0000737758-23-000034 | 10-K | XBRL Viewer

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Indebtedness - Schedule of Principal Payments (Details) $ in Millions	Oct. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0.0
2025	37.0
2026	303.0
2027	270.0
2028	0.0
Thereafter	425.0
Total principal payments	$ 1,035.0

Investment in Joint Venture

12 Months Ended

Oct. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Venture


7			Investment in Joint Venture

The company is party to a joint venture with HDF, a subsidiary of The Huntington National Bank, established as 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 11, 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 a $1,350.0 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 October 31, 2023 and 2022 was $50.6 million and $39.3 million, respectively. The company has not guaranteed the outstanding indebtedness of Red Iron.

Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate (Details)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal income tax rate	21.00%	21.00%	21.00%
Excess deduction for stock-based compensation	(1.10%)	(0.40%)	(1.50%)
State and local income taxes, net of federal benefit	1.80%	2.00%	1.40%
Foreign operations	(0.70%)	(0.70%)	(0.50%)
Federal research tax credit	(2.30%)	(1.30%)	(1.40%)
Foreign-derived intangible income	(1.10%)	(0.70%)	(0.90%)
Other, net	0.10%	(0.10%)	(0.10%)
Effective tax rate	17.70%	19.80%	18.00%

Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Earnings before income taxes:
United States	$ 345.0	$ 491.3	$ 446.2
Foreign	55.5	61.2	53.6
Total earnings before income taxes	$ 400.5	$ 552.5	$ 499.8

Leases - Schedule of Future Minimum Operating Lease Payments (Details) $ in Millions	Oct. 31, 2023 USD ($)
ASC Topic 842 Leases
2024	$ 25.1
2025	23.3
2026	17.4
2027	13.9
2028	11.8
Thereafter	69.6
Total future minimum operating lease payments	161.1
Less: imputed interest	29.5
Present value of operating lease liabilities	$ 131.6

Summary of Significant Accounting Policies and Related Data - Goodwill and Indefinite-Life Intangible Assets (Details)	3 Months Ended		12 Months Ended
	Oct. 31, 2023 USD ($)	Aug. 04, 2023 USD ($)	Oct. 31, 2023 USD ($) segment reportingUnit	Oct. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets, indefinite-lived (excluding goodwill)			$ 0	$ 0	$ 0
Goodwill, impairment loss	$ 0		$ 133,300,000	$ 0	$ 0
Number of reporting units tested for impairment of goodwill \| reportingUnit			12
Number of operating segments \| segment			12
Number of reporting units containing goodwill \| reportingUnit			9
Professional
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets, indefinite-lived (excluding goodwill)		$ 18,000,000
Professional \| Intimidator Reporting Unit
Indefinite-lived Intangible Assets [Line Items]
Goodwill, impairment loss		$ 133,300,000

Stock-Based Compensation - Summary of Activity For Unvested Performance Share Awards (Details) - Performance share awards - $ / shares shares in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Performance Shares
Unvested at the beginning of the period (in shares)	195,600
Granted (in shares)	66,131
Vested (in shares)	(46,831)
Unvested at the end of the period (in shares)	186,760	195,600
Weighted-Average Fair Value at Date of Grant
Unvested at the beginning of the period (in dollars per share)	$ 88.63
Granted (in dollars per share)	112.14	$ 98.41	$ 90.59
Vested (in dollars per share)	77.33
Unvested at the end of the period (in dollars per share)	$ 100.57	$ 88.63

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Stock Option Awards
Outstanding at the beginning of the period (in shares)	2,986,033
Granted (in shares)	475,620
Exercised (in shares)	(389,923)
Forfeited (in shares)	(98,300)
Outstanding at the end of the period (in shares)	2,973,430	2,986,033
Exercisable at the end of the period (in shares)	2,078,025
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 71.23
Granted (in dollars per share)	110.87
Exercised (in dollars per share)	52.76
Forfeited (in dollars per share)	107.67
Outstanding at the end of the period (in dollars per share)	78.80	$ 71.23
Exercisable at the end of the period (in dollars per share)	$ 68.37
Additional Disclosures
Outstanding, Weighted-average contractual life	5 years 4 months 24 days	6 years
Exercisable at the end of the period, Weighted-average contractual life	4 years 4 months 24 days
Outstanding of the beginning of the period, aggregate intrinsic value	$ 102.1
Outstanding of the end of the period, aggregate intrinsic value	32.0	$ 102.1
Exercisable at the end of the period, aggregate intrinsic value	$ 32.0

Derivative Instruments and Hedging Activities - Impact and Location of Derivative Instruments on Consolidated Statements of Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Derivative Instruments and Hedging Activities
Net sales	$ 4,553.2	$ 4,514.7	$ 3,959.6
Cost of sales	$ (2,975.6)	$ (3,010.1)	$ (2,621.1)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noncash Income (Expense)	Other Noncash Income (Expense)
Cash Flow Hedging
Derivative Instruments and Hedging Activities
Amount of gain reclassified from AOCL into earnings	$ 15.3	$ 5.1
Cash Flow Hedging \| Net sales
Derivative Instruments and Hedging Activities
Net sales	4,553.2	4,514.7
Cash Flow Hedging \| Net sales \| Forward currency contracts
Derivative Instruments and Hedging Activities
Amount of gain reclassified from AOCL into earnings	10.8	4.5
Gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	2.2	(1.1)
Cash Flow Hedging \| Cost of sales
Derivative Instruments and Hedging Activities
Cost of sales	(2,975.6)	(3,010.1)
Cash Flow Hedging \| Cost of sales \| Forward currency contracts
Derivative Instruments and Hedging Activities
Amount of gain reclassified from AOCL into earnings	4.5	0.6
Gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	2.6	1.7
Derivatives Not Designated as Hedging Instruments
Derivative Instruments and Hedging Activities
Total (loss) gain on derivatives not designated as cash flow hedging instruments	(6.3)	4.2
Derivatives Not Designated as Hedging Instruments \| Forward currency contracts
Derivative Instruments and Hedging Activities
Total (loss) gain on derivatives not designated as cash flow hedging instruments	$ (6.3)	$ 4.2

Summary of Significant Accounting Policies and Related Data - Basis of Presentation and Consolidation (Details)	12 Months Ended
	Oct. 31, 2023 segment
Accounting Policies [Abstract]
Number of reportable business segments	2

Segment Data - Narrative (Details) - segment	12 Months Ended
Segment Data - Narrative (Details) - segment	Oct. 31, 2023	Oct. 31, 2021
Segment Reporting Information [Line Items]
Number of operating segments	12
Number of reportable business segments	2
One Customer \| Revenue from Contract with Customer \| Customer concentration
Segment Reporting Information [Line Items]
Percentage of consolidated gross sales accounted for by one customer		10.60%

Commitments and Contingencies

12 Months Ended

Oct. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


11			Commitments and Contingencies

Customer Financing

Inventory Financing Arrangements

The company is party to inventory financing arrangements with Red Iron, 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 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 during fiscal 2023, 2022, and 2021 was $2,789.5 million, $2,627.5 million, and $2,282.6 million, respectively. The total amount of net receivables outstanding under this arrangement with Red Iron as of October 31, 2023 and 2022 was $1,019.0 million and $776.1 million, respectively. The total amount of receivables due from Red Iron to the company as of October 31, 2023 and 2022 were $34.4 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 during fiscal 2023, 2022, and 2021 was $545.4 million, $633.5 million, and $460.5 million, respectively. As of October 31, 2023 and 2022, $234.7 million and $220.0 million, respectively, of receivables financed by HCFC and the other third-party financial institutions were outstanding.

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.

The company has also entered into inventory repurchase agreements with the other third-party financial institutions under which the company has agreed to repurchase certain repossessed products. Under these agreements, for the fiscal years ended October 31, 2023 and 2022, the company was contingently liable to repurchase up to $32.2 million and $80.0 million of repossessed inventory, respectively. 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 during the fiscal years ended October 31, 2023, 2022, and 2021.

End-User Financing

The company has agreements with third-party financing companies to provide financing options to end-customers throughout the world. The company has no material contingent liabilities for residual value or credit collection risk under these agreements with third-party financing companies. From time to time, the company enters into agreements where it provides recourse to third-party finance companies in the event of default by the end-customer for financing payments to the third-party finance company. The company's maximum exposure for credit collection for the fiscal years ended October 31, 2023 and 2022 was $5.2 million and $8.6 million, respectively.

Purchase Commitments

As of October 31, 2023, the company had $28.7 million of noncancelable purchase commitments with certain of the company's suppliers for commodities as part of the normal course of business. Additionally, associated with the Tornado asset acquisition described in Note 2, Business Combinations and Asset Acquisitions, the company has entered into a minimum purchase arrangement for a total of approximately $35 million of inventory through fiscal 2025. As of October 31, 2023, the company did not have material noncancelable purchase commitments related to capital expenditures for renovation and expansion efforts at the company's facilities and other property, plant and equipment.

Litigation

From time to time, the company is party to litigation in the ordinary course of business. Such matters are generally subject to uncertainties and to outcomes that are not predictable with assurance and that may not be known for extended periods of time. Litigation occasionally involves claims for punitive, as well as compensatory, damages arising out of the use of the company's products. Although the company is self-insured to some extent, the company maintains insurance against certain product liability losses. The company is also subject to litigation and administrative and judicial proceedings with respect to claims involving asbestos and the discharge of hazardous substances into the environment. Some of these claims assert damages and liability for personal injury, remedial investigations or clean-up and other costs and damages. The company is also occasionally involved in commercial disputes, employment disputes, and patent litigation cases in which it is asserting or defending against patent infringement claims. To prevent possible infringement of the company's patents by others, the company periodically reviews competitors' products. To avoid potential liability with respect to others' patents, the company reviews certain patents issued by the U.S. Patent and Trademark Office and foreign patent offices. The company believes these activities help minimize its risk of being a defendant in patent infringement litigation.

The company records a liability in its 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 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 Consolidated Financial Statements during the period in which all underlying events or contingencies are resolved and the gain is realized.

Litigation Settlement

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

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

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Income Taxes [Line Items]
Net operating losses and other carryforwards	$ 5.3	$ 6.4
Valuation allowance, deferred tax asset, increase	0.1
Undistributed earnings of foreign subsidiaries	41.8
Unrecognized tax benefits	3.7	$ 3.3
Accrued interest and penalties for unrecognized tax benefits	1.0
Potential benefits that would affect the effective tax rate	3.8
Domestic Tax Authority
Income Taxes [Line Items]
Net operating losses and other carryforwards	4.1
Tax credit carryforwards	1.9
Foreign Jurisdictions
Income Taxes [Line Items]
Net operating losses and other carryforwards	5.1
Net operating loss carryforwards in foreign jurisdictions not subject to expiration	5.0
Net operating loss carryforwards subject to expiration	$ 0.1

Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Income Statement [Abstract]
Net sales	$ 4,553.2	$ 4,514.7	$ 3,959.6
Cost of sales	2,975.6	3,010.1	2,621.1
Gross profit	1,577.6	1,504.6	1,338.5
Selling, general and administrative expense	995.6	928.9	820.2
Non-cash impairment charges	151.3	0.0	0.0
Operating earnings	430.7	575.7	518.3
Interest expense	(58.7)	(35.7)	(28.7)
Other income, net	28.5	12.5	10.2
Earnings before income taxes	400.5	552.5	499.8
Provision for income taxes	70.8	109.2	89.9
Net earnings	$ 329.7	$ 443.3	$ 409.9
Basic net earnings per share of common stock (in dollars per share)	$ 3.16	$ 4.23	$ 3.82
Diluted net earnings per share of common stock (in dollars per share)	$ 3.13	$ 4.20	$ 3.78
Weighted-average number of shares of common stock outstanding – Basic (in shares)	104.4	104.8	107.3
Weighted-average number of shares of common stock outstanding – Diluted (in shares)	105.3	105.6	108.5

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 329.7	$ 443.3	$ 409.9
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	9.6	(31.8)	5.0
Derivative instruments, net of tax of $(4.1), $7.2, and $0.7, respectively	(12.8)	24.4	2.1
Pension benefits, net of tax of $(0.5), $0.2, and $0.0, respectively	(0.7)	0.3	1.2
Other comprehensive (loss) income, net of tax	(3.9)	(7.1)	8.3
Comprehensive income	$ 325.8	$ 436.2	$ 418.2

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Estimated amortization expense
2024	$ 34.5
2025	31.7
2026	30.5
2027	25.6
2028	22.3
Thereafter	124.0
Net	$ 268.6	$ 296.5

Revenue

12 Months Ended

Oct. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue


4			Revenue

The company enters into contracts with its customers for the sale of products or rendering of services in the ordinary course of business. A contract with commercial substance exists at the time the company receives and accepts a purchase or sales order under a sales contract with a customer. The company recognizes revenue when, or as, performance obligations under the terms of a contract with its customer are satisfied, which generally occurs with the transfer of control of product or services. Control is typically transferred to the customer at the time a product is shipped, or in the case of certain agreements, when a product is delivered or as services are rendered. Revenue is recognized based on the transaction price, which is measured as the amount of consideration the company expects to receive in exchange for transferring product or rendering services pursuant to the terms of the contract with a customer. The amount of consideration the company receives and the revenue the company recognizes varies with changes in the variable consideration associated with the estimated expense of certain of the company's sales promotions and incentives programs offered to customers, as well as anticipated product returns, when applicable. The company recognizes a provision for estimated variable consideration at the time revenue is recognized as a reduction of the transaction price. If a contract contains more than one performance obligation, the transaction price is allocated to each performance obligation based on the relative standalone selling price of the respective promised good or service. The company does not recognize revenue in situations where collectability from the customer is not probable and defers the recognition of revenue until collection is probable or payment is received and performance obligations are satisfied.

Freight and shipping revenue billed to customers concurrent with revenue producing activities is included within revenue and the cost for freight and shipping is recognized as an expense within cost of sales when control has transferred to the customer. Shipping and handling activities that occur after control of the related products is transferred are treated as a fulfillment activity rather than a promised service and therefore are not considered a performance obligation. Sales, use, value-added, and other excise taxes the company collects concurrent with revenue producing activities are excluded from revenue. Incremental costs of obtaining a contract for which the performance obligations will be satisfied within the next twelve months are expensed as incurred. Incidental items, including goods or services, that are immaterial in the context of the contract are recognized as expense when incurred. Additionally, the company has elected not to disclose the balance of unfulfilled performance obligations for contracts with a contractual term of twelve months or less.

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


Fiscal Year Ended October 31, 2023	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	3,236.9	$	819.2	$	13.1	$	4,069.2
Irrigation	437.7		35.0		11.3		484.0
Total net sales	$	3,674.6	$	854.2	$	24.4	$	4,553.2

Revenue by geographic market:
United States	$	2,898.5	$	682.6	$	24.4	$	3,605.5
International Countries	776.1		171.6		—		947.7
Total net sales	$	3,674.6	$	854.2	$	24.4	$	4,553.2


Fiscal Year Ended October 31, 2022	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	3,003.0	$	1,039.2	$	6.4	$	4,048.6
Irrigation	426.6		29.4		10.1		466.1
Total net sales	$	3,429.6	$	1,068.6	$	16.5	$	4,514.7

Revenue by geographic market:
United States	$	2,737.9	$	881.1	$	16.5	$	3,635.5
International Countries	691.7		187.5		—		879.2
Total net sales	$	3,429.6	$	1,068.6	$	16.5	$	4,514.7


Fiscal Year Ended October 31, 2021	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	2,530.8	$	975.8	$	11.7	$	3,518.3
Irrigation	398.8		34.3		8.2		441.3
Total net sales	$	2,929.6	$	1,010.1	$	19.9	$	3,959.6

Revenue by geographic market:
United States	$	2,268.9	$	843.2	$	19.9	$	3,132.0
International Countries	660.7		166.9		—		827.6
Total net sales	$	2,929.6	$	1,010.1	$	19.9	$	3,959.6

Product Revenue

The company's product revenues are generated through sales of manufactured equipment and irrigation products, including related replacement parts and accessories. For the majority of the company's products, control is transferred and revenue is recognized when the product is shipped from the company's manufacturing facilities or distribution centers to the company's customers, which primarily consist of distributors, dealers, and mass retailers. In certain situations, the company transfers control and recognizes revenue when delivery to the customer has occurred. In limited circumstances, the company ships some of its products on a consignment basis to a customer distribution center or warehouse whereby the company retains control of the product stored at the customer's distribution center or warehouse. As the company's products are removed from the distribution center or warehouse by the customer and shipped to the retail sale location, control is transferred from the company to the customer. At that time, the company invoices the customer and recognizes revenue for these consignment transactions. The company does not offer a right of return for products shipped to the customer's retail sale location from the distribution center or warehouse. The total value of consignment inventory as of October 31, 2023 and 2022 was $38.3 million and $28.3 million, respectively.

Product revenue is recognized based on the transaction price, which is measured as the amount of consideration the company expects to receive in exchange for transferring control of a product to a customer. The company recognizes variable consideration as a reduction of the transaction price at the time of the initial product sale by applying the portfolio approach practical expedient under the accounting standards codification guidance for revenue from contracts with customers. Variable consideration typically occurs as a result of certain of the company's sales promotions and incentive programs that are determined to represent price concessions because the program either: (i) results in an immediate reduction of the transaction price with no anticipated future costs or consideration provided to the customer, or (ii) the company anticipates a future cost based on historical or expected future business practice for which the company does not receive a distinct good or service in exchange for the future consideration provided to the customer under the program. Such programs primarily consist of off-invoice discounts, rebates, and floor plan and retail financing. The cost of off-invoice discounts are incurred at the time of sale as a reduction of the transaction price and as a result, have no future cost. For all other sales promotion and incentive programs recorded as a reduction of the transaction price at the time of the initial product sale, the company estimates variable consideration using the expected value method because the company anticipates providing a future price concession based on historical or expected future business practice or other factors. Estimates of variable consideration under the expected value method are primarily based on the terms of the sales arrangements and sales promotion and incentive programs with customers, historical payment and rebate claims experience, field inventory levels, quantity or mix of products sold, projected sales volumes, types of programs offered, and expectations for the acceptance of sales promotion and incentive programs offered in the future or changes in other relevant trends. When revenue is recognized, the estimated expense of these sales promotions and incentives programs is recorded as a reduction from gross sales within the Consolidated Statements of Earnings with a corresponding accrual recorded within sales promotions and incentives programs in the Consolidated Balance Sheets. Additionally, from time to time, the company may offer its customers the right to return eligible equipment and irrigation products, replacement parts, and accessories. Such right of return offered on the company's products is also considered to be variable consideration that is estimated and recorded as a reduction of revenue based primarily on historical experience, anticipated sales returns estimated from sales terms, trend analysis, and other factors. The company records the obligation for

product returns within accrued liabilities in the Consolidated Balance Sheets and the right-of-return asset in prepaid expenses and other current assets in the Consolidated Balance Sheets. The refund liability and right-of-return asset are remeasured for changes in the estimate at each reporting date with a corresponding adjustment to net sales and cost of sales within the Consolidated Statements of Earnings. There are no material instances where variable consideration is constrained and not recorded at the initial time of sale.

Collectability from the customer for product revenue is generally assumed to be probable because the company's financial exposure related to accounts receivable is reduced due to its dealer and distributor inventory financing programs. For additional information regarding these programs, refer to Note 11, Commitments and Contingencies. The company's product sales to customers that do not elect to finance product purchases are generally on open account with terms that generally approximate 30 to 120 days. The resulting receivables are included within receivables, net on the Consolidated Balance Sheets. The company performs ongoing credit evaluations of customers on open account terms in order to assess collectability.

Service and Extended Warranty Revenue

In certain cases, the company renders service contracts to customers, which typically range from 12 to 60 months. The company also sells separately priced extended warranty coverage on select products for a prescribed period after the standard warranty period expires, which typically range from 12 to 24 months. Under both types of contracts, the company receives payment at the inception of the contract and recognizes revenue over the term of the agreement in proportion to the costs expected to be incurred in satisfying the performance obligations under the contract.

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 October 31, 2023 and October 31, 2022, $25.6 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 Consolidated Balance Sheets. For the fiscal year ended October 31, 2023, the company recognized $14.7 million of the October 31, 2022 deferred revenue balance. The company expects to recognize approximately $12.0 million of the October 31, 2023 deferred revenue balance within net sales in the Consolidated Statements of Earnings in fiscal 2024 and $13.6 million thereafter.

- Definition

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

+ References

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

Audit Information	12 Months Ended
Audit Information	Oct. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Minneapolis, MN
Auditor Firm ID	185

Summary of Significant Accounting Policies and Related Data (Policies)	12 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted ("GAAP") in the United States ("U.S.") and include the accounts of the company and its wholly-owned subsidiaries. In the opinion of management, the 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. The company's businesses are organized, managed, and internally grouped into segments based on similarities in products and services. The company classifies its operations into two reportable business segments: Professional and Residential. The company's remaining activities are presented as "Other" due to their insignificance. For additional information regarding the company's reportable business segments refer to Note 3, Segment Data. The company uses the equity method to account for equity investments in unconsolidated entities over which it has the ability to exercise significant influence over operating and financial policies. The company's share of the net earnings or losses of these equity method investments are recorded within other income, net on the Consolidated Statements of Earnings. Equity investments in unconsolidated entities that the company does not control and for which it does not have the ability to exercise significant influence over operating and financial policies are recorded at cost, less impairment, as applicable, within the Consolidated Balance Sheets. All intercompany accounts and transactions have been eliminated from the Consolidated Financial Statements.
Accounting Estimates	Accounting Estimates In preparing the 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; allowance for 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 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 current economic environment and other relevant factors, as applicable. 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 Consolidated Financial Statements are prepared. Changes in those estimates will be reflected in the Consolidated Financial Statements in future periods.
Business Combinations and Asset Acquisitions	Business Combinations and Asset Acquisitions When applicable, the company accounts for the acquisition of a business in accordance with the accounting standards codification ("ASC") guidance for business combinations, whereby the total purchase consideration transferred is allocated to the assets acquired and liabilities assumed, including amounts attributable to non-controlling interests, when applicable, based on their respective estimated fair values as of the date of acquisition. Goodwill represents the excess of purchase consideration transferred over the estimated fair value of the identifiable net assets acquired in a business combination. Assigning estimated fair values to the net assets acquired requires the use of significant estimates, judgments, inputs, and assumptions regarding the fair value of the assets acquired and liabilities assumed. Estimated fair values of assets acquired and liabilities assumed are generally based on available historical information, independent valuations or appraisals, future expectations, and assumptions determined to be reasonable but are inherently uncertain with respect to future events, including economic conditions, competition, the useful life of the acquired assets, and other factors. The company may refine the estimated fair values of assets acquired and liabilities assumed, if necessary, over a period not to exceed one year from the date of acquisition by taking into consideration new information about facts and circumstances that existed as of the acquisition date that, if known at the date of acquisition, would have affected the estimated fair values ascribed to the assets acquired and liabilities assumed. The judgments made in determining the estimated fair value assigned to assets acquired and liabilities assumed, as well as the estimated useful life and depreciation or amortization method of each asset, can materially impact the net earnings of the periods subsequent to the acquisition through depreciation and amortization, and in certain instances through impairment charges, if the asset becomes impaired in the future. During the measurement period, any purchase price allocation changes that impact the carrying value of goodwill would also affect the amount of goodwill impairment taken, if applicable. If necessary, purchase price allocation revisions that occur outside of the measurement period are recorded within cost of sales or selling, general and administrative expense within the Consolidated Statements of Earnings depending on the nature of the adjustment. When an acquisition does not meet the definition of a business combination because either: (i) substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, or group of similar identified assets, or (ii) the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, the company accounts for the acquisition as an asset acquisition. In an asset acquisition, goodwill is not recognized, but rather, any excess purchase consideration over the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net assets as of the acquisition date and any direct acquisition-related transaction costs are capitalized as part of the purchase consideration. Refer to Note 2, Business Combinations and Asset Acquisitions, for additional information regarding the company's accounting for recent business combinations and asset acquisitions.
Cash and Cash Equivalents	Cash and Cash Equivalents The company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value.
Receivables, Net	Receivables, Net Receivables are recorded at original carrying amount less an estimated allowance for expected credit losses. The allowance for expected credit losses is based on the company's assessment of losses that will result from its customers inability or unwillingness to pay amounts owed to the company. The allowance for expected credit losses is estimated using a combination of factors, including the age of receivable balances and historical credit loss experience, supplemented by the company's knowledge of customer-specific information, current market conditions, and reasonable and supportable projections of future events and economic conditions, when applicable. Receivables are written-off against the allowance for expected credit losses when all collection efforts have been exhausted. The company's financial exposure related to the collection of accounts receivable is reduced due to its inventory financing arrangements, as further discussed in Note 11, Commitments and Contingencies. For receivables not serviced through inventory financing agreements, the company provides financing in the form of open account terms in the normal course of business and performs on-going credit evaluations of customers.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments, which potentially subject the company to concentrations of credit risk, consist principally of accounts receivable and derivative instruments. Accounts receivable balances are generally concentrated in the Professional and Residential business segments. The credit risk associated with these business segments is limited because of the large number of customers in the company's customer base and their geographic dispersion. The credit risk associated with the company's derivative instruments is limited as the company enters into derivative instruments with multiple counterparties that are highly rated financial institutions.
Inventories, Net	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 approximately 58.5 percent and 50.8 percent of total net inventories as of October 31, 2023 and 2022, respectively. Other inventories are valued at the lower of cost or market, with cost determined under the last-in, first-out ("LIFO") method. During fiscal 2023 and fiscal 2022, LIFO layers were not materially reduced. 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. Such inventory valuation adjustments for excess, obsolete, and slow moving inventory are not reduced or removed until the product is sold or disposed of.
Property, Plant and Equipment, Net	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 expenses as incurred within cost of sales or selling, general and administrative expense in the Consolidated Statements of Earnings depending on the nature and use of the related asset. Interest is capitalized during the construction period for significant capital projects.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets Goodwill is initially recognized as a result of the excess of purchase consideration transferred over the estimated fair value of the net assets acquired in a business combination and indefinite-lived intangible assets are initially recognized at their estimated fair values as a result of a business combination or asset acquisition. Goodwill is assigned to a reporting unit based upon the expected benefit of the synergies of the acquisition. Goodwill and certain trade names, which are considered to have indefinite lives, are not amortized; however, the company reviews them for impairment annually during the fourth quarter of each fiscal year or more frequently if changes in circumstances or the occurrence of events indicate that impairment may have occurred prior to the annual assessment. The company tests goodwill for impairment at the reporting unit level and tests indefinite-lived intangible assets for impairment at the individual indefinite-lived intangible asset or asset group level, as appropriate. 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, Refer to Note 5, Goodwill and Other Intangible Assets for further information. During the fourth quarter of fiscal 2023, the company performed its annual goodwill impairment test. In performing the annual goodwill impairment test, the company first reviewed its reporting units and determined that it has twelve reporting units, which are the same as its twelve operating segments as defined in Note 3, Segment Data. Nine reporting units contained goodwill on their respective balance sheets as of October 31, 2023. Next, the company elected to bypass the qualitative assessment and move directly to the quantitative goodwill impairment analysis. In performing the quantitative goodwill impairment analysis, the company compared the carrying value of each reporting unit, including goodwill, to its respective fair value. The carrying value of each reporting unit was determined based on the amount of equity required for the reporting unit's activities, considering the specific assets and liabilities of the reporting unit. The company did not assign corporate assets and liabilities that do not relate to the operations of the reporting unit, or are not considered in determining the fair value of the reporting unit, to the reporting units. The company's estimate of the respective fair values of its reporting units was determined based on 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 projection 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. Where available, and as appropriate, comparable market multiples and the company's market capitalization were also utilized to corroborate the results of the discounted cash flow models under the income approach. If the fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment charge would be recognized for the amount by which the carrying value of the reporting unit exceeds the its fair value, not to exceed the total amount of goodwill allocated to that reporting unit.
Other Long-Lived Assets	Other Long-Lived Assets Other long-lived assets primarily consist of property, plant and equipment; right-of-use assets associated with operating lease agreements; capitalized implementation costs for hosted cloud-computing arrangements; finite-lived intangible assets; and other assets, as applicable. The company's finite-lived intangible assets are identifiable assets that were acquired as a result of business combinations or asset acquisitions and primarily consist of customer relationships and lists, developed technology, patents, trade names, non-compete agreements, and order backlog and are generally amortized on a straight-line basis over their expected useful lives, which typically range from several months to 20 years depending on the nature of the finite-lived intangible asset. The company reviews other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or asset group, may not be recoverable. Asset groups have identifiable cash flows and are largely independent of other asset groups. An impairment loss is recognized when estimated undiscounted future cash flows from the operation or disposition of the asset group are less than the carrying amount of the asset group. Measurement of an impairment loss is based on the excess of the carrying amount of the asset group over its fair value. Fair value is generally measured using a discounted cash flow model or independent appraisals, as appropriate. The company did not record an impairment loss for fiscal 2023, 2022, and 2021 as the company's long-lived assets were determined to not be at risk for impairment as no events or changes in circumstances were identified that would indicate that the carrying amount of an asset, or asset group, may not be recoverable. For other long-lived assets to be abandoned, the company tests for potential impairment. If the company commits to a plan to abandon or dispose of an other long-lived asset, or asset group, before the end of its previously estimated useful life, depreciation or amortization expense is recognized over the revised estimated useful life.
Leases	Leases The company enters into contracts that are, or contain, operating lease agreements that 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 includes all non-cancelable periods. 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. Lease payments are determined at lease commencement and 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. The company has operating leases with both lease components and non-lease components. For purposes of determining lease payments, the company accounts for lease components separately from non-lease components based on the relative market value of each component. Non-lease components typically consist of common area maintenance, utilities, and/or other repairs and maintenance services. The costs related to non-lease components are not included within the determination of lease payments at commencement. Minimum remaining lease payments are discounted to present value based on the rate implicit in the operating lease agreement or the estimated incremental borrowing rate at lease commencement if the rate implicit in the lease is not readily determinable. 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 represent the company's right to use an underlying asset throughout the lease term and 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. Lease expense for the company's operating leases is recognized on a straight-line basis over the lease term and is recorded within either cost of sales or selling, general and administrative expense in the Consolidated Statements of Earnings depending on the nature and use of the identified asset underlying the respective operating lease arrangement. The company does not recognize right-of-use assets and lease liabilities, but does recognize lease 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. 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 includes all non-cancelable periods. The lease term may also include options to extend or terminate the lease when it is reasonably certain that such options will be exercised after considering all relevant economic and financial factors. Options to extend or terminate a lease are generally exercisable at the company's sole discretion, subject to any required minimum notification period and/or other contractual terms as defined within the respective lease agreement, as applicable. The company's renewal options generally range from extended terms of two to ten years. Certain leases also include options to purchase the identified asset. Lease expense for the company's operating leases is recognized on a straight-line basis over the lease term and is recorded in cost of sales or selling, general and administrative expense within the Consolidated Statements of Earnings depending on the nature and use of the identified asset underlying the respective operating lease arrangement. 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 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. Additionally, the company's operating leases generally do not include material residual value guarantees. The company has operating leases with both lease components and non-lease components. For all underlying asset classes, the company accounts for lease components separately from non-lease components based on the relative market value of each component. Non-lease components typically consist of common area maintenance, utilities, and/or other repairs and maintenance services. The costs related to non-lease components are not included within the determination of lease payments at commencement. 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 discounted to present value based on the rate implicit in the operating lease agreement or the estimated incremental borrowing rate at lease commencement if the rate implicit in the lease is not readily determinable. Generally, the estimated incremental borrowing rate is used as the rate implicit in the lease is not readily determinable. The estimated incremental borrowing rate represents the rate of interest that the company would have to pay to borrow on a general and unsecured collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The company determines the estimated incremental borrowing rate at lease commencement based on available information at such time, including lease term, lease currency, and geographical market. 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.
Accounts Payable	Accounts Payable The company has a supply chain finance service agreement with a third-party financial institution to provide a web-based platform that facilitates the ability of participating suppliers to finance payment obligations from the company with the third-party financial institution. Participating suppliers may, at their sole discretion, make offers to finance one or more payment obligations of the company prior to their scheduled due dates at a discounted price to the third-party financial institution. The company's obligations to its suppliers, including amounts due and scheduled payment dates, are not affected by suppliers' decisions to finance amounts under this supply chain finance arrangement.
Insurance	Insurance The company is self-insured for certain losses relating to employee medical, dental, workers' compensation, and certain product liability claims. Specific stop loss coverages are provided for catastrophic claims in order to limit exposure to significant claims. Losses and claims are charged to net earnings when it is probable a loss has been incurred and the amount can be reasonably estimated. Self-insured liabilities are based on a number of factors, including historical claims experience, an estimate of claims incurred but not reported, demographic and severity factors, and utilizing valuations provided by independent third-party actuaries, as applicable.
Product Warranty Guarantees	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. 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 projected 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.
Derivatives Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Derivative instruments, consisting primarily of forward currency contracts, are used to hedge most foreign currency transactions, including projected sales and purchases denominated in foreign currencies. All derivative instruments are recognized on the Consolidated Balance Sheets at fair value as either assets or liabilities. If the derivative instrument is designated as a cash flow hedging instrument, 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 accumulated other comprehensive loss (“AOCL”) on the Consolidated Balance Sheets and are subsequently reclassified to net earnings within the Consolidated Statements of Earnings during the same period in which the cash flows of the underlying hedged transaction affect net earnings. Changes in the fair values of hedge components excluded from the assessment of effectiveness are recognized immediately in net earnings under the mark-to-market approach. Derivatives that are not designated as cash flow hedging instruments are adjusted to fair value through other income, net, on the Consolidated Statements of Earnings.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The functional currency of the company's foreign operations is generally the applicable local currency. The functional currency is translated into U.S. dollars using the respective current exchange rate in effect as of the balance sheet date for balance sheet accounts and the respective weighted-average exchange rate during the fiscal year for revenue and expense accounts. The resulting translation adjustments are deferred as a component of other comprehensive income within the Consolidated Statements of Comprehensive Income and the Consolidated Statements of Stockholders' Equity. Gains or losses resulting from transactions denominated in foreign currencies are included in other income, net in the Consolidated Statements of Earnings.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs incurred in connection with securing the company’s financing arrangements are capitalized and amortized over the term of the respective financing arrangement under the straight-line method as the results obtained are not materially different from those that would result from the use of the effective interest method. Debt issuance costs are generally presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of the outstanding borrowings, consistent with debt discounts. However, the company classifies the debt issuance costs related to its $600.0 million five-year senior unsecured revolving credit facility ("revolving credit facility") within other assets on the Consolidated Balance Sheets, regardless of whether the company has any outstanding borrowings on the revolving credit facility. Debt issuance costs related to borrowings that are fully extinguished in advance of the maturity date are charged to expense at the time of retirement of the borrowings.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years that those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. A valuation allowance is provided when, in management's judgment, it is more likely than not that some portion or all of the deferred tax asset will not be realized. The company believes it has reflected the necessary deferred tax assets and liabilities in the accompanying Consolidated Balance Sheets. Management believes the future tax deductions will be realized principally through future taxable income, future reversals of existing taxable temporary differences, and carryback to taxable income in prior years. The company recognizes the effect of income tax positions only if it is more likely than not that those positions will be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50.0 percent likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The company also records interest and penalties related to unrecognized tax benefits within income tax expense.
Revenue Recognition	Revenue Recognition The company's primary source of revenue is generated through the sale of equipment and irrigation products, as well as rendering of services to its customers. As a result, the company enters into contracts with its customers for the sale of products or rendering of services in the ordinary course of business, which generally occurs at the time the company receives and accepts a purchase or sales order under a sales contract with a customer. The company recognizes revenue when, or as, performance obligations under the terms of a contract with its customer are satisfied, which generally occurs with the transfer of control of product or services at the time a product is shipped, or in the case of certain agreements, when a product is delivered or as services are rendered. Revenue is recognized based on the transaction price, which is measured as the amount of consideration the company expects to receive in exchange for transferring product or rendering services pursuant to the terms of the contract with a customer. The amount of consideration the company receives and the revenue the company recognizes varies as a result of variable consideration. Variable consideration is recorded at the time revenue is recognized as a reduction of the transaction price and typically occurs as a result of certain of the company's sales promotion and incentive programs offered to customers that are determined to represent price concessions, as well as anticipated product returns, when applicable. If a contract contains more than one performance obligation, the transaction price is allocated to each performance obligation based on the relative standalone selling price of the respective promised good or service. The company does not recognize revenue in situations where collectability from the customer is not probable, and defers the recognition of revenue until collection is probable or payment is received and performance obligations are satisfied. Sales Promotions and Incentives At the time revenue is recognized, the company records a reduction of the transaction price for the variable consideration associated with certain of the company's sales promotions and incentives programs offered to customers that are determined to represent price concessions. The expense of each sales promotion and incentive program is classified as a reduction from gross sales or as a component of selling, general and administrative expense within the Consolidated Statements of Earnings when revenue is recognized, depending on the nature of the program. Generally, the cost of a program is recorded as a reduction from gross sales when revenue is recognized and thus, is considered to be variable consideration, if the expense is determined to represent a price concession because the program either (i) results in an immediate reduction of the transaction price with no anticipated future costs or consideration provided to the customer or (ii) the company anticipates future costs based on historical or expected future business practice for which the company does not receive a distinct good or service in exchange for the future consideration provided to the customer under the program. In other circumstances, the anticipated future cost of a program based on historical or expected future business practice is recorded as selling, general and administrative expense because the company receives a distinct good or service in exchange for the future consideration provided to the customer under the program. Examples of significant sales promotions and incentive programs that are considered to be variable consideration because the cost of the program is classified as a reduction from gross sales are as follows: •Off-Invoice Discounts: The company's off-invoice discounts represent an immediate reduction in the selling price of the company's products that is realized at the time of sale with no anticipated future cost or consideration provided to the customer. •Rebate Programs: The company's rebate programs are generally based on claims submitted from either the company's direct customers or end-users of the company's products or are based on purchase or retail sales goals for the company's direct customers of certain quantities or mixes of product during a specified time period, depending upon the program. The amount of the rebate varies based on the specific program and is either a dollar amount or a percentage of the purchase price and can also be based on actual retail price as compared to the company's selling price. Consideration is typically provided to the company's customers for the company's rebate programs after the initial sale of the company's products to the company's direct customers and thus, there is generally an anticipated future cost at the time revenue is recognized based on historical and expected future business practice. •Financing Programs: The company's financing programs consist of floor plan financing programs with Red Iron and separate third-party financial institutions and end-user retail financing. Costs incurred for floor plan financing programs represent financing costs associated with programs under which the company shares the expense of financing distributor and dealer inventories through third-party financing arrangements for a specific period of time. This charge represents interest for a pre-established length of time based on a predefined rate from the contract between the company and Red Iron or the separate third-party financial institution to finance distributor and dealer inventory purchase. The floor plan financing costs for distributor and dealer inventories were $114.7 million, $46.3 million, and $20.8 million for the fiscal years ended October 31, 2023, 2022 and 2021, respectively. End-user retail financing is similar to floor planning with the difference being that retail financing programs are offered to end-user customers under which the company, at its discretion, may pay a portion of interest costs on behalf of end-users for financing purchases of the company's equipment. Examples of significant sales promotions and incentive programs that are not considered to be variable consideration because the cost of the program is classified as a component of selling, general, and administrative expense are as follows: •Commissions Paid to Distributors and Dealers: For certain products, the company uses a distribution network of dealers and distributors that purchase and take possession of products for sale to the end customer. The company also has dealers and distributors that act as sales agents for it on certain products using a direct-selling type model. Under this direct-selling type model, the company's network of distributors and dealers facilitates a sale directly to the dealer or end-user customer on its behalf. Commissions to distributors and dealers in these instances represent commission payments to sales agents that are also its customers. In addition, TTC dealers are often paid a commission to set up and deliver riding product purchased at certain mass retail and home centers. •Cooperative Advertising: Cooperative advertising programs are based on advertising costs incurred by distributors and dealers for promoting the company's products. The company supports a portion of those advertising costs in which claims are submitted by the distributor or dealer along with evidence of the advertising material procured/produced and evidence of the cost incurred in the form of third-party invoices or receipts. Regardless of classification of the cost of the sales promotion and incentive program within the Consolidated Statements of Earnings, the company records an accrual within the Consolidated Balance Sheets for the estimated future expense of certain of its sales promotion and incentive programs for which the company anticipates a future cost based on historical or expected future business practice by using the expected value method and applying the portfolio approach practical expedient under the accounting standards codification guidance for revenue from contracts with customers. Under such approach, the company's determination of variable consideration and the related accrual associated with the estimated expense of certain of the company's sales promotions and incentives programs is primarily based on the terms of the sales arrangements and sales promotion and incentive programs with customers, historical payment and rebate claims experience, field inventory levels, quantity or mix of products purchased, projected sales volumes, types of programs offered, and expectations for the acceptance of sales promotion and incentive programs offered in the future or changes in other relevant trends.
Cost of Sales	Cost of Sales Cost of sales is primarily comprised of direct materials and supplies consumed to manufacture the company's products, as well as compensations costs for manufacturing labor and direct overhead expense necessary to convert direct materials and supplies into finished product. Cost of sales also includes freight costs for the procurement of direct materials and supplies and shipping products to customers; charges associated with inventory valuation adjustments for excess, slow-moving, and obsolete inventory; depreciation and amortization expense on manufacturing-related tangible and intangible assets; operating lease expense related to leased manufacturing assets; cost of services provided; cash discounts on payments to vendors, and other manufacturing-related costs.
Selling, General, and Administrative Expense	Selling, General and Administrative Expense Selling, general and administrative expense is primarily comprised of compensation costs for non-manufacturing labor, occupancy and operating costs of distribution and corporate facilities, warranty expense, depreciation and amortization expense on non-manufacturing tangible and intangible assets, operating lease expense related to leased non-manufacturing assets; advertising, marketing, and selling expenses, engineering and research costs, information systems costs, and other miscellaneous administrative costs, such as legal costs for internal and outside services that are expensed as incurred.
Advertising Expense	Advertising Expense General advertising costs are expensed in the period incurred. Cooperative advertising represents expenditures for shared advertising costs that the company reimburses to customers and is classified as a component of selling, general and administrative expense within the Consolidated Statements of Earnings. These obligations are accrued and expensed when the related revenues are recognized in accordance with the sales promotion and incentive programs established for certain product lines.
Engineering and Research Expense	Engineering and Research Expense The company's engineering and research costs are expensed as incurred as a component of selling, general and administrative expense within the Consolidated Statements of Earnings and are primarily incurred in connection with the development of new products that may have additional applications or represent extensions of existing product lines, improvements or enhancements to existing products, and cost reduction efforts.
Stock-Based Compensation Expense	Stock-Based Compensation Expense The company's stock-based compensation awards are generally granted to executive officers, other employees, and non-employee members of the company's Board of Directors ("Board"), and include unrestricted common stock awards, performance share awards that are contingent on the achievement of performance goals of the company, non-qualified stock options, and restricted stock units. Generally, compensation expense equal to the grant date fair value determined under the Black-Scholes valuation method is recognized for these awards over the vesting period and is classified in selling, general and administrative expense within the Consolidated Statements of Earnings. For stock options and restricted stock units, expense recognized for other employees not considered executive officers and non-employee Board members is net of estimated forfeitures, which is 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 applicable equity and incentive plan document. 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. For additional information on The Toro Company 2022 Equity and Incentive Plan, refer to Note 9, Stock-Based Compensation.
Other Income, Net	Other Income, Net Other income, net primarily consists of the company's proportionate share of income or losses from Red Iron, realized foreign currency exchange rate gains and losses, interest and dividend income, gains or losses recognized on actuarial valuation changes for our pension and post-retirement plans, retail financing revenue, and other miscellaneous income.
Net Earnings Per Share	Net Earnings Per Share Basic net earnings per share is calculated as net earnings available to common stockholders divided by the weighted-average number of shares of common stock outstanding during the year plus the assumed issuance of contingent shares related to performance share awards under the company's equity and incentive plans. Diluted net earnings per share is similar to basic net earnings per share except that the weighted-average number of shares of common stock outstanding plus the assumed issuance of contingent shares is increased to include the number of additional shares of common stock that would have been outstanding assuming the issuance of all potentially dilutive shares, such as common stock to be issued upon exercise of options, contingently issuable shares, and restricted stock units. Incremental shares from stock options and restricted stock units are computed under the treasury stock method.
New Accounting Pronouncements	New Accounting Pronouncements In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 was adopted for the fiscal 2023 annual period and did not 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 Consolidated Financial Statements or do not apply to its operations.
Commitments and Contingencies	The company records a liability in its 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 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 Consolidated Financial Statements during the period in which all underlying events or contingencies are resolved and the gain is realized.

Business Combinations and Asset Acquisitions - Narrative (Details) - USD ($)		3 Months Ended		12 Months Ended
	Jan. 13, 2022	Oct. 31, 2023	Aug. 04, 2023	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Business Acquisition [Line Items]
Estimated useful life		13 years 3 months 18 days		13 years 3 months 18 days	13 years 4 months 24 days
Impairment of intangible assets, indefinite-lived (excluding goodwill)				$ 0	$ 0	$ 0
Goodwill, impairment loss		$ 0		$ 133,300,000	$ 0	$ 0
Professional
Business Acquisition [Line Items]
Impairment of intangible assets, indefinite-lived (excluding goodwill)			$ 18,000,000
Professional \| Intimidator Reporting Unit
Business Acquisition [Line Items]
Goodwill, impairment loss			$ 133,300,000
Trade names
Business Acquisition [Line Items]
Estimated useful life		13 years 8 months 12 days		13 years 8 months 12 days	13 years 9 months 18 days
Developed technology
Business Acquisition [Line Items]
Estimated useful life		7 years 1 month 6 days		7 years 1 month 6 days	7 years 1 month 6 days
Intimidator Group
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 399,800,000
Other intangible assets	$ 184,200,000
Estimated useful life	9 years 6 months
Intimidator Group \| Trade names
Business Acquisition [Line Items]
Estimated useful life	9 years 9 months 18 days
Intimidator Group \| Customer-related
Business Acquisition [Line Items]
Estimated useful life	9 years 7 months 6 days
Intimidator Group \| Developed technology
Business Acquisition [Line Items]
Estimated useful life	9 months

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Oct. 31, 2023

Oct. 31, 2022

Oct. 31, 2021

Cash flows from operating activities:

Net earnings

$ 329.7

$ 443.3

$ 409.9

Adjustments to reconcile net earnings to net cash provided by operating activities:

Non-cash income from finance affiliate

(19.2)

(8.8)

(5.7)

Distributions from (contributions to) finance affiliate, net

7.9

(9.9)

4.8

Depreciation of property, plant, and equipment

83.5

74.9

75.5

Amortization of other intangible assets

35.7

33.9

23.8

Stock-based compensation expense

19.4

22.1

21.8

Deferred income taxes

(47.9)

(12.3)

(22.9)

Non-cash impairment charges

151.3

0.0

Other

(0.2)

(0.1)

0.5

Changes in operating assets and liabilities, net of the effect of acquisitions:

Receivables, net

(71.6)

(19.3)

(52.3)

Inventories, net

(26.7)

(285.9)

(98.3)

Other assets

17.8

(30.2)

3.0

Accounts payable

(149.9)

66.3

139.3

Other liabilities

(23.0)

23.2

56.1

Net cash provided by operating activities

306.8

297.2

555.5

Cash flows from investing activities:

Purchases of property, plant and equipment

(149.5)

(143.5)

(104.0)

Proceeds from insurance claim

7.1

0.0

Business combinations, net of cash acquired

(21.0)

(402.4)

(24.9)

Asset acquisitions, net of cash acquired

0.0

(7.2)

(27.2)

Proceeds from asset disposals

0.4

0.2

1.0

Proceeds from sale of a business

5.3

4.6

26.6

Net cash used in investing activities

(157.7)

(548.3)

(128.5)

Cash flows from financing activities:

Net borrowings under the revolving credit facility

^[1]

40.0

0.0

Long-term debt borrowings

^[1]

0.0

300.0

270.0

Long-term debt repayments

^[1]

0.0

(370.0)

Proceeds from exercise of stock options

19.7

10.3

13.1

Payments of withholding taxes for stock awards

(3.8)

(2.4)

(2.1)

Purchases of TTC common stock

(60.0)

(140.0)

(302.3)

Dividends paid on TTC common stock

(141.9)

(125.7)

(112.4)

Other

(1.5)

0.0

Net cash (used in) provided by financing activities

(147.5)

42.2

(503.7)

Effect of exchange rates on cash and cash equivalents

3.3

(8.5)

2.4

Net increase (decrease) in cash and cash equivalents

4.9

(217.4)

(74.3)

Cash and cash equivalents as of the beginning of the fiscal period

188.2

405.6

479.9

Cash and cash equivalents as of the end of the fiscal period

193.1

188.2

405.6

Cash paid during the fiscal year for:

Interest

61.1

30.5

31.6

Income taxes

$ 165.2

$ 120.5

$ 101.8

[1]	Presentation of prior year revolving credit facility and long-term debt activity has been conformed to the current year presentation. There was no change to net cash (used in) provided by financing activities.

Summary of Significant Accounting Policies and Related Data (Tables)

12 Months Ended

Oct. 31, 2023

Accounting Policies [Abstract]

Schedule of Inventories

Inventories, net were as follows (dollars in millions):


October 31	2023		2022
Raw materials and work in process	$	400.3	$	482.9
Finished goods and service parts	844.2		738.1
Total FIFO value	1,244.5		1,221.0
Less: adjustment to LIFO value	156.7		169.9
Total inventories, net	$	1,087.8	$	1,051.1

Schedule of Property, Plant and Equipment

Property, plant and equipment, net was as follows (dollars in millions):


October 31	2023		2022
Land and land improvements	$	69.0	$	59.6
Buildings and leasehold improvements	355.8		324.3
Machinery and equipment	624.6		557.6
Tooling	260.4		225.9
Computer hardware and software	98.0		104.7
Construction in process	133.2		144.4
Property, plant and equipment, gross	1,541.0		1,416.5
Less: accumulated depreciation	899.3		844.8
Property, plant and equipment, net	$	641.7	$	571.7

Schedule of Changes in Accrued Warranties

The changes in accrued warranties were as follows (dollars in millions):


Fiscal Years Ended October 31	2023		2022		2021
Beginning balance	$	134.5	$	116.8	$	107.1
Changes in accrual related to warranties issued during the period1	90.1		81.5		73.5
Acquisitions	—		5.7		—
Payments made during the period1	(84.5)		(74.6)		(71.3)
Changes in accrual related to pre-existing warranties1	3.8		5.1		7.5
Ending balance	$	143.9	$	134.5	$	116.8

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.

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

Reconciliations of basic and diluted weighted-average shares of common stock outstanding are as follows (in millions):


Fiscal Years Ended October 31	2023	2022	2021
Basic
Weighted-average number of shares of common stock	104.4	104.8	107.3
Assumed issuance of contingent shares	—	—	—
Weighted-average number of shares of common stock outstanding – Basic	104.4	104.8	107.3

Diluted
Weighted-average number of shares of common stock outstanding – Basic	104.4	104.8	107.3
Effect of dilutive securities	0.9	0.8	1.1
Weighted-average number of shares of common stock outstanding – Diluted	105.3	105.6	108.5

Business Combinations and Asset Acquisitions (Tables)

12 Months Ended

Oct. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the Intimidator purchase price to the fair values assigned to the Intimidator assets acquired and liabilities assumed (dollars in millions):


	January 13, 2022
Cash and cash equivalents	$	1.0
Receivables	7.0
Inventories	34.6
Prepaid expenses and other current assets	0.5
Property, plant and equipment	27.4
Right-of-use assets	0.3
Goodwill	163.7
Indefinite-lived other intangible assets:
Trade names	99.1
Finite-lived other intangible assets:
Customer-related	80.5
Trade names	3.3
Backlog	1.3
Accounts payable	(8.5)
Accrued liabilities	(9.1)
Short-term lease liabilities	(0.1)
Long-term liabilities	(0.2)

Total fair value of net assets acquired	400.8
Less: cash and cash equivalents acquired	(1.0)
Total purchase price	$	399.8

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends paid on common stock (in dollars per share)	$ 1.36	$ 1.20	$ 1.05
Issuance of shares of common stock under stock-based compensation plans (in shares)	499,145	349,219	610,788
Contribution of shares of common stock to a deferred compensation trust (in shares)	14,270	33,162	22,700
Purchase of shares of common stock (in shares)	611,195	1,551,986	3,010,424

Segment Data - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Aug. 04, 2023	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Segment Reporting Information [Line Items]
Net sales		$ 4,553.2	$ 4,514.7	$ 3,959.6
Earnings (loss) before income taxes1		400.5	552.5	499.8
Total assets		3,644.3	3,556.0	2,936.1
Capital expenditures		149.5	143.5	104.0
Depreciation and amortization		119.2	108.8	99.3
Non-cash impairment charges	$ 151.3	151.3	0.0	0.0
Operating Segments \| Professional
Segment Reporting Information [Line Items]
Net sales		3,674.6	3,429.6	2,929.6
Earnings (loss) before income taxes1		509.1	584.0	507.3
Total assets		2,679.6	2,702.8	2,032.4
Capital expenditures		79.9	94.3	79.5
Depreciation and amortization		89.3	82.7	73.7
Operating Segments \| Residential
Segment Reporting Information [Line Items]
Net sales		854.2	1,068.6	1,010.1
Earnings (loss) before income taxes1		68.9	112.7	121.5
Total assets		565.1	501.6	388.2
Capital expenditures		45.6	31.0	16.7
Depreciation and amortization		14.9	13.0	13.5
Other Activities
Segment Reporting Information [Line Items]
Net sales		24.4	16.5	19.9
Earnings (loss) before income taxes1		(177.5)	(144.2)	(129.0)
Total assets		399.6	351.6	515.5
Capital expenditures		24.0	18.2	7.8
Depreciation and amortization		15.0	13.1	12.1
Intersegment gross sales (eliminations)
Segment Reporting Information [Line Items]
Net sales		(46.0)	(33.6)	(30.5)
Intersegment gross sales (eliminations) \| Professional
Segment Reporting Information [Line Items]
Net sales		45.8	33.5	30.5
Intersegment gross sales (eliminations) \| Residential
Segment Reporting Information [Line Items]
Net sales		$ 0.2	$ 0.1	$ 0.0

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Oct. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill by reportable segment for fiscal 2023 and 2022 were as follows (dollars in millions):


	Professional		Residential		Other		Total
Balance as of October 31, 2021	$	411.1	$	10.6	$	—	$	421.7
Goodwill acquired	163.7		—		—		163.7


Translation adjustments	(1.8)		(0.3)		—		(2.1)
Balance as of October 31, 2022	573.0		10.3		—		583.3


Non-cash impairment charge	(133.3)		—		—		(133.3)
Translation adjustments	0.8		—		—		0.8
Balance as of October 31, 2023	$	440.5	$	10.3	$	—	$	450.8

Schedule of Finite-Lived Intangible Assets

The components of other intangible assets were as follows (dollars in millions, except weighted-average useful life in years):


October 31, 2023	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(16.0)	$	2.2
Non-compete agreements	5.5	6.9		(6.9)		—
Customer-related	15.8	327.5		(106.7)		220.8
Developed technology	7.1	102.0		(63.1)		38.9
Trade names	13.7	10.7		(4.0)		6.7
Backlog and other	0.6	5.7		(5.7)		—
Total finite-lived	13.3	471.0		(202.4)		268.6
Indefinite-lived - trade names		271.5		—		271.5
Total other intangible assets, net		$	742.5	$	(202.4)	$	540.1


October 31, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(15.3)	$	2.9
Non-compete agreements	5.5	6.8		(6.8)		—
Customer-related	16.0	321.0		(83.8)		237.2
Developed technology	7.1	101.9		(53.0)		48.9
Trade names	13.8	10.7		(3.4)		7.3
Backlog and other	0.6	5.7		(5.5)		0.2
Total finite-lived	13.4	464.3		(167.8)		296.5
Indefinite-lived - trade names		289.3		—		289.3
Total other intangible assets, net		$	753.6	$	(167.8)	$	585.8

Schedule of Indefinite-Lived Intangible Assets

The components of other intangible assets were as follows (dollars in millions, except weighted-average useful life in years):


October 31, 2023	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(16.0)	$	2.2
Non-compete agreements	5.5	6.9		(6.9)		—
Customer-related	15.8	327.5		(106.7)		220.8
Developed technology	7.1	102.0		(63.1)		38.9
Trade names	13.7	10.7		(4.0)		6.7
Backlog and other	0.6	5.7		(5.7)		—
Total finite-lived	13.3	471.0		(202.4)		268.6
Indefinite-lived - trade names		271.5		—		271.5
Total other intangible assets, net		$	742.5	$	(202.4)	$	540.1


October 31, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(15.3)	$	2.9
Non-compete agreements	5.5	6.8		(6.8)		—
Customer-related	16.0	321.0		(83.8)		237.2
Developed technology	7.1	101.9		(53.0)		48.9
Trade names	13.8	10.7		(3.4)		7.3
Backlog and other	0.6	5.7		(5.5)		0.2
Total finite-lived	13.4	464.3		(167.8)		296.5
Indefinite-lived - trade names		289.3		—		289.3
Total other intangible assets, net		$	753.6	$	(167.8)	$	585.8

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated amortization expense for the succeeding fiscal years is as follows (dollars in millions):


Succeeding fiscal year	Estimated amortization expense
2024	$	34.5
2025	31.7
2026	30.5
2027	25.6
2028	22.3
Thereafter	124.0
Total estimated amortization expense	$	268.6

- 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
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Fair Value Measurements

12 Months Ended

Oct. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements


14			Fair Value Measurements

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

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

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

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

Recurring Fair Value Measurements

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

The following tables present, by level within the fair value hierarchy, the company's financial assets and liabilities that are measured at fair value on a recurring basis as of October 31, 2023 and 2022, according to the valuation technique utilized to determine their fair values (dollars in millions):


			Fair Value Measurements Using Inputs Considered as:
October 31, 2023	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	16.8	$	—	$	16.8	$	—
Total assets	$	16.8	$	—	$	16.8	$	—

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


			Fair Value Measurements Using Inputs Considered as:
October 31, 2022	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	33.2	$	—	$	33.2	$	—
Total assets	$	33.2	$	—	$	33.2	$	—

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. 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 combinations and asset acquisitions and the related non-recurring fair value measurement of the assets acquired and liabilities assumed, refer to Note 2, Business Combinations and Asset Acquisitions.

Other Fair Value Disclosures

The carrying values of the company's short-term financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and short-term debt, including current maturities of long-term debt, when applicable, approximate their fair values due to their short-term nature.

As of October 31, 2023 and 2022, the company's long-term debt included $524.2 million and $524.1 million, respectively, 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 October 31, 2023, the estimated gross fair value of long-term debt with fixed interest rates was $478.2 million compared to its gross carrying amount of $524.2 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

Commitments and Contingencies (Details) - USD ($)		12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Nov. 19, 2020	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
COMMITMENTS AND CONTINGENT LIABILITIES
Amount of noncancelable purchase commitments		$ 28,700,000
Related Party
COMMITMENTS AND CONTINGENT LIABILITIES
Receivables, net		34,400,000	$ 17,700,000
Tornado
COMMITMENTS AND CONTINGENT LIABILITIES
Amount of noncancelable purchase commitments		35,000,000
Red Iron And TCFCFC
COMMITMENTS AND CONTINGENT LIABILITIES
Repurchase commitment, maximum amount		7,500,000
Briggs & Stratton Power Products Groups, LLC
COMMITMENTS AND CONTINGENT LIABILITIES
Gain (loss) related to litigation settlement	$ 33,650,000
Wholesale Financing
COMMITMENTS AND CONTINGENT LIABILITIES
Receivables purchased by third party financing company from the company		545,400,000	633,500,000	$ 460,500,000
Receivables financed by third party financing company, excluding Red Iron, outstanding		234,700,000	220,000,000
Maximum amount of contingent liability to repurchase inventory related receivables under limited inventory repurchase agreements		32,200,000	80,000,000
End-User Financing
COMMITMENTS AND CONTINGENT LIABILITIES
Contingent liabilities for residual value or credit collection risk		0
End-User Financing \| Maximum
COMMITMENTS AND CONTINGENT LIABILITIES
Exposure for credit collection		5,200,000	8,600,000
Red Iron Acceptance, LLC
COMMITMENTS AND CONTINGENT LIABILITIES
Net amount of receivables financed for dealers and distributors		2,789,500,000	2,627,500,000	$ 2,282,600,000
Net amount outstanding of receivables financed for dealers and distributors		$ 1,019,000,000	$ 776,100,000

Summary of Significant Accounting Policies and Related Data - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Subsidiaries \| International Countries
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 91.1	$ 93.4

Goodwill and Other Intangible Assets - Changes in Net Carrying Amount of Goodwill (Details) - USD ($)	3 Months Ended	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Changes in the net carrying amount of goodwill
Goodwill as of the beginning of the fiscal period		$ 583,300,000	$ 421,700,000
Goodwill acquired			163,700,000
Non-cash impairment charge	$ 0	(133,300,000)	0	$ 0
Translation adjustments		800,000	(2,100,000)
Goodwill as of the end of the fiscal period	450,800,000	450,800,000	583,300,000	421,700,000
Operating Segments \| Professional
Changes in the net carrying amount of goodwill
Goodwill as of the beginning of the fiscal period		573,000,000.0	411,100,000
Goodwill acquired			163,700,000
Non-cash impairment charge		(133,300,000)
Translation adjustments		800,000	(1,800,000)
Goodwill as of the end of the fiscal period	440,500,000	440,500,000	573,000,000.0	411,100,000
Operating Segments \| Residential
Changes in the net carrying amount of goodwill
Goodwill as of the beginning of the fiscal period		10,300,000	10,600,000
Goodwill acquired			0
Non-cash impairment charge		0
Translation adjustments		0	(300,000)
Goodwill as of the end of the fiscal period	10,300,000	10,300,000	10,300,000	10,600,000
Other Activities
Changes in the net carrying amount of goodwill
Goodwill as of the beginning of the fiscal period		0	0
Goodwill acquired			0
Non-cash impairment charge		0
Translation adjustments		0	0
Goodwill as of the end of the fiscal period	$ 0	$ 0	$ 0	$ 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

Leases - Narrative (Details)	Oct. 31, 2023
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	10 years

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Oct. 31, 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 Consolidated Balance Sheets (dollars in millions):


Fair Value as of October 31	2023		2022
Derivative assets:
Derivatives designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	$	13.7	$	27.7
Derivatives not designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	3.1		5.5
Total derivative assets	$	16.8	33.2
Derivative liabilities:
Derivatives designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	$	—	$	—
Derivatives not designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	—		—
Total derivative liabilities	$	—	$	—

Schedule of Effects of the Master Netting Arrangements on the Fair Value of the Company's Derivative Contracts that are Recorded in the 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 Consolidated Balance Sheets (dollars in millions):


Fair Value as of October 31	2023		2022
Derivative assets:
Forward currency contracts:
Gross amount of derivative assets	$	16.8	$	33.2
Derivative liabilities offsetting derivative assets	—		—
Net amount of derivative assets	$	16.8	$	33.2
Derivative liabilities:
Forward currency contracts:
Gross amount of derivative liabilities	$	—	$	—
Derivative assets offsetting derivative liabilities	—		—
Net amount of derivative liabilities	$	—	$	—

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 Consolidated Statements of Earnings and the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the company's derivatives designated as cash flow hedging instruments (dollars in millions):


	Gain Reclassified from AOCL into Income				(Loss) Gain Recognized in OCI on Derivatives
Fiscal Years Ended October 31	2023		2022		2023		2022
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	10.8	$	4.5	$	(12.9)	$	21.2
Cost of sales	4.5		0.6		0.1		3.2
Total derivatives designated as cash flow hedging instruments	$	15.3	$	5.1	$	(12.8)	$	24.4

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


	Gain Recognized in Earnings on Cash Flow Hedging Instruments
Fiscal Year Ended October 31, 2023	Net Sales		Cost of Sales
Total Consolidated Statements of Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	4,553.2	$	(2,975.6)
Gain on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings	10.8		4.5
Gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	2.2	$	2.6


	(Loss) Gain Recognized in Earnings on Cash Flow Hedging Instruments
Fiscal Year Ended October 31, 2022	Net Sales		Cost of Sales
Total Consolidated Statements of Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	4,514.7	$	(3,010.1)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings	4.5		0.6
(Loss) gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	(1.1)	$	1.7

Schedule of Derivatives Not Designated as Hedging Instruments

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


Fiscal Years Ended October 31	2023		2022
(Loss) gain on derivative instruments not designated as cash flow hedging instruments:
Forward currency contracts:
Other (expense) income, net	$	(6.3)	$	4.2
Total (loss) gain on derivatives not designated as cash flow hedging instruments	$	(6.3)	$	4.2

Segment Data

12 Months Ended

Oct. 31, 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 Professional reportable business segment consists of turf and landscape equipment; rental, specialty, and underground construction equipment; snow and ice management equipment; and irrigation and lighting products. Turf and landscape equipment products include sports fields and grounds mowing and maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, landscape creation and renovation equipment, and other maintenance equipment. Rental, specialty, and underground construction equipment products include horizontal directional drills, walk and ride trenchers, stand-on skid steers, vacuum excavators, stump grinders, turf renovation products, asset locators, pipe rehabilitation solutions, materials handling equipment, and other after-market tools. Snow and ice management equipment products primarily include snowplows; stand-on snow and ice removal equipment, including the related snowplow, snow brush, and snow thrower attachments; salt and sand spreaders; brine ice control products; and related parts and accessories for light and medium duty trucks, utility task vehicles, skid steers, and front-end loaders. Irrigation and lighting products consist of sprinkler heads, electric and hydraulic valves, controllers, computer irrigation central control systems, coupling systems, and ag-irrigation drip tape and hose products, as well as professionally installed landscape lighting products offered through distributors and landscape contractors that also purchase irrigation products. Professional reportable business segment products are marketed and sold mainly through a network of distributors and dealers to professional and other users, including homeowners, engaged in maintaining golf courses, sports fields, municipal properties, agricultural fields, residential and commercial landscapes, and removing snow and ice, as well as directly to government customers, rental companies, and large retailers.

The Residential reportable business segment primarily consists of walk power mowers, zero-turn riding mowers, snow throwers, replacement parts, and home solutions products, including grass trimmers, hedge trimmers, leaf blowers, blower-vacuums, chainsaws, string trimmers, and underground, hose, and hose-end retail irrigation products. Residential reportable business segment products are marketed and sold to homeowners through a network of distributors and dealers and through a broad array of home centers, hardware retailers, and mass retailers, as well as online.

The company's Other activities consists of the company's wholly-owned domestic distribution company, certain corporate activities, and the elimination of intersegment revenues and expenses. Corporate activities include general corporate expenditures (finance, human resources, legal, information technology, public relations, business development, and similar activities) and other unallocated corporate assets and liabilities, such as corporate facilities and deferred tax assets and liabilities.

The accounting policies of the reportable business segments are the same as those described in the summary of significant accounting policies in Note 1, Summary of Significant Accounting Policies and Related Data. The company evaluates the performance of its Professional and Residential reportable business segment results based on earnings from operations plus other income, net. The reportable business segment's operating profits or losses include direct costs incurred at the reportable business segment's operating level plus allocated expenses, such as profit sharing and manufacturing expenses. The allocated expenses represent costs that these operations would have incurred otherwise, but do not include general corporate expenses, interest expense, and income taxes. Operating loss for the company's Other activities includes earnings (loss) from the company's domestic wholly-owned distribution company, certain corporate activities, other income, and interest expense. The company accounts for intersegment gross sales at current market prices.

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


Fiscal Year Ended October 31, 2023	Professional		Residential		Other		Total
Net sales	$	3,674.6	$	854.2	$	24.4	$	4,553.2
Intersegment gross sales (eliminations)	45.8		0.2		(46.0)		—
Earnings (loss) before income taxes1	509.1		68.9		(177.5)		400.5
Total assets	2,679.6		565.1		399.6		3,644.3
Capital expenditures	79.9		45.6		24.0		149.5
Depreciation and amortization	$	89.3	$	14.9	$	15.0	$	119.2


Fiscal Year Ended October 31, 2022	Professional		Residential		Other		Total
Net sales	$	3,429.6	$	1,068.6	$	16.5	$	4,514.7
Intersegment gross sales (eliminations)	33.5		0.1		(33.6)		—
Earnings (loss) before income taxes	584.0		112.7		(144.2)		552.5
Total assets	2,702.8		501.6		351.6		3,556.0
Capital expenditures	94.3		31.0		18.2		143.5
Depreciation and amortization	$	82.7	$	13.0	$	13.1	$	108.8


Fiscal Year Ended October 31, 2021	Professional		Residential		Other		Total
Net sales	$	2,929.6	$	1,010.1	$	19.9	$	3,959.6
Intersegment gross sales (eliminations)	30.5		—		(30.5)		—
Earnings (loss) before income taxes	507.3		121.5		(129.0)		499.8
Total assets	2,032.4		388.2		515.5		2,936.1
Capital expenditures	79.5		16.7		7.8		104.0
Depreciation and amortization	$	73.7	$	13.5	$	12.1	$	99.3

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.

During fiscal 2023 and 2022, no customers accounted for 10.0 percent or more of total consolidated gross sales. During fiscal 2021, sales to one customer in the Residential segment accounted for 10.6 percent of total consolidated gross sales.

The following table presents the details of operating loss before income taxes for the company's Other activities (dollars in millions):


Fiscal Years Ended October 31	2023		2022		2021
Corporate expenses	$	(151.8)	$	(126.3)	$	(112.4)
Interest expense	(58.7)		(35.7)		(28.7)
Earnings from the company's wholly-owned domestic distribution company and other income, net	33.0		17.8		12.1
Total operating loss	$	(177.5)	$	(144.2)	$	(129.0)

The following geographic area data includes net sales based on product shipment destination and long-lived assets, which consist of property, plant and equipment, net, and is based on physical location in addition to allocated capital tooling from U.S. plant facilities (dollars in millions):


Fiscal Years Ended October 31	United States		International Countries		Total
2023
Net sales	$	3,605.5	$	947.7	$	4,553.2
Long-lived assets	$	540.4	$	101.3	$	641.7
2022
Net sales	$	3,635.5	$	879.2	$	4,514.7
Long-lived assets	$	505.9	$	65.8	$	571.7
2021
Net sales	$	3,132.0	$	827.6	$	3,959.6
Long-lived assets	$	440.5	$	47.2	$	487.7

- 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
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Indebtedness - Summary of Long Term Debt (Details) - USD ($)	Oct. 31, 2023	Oct. 31, 2022	Jun. 30, 2022	Oct. 05, 2021	Apr. 30, 2019	Jun. 30, 1997
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ 2,700,000	$ 3,300,000
Long-term debt	1,031,500,000	990,800,000
Line of Credit
Debt Instrument [Line Items]
Carrying amount of long-term debt	40,000,000.0	0
Aggregate principal amount of notes issued	600,000,000
Senior Notes \| $270 million term loan, due October 2026
Debt Instrument [Line Items]
Carrying amount of long-term debt	270,000,000.0	270,000,000.0
Long-term debt	270,000,000
Aggregate principal amount of notes issued	270,000,000			$ 270,000,000.0
Interest rate percentage				2.50%
Senior Notes \| $200 million term loan, due April 2027
Debt Instrument [Line Items]
Carrying amount of long-term debt	200,000,000.0	200,000,000.0
Aggregate principal amount of notes issued	200,000,000
Senior Notes \| 3.81% series A senior notes, due June 2029
Debt Instrument [Line Items]
Carrying amount of long-term debt	$ 100,000,000.0	100,000,000.0
Aggregate principal amount of notes issued					$ 100,000,000
Interest rate percentage	3.81%				3.81%
Senior Notes \| 3.91% series B senior notes, due June 2031
Debt Instrument [Line Items]
Carrying amount of long-term debt	$ 100,000,000.0	100,000,000.0
Aggregate principal amount of notes issued					$ 100,000,000
Interest rate percentage	3.91%				3.91%
Senior Notes \| 3.97% senior notes, due June 2032
Debt Instrument [Line Items]
Carrying amount of long-term debt	$ 100,000,000.0	100,000,000.0
Aggregate principal amount of notes issued			$ 100,000,000
Interest rate percentage	3.97%		3.97%
Senior Notes \| 6.625% senior notes, due May 2037
Debt Instrument [Line Items]
Carrying amount of long-term debt	$ 124,200,000	124,100,000
Interest rate percentage	6.625%
Debentures
Debt Instrument [Line Items]
Aggregate principal amount of notes issued						$ 175,000,000
Interest rate percentage						7.80%
Debentures \| 7.8% debentures, due June 2027
Debt Instrument [Line Items]
Carrying amount of long-term debt	$ 100,000,000.0	$ 100,000,000.0
Long-term debt						$ 100,000,000
Interest rate percentage	7.80%					7.80%

Summary of Significant Accounting Policies and Related Data - Inventory Valuations (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Inventory Disclosure [Abstract]
Percentage of FIFO and weighted average cost inventory	58.50%	50.80%
Inventory valuation adjustment	$ 43.9	$ 38.7
Inventory, Net [Abstract]
Raw materials and work in process	400.3	482.9
Finished goods and service parts	844.2	738.1
Total FIFO value	1,244.5	1,221.0
Less: adjustment to LIFO value	156.7	169.9
Total inventories, net	$ 1,087.8	$ 1,051.1

Segment Data - Other Segment Operating Loss Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Segment Reporting Information [Line Items]
Interest expense	$ (58.7)	$ (35.7)	$ (28.7)
Earnings from the company's wholly-owned domestic distribution company and other income, net	28.5	12.5	10.2
Earnings before income taxes	400.5	552.5	499.8
Other Activities
Segment Reporting Information [Line Items]
Corporate expenses	(151.8)	(126.3)	(112.4)
Interest expense	(58.7)	(35.7)	(28.7)
Earnings from the company's wholly-owned domestic distribution company and other income, net	33.0	17.8	12.1
Earnings before income taxes	$ (177.5)	$ (144.2)	$ (129.0)

- 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))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References + Details

Summary of Significant Accounting Policies and Related Data - Accrued Warranties (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 134.5	$ 116.8	$ 107.1
Changes in accrual related to warranties issued during the period	90.1	81.5	73.5
Acquisitions	0.0	5.7	0.0
Payments made during the period	(84.5)	(74.6)	(71.3)
Changes in accrual related to pre-existing warranties	3.8	5.1	7.5
Ending balance	$ 143.9	$ 134.5	$ 116.8

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Balance as of the beginning of the fiscal period at Oct. 31, 2020	$ 1,114.8	$ 107.6	$ 1,041.5	$ (34.3)
Increase (Decrease) in Stockholders' Equity
Cash dividends paid on common stock	(112.4)		(112.4)
Issuance of shares of common stock under stock-based compensation plans, less contribution of shares of common stock to a deferred compensation trust	13.1	0.6	12.5
Stock-based compensation expense	21.8		21.8
Purchase of shares of common stock	(304.4)	(3.0)	(301.4)
Other comprehensive income (loss)	8.3			8.3
Net earnings	409.9		409.9
Balance as if the end of the fiscal period at Oct. 31, 2021	1,151.1	105.2	1,071.9	(26.0)
Increase (Decrease) in Stockholders' Equity
Cash dividends paid on common stock	(125.7)		(125.7)
Issuance of shares of common stock under stock-based compensation plans, less contribution of shares of common stock to a deferred compensation trust	10.4	0.4	10.0
Stock-based compensation expense	22.1		22.1
Purchase of shares of common stock	(142.4)	(1.6)	(140.8)
Other comprehensive income (loss)	(7.1)			(7.1)
Net earnings	443.3		443.3
Balance as if the end of the fiscal period at Oct. 31, 2022	1,351.7	104.0	1,280.8	(33.1)
Increase (Decrease) in Stockholders' Equity
Cash dividends paid on common stock	(141.9)		(141.9)
Issuance of shares of common stock under stock-based compensation plans, less contribution of shares of common stock to a deferred compensation trust	19.7	0.4	19.3
Stock-based compensation expense	19.4		19.4
Purchase of shares of common stock	(63.8)	(0.6)	(63.2)
Other comprehensive income (loss)	(3.9)			(3.9)
Net earnings	329.7		329.7
Balance as if the end of the fiscal period at Oct. 31, 2023	$ 1,510.9	$ 103.8	$ 1,444.1	$ (37.0)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies and Related Data - Other Long-Lived Assets (Details) - USD ($)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	13 years 3 months 18 days	13 years 4 months 24 days
Impairment of long-lived assets held-for-use	$ 0	$ 0	$ 0
Maximum
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	20 years

Income Taxes - Tax Effects of Temporary Differences (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Deferred income tax assets:
Compensation and benefits	$ 32.5	$ 32.9
Warranty and insurance	37.6	35.4
Lease liabilities	35.3	20.2
Advertising and sales promotions and incentives	16.5	7.2
Inventory	14.4	36.4
Deferred revenue	0.3	3.3
Other	3.0	0.0
Net operating losses and other carryforwards	5.3	6.4
Research and Experimentation	35.4	0.0
Valuation allowance	(3.3)	(3.2)
Deferred income tax assets	177.0	138.6
Deferred income tax liabilities:
Right-of-use assets	(34.8)	(19.5)
Depreciation	(60.0)	(51.9)
Amortization	(68.4)	(102.4)
Other	0.0	(3.8)
Deferred income tax liabilities	(163.2)	(177.6)
Deferred income tax assets (liabilities), net	$ 13.8
Deferred income tax assets (liabilities), net		$ (39.0)

Investment in Joint Venture (Details) - Red Iron Acceptance, LLC - USD ($)	Oct. 31, 2023	Oct. 31, 2022
Schedule of Equity Method Investments [Line Items]
Portion owned by Toro	45.00%
Portion owned by TCFIF	55.00%
Maximum borrowing capacity under credit facility	$ 1,350,000,000
Investment in joint venture	$ 50,600,000	$ 39,300,000

Summary of Significant Accounting Policies and Related Data - Net Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Basic
Weighted-average number of shares of common stock (in shares)	104,400	104,800	107,300
Assumed issuance of contingent shares (in shares)	0	0	0
Weighted-average number of shares of common stock outstanding – Basic (in shares)	104,400	104,800	107,300
Diluted
Weighted-average number of shares of common stock outstanding – Basic (in shares)	104,400	104,800	107,300
Effect of dilutive securities (in shares)	900	800	1,100
Weighted-average number of shares of common stock outstanding – Diluted (in shares)	105,300	105,600	108,500
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	573,662	906,121	409,851

Income Taxes - Components of the Provisions for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Current provision:
Federal	$ 94.4	$ 94.7	$ 90.2
State	17.0	19.1	16.0
Foreign	7.3	7.7	9.2
Total current provision	118.7	121.5	115.4
Deferred (benefit) provision:
Federal	(37.8)	(7.4)	(18.4)
State	(10.3)	(4.9)	(6.5)
Foreign	0.2	0.0	(0.6)
Total deferred benefit	(47.9)	(12.3)	(25.5)
Total provision for income taxes	$ 70.8	$ 109.2	$ 89.9

Stock-Based Compensation - Weighted-average Valuation Assumptions For Options Granted (Details) - $ / shares	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Share-Based Payment Arrangement [Abstract]
Expected life of option in years	6 years 3 months 21 days	6 years 2 months 8 days	6 years 2 months 15 days
Expected stock price volatility	25.20%	23.74%	23.26%
Risk-free interest rate	3.79%	1.31%	0.55%
Expected dividend yield	0.95%	0.94%	0.86%
Per share weighted-average fair value at date of grant (in dollars per share)	$ 33.21	$ 22.55	$ 19.39

Fair Value Measurements (Tables)

12 Months Ended

Oct. 31, 2023

Fair Value Disclosures [Abstract]

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


			Fair Value Measurements Using Inputs Considered as:
October 31, 2023	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	16.8	$	—	$	16.8	$	—
Total assets	$	16.8	$	—	$	16.8	$	—

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


			Fair Value Measurements Using Inputs Considered as:
October 31, 2022	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	33.2	$	—	$	33.2	$	—
Total assets	$	33.2	$	—	$	33.2	$	—

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

Stock-Based Compensation

12 Months Ended

Oct. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation


9			Stock-Based Compensation

On March 15, 2022, the company’s shareholders approved The Toro Company 2022 Equity and Incentive Plan (the “2022 plan”), which became effective immediately and replaced The Toro Company Amended and Restated 2010 Equity and Incentive Plan, as amended (the “2010 plan”) with respect to future grants of awards. The 2022 plan is administered by the Compensation & Human Resources Committee of the Board and permits the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, annual performance awards, non-employee director awards and other cash-based and stock-based awards to eligible individuals. Subject to adjustment as provided in the 2022 plan, the maximum aggregate number of shares of the company’s common stock authorized for issuance under the 2022 plan is equal to the sum of: (a) 1,250,000 shares, plus (b) the number of shares remaining available for grant under the 2010 plan but not subject to outstanding awards thereunder as of March 15, 2022, and plus (c) the number of shares subject to awards outstanding under the 2010 plan as of March 15, 2022 but only to the extent that such outstanding awards are forfeited, expire or otherwise terminate without the issuance of such shares. The number of unissued shares of common stock available for future stock-based compensation award grants under the 2022 plan was 3,046,609 as of October 31, 2023. All outstanding stock-based compensation awards were granted under the 2010 plan or the 2022 plan. Shares of common stock issued upon the exercise, vesting, or settlement of stock options, restricted stock units, and performance shares are issued from treasury shares.

Compensation costs related to stock-based compensation awards were as follows (dollars in millions):


Fiscal Years Ended October 31	2023		2022		2021
Stock option awards	$	8.5	$	10.0	$	10.0
Performance share awards	2.9		5.8		6.8
Restricted stock unit awards	6.9		5.7		4.3
Unrestricted common stock awards	1.1		0.6		0.7
Total compensation cost for stock-based compensation awards	$	19.4	$	22.1	$	21.8
Related tax benefit from stock-based compensation awards	$	4.7	$	5.3	$	5.2

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 and are generally granted to executive officers, other employees, and non-employee Board members 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 or 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 applicable equity and incentive plan. In that case, the fair value of the options is expensed in the fiscal year of grant because generally, if the option holder is employed as of the end of the fiscal year in which the options are granted, such options will not be forfeited but continue to vest according to their schedule following retirement. Similarly, if a non-employee Board member has served on the company's Board for ten full fiscal years or more, the awards will not be forfeited but continue to vest according to their schedule following retirement. Therefore, the fair value of the options granted is fully expensed on the date of the grant.

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

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


Fiscal Years Ended October 31	2023			2022			2021
Expected life of option in years	6.31			6.19			6.21
Expected stock price volatility	25.20		%	23.74		%	23.26		%
Risk-free interest rate	3.79		%	1.31		%	0.55		%
Expected dividend yield	0.95		%	0.94		%	0.86		%
Per share weighted-average fair value at date of grant	$	33.21		$	22.55		$	19.39

The table below presents stock option activity for fiscal 2023:


	Stock Option Awards	Weighted-Average Exercise Price		Weighted-Average Contractual Life (years)	Aggregate Intrinsic Value (dollars in millions)
Outstanding as of October 31, 2022	2,986,033	$	71.23	6.0	$	102.1
Granted	475,620	110.87
Exercised	(389,923)	52.76
Forfeited	(98,300)	107.67

Outstanding as of October 31, 2023	2,973,430	$	78.80	5.4	$	32.0
Exercisable as of October 31, 2023	2,078,025	$	68.37	4.4	$	32.0

As of October 31, 2023, there was $7.5 million of total unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted-average period of 2.04 years.

The table below presents the total market value of stock options exercised and the total intrinsic value of options exercised during the following fiscal years (dollars in millions):


Fiscal Years Ended October 31	2023		2022		2021
Market value of stock options exercised	$	43.4	$	20.1	$	40.1
Intrinsic value of stock options exercised1	$	22.8	$	9.8	$	26.0

1 Intrinsic value is calculated as the amount by which the stock price at exercise date exceeded the option exercise price.

Performance Share Awards

The company grants performance share awards on an annual basis in the first quarter of the company's fiscal year 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. 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.

Factors related to the company's performance share awards are as follows (dollars in millions, except per award data):


Fiscal Years Ended October 31	2023		2022		2021
Weighted-average fair value per award at date of grant	$	112.14	$	98.41	$	90.59
Fair value of performance share awards vested	$	5.3	$	4.8	$	3.4

The table below presents fiscal 2023 activity for unvested performance share awards:


	Performance Shares	Weighted-Average Fair Value at Date of Grant
Unvested as of October 31, 2022	195,600	$	88.63
Granted	66,131	112.14
Vested	(46,831)	77.33
Forfeited	(28,140)	106.16
Unvested as of October 31, 2023	186,760	$	100.57

As of October 31, 2023, there was $4.2 million of total unrecognized compensation cost related to unvested performance share awards that is expected to be recognized over a weighted-average period of 1.63 years.

Restricted Stock Unit Awards

Restricted stock unit awards are generally granted on an annual basis to certain employees that are not executive officers and occasionally 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. In rare circumstances, such awards may have performance-based rather than time-based vesting requirements. 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.

Factors related to the company's restricted stock unit awards are as follows (dollars in millions, except per award data):


Fiscal Years Ended October 31	2023		2022		2021
Weighted-average fair value per award at date of grant	$	103.40	$	88.90	$	97.87
Fair value of restricted stock units vested	$	6.2	$	5.5	$	4.5

The table below presents fiscal 2023 activity for unvested restricted stock units:


	Restricted Stock Units	Weighted-Average Fair Value at Date of Grant
Unvested as of October 31, 2022	150,677	$	90.39
Granted	99,081	103.40
Vested	(57,727)	89.16
Forfeited	(12,205)	93.26
Unvested as of October 31, 2023	179,826	$	97.66

As of October 31, 2023, there was $9.3 million of total unrecognized compensation cost related to unvested restricted stock units that is expected to be recognized over a weighted-average period of 2.23 years.

Unrestricted Common Stock Awards

During fiscal 2023, 2022, and 2021, 10,329, 6,453, and 8,070 shares, respectively, of fully vested unrestricted common stock awards were granted to certain Board members as a component of their compensation for their service on the Board and were recorded within selling, general and administrative expense in the Consolidated Statements of Earnings. Additionally, our Board members may elect to convert a portion or all of their calendar year annual retainers otherwise payable in cash into shares of the company's common stock.

Deferred Compensation Plan

The company maintains a deferred compensation plan that allows executive officers and certain other employees that receive performance share awards to defer receipt of shares of the company's common stock paid out under such awards to a date in the future. Participants can defer up to 100 percent of the common stock payout and are always 100 percent vested in their accounts. Common stock payout deferrals under this plan are held in a rabbi trust and treated in a manner similar to treasury shares and are recorded at cost within stockholders' equity in the Consolidated Balance Sheets as of October 31, 2023 and 2022. The total of common stock required to settle this deferred compensation obligation is included in the denominator of the calculation of both basic and diluted net earnings per share of common stock.

Income Taxes

12 Months Ended

Oct. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes


8			Income Taxes

Earnings Before Income Taxes

Earnings before income taxes were as follows (dollars in millions):


Fiscal Years Ended October 31	2023		2022		2021
Earnings before income taxes:
United States	$	345.0	$	491.3	$	446.2
Foreign	55.5		61.2		53.6
Total earnings before income taxes	$	400.5	$	552.5	$	499.8

Reconciliation of Effective Tax Rate

A reconciliation of the statutory federal income tax rate to the company's effective tax rate is summarized as follows:


Fiscal Years Ended October 31	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Excess deduction for stock-based compensation	(1.1)		(0.4)		(1.5)

State and local income taxes, net of federal benefit	1.8		2.0		1.4
Foreign operations	(0.7)		(0.7)		(0.5)
Federal research tax credit	(2.3)		(1.3)		(1.4)
Foreign-derived intangible income	(1.1)		(0.7)		(0.9)


Other, net	0.1		(0.1)		(0.1)
Effective tax rate	17.7	%	19.8	%	18.0	%

The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was signed into law on March 27, 2020 and allowed for 100% deduction of meals expense, delayed payment of employer payroll taxes, among other items. The company has reflected the impact of the CARES Act for the fiscal years ended October 31, 2023, 2022, and 2021 within its Consolidated Financial Statements and such impact was not material to the company's Consolidated Financial Statements.

The Inflation Reduction Act ("IRA") was signed into law on August 16, 2022. Among other provisions, the IRA includes a 15% corporate minimum tax applied to large corporations, a 1% excise tax on corporate stock repurchases made after December 31, 2022 and various energy tax credits. There are no material impacts from the IRA within the Consolidated Financial Statements for the fiscal years ended October 31, 2023 and 2022.

On December 22, 2017, the U.S enacted Public Lax No. 115-97 ("Tax Act"), originally introduced as the Tax Cuts and Jobs Act, which significantly modified the Internal Revenue Code. The Tax Act introduced the capitalization and amortization of research and experimentation expenditures for taxable years beginning after December 31, 2021. The company has reflected the impact for the fiscal year ended October 31, 2023.

Provision for Income Taxes

Components of the company's provision for income taxes were as follows (dollars in millions):


Fiscal Years Ended October 31	2023		2022		2021
Current provision:
Federal	$	94.4	$	94.7	$	90.2
State	17.0		19.1		16.0
Foreign	7.3		7.7		9.2
Total current provision	$	118.7	$	121.5	$	115.4
Deferred (benefit) provision:
Federal	$	(37.8)	$	(7.4)	$	(18.4)
State	(10.3)		(4.9)		(6.5)
Foreign	0.2		—		(0.6)
Total deferred benefit	(47.9)		(12.3)		(25.5)
Total provision for income taxes	$	70.8	$	109.2	$	89.9

Deferred Income Taxes

The components of the company's deferred income tax assets and liabilities were as follows (dollars in millions):


Fiscal Years Ended October 31	2023		2022
Deferred income tax assets:
Compensation and benefits	$	32.5	$	32.9
Warranty and insurance	37.6		35.4
Lease liabilities	35.3		20.2
Advertising and sales promotions and incentives	16.5		7.2
Inventory	14.4		36.4
Deferred revenue	0.3		3.3
Other	3.0		—
Net operating losses and other carryforwards	5.3		6.4
Research and Experimentation	35.4		—
Valuation allowance	(3.3)		(3.2)
Deferred income tax assets	$	177.0	$	138.6
Deferred income tax liabilities:
Right-of-use assets	$	(34.8)	$	(19.5)
Depreciation	(60.0)		(51.9)
Amortization	(68.4)		(102.4)
Other	—		(3.8)
Deferred income tax liabilities	(163.2)		(177.6)
Deferred income tax assets (liabilities), net	$	13.8	$	(39.0)

As of October 31, 2023, the company has domestic net operating loss carryforwards of $4.1 million for both federal and state income tax purposes that does not expire. As of October 31, 2023, the company has net operating loss carryforwards of approximately $5.1 million in foreign jurisdictions, which are comprised of $5.0 million that do not expire and $0.1 million that expires between fiscal 2035 and fiscal 2040. The company also has domestic credit carryforwards of $1.9 million that expire between fiscal 2027 and fiscal 2043.

The net change in the total valuation allowance between the fiscal years ended October 31, 2023 and 2022 was an increase of $0.1 million. The change in valuation allowance is related to domestic tax credits, capital loss carryforwards, and net operating losses that are expected to expire prior to utilization.

The company expects that $41.8 million of the total undistributed earnings of its foreign operations will be indefinitely reinvested. Should these earnings be distributed in the future in the form of dividends or otherwise, the company may be subject to foreign withholding taxes, state income taxes, and/or additional federal taxes for currency fluctuations. As of October 31, 2023, the unrecognized deferred tax liabilities for temporary differences related to the company’s investment in non-U.S. subsidiaries, and any withholding, state, or additional federal taxes that may be applied upon any future repatriation, are expected to be immaterial.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (dollars in millions):


Unrecognized tax benefits as of October 31, 2022	$	3.3
Increase as a result of tax positions taken during a prior period	0.2

Increase as a result of tax positions taken during the current period	0.6

Reductions as a result of statute of limitations lapses	(0.4)
Unrecognized tax benefits as of October 31, 2023	$	3.7

The company recognizes interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes within the Consolidated Statements of Earnings. In addition to the unrecognized tax benefits of $3.7 million, which have been recorded as an other accrued liability within the Consolidated Balance Sheets as of October 31, 2023, the company recorded $1.0 million of accrued interest and penalties as an other accrued liability within the Consolidated Balance Sheets as of October 31, 2023. Included in the balance of unrecognized tax benefits as of October 31, 2023 are potential benefits of $3.8 million that, if recognized, would affect the effective tax rate.

The company and its wholly owned subsidiaries file income tax returns in the U.S. federal jurisdiction, and numerous state and foreign jurisdictions. With few exceptions, the company is no longer subject to U.S. federal, state and local, and foreign income tax examinations by tax authorities for taxable years before fiscal 2019. The company is under audit in certain state jurisdictions and expects various statutes of limitation to expire during the next 12 months. Due to the uncertainty related to the response of taxing authorities, a range of outcomes cannot be reasonably estimated at this time.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt bearing fixed interest	$ 524.2	$ 524.1
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 478.2	$ 489.8

Derivative Instruments and Hedging Activities - Effects of Master Netting Arrangements (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Derivative assets:
Net amount of derivative assets	$ 16.8	$ 33.2
Derivative liabilities:
Net amount of derivative liabilities	0.0	0.0
Forward currency contracts
Derivative assets:
Gross amount of derivative assets	16.8	33.2
Derivative liabilities offsetting derivative assets	0.0	0.0
Net amount of derivative assets	16.8	33.2
Derivative liabilities:
Gross amount of derivative liabilities	0.0	0.0
Derivative assets offsetting derivative liabilities	0.0	0.0
Net amount of derivative liabilities	$ 0.0	$ 0.0

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 31, 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

Revenue (Tables)

12 Months Ended

Oct. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


Fiscal Year Ended October 31, 2023	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	3,236.9	$	819.2	$	13.1	$	4,069.2
Irrigation	437.7		35.0		11.3		484.0
Total net sales	$	3,674.6	$	854.2	$	24.4	$	4,553.2

Revenue by geographic market:
United States	$	2,898.5	$	682.6	$	24.4	$	3,605.5
International Countries	776.1		171.6		—		947.7
Total net sales	$	3,674.6	$	854.2	$	24.4	$	4,553.2


Fiscal Year Ended October 31, 2022	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	3,003.0	$	1,039.2	$	6.4	$	4,048.6
Irrigation	426.6		29.4		10.1		466.1
Total net sales	$	3,429.6	$	1,068.6	$	16.5	$	4,514.7

Revenue by geographic market:
United States	$	2,737.9	$	881.1	$	16.5	$	3,635.5
International Countries	691.7		187.5		—		879.2
Total net sales	$	3,429.6	$	1,068.6	$	16.5	$	4,514.7


Fiscal Year Ended October 31, 2021	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	2,530.8	$	975.8	$	11.7	$	3,518.3
Irrigation	398.8		34.3		8.2		441.3
Total net sales	$	2,929.6	$	1,010.1	$	19.9	$	3,959.6

Revenue by geographic market:
United States	$	2,268.9	$	843.2	$	19.9	$	3,132.0
International Countries	660.7		166.9		—		827.6
Total net sales	$	2,929.6	$	1,010.1	$	19.9	$	3,959.6

Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Other Intangible Assets
Estimated useful life	13 years 3 months 18 days	13 years 4 months 24 days
Gross Carrying Amount	$ 471.0	$ 464.3
Accumulated Amortization	(202.4)	(167.8)
Net	268.6	296.5
Indefinite-lived - trade names	271.5	289.3
Total other intangible assets, gross	742.5	753.6
Total other intangible assets, net	$ 540.1	$ 585.8
Patents
Other Intangible Assets
Estimated useful life	9 years 10 months 24 days	9 years 10 months 24 days
Gross Carrying Amount	$ 18.2	$ 18.2
Accumulated Amortization	(16.0)	(15.3)
Net	$ 2.2	$ 2.9
Non-compete agreements
Other Intangible Assets
Estimated useful life	5 years 6 months	5 years 6 months
Gross Carrying Amount	$ 6.9	$ 6.8
Accumulated Amortization	(6.9)	(6.8)
Net	$ 0.0	$ 0.0
Customer-related
Other Intangible Assets
Estimated useful life	15 years 9 months 18 days	16 years
Gross Carrying Amount	$ 327.5	$ 321.0
Accumulated Amortization	(106.7)	(83.8)
Net	$ 220.8	$ 237.2
Developed technology
Other Intangible Assets
Estimated useful life	7 years 1 month 6 days	7 years 1 month 6 days
Gross Carrying Amount	$ 102.0	$ 101.9
Accumulated Amortization	(63.1)	(53.0)
Net	$ 38.9	$ 48.9
Trade names
Other Intangible Assets
Estimated useful life	13 years 8 months 12 days	13 years 9 months 18 days
Gross Carrying Amount	$ 10.7	$ 10.7
Accumulated Amortization	(4.0)	(3.4)
Net	$ 6.7	$ 7.3
Backlog and other
Other Intangible Assets
Estimated useful life	7 months 6 days	7 months 6 days
Gross Carrying Amount	$ 5.7	$ 5.7
Accumulated Amortization	(5.7)	(5.5)
Net	$ 0.0	$ 0.2

Indebtedness (Tables)

12 Months Ended

Oct. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following is a summary of the company's indebtedness (dollars in millions):


October 31	2023		2022
$600 million revolving credit facility, due October 2026	$	40.0	$	—
$270 million term loan, due October 2026	270.0		270.0
$200 million term loan, due April 2027	200.0		200.0
3.81% series A senior notes, due June 2029	100.0		100.0
3.91% series B senior notes, due June 2031	100.0		100.0
3.97% senior notes, due June 2032	100.0		100.0
7.8% debentures, due June 2027	100.0		100.0
6.625% senior notes, due May 2037	124.2		124.1
Less: unamortized debt issuance costs	2.7		3.3
Long-term debt	$	1,031.5	$	990.8

Schedule of Principal Payments

Principal payments required on the company's outstanding indebtedness, based on the maturity dates defined within the company's debt arrangements, for the succeeding fiscal years is as follows (dollars in millions):


Succeeding fiscal year	Principal payments
2024	$	—
2025	37.0
2026	303.0
2027	270.0
2028	—
Thereafter	425.0
Total principal payments	$	1,035.0

- 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
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Goodwill and Other Intangible Assets - Narrative (Details)	3 Months Ended		12 Months Ended
	Oct. 31, 2023 USD ($)	Aug. 04, 2023 USD ($)	Oct. 31, 2023 USD ($) segment	Oct. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)	Jan. 13, 2022 USD ($)
Business Acquisition [Line Items]
Number of operating segments \| segment			12
Impairment of intangible assets, indefinite-lived (excluding goodwill)			$ 0	$ 0	$ 0
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]			Non-cash impairment charges
Goodwill, impairment loss	$ 0		$ 133,300,000	0	0
Indefinite-lived - trade names	271,500,000		271,500,000	289,300,000
Goodwill	450,800,000		450,800,000	583,300,000	421,700,000
Deferred tax assets, goodwill and intangible assets	36,700,000		36,700,000
Amortization expense for intangible assets			35,700,000	$ 33,900,000	$ 23,800,000
Trade Name, Spartan
Business Acquisition [Line Items]
Indefinite-lived - trade names	81,100,000		81,100,000
Intimidator Reporting Unit
Business Acquisition [Line Items]
Goodwill	$ 30,500,000		$ 30,500,000
Professional
Business Acquisition [Line Items]
Impairment of intangible assets, indefinite-lived (excluding goodwill)		$ 18,000,000
Professional \| Intimidator Reporting Unit
Business Acquisition [Line Items]
Goodwill, impairment loss		$ 133,300,000
Intimidator Group
Business Acquisition [Line Items]
Goodwill						$ 163,700,000

Stock-Based Compensation (Tables)

12 Months Ended

Oct. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Costs Related to Stock-Based Awards

Compensation costs related to stock-based compensation awards were as follows (dollars in millions):


Fiscal Years Ended October 31	2023		2022		2021
Stock option awards	$	8.5	$	10.0	$	10.0
Performance share awards	2.9		5.8		6.8
Restricted stock unit awards	6.9		5.7		4.3
Unrestricted common stock awards	1.1		0.6		0.7
Total compensation cost for stock-based compensation awards	$	19.4	$	22.1	$	21.8
Related tax benefit from stock-based compensation awards	$	4.7	$	5.3	$	5.2

Schedule of Weighted Average Valuation Assumptions of Stock-Based Compensation

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


Fiscal Years Ended October 31	2023			2022			2021
Expected life of option in years	6.31			6.19			6.21
Expected stock price volatility	25.20		%	23.74		%	23.26		%
Risk-free interest rate	3.79		%	1.31		%	0.55		%
Expected dividend yield	0.95		%	0.94		%	0.86		%
Per share weighted-average fair value at date of grant	$	33.21		$	22.55		$	19.39

Schedule of Stock Options Activity

The table below presents stock option activity for fiscal 2023:


	Stock Option Awards	Weighted-Average Exercise Price		Weighted-Average Contractual Life (years)	Aggregate Intrinsic Value (dollars in millions)
Outstanding as of October 31, 2022	2,986,033	$	71.23	6.0	$	102.1
Granted	475,620	110.87
Exercised	(389,923)	52.76
Forfeited	(98,300)	107.67

Outstanding as of October 31, 2023	2,973,430	$	78.80	5.4	$	32.0
Exercisable as of October 31, 2023	2,078,025	$	68.37	4.4	$	32.0

Schedule of Total Market Value and the Intrinsic Value of Options Exercised

The table below presents the total market value of stock options exercised and the total intrinsic value of options exercised during the following fiscal years (dollars in millions):


Fiscal Years Ended October 31	2023		2022		2021
Market value of stock options exercised	$	43.4	$	20.1	$	40.1
Intrinsic value of stock options exercised1	$	22.8	$	9.8	$	26.0

1 Intrinsic value is calculated as the amount by which the stock price at exercise date exceeded the option exercise price.

Schedule of Performance Share Awards Granted

Factors related to the company's performance share awards are as follows (dollars in millions, except per award data):


Fiscal Years Ended October 31	2023		2022		2021
Weighted-average fair value per award at date of grant	$	112.14	$	98.41	$	90.59
Fair value of performance share awards vested	$	5.3	$	4.8	$	3.4

Schedule of Unvested Performance Share Awards and the Weighted Average Fair Value at the Date of Grant

The table below presents fiscal 2023 activity for unvested performance share awards:


	Performance Shares	Weighted-Average Fair Value at Date of Grant
Unvested as of October 31, 2022	195,600	$	88.63
Granted	66,131	112.14
Vested	(46,831)	77.33
Forfeited	(28,140)	106.16
Unvested as of October 31, 2023	186,760	$	100.57

Schedule of Restricted Stock and Restricted Stock Unit Awards Granted

Factors related to the company's restricted stock unit awards are as follows (dollars in millions, except per award data):


Fiscal Years Ended October 31	2023		2022		2021
Weighted-average fair value per award at date of grant	$	103.40	$	88.90	$	97.87
Fair value of restricted stock units vested	$	6.2	$	5.5	$	4.5

Schedule of Unvested Restricted Stock Shares and the Weighted Average Fair Value at the Date of Grant

The table below presents fiscal 2023 activity for unvested restricted stock units:


	Restricted Stock Units	Weighted-Average Fair Value at Date of Grant
Unvested as of October 31, 2022	150,677	$	90.39
Granted	99,081	103.40
Vested	(57,727)	89.16
Forfeited	(12,205)	93.26
Unvested as of October 31, 2023	179,826	$	97.66

Business Combinations and Asset Acquisitions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Millions	Jan. 13, 2022	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 450.8	$ 583.3	$ 421.7
Intimidator Group
Business Acquisition [Line Items]
Cash and cash equivalents	$ 1.0
Receivables	7.0
Inventories	34.6
Prepaid expenses and other current assets	0.5
Property, plant and equipment	27.4
Right-of-use assets	0.3
Goodwill	163.7
Finite-lived other intangible assets:
Accounts payable	(8.5)
Accrued liabilities	(9.1)
Short-term lease liabilities	(0.1)
Long-term liabilities	(0.2)
Total fair value of net assets acquired	400.8
Less: cash and cash equivalents acquired	(1.0)
Total purchase price	399.8
Intimidator Group \| Customer-related
Finite-lived other intangible assets:
Finite-lived intangibles	80.5
Intimidator Group \| Trade names
Finite-lived other intangible assets:
Finite-lived intangibles	3.3
Intimidator Group \| Backlog
Finite-lived other intangible assets:
Finite-lived intangibles	1.3
Intimidator Group \| Trade names
Indefinite-lived other intangible assets:
Indefinite-lived intangibles	$ 99.1

Leases

12 Months Ended

Oct. 31, 2023

Leases [Abstract]

Leases


12			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 includes all non-cancelable periods. The lease term may also include options to extend or terminate the lease when it is reasonably certain that such options will be exercised after considering all relevant economic and financial factors. Options to extend or terminate a lease are generally exercisable at the company's sole discretion, subject to any required minimum notification period and/or other contractual terms as defined within the respective lease agreement, as applicable. The company's renewal options generally range from extended terms of two to ten years. Certain leases also include options to purchase the identified asset. Lease expense for the company's operating leases is recognized on a straight-line basis over the lease term and is recorded in cost of sales or selling, general and administrative expense within the Consolidated Statements of Earnings depending on the nature and use of the identified asset underlying the respective operating lease arrangement. 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 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. Additionally, the company's operating leases generally do not include material residual value guarantees. The company has operating leases with both lease components and non-lease components. For all underlying asset classes, the company accounts for lease components separately from non-lease components based on the relative market value of each component. Non-lease components typically consist of common area maintenance, utilities, and/or other repairs and maintenance services. The costs related to non-lease components are not included within the determination of lease payments at commencement.

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 discounted to present value based on the rate implicit in the operating lease agreement or the estimated incremental borrowing rate at lease commencement if the rate implicit in the lease is not readily determinable. Generally, the estimated incremental borrowing rate is used as the rate implicit in the

lease is not readily determinable. The estimated incremental borrowing rate represents the rate of interest that the company would have to pay to borrow on a general and unsecured collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The company determines the estimated incremental borrowing rate at lease commencement based on available information at such time, including lease term, lease currency, and geographical market. 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 (dollars in millions):


Fiscal Year Ended October 31	2023		2022		2021
Operating lease expense	$	24.0	$	22.6	$	20.4
Short-term lease expense	4.5		4.5		2.9
Variable lease expense	—		—		0.1
Total lease expense	$	28.5	$	27.1	$	23.4

The following table presents supplemental cash flow information related to the company's operating leases (dollars in millions):


Fiscal Year Ended October 31	2023		2022		2021
Right-of-use assets obtained in exchange for lease obligations	$	67.6	$	27.0	$	5.4
Operating cash flows for amounts included in the measurement of lease liabilities	$	20.9	$	19.2	$	18.9

The following table presents other lease information related to the company's operating leases as of October 31, 2023 and October 31, 2022:


	October 31, 2023		October 31, 2022
Weighted-average remaining lease term of operating leases in years	9.3		6.0
Weighted-average discount rate of operating leases	4.83	%	3.53	%

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 Consolidated Balance Sheets as of October 31, 2023 (dollars in millions):


	October 31, 2023
2024	$	25.1
2025	23.3
2026	17.4
2027	13.9
2028	11.8
Thereafter	69.6
Total future minimum operating lease payments	161.1
Less: imputed interest	29.5
Present value of operating lease liabilities	$	131.6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Statement of Comprehensive Income [Abstract]
Derivative instruments, tax	$ (4.1)	$ 7.2	$ 0.7
Pension benefits, tax	$ (0.5)	$ 0.2	$ 0.0

Leases - Lease Expense Incurred (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Leases [Abstract]
Operating lease expense	$ 24.0	$ 22.6	$ 20.4
Short-term lease expense	4.5	4.5	2.9
Variable lease expense	0.0	0.0	0.1
Total lease expense	$ 28.5	$ 27.1	$ 23.4

Revenue - Performance Obligation (Details) $ in Millions	Oct. 31, 2023 USD ($)
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	$ 12.0
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	$ 13.6
Revenue, remaining performance obligation, expected timing of satisfaction, period

Segment Data (Tables)

12 Months Ended

Oct. 31, 2023

Segment Reporting [Abstract]

Summarized Financial Information Concerning the Company's Reportable Segments

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


Fiscal Year Ended October 31, 2023	Professional		Residential		Other		Total
Net sales	$	3,674.6	$	854.2	$	24.4	$	4,553.2
Intersegment gross sales (eliminations)	45.8		0.2		(46.0)		—
Earnings (loss) before income taxes1	509.1		68.9		(177.5)		400.5
Total assets	2,679.6		565.1		399.6		3,644.3
Capital expenditures	79.9		45.6		24.0		149.5
Depreciation and amortization	$	89.3	$	14.9	$	15.0	$	119.2


Fiscal Year Ended October 31, 2022	Professional		Residential		Other		Total
Net sales	$	3,429.6	$	1,068.6	$	16.5	$	4,514.7
Intersegment gross sales (eliminations)	33.5		0.1		(33.6)		—
Earnings (loss) before income taxes	584.0		112.7		(144.2)		552.5
Total assets	2,702.8		501.6		351.6		3,556.0
Capital expenditures	94.3		31.0		18.2		143.5
Depreciation and amortization	$	82.7	$	13.0	$	13.1	$	108.8


Fiscal Year Ended October 31, 2021	Professional		Residential		Other		Total
Net sales	$	2,929.6	$	1,010.1	$	19.9	$	3,959.6
Intersegment gross sales (eliminations)	30.5		—		(30.5)		—
Earnings (loss) before income taxes	507.3		121.5		(129.0)		499.8
Total assets	2,032.4		388.2		515.5		2,936.1
Capital expenditures	79.5		16.7		7.8		104.0
Depreciation and amortization	$	73.7	$	13.5	$	12.1	$	99.3

Summary of the Components of the Loss before Income Taxes included in "Other"

The following table presents the details of operating loss before income taxes for the company's Other activities (dollars in millions):


Fiscal Years Ended October 31	2023		2022		2021
Corporate expenses	$	(151.8)	$	(126.3)	$	(112.4)
Interest expense	(58.7)		(35.7)		(28.7)
Earnings from the company's wholly-owned domestic distribution company and other income, net	33.0		17.8		12.1
Total operating loss	$	(177.5)	$	(144.2)	$	(129.0)

Schedule of Geographic Area Data


Fiscal Years Ended October 31	United States		International Countries		Total
2023
Net sales	$	3,605.5	$	947.7	$	4,553.2
Long-lived assets	$	540.4	$	101.3	$	641.7
2022
Net sales	$	3,635.5	$	879.2	$	4,514.7
Long-lived assets	$	505.9	$	65.8	$	571.7
2021
Net sales	$	3,132.0	$	827.6	$	3,959.6
Long-lived assets	$	440.5	$	47.2	$	487.7

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Oct. 31, 2023	Dec. 13, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Oct. 31, 2023
Current Fiscal Year End Date	--10-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 11.0
Entity Common Stock, Shares Outstanding		103,874,211
Documents Incorporated by Reference	Portions of the registrant's definitive Proxy Statement for the 2024 Annual Meeting of Shareholders expected to be held March 19, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0000737758
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Assets:
Forward currency contracts	$ 16.8	$ 33.2
Liabilities:
Forward currency contracts	0.0	0.0
Forward currency contracts
Assets:
Forward currency contracts	16.8	33.2
Liabilities:
Forward currency contracts	0.0	0.0
Measured on a recurring basis
Assets:
Total assets	16.8	33.2
Liabilities:
Total liabilities	0.0	0.0
Measured on a recurring basis \| Forward currency contracts
Assets:
Forward currency contracts	16.8	33.2
Liabilities:
Forward currency contracts	0.0	0.0
Measured on a recurring basis \| Level 1
Assets:
Total assets	0.0	0.0
Liabilities:
Total liabilities	0.0	0.0
Measured on a recurring basis \| Level 1 \| Forward currency contracts
Assets:
Forward currency contracts	0.0	0.0
Liabilities:
Forward currency contracts	0.0	0.0
Measured on a recurring basis \| Level 2
Assets:
Total assets	16.8	33.2
Liabilities:
Total liabilities	0.0	0.0
Measured on a recurring basis \| Level 2 \| Forward currency contracts
Assets:
Forward currency contracts	16.8	33.2
Liabilities:
Forward currency contracts	0.0	0.0
Measured on a recurring basis \| Level 3
Assets:
Total assets	0.0	0.0
Liabilities:
Total liabilities	0.0	0.0
Measured on a recurring basis \| Level 3 \| Forward currency contracts
Assets:
Forward currency contracts	0.0	0.0
Liabilities:
Forward currency contracts	$ 0.0	$ 0.0

Indebtedness - Narrative (Details)				1 Months Ended	12 Months Ended
Indebtedness - Narrative (Details)	Jun. 30, 2022 USD ($) d	Oct. 05, 2021 USD ($)	Apr. 30, 2019 USD ($)	Jun. 30, 1997 USD ($) instrument	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)	Apr. 27, 2022 USD ($)	Jun. 01, 2018 USD ($)	Apr. 26, 2007 USD ($)
Debt Instrument [Line Items]
Total long-term debt					$ 1,031,500,000	$ 990,800,000
Debentures
Debt Instrument [Line Items]
Interest expense, debt					8,000,000	8,000,000	$ 8,000,000
Aggregate principal amount of notes issued				$ 175,000,000
Interest rate percentage				7.80%
Amount paid to terminate forward-starting interest rate swap agreements				$ 23,700,000
Number of terminated forward-starting interest rate swap agreements \| instrument				3
Derivative, notional amount				$ 125,000,000
Deferred income amount at the time of swap termination				$ 18,700,000
$270 million term loan, due October 2026 \| $500.0 million term loan
Debt Instrument [Line Items]
Debt instrument, term		5 years
Total long-term debt					270,000,000
Interest expense, debt					15,900,000	5,700,000	200,000
Aggregate principal amount of notes issued		$ 270,000,000.0			$ 270,000,000
Accordion feature, increase limit		$ 100,000,000
Interest rate percentage		2.50%
Debt, weighted average interest rate					6.30%
$200 million term loan, due April 2027 \| $500.0 million term loan
Debt Instrument [Line Items]
Interest expense, debt					$ 11,700,000	3,100,000
Aggregate principal amount of notes issued								$ 200,000,000.0
Interest rate percentage								2.50%
Debt, weighted average interest rate					6.30%
3.81% series A senior notes, due June 2029 \| $500.0 million term loan
Debt Instrument [Line Items]
Aggregate principal amount of notes issued			$ 100,000,000
Interest rate percentage			3.81%		3.81%
3.91% series B senior notes, due June 2031 \| $500.0 million term loan
Debt Instrument [Line Items]
Aggregate principal amount of notes issued			$ 100,000,000
Interest rate percentage			3.91%		3.91%
Series A and Series B Senior Notes \| $500.0 million term loan
Debt Instrument [Line Items]
Interest expense, debt					$ 7,700,000	7,700,000	7,700,000
Debt instrument, redemption price, percentage			100.00%
Series A and Series B Senior Notes \| $500.0 million term loan \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			10.00%
Series A and Series B Senior Notes \| $500.0 million term loan \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			100.00%
Series A and Series B Senior Notes \| $500.0 million term loan \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			100.00%
3.97% senior notes, due June 2032 \| $500.0 million term loan
Debt Instrument [Line Items]
Interest expense, debt					$ 4,000,000	1,300,000
Aggregate principal amount of notes issued	$ 100,000,000
Interest rate percentage	3.97%				3.97%
Debt instrument, redemption price, percentage	10.00%
Debt instrument, prepaid principal, percentage	100.00%
Debt instrument, repayment period \| d	90
Coupon 7.125% Debt Notes \| Debentures
Debt Instrument [Line Items]
Debt instrument, term				10 years
Aggregate principal amount of notes issued				$ 75,000,000
Interest rate percentage				7.125%
7.8% debentures, due June 2027 \| Debentures
Debt Instrument [Line Items]
Debt instrument, term				30 years
Total long-term debt				$ 100,000,000
Interest rate percentage				7.80%	7.80%
6.625% Senior Notes
Debt Instrument [Line Items]
Interest expense, debt					$ 8,400,000	8,400,000	8,400,000
Debt instrument, basis spread on variable rate					0.30%
6.625% Senior Notes \| $500.0 million term loan
Debt Instrument [Line Items]
Aggregate principal amount of notes issued										$ 125,000,000
Interest rate percentage					6.625%					6.625%
Percentage of par value at which debt was issued										98.513%
Debt discount, unamortized										$ 1,900,000
Effective interest rate					6.741%
Redemption price as a percentage of the principal amount upon the occurrence of both a change of control and downgrade of rating					101.00%
Revolving Credit Facility \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term		5 years
Maximum borrowing capacity under credit facility		$ 600,000,000							$ 600,000,000
Accordion feature		300,000,000
Total long-term debt					$ 40,000,000	0
Unused borrowing capacity					$ 557,400,000	596,900,000
Interest rate on outstanding borrowings					6.34%
Interest expense, debt					$ 5,700,000	2,400,000	$ 0
Standby Letters of Credit \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility		10,000,000
Total long-term debt					$ 2,600,000	$ 3,100,000
Swingline Loan \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility		$ 30,000,000

Leases - Summary of Other Lease Information (Details)	Oct. 31, 2023	Oct. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term of operating leases in years	9 years 3 months 18 days	6 years
Weighted-average discount rate of operating leases	4.83%	3.53%

Income Taxes (Tables)

12 Months Ended

Oct. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Earnings before Income Taxes

Earnings before income taxes were as follows (dollars in millions):


Fiscal Years Ended October 31	2023		2022		2021
Earnings before income taxes:
United States	$	345.0	$	491.3	$	446.2
Foreign	55.5		61.2		53.6
Total earnings before income taxes	$	400.5	$	552.5	$	499.8

Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Company's Consolidated Effective Tax Rate

A reconciliation of the statutory federal income tax rate to the company's effective tax rate is summarized as follows:


Fiscal Years Ended October 31	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Excess deduction for stock-based compensation	(1.1)		(0.4)		(1.5)

State and local income taxes, net of federal benefit	1.8		2.0		1.4
Foreign operations	(0.7)		(0.7)		(0.5)
Federal research tax credit	(2.3)		(1.3)		(1.4)
Foreign-derived intangible income	(1.1)		(0.7)		(0.9)


Other, net	0.1		(0.1)		(0.1)
Effective tax rate	17.7	%	19.8	%	18.0	%

Schedule of Components of the Provision for Income Taxes

Components of the company's provision for income taxes were as follows (dollars in millions):


Fiscal Years Ended October 31	2023		2022		2021
Current provision:
Federal	$	94.4	$	94.7	$	90.2
State	17.0		19.1		16.0
Foreign	7.3		7.7		9.2
Total current provision	$	118.7	$	121.5	$	115.4
Deferred (benefit) provision:
Federal	$	(37.8)	$	(7.4)	$	(18.4)
State	(10.3)		(4.9)		(6.5)
Foreign	0.2		—		(0.6)
Total deferred benefit	(47.9)		(12.3)		(25.5)
Total provision for income taxes	$	70.8	$	109.2	$	89.9

Schedule of Tax Effects of Temporary Differences that Give Rise to the Net Deferred Income Tax Assets

The components of the company's deferred income tax assets and liabilities were as follows (dollars in millions):


Fiscal Years Ended October 31	2023		2022
Deferred income tax assets:
Compensation and benefits	$	32.5	$	32.9
Warranty and insurance	37.6		35.4
Lease liabilities	35.3		20.2
Advertising and sales promotions and incentives	16.5		7.2
Inventory	14.4		36.4
Deferred revenue	0.3		3.3
Other	3.0		—
Net operating losses and other carryforwards	5.3		6.4
Research and Experimentation	35.4		—
Valuation allowance	(3.3)		(3.2)
Deferred income tax assets	$	177.0	$	138.6
Deferred income tax liabilities:
Right-of-use assets	$	(34.8)	$	(19.5)
Depreciation	(60.0)		(51.9)
Amortization	(68.4)		(102.4)
Other	—		(3.8)
Deferred income tax liabilities	(163.2)		(177.6)
Deferred income tax assets (liabilities), net	$	13.8	$	(39.0)

Schedule of Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (dollars in millions):


Unrecognized tax benefits as of October 31, 2022	$	3.3
Increase as a result of tax positions taken during a prior period	0.2

Increase as a result of tax positions taken during the current period	0.6

Reductions as a result of statute of limitations lapses	(0.4)
Unrecognized tax benefits as of October 31, 2023	$	3.7

Summary of Significant Accounting Policies and Related Data - Advertising (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Accounting Policies [Abstract]
Advertising costs	$ 77.6	$ 58.3	$ 50.5

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021	Dec. 13, 2022	Dec. 04, 2018
Stock repurchase program
Payments for repurchase of common stock	$ 60.0	$ 140.0	$ 302.3
Repurchase of shares (in shares)	611,195	1,551,986	3,010,424
Treasury shares
Treasury shares held (in shares)	23,888,294	23,774,518
Cost of treasury shares	$ 1,743.6	$ 1,715.0
December 2018 Stock Repurchase Program
Stock repurchase program
Number of shares authorized to be repurchased (in shares)					5,000,000
Repurchase of shares (in shares)	577,115	1,525,856
Number of shares remained authorized for repurchase (in shares)	1,949,491
December 2022 Stock Repurchase Program
Stock repurchase program
Number of shares authorized to be repurchased (in shares)				5,000,000
Repurchase of shares (in shares)	0

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	12 Months Ended
	Oct. 31, 2023 USD ($)
Summary of cash flow hedge activity
Maximum time limit for cash flow hedge	2 years
Cash flow hedge effectiveness testing, grace period	2 months
Gains for AOCL to earnings	$ 8.6
Forward currency contracts
Summary of cash flow hedge activity
Derivative, notional amount	$ 307.5

Stock-Based Compensation - Compensation Costs Related to Stock-Based Awards (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost for stock-based awards	$ 19.4	$ 22.1	$ 21.8
Related tax benefit from stock-based compensation awards	4.7	5.3	5.2
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost for stock-based awards	8.5	10.0	10.0
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost for stock-based awards	2.9	5.8	6.8
Restricted stock unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost for stock-based awards	6.9	5.7	4.3
Unrestricted common stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost for stock-based awards	$ 1.1	$ 0.6	$ 0.7

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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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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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)(1)(iv)(01)
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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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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(1)(iv)(04)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: 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 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Stockholders' Equity - Components of AOCL (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Accumulated other comprehensive loss (AOCL)
Foreign currency translation adjustments	$ 41.7	$ 51.3
Pension benefits	4.3	3.6
Cash flow derivative instruments	(9.0)	(21.8)
Total accumulated other comprehensive loss	$ 37.0	$ 33.1

- Definition

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

+ References + Details

Derivative Instruments and Hedging Activities - Fair Value of Derivatives (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 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
Asset derivatives	$ 16.8	$ 33.2
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities	Accrued Liabilities
Liability derivatives	$ 0.0	$ 0.0
Forward currency contracts
Fair value of derivatives
Asset derivatives	16.8	33.2
Liability derivatives	0.0	0.0
Forward currency contracts \| Derivatives Designated as Hedging Instruments
Fair value of derivatives
Asset derivatives	13.7	27.7
Liability derivatives	0.0	0.0
Forward currency contracts \| Derivatives Not Designated as Hedging Instruments
Fair value of derivatives
Asset derivatives	3.1	5.5
Liability derivatives	$ 0.0	$ 0.0

Summary of Significant Accounting Policies and Related Data - Property and Depreciation (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Property and Depreciation
Capitalized interest amount	$ 4.2	$ 2.5	$ 0.8
Property, plant and equipment, gross	1,541.0	1,416.5
Less: accumulated depreciation	899.3	844.8
Property, plant and equipment, net	641.7	571.7	487.7
Depreciation expense	83.5	74.9	$ 75.5
Land and land improvements
Property and Depreciation
Property, plant and equipment, gross	69.0	59.6
Buildings and leasehold improvements
Property and Depreciation
Property, plant and equipment, gross	$ 355.8	324.3
Buildings and leasehold improvements \| Minimum
Property and Depreciation
Estimated useful life	10 years
Buildings and leasehold improvements \| Maximum
Property and Depreciation
Estimated useful life	40 years
Machinery and equipment
Property and Depreciation
Property, plant and equipment, gross	$ 624.6	557.6
Machinery and equipment \| Minimum
Property and Depreciation
Estimated useful life	3 years
Machinery and equipment \| Maximum
Property and Depreciation
Estimated useful life	15 years
Tooling
Property and Depreciation
Property, plant and equipment, gross	$ 260.4	225.9
Tooling \| Minimum
Property and Depreciation
Estimated useful life	3 years
Tooling \| Maximum
Property and Depreciation
Estimated useful life	5 years
Computer hardware and software
Property and Depreciation
Property, plant and equipment, gross	$ 98.0	104.7
Computer hardware and software \| Minimum
Property and Depreciation
Estimated useful life	2 years
Computer hardware and software \| Maximum
Property and Depreciation
Estimated useful life	5 years
Construction in process
Property and Depreciation
Property, plant and equipment, gross	$ 133.2	$ 144.4

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares)	175,000,000	175,000,000
Deferred compensation plan, deferral percentage	100.00%
Deferred compensation plan, vested percentage	100.00%
2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares)	1,250,000
Common stock available for future grants (in shares)	3,046,609
Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	10,329	6,453	8,070
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized	$ 7.5
Period for recognition	2 years 14 days
Stock option awards \| Certain employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Term of award	10 years
Stock option awards \| Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period for non-employee director after which fair value of options granted is fully expensed on the date of grant	10 years
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized	$ 4.2
Period for recognition	1 year 7 months 17 days
Performance goal period	3 years
Granted (in shares)	66,131,000
Restricted stock unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Compensation cost not yet recognized	$ 9.3
Period for recognition	2 years 2 months 23 days
Granted (in shares)	99,081,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	200.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	0.00%
Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	33.33%
Share-based Compensation Award, Tranche One \| Restricted stock unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	33.33%
Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	33.33%
Share-based Compensation Award, Tranche Two \| Restricted stock unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	33.33%
Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	33.33%
Share-based Compensation Award, Tranche Three \| Restricted stock unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage	33.33%

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, authorized (in shares)	175,000,000	175,000,000
Common stock, issued (in shares)	103,843,485	103,969,805
Common stock, outstanding (in shares)	103,843,485	103,969,805
Nonrelated Party
Customers, allowance for doubtful accounts	$ 3.0	$ 3.3
Voting Preferred Stock
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Nonvoting Preferred Stock
Preferred stock, authorized (in shares)	850,000	850,000

Summary of Significant Accounting Policies and Related Data - Accounts Payable (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Accounting Policies [Abstract]
Outstanding payment obligations placed on the accounts payable tracking system	$ 99.6	$ 133.7

Derivative Instruments and Hedging Activities

12 Months Ended

Oct. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities


13			Derivative Instruments and Hedging Activities

Risk Management Objective of Using Derivatives

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

To reduce its exposure to foreign currency exchange rate risk, the company actively manages the exposure of its foreign currency exchange rate risk by entering into various derivative instruments to hedge against such risk, authorized under a company policy that places controls on these hedging activities, with counterparties that are highly rated financial institutions.

The company’s policy does not allow the use of derivative instruments for trading or speculative purposes. The company has also made an accounting policy election to use the portfolio exception with respect to measuring counterparty credit risk for derivative instruments and to measure the fair value of a portfolio of financial assets and financial liabilities on the basis of the net open risk position with each counterparty.

The company’s hedging activities primarily involve the use of forward currency contracts to hedge most foreign currency transactions, including projected 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 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 projected 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 Consolidated Balance Sheets and are subsequently reclassified to net earnings within the Consolidated Statements of Earnings during the same period in which the cash flows of the underlying hedged transaction affect net earnings. Changes in the fair values of hedge components excluded from the assessment of effectiveness are recognized immediately in net earnings under the mark-to-market approach. The classification of gains or losses recognized on cash flow hedging instruments and excluded components within the Consolidated Statements of Earnings is the same as that of the underlying exposure. Results of cash flow hedging instruments, and the related excluded components, of sales and costs associated with foreign plant operations, including purchases from suppliers, are recorded in net sales and cost of sales, respectively. The maximum amount of time the company hedges its exposure to the variability in future cash flows for projected 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 Consolidated Statements of Earnings line item as the underlying exposure when the projected 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 projected 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 Consolidated Statements of Earnings line item as the underlying exposure when the projected transaction affects net earnings. However, if it is probable that a projected 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 Consolidated Statements of Earnings. In all situations in which cash flow hedge accounting is discontinued and the derivative instrument remains outstanding, the company carries the derivative instrument at its fair value on the Consolidated Balance Sheets, recognizing future changes in the fair value within other income, net in the Consolidated Statements of Earnings. As of October 31, 2023, the notional amount outstanding of forward currency contracts designated as cash flow hedging instruments was $307.5 million.

Derivatives Not Designated as Cash Flow Hedging Instruments

The company also enters into foreign currency contracts that include forward currency contracts to mitigate the remeasurement of specific assets and liabilities on the 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 Consolidated Statements of Earnings together with the transaction gain or loss from the hedged balance sheet position.

The following table presents the fair value and location of the company’s derivative instruments on the Consolidated Balance Sheets (dollars in millions):


Fair Value as of October 31	2023		2022
Derivative assets:
Derivatives designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	$	13.7	$	27.7
Derivatives not designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	3.1		5.5
Total derivative assets	$	16.8	33.2
Derivative liabilities:
Derivatives designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	$	—	$	—
Derivatives not designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	—		—
Total derivative liabilities	$	—	$	—

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 Consolidated Balance Sheets.


Fair Value as of October 31	2023		2022
Derivative assets:
Forward currency contracts:
Gross amount of derivative assets	$	16.8	$	33.2
Derivative liabilities offsetting derivative assets	—		—
Net amount of derivative assets	$	16.8	$	33.2
Derivative liabilities:
Forward currency contracts:
Gross amount of derivative liabilities	$	—	$	—
Derivative assets offsetting derivative liabilities	—		—
Net amount of derivative liabilities	$	—	$	—


	Gain Reclassified from AOCL into Income				(Loss) Gain Recognized in OCI on Derivatives
Fiscal Years Ended October 31	2023		2022		2023		2022
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	10.8	$	4.5	$	(12.9)	$	21.2
Cost of sales	4.5		0.6		0.1		3.2
Total derivatives designated as cash flow hedging instruments	$	15.3	$	5.1	$	(12.8)	$	24.4

During fiscal 2023 and 2022, the company recognized immaterial losses and gains, respectively, within other income, net on the Consolidated Statement of Earnings due to the discontinuance of cash flow hedge accounting on certain forward currency

contracts designated as cash flow hedging instruments. As of October 31, 2023, the company expects to reclassify approximately $8.6 million of gains from AOCL to earnings during the next twelve months.


	Gain Recognized in Earnings on Cash Flow Hedging Instruments
Fiscal Year Ended October 31, 2023	Net Sales		Cost of Sales
Total Consolidated Statements of Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	4,553.2	$	(2,975.6)
Gain on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings	10.8		4.5
Gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	2.2	$	2.6


	(Loss) Gain Recognized in Earnings on Cash Flow Hedging Instruments
Fiscal Year Ended October 31, 2022	Net Sales		Cost of Sales
Total Consolidated Statements of Earnings income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	4,514.7	$	(3,010.1)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings	4.5		0.6
(Loss) gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	(1.1)	$	1.7


Fiscal Years Ended October 31	2023		2022
(Loss) gain on derivative instruments not designated as cash flow hedging instruments:
Forward currency contracts:
Other (expense) income, net	$	(6.3)	$	4.2
Total (loss) gain on derivatives not designated as cash flow hedging instruments	$	(6.3)	$	4.2

Stock-Based Compensation - Market and Intrinsic Value of Options Exercised (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Share-Based Payment Arrangement [Abstract]
Market value of stock options exercised	$ 43.4	$ 20.1	$ 40.1
Intrinsic value of stock options exercised	$ 22.8	$ 9.8	$ 26.0

Consolidated Balance Sheets - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
ASSETS
Cash and cash equivalents	$ 193.1	$ 188.2
Receivables, net:
Other	23.5	25.0
Total receivables, net	407.4	332.7
Inventories, net	1,087.8	1,051.1
Prepaid expenses and other current assets	110.5	103.4
Total current assets	1,798.8	1,675.4
Property, plant and equipment, net	641.7	571.7
Goodwill	450.8	583.3
Other intangible assets, net	540.1	585.8
Right-of-use assets	125.3	76.1
Investment in finance affiliate	50.6	39.3
Deferred income taxes	14.2	5.3
Other assets	22.8	19.1
Total assets	3,644.3	3,556.0
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	430.0	578.7
Short-term lease liabilities	19.5	15.7
Accrued liabilities:
Warranty	143.9	134.5
Advertising and sales promotions and incentives programs	163.0	124.0
Compensation and benefit costs	98.7	101.4
Insurance	16.2	16.2
Interest	11.6	11.4
Other	65.7	81.7
Total accrued liabilities	499.1	469.2
Total current liabilities	948.6	1,063.6
Long-term debt	1,031.5	990.8
Long-term lease liabilities	112.1	63.6
Deferred income taxes	0.4	44.3
Other long-term liabilities	40.8	42.0
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	0.0
Common stock, par value $1.00 per share, authorized 175,000,000 shares; issued and outstanding 103,843,485 shares as of October 31, 2023 and 103,969,805 shares as of October 31, 2022	103.8	104.0
Retained earnings	1,444.1	1,280.8
Accumulated other comprehensive loss	(37.0)	(33.1)
Total stockholders' equity	1,510.9	1,351.7
Total liabilities and stockholders' equity	3,644.3	3,556.0
Nonrelated Party
Receivables, net:
Receivables, net	349.5	290.0
Related Party
Receivables, net:
Receivables, net	$ 34.4	$ 17.7

Stock-Based Compensation - Factors Related to the Company's Performance Share Awards (Details) - Performance share awards - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average per award fair value at date of grant (in dollars per share)	$ 112.14	$ 98.41	$ 90.59
Fair value of restricted stock units vested	$ 5.3	$ 4.8	$ 3.4

- 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

+ Details

Leases (Tables)

12 Months Ended

Oct. 31, 2023

Leases [Abstract]

Schedule of Lease Cost

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


Fiscal Year Ended October 31	2023		2022		2021
Operating lease expense	$	24.0	$	22.6	$	20.4
Short-term lease expense	4.5		4.5		2.9
Variable lease expense	—		—		0.1
Total lease expense	$	28.5	$	27.1	$	23.4

The following table presents supplemental cash flow information related to the company's operating leases (dollars in millions):


Fiscal Year Ended October 31	2023		2022		2021
Right-of-use assets obtained in exchange for lease obligations	$	67.6	$	27.0	$	5.4
Operating cash flows for amounts included in the measurement of lease liabilities	$	20.9	$	19.2	$	18.9

The following table presents other lease information related to the company's operating leases as of October 31, 2023 and October 31, 2022:


	October 31, 2023		October 31, 2022
Weighted-average remaining lease term of operating leases in years	9.3		6.0
Weighted-average discount rate of operating leases	4.83	%	3.53	%

Schedule of Operating Lease Maturities


	October 31, 2023
2024	$	25.1
2025	23.3
2026	17.4
2027	13.9
2028	11.8
Thereafter	69.6
Total future minimum operating lease payments	161.1
Less: imputed interest	29.5
Present value of operating lease liabilities	$	131.6

Employee Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Retirement Plans (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Retirement Benefits [Abstract]
Plan expenses	$ 38.1	$ 35.3	$ 28.5
Projected benefit obligation	18.3	18.9
Fair value of the plan assets	17.6	18.4
Underfunded status of plans	0.7	0.6
Net cost and (reversal of cost) recognized	$ 0.2	$ (0.2)	$ (0.1)

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Summary of Significant Accounting Policies and Related Data - Debt Issuance Costs (Details) - USD ($)	Oct. 05, 2021	Oct. 31, 2023	Oct. 31, 2022
Debt Instrument [Line Items]
Debt issuance costs, net		$ 3,800,000	$ 4,800,000
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 600,000,000
Debt instrument, term	5 years

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Indebtedness

12 Months Ended

Oct. 31, 2023

Debt Disclosure [Abstract]

Indebtedness


6			Indebtedness

The following is a summary of the company's indebtedness (dollars in millions):


October 31	2023		2022
$600 million revolving credit facility, due October 2026	$	40.0	$	—
$270 million term loan, due October 2026	270.0		270.0
$200 million term loan, due April 2027	200.0		200.0
3.81% series A senior notes, due June 2029	100.0		100.0
3.91% series B senior notes, due June 2031	100.0		100.0
3.97% senior notes, due June 2032	100.0		100.0
7.8% debentures, due June 2027	100.0		100.0
6.625% senior notes, due May 2037	124.2		124.1
Less: unamortized debt issuance costs	2.7		3.3
Long-term debt	$	1,031.5	$	990.8


Succeeding fiscal year	Principal payments
2024	$	—
2025	37.0
2026	303.0
2027	270.0
2028	—
Thereafter	425.0
Total principal payments	$	1,035.0

Revolving Credit Facility

On October 5, 2021, the company entered into an amended and restated credit agreement ("amended credit agreement") that provided for, among other things, a five-year unsecured revolving credit facility with a borrowing capacity of up to $600.0 million ("revolving credit facility") that matures on October 5, 2026 and replaced the company's prior $600.0 million unsecured senior revolving credit facility scheduled to mature on June 19, 2023. Included in the revolving credit facility is a $10.0 million sublimit for standby letters of credit and a $30.0 million sublimit for swingline loans. At the company's election, and with the approval of the named borrowers on the revolving credit facility and the election of the lenders to fund such increase, the aggregate maximum principal amount available under the revolving credit facility may be increased by an amount of up to $300.0 million. Funds are available under the revolving credit facility for working capital, capital expenditures, and other lawful corporate purposes, including, but not limited to, acquisitions and common stock repurchases, subject in each case to compliance with certain financial covenants as defined in the amended credit agreement. As of October 31, 2023, the company had $40.0 million outstanding under the revolving credit facility and $2.6 million outstanding under the sublimit for standby letters of credit, resulting in $557.4 million of unutilized availability under the revolving credit facility. As of October 31, 2022, the company had no outstanding borrowings under the revolving credit facility and $3.1 million outstanding under the sublimit for standby letters of credit, resulting in $596.9 million of unutilized availability under the revolving credit facility.

On April 27, 2022, the company further amended the amended credit agreement to transition the reference rate from LIBOR to term SOFR. As of October 31, 2023, SOFR is the reference rate in effect for all outstanding variable interest borrowings of the company.

On September 22, 2023, the company further amended the amended credit agreement to permit non-cash charges in its “Consolidated EBIT” calculation among other administrative amendments.

Outstanding loans under the revolving credit facility (other than swingline loans), if applicable, bear interest at a variable rate generally based on SOFR or an alternative variable rate based on the highest of the Bank of America prime rate, the federal funds rate or a rate generally based on SOFR, in each case subject to an additional basis point spread as defined in the amended credit agreement. Swingline loans under the revolving credit facility bear interest at a rate determined by the swingline lender or an alternative variable rate based on the highest of the Bank of America prime rate, the federal funds rate or a rate generally based on SOFR, in each case subject to an additional basis point spread as defined in the amended credit agreement. Interest is payable quarterly in arrears. The interest rate on outstanding borrowings as of October 31, 2023 was 6.34%. During fiscal 2023, 2022 and 2021, the company incurred interest expense of $5.7 million, $2.4 million and $0.0 million, respectively, on the outstanding borrowings under the current and prior revolving credit facilities.

The company's revolving credit facility contains customary covenants, including, without limitation, financial covenants, such as the maintenance of a maximum leverage ratio; and negative covenants, which among other things, limit cash dividends, disposition of assets, consolidations and mergers, liens, and other matters customarily restricted in such agreements. Most of these restrictions are subject to certain minimum thresholds and exceptions. The company was in compliance with all covenants related to the amended credit agreement for the company's revolving credit facility as of October 31, 2023.

$270.0 Million Term Loan Credit Agreement

The amended credit agreement executed on October 5, 2021, as further amended on April 27, 2022 and September 22, 2023, also provided for a five-year unsecured term loan in an aggregate principal amount of $270.0 million, the entire amount of which was funded on October 5, 2021 and matures on October 5, 2026 ("$270.0 million term loan"). Under the amended credit agreement, incremental term loan commitments may be established at the company's election and the approval of the borrowers on the $270.0 million term loan by an amount of up to $100.0 million.

Beginning December 31, 2024, the company is required to make quarterly principal amortization payments on the $270.0 million term loan equal to 2.5% of the original aggregate principal amount reduced by any applicable prepayments. On October 5, 2026, the aggregate principal amount of any remaining outstanding borrowings under the $270.0 million term loan is required to be repaid. The $270.0 million term loan may be prepaid and terminated at the company's election at any time without penalty or premium. Amounts repaid or prepaid may not be reborrowed. As of October 31, 2023, there was $270.0 million of outstanding borrowings under the $270.0 million term loan.

Outstanding borrowings under the $270.0 million term loan bear interest on the outstanding principal amount thereof for each interest period at a variable rate generally based on Term SOFR or an alternative variable rate based on the highest of the Bank of America prime rate, the federal funds rate or a rate generally based on Term SOFR, in each case subject to an additional basis point spread as defined in the amended credit agreement. Interest is payable quarterly in arrears. The interest rate on outstanding borrowings as of October 31, 2023 was 6.30%. For the fiscal years ended October 31, 2023, 2022, and 2021, the company incurred interest expense of $15.9 million, $5.7 million and $0.2 million, respectively, on the outstanding borrowings under the $270.0 million term loan.

The $270.0 million term loan contains customary covenants, including, without limitation, financial covenants generally consistent with those applicable under the company's revolving credit facility and the company was in compliance with all covenants as of October 31, 2023.

$200.0 Million Term Loan Credit Agreement

On April 27, 2022, the company entered into a term loan credit agreement ("$200.0 million term loan") with certain financial institutions for the purpose of paying down certain of its outstanding borrowings incurred in connection with the company's acquisition of Intimidator on January 13, 2022 and borrowed under its revolving credit facility provided under the amended credit agreement. On September 22, 2023, the company amended the $200.0 million term loan credit agreement to permit non-cash charges in its “Consolidated EBIT” calculation among other administrative amendments. The entire $200.0 million available under the agreement was funded on April 27, 2022, and matures on April 27, 2027. In connection with the company's entry into the $200.0 million term loan, the company incurred immaterial debt issuance costs, which are being deferred and amortized over the life of the $200.0 million term loan and are netted against the outstanding borrowings under the $200.0 million term loan within the long-term debt line item on the company's Consolidated Balance Sheets.

Beginning with the last business day of June 2025, the company is required to make quarterly amortization payments on the $200.0 million term loan equal to 2.5% of the original aggregate principal amount reduced by any applicable prepayments. The $200.0 million term loan may be prepaid and terminated at the company's election at any time without penalty or premium. Amounts repaid or prepaid may not be reborrowed.

Outstanding borrowings under the $200.0 million term loan bear interest on the outstanding principal amount thereof for each interest period at a variable rate generally based on Term SOFR or an alternative variable rate based on the highest of the Bank of America prime rate, the federal funds rate or a rate generally based on Term SOFR, in each case subject to an additional basis point spread as defined in the amended credit agreement. Interest is payable quarterly in arrears. The interest rate on outstanding borrowings as of October 31, 2023 was 6.30%. For the fiscal years ended October 31, 2023 and 2022, the company incurred interest expense of $11.7 million and $3.1 million, respectively, on the outstanding borrowings under the $200.0 million term loan.

The $200.0 million term loan contains customary covenants, including, without limitation, financial covenants generally consistent with those applicable under the company's revolving credit facility. The company was in compliance with all covenants as of October 31, 2023.

3.81% Series A and 3.91% Series B Senior Notes

On April 30, 2019, the company entered into a private placement note purchase agreement with certain purchasers pursuant to which the company agreed to issue and sell an aggregate principal amount of $100.0 million of 3.81% Series A Senior Notes due June 15, 2029 ("Series A Senior Notes") and $100.0 million of 3.91% Series B Senior Notes due June 15, 2031 ("Series B Senior Notes" and together with the Series A Senior Notes, the "Senior Notes"). On June 27, 2019, the company issued $100.0 million of the Series A Senior Notes and $100.0 million of the Series B Senior Notes pursuant to the private placement note purchase agreement. The Senior Notes are unsecured senior obligations of the company.

No principal is due on the Senior Notes prior to their stated due dates. The company has the right to prepay all or a portion of either series of the Senior Notes in amounts not less than 10% of the then outstanding principal amount of the series of Senior Notes being prepaid upon notice to the holders of such series for 100% of the principal amount prepaid, plus a make-whole premium, as set forth in the private placement note purchase agreement, plus accrued and unpaid interest, if any, to the date of prepayment. In addition, at any time on or after the date that is 90 days prior to the maturity date of the respective series, the company has the right to prepay all of the outstanding Senior Notes of such series for 100% of the principal amount so prepaid, plus accrued and unpaid interest, if any, to the date of prepayment. Upon the occurrence of certain change of control events, the company is required to offer to prepay all Senior Notes for 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of prepayment.

Interest on the Senior Notes is payable semiannually on the 15th day of June and December in each year. For each of the fiscal years ended October 31, 2023, 2022, and 2021, the company incurred interest expense of $7.7 million, respectively.

The private placement note purchase agreement contains customary representations and warranties of the company, as well as certain customary covenants, including, without limitation, financial covenants generally consistent with those applicable under the company's revolving credit facility. The company was in compliance with all covenants as of October 31, 2023.

3.97% Senior Notes

On June 30, 2022, the company issued $100.0 million of 3.97% Senior Notes due June 30, 2032 ("3.97% Senior Notes") pursuant to a private placement note purchase agreement ("2022 Note Purchase Agreement") with certain purchasers. The proceeds were used pay down certain of its outstanding borrowings incurred in connection with the company's acquisition of

Intimidator on January 13, 2022 and borrowed under its revolving credit facility provided under the amended credit agreement. In connection with the 2022 Note Purchase Agreement, the company incurred immaterial debt issuance costs, which were capitalized as contra-debt on the company's Consolidated Balance Sheets and will be amortized over the life of the 3.97% Senior Notes. The 3.97% Senior Notes are unsecured senior obligations of the company and mature on June 30, 2032.

The company has the right to prepay all or a portion of the 3.97% Senior Notes in an amount not less than 10% of the then outstanding principal amount upon notice to the holders for 100% of the prepaid principal amount plus a make-whole premium, as set forth in the 2022 Note Purchase Agreement, plus accrued and unpaid interest, if any, to the date of prepayment. In addition, at any time during the 90 day period ending on the maturity date of the 3.97% Senior Notes, the company will have the right to prepay all of the 3.97% Senior Notes for 100% of the principal amount prepaid, plus accrued and unpaid interest, if any, to the date of prepayment. Upon the occurrence of certain change of control events, the company is required to offer to prepay all of the 3.97% Senior Notes for 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of prepayment.

Interest on the 3.97% Senior Notes is payable semiannually on the 30th day of June and December in each year. For the fiscal years ended October 31, 2023 and 2022, the company incurred interest expense of $4.0 million and $1.3 million, respectively, on the outstanding borrowings under the 3.97% Senior Notes.

The 2022 Note Purchase Agreement contains customary representations and warranties of the company, as well as certain customary covenants, including, without limitation, financial covenants generally consistent with those applicable under the company's revolving credit facility. The company was in compliance with all covenants as of October 31, 2023.

7.8% Debentures

In June 1997, the company issued $175.0 million of debt securities consisting of $75.0 million of 7.125% coupon 10-year notes and $100.0 million of 7.8% coupon 30-year debentures. The $75.0 million of 7.125% coupon 10-year notes were repaid at maturity during fiscal 2007. In connection with the issuance of $175.0 million in long-term debt securities, the company paid $23.7 million to terminate three forward-starting interest rate swap agreements with notional amounts totaling $125.0 million. These swap agreements had been entered into to reduce exposure to interest rate risk prior to the issuance of the new long-term debt securities. As of the inception of one of the swap agreements, the company had received payments that were recorded as deferred income to be recognized as an adjustment to interest expense over the term of the new debt securities. As of the date the swaps were terminated, this deferred income totaled $18.7 million. The excess termination fees over the deferred income recorded was deferred and is being recognized as an adjustment to interest expense over the term of the debt securities issued.

Interest on the debentures is payable semiannually on the 15th day of June and December in each year. For each of the fiscal years ended October 31, 2023, 2022, and 2021, the company incurred interest expense of $8.0 million, respectively.

6.625% Senior Notes

On April 26, 2007, the company issued $125.0 million in aggregate principal amount of 6.625% senior notes due May 1, 2037 and priced at 98.513% of par value. The resulting discount of $1.9 million is being amortized over the term of the notes using the straight-line method as the results obtained are not materially different from those that would result from the use of the effective interest method. Although the coupon rate of the senior notes is 6.625%, the effective interest rate is 6.741% after taking into account the issuance discount. The senior notes are unsecured senior obligations of the company and rank equally with the company's other unsecured and unsubordinated indebtedness. The indentures under which the senior notes were issued contain customary covenants and event of default provisions. The company may redeem some or all of the senior notes at any time at the greater of the full principal amount of the senior notes being redeemed or the present value of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the treasury rate plus 30 basis points, plus, in both cases, accrued and unpaid interest. In the event of the occurrence of both (i) a change of control of the company, and (ii) a downgrade of the notes below an investment grade rating by both Moody's Investors Service, Inc. and Standard & Poor's Ratings Services within a specified period, the company would be required to make an offer to purchase the senior notes at a price equal to 101% of the principal amount of the senior notes plus accrued and unpaid interest to the date of repurchase.

Interest on the senior notes is payable semiannually on the 1st day of May and November in each year. For each of the fiscal years ended October 31, 2023, 2022, and 2021, the company incurred interest expense of $8.4 million, respectively.

Summary of Significant Accounting Policies and Related Data - Financing Programs (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Accounting Policies [Abstract]
Financing costs for distributor and dealer inventories	$ 114.7	$ 46.3	$ 20.8

Leases - Supplemental Cash Flow and Other Lease Information (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Leases [Abstract]
Right-of-use assets obtained in exchange for lease obligations	$ 67.6	$ 27.0	$ 5.4
Operating cash flows for amounts included in the measurement of lease liabilities	$ 20.9	$ 19.2	$ 18.9

Stockholders' Equity - Components and Activity of AOCL (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Components and activity of accumulated other comprehensive loss
Balance as of the beginning of the fiscal period	$ (1,351.7)	$ (1,151.1)	$ (1,114.8)
Other comprehensive (income) loss before reclassifications	(11.4)	12.2
Amounts reclassified from AOCL	15.3	(5.1)
Net current period other comprehensive (income) loss	3.9	7.1	(8.3)
Balance as of the end of the fiscal period	(1,510.9)	(1,351.7)	(1,151.1)
Total
Components and activity of accumulated other comprehensive loss
Balance as of the beginning of the fiscal period	33.1	26.0	34.3
Net current period other comprehensive (income) loss	3.9	7.1	(8.3)
Balance as of the end of the fiscal period	37.0	33.1	26.0
Foreign Currency Translation Adjustments
Components and activity of accumulated other comprehensive loss
Balance as of the beginning of the fiscal period	51.3	19.5
Other comprehensive (income) loss before reclassifications	(9.6)	31.8
Amounts reclassified from AOCL	0.0	0.0
Net current period other comprehensive (income) loss	(9.6)	31.8
Balance as of the end of the fiscal period	41.7	51.3	19.5
Pension Benefits
Components and activity of accumulated other comprehensive loss
Balance as of the beginning of the fiscal period	3.6	3.9
Other comprehensive (income) loss before reclassifications	0.7	(0.3)
Amounts reclassified from AOCL	0.0	0.0
Net current period other comprehensive (income) loss	0.7	(0.3)
Balance as of the end of the fiscal period	4.3	3.6	3.9
Cash Flow Derivative Instruments
Components and activity of accumulated other comprehensive loss
Balance as of the beginning of the fiscal period	(21.8)	2.6
Other comprehensive (income) loss before reclassifications	(2.5)	(19.3)
Amounts reclassified from AOCL	15.3	(5.1)
Net current period other comprehensive (income) loss	12.8	(24.4)
Balance as of the end of the fiscal period	$ (9.0)	$ (21.8)	$ 2.6

- Definition

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

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Pay vs Performance Disclosure
Net earnings	$ 329.7	$ 443.3	$ 409.9

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stockholders' Equity (Tables)

12 Months Ended

Oct. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss

The components of AOCL, net of tax, within the Consolidated Statements of Stockholders' Equity were as follows (dollars in millions):


As of October 31	2023		2022
Foreign currency translation adjustments	$	41.7	$	51.3
Pension benefits	4.3		3.6
Cash flow derivative instruments	(9.0)		(21.8)
Total accumulated other comprehensive loss	$	37.0	$	33.1

Schedule of Components and Activity of Accumulated Other Comprehensive Loss

The components and activity of AOCL, net of tax, were as follows (dollars in millions):


	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2022	$	51.3	$	3.6	$	(21.8)	$	33.1
Other comprehensive (income) loss before reclassifications	(9.6)		0.7		(2.5)		(11.4)
Amounts reclassified from AOCL	—		—		15.3		15.3
Net current period other comprehensive (income) loss	(9.6)		0.7		12.8		3.9
Balance as of October 31, 2023	$	41.7	$	4.3	$	(9.0)	$	37.0


	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2021	$	19.5	$	3.9	$	2.6	$	26.0
Other comprehensive loss (income) before reclassifications	31.8		(0.3)		(19.3)		12.2
Amounts reclassified from AOCL	—		—		(5.1)		(5.1)
Net current period other comprehensive loss (income)	31.8		(0.3)		(24.4)		7.1
Balance as of October 31, 2022	$	51.3	$	3.6	$	(21.8)	$	33.1

Employee Retirement Plans

12 Months Ended

Oct. 31, 2023

Retirement Benefits [Abstract]

Employee Retirement Plans


15			Employee Retirement Plans

Defined Contribution Plan

The company maintains The Toro Company Retirement Plan for eligible employees. The company's expenses under this plan, which include costs related to matching contributions and discretionary retirement fund contributions, as applicable, were $38.1 million, $35.3 million, and $28.5 million for the fiscal years ended October 31, 2023, 2022, and 2021, respectively.

Defined Benefit Plans

The company has a defined benefit pension plan covering certain employees in the United Kingdom ("defined benefit retirement plan"). The projected and accumulated benefit obligation of the defined benefit retirement plan was $18.3 million and $18.9 million as of October 31, 2023 and 2022, respectively. The fair value of the defined benefit retirement plan assets as of October 31, 2023 and 2022 was $17.6 million and $18.4 million, respectively. The net funded status of the defined benefit retirement plan as of October 31, 2023 and 2022 was underfunded at $0.7 million and $0.6 million, respectively.

Service costs of the defined benefit retirement plans are presented in selling, general and administrative expense within the Consolidated Statements of Earnings. Non-service cost components of net periodic benefit cost (income), including realized gains or losses as a result of changes in actuarial valuation assumptions, are presented in other income, net within the Consolidated Statements of Earnings. The company recognized expense of $0.2 million for the fiscal year ended October 31, 2023, and recognized income of $0.2 million, and $0.1 million for the fiscal years ended October 31, 2022 and 2021, respectively.

The company has omitted the remaining disclosures for the defined benefit retirement plan as the company deems this defined benefit retirement plan to be immaterial to its Consolidated Financial Statements.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (o)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Derivative Instruments and Hedging Activities - Impacts and Location of Amounts Reclassified From AOCL (Details) - Cash Flow Hedging - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from AOCL into Income	$ 15.3	$ 5.1
(Loss) Gain Recognized in OCI on Derivatives	(12.8)	24.4
Forward currency contracts \| Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from AOCL into Income	10.8	4.5
(Loss) Gain Recognized in OCI on Derivatives	(12.9)	21.2
Forward currency contracts \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from AOCL into Income	4.5	0.6
(Loss) Gain Recognized in OCI on Derivatives	$ 0.1	$ 3.2

Segment Data - Geographic Data (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Geographic Data
Net sales	$ 4,553.2	$ 4,514.7	$ 3,959.6
Long-lived assets	641.7	571.7	487.7
United States
Geographic Data
Net sales	3,605.5	3,635.5	3,132.0
Long-lived assets	540.4	505.9	440.5
International Countries
Geographic Data
Net sales	947.7	879.2	827.6
Long-lived assets	$ 101.3	$ 65.8	$ 47.2

- 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
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-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
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
-Subparagraph (b)
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) $ in Millions	12 Months Ended
	Oct. 31, 2023 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the period	$ 3.3
Increase as a result of tax positions taken during a prior period	0.2
Increase as a result of tax positions taken during the current period	0.6
Reductions as a result of statute of limitations lapses	(0.4)
Balance at the end of the period	$ 3.7

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Disaggregation of Revenue [Line Items]
Consignment inventory amount	$ 38.3	$ 28.3
Contract with customer, liability	25.6	$ 28.0
Contract with customer, liability, revenue recognized	$ 14.7
Minimum \| Product Revenue
Disaggregation of Revenue [Line Items]
Contract with customer, contract period	30 days
Minimum \| Service Revenue
Disaggregation of Revenue [Line Items]
Contract with customer, contract period	12 months
Minimum \| Warranty Revenue
Disaggregation of Revenue [Line Items]
Contract with customer, contract period	12 months
Maximum \| Product Revenue
Disaggregation of Revenue [Line Items]
Contract with customer, contract period	120 days
Maximum \| Service Revenue
Disaggregation of Revenue [Line Items]
Contract with customer, contract period	60 months
Maximum \| Warranty Revenue
Disaggregation of Revenue [Line Items]
Contract with customer, contract period	24 months

Stockholders' Equity

12 Months Ended

Oct. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity


10			Stockholders' Equity

Stock Repurchase Program

On December 4, 2018, the company's Board authorized the repurchase of 5,000,000 shares of common stock in open-market or in privately negotiated transactions under the authorized stock repurchase program. During fiscal 2023 and 2022, the company paid $60.0 million and $140.0 million to repurchase 577,115 and 1,525,856 shares, respectively, under the authorized repurchase program. As of October 31, 2023, 1,949,491 shares remained available for repurchase under the December 4, 2018 tranche of authorized shares under the company's stock repurchase program. This program has no expiration date but may be terminated by the Board at any time. Shares of the company's common stock surrendered by employees to satisfy minimum tax withholding obligations upon vesting of certain stock-based compensation awards are not a part of this program.

On December 13, 2022, the company's Board authorized the repurchase of up to an additional 5,000,000 shares of common stock in open-market or in privately negotiated transactions under the authorized stock repurchase program. As of October 31, 2023, no shares have been repurchased under this program. This program has no expiration date but may be terminated by the Board at any time.

Treasury Shares

Treasury shares generally consist of shares of the company's common stock repurchased under the company's Board authorized stock repurchase program. The company values treasury shares on an average cost basis. As of October 31, 2023, the company had a total of 23,888,294 treasury shares at a total average cost of $1,743.6 million. As of October 31, 2022, the company had a total of 23,774,518 treasury shares at a total average cost of $1,715.0 million.

Accumulated Other Comprehensive Loss

The components of AOCL, net of tax, within the Consolidated Statements of Stockholders' Equity were as follows (dollars in millions):


As of October 31	2023		2022
Foreign currency translation adjustments	$	41.7	$	51.3
Pension benefits	4.3		3.6
Cash flow derivative instruments	(9.0)		(21.8)
Total accumulated other comprehensive loss	$	37.0	$	33.1

The components and activity of AOCL, net of tax, were as follows (dollars in millions):


	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2022	$	51.3	$	3.6	$	(21.8)	$	33.1
Other comprehensive (income) loss before reclassifications	(9.6)		0.7		(2.5)		(11.4)
Amounts reclassified from AOCL	—		—		15.3		15.3
Net current period other comprehensive (income) loss	(9.6)		0.7		12.8		3.9
Balance as of October 31, 2023	$	41.7	$	4.3	$	(9.0)	$	37.0


	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2021	$	19.5	$	3.9	$	2.6	$	26.0
Other comprehensive loss (income) before reclassifications	31.8		(0.3)		(19.3)		12.2
Amounts reclassified from AOCL	—		—		(5.1)		(5.1)
Net current period other comprehensive loss (income)	31.8		(0.3)		(24.4)		7.1
Balance as of October 31, 2022	$	51.3	$	3.6	$	(21.8)	$	33.1

For additional information on the components reclassified from AOCL to the respective line items in net earnings for derivative instruments refer to Note 13, Derivative Instruments and Hedging Activities.

- Definition

The entire disclosure for equity.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Subsequent Events

12 Months Ended

Oct. 31, 2023

Subsequent Events [Abstract]

Subsequent Events


16			Subsequent Events

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

Stock-Based Compensation - Factors Related to the Company's Stock and Restricted Stock Units (Details) - Restricted stock unit awards - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average per award fair value at date of grant (in dollars per share)	$ 103.40	$ 88.90	$ 97.87
Fair value of restricted stock units vested	$ 6.2	$ 5.5	$ 4.5

- 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

+ Details

Summary of Significant Accounting Policies and Related Data

12 Months Ended

Oct. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Related Data


1			Summary of Significant Accounting Policies and Related Data

The Toro Company is in the business of designing, manufacturing, marketing, and selling professional turf maintenance equipment and services; turf irrigation systems; landscaping equipment and lighting products; snow and ice management products; agricultural irrigation ("ag-irrigation") systems; rental, specialty, and underground construction equipment; and residential yard and snow thrower products. The company sells its products worldwide through a network of distributors, dealers, mass retailers, hardware retailers, equipment rental centers, and home centers, as well as online and direct to end-users. The company strives to provide innovative, well-built, and dependable products supported by an extensive service network.

The following are the company's significant accounting policies in addition to those included in the other Notes to Consolidated Financial Statements included within this Part II, Item 8, "Financial Statements and Supplementary Data," of this Annual Report on Form 10-K.

Basis of Presentation and Consolidation

The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted ("GAAP") in the United States ("U.S.") and include the accounts of the company and its wholly-owned subsidiaries. In the opinion of management, the 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.

The company's businesses are organized, managed, and internally grouped into segments based on similarities in products and services. The company classifies its operations into two reportable business segments: Professional and Residential. The company's remaining activities are presented as "Other" due to their insignificance. For additional information regarding the company's reportable business segments refer to Note 3, Segment Data.

The company uses the equity method to account for equity investments in unconsolidated entities over which it has the ability to exercise significant influence over operating and financial policies. The company's share of the net earnings or losses of these equity method investments are recorded within other income, net on the Consolidated Statements of Earnings. Equity investments in unconsolidated entities that the company does not control and for which it does not have the ability to exercise significant influence over operating and financial policies are recorded at cost, less impairment, as applicable, within the Consolidated Balance Sheets. All intercompany accounts and transactions have been eliminated from the Consolidated Financial Statements.

Accounting Estimates

In preparing the 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; allowance for 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 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 current economic environment and other relevant factors, as applicable. 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 Consolidated Financial Statements are prepared. Changes in those estimates will be reflected in the Consolidated Financial Statements in future periods.

Business Combinations and Asset Acquisitions

When applicable, the company accounts for the acquisition of a business in accordance with the accounting standards codification ("ASC") guidance for business combinations, whereby the total purchase consideration transferred is allocated to

the assets acquired and liabilities assumed, including amounts attributable to non-controlling interests, when applicable, based on their respective estimated fair values as of the date of acquisition. Goodwill represents the excess of purchase consideration transferred over the estimated fair value of the identifiable net assets acquired in a business combination.

Assigning estimated fair values to the net assets acquired requires the use of significant estimates, judgments, inputs, and assumptions regarding the fair value of the assets acquired and liabilities assumed. Estimated fair values of assets acquired and liabilities assumed are generally based on available historical information, independent valuations or appraisals, future expectations, and assumptions determined to be reasonable but are inherently uncertain with respect to future events, including economic conditions, competition, the useful life of the acquired assets, and other factors. The company may refine the estimated fair values of assets acquired and liabilities assumed, if necessary, over a period not to exceed one year from the date of acquisition by taking into consideration new information about facts and circumstances that existed as of the acquisition date that, if known at the date of acquisition, would have affected the estimated fair values ascribed to the assets acquired and liabilities assumed. The judgments made in determining the estimated fair value assigned to assets acquired and liabilities assumed, as well as the estimated useful life and depreciation or amortization method of each asset, can materially impact the net earnings of the periods subsequent to the acquisition through depreciation and amortization, and in certain instances through impairment charges, if the asset becomes impaired in the future. During the measurement period, any purchase price allocation changes that impact the carrying value of goodwill would also affect the amount of goodwill impairment taken, if applicable. If necessary, purchase price allocation revisions that occur outside of the measurement period are recorded within cost of sales or selling, general and administrative expense within the Consolidated Statements of Earnings depending on the nature of the adjustment.

When an acquisition does not meet the definition of a business combination because either: (i) substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, or group of similar identified assets, or (ii) the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, the company accounts for the acquisition as an asset acquisition. In an asset acquisition, goodwill is not recognized, but rather, any excess purchase consideration over the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net assets as of the acquisition date and any direct acquisition-related transaction costs are capitalized as part of the purchase consideration.

Refer to Note 2, Business Combinations and Asset Acquisitions, for additional information regarding the company's accounting for recent business combinations and asset acquisitions.

Cash and Cash Equivalents

The company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value. As of October 31, 2023 and 2022, cash and cash equivalents held by the company's foreign subsidiaries were $91.1 million and $93.4 million, respectively.

Receivables, Net

Receivables are recorded at original carrying amount less an estimated allowance for expected credit losses. The allowance for expected credit losses is based on the company's assessment of losses that will result from its customers inability or unwillingness to pay amounts owed to the company. The allowance for expected credit losses is estimated using a combination of factors, including the age of receivable balances and historical credit loss experience, supplemented by the company's knowledge of customer-specific information, current market conditions, and reasonable and supportable projections of future events and economic conditions, when applicable. Receivables are written-off against the allowance for expected credit losses when all collection efforts have been exhausted.

The company's financial exposure related to the collection of accounts receivable is reduced due to its inventory financing arrangements, as further discussed in Note 11, Commitments and Contingencies.

For receivables not serviced through inventory financing agreements, the company provides financing in the form of open account terms in the normal course of business and performs on-going credit evaluations of customers.

Concentrations of Credit Risk

Financial instruments, which potentially subject the company to concentrations of credit risk, consist principally of accounts receivable and derivative instruments. Accounts receivable balances are generally concentrated in the Professional and Residential business segments. The credit risk associated with these business segments is limited because of the large number of customers in the company's customer base and their geographic dispersion. The credit risk associated with the company's derivative instruments is limited as the company enters into derivative instruments with multiple counterparties that are highly rated financial institutions.

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 approximately 58.5 percent and 50.8 percent of total net inventories as of October 31, 2023 and 2022, respectively. Other inventories are valued at the lower of cost or market, with cost determined under the last-in, first-out ("LIFO") method. During fiscal 2023 and fiscal 2022, LIFO layers were not materially reduced. 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. Such inventory valuation adjustments for excess, obsolete, and slow moving inventory are not reduced or removed until the product is sold or disposed of. As of October 31, 2023 and 2022, the company's inventory valuation adjustment for excess, slow-moving, and obsolete inventory was $43.9 million and $38.7 million, respectively.

Inventories, net were as follows (dollars in millions):


October 31	2023		2022
Raw materials and work in process	$	400.3	$	482.9
Finished goods and service parts	844.2		738.1
Total FIFO value	1,244.5		1,221.0
Less: adjustment to LIFO value	156.7		169.9
Total inventories, net	$	1,087.8	$	1,051.1

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 expenses as incurred within cost of sales or selling, general and administrative expense in the Consolidated Statements of Earnings depending on the nature and use of the related asset. Interest is capitalized during the construction period for significant capital projects. During the fiscal years ended October 31, 2023, 2022, and 2021, the company capitalized $4.2 million, $2.5 million, and $0.8 million of interest, respectively.

Property, plant and equipment, net was as follows (dollars in millions):


October 31	2023		2022
Land and land improvements	$	69.0	$	59.6
Buildings and leasehold improvements	355.8		324.3
Machinery and equipment	624.6		557.6
Tooling	260.4		225.9
Computer hardware and software	98.0		104.7
Construction in process	133.2		144.4
Property, plant and equipment, gross	1,541.0		1,416.5
Less: accumulated depreciation	899.3		844.8
Property, plant and equipment, net	$	641.7	$	571.7

During fiscal 2023, 2022, and 2021, the company recorded depreciation expense of $83.5 million, $74.9 million, and $75.5 million, respectively.

Goodwill and Indefinite-Lived Intangible Assets

Goodwill is initially recognized as a result of the excess of purchase consideration transferred over the estimated fair value of the net assets acquired in a business combination and indefinite-lived intangible assets are initially recognized at their estimated fair values as a result of a business combination or asset acquisition. Goodwill is assigned to a reporting unit based upon the expected benefit of the synergies of the acquisition. Goodwill and certain trade names, which are considered to have indefinite lives, are not amortized; however, the company reviews them for impairment annually during the fourth quarter of each fiscal year or more frequently if changes in circumstances or the occurrence of events indicate that impairment may have occurred prior to the annual assessment. The company tests goodwill for impairment at the reporting unit level and tests indefinite-lived

intangible assets for impairment at the individual indefinite-lived intangible asset or asset group level, as appropriate. 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, Refer to Note 5, Goodwill and Other Intangible Assets for further information.

During the fourth quarter of fiscal 2023, the company performed its annual goodwill impairment test. In performing the annual goodwill impairment test, the company first reviewed its reporting units and determined that it has twelve reporting units, which are the same as its twelve operating segments as defined in Note 3, Segment Data. Nine reporting units contained goodwill on their respective balance sheets as of October 31, 2023. Next, the company elected to bypass the qualitative assessment and move directly to the quantitative goodwill impairment analysis. In performing the quantitative goodwill impairment analysis, the company compared the carrying value of each reporting unit, including goodwill, to its respective fair value. The carrying value of each reporting unit was determined based on the amount of equity required for the reporting unit's activities, considering the specific assets and liabilities of the reporting unit. The company did not assign corporate assets and liabilities that do not relate to the operations of the reporting unit, or are not considered in determining the fair value of the reporting unit, to the reporting units. The company's estimate of the respective fair values of its reporting units was determined based on 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 projection 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. Where available, and as appropriate, comparable market multiples and the company's market capitalization were also utilized to corroborate the results of the discounted cash flow models under the income approach. If the fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment charge would be recognized for the amount by which the carrying value of the reporting unit exceeds the its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Based on the quantitative annual goodwill impairment analysis performed in the fourth quarter of fiscal 2023, the company determined there was no impairment of goodwill for any of its reporting units. Further, no impairment of goodwill was recorded during fiscal 2022 and 2021.

During the fourth quarter of fiscal 2023, the company also performed a quantitative impairment analysis for its indefinite-lived intangible assets, which consist of certain trade names. The company's estimate of the fair values of its trade names are based on the relief from royalty method under the income approach and utilizes various inputs and assumptions, including projected revenues from the company's projection process, assumed royalty rates that could be payable if the company did not own the intangible asset, terminal growth rates applied to projected revenues, applicable tax rates, and a discount rate. If the fair value of the indefinite-lived intangible asset, or asset group, is less than its carrying value, an impairment loss is recognized in an amount equal to the excess. Based on this quantitative impairment analysis performed in the fourth quarter of fiscal 2023, the company concluded its indefinite-lived intangible assets were not impaired. Further, the company concluded its indefinite-lived intangible assets were not impaired during fiscal 2022 and 2021 based on the same quantitative impairment analysis performed in each respective prior fiscal year.

Other Long-Lived Assets

Other long-lived assets primarily consist of property, plant and equipment; right-of-use assets associated with operating lease agreements; capitalized implementation costs for hosted cloud-computing arrangements; finite-lived intangible assets; and other assets, as applicable. The company's finite-lived intangible assets are identifiable assets that were acquired as a result of business combinations or asset acquisitions and primarily consist of customer relationships and lists, developed technology, patents, trade names, non-compete agreements, and order backlog and are generally amortized on a straight-line basis over their expected useful lives, which typically range from several months to 20 years depending on the nature of the finite-lived intangible asset.

The company reviews other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or asset group, may not be recoverable. Asset groups have identifiable cash flows and are largely independent of other asset groups. An impairment loss is recognized when estimated undiscounted future cash flows from the operation or disposition of the asset group are less than the carrying amount of the asset group. Measurement of an impairment loss is based on the excess of the carrying amount of the asset group over its fair value. Fair value is generally measured using a discounted cash flow model or independent appraisals, as appropriate. The company did not record an impairment loss for fiscal 2023, 2022, and 2021 as the company's long-lived assets were determined to not be at risk for impairment as no events or changes in circumstances were identified that would indicate that the carrying amount of an asset, or asset group, may not be recoverable.

For other long-lived assets to be abandoned, the company tests for potential impairment. If the company commits to a plan to abandon or dispose of an other long-lived asset, or asset group, before the end of its previously estimated useful life, depreciation or amortization expense is recognized over the revised estimated useful life.

Leases

The company enters into contracts that are, or contain, operating lease agreements that 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 includes all non-cancelable periods.

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. Lease payments are determined at lease commencement and 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. The company has operating leases with both lease components and non-lease components. For purposes of determining lease payments, the company accounts for lease components separately from non-lease components based on the relative market value of each component. Non-lease components typically consist of common area maintenance, utilities, and/or other repairs and maintenance services. The costs related to non-lease components are not included within the determination of lease payments at commencement. Minimum remaining lease payments are discounted to present value based on the rate implicit in the operating lease agreement or the estimated incremental borrowing rate at lease commencement if the rate implicit in the lease is not readily determinable. 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 represent the company's right to use an underlying asset throughout the lease term and 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.

Lease expense for the company's operating leases is recognized on a straight-line basis over the lease term and is recorded within either cost of sales or selling, general and administrative expense in the Consolidated Statements of Earnings depending on the nature and use of the identified asset underlying the respective operating lease arrangement. The company does not recognize right-of-use assets and lease liabilities, but does recognize lease 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.

Accounts Payable

The company has a supply chain finance service agreement with a third-party financial institution to provide a web-based platform that facilitates the ability of participating suppliers to finance payment obligations from the company with the third-party financial institution. Participating suppliers may, at their sole discretion, make offers to finance one or more payment obligations of the company prior to their scheduled due dates at a discounted price to the third-party financial institution. The company's obligations to its suppliers, including amounts due and scheduled payment dates, are not affected by suppliers' decisions to finance amounts under this supply chain finance arrangement. As of October 31, 2023 and 2022, $99.6 million and $133.7 million, respectively, of the company's outstanding payment obligations were financed by participating suppliers through the third-party financial institution's supply chain finance web-based platform.

Insurance

The company is self-insured for certain losses relating to employee medical, dental, workers' compensation, and certain product liability claims. Specific stop loss coverages are provided for catastrophic claims in order to limit exposure to significant claims. Losses and claims are charged to net earnings when it is probable a loss has been incurred and the amount can be reasonably estimated. Self-insured liabilities are based on a number of factors, including historical claims experience, an estimate of claims incurred but not reported, demographic and severity factors, and utilizing valuations provided by independent third-party actuaries, as applicable.

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. 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 projected 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 (dollars in millions):


Fiscal Years Ended October 31	2023		2022		2021
Beginning balance	$	134.5	$	116.8	$	107.1
Changes in accrual related to warranties issued during the period1	90.1		81.5		73.5
Acquisitions	—		5.7		—
Payments made during the period1	(84.5)		(74.6)		(71.3)
Changes in accrual related to pre-existing warranties1	3.8		5.1		7.5
Ending balance	$	143.9	$	134.5	$	116.8

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.

Derivative Instruments and Hedging Activities

Derivative instruments, consisting primarily of forward currency contracts, are used to hedge most foreign currency transactions, including projected sales and purchases denominated in foreign currencies. All derivative instruments are recognized on the Consolidated Balance Sheets at fair value as either assets or liabilities. If the derivative instrument is designated as a cash flow hedging instrument, 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 accumulated other comprehensive loss (“AOCL”) on the Consolidated Balance Sheets and are subsequently reclassified to net earnings within the Consolidated Statements of Earnings during the same period in which the cash flows of the underlying hedged transaction affect net earnings. Changes in the fair values of hedge components excluded from the assessment of effectiveness are recognized immediately in net earnings under the mark-to-market approach. Derivatives that are not designated as cash flow hedging instruments are adjusted to fair value through other income, net, on the Consolidated Statements of Earnings.

Foreign Currency Translation and Transactions

The functional currency of the company's foreign operations is generally the applicable local currency. The functional currency is translated into U.S. dollars using the respective current exchange rate in effect as of the balance sheet date for balance sheet accounts and the respective weighted-average exchange rate during the fiscal year for revenue and expense accounts. The resulting translation adjustments are deferred as a component of other comprehensive income within the Consolidated Statements of Comprehensive Income and the Consolidated Statements of Stockholders' Equity. Gains or losses resulting from transactions denominated in foreign currencies are included in other income, net in the Consolidated Statements of Earnings.

Debt Issuance Costs

Debt issuance costs incurred in connection with securing the company’s financing arrangements are capitalized and amortized over the term of the respective financing arrangement under the straight-line method as the results obtained are not materially different from those that would result from the use of the effective interest method. Debt issuance costs are generally presented in the Consolidated Balance Sheets as a direct deduction from the carrying amount of the outstanding borrowings, consistent with debt discounts. However, the company classifies the debt issuance costs related to its $600.0 million five-year senior

unsecured revolving credit facility ("revolving credit facility") within other assets on the Consolidated Balance Sheets, regardless of whether the company has any outstanding borrowings on the revolving credit facility. Debt issuance costs related to borrowings that are fully extinguished in advance of the maturity date are charged to expense at the time of retirement of the borrowings. Debt issuance costs, net of accumulated amortization, were $3.8 million and $4.8 million as of October 31, 2023 and 2022, respectively.

Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years that those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. A valuation allowance is provided when, in management's judgment, it is more likely than not that some portion or all of the deferred tax asset will not be realized. The company believes it has reflected the necessary deferred tax assets and liabilities in the accompanying Consolidated Balance Sheets. Management believes the future tax deductions will be realized principally through future taxable income, future reversals of existing taxable temporary differences, and carryback to taxable income in prior years.

The company recognizes the effect of income tax positions only if it is more likely than not that those positions will be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50.0 percent likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The company also records interest and penalties related to unrecognized tax benefits within income tax expense.

Revenue Recognition

The company's primary source of revenue is generated through the sale of equipment and irrigation products, as well as rendering of services to its customers. As a result, the company enters into contracts with its customers for the sale of products or rendering of services in the ordinary course of business, which generally occurs at the time the company receives and accepts a purchase or sales order under a sales contract with a customer. The company recognizes revenue when, or as, performance obligations under the terms of a contract with its customer are satisfied, which generally occurs with the transfer of control of product or services at the time a product is shipped, or in the case of certain agreements, when a product is delivered or as services are rendered. Revenue is recognized based on the transaction price, which is measured as the amount of consideration the company expects to receive in exchange for transferring product or rendering services pursuant to the terms of the contract with a customer. The amount of consideration the company receives and the revenue the company recognizes varies as a result of variable consideration. Variable consideration is recorded at the time revenue is recognized as a reduction of the transaction price and typically occurs as a result of certain of the company's sales promotion and incentive programs offered to customers that are determined to represent price concessions, as well as anticipated product returns, when applicable. If a contract contains more than one performance obligation, the transaction price is allocated to each performance obligation based on the relative standalone selling price of the respective promised good or service. The company does not recognize revenue in situations where collectability from the customer is not probable, and defers the recognition of revenue until collection is probable or payment is received and performance obligations are satisfied.

Sales Promotions and Incentives

At the time revenue is recognized, the company records a reduction of the transaction price for the variable consideration associated with certain of the company's sales promotions and incentives programs offered to customers that are determined to represent price concessions. The expense of each sales promotion and incentive program is classified as a reduction from gross sales or as a component of selling, general and administrative expense within the Consolidated Statements of Earnings when revenue is recognized, depending on the nature of the program. Generally, the cost of a program is recorded as a reduction from gross sales when revenue is recognized and thus, is considered to be variable consideration, if the expense is determined to represent a price concession because the program either (i) results in an immediate reduction of the transaction price with no anticipated future costs or consideration provided to the customer or (ii) the company anticipates future costs based on historical or expected future business practice for which the company does not receive a distinct good or service in exchange for the future consideration provided to the customer under the program. In other circumstances, the anticipated future cost of a program based on historical or expected future business practice is recorded as selling, general and administrative expense because the company receives a distinct good or service in exchange for the future consideration provided to the customer under the program.

Examples of significant sales promotions and incentive programs that are considered to be variable consideration because the cost of the program is classified as a reduction from gross sales are as follows:

•Off-Invoice Discounts: The company's off-invoice discounts represent an immediate reduction in the selling price of the company's products that is realized at the time of sale with no anticipated future cost or consideration provided to the customer.

•Rebate Programs: The company's rebate programs are generally based on claims submitted from either the company's direct customers or end-users of the company's products or are based on purchase or retail sales goals for the company's direct customers of certain quantities or mixes of product during a specified time period, depending upon the program. The amount of the rebate varies based on the specific program and is either a dollar amount or a percentage of the purchase price and can also be based on actual retail price as compared to the company's selling price. Consideration is typically provided to the company's customers for the company's rebate programs after the initial sale of the company's products to the company's direct customers and thus, there is generally an anticipated future cost at the time revenue is recognized based on historical and expected future business practice.

•Financing Programs: The company's financing programs consist of floor plan financing programs with Red Iron and separate third-party financial institutions and end-user retail financing. Costs incurred for floor plan financing programs represent financing costs associated with programs under which the company shares the expense of financing distributor and dealer inventories through third-party financing arrangements for a specific period of time. This charge represents interest for a pre-established length of time based on a predefined rate from the contract between the company and Red Iron or the separate third-party financial institution to finance distributor and dealer inventory purchase. The floor plan financing costs for distributor and dealer inventories were $114.7 million, $46.3 million, and $20.8 million for the fiscal years ended October 31, 2023, 2022 and 2021, respectively. End-user retail financing is similar to floor planning with the difference being that retail financing programs are offered to end-user customers under which the company, at its discretion, may pay a portion of interest costs on behalf of end-users for financing purchases of the company's equipment.

Examples of significant sales promotions and incentive programs that are not considered to be variable consideration because the cost of the program is classified as a component of selling, general, and administrative expense are as follows:

•Commissions Paid to Distributors and Dealers: For certain products, the company uses a distribution network of dealers and distributors that purchase and take possession of products for sale to the end customer. The company also has dealers and distributors that act as sales agents for it on certain products using a direct-selling type model. Under this direct-selling type model, the company's network of distributors and dealers facilitates a sale directly to the dealer or end-user customer on its behalf. Commissions to distributors and dealers in these instances represent commission payments to sales agents that are also its customers. In addition, TTC dealers are often paid a commission to set up and deliver riding product purchased at certain mass retail and home centers.

•Cooperative Advertising: Cooperative advertising programs are based on advertising costs incurred by distributors and dealers for promoting the company's products. The company supports a portion of those advertising costs in which claims are submitted by the distributor or dealer along with evidence of the advertising material procured/produced and evidence of the cost incurred in the form of third-party invoices or receipts.

Regardless of classification of the cost of the sales promotion and incentive program within the Consolidated Statements of Earnings, the company records an accrual within the Consolidated Balance Sheets for the estimated future expense of certain of its sales promotion and incentive programs for which the company anticipates a future cost based on historical or expected future business practice by using the expected value method and applying the portfolio approach practical expedient under the accounting standards codification guidance for revenue from contracts with customers. Under such approach, the company's determination of variable consideration and the related accrual associated with the estimated expense of certain of the company's sales promotions and incentives programs is primarily based on the terms of the sales arrangements and sales promotion and incentive programs with customers, historical payment and rebate claims experience, field inventory levels, quantity or mix of products purchased, projected sales volumes, types of programs offered, and expectations for the acceptance of sales promotion and incentive programs offered in the future or changes in other relevant trends.

Cost of Sales

Cost of sales is primarily comprised of direct materials and supplies consumed to manufacture the company's products, as well as compensations costs for manufacturing labor and direct overhead expense necessary to convert direct materials and supplies into finished product. Cost of sales also includes freight costs for the procurement of direct materials and supplies and shipping products to customers; charges associated with inventory valuation adjustments for excess, slow-moving, and obsolete inventory; depreciation and amortization expense on manufacturing-related tangible and intangible assets; operating lease expense related to leased manufacturing assets; cost of services provided; cash discounts on payments to vendors, and other manufacturing-related costs.

Selling, General and Administrative Expense

Selling, general and administrative expense is primarily comprised of compensation costs for non-manufacturing labor, occupancy and operating costs of distribution and corporate facilities, warranty expense, depreciation and amortization expense on non-manufacturing tangible and intangible assets, operating lease expense related to leased non-manufacturing assets; advertising, marketing, and selling expenses, engineering and research costs, information systems costs, and other miscellaneous administrative costs, such as legal costs for internal and outside services that are expensed as incurred.

Advertising Expense

General advertising costs are expensed in the period incurred. Cooperative advertising represents expenditures for shared advertising costs that the company reimburses to customers and is classified as a component of selling, general and administrative expense within the Consolidated Statements of Earnings. These obligations are accrued and expensed when the related revenues are recognized in accordance with the sales promotion and incentive programs established for certain product lines. Advertising costs were $77.6 million, $58.3 million, and $50.5 million for the fiscal years ended October 31, 2023, 2022, and 2021, respectively.

Engineering and Research Expense

The company's engineering and research costs are expensed as incurred as a component of selling, general and administrative expense within the Consolidated Statements of Earnings and are primarily incurred in connection with the development of new products that may have additional applications or represent extensions of existing product lines, improvements or enhancements to existing products, and cost reduction efforts. Costs incurred for engineering and research activities were $173.9 million, $155.6 million, and $141.0 million for the fiscal years ended October 31, 2023, 2022, and 2021, respectively.

Stock-Based Compensation Expense

The company's stock-based compensation awards are generally granted to executive officers, other employees, and non-employee members of the company's Board of Directors ("Board"), and include unrestricted common stock awards, performance share awards that are contingent on the achievement of performance goals of the company, non-qualified stock options, and restricted stock units. Generally, compensation expense equal to the grant date fair value determined under the Black-Scholes valuation method is recognized for these awards over the vesting period and is classified in selling, general and administrative expense within the Consolidated Statements of Earnings. For stock options and restricted stock units, expense recognized for other employees not considered executive officers and non-employee Board members is net of estimated forfeitures, which is 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 applicable equity and incentive plan document. 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. For additional information on The Toro Company 2022 Equity and Incentive Plan, refer to Note 9, Stock-Based Compensation.

Other Income, Net

Other income, net primarily consists of the company's proportionate share of income or losses from Red Iron, realized foreign currency exchange rate gains and losses, interest and dividend income, gains or losses recognized on actuarial valuation changes for our pension and post-retirement plans, retail financing revenue, and other miscellaneous income.

Net Earnings Per Share

Basic net earnings per share is calculated as net earnings available to common stockholders divided by the weighted-average number of shares of common stock outstanding during the year plus the assumed issuance of contingent shares related to performance share awards under the company's equity and incentive plans. Diluted net earnings per share is similar to basic net earnings per share except that the weighted-average number of shares of common stock outstanding plus the assumed issuance of contingent shares is increased to include the number of additional shares of common stock that would have been outstanding assuming the issuance of all potentially dilutive shares, such as common stock to be issued upon exercise of options, contingently issuable shares, and restricted stock units.

Reconciliations of basic and diluted weighted-average shares of common stock outstanding are as follows (in millions):


Fiscal Years Ended October 31	2023	2022	2021
Basic
Weighted-average number of shares of common stock	104.4	104.8	107.3
Assumed issuance of contingent shares	—	—	—
Weighted-average number of shares of common stock outstanding – Basic	104.4	104.8	107.3

Diluted
Weighted-average number of shares of common stock outstanding – Basic	104.4	104.8	107.3
Effect of dilutive securities	0.9	0.8	1.1
Weighted-average number of shares of common stock outstanding – Diluted	105.3	105.6	108.5

Incremental shares from stock options and restricted stock units are computed under the treasury stock method. Stock option awards to purchase 573,662, 906,121, and 409,851 shares of common stock during fiscal 2023, 2022, and 2021, respectively, were excluded from the computation of diluted net earnings per share of common stock because they were anti-dilutive.

New Accounting Pronouncements

In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 was adopted for the fiscal 2023 annual period and did not 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 Consolidated Financial Statements or do not apply to its operations.

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 4,553.2	$ 4,514.7	$ 3,959.6
United States
Disaggregation of Revenue [Line Items]
Net sales	3,605.5	3,635.5	3,132.0
International Countries
Disaggregation of Revenue [Line Items]
Net sales	947.7	879.2	827.6
Equipment
Disaggregation of Revenue [Line Items]
Net sales	4,069.2	4,048.6	3,518.3
Irrigation
Disaggregation of Revenue [Line Items]
Net sales	484.0	466.1	441.3
Operating Segments \| Professional
Disaggregation of Revenue [Line Items]
Net sales	3,674.6	3,429.6	2,929.6
Operating Segments \| Professional \| United States
Disaggregation of Revenue [Line Items]
Net sales	2,898.5	2,737.9	2,268.9
Operating Segments \| Professional \| International Countries
Disaggregation of Revenue [Line Items]
Net sales	776.1	691.7	660.7
Operating Segments \| Professional \| Equipment
Disaggregation of Revenue [Line Items]
Net sales	3,236.9	3,003.0	2,530.8
Operating Segments \| Professional \| Irrigation
Disaggregation of Revenue [Line Items]
Net sales	437.7	426.6	398.8
Operating Segments \| Residential
Disaggregation of Revenue [Line Items]
Net sales	854.2	1,068.6	1,010.1
Operating Segments \| Residential \| United States
Disaggregation of Revenue [Line Items]
Net sales	682.6	881.1	843.2
Operating Segments \| Residential \| International Countries
Disaggregation of Revenue [Line Items]
Net sales	171.6	187.5	166.9
Operating Segments \| Residential \| Equipment
Disaggregation of Revenue [Line Items]
Net sales	819.2	1,039.2	975.8
Operating Segments \| Residential \| Irrigation
Disaggregation of Revenue [Line Items]
Net sales	35.0	29.4	34.3
Other Activities
Disaggregation of Revenue [Line Items]
Net sales	24.4	16.5	19.9
Other Activities \| United States
Disaggregation of Revenue [Line Items]
Net sales	24.4	16.5	19.9
Other Activities \| International Countries
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.0
Other Activities \| Equipment
Disaggregation of Revenue [Line Items]
Net sales	13.1	6.4	11.7
Other Activities \| Irrigation
Disaggregation of Revenue [Line Items]
Net sales	$ 11.3	$ 10.1	$ 8.2

Summary of Significant Accounting Policies and Related Data - Engineering and Research (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Accounting Policies [Abstract]
Engineering and research costs	$ 173.9	$ 155.6	$ 141.0

Stock-Based Compensation - Summary of Activity For Unvested Restricted Stock and Restricted Stock Units (Details) - $ / shares shares in Thousands	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Performance share awards
Restricted Stock Units
Unvested at the beginning of the period (in shares)	195,600
Granted (in shares)	66,131
Vested (in shares)	(46,831)
Forfeited (in shares)	(28,140)
Unvested at the end of the period (in shares)	186,760	195,600
Weighted-Average Fair Value at Date of Grant
Unvested at the beginning of the period (in dollars per share)	$ 88.63
Granted (in dollars per share)	112.14	$ 98.41	$ 90.59
Vested (in dollars per share)	77.33
Forfeited (in dollars per share)	106.16
Unvested at the end of the period (in dollars per share)	$ 100.57	$ 88.63
Restricted stock unit awards
Restricted Stock Units
Unvested at the beginning of the period (in shares)	150,677
Granted (in shares)	99,081
Vested (in shares)	(57,727)
Forfeited (in shares)	(12,205)
Unvested at the end of the period (in shares)	179,826	150,677
Weighted-Average Fair Value at Date of Grant
Unvested at the beginning of the period (in dollars per share)	$ 90.39
Granted (in dollars per share)	103.40	$ 88.90	$ 97.87
Vested (in dollars per share)	89.16
Forfeited (in dollars per share)	93.26
Unvested at the end of the period (in dollars per share)	$ 97.66	$ 90.39

Goodwill and Other Intangible Assets

12 Months Ended

Oct. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets


5			Goodwill and Other Intangible Assets

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 projection process, assumed royalty rates that could be payable if the company did not own the intangible asset, terminal growth rates applied to projected revenues, applicable tax rates, 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 projection 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 Consolidated Statements of 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 fiscal 2023 and 2022 were as follows (dollars in millions):


	Professional		Residential		Other		Total
Balance as of October 31, 2021	$	411.1	$	10.6	$	—	$	421.7
Goodwill acquired	163.7		—		—		163.7


Translation adjustments	(1.8)		(0.3)		—		(2.1)
Balance as of October 31, 2022	573.0		10.3		—		583.3


Non-cash impairment charge	(133.3)		—		—		(133.3)
Translation adjustments	0.8		—		—		0.8
Balance as of October 31, 2023	$	440.5	$	10.3	$	—	$	450.8

Other Intangible Assets

The components of other intangible assets were as follows (dollars in millions, except weighted-average useful life in years):


October 31, 2023	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(16.0)	$	2.2
Non-compete agreements	5.5	6.9		(6.9)		—
Customer-related	15.8	327.5		(106.7)		220.8
Developed technology	7.1	102.0		(63.1)		38.9
Trade names	13.7	10.7		(4.0)		6.7
Backlog and other	0.6	5.7		(5.7)		—
Total finite-lived	13.3	471.0		(202.4)		268.6
Indefinite-lived - trade names		271.5		—		271.5
Total other intangible assets, net		$	742.5	$	(202.4)	$	540.1


October 31, 2022	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(15.3)	$	2.9
Non-compete agreements	5.5	6.8		(6.8)		—
Customer-related	16.0	321.0		(83.8)		237.2
Developed technology	7.1	101.9		(53.0)		48.9
Trade names	13.8	10.7		(3.4)		7.3
Backlog and other	0.6	5.7		(5.5)		0.2
Total finite-lived	13.4	464.3		(167.8)		296.5
Indefinite-lived - trade names		289.3		—		289.3
Total other intangible assets, net		$	753.6	$	(167.8)	$	585.8

Amortization expense for finite-lived intangible assets for the fiscal years ended October 31, 2023, 2022, and 2021 was $35.7 million, $33.9 million, and $23.8 million, respectively. Estimated amortization expense for the succeeding fiscal years is as follows (dollars in millions):


Succeeding fiscal year	Estimated amortization expense
2024	$	34.5
2025	31.7
2026	30.5
2027	25.6
2028	22.3
Thereafter	124.0
Total estimated amortization expense	$	268.6

Business Combinations and Asset Acquisitions

12 Months Ended

Oct. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations and Asset Acquisitions


2			Business Combinations and Asset Acquisitions

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

On January 13, 2022 ("Intimidator closing date"), during the first quarter of fiscal 2022, the company acquired the privately-held 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 segment and expanded its manufacturing footprint and dealer network.

Intimidator Purchase Price Allocation

The company accounted for the Intimidator 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 Intimidator purchase price to the fair values assigned to the Intimidator assets acquired and liabilities assumed (dollars in millions):


	January 13, 2022
Cash and cash equivalents	$	1.0
Receivables	7.0
Inventories	34.6
Prepaid expenses and other current assets	0.5
Property, plant and equipment	27.4
Right-of-use assets	0.3
Goodwill	163.7
Indefinite-lived other intangible assets:
Trade names	99.1
Finite-lived other intangible assets:
Customer-related	80.5
Trade names	3.3
Backlog	1.3
Accounts payable	(8.5)
Accrued liabilities	(9.1)
Short-term lease liabilities	(0.1)
Long-term liabilities	(0.2)

Total fair value of net assets acquired	400.8
Less: cash and cash equivalents acquired	(1.0)
Total purchase price	$	399.8

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.

Other Intimidator Intangible Assets Acquired

The allocation of the Intimidator purchase price to the net assets acquired resulted in the recognition of $184.2 million of value for other intangible assets as of the Intimidator closing date. The fair values of the acquired trade names and 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 Intimidator 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 Intimidator 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 Intimidator closing date, the weighted-average useful lives of the customer-related and backlog intangible assets were determined to be 9.6 years and nine 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 refer to Note 5, Goodwill and Other Intangible Assets.

Asset Acquisitions

On June 10, 2022, during the third quarter of fiscal 2022, the company completed the acquisition of certain assets of Voigt Smith Innovation LLC, a manufacturer of liquid deicing equipment, brine makers and applicators, related smart-connected technologies, and hydroseeding products. On June 20, 2022, during the third quarter of fiscal 2022, the company completed the acquisition of certain assets of Tornado Global Hydrovacs Ltd. (“Tornado”), a designer and manufacturer of hydrovac trucks. On June 21, 2022, during the third quarter of fiscal 2022, the company completed the acquisition of certain assets of River City Manufacturing, Inc., a manufacturer of custom rock saws. These asset acquisitions pertain to the company's Professional segment.

On November 4, 2020, during the first quarter of fiscal 2021, the company completed the acquisition of Turflynx, Lda, a developer of innovative autonomous solutions for turf management. On March 1, 2021, during the second quarter of fiscal 2021, the company completed the acquisition of Left Hand Robotics, Inc., a developer of innovative autonomous solutions for turf and snow management. These acquisitions complement and support the development of alternative power, smart-connected, and autonomous products within the company's Professional and Residential segments.

None of these acquisitions met the definition of business combinations as substantially all of the fair value of the gross assets acquired in each acquisition was concentrated in the respective finite-lived developed technology intangible assets. As a result, the company accounted for each of these transactions as an asset acquisition. In an asset acquisition, goodwill is not recognized, but rather, any excess purchase consideration over the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net assets as of the acquisition date and any direct acquisition-related transaction costs are capitalized as part of the purchase consideration. These asset acquisitions were immaterial in relation to the company's consolidated financial condition and results of operations and as a result, additional purchase accounting disclosures have been omitted.