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v3.22.2.2

Property, Plant and Equipment, Net | 9 Months Ended
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Jul. 29, 2022
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 depending on the nature and use of the related asset. Interest is capitalized during the construction period for significant capital projects. On January 13, 2022, with the acquisition of Intimidator, the company acquired $27.4 million of property, plant, and equipment. For additional information on the company's acquisition of Intimidator, refer to Note 2, Business Combinations and Asset Acquisitions. Property, plant and equipment, net was as follows:
(Dollars in thousands) |  | July 29, 2022 |  | July 30, 2021 |  | October 31, 2021
Land and land improvements |  | $ | 57,169 |  |  | $ | 56,004 |  |  | $ | 57,690 |
Buildings and leasehold improvements |  | 326,111 |  |  | 299,484 |  |  | 308,217 |
Machinery and equipment |  | 535,303 |  |  | 508,383 |  |  | 522,012 |
Tooling |  | 221,290 |  |  | 233,171 |  |  | 220,966 |
Computer hardware and software |  | 96,834 |  |  | 102,293 |  |  | 97,485 |
Construction in process |  | 141,503 |  |  | 82,211 |  |  | 85,722 |
Property, plant, and equipment, gross |  | 1,378,210 |  |  | 1,281,546 |  |  | 1,292,092 |
Less: accumulated depreciation |  | 846,394 |  |  | 824,554 |  |  | 804,361 |
Property, plant, and equipment, net |  | $ | 531,816 |  |  | $ | 456,992 |  |  | $ | 487,731 |

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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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://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 https://asc.fasb.org/extlink&oid=126982197&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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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