present value of operating lease liabilities	$ 119,049

Per Share Data

9 Months Ended

Aug. 04, 2023

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		Nine Months Ended
(Shares in thousands)	August 4, 2023	July 29, 2022	August 4, 2023	July 29, 2022
Basic
Weighted-average number of shares of common stock	104,286	104,827	104,473	104,924
Assumed issuance of contingent shares	—	—	6	7
Weighted-average number of shares of common stock outstanding - Basic	104,286	104,827	104,479	104,931

Diluted
Weighted-average number of shares of common stock outstanding - Basic	104,286	104,827	104,479	104,931
Effect of dilutive shares	—	621	930	823
Weighted-average number of shares of common stock outstanding - Diluted	104,286	105,448	105,409	105,754

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 1,410,092 and 1,066,621 shares of common stock during the third quarter of fiscal 2023 and 2022, respectively, and to purchase 483,650 and 896,184 shares of common stock during the first nine months of fiscal 2023 and 2022, respectively, were excluded from the computation of diluted net (loss) earnings per share of common stock because they were anti-dilutive.

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Statement of Comprehensive Income [Abstract]
Derivative instruments, tax	$ (199)	$ 863	$ (5,799)	$ 4,895

Property, Plant, and Equipment, Net - Narrative (Details)	Aug. 04, 2023
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	3 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

Business Combinations

9 Months Ended

Aug. 04, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations


2			Business Combinations

Dealer Acquisition

On May 9, 2023, during the third quarter of fiscal 2023, the company completed the acquisition of substantially all of the assets of, and assumed certain liabilities for, a U.S. based dealer of underground construction equipment. The purchase price of this acquisition was allocated to the identifiable assets acquired and liabilities assumed based on estimates of their fair value and no goodwill or indefinite-lived intangible assets were recorded. The company finalized the purchase accounting for this acquisition during the third quarter of fiscal 2023. Additional purchase accounting disclosures have been omitted due to immateriality of this acquisition in relation to the company's Consolidated Financial Condition and Results of Operations.

Intimidator Group

On January 13, 2022 ("the closing date"), during the first quarter of fiscal 2022, the company acquired the privately-held Intimidator Group ("Intimidator") for net aggregate purchase consideration of $399.8 million ("the purchase price"). Intimidator primarily designs, manufactures, markets, and sells a commercial-grade line of zero-turn mowers under the Spartan® brand, which are intended to provide innovative turf management solutions to landscape contractors and other customers including homeowners who prefer professional solutions. The acquisition of Intimidator broadened the company's Professional reportable segment and expanded its manufacturing footprint and dealer network.

Purchase Accounting

The company accounted for the acquisition in accordance with the accounting standards codification guidance for business combinations, whereby the purchase price was allocated to the acquired net tangible and intangible assets of Intimidator based on their fair values as of the closing date. During the first quarter of fiscal 2023, the company completed its valuation of income taxes to finalize the purchase price allocation.

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


(Dollars in thousands)	January 13, 2022
Cash and cash equivalents	$	975
Receivables	6,954
Inventories	34,608
Prepaid expenses and other current assets	513
Property, plant, and equipment	27,447
Right-of-use assets	344
Goodwill	163,731
Other intangible assets:
Indefinite-lived trade name	99,100
Finite-lived trade names	3,260
Finite-lived customer-related	80,500
Finite-lived backlog	1,340
Accounts payable	(8,535)
Accrued liabilities	(9,152)
Short-term lease liabilities	(100)
Long-term lease liabilities	(244)

Total fair value of net assets acquired	400,741
Less: cash and cash equivalents acquired	(975)
Total purchase price	$	399,766

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. The acquisition was considered an asset purchase for income tax purposes and as a result, the goodwill arising from the transaction is deductible. There were no purchase accounting adjustments recorded in fiscal 2023 that impacted the carrying value of goodwill acquired.

Other Intangible Assets Acquired

The allocation of the purchase price to the net assets acquired resulted in the recognition of $184.2 million of value for other intangible assets as of the closing date. The 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 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 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, the weighted-average useful life of the customer-related and backlog intangible assets were determined to be 9.6 years and 9 months, respectively.

Impairment

During the preparation of the financial statements for the third quarter of fiscal 2023, the company recorded an impairment charge of $18.0 million related to the indefinite-lived Spartan trade name intangible asset. Further, during the same period, the company recorded an impairment charge of $133.3 million related to goodwill of the Intimidator reporting unit. For additional information regarding these impairment charges, refer to Note 5, Goodwill and Other Intangible Assets, Net.

Segment Data - Summarized Financial Information of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022	Oct. 31, 2022
Financial information concerning reportable segments
Net sales	$ 1,081,784	$ 1,160,550	$ 3,569,950	$ 3,342,678
Earnings (loss) before income taxes	(28,563)	157,091	313,570	409,294
Total assets	3,585,890	3,439,949	3,585,890	3,439,949	$ 3,555,998
Non-cash impairment charges	151,263	0	151,263	0
Operating Segments \| Professional
Financial information concerning reportable segments
Net sales	896,321	886,232	2,845,714	2,484,927
Earnings (loss) before income taxes	13,049	166,191	384,621	424,833
Total assets	2,723,127	2,625,481	2,723,127	2,625,481
Operating Segments \| Residential
Financial information concerning reportable segments
Net sales	175,314	269,962	705,765	845,039
Earnings (loss) before income taxes	3,848	26,348	64,411	95,203
Total assets	537,834	407,218	537,834	407,218
Other Activities
Financial information concerning reportable segments
Net sales	10,149	4,356	18,471	12,712
Earnings (loss) before income taxes	(45,460)	(35,448)	(135,462)	(110,742)
Total assets	324,929	407,250	324,929	407,250
Intersegment gross sales (eliminations)
Financial information concerning reportable segments
Net sales	(11,679)	(10,451)	(35,570)	(23,251)
Intersegment gross sales (eliminations) \| Professional
Financial information concerning reportable segments
Net sales	11,640	10,436	35,471	23,201
Intersegment gross sales (eliminations) \| Residential
Financial information concerning reportable segments
Net sales	$ 39	$ 15	$ 99	$ 50

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends paid on common stock (in dollars per share)	$ 0.34	$ 0.30	$ 1.02	$ 0.90
Issuance of share-based payment awards (in shares)	56,006	80,153	490,469	233,491
Contribution to a deferred compensation trust (in shares)			14,270	33,162
Purchase of shares of common stock (in shares)	356,757	454,482	611,113	1,212,390

Product Warranty Guarantees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 04, 2023	Jul. 29, 2022	Aug. 04, 2023	Jul. 29, 2022
Warranty provisions, claims, and changes in estimates
Beginning balance	$ 153,947	$ 126,830	$ 134,541	$ 116,783
Changes in accrual related to warranties during the period	20,521	20,873	69,956	59,757
Acquisitions	0	2,466	0	5,663
Payments made during the period	(24,099)	(20,580)	(60,842)	(52,143)
Changes in accrual related to pre-existing warranties (1)	962	1,429	7,676	958
Ending balance	$ 151,331	$ 131,018	$ 151,331	$ 131,018

Business Combinations (Tables)

9 Months Ended

Aug. 04, 2023

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	$	975
Receivables	6,954
Inventories	34,608
Prepaid expenses and other current assets	513
Property, plant, and equipment	27,447
Right-of-use assets	344
Goodwill	163,731
Other intangible assets:
Indefinite-lived trade name	99,100
Finite-lived trade names	3,260
Finite-lived customer-related	80,500
Finite-lived backlog	1,340
Accounts payable	(8,535)
Accrued liabilities	(9,152)
Short-term lease liabilities	(100)
Long-term lease liabilities	(244)

Total fair value of net assets acquired	400,741
Less: cash and cash equivalents acquired	(975)
Total purchase price	$	399,766

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Aug. 04, 2023	Oct. 31, 2022	Jul. 29, 2022
Assets and liabilities measured at fair value disclosures
Long-term debt, percentage bearing fixed interest, amount	$ 524.1	$ 524.1	$ 524.1
Level 2
Assets and liabilities measured at fair value disclosures
Long-term debt, fair value	$ 497.7	$ 489.8	$ 541.0