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Property, Plant, and Equipment, Net | 6 Months Ended
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May 03, 2024
Property, Plant and Equipment [Abstract] |
Property, Plant, and Equipment, Net |
7 | 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. Property, plant, and equipment, net was as follows:
(Dollars in millions) |  | May 3, 2024 |  | May 5, 2023 |  | October 31, 2023
Land and land improvements |  | $ | 69.3 |  |  | $ | 61.6 |  |  | $ | 69.0 |
Buildings and leasehold improvements |  | 359.9 |  |  | 328.3 |  |  | 355.8 |
Machinery and equipment |  | 625.3 |  |  | 567.2 |  |  | 624.6 |
Tooling |  | 261.8 |  |  | 227.0 |  |  | 260.4 |
Computer hardware and software |  | 98.8 |  |  | 106.0 |  |  | 98.0 |
Construction in process |  | 165.5 |  |  | 199.9 |  |  | 133.2 |
Property, plant, and equipment, gross |  | 1,580.6 |  |  | 1,490.0 |  |  | 1,541.0 |
Less: accumulated depreciation |  | 942.8 |  |  | 884.2 |  |  | 899.3 |
Property, plant, and equipment, net |  | $ | 637.8 |  |  | $ | 605.8 |  |  | $ | 641.7 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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