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Property and Depreciation | 6 Months Ended
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May 03, 2019
Property, Plant and Equipment [Abstract] |
Property and Depreciation | 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 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 web site 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 April 1, 2019, with the acquisition of CMW, the company acquired $142.7 million of property, plant, and equipment, based on preliminary fair value purchase accounting adjustments. For additional information on the company's acquisition of CMW, refer to Note 2, Business Combinations. Property, plant and equipment was as follows:
(Dollars in thousands) |  | May 3, 2019 |  | May 4, 2018 |  | October 31, 2018
Land and land improvements |  | $ | 53,123 |  |  | $ | 38,085 |  |  | $ | 39,607 |
Buildings and leasehold improvements |  | 263,103 |  |  | 195,463 |  |  | 209,686 |
Machinery and equipment |  | 421,927 |  |  | 341,702 |  |  | 349,550 |
Tooling |  | 223,621 |  |  | 204,018 |  |  | 211,756 |
Computer hardware and software |  | 91,353 |  |  | 86,500 |  |  | 83,338 |
Construction in Process |  | 55,851 |  |  | 36,000 |  |  | 35,044 |
Gross property, plant, and equipment |  | 1,108,978 |  |  | 901,768 |  |  | 928,981 |
Less: accumulated depreciation |  | 683,597 |  |  | 656,420 |  |  | 657,522 |
Property, plant, and equipment, net |  | $ | 425,381 |  |  | $ | 245,348 |  |  | $ | 271,459 |

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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