0000737758-24-000046 | 10-Q | XBRL Viewer

Fair Value Measurements (Tables)

9 Months Ended

Aug. 02, 2024

Schedule of Schedule of Fair Value Hierarchy

The following tables present, by level within the fair value hierarchy, the company's financial assets and liabilities that are measured at fair value on a recurring basis as of August 2, 2024, August 4, 2023, and October 31, 2023, according to the valuation technique utilized to determine their fair values (dollars in millions):


			Fair Value Measurements Using Inputs Considered as:
August 2, 2024	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	2.1	$	—	$	2.1	$	—
Total assets	$	2.1	$	—	$	2.1	$	—

Liabilities:
Forward currency contracts	$	1.3	$	—	$	1.3	$	—
Total liabilities	$	1.3	$	—	$	1.3	$	—


			Fair Value Measurements Using Inputs Considered as:
August 4, 2023	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	13.8	$	—	$	13.8	$	—
Total assets	$	13.8	$	—	$	13.8	$	—

Liabilities:
Forward currency contracts	$	0.1	$	—	$	0.1	$	—
Total liabilities	$	0.1	$	—	$	0.1	$	—


			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	$	—	$	—	$	—	$	—

Leases

9 Months Ended

Aug. 02, 2024

Leases [Abstract]

Leases


15			Leases

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

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

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

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


	Three Months Ended				Nine Months Ended
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Operating lease expense	$	8.9	$	6.1	$	27.5	$	19.0
Short-term lease expense	1.3		1.6		3.4		3.5
Variable lease expense	0.1		—		0.2		0.1
Total lease expense	$	10.3	$	7.7	$	31.1	$	22.6

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


	Nine Months Ended
(Dollars in millions)	August 2, 2024		August 4, 2023
Right-of-use assets obtained in exchange for lease obligations	$	3.5	$	54.1
Operating cash flows for amounts included in the measurement of lease liabilities	$	20.5	$	16.5

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


	August 2, 2024		August 4, 2023		October 31, 2023
Weighted-average remaining lease term of operating leases in years	9.0		9.2		9.3
Weighted-average discount rate of operating leases	4.93	%	4.12	%	4.83	%

The following table reconciles the total undiscounted future cash flows based on the anticipated future minimum operating lease payments by fiscal year for the company's operating leases to the present value of operating lease liabilities recorded within the Condensed Consolidated Balance Sheets as of August 2, 2024:


(Dollars in millions)	August 2, 2024
2024 (remaining)	$	5.3
2025	24.3
2026	18.3
2027	14.7
2028	12.3
Thereafter	69.6
Total future minimum operating lease payments	144.5
Less: imputed interest	25.7
Present value of operating lease liabilities	$	118.8

Indebtedness

9 Months Ended

Aug. 02, 2024

Debt Disclosure [Abstract]

Indebtedness


6			Indebtedness

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


(Dollars in millions)	August 2, 2024		August 4, 2023		October 31, 2023
$600 million revolving credit facility, due October 2026	$	—	$	70.0	$	40.0


$270 million term loan, due October 2026	270.0		270.0		270.0
$200 million term loan, due April 2027	200.0		200.0		200.0
3.81% series A senior notes, due June 2029	100.0		100.0		100.0
3.91% series B senior notes, due June 2031	100.0		100.0		100.0
3.97% senior notes, due June 2032	100.0		100.0		100.0
7.8% debentures, due June 2027	100.0		100.0		100.0
6.625% senior notes, due May 2037	124.2		124.1		124.2
Less: unamortized debt issuance costs	2.3		2.8		2.7
Total long-term debt	991.9		1,061.3		1,031.5
Less: current portion of long-term debt	25.3		—		—
Long-term debt, less current portion	$	966.6	$	1,061.3	$	1,031.5

As of August 2, 2024, principal payments required on the company's outstanding indebtedness, based on the maturity dates defined within the company's debt arrangements, for the remainder of fiscal 2024 and succeeding fiscal years are as follows:


(Dollars in millions)	August 2, 2024
2024 (remaining)	$	—
2025	37.0
2026	263.0
2027	270.0
2028	—
2029	100.0
Thereafter	325.0
Total principal payments required	$	995.0

Covenants

The company is in compliance with all covenants under the company’s outstanding indebtedness as of August 2, 2024.

Segment Data - Schedule of Components of Loss Before Income Taxes Included in Other Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Financial information concerning reportable segments
Interest expense	$ (14.5)	$ (15.0)	$ (47.4)	$ (43.8)
Earnings from the company's wholly-owned domestic distribution company and other income, net	10.6	5.5	26.6	21.3
Earnings (loss) before income taxes	144.2	(28.6)	403.5	313.6
Other
Financial information concerning reportable segments
Corporate expenses	(44.5)	(34.0)	(135.1)	(110.7)
Interest expense	(14.5)	(15.0)	(47.4)	(43.8)
Earnings from the company's wholly-owned domestic distribution company and other income, net	4.9	3.6	24.6	19.1
Earnings (loss) before income taxes	$ (54.1)	$ (45.4)	$ (157.9)	$ (135.4)

- 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.

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+ Details

Derivative Instruments and Hedging Activities - Impact and Location of Derivatives Not Designated As Cash Flow Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Earnings from the company's wholly-owned domestic distribution company and other income, net	Earnings from the company's wholly-owned domestic distribution company and other income, net	Earnings from the company's wholly-owned domestic distribution company and other income, net	Earnings from the company's wholly-owned domestic distribution company and other income, net
Derivatives not designated as cash flow hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Total loss on derivatives not designated as cash flow hedging instruments	$ (4.6)	$ (2.7)	$ (5.8)	$ (4.5)
Forward currency contracts \| Derivatives not designated as cash flow hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Total loss on derivatives not designated as cash flow hedging instruments	$ (4.6)	$ (2.7)	$ (5.8)	$ (4.5)

Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Oct. 31, 2023
Loss Contingencies [Line Items]
Net amount of new receivables financed for dealers and distributors	$ 1,882.3	$ 2,160.8
Net amount outstanding of receivables financed for dealers and distributors	927.8	1,010.5	$ 1,019.0
Supplier finance program, obligation	315.3	402.1	99.6
Red Iron And TCFCFC
Loss Contingencies [Line Items]
Repurchase commitment, maximum amount	7.5
Wholesale Financing
Loss Contingencies [Line Items]
Receivables purchased by third party financing company from the company	442.0	367.6
Receivables financed by third party financing company, excluding Red Iron, outstanding	228.5	187.2	234.7
Maximum amount of contingent liability to repurchase inventory related receivables under limited inventory repurchase agreements	30.2	118.8	32.2
Related Party
Loss Contingencies [Line Items]
Accounts receivable, current	$ 28.6	$ 30.4	$ 34.4

Segment Data

9 Months Ended

Aug. 02, 2024

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 determination is based on the manner in which the company's chief operating decision maker ("CODM") organizes segments for making operating and investment decisions and assessing performance. In the third quarter of fiscal 2024, the company modified the level at which information was being reviewed, including modification to the reporting packages and materials regularly reviewed by the CODM to evaluate the company’s operating results to assess performance and allocate resources. As a result, the company has identified nine operating segments which are aggregated into two reportable segments: Professional and Residential. There was no impact to results at the reportable segment level as the changes comprised of combining certain operating segments within the Professional reportable segment. The aggregation of the company's segments is based on the segments having the following similarities: economic characteristics, types of products and services, types of production processes, type or class of customers, and method of distribution. The company's remaining activities are presented as "Other" due to their insignificance. The company's Other activities consist of the company's wholly-owned domestic distribution company, the company's corporate activities, and the elimination of intersegment revenues and expenses.

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


Three Months Ended August 2, 2024	Professional		Residential		Other		Total
Net sales	$	880.9	$	267.5	$	8.5	$	1,156.9
Intersegment gross sales (eliminations)	17.2		0.1		(17.3)		—
Earnings (loss) before income taxes	$	165.7	$	32.6	$	(54.1)	$	144.2

Nine Months Ended August 2, 2024	Professional		Residential		Other		Total
Net sales	$	2,643.0	$	843.2	$	21.6	$	3,507.8
Intersegment gross sales (eliminations)	39.0		0.2		(39.2)		—
Earnings (loss) before income taxes	469.2		92.2		(157.9)		403.5
Total assets	$	2,714.6	$	576.9	$	439.9	$	3,731.4


Three Months Ended August 4, 2023	Professional		Residential		Other		Total
Net sales	$	896.3	$	175.3	$	10.2	$	1,081.8
Intersegment gross sales (eliminations)	11.7		—		(11.7)		—
Earnings (loss) before income taxes1	$	13.0	$	3.8	$	(45.4)	$	(28.6)

Nine Months Ended August 4, 2023	Professional		Residential		Other		Total
Net sales	$	2,845.7	$	705.8	$	18.5	$	3,570.0
Intersegment gross sales (eliminations)	35.5		0.1		(35.6)		—
Earnings (loss) before income taxes1	384.6		64.4		(135.4)		313.6
Total assets	$	2,723.1	$	537.9	$	324.9	$	3,585.9

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

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


	Three Months Ended				Nine Months Ended
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Corporate expenses	$	(44.5)	$	(34.0)	$	(135.1)	$	(110.7)
Interest expense	(14.5)		(15.0)		(47.4)		(43.8)
Earnings from the company's wholly-owned domestic distribution company and other income, net	4.9		3.6		24.6		19.1
Total operating loss	$	(54.1)	$	(45.4)	$	(157.9)	$	(135.4)

- 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.

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
ASSETS
Cash and cash equivalents	$ 221.1	$ 193.1	$ 147.9
Receivables, net	532.3	407.4	390.7
Inventories, net	1,082.0	1,087.8	1,112.7
Prepaid expenses and other current assets	78.5	110.5	80.5
Total current assets	1,913.9	1,798.8	1,731.8
Property, plant, and equipment, net	635.7	641.7	625.0
Goodwill	450.2	450.8	451.3
Other intangible assets, net	512.4	540.1	549.2
Right-of-use assets	113.2	125.3	116.6
Investment in finance affiliate	46.4	50.6	48.5
Deferred income taxes	38.3	14.2	41.7
Other assets	21.3	22.8	21.8
Total assets	3,731.4	3,644.3	3,585.9
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt	25.3	0.0	0.0
Accounts payable	437.8	430.0	407.4
Accrued liabilities	501.6	499.1	482.3
Short-term lease liabilities	19.7	19.5	17.8
Total current liabilities	984.4	948.6	907.5
Long-term debt, less current portion	966.6	1,031.5	1,061.3
Long-term lease liabilities	99.1	112.1	101.2
Deferred income taxes	0.4	0.4	0.1
Other long-term liabilities	44.5	40.8	38.7
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	0.0
Common stock, par value $1.00 per share, authorized 175,000,000 shares; issued and outstanding 103,062,017 shares as of August 2, 2024, 103,834,891 shares as of August 4, 2023, and 103,843,485 shares as of October 31, 2023	103.1	103.8	103.8
Retained earnings	1,576.2	1,444.1	1,403.9
Accumulated other comprehensive loss	(42.9)	(37.0)	(30.6)
Total stockholders’ equity	1,636.4	1,510.9	1,477.1
Total liabilities and stockholders’ equity	$ 3,731.4	$ 3,644.3	$ 3,585.9

Segment Data - Narrative (Details)	3 Months Ended
Segment Data - Narrative (Details)	Aug. 02, 2024 segment
Segment Reporting [Abstract]
Operating segments	9
Reportable segments	2

Investment in Joint Venture

9 Months Ended

Aug. 02, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Venture


10			Investment in Joint Venture

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

The company owns 45 percent of Red Iron and HDF owns 55 percent of Red Iron. The company accounts for its investment in Red Iron under the equity method of accounting. The company and HDF each contributed a specified amount of the estimated cash required to enable Red Iron to purchase the company's floor plan financing receivables and to provide financial support for Red Iron's floor plan financing programs. Red Iron borrows the remaining requisite estimated cash utilizing an $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 August 2, 2024, August 4, 2023 and October 31, 2023 was $46.4 million, $48.5 million, and $50.6 million, respectively. The company has not guaranteed the outstanding indebtedness of Red Iron.

Property, Plant, and Equipment, Net

9 Months Ended

Aug. 02, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment, Net


8			Property, Plant, and Equipment, Net

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

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


(Dollars in millions)	August 2, 2024		August 4, 2023		October 31, 2023
Land and land improvements	$	70.2	$	63.0	$	69.0
Buildings and leasehold improvements	360.0		331.1		355.8
Machinery and equipment	642.2		585.4		624.6
Tooling	261.4		235.4		260.4
Computer hardware and software	99.8		108.2		98.0
Construction in process	165.2		204.3		133.2
Property, plant, and equipment, gross	1,598.8		1,527.4		1,541.0
Less: accumulated depreciation	963.1		902.4		899.3
Property, plant, and equipment, net	$	635.7	$	625.0	$	641.7

Indebtedness - Schedule of Debt (Details) - USD ($)	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ 2,300,000	$ 2,700,000	$ 2,800,000
Total long-term debt	991,900,000	1,031,500,000	1,061,300,000
Less: current portion of long-term debt	25,300,000	0	0
Long-term debt, less current portion	966,600,000	1,031,500,000	1,061,300,000
Line of Credit \| $600 million revolving credit facility, due October 2026
Debt Instrument [Line Items]
Debt instrument, face amount	600,000,000
Long-term debt, gross	0	40,000,000.0	70,000,000.0
Senior Notes \| $270 million term loan, due October 2026
Debt Instrument [Line Items]
Debt instrument, face amount	270,000,000
Long-term debt, gross	270,000,000.0	270,000,000.0	270,000,000.0
Senior Notes \| $200 million term loan, due April 2027
Debt Instrument [Line Items]
Debt instrument, face amount	200,000,000
Long-term debt, gross	$ 200,000,000.0	200,000,000.0	200,000,000.0
Senior Notes \| 3.81% series A senior notes, due June 2029
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.81%
Long-term debt, gross	$ 100,000,000.0	100,000,000.0	100,000,000.0
Senior Notes \| 3.91% series B senior notes, due June 2031
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.91%
Long-term debt, gross	$ 100,000,000.0	100,000,000.0	100,000,000.0
Senior Notes \| 3.97% senior notes, due June 2032
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.97%
Long-term debt, gross	$ 100,000,000.0	100,000,000.0	100,000,000.0
Senior Notes \| 6.625% senior notes, due May 2037
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.625%
Long-term debt, gross	$ 124,200,000	124,200,000	124,100,000
Corporate Debt Securities \| 7.8% debentures, due June 2027
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.80%
Long-term debt, gross	$ 100,000,000.0	$ 100,000,000.0	$ 100,000,000.0

Indebtedness - Schedule of Principal Payments (Details) $ in Millions	Aug. 02, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (remaining)	$ 0.0
2025	37.0
2026	263.0
2027	270.0
2028	0.0
2029	100.0
Thereafter	325.0
Total principal payments required	$ 995.0

Per Share Data (Tables)

9 Months Ended

Aug. 02, 2024

Earnings Per Share [Abstract]

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

Reconciliation of basic and diluted weighted-average number of shares of common stock outstanding was as follows:


	Three Months Ended		Nine Months Ended
(Shares in millions)	August 2, 2024	August 4, 2023	August 2, 2024	August 4, 2023





Diluted
Weighted-average number of shares of common stock outstanding - Basic	104.0	104.3	104.2	104.5
Effect of dilutive shares	0.5	—	0.6	0.9
Weighted-average number of shares of common stock outstanding - Diluted	104.5	104.3	104.8	105.4

Stock-Based Compensation - Schedule of weighted-average valuation assumptions used under the Black-Scholes valuation method for options granted (Details) - $ / shares	9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023
Stock-Based Compensation
Per share weighted-average fair value at date of grant (in dollars per share)	$ 30.39	$ 33.21
Stock option awards
Stock-Based Compensation
Expected life of option in years	6 years 4 months 13 days	6 years 3 months 21 days
Expected stock price volatility	26.76%	25.20%
Risk-free interest rate	3.95%	3.79%
Expected dividend yield	1.15%	0.95%

- 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
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

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

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Revenue - Performance Obligation (Details) $ in Millions	Aug. 02, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-03
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 2.3
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-11-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 7.8
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-11-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5.8
Revenue, remaining performance obligation, expected timing of satisfaction, period

Stock-Based Compensation - Schedule of Compensation Cost Related to Stock-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	$ 4.2	$ 3.7	$ 19.5	$ 14.4
Stock option awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	3.2	2.0	11.3	6.3
Performance share awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	(1.0)	(0.2)	1.6	1.9
Restricted stock unit awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	2.0	1.9	6.0	5.1
Unrestricted common stock awards
Stock-Based Compensation
Total compensation cost for stock-based compensation awards	$ 0.0	$ 0.0	$ 0.6	$ 1.1

- 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

Segment Data (Tables)

9 Months Ended

Aug. 02, 2024

Segment Reporting [Abstract]

Schedule of Financial Information Concerning Reportable Segments

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


Three Months Ended August 2, 2024	Professional		Residential		Other		Total
Net sales	$	880.9	$	267.5	$	8.5	$	1,156.9
Intersegment gross sales (eliminations)	17.2		0.1		(17.3)		—
Earnings (loss) before income taxes	$	165.7	$	32.6	$	(54.1)	$	144.2

Nine Months Ended August 2, 2024	Professional		Residential		Other		Total
Net sales	$	2,643.0	$	843.2	$	21.6	$	3,507.8
Intersegment gross sales (eliminations)	39.0		0.2		(39.2)		—
Earnings (loss) before income taxes	469.2		92.2		(157.9)		403.5
Total assets	$	2,714.6	$	576.9	$	439.9	$	3,731.4


Three Months Ended August 4, 2023	Professional		Residential		Other		Total
Net sales	$	896.3	$	175.3	$	10.2	$	1,081.8
Intersegment gross sales (eliminations)	11.7		—		(11.7)		—
Earnings (loss) before income taxes1	$	13.0	$	3.8	$	(45.4)	$	(28.6)

Nine Months Ended August 4, 2023	Professional		Residential		Other		Total
Net sales	$	2,845.7	$	705.8	$	18.5	$	3,570.0
Intersegment gross sales (eliminations)	35.5		0.1		(35.6)		—
Earnings (loss) before income taxes1	384.6		64.4		(135.4)		313.6
Total assets	$	2,723.1	$	537.9	$	324.9	$	3,585.9

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

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


	Three Months Ended				Nine Months Ended
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Corporate expenses	$	(44.5)	$	(34.0)	$	(135.1)	$	(110.7)
Interest expense	(14.5)		(15.0)		(47.4)		(43.8)
Earnings from the company's wholly-owned domestic distribution company and other income, net	4.9		3.6		24.6		19.1
Total operating loss	$	(54.1)	$	(45.4)	$	(157.9)	$	(135.4)

Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023	Oct. 31, 2023
Goodwill [Line Items]
Amortization of other intangible assets	$ 8.8	$ 8.9	$ 26.3	$ 26.8
Indefinite-lived - trade names	271.6	271.6	271.6	271.6	$ 271.5
Goodwill	$ 450.2	451.3	$ 450.2	$ 451.3	$ 450.8
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]					Non-cash impairment charges
Deferred tax assets, goodwill and intangible assets					$ 36.7
Trade names
Goodwill [Line Items]
Indefinite-lived - trade names					81.1
Intimidator Reporting Unit
Goodwill [Line Items]
Goodwill					$ 30.5
Professional
Goodwill [Line Items]
Impairment of indefinite-lived intangible assets		18.0
Professional \| Intimidator Reporting Unit
Goodwill [Line Items]
Non-cash impairment charge		$ 133.3

Stock-Based Compensation (Tables)

9 Months Ended

Aug. 02, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost Related to Stock-Based Compensation Awards

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


	Three Months Ended				Nine Months Ended
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Stock option awards	$	3.2	$	2.0	$	11.3	$	6.3
Performance share awards	(1.0)		(0.2)		1.6		1.9
Restricted stock unit awards	2.0		1.9		6.0		5.1
Unrestricted common stock awards	—		—		0.6		1.1
Total compensation cost for stock-based compensation awards	$	4.2	$	3.7	$	19.5	$	14.4

Schedule of weighted-average valuation assumptions used under the Black-Scholes valuation method for options granted

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


	Fiscal 2024	Fiscal 2023
Expected life of option in years	6.37	6.31
Expected stock price volatility	26.76%	25.20%
Risk-free interest rate	3.95%	3.79%
Expected dividend yield	1.15%	0.95%
Per share weighted-average fair value at date of grant	$30.39	$33.21

Basis of Presentation

9 Months Ended

Aug. 02, 2024

Accounting Policies [Abstract]

Basis of Presentation


1			Basis of Presentation

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

In the opinion of management, the unaudited Condensed Consolidated Financial Statements include all adjustments, consisting primarily of recurring accruals, considered necessary for the fair presentation of the company's consolidated financial position, results of operations, and cash flows for the periods presented. Due to seasonality within the industries in which the company's businesses operate, among other factors, operating results for the nine months ended August 2, 2024 cannot be annualized to determine the expected results for the fiscal year ending October 31, 2024.

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

For further information regarding the company's basis of presentation, refer to the Consolidated Financial Statements and Notes to Consolidated Financial Statements included in the company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2023. The policies described in that report are used for preparing the company's quarterly reports on Form 10-Q.

Accounting Policies and Estimates

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

New Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to income tax disclosures, which is designed to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amended guidance will become effective for the company's fiscal 2026 annual period. The company is currently evaluating the impact of this new standard on its Condensed Consolidated Financial Statements and related disclosures.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to enhance reportable segment disclosure requirements, primarily through additional, more detailed disclosures about significant segment expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), an amount for other segment items by reportable segment and a description of its composition, and the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The amended

guidance will become effective for the company's fiscal 2025 annual period, and interim periods beginning with the first quarter of fiscal 2026. The company is currently evaluating the impact of this new standard on its Condensed Consolidated Financial Statements and related disclosures.

In September 2022, the FASB issued ASU No. 2022-04, Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The new standard requires disclosure of the key terms of supplier finance programs, the associated obligations outstanding, and a description of where those obligations are presented in the balance sheet. Additionally, effective for the company's fiscal 2025 annual period, the new standard requires a rollforward of the associated obligations outstanding during the annual period, including the amount of obligations confirmed and the amount of obligations subsequently paid. The amended guidance was adopted in the first quarter of fiscal 2024 and did not have a material impact on the company's Condensed Consolidated Financial Statements. For additional information regarding the company's supplier finance program, refer to Note 14, Commitments and Contingencies.

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

Subsequent Events

9 Months Ended

Aug. 02, 2024

Subsequent Events [Abstract]

Subsequent Events


18			Subsequent Events

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

Stock-Based Compensation - Stock Option Awards, Performance Share Awards, Restricted Stock Unit Awards and Unrestricted Common Stock Awards - Narrative (Details) - $ / shares	3 Months Ended						9 Months Ended
	Aug. 02, 2024	May 03, 2024	Feb. 02, 2024	Aug. 04, 2023	May 05, 2023	Feb. 03, 2023	Aug. 02, 2024	Aug. 04, 2023
Stock option awards
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting period							3 years
Term of options							10 years
Performance share awards
Stock-Based Compensation
Performance goal period							3 years
Weighted-average fair value of awards granted (in dollars per share)	$ 0	$ 0	$ 99.60	$ 0	$ 0	$ 112.14
Performance share awards \| Maximum
Stock-Based Compensation
Vesting percentage							200.00%
Performance share awards \| Minimum
Stock-Based Compensation
Vesting percentage							0.00%
Restricted stock and restricted stock unit awards
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting period							3 years
Weighted-average fair value of awards granted (in dollars per share)							$ 96.73	$ 103.46
Unrestricted common stock awards
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares)	0	0		0	0
Unrestricted common stock awards \| Board of Directors
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares)							7,544,000	10,329,000
Tranche One \| Stock option awards \| Board of Directors
Stock-Based Compensation
Vesting percentage							33.33%
Tranche One \| Restricted stock and restricted stock unit awards
Stock-Based Compensation
Vesting percentage							33.33%
Tranche Two \| Stock option awards \| Board of Directors
Stock-Based Compensation
Vesting percentage							33.33%
Tranche Two \| Restricted stock and restricted stock unit awards
Stock-Based Compensation
Vesting percentage							33.33%
Tranche Three \| Stock option awards \| Board of Directors
Stock-Based Compensation
Vesting percentage							33.33%
Tranche Three \| Restricted stock and restricted stock unit awards
Stock-Based Compensation
Vesting percentage							33.33%

Per Share Data (Details) - shares	3 Months Ended		9 Months Ended
Per Share Data (Details) - shares	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Earnings Per Share [Abstract]
Weighted-average number of shares of common stock outstanding — Basic (in shares)	104,000,000.0	104,300,000	104,200,000	104,500,000
Effect of dilutive shares (in shares)	500,000	0	600,000	900,000
Weighted-average number of shares of common stock outstanding — Diluted (in shares)	104,500,000	104,300,000	104,800,000	105,400,000
Options, restricted stock, and restricted stock units, excluded from the diluted earnings per share (in shares)	1,722,300	1,410,092	1,652,878	483,650

Goodwill and Other Intangible Assets, Net (Tables)

9 Months Ended

Aug. 02, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of the Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill by reportable segment for the first nine months of fiscal 2024 were as follows:


(Dollars in millions)	Professional		Residential		Other		Total
Balance as of October 31, 2023	$	440.5	$	10.3	$	—	$	450.8


Divestitures	(0.5)		(0.5)		—		(1.0)

Translation adjustments	0.3		0.1		—		0.4
Balance as of August 2, 2024	$	440.3	$	9.9	$	—	$	450.2

Schedule of the Components of Other Intangible Assets

The components of other intangible assets, net as of August 2, 2024, August 4, 2023, and October 31, 2023 were as follows (dollars in millions):


August 2, 2024	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(16.6)	$	1.6

Customer-related	15.8	327.7		(124.8)		202.9
Developed technology	7.1	102.9		(70.4)		32.5
Trade names	13.7	10.7		(6.9)		3.8

Total finite-lived	13.5	459.5		(218.7)		240.8
Indefinite-lived - trade names		271.6		—		271.6
Total other intangible assets, net		$	731.1	$	(218.7)	$	512.4


August 4, 2023	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(15.8)	$	2.4
Non-compete agreements	5.5	6.9		(6.9)		—
Customer-related	15.7	329.1		(102.0)		227.1
Developed technology	7.1	102.1		(60.8)		41.3
Trade names	13.7	10.7		(3.9)		6.8
Backlog and other	0.6	5.7		(5.7)		—
Total finite-lived	13.2	472.7		(195.1)		277.6
Indefinite-lived - trade names		271.6		—		271.6
Total other intangible assets, net		$	744.3	$	(195.1)	$	549.2


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

Schedule of Indefinite-Lived Intangible Assets

The components of other intangible assets, net as of August 2, 2024, August 4, 2023, and October 31, 2023 were as follows (dollars in millions):


August 2, 2024	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(16.6)	$	1.6

Customer-related	15.8	327.7		(124.8)		202.9
Developed technology	7.1	102.9		(70.4)		32.5
Trade names	13.7	10.7		(6.9)		3.8

Total finite-lived	13.5	459.5		(218.7)		240.8
Indefinite-lived - trade names		271.6		—		271.6
Total other intangible assets, net		$	731.1	$	(218.7)	$	512.4


August 4, 2023	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(15.8)	$	2.4
Non-compete agreements	5.5	6.9		(6.9)		—
Customer-related	15.7	329.1		(102.0)		227.1
Developed technology	7.1	102.1		(60.8)		41.3
Trade names	13.7	10.7		(3.9)		6.8
Backlog and other	0.6	5.7		(5.7)		—
Total finite-lived	13.2	472.7		(195.1)		277.6
Indefinite-lived - trade names		271.6		—		271.6
Total other intangible assets, net		$	744.3	$	(195.1)	$	549.2


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

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of August 2, 2024, estimated amortization expense for the remainder of fiscal 2024 and succeeding fiscal years is as follows:


(Dollars in millions)	August 2, 2024
2024 (remaining)	$	8.3
2025	31.6
2026	30.4
2027	25.4
2028	22.0
2029	20.1
Thereafter	103.0
Total estimated amortization expense	$	240.8

- Definition

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

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+ Details

Goodwill and Other Intangible Assets, Net - Schedule of the Changes in the Carrying Amount of Goodwill (Details) $ in Millions	9 Months Ended
	Aug. 02, 2024 USD ($)
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	$ 450.8
Divestitures	(1.0)
Translation adjustments	0.4
Goodwill, balance at end of period	450.2
Operating Segments \| Professional
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	440.5
Divestitures	(0.5)
Translation adjustments	0.3
Goodwill, balance at end of period	440.3
Operating Segments \| Residential
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	10.3
Divestitures	(0.5)
Translation adjustments	0.1
Goodwill, balance at end of period	9.9
Other
Changes in the net carrying amount of goodwill
Goodwill, balance at beginning of period	0.0
Divestitures	0.0
Translation adjustments	0.0
Goodwill, balance at end of period	$ 0.0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Leases -Schedule of lease expense incurred (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Leases [Abstract]
Operating lease expense	$ 8.9	$ 6.1	$ 27.5	$ 19.0
Short-term lease expense	1.3	1.6	3.4	3.5
Variable lease expense	0.1	0.0	0.2	0.1
Total lease expense	$ 10.3	$ 7.7	$ 31.1	$ 22.6

Stockholders' Equity (Tables)

9 Months Ended

Aug. 02, 2024

Stockholders' Equity Note [Abstract]

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

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


(Dollars in millions)	August 2, 2024		August 4, 2023		October 31, 2023
Foreign currency translation adjustments	$	34.8	$	34.3	$	41.7
Pension benefits	4.3		3.6		4.3
Cash flow derivative instruments	3.8		(7.3)		(9.0)
Total accumulated other comprehensive loss	$	42.9	$	30.6	$	37.0

Schedule of Components and Activity of AOCL

The components and activity of AOCL, net of tax, for the three and nine month periods ended August 2, 2024 and August 4, 2023 were as follows:


(Dollars in millions)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of May 3, 2024	$	36.4	$	4.3	$	(4.9)	$	35.8
Other comprehensive (income) loss before reclassifications	(1.6)		—		7.1		5.5
Amounts reclassified from AOCL	—		—		1.6		1.6
Net current period other comprehensive (income) loss	(1.6)		—		8.7		7.1
Balance as of August 2, 2024	$	34.8	$	4.3	$	3.8	$	42.9


(Dollars in millions)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2023	$	41.7	$	4.3	$	(9.0)	$	37.0
Other comprehensive (income) loss before reclassifications	(6.9)		—		6.5		(0.4)
Amounts reclassified from AOCL	—		—		6.3		6.3
Net current period other comprehensive (income) loss	(6.9)		—		12.8		5.9
Balance as of August 2, 2024	$	34.8	$	4.3	$	3.8	$	42.9


(Dollars in millions)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of May 5, 2023	$	32.3	$	3.6	$	(6.7)	$	29.2
Other comprehensive loss before reclassifications	2.0		—		2.5		4.5
Amounts reclassified from AOCL	—		—		(3.1)		(3.1)
Net current period other comprehensive loss (income)	2.0		—		(0.6)		1.4
Balance as of August 4, 2023	$	34.3	$	3.6	$	(7.3)	$	30.6


(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	(17.0)		—		27.2		10.2
Amounts reclassified from AOCL	—		—		(12.7)		(12.7)
Net current period other comprehensive (income) loss	(17.0)		—		14.5		(2.5)
Balance as of August 4, 2023	$	34.3	$	3.6	$	(7.3)	$	30.6

Condensed Consolidated Statements of Earnings (Loss) (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Income Statement [Abstract]
Net sales	$ 1,156.9	$ 1,081.8	$ 3,507.8	$ 3,570.0
Cost of sales	754.1	709.4	2,307.5	2,322.0
Gross profit	402.8	372.4	1,200.3	1,248.0
Selling, general and administrative expense	254.7	240.2	776.0	760.6
Non-cash impairment charges	0.0	151.3	0.0	151.3
Operating earnings (loss)	148.1	(19.1)	424.3	336.1
Interest expense	(14.5)	(15.0)	(47.4)	(43.8)
Other income, net	10.6	5.5	26.6	21.3
Earnings (loss) before income taxes	144.2	(28.6)	403.5	313.6
Income tax provision (benefit)	24.9	(13.6)	74.5	54.2
Net earnings (loss)	$ 119.3	$ (15.0)	$ 329.0	$ 259.4
Basic net earnings (loss) per share of common stock (in dollars per share)	$ 1.15	$ (0.14)	$ 3.16	$ 2.48
Diluted net earnings (loss) per share of common stock (in dollars per share)	$ 1.14	$ (0.14)	$ 3.14	$ 2.46
Weighted-average number of shares of common stock outstanding — Basic (in shares)	104.0	104.3	104.2	104.5
Weighted-average number of shares of common stock outstanding — Diluted (in shares)	104.5	104.3	104.8	105.4

Product Warranty Guarantees (Tables)

9 Months Ended

Aug. 02, 2024

Product Warranties Disclosures [Abstract]

Schedule of Changes in Accrued Warranties

The changes in accrued warranties were as follows:


	Three Months Ended				Nine Months Ended
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Beginning balance	$	151.4	$	153.9	$	143.9	$	134.5
Changes in accrual related to warranties issued during the period	20.0		20.5		60.4		69.9

Payments made during the period	(23.9)		(24.1)		(64.0)		(60.8)
Changes in accrual related to pre-existing warranties	0.2		1.0		7.4		7.7
Ending balance	$	147.7	$	151.3	$	147.7	$	151.3

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Aug. 02, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by United States ("U.S.") generally accepted accounting principles ("GAAP") for complete financial statements. Unless the context indicates otherwise, the terms "company," "TTC," "we," "our," or "us" refer to The Toro Company and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated from the unaudited Condensed Consolidated Financial Statements. In the opinion of management, the unaudited Condensed Consolidated Financial Statements include all adjustments, consisting primarily of recurring accruals, considered necessary for the fair presentation of the company's consolidated financial position, results of operations, and cash flows for the periods presented.
Fiscal Period	The company’s fiscal year ends on October 31 and quarterly results are reported based on three-month periods that generally end on the Friday closest to the calendar quarter end. For comparative purposes, however, the company’s second and third quarters always include exactly 13 weeks of results so that the quarter end date for these two quarters is not necessarily the Friday closest to the calendar month end. For further information regarding the company's basis of presentation, refer to the Consolidated Financial Statements and Notes to Consolidated Financial Statements included in the company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2023.
Accounting Policies and Estimates	Accounting Policies and Estimates In preparing the Condensed Consolidated Financial Statements in conformity with U.S. GAAP, management must make decisions that impact the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures, including disclosures of contingent assets and liabilities. Such decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. Estimates are used in determining, among other items, sales promotion and incentive accruals, incentive compensation accruals, income tax accruals, inventory valuation, warranty accruals, allowances for current expected credit losses, pension accruals, self-insurance accruals, legal accruals, right-of-use assets and lease liabilities, useful lives for tangible and finite-lived intangible assets, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, and valuations of the assets acquired and liabilities assumed in a business combination or an asset acquisition, when applicable. These estimates and assumptions are based on management’s best estimates and judgments at the time they are made and are generally derived from management's understanding and analysis of the relevant and current circumstances, historical experience, and actuarial and other independent external third-party specialist valuations, when applicable. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances, including the economic environment. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with certainty, actual amounts could differ significantly from those estimated at the time the Condensed Consolidated Financial Statements are prepared.
New Accounting Pronouncements	New Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to income tax disclosures, which is designed to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amended guidance will become effective for the company's fiscal 2026 annual period. The company is currently evaluating the impact of this new standard on its Condensed Consolidated Financial Statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to enhance reportable segment disclosure requirements, primarily through additional, more detailed disclosures about significant segment expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), an amount for other segment items by reportable segment and a description of its composition, and the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The amended guidance will become effective for the company's fiscal 2025 annual period, and interim periods beginning with the first quarter of fiscal 2026. The company is currently evaluating the impact of this new standard on its Condensed Consolidated Financial Statements and related disclosures. In September 2022, the FASB issued ASU No. 2022-04, Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The new standard requires disclosure of the key terms of supplier finance programs, the associated obligations outstanding, and a description of where those obligations are presented in the balance sheet. Additionally, effective for the company's fiscal 2025 annual period, the new standard requires a rollforward of the associated obligations outstanding during the annual period, including the amount of obligations confirmed and the amount of obligations subsequently paid. The amended guidance was adopted in the first quarter of fiscal 2024 and did not have a material impact on the company's Condensed Consolidated Financial Statements. For additional information regarding the company's supplier finance program, refer to Note 14, Commitments and Contingencies. The company believes that all other recently issued accounting pronouncements from the FASB that the company has not noted above will not have a material impact on its Condensed Consolidated Financial Statements or do not apply to its operations.
Inventories, Net	Inventories are valued at the lower of cost or net realizable value, with cost determined by the first-in, first-out ("FIFO") and average cost methods for certain of the company's inventories. All remaining inventories are valued at the lower of cost or market, with cost determined under the last-in, first-out ("LIFO") method. As needed, the company records an inventory valuation adjustment for excess, slow-moving, and obsolete inventory that is equal to the excess of the cost of the inventory over the estimated net realizable value or market value for the inventory depending on the inventory costing method. Such inventory valuation adjustment is based on a review and comparison of current inventory levels to planned production, as well as planned and historical sales of the inventory. The inventory valuation adjustment to net realizable value or market value establishes a new cost basis of the inventory that cannot be subsequently reversed.
Leases	The company enters into contracts that are, or contain, operating lease agreements for certain property, plant, or equipment assets utilized in the normal course of business, such as buildings for manufacturing facilities, office space, distribution centers, and warehouse facilities; land for product testing sites; machinery and equipment for research and development activities, manufacturing and assembly processes, and administrative tasks; and vehicles for sales, service, marketing, and distribution activities. Contracts that explicitly or implicitly relate to property, plant, and equipment are assessed at inception to determine if the contract is, or contains, a lease. Such contracts for operating lease agreements convey the company's right to direct the use of, and obtain substantially all of the economic benefits from, an identified asset for a defined period of time in exchange for consideration. The lease term begins and is determined upon lease commencement, which is the point in time when the company takes possession of the identified asset, and generally includes all non-cancelable periods. Lease expense for the company's operating leases is recognized on a straight-line basis over the lease term and is recorded within cost of sales or selling, general and administrative expense within the Condensed Consolidated Statements of Earnings (Loss) as dictated by the nature and use of the underlying asset. The company does not recognize right-of-use assets and lease liabilities, but does recognize expense on a straight-line basis, for short-term operating leases which have a lease term of 12 months or less and do not include an option to purchase the underlying asset. Lease payments are determined at lease commencement and generally represent fixed lease payments as defined within the respective lease agreement or, in the case of certain lease agreements, variable lease payments that are measured as of the lease commencement date based on the prevailing index or market rate. Future adjustments to variable lease payments are defined and scheduled within the respective lease agreement and are determined based upon the prevailing market or index rate at the time of the adjustment relative to the market or index rate determined at lease commencement. Certain other lease agreements contain variable lease payments that are determined based upon actual utilization of the identified asset. Such future adjustments to variable lease payments and variable lease payments based upon actual utilization of the identified asset are not included within the determination of lease payments at commencement but rather, are recorded as variable lease expense in the period in which the variable lease cost is incurred. Right-of-use assets represent the company's right to use an underlying asset throughout the lease term and lease liabilities represent the company's obligation to make lease payments arising from the lease agreement. The company accounts for operating lease liabilities at lease commencement and on an ongoing basis as the present value of the minimum remaining lease payments under the respective lease term. Minimum remaining lease payments are generally discounted to present value based the estimated incremental borrowing rate at lease commencement as the rate implicit in the lease is generally not readily determinable. Right-of-use assets are measured as the amount of the corresponding operating lease liability for the respective operating lease agreement, adjusted for prepaid or accrued lease payments, the remaining balance of any lease incentives received, unamortized initial direct costs, and impairment of the operating lease right-of-use asset, as applicable.
Derivative Instruments and Hedging Activities	Risk Management Objective of Using Derivatives The company is exposed to foreign currency exchange rate risk arising from transactions in the normal course of business, such as sales to third-party customers, sales and loans to wholly-owned foreign subsidiaries, costs associated with foreign plant operations, and purchases from suppliers. The company’s primary currency exchange rate exposures are with the Euro, the Australian dollar, the Canadian dollar, the British pound, the Mexican peso, the Japanese yen, the Chinese renminbi, and the Romanian new leu against the U.S. dollar, as well as the Romanian new leu against the Euro. To reduce its exposure to foreign currency exchange rate risk, the company enters into various derivative instruments to hedge against such risk, authorized under a company policy that places controls on these hedging activities, with counterparties that are highly rated financial institutions. The company’s policy does not allow the use of derivative instruments for trading or speculative purposes. The company has also made an accounting policy election to use the portfolio exception with respect to measuring counterparty credit risk for derivative instruments and to measure the fair value of a portfolio of financial assets and financial liabilities on the basis of the net open risk position with each counterparty. The company’s hedging activities primarily involve the use of forward currency contracts to hedge most foreign currency transactions, including forecasted sales and purchases denominated in foreign currencies. The company uses derivative instruments only in an attempt to limit underlying exposure from foreign currency exchange rate fluctuations and to minimize earnings and cash flow volatility associated with foreign currency exchange rate fluctuations. Decisions on whether to use such derivative instruments are primarily based on the amount of exposure to the currency involved and an assessment of the near-term market value for each currency. The company recognizes all derivative instruments at fair value on the Condensed Consolidated Balance Sheets as either assets or liabilities. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as a cash flow hedging instrument. Cash Flow Hedging Instruments The company formally documents relationships between cash flow hedging instruments and the related hedged transactions, as well as its risk-management objective and strategy for undertaking cash flow hedging instruments. This process includes linking all cash flow hedging instruments to the forecasted transactions, such as sales to third-parties and costs associated with foreign plant operations, including purchases from suppliers. At the cash flow hedge’s inception and on an ongoing basis, the company formally assesses whether the cash flow hedging instruments have been highly effective in offsetting changes in the cash flows of the hedged transactions and whether those cash flow hedging instruments may be expected to remain highly effective in future periods. Changes in the fair values of the spot rate component of outstanding, highly effective cash flow hedging instruments included in the assessment of hedge effectiveness are recorded in other comprehensive income within AOCL on the Condensed Consolidated Balance Sheets and are subsequently reclassified to net earnings within the Condensed Consolidated Statements of Earnings (Loss) during the same period in which the cash flows of the underlying hedged transaction affect net earnings. Changes in the fair values of hedge components excluded from the assessment of effectiveness are recognized immediately in net earnings under the mark-to-market approach. The classification of gains or losses recognized on cash flow hedging instruments and excluded components within the Condensed Consolidated Statements of Earnings (Loss) is the same as that of the underlying exposure. Results of cash flow hedging instruments, and the related excluded components, of sales and costs associated with foreign plant operations, including purchases from suppliers, are recorded in net sales and cost of sales, respectively. The maximum amount of time the company hedges its exposure to the variability in future cash flows for forecasted trade sales and purchases is two years. When it is determined that a derivative instrument is not, or has ceased to be, highly effective as a cash flow hedge, the company discontinues cash flow hedge accounting prospectively. The gain or loss on the dedesignated derivative instrument remains in AOCL and is reclassified to net earnings within the same Condensed Consolidated Statements of Earnings (Loss) line item as the underlying exposure when the forecasted transaction affects net earnings. When the company discontinues cash flow hedge accounting because it is no longer probable, but it is still reasonably possible that the forecasted transaction will occur by the end of the originally expected period or within an additional two-month period of time thereafter, the gain or loss on the derivative instrument remains in AOCL and is reclassified to net earnings within the same Condensed Consolidated Statements of Earnings (Loss) line item as the underlying exposure when the forecasted transaction affects net earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were in AOCL are immediately recognized in net earnings within other income, net in the Condensed Consolidated Statements of Earnings (Loss). In all situations in which cash flow hedge accounting is discontinued and the derivative instrument remains outstanding, the company carries the derivative instrument at its fair value on the Condensed Consolidated Balance Sheets, recognizing future changes in the fair value within other income, net in the Condensed Consolidated Statements of Earnings (Loss). As of August 2, 2024, the notional amount outstanding of forward currency contracts designated as cash flow hedging instruments was $344.9 million. Derivatives Not Designated as Cash Flow Hedging Instruments The company also enters into foreign currency contracts that include forward currency contracts to mitigate the remeasurement of specific assets and liabilities on the Condensed Consolidated Balance Sheets. These contracts are not designated as cash flow hedging instruments. Accordingly, changes in the fair value of hedges of recorded balance sheet positions, such as cash, receivables, payables, intercompany notes, and other various contractual claims to pay or receive foreign currencies other than the functional currency, are recognized immediately in other income, net, on the Condensed Consolidated Statements of Earnings (Loss) together with the transaction gain or loss from the hedged balance sheet position.
Fair Value Measurements	The company categorizes its assets and liabilities into one of three levels based on the assumptions (inputs) used in valuing the asset or liability. Estimates of fair value for financial assets and financial liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value, and requires certain disclosures. The framework discusses valuation techniques such as the market approach (comparable market prices), the income approach (present value of future income or cash flows), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs reflecting management’s assumptions about the inputs used in pricing the asset or liability. Recurring Fair Value Measurements The company's derivative instruments consist of forward currency contracts that are measured at fair value on a recurring basis. The fair value of such forward currency contracts is determined based on observable market transactions of forward currency prices and spot currency rates as of the reporting date. Nonrecurring Fair Value Measurements The company measures certain assets and liabilities at fair value on a non-recurring basis. Assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets, goodwill, and indefinite-lived intangible assets, which would generally be recorded at fair value as a result of an impairment charge. For additional information regarding impairment related fair value measurements, refer to Note 5, Goodwill and Other Intangible Assets, Net. Assets acquired and liabilities assumed as part of a business combination are also measured at fair value on a non-recurring basis during the measurement period allowed by the accounting standards codification guidance for business combinations when applicable. Alternatively, under a cost accumulation model, the company measures the fair values of net assets acquired as part of an asset acquisition before allocating the cost of the asset acquisition to the net assets acquired on the basis of their relative fair values. For additional information on the company's business combination and the related non-recurring fair value measurement of the assets acquired and liabilities assumed, refer to Note 2, Acquisitions and Divestitures. Other Fair Value Disclosures The carrying values of the company's short-term financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and short-term debt, including current maturities of long-term debt, when applicable, approximate their fair values due to their short-term nature.

- Definition

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

+ References + Details

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Aug. 02, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivatives and Consolidated Balance Sheet Location

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


(Dollars in millions)	August 2, 2024		August 4, 2023		October 31, 2023
Derivative assets:
Derivatives designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	$	1.3	$	10.0	$	13.7
Derivatives not designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	0.8		3.8		3.1
Total derivative assets	$	2.1	$	13.8	$	16.8

Derivative liabilities:
Derivatives designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	$	1.2	$	0.1	$	—
Derivatives not designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	0.1		—		—
Total derivative liabilities	$	1.3	$	0.1	$	—

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

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


(Dollars in millions)	August 2, 2024		August 4, 2023		October 31, 2023
Derivative assets:
Forward currency contracts:
Gross amount of derivative assets	$	3.0	$	15.0	$	16.8
Derivative liabilities offsetting derivative assets	0.9		1.2		—
Net amount of derivative assets	$	2.1	$	13.8	$	16.8

Derivative liabilities:
Forward currency contracts:
Gross amount of derivative liabilities	$	1.5	$	0.1	$	—
Derivative assets offsetting derivative liabilities	0.2		—		—
Net amount of derivative liabilities	$	1.3	$	0.1	$	—

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

The following table presents the impact and location of the amounts reclassified from AOCL into net earnings on the Condensed Consolidated Statements of Earnings (Loss) and the impact of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the company's derivatives designated as cash flow hedging instruments for the three and nine months ended August 2, 2024 and August 4, 2023:


	Three Months Ended
	Gain Reclassified from AOCL into Earnings				(Loss) Gain Recognized in OCI on Derivatives
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	1.0	$	1.9	$	(2.3)	$	(0.9)
Cost of sales	0.6		1.2		(6.4)		1.5
Total derivatives designated as cash flow hedging instruments	$	1.6	$	3.1	$	(8.7)	$	0.6


	Nine Months Ended
	Gain Reclassified from AOCL into Earnings				(Loss) Gain Recognized in OCI on Derivatives
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	3.0	$	9.7	$	(6.5)	$	(18.1)
Cost of sales	3.3		3.0		(6.3)		3.6
Total derivatives designated as cash flow hedging instruments	$	6.3	$	12.7	$	(12.8)	$	(14.5)

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


	Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in millions)	August 2, 2024				August 4, 2023
Three Months Ended	Net Sales		Cost of Sales		Net Sales		Cost of Sales
Condensed Consolidated Statements of Earnings (Loss) income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	1,156.9	$	(754.1)	$	1,081.8	$	(709.4)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings	1.0		0.6		1.9		1.2
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	1.3	$	1.1	$	(0.4)	$	0.8


	Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in millions)	August 2, 2024				August 4, 2023
Nine Months Ended	Net Sales		Cost of Sales		Net Sales		Cost of Sales
Condensed Consolidated Statements of Earnings (Loss) income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	3,507.8	$	(2,307.5)	$	3,570.0	$	(2,322.0)
Gain on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings	3.0		3.3		9.7		3.0
Gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	2.1	$	2.6	$	2.0	$	1.8

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

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


	Three Months Ended				Nine Months Ended
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Loss on derivatives not designated as cash flow hedging instruments
Forward currency contracts:
Other loss, net	$	(4.6)	$	(2.7)	$	(5.8)	$	(4.5)
Total loss on derivatives not designated as cash flow hedging instruments	$	(4.6)	$	(2.7)	$	(5.8)	$	(4.5)

Segment Data -Schedule of Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023	Oct. 31, 2023
Financial information concerning reportable segments
Net sales	$ 1,156.9	$ 1,081.8	$ 3,507.8	$ 3,570.0
Earnings (loss) before income taxes	144.2	(28.6)	403.5	313.6
Total assets	3,731.4	3,585.9	3,731.4	3,585.9	$ 3,644.3
Non-cash impairment charges	0.0	151.3	0.0	151.3
Operating Segments \| Professional
Financial information concerning reportable segments
Net sales	880.9	896.3	2,643.0	2,845.7
Earnings (loss) before income taxes	165.7	13.0	469.2	384.6
Total assets	2,714.6	2,723.1	2,714.6	2,723.1
Operating Segments \| Residential
Financial information concerning reportable segments
Net sales	267.5	175.3	843.2	705.8
Earnings (loss) before income taxes	32.6	3.8	92.2	64.4
Total assets	576.9	537.9	576.9	537.9
Other
Financial information concerning reportable segments
Net sales	8.5	10.2	21.6	18.5
Earnings (loss) before income taxes	(54.1)	(45.4)	(157.9)	(135.4)
Total assets	439.9	324.9	439.9	324.9
Intersegment gross sales (eliminations)
Financial information concerning reportable segments
Net sales	(17.3)	(11.7)	(39.2)	(35.6)
Intersegment gross sales (eliminations) \| Professional
Financial information concerning reportable segments
Net sales	17.2	11.7	39.0	35.5
Intersegment gross sales (eliminations) \| Residential
Financial information concerning reportable segments
Net sales	$ 0.1	$ 0.0	$ 0.2	$ 0.1

Derivative Instruments and Hedging Activities - Impact and Location of Derivative Instruments for Derivatives Designated as Cash Flow Hedging and the Related Components Excluded From Effectiveness Testing (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Net sales	$ 1,156.9	$ 1,081.8	$ 3,507.8	$ 3,570.0
Cost of Sales	(754.1)	(709.4)	(2,307.5)	(2,322.0)
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCL into earnings	1.6	3.1	6.3	12.7
Net Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Net sales	1,156.9	1,081.8	3,507.8	3,570.0
Net Sales \| Cash flow hedging \| Forward currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCL into earnings	1.0	1.9	3.0	9.7
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value	1.3	(0.4)	2.1	2.0
Cost of Sales \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Cost of Sales	(754.1)	(709.4)	(2,307.5)	(2,322.0)
Cost of Sales \| Cash flow hedging \| Forward currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain reclassified from AOCL into earnings	0.6	1.2	3.3	3.0
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$ 1.1	$ 0.8	$ 2.6	$ 1.8

- 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 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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+ Details

Stockholders' Equity - Schedule of Components and Activity of AOCL (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	$ (1,651.4)	$ (1,560.0)	$ (1,510.9)	$ (1,351.7)
Other comprehensive (income) loss before reclassifications	5.5	4.5	(0.4)	10.2
Amounts reclassified from AOCL	1.6	(3.1)	6.3	(12.7)
Net current period other comprehensive (income) loss	7.1	1.4	5.9	(2.5)
Balance at end of period	(1,636.4)	(1,477.1)	(1,636.4)	(1,477.1)
Accumulated Other Comprehensive Loss
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	35.8	29.2	37.0	33.1
Net current period other comprehensive (income) loss	7.1	1.4	5.9	(2.5)
Balance at end of period	42.9	30.6	42.9	30.6
Foreign Currency Translation Adjustments
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	36.4	32.3	41.7	51.3
Other comprehensive (income) loss before reclassifications	(1.6)	2.0	(6.9)	(17.0)
Amounts reclassified from AOCL	0.0	0.0	0.0	0.0
Net current period other comprehensive (income) loss	(1.6)	2.0	(6.9)	(17.0)
Balance at end of period	34.8	34.3	34.8	34.3
Pension Benefits
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	4.3	3.6	4.3	3.6
Other comprehensive (income) loss before reclassifications	0.0	0.0	0.0	0.0
Amounts reclassified from AOCL	0.0	0.0	0.0	0.0
Net current period other comprehensive (income) loss	0.0	0.0	0.0	0.0
Balance at end of period	4.3	3.6	4.3	3.6
Cash Flow Derivative Instruments
Components and activity of accumulated other comprehensive loss
Balance at beginning of period	(4.9)	(6.7)	(9.0)	(21.8)
Other comprehensive (income) loss before reclassifications	7.1	2.5	6.5	27.2
Amounts reclassified from AOCL	1.6	(3.1)	6.3	(12.7)
Net current period other comprehensive (income) loss	8.7	(0.6)	12.8	14.5
Balance at end of period	$ 3.8	$ (7.3)	$ 3.8	$ (7.3)

- Definition

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

+ References

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-Section S99
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Revenue (Tables)

9 Months Ended

Aug. 02, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


Three Months Ended August 2, 2024	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	772.8	$	265.0	$	5.6	$	1,043.4
Irrigation	108.1		2.5		2.9		113.5
Total net sales	$	880.9	$	267.5	$	8.5	$	1,156.9

Revenue by geographic market:
United States	$	694.0	$	236.2	$	8.5	$	938.7
International countries	186.9		31.3		—		218.2
Total net sales	$	880.9	$	267.5	$	8.5	$	1,156.9


Nine Months Ended August 2, 2024	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	2,300.3	$	827.1	$	16.0	$	3,143.4
Irrigation	342.7		16.1		5.6		364.4
Total net sales	$	2,643.0	$	843.2	$	21.6	$	3,507.8

Revenue by geographic market:
United States	$	2,054.8	$	740.0	$	21.6	$	2,816.4
International countries	588.2		103.2		—		691.4
Total net sales	$	2,643.0	$	843.2	$	21.6	$	3,507.8


Three Months Ended August 4, 2023	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	777.2	$	169.1	$	5.2	$	951.5
Irrigation	119.1		6.2		5.0		130.3
Total net sales	$	896.3	$	175.3	$	10.2	$	1,081.8

Revenue by geographic market:
United States	$	690.8	$	145.8	$	10.2	$	846.8
International countries	205.5		29.5		—		235.0
Total net sales	$	896.3	$	175.3	$	10.2	$	1,081.8


Nine Months Ended August 4, 2023	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	2,486.9	$	682.8	$	11.5	$	3,181.2
Irrigation	358.8		23.0		7.0		388.8
Total net sales	$	2,845.7	$	705.8	$	18.5	$	3,570.0

Revenue by geographic market:
United States	$	2,225.5	$	569.3	$	18.5	$	2,813.3
International countries	620.2		136.5		—		756.7
Total net sales	$	2,845.7	$	705.8	$	18.5	$	3,570.0

Stockholders' Equity

9 Months Ended

Aug. 02, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity


12			Stockholders' Equity

Accumulated Other Comprehensive Loss

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


(Dollars in millions)	August 2, 2024		August 4, 2023		October 31, 2023
Foreign currency translation adjustments	$	34.8	$	34.3	$	41.7
Pension benefits	4.3		3.6		4.3
Cash flow derivative instruments	3.8		(7.3)		(9.0)
Total accumulated other comprehensive loss	$	42.9	$	30.6	$	37.0

The components and activity of AOCL, net of tax, for the three and nine month periods ended August 2, 2024 and August 4, 2023 were as follows:


(Dollars in millions)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of May 3, 2024	$	36.4	$	4.3	$	(4.9)	$	35.8
Other comprehensive (income) loss before reclassifications	(1.6)		—		7.1		5.5
Amounts reclassified from AOCL	—		—		1.6		1.6
Net current period other comprehensive (income) loss	(1.6)		—		8.7		7.1
Balance as of August 2, 2024	$	34.8	$	4.3	$	3.8	$	42.9


(Dollars in millions)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of October 31, 2023	$	41.7	$	4.3	$	(9.0)	$	37.0
Other comprehensive (income) loss before reclassifications	(6.9)		—		6.5		(0.4)
Amounts reclassified from AOCL	—		—		6.3		6.3
Net current period other comprehensive (income) loss	(6.9)		—		12.8		5.9
Balance as of August 2, 2024	$	34.8	$	4.3	$	3.8	$	42.9


(Dollars in millions)	Foreign Currency Translation Adjustments		Pension Benefits		Cash Flow Derivative Instruments		Total
Balance as of May 5, 2023	$	32.3	$	3.6	$	(6.7)	$	29.2
Other comprehensive loss before reclassifications	2.0		—		2.5		4.5
Amounts reclassified from AOCL	—		—		(3.1)		(3.1)
Net current period other comprehensive loss (income)	2.0		—		(0.6)		1.4
Balance as of August 4, 2023	$	34.3	$	3.6	$	(7.3)	$	30.6


(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	(17.0)		—		27.2		10.2
Amounts reclassified from AOCL	—		—		(12.7)		(12.7)
Net current period other comprehensive (income) loss	(17.0)		—		14.5		(2.5)
Balance as of August 4, 2023	$	34.3	$	3.6	$	(7.3)	$	30.6

For additional information on the components reclassified from AOCL to the respective line items in net earnings for derivative instruments refer to Note 16, Derivative Instruments and Hedging Activities.

- Definition

The entire disclosure for equity.

+ References

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

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

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-Subparagraph (a)
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-Name Accounting Standards Codification
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-Topic 946
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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-Publisher FASB
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Product Warranty Guarantees

9 Months Ended

Aug. 02, 2024

Product Warranties Disclosures [Abstract]

Product Warranty Guarantees


9			Product Warranty Guarantees

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

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

The changes in accrued warranties were as follows:


	Three Months Ended				Nine Months Ended
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Beginning balance	$	151.4	$	153.9	$	143.9	$	134.5
Changes in accrual related to warranties issued during the period	20.0		20.5		60.4		69.9

Payments made during the period	(23.9)		(24.1)		(64.0)		(60.8)
Changes in accrual related to pre-existing warranties	0.2		1.0		7.4		7.7
Ending balance	$	147.7	$	151.3	$	147.7	$	151.3

Inventories, Net

9 Months Ended

Aug. 02, 2024

Inventory Disclosure [Abstract]

Inventories, Net


7			Inventories, Net

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

Inventories, net were as follows:


(Dollars in millions)	August 2, 2024		August 4, 2023		October 31, 2023
Raw materials and work in process	$	395.2	$	435.1	$	400.3
Finished goods and service parts	843.5		847.5		844.2
Total FIFO and average cost value	1,238.7		1,282.6		1,244.5
Less: adjustment to LIFO value	156.7		169.9		156.7
Total inventories, net	$	1,082.0	$	1,112.7	$	1,087.8

Property, Plant, and Equipment, Net (Tables)

9 Months Ended

Aug. 02, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


(Dollars in millions)	August 2, 2024		August 4, 2023		October 31, 2023
Land and land improvements	$	70.2	$	63.0	$	69.0
Buildings and leasehold improvements	360.0		331.1		355.8
Machinery and equipment	642.2		585.4		624.6
Tooling	261.4		235.4		260.4
Computer hardware and software	99.8		108.2		98.0
Construction in process	165.2		204.3		133.2
Property, plant, and equipment, gross	1,598.8		1,527.4		1,541.0
Less: accumulated depreciation	963.1		902.4		899.3
Property, plant, and equipment, net	$	635.7	$	625.0	$	641.7

Per Share Data

9 Months Ended

Aug. 02, 2024

Earnings Per Share [Abstract]

Per Share Data


13			Per Share Data

Reconciliation of basic and diluted weighted-average number of shares of common stock outstanding was as follows:


	Three Months Ended		Nine Months Ended
(Shares in millions)	August 2, 2024	August 4, 2023	August 2, 2024	August 4, 2023





Diluted
Weighted-average number of shares of common stock outstanding - Basic	104.0	104.3	104.2	104.5
Effect of dilutive shares	0.5	—	0.6	0.9
Weighted-average number of shares of common stock outstanding - Diluted	104.5	104.3	104.8	105.4

The effect of dilutive shares from stock option awards and restricted stock unit awards is computed under the treasury stock method. Stock option awards to purchase 1,722,300 and 1,410,092 shares of common stock during the third quarter of fiscal 2024 and 2023, respectively, and to purchase 1,652,878 and 483,650 shares of common stock during the first nine months of fiscal 2024 and 2023, respectively, were excluded from the computation of diluted net earnings (loss) per share of common stock because they were anti-dilutive.

Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivatives and Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Fair value of derivatives
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Derivative assets	$ 2.1	$ 16.8	$ 13.8
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities	Accrued liabilities
Derivative liabilities	$ 1.3	$ 0.0	$ 0.1
Forward currency contracts
Fair value of derivatives
Derivative assets	2.1	16.8	13.8
Derivative liabilities	1.3	0.0	0.1
Forward currency contracts \| Derivatives designated as cash flow hedging instruments:
Fair value of derivatives
Derivative assets	1.3	13.7	10.0
Derivative liabilities	1.2	0.0	0.1
Forward currency contracts \| Derivatives not designated as cash flow hedging instruments:
Fair value of derivatives
Derivative assets	0.8	3.1	3.8
Derivative liabilities	$ 0.1	$ 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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- Definition

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+ Details

Derivative Instruments and Hedging Activities - Impact and Location of Amounts Reclassified from AOCL and Impacts and Location on OCI (Details) - Cash flow hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from AOCL into Earnings	$ 1.6	$ 3.1	$ 6.3	$ 12.7
(Loss) Gain Recognized in OCI on Derivatives	(8.7)	0.6	(12.8)	(14.5)
Forward currency contracts \| Net Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from AOCL into Earnings	1.0	1.9	3.0	9.7
(Loss) Gain Recognized in OCI on Derivatives	(2.3)	(0.9)	(6.5)	(18.1)
Forward currency contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from AOCL into Earnings	0.6	1.2	3.3	3.0
(Loss) Gain Recognized in OCI on Derivatives	$ (6.4)	$ 1.5	$ (6.3)	$ 3.6

Inventories, Net (Tables)

9 Months Ended

Aug. 02, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories, net were as follows:


(Dollars in millions)	August 2, 2024		August 4, 2023		October 31, 2023
Raw materials and work in process	$	395.2	$	435.1	$	400.3
Finished goods and service parts	843.5		847.5		844.2
Total FIFO and average cost value	1,238.7		1,282.6		1,244.5
Less: adjustment to LIFO value	156.7		169.9		156.7
Total inventories, net	$	1,082.0	$	1,112.7	$	1,087.8

Property, Plant, and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 1,598.8	$ 1,541.0	$ 1,527.4
Less: accumulated depreciation	963.1	899.3	902.4
Property, plant, and equipment, net	635.7	641.7	625.0
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	70.2	69.0	63.0
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	360.0	355.8	331.1
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	642.2	624.6	585.4
Tooling
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	261.4	260.4	235.4
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	99.8	98.0	108.2
Construction in process
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 165.2	$ 133.2	$ 204.3

Stock-Based Compensation

9 Months Ended

Aug. 02, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation


11			Stock-Based Compensation

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


	Three Months Ended				Nine Months Ended
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Stock option awards	$	3.2	$	2.0	$	11.3	$	6.3
Performance share awards	(1.0)		(0.2)		1.6		1.9
Restricted stock unit awards	2.0		1.9		6.0		5.1
Unrestricted common stock awards	—		—		0.6		1.1
Total compensation cost for stock-based compensation awards	$	4.2	$	3.7	$	19.5	$	14.4

Stock Option Awards

Stock options are granted with an exercise price equal to the closing price of the company’s common stock on the date of grant, as reported by the New York Stock Exchange. Options are generally granted to executive officers, other employees, and non-employee members of the company’s Board of Directors ("Board") on an annual basis in the first quarter of the company’s fiscal year but may also be granted throughout the fiscal year in connection with hiring, mid-year promotions, leadership transition, or retention, as needed and applicable. Options generally vest one-third each year over a three-year period and have a ten-year term but in certain circumstances, the vesting requirement may be modified such that options granted to certain employees vest in full on the three-year anniversary of the date of grant and have a ten-year term. Compensation cost equal to the grant date fair value determined under the Black-Scholes valuation method is generally recognized for these awards over the vesting period. Compensation cost recognized for other employees not considered executive officers and non-employee Board members is net of estimated forfeitures, which are determined at the time of grant based on historical forfeiture experience. Stock options granted to executive officers and other employees are subject to accelerated expensing if the option holder meets the retirement definition set forth in the company's stock-based compensation plans. In that case, the fair value of the options is expensed in the fiscal year of grant because generally, if the option holder is employed as of the end of the fiscal year in which the options are granted, such options will not be forfeited but continue to vest according to their schedule following retirement. Similarly, if a non-employee Board member has served on the company's Board for ten full fiscal years or more, the awards

will not be forfeited but continue to vest according to their schedule following retirement. Therefore, the fair value of the options granted is fully expensed on the date of the grant.

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

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


	Fiscal 2024	Fiscal 2023
Expected life of option in years	6.37	6.31
Expected stock price volatility	26.76%	25.20%
Risk-free interest rate	3.95%	3.79%
Expected dividend yield	1.15%	0.95%
Per share weighted-average fair value at date of grant	$30.39	$33.21

Performance Share Awards

The company grants performance share awards to executive officers and other employees under which they are entitled to receive shares of the company’s common stock contingent on the achievement of performance goals of the company, which are generally measured over a three-year period. The number of shares of common stock a participant receives can be increased (up to 200 percent of target levels) or reduced (down to zero) based on the level of achievement of performance goals and will vest at the end of a three-year period. Performance share awards are generally granted on an annual basis in the first quarter of the company’s fiscal year. Compensation cost is recognized for these awards on a straight-line basis over the vesting period based on the per share fair value, which is equal to the closing price of the company's common stock on the date of grant, and the probability of achieving each performance goal. The per share weighted-average fair value of performance share awards granted during the first quarter of fiscal 2024 and 2023 was $99.60 and $112.14, respectively. No performance share awards were granted during the second or third quarters of fiscal 2024 and 2023.

Restricted Stock Unit Awards

Restricted stock unit awards are generally granted to certain employees who are not executive officers. Occasionally, restricted stock unit awards may be granted, including to executive officers, in connection with hiring, mid-year promotions, leadership transition, or retention. Restricted stock unit awards generally vest one-third each year over a three-year period, or vest in full on the three-year anniversary of the date of grant. Compensation cost equal to the grant date fair value, net of estimated forfeitures, is recognized for these awards over the vesting period. The grant date fair value is equal to the closing price of the company's common stock on the date of grant multiplied by the number of shares subject to the restricted stock unit awards and estimated forfeitures are determined on the grant date based on historical forfeiture experience. The per share weighted-average fair value of restricted stock unit awards granted during the first nine months of fiscal 2024 and 2023 was $96.73 and $103.46, respectively.

Unrestricted Common Stock Awards

During the first nine months of fiscal 2024 and 2023, 7,544 and 10,329 shares, respectively, of fully vested unrestricted common stock awards were granted to certain Board members as a component of their compensation for their service on the Board and were recorded within selling, general and administrative expense in the Condensed Consolidated Statements of Earnings (Loss). Additionally, the Company's Board members may elect to convert a portion or all of their calendar year annual retainers otherwise payable in cash into shares of the company's common stock. No shares of fully vested unrestricted common stock awards were granted during the second or third quarters of fiscal 2024 and 2023.

Leases - Schedule of Future Minimum Operating Lease Payments (Details) $ in Millions	Aug. 02, 2024 USD ($)
ASC Topic 842 Leases
2024 (remaining)	$ 5.3
2025	24.3
2026	18.3
2027	14.7
2028	12.3
Thereafter	69.6
Total future minimum operating lease payments	144.5
Less: imputed interest	25.7
Present value of operating lease liabilities	$ 118.8

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	9 Months Ended
	Aug. 02, 2024 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Maximum length of time hedged in cash flow hedge	2 years
Cash flow hedge effectiveness measurement period	2 months
Losses to be reclassified from AOCL to earnings	$ 2.2
Forward currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 344.9

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

9 Months Ended

Aug. 02, 2024

Aug. 04, 2023

Cash flows from operating activities:

Net earnings

$ 329,000

$ 259,400

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

Non-cash income from finance affiliate

(15,800)

(14,100)

Distributions from finance affiliate, net

20,000

4,900

Depreciation of property, plant, and equipment

65,500

56,600

Amortization of other intangible assets

26,300

26,800

Stock-based compensation expense

19,500

14,400

Non-cash impairment charges

151,300

Other

100

700

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

Receivables, net

(123,500)

(52,800)

Inventories, net

(1,900)

(46,600)

Other assets

9,600

(74,300)

Accounts payable

5,100

(174,700)

Other liabilities

(4,100)

3,100

Net cash provided by operating activities

329,800

154,700

Cash flows from investing activities:

Purchases of property, plant, and equipment

(63,600)

(105,700)

Proceeds from insurance claim

4,300

7,100

Business combinations, net of cash acquired

(21,000)

Asset acquisition

(800)

Proceeds from asset disposals

200

400

Proceeds from divestitures

16,500

Net cash used in investing activities

(43,400)

(119,200)

Cash flows from financing activities:

Net (repayments) borrowings under the revolving credit facility

^[1]

(40,000)

70,000

Proceeds from exercise of stock options

8,600

19,400

Payments of withholding taxes for stock awards

(3,900)

(3,800)

Purchases of TTC common stock

(109,200)

(60,000)

Dividends paid on TTC common stock

(112,600)

(106,500)

Other

(3,400)

(1,500)

Net cash used in financing activities

(260,500)

(82,400)

Effect of exchange rates on cash and cash equivalents

2,100

6,600

Net increase (decrease) in cash and cash equivalents

28,000

(40,300)

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

193,100

188,200

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

$ 221,100

$ 147,900

[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 financing activities.

Goodwill and Other Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Millions	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Estimated amortization expense
2024 (remaining)	$ 8.3
2025	31.6
2026	30.4
2027	25.4
2028	22.0
2029	20.1
Thereafter	103.0
Net	$ 240.8	$ 268.6	$ 277.6

Product Warranty Guarantees-Schedule of Changes in Accrued Warranties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Warranty provisions, claims, and changes in estimates
Beginning balance	$ 151.4	$ 153.9	$ 143.9	$ 134.5
Changes in accrual related to warranties issued during the period	20.0	20.5	60.4	69.9
Payments made during the period	(23.9)	(24.1)	(64.0)	(60.8)
Changes in accrual related to pre-existing warranties	0.2	1.0	7.4	7.7
Ending balance	$ 147.7	$ 151.3	$ 147.7	$ 151.3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 02, 2024
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

Leases - Schedule of Other Lease Information (Details)	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Leases [Abstract]
Weighted-average remaining lease term of operating leases in years	9 years	9 years 3 months 18 days	9 years 2 months 12 days
Weighted-average discount rate of operating leases	4.93%	4.83%	4.12%

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Stock disclosures
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00	$ 1.00
Preferred stock, issued (in shares)	0	0	0
Preferred stock, outstanding (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00	$ 1.00
Common stock, authorized (in shares)	175,000,000	175,000,000	175,000,000
Common stock, issued (in shares)	103,062,017	103,843,485	103,834,891
Common stock, outstanding (in shares)	103,062,017	103,843,485	103,834,891
Voting preferred stock
Stock disclosures
Preferred stock, authorized (in shares)	1,000,000	1,000,000	1,000,000
Non-voting preferred stock
Stock disclosures
Preferred stock, authorized (in shares)	850,000	850,000	850,000

Goodwill and Other Intangible Assets, Net - Schedule of the Components of Other Intangible Assets (Details) - USD ($) $ in Millions	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Other Intangible Assets
Weighted-Average Useful Life in Years	13 years 6 months	13 years 3 months 18 days	13 years 2 months 12 days
Gross Carrying Amount	$ 459.5	$ 471.0	$ 472.7
Accumulated Amortization	(218.7)	(202.4)	(195.1)
Net	240.8	268.6	277.6
Indefinite-lived - trade names	271.6	271.5	271.6
Total other intangible assets, gross	731.1	742.5	744.3
Total other intangible assets, net	$ 512.4	$ 540.1	$ 549.2
Patents
Other Intangible Assets
Weighted-Average Useful Life in Years	9 years 10 months 24 days	9 years 10 months 24 days	9 years 10 months 24 days
Gross Carrying Amount	$ 18.2	$ 18.2	$ 18.2
Accumulated Amortization	(16.6)	(16.0)	(15.8)
Net	$ 1.6	$ 2.2	$ 2.4
Non-compete agreements
Other Intangible Assets
Weighted-Average Useful Life in Years		5 years 6 months	5 years 6 months
Gross Carrying Amount		$ 6.9	$ 6.9
Accumulated Amortization		(6.9)	(6.9)
Net		$ 0.0	$ 0.0
Customer-related
Other Intangible Assets
Weighted-Average Useful Life in Years	15 years 9 months 18 days	15 years 9 months 18 days	15 years 8 months 12 days
Gross Carrying Amount	$ 327.7	$ 327.5	$ 329.1
Accumulated Amortization	(124.8)	(106.7)	(102.0)
Net	$ 202.9	$ 220.8	$ 227.1
Developed technology
Other Intangible Assets
Weighted-Average Useful Life in Years	7 years 1 month 6 days	7 years 1 month 6 days	7 years 1 month 6 days
Gross Carrying Amount	$ 102.9	$ 102.0	$ 102.1
Accumulated Amortization	(70.4)	(63.1)	(60.8)
Net	$ 32.5	$ 38.9	$ 41.3
Backlog and other
Other Intangible Assets
Weighted-Average Useful Life in Years		7 months 6 days	7 months 6 days
Gross Carrying Amount		$ 5.7	$ 5.7
Accumulated Amortization		(5.7)	(5.7)
Net		$ 0.0	$ 0.0
Trade names
Other Intangible Assets
Weighted-Average Useful Life in Years	13 years 8 months 12 days	13 years 8 months 12 days	13 years 8 months 12 days
Gross Carrying Amount	$ 10.7	$ 10.7	$ 10.7
Accumulated Amortization	(6.9)	(4.0)	(3.9)
Net	$ 3.8	$ 6.7	$ 6.8

Property, Plant, and Equipment, Net - Narrative (Details)	Aug. 02, 2024
Buildings and leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Tooling \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Tooling \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Software and Software Development Costs \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	2 years
Software and Software Development Costs \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years

Indebtedness (Tables)

9 Months Ended

Aug. 02, 2024

Debt Disclosure [Abstract]

Schedule of the Company's Indebtedness

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


(Dollars in millions)	August 2, 2024		August 4, 2023		October 31, 2023
$600 million revolving credit facility, due October 2026	$	—	$	70.0	$	40.0


$270 million term loan, due October 2026	270.0		270.0		270.0
$200 million term loan, due April 2027	200.0		200.0		200.0
3.81% series A senior notes, due June 2029	100.0		100.0		100.0
3.91% series B senior notes, due June 2031	100.0		100.0		100.0
3.97% senior notes, due June 2032	100.0		100.0		100.0
7.8% debentures, due June 2027	100.0		100.0		100.0
6.625% senior notes, due May 2037	124.2		124.1		124.2
Less: unamortized debt issuance costs	2.3		2.8		2.7
Total long-term debt	991.9		1,061.3		1,031.5
Less: current portion of long-term debt	25.3		—		—
Long-term debt, less current portion	$	966.6	$	1,061.3	$	1,031.5

Schedule of Principal Payments


(Dollars in millions)	August 2, 2024
2024 (remaining)	$	—
2025	37.0
2026	263.0
2027	270.0
2028	—
2029	100.0
Thereafter	325.0
Total principal payments required	$	995.0

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Fair Value Measurements - Schedule of Fair Value Hierarchy (Details) - USD ($) $ in Millions	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Assets:
Forward currency contracts	$ 2.1	$ 16.8	$ 13.8
Liabilities:
Forward currency contracts	1.3	0.0	0.1
Forward currency contracts
Assets:
Forward currency contracts	2.1	16.8	13.8
Liabilities:
Forward currency contracts	1.3	0.0	0.1
Measured on a recurring basis
Assets:
Total assets	2.1	16.8	13.8
Liabilities:
Total liabilities	1.3	0.0	0.1
Measured on a recurring basis \| Forward currency contracts
Assets:
Forward currency contracts	2.1	16.8	13.8
Liabilities:
Forward currency contracts	1.3	0.0	0.1
Measured on a recurring basis \| Level 1
Assets:
Total assets	0.0	0.0	0.0
Liabilities:
Total liabilities	0.0	0.0	0.0
Measured on a recurring basis \| Level 1 \| Forward currency contracts
Assets:
Forward currency contracts	0.0	0.0	0.0
Liabilities:
Forward currency contracts	0.0	0.0	0.0
Measured on a recurring basis \| Level 2
Assets:
Total assets	2.1	16.8	13.8
Liabilities:
Total liabilities	1.3	0.0	0.1
Measured on a recurring basis \| Level 2 \| Forward currency contracts
Assets:
Forward currency contracts	2.1	16.8	13.8
Liabilities:
Forward currency contracts	1.3	0.0	0.1
Measured on a recurring basis \| Level 3
Assets:
Total assets	0.0	0.0	0.0
Liabilities:
Total liabilities	0.0	0.0	0.0
Measured on a recurring basis \| Level 3 \| Forward currency contracts
Assets:
Forward currency contracts	0.0	0.0	0.0
Liabilities:
Forward currency contracts	$ 0.0	$ 0.0	$ 0.0

Fair Value Measurements

9 Months Ended

Aug. 02, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements


17			Fair Value Measurements

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

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

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

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

Recurring Fair Value Measurements

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


			Fair Value Measurements Using Inputs Considered as:
August 2, 2024	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	2.1	$	—	$	2.1	$	—
Total assets	$	2.1	$	—	$	2.1	$	—

Liabilities:
Forward currency contracts	$	1.3	$	—	$	1.3	$	—
Total liabilities	$	1.3	$	—	$	1.3	$	—


			Fair Value Measurements Using Inputs Considered as:
August 4, 2023	Fair Value		Level 1		Level 2		Level 3
Assets:
Forward currency contracts	$	13.8	$	—	$	13.8	$	—
Total assets	$	13.8	$	—	$	13.8	$	—

Liabilities:
Forward currency contracts	$	0.1	$	—	$	0.1	$	—
Total liabilities	$	0.1	$	—	$	0.1	$	—


			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	$	—	$	—	$	—	$	—

Nonrecurring Fair Value Measurements

The company measures certain assets and liabilities at fair value on a non-recurring basis. Assets and liabilities that are measured at fair value on a nonrecurring basis include long-lived assets, goodwill, and indefinite-lived intangible assets, which would generally be recorded at fair value as a result of an impairment charge. For additional information regarding impairment related fair value measurements, refer to Note 5, Goodwill and Other Intangible Assets, Net. Assets acquired and liabilities assumed as part of a business combination are also measured at fair value on a non-recurring basis during the measurement period allowed by the accounting standards codification guidance for business combinations when applicable. Alternatively,

under a cost accumulation model, the company measures the fair values of net assets acquired as part of an asset acquisition before allocating the cost of the asset acquisition to the net assets acquired on the basis of their relative fair values. For additional information on the company's business combination and the related non-recurring fair value measurement of the assets acquired and liabilities assumed, refer to Note 2, Acquisitions and Divestitures.

Other Fair Value Disclosures

The carrying values of the company's short-term financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and short-term debt, including current maturities of long-term debt, when applicable, approximate their fair values due to their short-term nature. As of August 2, 2024, August 4, 2023, and October 31, 2023, the company's long-term debt included $524.2 million, $524.1 million, and $524.2 million of gross fixed-rate debt that is not subject to variable interest rate fluctuations. The gross fair value of such long-term debt is determined using Level 2 inputs by discounting the projected cash flows based on quoted market rates at which similar amounts of debt could currently be borrowed. As of August 2, 2024, the estimated gross fair value of long-term debt with fixed interest rates was $532.8 million compared to its gross carrying amount of $524.2 million. As of August 4, 2023, the estimated gross fair value of long-term debt with fixed interest rates was $497.7 million compared to its gross carrying amount of $524.1 million. As of 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. 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: 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 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Derivative Instruments and Hedging Activities - Schedule of Effects of Master Netting Arrangements (Details) - USD ($) $ in Millions	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Derivative assets:
Net amount of derivative assets	$ 2.1	$ 16.8	$ 13.8
Derivative liabilities:
Net amount of derivative liabilities	1.3	0.0	0.1
Forward currency contracts
Derivative assets:
Gross amount of derivative assets	3.0	16.8	15.0
Derivative liabilities offsetting derivative assets	0.9	0.0	1.2
Net amount of derivative assets	2.1	16.8	13.8
Derivative liabilities:
Gross amount of derivative liabilities	1.5	0.0	0.1
Derivative assets offsetting derivative liabilities	0.2	0.0	0.0
Net amount of derivative liabilities	$ 1.3	$ 0.0	$ 0.1

Fair value of asset associated with financial liability or 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.

+ References + Details

Inventories, Net (Details) - USD ($) $ in Millions	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Inventory Disclosure [Abstract]
Raw materials and work in process	$ 395.2	$ 400.3	$ 435.1
Finished goods and service parts	843.5	844.2	847.5
Total FIFO and average cost value	1,238.7	1,244.5	1,282.6
Less: adjustment to LIFO value	156.7	156.7	169.9
Total inventories, net	$ 1,082.0	$ 1,087.8	$ 1,112.7

Revenue

9 Months Ended

Aug. 02, 2024

Revenue from Contract with Customer [Abstract]

Revenue


4			Revenue

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


Three Months Ended August 2, 2024	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	772.8	$	265.0	$	5.6	$	1,043.4
Irrigation	108.1		2.5		2.9		113.5
Total net sales	$	880.9	$	267.5	$	8.5	$	1,156.9

Revenue by geographic market:
United States	$	694.0	$	236.2	$	8.5	$	938.7
International countries	186.9		31.3		—		218.2
Total net sales	$	880.9	$	267.5	$	8.5	$	1,156.9


Nine Months Ended August 2, 2024	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	2,300.3	$	827.1	$	16.0	$	3,143.4
Irrigation	342.7		16.1		5.6		364.4
Total net sales	$	2,643.0	$	843.2	$	21.6	$	3,507.8

Revenue by geographic market:
United States	$	2,054.8	$	740.0	$	21.6	$	2,816.4
International countries	588.2		103.2		—		691.4
Total net sales	$	2,643.0	$	843.2	$	21.6	$	3,507.8


Three Months Ended August 4, 2023	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	777.2	$	169.1	$	5.2	$	951.5
Irrigation	119.1		6.2		5.0		130.3
Total net sales	$	896.3	$	175.3	$	10.2	$	1,081.8

Revenue by geographic market:
United States	$	690.8	$	145.8	$	10.2	$	846.8
International countries	205.5		29.5		—		235.0
Total net sales	$	896.3	$	175.3	$	10.2	$	1,081.8


Nine Months Ended August 4, 2023	Professional		Residential		Other		Total
Revenue by product type:
Equipment	$	2,486.9	$	682.8	$	11.5	$	3,181.2
Irrigation	358.8		23.0		7.0		388.8
Total net sales	$	2,845.7	$	705.8	$	18.5	$	3,570.0

Revenue by geographic market:
United States	$	2,225.5	$	569.3	$	18.5	$	2,813.3
International countries	620.2		136.5		—		756.7
Total net sales	$	2,845.7	$	705.8	$	18.5	$	3,570.0

Contract Liabilities

Contract liabilities relate to deferred revenue recognized for cash consideration received at contract inception in advance of the company's performance under the respective contract and generally relate to the sale of separately priced extended warranty contracts, service contracts, and non-refundable customer deposits. The company recognizes revenue over the term of the contract in proportion to the costs expected to be incurred in satisfying the performance obligations under the separately priced extended warranty and service contracts. For non-refundable customer deposits, the company recognizes revenue as of the point in time in which the performance obligation has been satisfied under the contract with the customer, which typically occurs upon change in control at the time a product is shipped. As of August 2, 2024 and October 31, 2023, $26.3 million and $25.6 million, respectively, of deferred revenue associated with outstanding separately priced extended warranty contracts, service contracts, and non-refundable customer deposits was reported within accrued liabilities and other long-term liabilities in the Condensed Consolidated Balance Sheets. For the three and nine months ended August 2, 2024, the company recognized $2.5 million and $9.7 million, respectively, of the October 31, 2023 deferred revenue balance within net sales in the Condensed Consolidated Statements of Earnings (Loss). The company expects to recognize approximately $2.3 million of the October 31, 2023 deferred revenue amount within net sales throughout the remainder of fiscal 2024, $7.8 million in fiscal 2025, and $5.8 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends paid on common stock (in dollars per share)	$ 0.36	$ 0.34	$ 1.08	$ 1.02
Issuance of share-based payment awards (in shares)	169,273	56,006	493,194	490,469
Contribution to a deferred compensation trust (in shares)			54,526	14,270
Purchase of shares of common stock (in shares)	1,081,307	356,757	1,220,136	611,113

Goodwill and Other Intangible Assets, Net

9 Months Ended

Aug. 02, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net


5			Goodwill and Other Intangible Assets, Net

Goodwill

The changes in the carrying amount of goodwill by reportable segment for the first nine months of fiscal 2024 were as follows:


(Dollars in millions)	Professional		Residential		Other		Total
Balance as of October 31, 2023	$	440.5	$	10.3	$	—	$	450.8


Divestitures	(0.5)		(0.5)		—		(1.0)

Translation adjustments	0.3		0.1		—		0.4
Balance as of August 2, 2024	$	440.3	$	9.9	$	—	$	450.2

Other Intangible Assets, Net

The components of other intangible assets, net as of August 2, 2024, August 4, 2023, and October 31, 2023 were as follows (dollars in millions):


August 2, 2024	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(16.6)	$	1.6

Customer-related	15.8	327.7		(124.8)		202.9
Developed technology	7.1	102.9		(70.4)		32.5
Trade names	13.7	10.7		(6.9)		3.8

Total finite-lived	13.5	459.5		(218.7)		240.8
Indefinite-lived - trade names		271.6		—		271.6
Total other intangible assets, net		$	731.1	$	(218.7)	$	512.4


August 4, 2023	Weighted-Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net
Patents	9.9	$	18.2	$	(15.8)	$	2.4
Non-compete agreements	5.5	6.9		(6.9)		—
Customer-related	15.7	329.1		(102.0)		227.1
Developed technology	7.1	102.1		(60.8)		41.3
Trade names	13.7	10.7		(3.9)		6.8
Backlog and other	0.6	5.7		(5.7)		—
Total finite-lived	13.2	472.7		(195.1)		277.6
Indefinite-lived - trade names		271.6		—		271.6
Total other intangible assets, net		$	744.3	$	(195.1)	$	549.2


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

Amortization expense for finite-lived intangible assets for the three and nine months ended August 2, 2024 was $8.8 million and $26.3 million, respectively. Amortization expense for finite-lived intangibles assets for the three and nine months ended August 4, 2023 was $8.9 million and $26.8 million, respectively. As of August 2, 2024, estimated amortization expense for the remainder of fiscal 2024 and succeeding fiscal years is as follows:


(Dollars in millions)	August 2, 2024
2024 (remaining)	$	8.3
2025	31.6
2026	30.4
2027	25.4
2028	22.0
2029	20.1
Thereafter	103.0
Total estimated amortization expense	$	240.8

Fiscal 2023 Impairment

Intimidator

At the end of the third quarter of fiscal 2023, the company recorded an impairment charge of $18.0 million related to the indefinite-lived Spartan trade name intangible asset reported under the Professional segment. Further, during the same period, the company recorded an impairment charge of $133.3 million related to goodwill of the Intimidator reporting unit also reported under the Professional segment. Subsequent to these impairment charges, the remaining balance of the indefinite-lived Spartan trade name intangible asset was $81.1 million and the remaining balance of goodwill for the Intimidator reporting unit was $30.5 million. The charges are included in the Non-cash impairment charges caption on the Condensed Consolidated Statements of Earnings (Loss). 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.

Leases - Schedule of Supplemental Cash Flow and Other Lease Information (Details) - USD ($) $ in Millions	9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023
Leases [Abstract]
Right-of-use assets obtained in exchange for lease obligations	$ 3.5	$ 54.1
Operating cash flows for amounts included in the measurement of lease liabilities	$ 20.5	$ 16.5

Stockholders' Equity -Schedule of Components of Accumulated Other Comprehensive Loss (AOCL), Net of Tax (Details) - USD ($) $ in Millions	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Accumulated other comprehensive loss (AOCL)
Foreign currency translation adjustments	$ 34.8	$ 41.7	$ 34.3
Pension benefits	4.3	4.3	3.6
Cash flow derivative instruments	3.8	(9.0)	(7.3)
Total accumulated other comprehensive loss	$ 42.9	$ 37.0	$ 30.6

- Definition

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

+ References + Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Assets and liabilities measured at fair value disclosures
Long-term debt, percentage bearing fixed interest, amount	$ 524.2	$ 524.2	$ 524.1
Level 2
Assets and liabilities measured at fair value disclosures
Long-term debt, fair value	$ 532.8	$ 478.2	$ 497.7

Leases (Tables)

9 Months Ended

Aug. 02, 2024

Leases [Abstract]

Schedule of Supplemental Cash Flow and Other Lease Information

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


	Three Months Ended				Nine Months Ended
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Operating lease expense	$	8.9	$	6.1	$	27.5	$	19.0
Short-term lease expense	1.3		1.6		3.4		3.5
Variable lease expense	0.1		—		0.2		0.1
Total lease expense	$	10.3	$	7.7	$	31.1	$	22.6

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


	Nine Months Ended
(Dollars in millions)	August 2, 2024		August 4, 2023
Right-of-use assets obtained in exchange for lease obligations	$	3.5	$	54.1
Operating cash flows for amounts included in the measurement of lease liabilities	$	20.5	$	16.5

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


	August 2, 2024		August 4, 2023		October 31, 2023
Weighted-average remaining lease term of operating leases in years	9.0		9.2		9.3
Weighted-average discount rate of operating leases	4.93	%	4.12	%	4.83	%

Schedule of Future Minimum Operating Lease Payments


(Dollars in millions)	August 2, 2024
2024 (remaining)	$	5.3
2025	24.3
2026	18.3
2027	14.7
2028	12.3
Thereafter	69.6
Total future minimum operating lease payments	144.5
Less: imputed interest	25.7
Present value of operating lease liabilities	$	118.8

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at beginning of period at Oct. 31, 2022	$ 1,351.7	$ 104.0	$ 1,280.8	$ (33.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(106.5)		(106.5)
Issuance of common stock under stock-based compensation plans	19.4	0.4	19.0
Stock-based compensation expense	14.4		14.4
Purchase of common stock	(63.8)	(0.6)	(63.2)
Other comprehensive (loss) income	2.5			2.5
Net earnings (loss)	259.4		259.4
Balance at end of period at Aug. 04, 2023	1,477.1	103.8	1,403.9	(30.6)
Balance at beginning of period at May. 05, 2023	1,560.0	104.1	1,485.1	(29.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(35.4)		(35.4)
Issuance of common stock under stock-based compensation plans	1.8		1.8
Stock-based compensation expense	3.6		3.6
Purchase of common stock	(36.5)	(0.3)	(36.2)
Other comprehensive (loss) income	(1.4)			(1.4)
Net earnings (loss)	(15.0)		(15.0)
Balance at end of period at Aug. 04, 2023	1,477.1	103.8	1,403.9	(30.6)
Balance at beginning of period at Oct. 31, 2023	1,510.9	103.8	1,444.1	(37.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(112.6)		(112.6)
Issuance of common stock under stock-based compensation plans	8.6	0.5	8.1
Stock-based compensation expense	19.5		19.5
Purchase of common stock	(113.1)	(1.2)	(111.9)
Other comprehensive (loss) income	(5.9)			(5.9)
Net earnings (loss)	329.0		329.0
Balance at end of period at Aug. 02, 2024	1,636.4	103.1	1,576.2	(42.9)
Balance at beginning of period at May. 03, 2024	1,651.4	104.0	1,583.2	(35.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends paid on common stock	(37.5)		(37.5)
Issuance of common stock under stock-based compensation plans	6.7	0.2	6.5
Stock-based compensation expense	4.2		4.2
Purchase of common stock	(100.6)	(1.1)	(99.5)
Other comprehensive (loss) income	(7.1)			(7.1)
Net earnings (loss)	119.3		119.3
Balance at end of period at Aug. 02, 2024	$ 1,636.4	$ 103.1	$ 1,576.2	$ (42.9)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

- Definition

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

+ References

+ Details

Derivative Instruments and Hedging Activities

9 Months Ended

Aug. 02, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities


16			Derivative Instruments and Hedging Activities

Risk Management Objective of Using Derivatives

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

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

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

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

Cash Flow Hedging Instruments

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

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

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

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

As of August 2, 2024, the notional amount outstanding of forward currency contracts designated as cash flow hedging instruments was $344.9 million.

Derivatives Not Designated as Cash Flow Hedging Instruments

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

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


(Dollars in millions)	August 2, 2024		August 4, 2023		October 31, 2023
Derivative assets:
Derivatives designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	$	1.3	$	10.0	$	13.7
Derivatives not designated as cash flow hedging instruments:
Prepaid expenses and other current assets
Forward currency contracts	0.8		3.8		3.1
Total derivative assets	$	2.1	$	13.8	$	16.8

Derivative liabilities:
Derivatives designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	$	1.2	$	0.1	$	—
Derivatives not designated as cash flow hedging instruments:
Accrued liabilities
Forward currency contracts	0.1		—		—
Total derivative liabilities	$	1.3	$	0.1	$	—

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

transactions. The company records the fair value of its derivative instruments at the net amount on its Condensed Consolidated Balance Sheets.

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


(Dollars in millions)	August 2, 2024		August 4, 2023		October 31, 2023
Derivative assets:
Forward currency contracts:
Gross amount of derivative assets	$	3.0	$	15.0	$	16.8
Derivative liabilities offsetting derivative assets	0.9		1.2		—
Net amount of derivative assets	$	2.1	$	13.8	$	16.8

Derivative liabilities:
Forward currency contracts:
Gross amount of derivative liabilities	$	1.5	$	0.1	$	—
Derivative assets offsetting derivative liabilities	0.2		—		—
Net amount of derivative liabilities	$	1.3	$	0.1	$	—


	Three Months Ended
	Gain Reclassified from AOCL into Earnings				(Loss) Gain Recognized in OCI on Derivatives
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	1.0	$	1.9	$	(2.3)	$	(0.9)
Cost of sales	0.6		1.2		(6.4)		1.5
Total derivatives designated as cash flow hedging instruments	$	1.6	$	3.1	$	(8.7)	$	0.6


	Nine Months Ended
	Gain Reclassified from AOCL into Earnings				(Loss) Gain Recognized in OCI on Derivatives
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Net sales	$	3.0	$	9.7	$	(6.5)	$	(18.1)
Cost of sales	3.3		3.0		(6.3)		3.6
Total derivatives designated as cash flow hedging instruments	$	6.3	$	12.7	$	(12.8)	$	(14.5)

The company recognized immaterial gains and losses within other income, net in the Condensed Consolidated Statements of Earnings (Loss) during the third quarter and first nine months of fiscal 2024 and fiscal 2023, respectively, due to the discontinuance of cash flow hedge accounting on certain forward currency contracts designated as cash flow hedging instruments. As of August 2, 2024, the company expects to reclassify approximately $2.2 million of losses from AOCL to earnings during the next twelve months.


	Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in millions)	August 2, 2024				August 4, 2023
Three Months Ended	Net Sales		Cost of Sales		Net Sales		Cost of Sales
Condensed Consolidated Statements of Earnings (Loss) income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	1,156.9	$	(754.1)	$	1,081.8	$	(709.4)
Gain (loss) on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings	1.0		0.6		1.9		1.2
Gain (loss) on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	1.3	$	1.1	$	(0.4)	$	0.8


	Gain (Loss) Recognized in Earnings on Cash Flow Hedging Instruments
(Dollars in millions)	August 2, 2024				August 4, 2023
Nine Months Ended	Net Sales		Cost of Sales		Net Sales		Cost of Sales
Condensed Consolidated Statements of Earnings (Loss) income (expense) amounts in which the effects of cash flow hedging instruments are recorded	$	3,507.8	$	(2,307.5)	$	3,570.0	$	(2,322.0)
Gain on derivatives designated as cash flow hedging instruments:
Forward currency contracts:
Amount of gain reclassified from AOCL into earnings	3.0		3.3		9.7		3.0
Gain on components excluded from effectiveness testing recognized in earnings based on changes in fair value	$	2.1	$	2.6	$	2.0	$	1.8


	Three Months Ended				Nine Months Ended
(Dollars in millions)	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023
Loss on derivatives not designated as cash flow hedging instruments
Forward currency contracts:
Other loss, net	$	(4.6)	$	(2.7)	$	(5.8)	$	(4.5)
Total loss on derivatives not designated as cash flow hedging instruments	$	(4.6)	$	(2.7)	$	(5.8)	$	(4.5)

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Statement of Comprehensive Income [Abstract]
Derivative instruments, tax	$ (0.8)	$ (0.2)	$ (2.3)	$ (5.8)

Cover Page - shares	9 Months Ended
Cover Page - shares	Aug. 02, 2024	Aug. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 02, 2024
Document Transition Report	false
Entity File Number	1-8649
Entity Registrant Name	THE TORO COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0580470
Entity Address, Address Line One	8111 Lyndale Avenue South
Entity Address, City or Town	Bloomington
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55420-1196
City Area Code	952
Local Phone Number	888-8801
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	TTC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		102,614,743
Entity Central Index Key	0000737758
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Acquisitions and Divestitures

9 Months Ended

Aug. 02, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions and Divestitures


2			Acquisitions and Divestitures

Divestiture

Pope Products

On July 1, 2024, during the third quarter of fiscal 2024, the company completed the sale of its Pope Products garden watering and irrigation business based in Australia. The financial results related to the Pope Products business have historically been included in the company's Residential segment. The divestiture was immaterial in relation to the company's Consolidated Financial Condition and Results of Operations.

Business Combination

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.

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 119.3	$ (15.0)	$ 329.0	$ 259.4
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	1.6	(2.0)	6.9	17.0
Derivative instruments, net of tax of $(0.8); $(0.2); $(2.3); and $(5.8), respectively	(8.7)	0.6	(12.8)	(14.5)
Other comprehensive (loss) income, net of tax	(7.1)	(1.4)	(5.9)	2.5
Comprehensive income (loss)	$ 112.2	$ (16.4)	$ 323.1	$ 261.9

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Revenue - Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Aug. 02, 2024	Aug. 02, 2024	Oct. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 26.3	$ 26.3	$ 25.6
Contract with customer liability revenue recognized	$ 2.5	$ 9.7

Revenue - Disaggregation by Major Product Type and Geographic Market (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 1,156.9	$ 1,081.8	$ 3,507.8	$ 3,570.0
United States
Disaggregation of Revenue [Line Items]
Revenues	938.7	846.8	2,816.4	2,813.3
International countries
Disaggregation of Revenue [Line Items]
Revenues	218.2	235.0	691.4	756.7
Equipment
Disaggregation of Revenue [Line Items]
Revenues	1,043.4	951.5	3,143.4	3,181.2
Irrigation
Disaggregation of Revenue [Line Items]
Revenues	113.5	130.3	364.4	388.8
Operating Segments \| Professional
Disaggregation of Revenue [Line Items]
Revenues	880.9	896.3	2,643.0	2,845.7
Operating Segments \| Professional \| United States
Disaggregation of Revenue [Line Items]
Revenues	694.0	690.8	2,054.8	2,225.5
Operating Segments \| Professional \| International countries
Disaggregation of Revenue [Line Items]
Revenues	186.9	205.5	588.2	620.2
Operating Segments \| Professional \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	772.8	777.2	2,300.3	2,486.9
Operating Segments \| Professional \| Irrigation
Disaggregation of Revenue [Line Items]
Revenues	108.1	119.1	342.7	358.8
Operating Segments \| Residential
Disaggregation of Revenue [Line Items]
Revenues	267.5	175.3	843.2	705.8
Operating Segments \| Residential \| United States
Disaggregation of Revenue [Line Items]
Revenues	236.2	145.8	740.0	569.3
Operating Segments \| Residential \| International countries
Disaggregation of Revenue [Line Items]
Revenues	31.3	29.5	103.2	136.5
Operating Segments \| Residential \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	265.0	169.1	827.1	682.8
Operating Segments \| Residential \| Irrigation
Disaggregation of Revenue [Line Items]
Revenues	2.5	6.2	16.1	23.0
Other
Disaggregation of Revenue [Line Items]
Revenues	8.5	10.2	21.6	18.5
Other \| United States
Disaggregation of Revenue [Line Items]
Revenues	8.5	10.2	21.6	18.5
Other \| International countries
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0	0.0
Other \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	5.6	5.2	16.0	11.5
Other \| Irrigation
Disaggregation of Revenue [Line Items]
Revenues	$ 2.9	$ 5.0	$ 5.6	$ 7.0

Commitments and Contingencies

9 Months Ended

Aug. 02, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


14			Commitments and Contingencies

Customer Financing Arrangements

Inventory Financing

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

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

The net amount of receivables financed for dealers and distributors under this arrangement with Red Iron for the nine months ended August 2, 2024 and August 4, 2023 were $1,882.3 million and $2,160.8 million, respectively. The total amount of net receivables outstanding under this arrangement with Red Iron as of August 2, 2024, August 4, 2023, and October 31, 2023 were $927.8 million, $1,010.5 million and $1,019.0 million, respectively. The total amount of receivables due from Red Iron to the company as of August 2, 2024, August 4, 2023, and October 31, 2023 were $28.6 million, $30.4 million and $34.4 million, respectively.

The net amount of receivables financed for dealers and distributors under the arrangements with HCFC and the other third-party financial institutions for the nine months ended August 2, 2024 and August 4, 2023 were $442.0 million and $367.6 million, respectively. As of August 2, 2024, August 4, 2023, and October 31, 2023, $228.5 million, $187.2 million and $234.7 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.

Additionally, as a result of the company's floor plan financing agreements with the other third-party financial institutions, the company also entered into inventory repurchase agreements with the other third-party financial institutions. Under such inventory repurchase agreements, the company has agreed to repurchase products repossessed by the other third-party financial institutions. As of August 2, 2024, August 4, 2023 and October 31, 2023, the company was contingently liable to repurchase up to a maximum amount of $30.2 million, $118.8 million, and $32.2 million, respectively, of inventory related to receivables under these inventory repurchase agreements. The company's financial exposure under these inventory repurchase agreements is limited to the difference between the amount paid to Red Iron, HCFC or other third-party financing institutions for repurchases of inventory and the amount received upon subsequent resale of the repossessed product. The company has repurchased immaterial amounts of inventory pursuant to such arrangements for the nine months ended August 2, 2024 and August 4, 2023.

Supplier Finance Program

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. The company guarantees its payment obligations under the supply chain finance arrangement with the third-party financial institution. The company does not pledge assets as security to the suppliers or the third-party financial institution. As of August 2, 2024, August 4, 2023 and October 31, 2023, $315.3 million, $402.1 million, and $99.6 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. These obligations are presented within accounts payable in the Condensed Consolidated Balance Sheets.

Litigation

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

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

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-20/tableOfContent

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-30/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483049/450-30-50-1

+ Details

Investment in Joint Venture (Details) - Red Iron Acceptance, LLC - USD ($)	Aug. 02, 2024	Oct. 31, 2023	Aug. 04, 2023
Schedule of Equity Method Investments
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	$ 46,400,000	$ 50,600,000	$ 48,500,000

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details