Mission Produce (AVO) 10-Q 13 Sep 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Jul. 31, 2021	Sep. 06, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2021
Document Transition Report	false
Entity File Number	001-39561
Entity Registrant Name	MISSION PRODUCE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3847744
Entity Address, Address Line One	2710 Camino Del Sol
Entity Address, City or Town	Oxnard
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93030
City Area Code	805
Local Phone Number	981-3650
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AVO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,609,485
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001802974
Current Fiscal Year End Date	--10-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jul. 31, 2021	Oct. 31, 2020
Current Assets:
Cash and cash equivalents	$ 70.9	$ 124
Restricted cash	4.2	1.4
Trade, net of allowances of $0.2 and $0.3, respectively	69.8	57.5
Grower and fruit advances	1.5	1.5
Miscellaneous receivables	15.5	13.4
Inventory	66.6	38.6
Prepaid expenses and other current assets	12.4	8.8
Loans to equity method investees	3.2	0
Income taxes receivable	5.9	2.9
Total current assets	250	248.1
Property, plant and equipment, net	418.6	379.1
Equity method investees	49.4	46.7
Loans to equity method investees	1.8	4.5
Deferred income taxes	7.1	4.4
Goodwill	76.4	76.4
Other assets	18.1	18.1
Total assets	821.4	777.3
Liabilities:
Accounts payable	24	20.5
Accrued expenses	30.1	28.3
Income taxes payable	2.9	1.7
Grower payables	26.7	18.8
Long-term debt—current portion	8.8	7.4
Capital leases—current portion	1.2	1.2
Total current liabilities	93.7	77.9
Long-term debt, net of current portion	159.7	166.7
Capital leases, net of current portion	2.4	3.3
Income taxes payable	3.5	3.8
Deferred income taxes	35.3	27.8
Other long-term liabilities	23.1	24.3
Total liabilities	317.7	303.8
Commitments and contingencies (Note 5)
Shareholders' Equity
Common stock ($0.001 par value, 1,000,000,000 shares authorized; 70,609,485 and 70,550,922 shares issued and outstanding as of July 31, 2021 and October 31, 2020, respectively)	0.1	0.1
Additional paid-in capital	224.8	222.8
Notes receivable from shareholders	0	(0.1)
Accumulated other comprehensive loss	(0.4)	(0.5)
Retained earnings	279.2	251.2
Total shareholders' equity	503.7	473.5
Total liabilities and shareholders' equity	$ 821.4	$ 777.3

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - Parenthetical - USD ($) $ in Millions	Jul. 31, 2021	Oct. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 0.2	$ 0.3
Common stock, par value (in dollars per share)	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000
Common stock, shares issued (in shares)	70,609,485	70,550,922
Common stock, shares outstanding (in shares)	70,609,485	70,550,922

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Income Statement [Abstract]
Net sales	$ 246.8	$ 236.4	$ 654.7	$ 655.5
Cost of sales	205.9	192.2	564	570.4
Gross profit	40.9	44.2	90.7	85.1
Selling, general and administrative expenses	17.2	13.5	48.1	39.4
Operating income	23.7	30.7	42.6	45.7
Interest expense	(1)	(1.1)	(2.7)	(5.5)
Equity method income	2.1	1.2	4.2	1.6
Impairment on equity method investment	0	0	0	(21.2)
Other expense	(0.5)	(1.2)	(0.8)	(0.2)
Income before income taxes	24.3	29.6	43.3	20.4
Provision for income taxes	5.9	6.2	15.3	10.4
Net income	$ 18.4	$ 23.4	$ 28	$ 10
Net income per share:
Basic (in dollars per share)	$ 0.26	$ 0.37	$ 0.40	$ 0.16
Diluted (in dollars per share)	$ 0.26	$ 0.37	$ 0.39	$ 0.16
Other comprehensive income, net of tax
Foreign currency translation adjustments	$ (0.2)	$ (0.2)	$ 0.1	$ (0.3)
Comprehensive income	$ 18.2	$ 23.2	$ 28.1	$ 9.7

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Notes receivable from shareholders	Accumulated other comprehensive loss	Retained earnings
Beginning Balance (in shares) at Oct. 31, 2019		63,386,251
Beginning Balance at Oct. 31, 2019	$ 379	$ 0.1	$ 139.7	$ (0.1)	$ 0	$ 239.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared ($0.12 per share)	(7.5)					(7.5)
Stock-based compensation	0.1		0.1
Exercise of stock options		17,000
Net income (loss)	1.4					1.4
Ending Balance (in shares) at Jan. 31, 2020		63,403,251
Ending Balance at Jan. 31, 2020	373	$ 0.1	139.8	(0.1)	0	233.2
Beginning Balance (in shares) at Oct. 31, 2019		63,386,251
Beginning Balance at Oct. 31, 2019	379	$ 0.1	139.7	(0.1)	0	239.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	10
Ending Balance (in shares) at Jul. 31, 2020		63,100,922
Ending Balance at Jul. 31, 2020	378.4	$ 0.1	140.8	(0.1)	(0.3)	237.9
Beginning Balance (in shares) at Jan. 31, 2020		63,403,251
Beginning Balance at Jan. 31, 2020	373	$ 0.1	139.8	(0.1)	0	233.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.2		0.2
Reclassification of liability-based awards	0.3		0.3
Purchase and retirement of stock (in shares)		(306,000)
Purchase and retirement of stock	(3.7)					(3.7)
Net income (loss)	(14.8)					(14.8)
Other comprehensive loss	(0.1)				(0.1)
Ending Balance (in shares) at Apr. 30, 2020		63,097,251
Ending Balance at Apr. 30, 2020	354.9	$ 0.1	140.3	(0.1)	(0.1)	214.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		7,921
Issuance of common stock	0.1		0.1
Stock-based compensation	0.4		0.4
Purchase and retirement of stock (in shares)		(4,250)
Purchase and retirement of stock	(0.2)					(0.2)
Net income (loss)	23.4					23.4
Other comprehensive loss	(0.2)				(0.2)
Ending Balance (in shares) at Jul. 31, 2020		63,100,922
Ending Balance at Jul. 31, 2020	378.4	$ 0.1	140.8	(0.1)	(0.3)	237.9
Beginning Balance (in shares) at Oct. 31, 2020		70,550,922
Beginning Balance at Oct. 31, 2020	473.5	$ 0.1	222.8	(0.1)	(0.5)	251.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.8		0.8
Repayment of stock option notes receivable	0.1			0.1
Net income (loss)	2.2					2.2
Other comprehensive loss	0.5				0.5
Ending Balance (in shares) at Jan. 31, 2021		70,550,922
Ending Balance at Jan. 31, 2021	477.1	$ 0.1	223.6	0	0	253.4
Beginning Balance (in shares) at Oct. 31, 2020		70,550,922
Beginning Balance at Oct. 31, 2020	473.5	$ 0.1	222.8	(0.1)	(0.5)	251.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28
Ending Balance (in shares) at Jul. 31, 2021		70,609,485
Ending Balance at Jul. 31, 2021	503.7	$ 0.1	224.8	0	(0.4)	279.2
Beginning Balance (in shares) at Jan. 31, 2021		70,550,922
Beginning Balance at Jan. 31, 2021	477.1	$ 0.1	223.6	0	0	253.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for equity awards (in shares)		50,000
Stock-based compensation	0.7		0.7
Net income (loss)	7.4					7.4
Other comprehensive loss	(0.2)				(0.2)
Ending Balance (in shares) at Apr. 30, 2021		70,600,922
Ending Balance at Apr. 30, 2021	485	$ 0.1	224.3	0	(0.2)	260.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for equity awards (in shares)		8,563
Stock-based compensation	0.5		0.5
Net income (loss)	18.4					18.4
Other comprehensive loss	(0.2)				(0.2)
Ending Balance (in shares) at Jul. 31, 2021		70,609,485
Ending Balance at Jul. 31, 2021	$ 503.7	$ 0.1	$ 224.8	$ 0	$ (0.4)	$ 279.2

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) - Parenthetical	3 Months Ended
	Jan. 31, 2020$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.12

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Operating Activities
Net income	$ 28	$ 10
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	13.7	12.6
Amortization of debt issuance costs	0.2	0.2
Equity method income	(4.2)	(1.6)
Impairment on equity method investment	0	21.2
Stock-based compensation	2	1.1
Dividends received from equity method investees	1.7	1.7
Net gains and losses on asset impairment, disposals and sales, net of insurance recoveries	0.2	0.1
Deferred income taxes	4.8	(0.4)
Other	(0.2)	(2.6)
Losses (gains) on derivative financial instruments	(0.1)	3.3
Effect on cash of changes in operating assets and liabilities:
Trade accounts receivable	(12.3)	(7.4)
Grower fruit advances	(0.1)	1.6
Miscellaneous receivables	(0.2)	(3.1)
Inventory	(29.1)	(5)
Prepaid expenses and other current assets	(0.5)	(1.4)
Income taxes receivable	(3.1)	(3.5)
Other assets	(4.9)	(2.4)
Accounts payable and accrued expenses	10.9	9.8
Income taxes payable	0.8	0.9
Grower payables	7.9	(1.1)
Other long-term liabilities	(0.3)	(1.1)
Net cash provided by operating activities	15.2	32.9
Investing Activities
Purchases of property and equipment	(61.3)	(40.4)
Proceeds from sale of property, plant and equipment	2.3	0.1
Insurance proceeds for the replacement of property, plant and equipment	0.8	0
Investment in equity method investees	(0.2)	(2.9)
Loans to equity method investees	(2)	0
Loan repayments from equity method investees	1.5	0
Other	0	(0.2)
Net cash used in investing activities	(58.9)	(43.4)
Financing Activities
Borrowings on revolving credit facility	0	14
Payments on revolving credit facility	0	(14)
Principal payments on long-term debt obligations	(5.7)	(4.7)
Principal payments on capital lease obligations	(0.9)	(0.7)
Payments for long-term supplier financing	0	(1.1)
Dividends paid	0	(7.5)
Repayment of stock option notes receivable	0	0.1
Debt issuance costs	0	(0.1)
Purchase and retirement of stock	0	(1.9)
Net cash used in financing activities	(6.6)	(15.9)
Effect of exchange rate changes on cash	0	0.2
Net decrease in cash, cash equivalents and restricted cash	(50.3)	(26.2)
Cash, cash equivalents and restricted cash, beginning of period	127	65.6
Cash, cash equivalents and restricted cash, end of period	76.7	39.4
Summary of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
Cash and cash equivalents	70.9	36.5
Restricted cash	4.2	1.5
Restricted cash included in other assets	1.6	1.4
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 76.7	$ 39.4

General

General	9 Months Ended
	Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Business Mission Produce, Inc. together with its consolidated subsidiaries (“Mission,” “the Company,” “we,” “us” or “our”), is a global leader in the avocado industry. The Company’s expertise lies in the farming, packaging, marketing and distribution of avocados to food retailers, distributors and produce wholesalers worldwide. The Company procures avocados principally from California, Mexico and Peru. Through our various operating facilities, we grow, sort, pack, bag and ripen avocados for distribution to domestic and international markets. We distribute our products both domestically and internationally and report our results of operations in two operating segments: Marketing & Distribution and International Farming (see Note 10). Basis of presentation and consolidation The unaudited interim condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and include the Company’s consolidated domestic and international subsidiaries. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s Annual Report for the year ended October 31, 2020. In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair statement have been included in the unaudited condensed consolidated financial statements. Interim results of operations are not necessarily indicative of future results, including results that may be expected for the twelve months ended October 31, 2021. Recently issued accounting standards As a company with less than $1.07 billion of revenue during our last fiscal year, we qualify as an “emerging growth company” (“EGC”), as defined in the Jumpstart Our Business Startups Act. This classification allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. The Company expects to lose its EGC status on October 31, 2021, when it expects to qualify as a large accelerated filer based on its market capitalization as of April 30, 2021, according to Rule 12b-2 of the Securities Exchange Act of 1934, as amended. As a result, the Company intends to adopt all accounting pronouncements currently deferred under the EGC election according to public company standards at October 31, 2021 on the Company’s 2021 Form 10-K filing. The adoption dates for the new accounting pronouncements disclosed below have been presented as such. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform, and a subsequent update following, which provides optional expedients and exceptions for applying GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued as a result of reference rate reform. The optional expedients in this ASU are available for adoption as of March 12, 2020 through December 31, 2022. The Company is evaluating the impact of electing the adoption of this ASU on our financial condition, results of operations and cash flows. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, as such we plan to adopt this ASU beginning November 1, 2021. The Company is continuing to assess the impact of the adoption of this ASU on our financial condition, results of operations and cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This guidance requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. It also requires credit losses on available-for-sale debt securities to be presented as an allowance, rather than reducing the carrying amount. The amendments should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is also permitted. The Company plans to adopt Topic 326 as of November 1, 2020 at October 31, 2021 on our 2021 Form 10-K filing. Though we are still evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, we do not expect the impact of the adoption of this standard to be material. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and subsequent updates following, which requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases

Inventory

Inventory	9 Months Ended
	Jul. 31, 2021
Inventory Disclosure [Abstract]
Inventory	Inventory Major classes of inventory were as follows: (In millions) July 31, 2021 October 31, 2020 Finished goods $ 41.8 $ 16.3 Crop growing costs 10.9 11.9 Packaging and supplies 13.9 10.4 Inventory $ 66.6 $ 38.6

Details of Certain Account Bala

Details of Certain Account Balances	9 Months Ended
	Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Details of Certain Account Balances	Details of Certain Account Balances Accrued expenses Accrued expenses consisted of the following: (In millions) July 31, 2021 October 31, 2020 Employee-related $ 12.7 $ 15.3 Freight 5.0 4.4 Customer advances 3.0 — Construction-in-progress .6 1.8 Interest rate swaps 2.2 2.2 Outside fruit purchase .5 .8 Other 6.1 3.8 Accrued expenses $ 30.1 $ 28.3 Other expense Other expense consisted of the following: Three Months Ended Nine Months Ended (In millions) 2021 2020 2021 2020 Losses (gains) on derivative financial instruments $ 0.2 $ 0.8 $ (0.1) $ 4.2 Foreign currency loss (gain) 1.0 1.1 2.8 (2.1) Interest income (0.3) (0.6) (1.4) (1.9) Other (0.4) (0.1) (0.5) — Other expense $ 0.5 $ 1.2 $ 0.8 $ 0.2

Debt

Debt	9 Months Ended
	Jul. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Credit facility Long-term debt under our credit facility with Bank of America (“BoA”) Merrill Lynch consisted of the following: (In millions) July 31, 2021 October 31, 2020 Revolving line of credit. The interest rate is variable, based on LIBOR plus a spread that varies with the Company’s leverage ratio. As of July 31, 2021 and October 31, 2020, the interest rate was 1.84% and 1.90%, respectively. Interest is payable monthly and principal is due in full in October 2023. $ — $ — Senior term loan (A-1). The interest rate is variable, based on LIBOR plus a spread that varies with the Company’s leverage ratio. As of July 31, 2021 and October 31, 2020, the interest rate was 1.84% and 1.90%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2023. 91.2 95.0 Senior term loan (A-2). The interest rate is variable, based on LIBOR plus a spread that varies with the Company’s leverage ratio. As of July 31, 2021 and October 31, 2020, the interest rate was 2.34% and 2.40% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2025. 72.9 73.5 Notes payable to BoA. Payable in monthly installments including interest at a weighted average rate of 4.56% and 4.52% as of July 31, 2021 and October 31, 2020, respectively. Principal is due September 2025. 4.8 6.2 Total long-term debt 168.9 174.7 Less debt issuance costs (0.4) (0.6) Long-term debt, net of debt issuance costs 168.5 174.1 Less current portion of long-term debt (8.8) (7.4) Long-term debt, net of current portion $ 159.7 $ 166.7 The credit facility requires the Company to comply with financial and other covenants, including limitations on investments, capital expenditures, dividend payments, amounts and types of liens and indebtedness, and material asset sales. The Company is also required to maintain certain leverage and fixed charge coverage ratios. As of July 31, 2021, the Company was in compliance with all covenants of the credit facility. Interest rate swaps

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Jul. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is involved from time to time in claims, proceedings, and litigation, including the following: On April 23, 2020, former Mission Produce, Inc. employees filed a class action lawsuit in the Superior Court of the State of California for the County of Los Angeles against us alleging violation of certain wage and labor laws in California, including failure to pay all overtime wages, minimum wage violations, and meal and rest period violations, among others. Additionally, on June 10, 2020, former Mission Produce, Inc. employees filed a class action lawsuit in the Superior Court of the State of California for the County of Ventura against us alleging similar violations of certain wage and labor laws. The plaintiffs in both cases seek damages primarily consisting of class certification and payment of wages earned and owed, plus other consequential and special damages. While the Company believes that it did not violate any wage or labor laws, it nevertheless decided to settle these class action lawsuits. In May 2021, the plaintiffs in both class action lawsuits and the Company agreed preliminarily to a comprehensive settlement to resolve both class action cases for a total of $0.8 million, which the Company recorded as a loss contingency in selling, general and administrative expenses in the condensed consolidated statements of comprehensive income during the three months ended April 30, 2021. This preliminary settlement is subject to approval by the applicable courts.

Income Taxes

Income Taxes	9 Months Ended
	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax expense recorded for the three and nine months ended July 31, 2021 and July 31, 2020, differs from the income taxes expected at the U.S. federal statutory tax rate of 21.0%, primarily due to income attributable to foreign jurisdictions which is taxed at different rates, changes in foreign exchange rates taxable in foreign jurisdictions, state taxes, nondeductible tax items, changes in uncertain tax positions (“UTP”), and changes in tax law affecting the rate in future years. As of July 31, 2021, the Company had $15.7 million in UTP accrued, of which $7.9 million relates to interest and penalties, inclusive of inflationary adjustments. The period for assessing interest and penalties has expired. However, the Company continues to record certain statutory adjustments related to inflation. During the three and nine months ended July 31, 2021, the Company recognized $0.3 million and $0.8 million, respectively, as income tax expense related to inflationary and other adjustments. Changes in the UTP related to changes in foreign exchange rates during the period are included in other expense in the condensed consolidated statements of comprehensive income. Additionally, the Company recorded a discrete tax expense of $5.1 million during the three months ended January 31, 2021, related to the remeasurement of our deferred tax liabilities in Peru due to the enactment of tax rate changes for future years. On December 30, 2020, Peru enacted certain tax law changes effective January 1, 2021 that repealed existing tax laws which provided benefits to agribusiness entities. The new law will subject the Company to higher Peruvian tax rates than the current rate of 15% as follows: 20% for calendar years 2023 to 2024, 25% for calendar years 2025 to 2027, and 29.5% thereafter.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jul. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial liabilities measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows: July 31, 2021 October 31, 2020 (In millions) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Interest rate swap liability $ 4.7 $ — $ 4.7 $ — $ 6.5 $ — $ 6.5 $ — The fair value of interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis, on the expected cash flows of each derivative. The analysis reflects the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves (“significant other observable inputs”). The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded, as of July 31, 2021 and October 31, 2020, that the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, the Company has determined that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”. The liabilities associated with the interest rate swaps have been included in accrued expenses and other long-term liabilities in the condensed consolidated balance sheets and gains and losses for the interest rate swaps have been included in other expense in the condensed consolidated statements of comprehensive income.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator: Net income available to shareholders (in millions) $ 18.4 $ 23.4 $ 28.0 $ 10.0 Denominator: Weighted average shares of common stock outstanding, used in computing basic earnings per share 70,607,000 63,097,901 70,572,874 63,252,020 Effect of dilutive stock options 630,036 21,862 444,564 22,674 Effect of dilutive RSUs 7,400 n/a 26,352 n/a Weighted average shares of common stock outstanding, used in computing diluted earnings per share 71,244,436 63,119,763 71,043,790 63,274,694 Earnings per share Basic $ 0.26 $ 0.37 $ 0.40 $ 0.16 Diluted $ 0.26 $ 0.37 $ 0.39 $ 0.16 Equity awards representing shares of common stock outstanding that were excluded in the computation of diluted EPS because their effect would have been anti-dilutive as a result of applying the treasury stock method, were as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Anti-dilutive stock options — 1,700,000 141,392 1,700,000 Anti-dilutive RSUs 5,736 n/a 3,068 n/a

Related Party Transactions

Related Party Transactions	9 Months Ended
	Jul. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Transactions with related parties included in the condensed consolidated financial statements were as follows: Condensed Consolidated Balance Sheets July 31, 2021 October 31, 2020 (In millions) Accounts receivable Loans to equity method investees Accounts payable & accrued expenses Accounts receivable Loans to equity method investees Accounts payable & accrued expenses Equity method investees: Henry Avocado $ 0.9 $ — $ — $ — $ — $ — Mr. Avocado 1.7 — 0.6 — — Moruga (1) 0.2 3.0 — 2.0 4.5 — Copaltas (4) — 2.0 — — — — Other: Directors/Officers (2) 0.4 — 0.6 0.3 — 0.2 Employees (3) — — 0.1 — — — Condensed Consolidated Statements of Comprehensive Income Net sales Cost of sales Selling, general and administrative expenses Other income Net sales Cost of sales Selling, general and administrative expenses Other income (In millions) Three Months Ended July 31, 2021 Nine Months Ended July 31, 2021 Equity method investees: Henry Avocado $ 1.3 $ — $ — $ — $ 1.3 $ — $ — $ — Mr. Avocado 1.7 — — — 3.6 — — — Moruga (1) 0.1 — — 0.3 2.7 — — 0.4 Other: Directors/Officers (2) 0.9 1.6 — — 2.5 3.0 0.1 — Employees (3) — 2.1 — — — 8.1 — — Three Months Ended July 31, 2020 Nine Months Ended July 31, 2020 Equity method investees: Henry Avocado $ 0.3 $ 0.6 $ — $ — $ 0.3 $ 0.8 $ — $ — Mr. Avocado 0.7 — — — 1.4 — — — Moruga (1) — — — — 2.0 — — — Other: Directors/Officers (2) 0.6 1.9 0.1 — 1.9 4.3 0.2 — (1) The Company has provided loans to Moruga Inc. S.A.C. to support growth and expansion projects, bearing interest at 6.5%, due December 31, 2022. (2) The Company purchases from and sells avocados to a small number of entities having full or partial ownership by some of our directors/officers. These transactions are made under substantially similar terms as with other growers and customers. The Company entered into a consulting agreement with a director in 2018 to provide consulting and advice on current business operations, as well as to analyze opportunities for fresh avocado farming and packing facilities in South and Central America, which was terminated in June 2021. (3) The Company utilizes a transportation vendor in Mexico owned by key management employees under similar terms as other transportation vendors. The Company purchases avocados from a small number of entities having full or partial ownership by some employees. These transactions are made under substantially similar terms as with other growers. (4) The Company has provided loans to Copaltas to support growth and expansion projects, bearing interest at 6.66%, due December 31, 2021.

Segment Information

Segment Information	9 Months Ended
	Jul. 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information We have two operating segments which are also reporting segments. Our reporting segments are presented based on how information is used by our CEO, who is the chief operating decision maker, to measure performance and allocate resources. These reporting segments are Marketing and Distribution and International Farming. Our Marketing and Distribution reporting segment sources fruit from growers and then distributes the fruit through our global distribution network. Our International Farming segment owns and operates avocado orchards (principally located in Peru) and supplies our Marketing and Distribution business with a stable supply of avocados. Substantially all of the avocados produced by our International Farming segment are sold to our Marketing and Distribution segment. The CEO evaluates and monitors segment performance primarily through segment sales and segment adjusted earnings before interest expense, income taxes and depreciation and amortization (“adjusted EBITDA”). Management believes that adjusted EBITDA by segment provides useful information for analyzing the underlying business results as well as allowing investors a means to evaluate the financial results of each reportable segment in relation to the Company as a whole. These measures are not in accordance with, nor are they a substitute for or superior to, the comparable GAAP financial measures. Adjusted EBITDA refers to net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by any special, non-recurring, or one-time items (asset impairment and disposals, net of insurance recoveries, impairment of equity method investment and legal settlement) that are distortive to results. Net sales from each of our reportable segments were as follows: Marketing & Distribution International Farming Total Marketing & Distribution International Farming Total Three Months Ended July 31, (In millions) 2021 2020 Third party sales $ 239.6 $ 7.2 $ 246.8 $ 230.9 $ 5.5 $ 236.4 Affiliated sales — 58.9 58.9 — 48.9 48.9 Total segment sales 239.6 66.1 305.7 230.9 54.4 285.3 Intercompany eliminations — (58.9) (58.9) — (48.9) (48.9) Total net sales $ 239.6 $ 7.2 $ 246.8 $ 230.9 $ 5.5 $ 236.4 Nine Months Ended July 31, 2021 2020 Third party sales $ 641.6 $ 13.1 $ 654.7 $ 644.9 $ 10.6 $ 655.5 Affiliated sales — 61.1 61.1 — 49.2 49.2 Total segment sales 641.6 74.2 715.8 644.9 59.8 704.7 Intercompany eliminations — (61.1) (61.1) — (49.2) (49.2) Total net sales $ 641.6 $ 13.1 $ 654.7 $ 644.9 $ 10.6 $ 655.5 Adjusted EBITDA for each of our reporting segments was as follows: Three Months Ended Nine Months Ended (In millions) 2021 2020 2021 2020 Marketing & Distribution adjusted EBITDA $ 13.1 $ 21.0 $ 43.0 $ 48.8 International Farming adjusted EBITDA 17.0 15.6 15.9 10.6 Total reportable segment adjusted EBITDA 30.1 36.6 58.9 59.4 Net income 18.4 23.4 28.0 10.0 Interest expense 1.0 1.1 2.7 5.5 Provision for income taxes 5.9 6.2 15.3 10.4 Depreciation and amortization 6.1 5.5 13.7 12.6 Equity method income (2.1) (1.2) (4.2) (1.6) Impairment on equity method investment — — — 21.2 Asset impairment and disposals, net of insurance recoveries (0.2) — (0.2) — Legal settlement — — 0.8 — Other expense 0.5 1.2 0.8 0.2 Stock-based compensation 0.5 0.4 2.0 1.1 Total adjusted EBITDA $ 30.1 $ 36.6 $ 58.9 $ 59.4 Net sales to customers outside the U.S. were $64.3 million and $49.3 million for the three months ended July 31, 2021 and 2020, respectively, and $164.7 million and $138.0 million, for the nine months ended July 31, 2021 and 2020, respectively.

General (Policies)

General (Policies)	9 Months Ended
	Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The unaudited interim condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and include the Company’s consolidated domestic and international subsidiaries. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s Annual Report for the year ended October 31, 2020. In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair statement have been included in the unaudited condensed consolidated financial statements. Interim results of operations are not necessarily indicative of future results, including results that may be expected for the twelve months ended October 31, 2021.
Recently issued accounting standards	Recently issued accounting standards As a company with less than $1.07 billion of revenue during our last fiscal year, we qualify as an “emerging growth company” (“EGC”), as defined in the Jumpstart Our Business Startups Act. This classification allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. The Company expects to lose its EGC status on October 31, 2021, when it expects to qualify as a large accelerated filer based on its market capitalization as of April 30, 2021, according to Rule 12b-2 of the Securities Exchange Act of 1934, as amended. As a result, the Company intends to adopt all accounting pronouncements currently deferred under the EGC election according to public company standards at October 31, 2021 on the Company’s 2021 Form 10-K filing. The adoption dates for the new accounting pronouncements disclosed below have been presented as such. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform, and a subsequent update following, which provides optional expedients and exceptions for applying GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued as a result of reference rate reform. The optional expedients in this ASU are available for adoption as of March 12, 2020 through December 31, 2022. The Company is evaluating the impact of electing the adoption of this ASU on our financial condition, results of operations and cash flows. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, as such we plan to adopt this ASU beginning November 1, 2021. The Company is continuing to assess the impact of the adoption of this ASU on our financial condition, results of operations and cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This guidance requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. It also requires credit losses on available-for-sale debt securities to be presented as an allowance, rather than reducing the carrying amount. The amendments should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is also permitted. The Company plans to adopt Topic 326 as of November 1, 2020 at October 31, 2021 on our 2021 Form 10-K filing. Though we are still evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, we do not expect the impact of the adoption of this standard to be material. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and subsequent updates following, which requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Jul. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Major classes of inventory were as follows: (In millions) July 31, 2021 October 31, 2020 Finished goods $ 41.8 $ 16.3 Crop growing costs 10.9 11.9 Packaging and supplies 13.9 10.4 Inventory $ 66.6 $ 38.6

Details of Certain Account Ba_2

Details of Certain Account Balances (Tables)	9 Months Ended
	Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consisted of the following: (In millions) July 31, 2021 October 31, 2020 Employee-related $ 12.7 $ 15.3 Freight 5.0 4.4 Customer advances 3.0 — Construction-in-progress .6 1.8 Interest rate swaps 2.2 2.2 Outside fruit purchase .5 .8 Other 6.1 3.8 Accrued expenses $ 30.1 $ 28.3
Schedule of Other (Expense) Income	Other expense consisted of the following: Three Months Ended Nine Months Ended (In millions) 2021 2020 2021 2020 Losses (gains) on derivative financial instruments $ 0.2 $ 0.8 $ (0.1) $ 4.2 Foreign currency loss (gain) 1.0 1.1 2.8 (2.1) Interest income (0.3) (0.6) (1.4) (1.9) Other (0.4) (0.1) (0.5) — Other expense $ 0.5 $ 1.2 $ 0.8 $ 0.2

Debt (Tables)

Debt (Tables)	9 Months Ended
	Jul. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt under our credit facility with Bank of America (“BoA”) Merrill Lynch consisted of the following: (In millions) July 31, 2021 October 31, 2020 Revolving line of credit. The interest rate is variable, based on LIBOR plus a spread that varies with the Company’s leverage ratio. As of July 31, 2021 and October 31, 2020, the interest rate was 1.84% and 1.90%, respectively. Interest is payable monthly and principal is due in full in October 2023. $ — $ — Senior term loan (A-1). The interest rate is variable, based on LIBOR plus a spread that varies with the Company’s leverage ratio. As of July 31, 2021 and October 31, 2020, the interest rate was 1.84% and 1.90%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2023. 91.2 95.0 Senior term loan (A-2). The interest rate is variable, based on LIBOR plus a spread that varies with the Company’s leverage ratio. As of July 31, 2021 and October 31, 2020, the interest rate was 2.34% and 2.40% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2025. 72.9 73.5 Notes payable to BoA. Payable in monthly installments including interest at a weighted average rate of 4.56% and 4.52% as of July 31, 2021 and October 31, 2020, respectively. Principal is due September 2025. 4.8 6.2 Total long-term debt 168.9 174.7 Less debt issuance costs (0.4) (0.6) Long-term debt, net of debt issuance costs 168.5 174.1 Less current portion of long-term debt (8.8) (7.4) Long-term debt, net of current portion $ 159.7 $ 166.7

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jul. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	Financial liabilities measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows: July 31, 2021 October 31, 2020 (In millions) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Interest rate swap liability $ 4.7 $ — $ 4.7 $ — $ 6.5 $ — $ 6.5 $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator: Net income available to shareholders (in millions) $ 18.4 $ 23.4 $ 28.0 $ 10.0 Denominator: Weighted average shares of common stock outstanding, used in computing basic earnings per share 70,607,000 63,097,901 70,572,874 63,252,020 Effect of dilutive stock options 630,036 21,862 444,564 22,674 Effect of dilutive RSUs 7,400 n/a 26,352 n/a Weighted average shares of common stock outstanding, used in computing diluted earnings per share 71,244,436 63,119,763 71,043,790 63,274,694 Earnings per share Basic $ 0.26 $ 0.37 $ 0.40 $ 0.16 Diluted $ 0.26 $ 0.37 $ 0.39 $ 0.16
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Equity awards representing shares of common stock outstanding that were excluded in the computation of diluted EPS because their effect would have been anti-dilutive as a result of applying the treasury stock method, were as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Anti-dilutive stock options — 1,700,000 141,392 1,700,000 Anti-dilutive RSUs 5,736 n/a 3,068 n/a

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Jul. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Transactions with related parties included in the condensed consolidated financial statements were as follows: Condensed Consolidated Balance Sheets July 31, 2021 October 31, 2020 (In millions) Accounts receivable Loans to equity method investees Accounts payable & accrued expenses Accounts receivable Loans to equity method investees Accounts payable & accrued expenses Equity method investees: Henry Avocado $ 0.9 $ — $ — $ — $ — $ — Mr. Avocado 1.7 — 0.6 — — Moruga (1) 0.2 3.0 — 2.0 4.5 — Copaltas (4) — 2.0 — — — — Other: Directors/Officers (2) 0.4 — 0.6 0.3 — 0.2 Employees (3) — — 0.1 — — — Condensed Consolidated Statements of Comprehensive Income Net sales Cost of sales Selling, general and administrative expenses Other income Net sales Cost of sales Selling, general and administrative expenses Other income (In millions) Three Months Ended July 31, 2021 Nine Months Ended July 31, 2021 Equity method investees: Henry Avocado $ 1.3 $ — $ — $ — $ 1.3 $ — $ — $ — Mr. Avocado 1.7 — — — 3.6 — — — Moruga (1) 0.1 — — 0.3 2.7 — — 0.4 Other: Directors/Officers (2) 0.9 1.6 — — 2.5 3.0 0.1 — Employees (3) — 2.1 — — — 8.1 — — Three Months Ended July 31, 2020 Nine Months Ended July 31, 2020 Equity method investees: Henry Avocado $ 0.3 $ 0.6 $ — $ — $ 0.3 $ 0.8 $ — $ — Mr. Avocado 0.7 — — — 1.4 — — — Moruga (1) — — — — 2.0 — — — Other: Directors/Officers (2) 0.6 1.9 0.1 — 1.9 4.3 0.2 — (1) The Company has provided loans to Moruga Inc. S.A.C. to support growth and expansion projects, bearing interest at 6.5%, due December 31, 2022. (2) The Company purchases from and sells avocados to a small number of entities having full or partial ownership by some of our directors/officers. These transactions are made under substantially similar terms as with other growers and customers. The Company entered into a consulting agreement with a director in 2018 to provide consulting and advice on current business operations, as well as to analyze opportunities for fresh avocado farming and packing facilities in South and Central America, which was terminated in June 2021. (3) The Company utilizes a transportation vendor in Mexico owned by key management employees under similar terms as other transportation vendors. The Company purchases avocados from a small number of entities having full or partial ownership by some employees. These transactions are made under substantially similar terms as with other growers. (4) The Company has provided loans to Copaltas to support growth and expansion projects, bearing interest at 6.66%, due December 31, 2021.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Jul. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Net sales from each of our reportable segments were as follows: Marketing & Distribution International Farming Total Marketing & Distribution International Farming Total Three Months Ended July 31, (In millions) 2021 2020 Third party sales $ 239.6 $ 7.2 $ 246.8 $ 230.9 $ 5.5 $ 236.4 Affiliated sales — 58.9 58.9 — 48.9 48.9 Total segment sales 239.6 66.1 305.7 230.9 54.4 285.3 Intercompany eliminations — (58.9) (58.9) — (48.9) (48.9) Total net sales $ 239.6 $ 7.2 $ 246.8 $ 230.9 $ 5.5 $ 236.4 Nine Months Ended July 31, 2021 2020 Third party sales $ 641.6 $ 13.1 $ 654.7 $ 644.9 $ 10.6 $ 655.5 Affiliated sales — 61.1 61.1 — 49.2 49.2 Total segment sales 641.6 74.2 715.8 644.9 59.8 704.7 Intercompany eliminations — (61.1) (61.1) — (49.2) (49.2) Total net sales $ 641.6 $ 13.1 $ 654.7 $ 644.9 $ 10.6 $ 655.5
Reconciliation of Revenue from Segments to Consolidated	Adjusted EBITDA for each of our reporting segments was as follows: Three Months Ended Nine Months Ended (In millions) 2021 2020 2021 2020 Marketing & Distribution adjusted EBITDA $ 13.1 $ 21.0 $ 43.0 $ 48.8 International Farming adjusted EBITDA 17.0 15.6 15.9 10.6 Total reportable segment adjusted EBITDA 30.1 36.6 58.9 59.4 Net income 18.4 23.4 28.0 10.0 Interest expense 1.0 1.1 2.7 5.5 Provision for income taxes 5.9 6.2 15.3 10.4 Depreciation and amortization 6.1 5.5 13.7 12.6 Equity method income (2.1) (1.2) (4.2) (1.6) Impairment on equity method investment — — — 21.2 Asset impairment and disposals, net of insurance recoveries (0.2) — (0.2) — Legal settlement — — 0.8 — Other expense 0.5 1.2 0.8 0.2 Stock-based compensation 0.5 0.4 2.0 1.1 Total adjusted EBITDA $ 30.1 $ 36.6 $ 58.9 $ 59.4

Inventory - Major Classes of In

Inventory - Major Classes of Inventory (Details) - USD ($) $ in Millions	Jul. 31, 2021	Oct. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 41.8	$ 16.3
Crop growing costs	10.9	11.9
Packaging and supplies	13.9	10.4
Inventory	$ 66.6	$ 38.6

Details of Certain Account Ba_3

Details of Certain Account Balances - Accrued expenses (Details) - USD ($) $ in Millions	Jul. 31, 2021	Oct. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee-related	$ 12.7	$ 15.3
Freight	5	4.4
Customer advances	3	0
Construction-in-progress	0.6	1.8
Interest rate swaps	2.2	2.2
Outside fruit purchase	0.5	0.8
Other	6.1	3.8
Accrued expenses	$ 30.1	$ 28.3

Details of Certain Account Ba_4

Details of Certain Account Balances - Other expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Losses (gains) on derivative financial instruments	$ 0.2	$ 0.8	$ (0.1)	$ 4.2
Foreign currency loss (gain)	1	1.1	2.8	(2.1)
Interest income	(0.3)	(0.6)	(1.4)	(1.9)
Other				0
Other	(0.4)	(0.1)	(0.5)
Other expense	$ 0.5	$ 1.2	$ 0.8	$ 0.2

Debt - Long Term Debt Under Cre

Debt - Long Term Debt Under Credit Facility (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Jul. 31, 2021	Oct. 31, 2020
Debt Instrument [Line Items]
Total long-term debt	$ 168.9	$ 174.7
Less debt issuance costs	(0.4)	(0.6)
Long-term debt, net of debt issuance costs	168.5	174.1
Less current portion of long-term debt	(8.8)	(7.4)
Long-term debt, net of current portion	$ 159.7	$ 166.7
Secured Debt
Debt Instrument [Line Items]
Interest rate	4.56%	4.52%
Revolving Credit | Line of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 0	$ 0
Interest rate	1.84%	1.90%
Senior Term Loan A-1 | Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 91.2	$ 95
Interest rate	1.84%	1.90%
Senior Term Loan A-2 | Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 72.9	$ 73.5
Interest rate	2.34%	2.40%
Notes Payable, BoA | Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 4.8	$ 6.2

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	Jul. 31, 2021USD ($)derivativeInstrument
Senior Term Loans | Secured Debt
Derivative [Line Items]
Principal value	$ 100
Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments | derivativeInstrument	4
Notional amount	$ 100

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) $ in Millions	1 Months Ended
	May 31, 2021USD ($)
Class Action V. Mission Produce | Settled Litigation
Loss Contingencies [Line Items]
Amount awarded to other party	$ 0.8

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Jan. 31, 2021	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Uncertain tax provision	$ 15.7		$ 15.7
Penalties and interest accrued	7.9		7.9
Unrecognized tax benefits, period increase (decrease)	$ 0.3		$ 0.8
Discrete tax expense		$ 5.1

Fair Value Measurements - Finan

Fair Value Measurements - Financial Liabilities Measured At Fair Value (Details) - Fair Value, Recurring - Interest Rate Swap - USD ($) $ in Millions	Jul. 31, 2021	Oct. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap liability	$ 4.7	$ 6.5
Quoted Prices in Active Markets (Level 1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap liability	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap liability	4.7	6.5
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap liability	$ 0	$ 0

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Numerator:
Net income	$ 18.4	$ 7.4	$ 2.2	$ 23.4	$ (14.8)	$ 1.4	$ 28	$ 10
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share (in shares)	70,607,000			63,097,901			70,572,874	63,252,020
Weighted average shares of common stock outstanding, used in computing diluted earnings per share (in shares)	71,244,436			63,119,763			71,043,790	63,274,694
Earnings per share
Basic (in dollars per share)	$ 0.26			$ 0.37			$ 0.40	$ 0.16
Diluted (in dollars per share)	$ 0.26			$ 0.37			$ 0.39	$ 0.16
Stock Options
Denominator:
Effect of dilutive securities (in shares)	630,036			21,862			444,564	22,674
Restricted Stock Units (RSUs)
Denominator:
Effect of dilutive securities (in shares)	7,400						26,352

Earnings Per Share - Awards Exc

Earnings Per Share - Awards Excluded from Computation of Diluted EPS (Details) - shares	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	0	1,700,000	141,392	1,700,000
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	5,736		3,068

Related Party Transactions - Ba

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	Jul. 31, 2021	Oct. 31, 2020
Equity Method Investees | Henry Avocado
Related Party Transaction [Line Items]
Accounts receivable	$ 0.9	$ 0
Loans to equity method investees	0	0
Accounts payable & accrued expenses	0	0
Equity Method Investees | Mr. Avocado
Related Party Transaction [Line Items]
Accounts receivable	1.7	0.6
Loans to equity method investees	0	0
Accounts payable & accrued expenses		0
Equity Method Investees | Moruga
Related Party Transaction [Line Items]
Accounts receivable	0.2	2
Loans to equity method investees	3	4.5
Accounts payable & accrued expenses	0	0
Equity Method Investees | Copaltas
Related Party Transaction [Line Items]
Accounts receivable	0	0
Loans to equity method investees	2	0
Accounts payable & accrued expenses	0	0
Directors/Officers
Related Party Transaction [Line Items]
Accounts receivable	0.4	0.3
Loans to equity method investees	0	0
Accounts payable & accrued expenses	0.6	0.2
Employees
Related Party Transaction [Line Items]
Accounts receivable	0	0
Loans to equity method investees	0	0
Accounts payable & accrued expenses	$ 0.1	$ 0

Related Party Transactions - St

Related Party Transactions - Statement of Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Equity Method Investees | Henry Avocado
Related Party Transaction [Line Items]
Net sales	$ 1.3	$ 0.3	$ 1.3	$ 0.3
Cost of sales	0	0.6	0	0.8
Selling, general and administrative expenses	0	0	0	0
Other income	0	0	0	0
Equity Method Investees | Mr. Avocado
Related Party Transaction [Line Items]
Net sales	1.7	0.7	3.6	1.4
Cost of sales	0	0	0	0
Selling, general and administrative expenses	0	0	0	0
Other income	0	0	0	0
Equity Method Investees | Moruga
Related Party Transaction [Line Items]
Net sales	0.1	0	2.7	2
Cost of sales	0	0	0	0
Selling, general and administrative expenses	0	0	0	0
Other income	0.3	0	$ 0.4	0
Interest rate			6.50%
Equity Method Investees | Copaltas
Related Party Transaction [Line Items]
Interest rate			6.66%
Directors/Officers
Related Party Transaction [Line Items]
Net sales	0.9	0.6	$ 2.5	1.9
Cost of sales	1.6	1.9	3	4.3
Selling, general and administrative expenses	0	0.1	0.1	0.2
Other income	0	$ 0	0	$ 0
Employees
Related Party Transaction [Line Items]
Net sales	0		0
Cost of sales	2.1		8.1
Selling, general and administrative expenses	0		0
Other income	$ 0		$ 0

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2021USD ($)	Jul. 31, 2020USD ($)	Jul. 31, 2021USD ($)segment	Jul. 31, 2020USD ($)	Oct. 31, 2020USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments | segment			2
Number of reportable segments | segment			2
Net sales	$ 246.8	$ 236.4	$ 654.7	$ 655.5
Goodwill	76.4		76.4		$ 76.4
International Farming
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	7.2	5.5	13.1	10.6
Goodwill	76.4		76.4		$ 76.4
Non-US
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 64.3	$ 49.3	$ 164.7	$ 138

Segment Information - Net Sales

Segment Information - Net Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ 246.8	$ 236.4	$ 654.7	$ 655.5
Marketing & Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	239.6	230.9	641.6	644.9
International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	7.2	5.5	13.1	10.6
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	305.7	285.3	715.8	704.7
Operating Segments | Third party sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	246.8	236.4	654.7	655.5
Operating Segments | Affiliated sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	58.9	48.9	61.1	49.2
Operating Segments | Marketing & Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	239.6	230.9	641.6	644.9
Operating Segments | Marketing & Distribution | Third party sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	239.6	230.9	641.6	644.9
Operating Segments | Marketing & Distribution | Affiliated sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0	0	0	0
Operating Segments | International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	66.1	54.4	74.2	59.8
Operating Segments | International Farming | Third party sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	7.2	5.5	13.1	10.6
Operating Segments | International Farming | Affiliated sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	58.9	48.9	61.1	49.2
Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	(58.9)	(48.9)	(61.1)	(49.2)
Intercompany eliminations | Marketing & Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0	0	0	0
Intercompany eliminations | International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ (58.9)	$ (48.9)	$ (61.1)	$ (49.2)

Segment Information - Adjustmen

Segment Information - Adjustments for EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Segment Reporting Information [Line Items]
Net income	$ 18.4	$ 7.4	$ 2.2	$ 23.4	$ (14.8)	$ 1.4	$ 28	$ 10
Interest expense	1			1.1			2.7	5.5
Provision for income taxes	5.9			6.2			15.3	10.4
Depreciation and amortization	6.1			5.5			13.7	12.6
Equity method income	(2.1)			(1.2)			(4.2)	(1.6)
Impairment on equity method investment	0			0			0	21.2
Asset impairment and disposals, net of insurance recoveries	(0.2)			0			(0.2)	0
Legal settlement	0			0			0.8	0
Other expense	0.5			1.2			0.8	0.2
Stock-based compensation	0.5			0.4			2	1.1
Operating Segments
Segment Reporting Information [Line Items]
Total adjusted EBITDA	30.1			36.6			58.9	59.4
Marketing & Distribution | Operating Segments
Segment Reporting Information [Line Items]
Total adjusted EBITDA	13.1			21			43	48.8
International Farming | Operating Segments
Segment Reporting Information [Line Items]
Total adjusted EBITDA	$ 17			$ 15.6			$ 15.9	$ 10.6