Property and Depreciation

6 Months Ended

May 01, 2020

Property, Plant and Equipment [Abstract]



9	Property and Depreciation

Property, plant, and equipment assets are carried at cost less accumulated depreciation. The company provides for depreciation of property, plant, and equipment utilizing the straight-line method over the estimated useful lives of the assets. Buildings, land improvements, and leasehold improvements are generally depreciated over 10 to 40 years, machinery and equipment are generally depreciated over two to 15 years, tooling is generally depreciated over three to five years, and computer hardware and software and website development costs are generally depreciated over two to five years. Expenditures for major renewals and improvements, which substantially increase the useful lives of existing assets, are capitalized, and expenditures for general maintenance and repairs are charged to operating expenses as incurred. Interest is capitalized during the construction period for significant capital projects.

On March 2, 2020, with the acquisition of Venture Products, the company acquired $27.0 million of property, plant, and equipment, based on preliminary fair value purchase accounting adjustments. For additional information on the company's acquisition of Venture Products, refer to Note 2, Business Combinations.

Property, plant and equipment was as follows:



(Dollars in thousands)	May 1, 2020		May 3, 2019		October 31, 2019
Land and land improvements	$	55,298	$	53,123	$	55,613
Buildings and leasehold improvements	287,303		263,103		276,556
Machinery and equipment	466,388		421,927		453,314
Tooling	216,177		223,621		226,870
Computer hardware and software	94,026		91,353		94,409
Construction in process	71,309		55,851		34,937
Property, plant, and equipment, gross	1,190,501		1,108,978		1,141,699
Less: accumulated depreciation	736,740		683,597		704,382
Property, plant, and equipment, net	$	453,761	$	425,381	$	437,317