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Property and Depreciation | 9 Months Ended
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Jul. 31, 2020
Property, Plant and Equipment [Abstract] |
Property and Depreciation |
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 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) |  | July 31, 2020 |  | August 2, 2019 |  | October 31, 2019
Land and land improvements |  | $ | 56,257 |  |  | $ | 55,786 |  |  | $ | 55,613 |
Buildings and leasehold improvements |  | 289,484 |  |  | 259,928 |  |  | 276,556 |
Machinery and equipment |  | 474,519 |  |  | 420,262 |  |  | 453,314 |
Tooling |  | 218,851 |  |  | 224,230 |  |  | 226,870 |
Computer hardware and software |  | 95,891 |  |  | 91,577 |  |  | 94,409 |
Construction in process |  | 77,227 |  |  | 70,367 |  |  | 34,937 |
Property, plant, and equipment, gross |  | 1,212,229 |  |  | 1,122,150 |  |  | 1,141,699 |
Less: accumulated depreciation |  | 754,338 |  |  | 695,735 |  |  | 704,382 |
Property, plant, and equipment, net |  | $ | 457,891 |  |  | $ | 426,415 |  |  | $ | 437,317 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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