Mission Produce (AVO) 10-Q 8 Sep 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jul. 31, 2022	Aug. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2022
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	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,664,204
Amendment Flag	false
Document Fiscal Year Focus	2022
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, 2022	Oct. 31, 2021
Current Assets:
Cash and cash equivalents	$ 43.8	$ 84.5
Restricted cash	3.1	6.1
Trade, net of allowances of $0.2 and $0.2, respectively	91.6	73.8
Grower and fruit advances	3.1	0.6
Miscellaneous receivables	15.8	12.3
Inventory	92.7	48.2
Prepaid expenses and other current assets	8.3	11.6
Loans to equity method investees	2.1	3.3
Income taxes receivable	7.3	6.7
Total current assets	267.8	247.1
Property, plant and equipment, net	473.3	424.2
Operating lease right-of-use assets	67.5	43.9
Equity method investees	26	52.7
Loans to equity method investees	0	1.8
Deferred income tax assets, net	8.2	7.6
Goodwill	88.9	76.4
Intangible asset, net	2.8	0
Other assets	19.9	19.8
Total assets	954.4	873.5
Liabilities
Accounts payable	34.2	22.8
Accrued expenses	29	28.8
Income taxes payable	3.2	1.9
Grower payables	42.7	22.2
Long-term debt—current portion	8.8	8.8
Operating leases—current portion	4.5	3.6
Finance leases—current portion	1.1	1.1
Total current liabilities	123.5	89.2
Long-term debt, net of current portion	148.5	155.1
Operating leases, net of current portion	65.4	42.5
Finance leases, net of current portion	1.5	2.2
Income taxes payable	3.1	3.5
Deferred income tax liabilities, net	29.7	26.8
Other long-term liabilities	19.4	20
Total liabilities	391.1	339.3
Commitments and contingencies
Shareholders’ Equity
Common stock ($0.001 par value, 1,000,000,000 shares authorized; 70,659,204 and 70,631,525 shares issued and outstanding as of July 31, 2022 and October 31, 2021, respectively)	0.1	0.1
Additional paid-in capital	228.2	225.6
Accumulated other comprehensive loss	(1.1)	(0.5)
Retained earnings	316.4	309
Mission Produce shareholders' equity	543.6	534.2
Noncontrolling interest	19.7	0
Total equity	563.3	534.2
Total liabilities and equity	$ 954.4	$ 873.5

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 0.2	$ 0.2
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	70,659,204	70,631,525
Common stock, shares outstanding (in shares)	70,659,204	70,631,525

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Income Statement [Abstract]
Net sales	$ 313.2	$ 246.8	$ 807.9	$ 654.7
Cost of sales	270.6	205.9	745	564
Gross profit	42.6	40.9	62.9	90.7
Selling, general and administrative expenses	20.6	17.2	58	48.1
Operating income	22	23.7	4.9	42.6
Interest expense	(1.5)	(1)	(3.5)	(2.7)
Equity method income	1.7	2.1	3.6	4.2
Remeasurement gain on business combination with Moruga	2	0	2	0
Other (expense) income	(0.9)	(0.5)	3.6	(0.8)
Income before income taxes	23.3	24.3	10.6	43.3
Provision for income taxes	5.4	5.9	3.7	15.3
Net income	17.9	18.4	6.9	28
Net loss attributable to noncontrolling interest	0.5	0	0.5	0
Net income attributable to Mission Produce	$ 18.4	$ 18.4	$ 7.4	$ 28
Net income per share attributable to Mission Produce:
Basic (in dollars per share)	$ 0.26	$ 0.26	$ 0.10	$ 0.40
Diluted (in dollars per share)	$ 0.26	$ 0.26	$ 0.10	$ 0.39

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 17.9	$ 18.4	$ 6.9	$ 28
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(0.5)	(0.2)	(0.6)	0.1
Total comprehensive income, net of tax	17.4	18.2	6.3	28.1
Comprehensive loss attributable to noncontrolling interest	0.5	0	0.5	0
Comprehensive income attributable to Mission Produce	$ 17.9	$ 18.2	$ 6.8	$ 28.1

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Notes receivable from shareholders	Accumulated other comprehensive loss	Retained earnings	Noncontrolling interest
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	$ 0
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	2.2					2.2
Other comprehensive income (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	0
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	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	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	0
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	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.7		0.7
Issuance of common stock for equity awards (in shares)		50,000
Net income	7.4					7.4
Other comprehensive income (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	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.5		0.5
Issuance of common stock for equity awards (in shares)		8,563
Net income	18.4					18.4
Other comprehensive income (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	0
Beginning Balance (in shares) at Oct. 31, 2021		70,631,525
Beginning balance at Oct. 31, 2021	534.2	$ 0.1	225.6	0	(0.5)	309	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.8		0.8
Net income	(13.4)					(13.4)
Other comprehensive income (loss)	(0.3)				(0.3)
Ending Balance (in shares) at Jan. 31, 2022		70,631,525
Ending balance at Jan. 31, 2022	521.3	$ 0.1	226.4	0	(0.8)	295.6	0
Beginning Balance (in shares) at Oct. 31, 2021		70,631,525
Beginning balance at Oct. 31, 2021	534.2	$ 0.1	225.6	0	(0.5)	309	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6.9
Ending Balance (in shares) at Jul. 31, 2022		70,659,204
Ending balance at Jul. 31, 2022	563.3	$ 0.1	228.2	0	(1.1)	316.4	19.7
Beginning Balance (in shares) at Jan. 31, 2022		70,631,525
Beginning balance at Jan. 31, 2022	521.3	$ 0.1	226.4	0	(0.8)	295.6	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.9		0.9
Issuance of common stock for equity awards (in shares)		22,516
Net income	2.4					2.4
Other comprehensive income (loss)	0.2				0.2
Ending Balance (in shares) at Apr. 30, 2022		70,654,041
Ending balance at Apr. 30, 2022	524.8	$ 0.1	227.3	0	(0.6)	298	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.9		0.9
Issuance of common stock for equity awards (in shares)		5,163
Acquired noncontrolling interest	20.2						20.2
Net income	17.9					18.4	(0.5)
Other comprehensive income (loss)	(0.5)				(0.5)
Ending Balance (in shares) at Jul. 31, 2022		70,659,204
Ending balance at Jul. 31, 2022	$ 563.3	$ 0.1	$ 228.2	$ 0	$ (1.1)	$ 316.4	$ 19.7

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Operating Activities
Net income	$ 6.9	$ 28
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Provision for losses on accounts receivable	0.1	0
Depreciation and amortization	17.2	13.7
Amortization of debt issuance costs	0.3	0.2
Noncash lease expense	3.9	3	[1]
Equity method income	(3.6)	(4.2)
Stock-based compensation	2.6	2
Dividends received from equity method investees	2.2	1.7
Losses (gains) on asset impairment, disposals and sales, net of insurance recoveries	0.2	0.2
Deferred income taxes	(0.7)	4.8
Remeasurement gain on business combination with Moruga	(2)	0
Unrealized gains on derivative financial instruments	(3.1)	(0.1)
Other	0.1	(0.2)
Effect on cash of changes in operating assets and liabilities:
Trade accounts receivable	(18.1)	(12.3)
Grower fruit advances	(2.5)	(0.1)
Miscellaneous receivables	(0.8)	(0.2)
Inventory	(35)	(29.1)
Prepaid expenses and other current assets	1.4	(0.9)	[1]
Income taxes receivable	(0.4)	(3.1)
Other assets	1.1	(4.9)
Accounts payable and accrued expenses	10.1	10.9
Income taxes payable	0.9	0.8
Grower payables	20.9	7.9
Operating lease liabilities	(3.3)	(1.4)	[1]
Other long-term liabilities	(1.4)	(1.5)	[1]
Net cash (used in) provided by operating activities	(3)	15.2
Investing Activities
Purchases of property and equipment	(42)	(61.3)
Proceeds from sale of property, plant and equipment	2.9	2.3
Insurance proceeds for the replacement of property, plant and equipment	0	0.8
Cash acquired in consolidation of Moruga	4.3	0
Investment in equity method investees	(0.4)	(0.2)
Loans to equity method investees	0	(2)
Loan repayments from equity method investees	1	1.5
Net cash used in investing activities	(34.2)	(58.9)
Financing Activities
Borrowings on revolving credit facility	40	0
Payments on revolving credit facility	(40)	0
Principal payments on long-term debt obligations	(6.6)	(5.7)
Principal payments on finance lease obligations	(1)	(0.9)
Net cash used in financing activities	(7.6)	(6.6)
Effect of exchange rate changes on cash	(0.5)	0
Net decrease in cash, cash equivalents and restricted cash	(45.3)	(50.3)
Cash, cash equivalents and restricted cash, beginning of period	92.2	127
Cash, cash equivalents and restricted cash, end of period	46.9	76.7
Summary of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
Cash and cash equivalents	43.8	70.9
Restricted cash	3.1	4.2
Restricted cash included in other assets	0	1.6
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 46.9	$ 76.7
[1]Prior period amounts differ from those previously reported due to the adoption of ASC 842, Leases, effective November 1, 2020, which was first presented in our annual report on Form-10K for the year ended October 31, 2021.

General

General	9 Months Ended
	Jul. 31, 2022
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 and a small amount of other fruits for distribution to domestic and international markets. We report our results of operations in three operating segments: Marketing and Distribution, International Farming and Blueberries (see Note 12). 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 and variable interest entity (“VIE”) for which we are the primary beneficiary and have a controlling interest. 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, 2021. 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, 2022. Consolidation of VIE On May 1, 2022, a reconsideration event (explained in Note 2) occurred related to Moruga S.A.C., an entity for which we have a 60% equity ownership interest. Moruga S.A.C. is a holding company with one wholly owned subsidiary Blueberries Peru, S.A.C. (collectively referred to as “Moruga”). Moruga was previously accounted for under the equity method, where investments are stated at initial cost and adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions. As a result of the reconsideration event, we concluded that Moruga is a VIE, and that the Company is the primary beneficiary with a controlling interest. Based on this conclusion, we consolidated Moruga on May 1, 2022. Prior period financial results accounted for under the equity method may not be comparable to post-consolidated results. Recently issued accounting standards In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments–Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures, which among other things, requires that entities disclose current-period gross write-offs by year of origination for financing receivables. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of ASU 2022-02 is not expected to be material on our financial condition, results of operations and cash flows. In March 2020, the FASB issued 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.

Business Combination with Morug

Business Combination with Moruga	9 Months Ended
	Jul. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combination with Moruga	Business Combination with MorugaThe Company owns a 60% equity interest in Moruga, which was established in 2014 when it began small-scale blueberry plantings in Peru. Since inception, Moruga has expanded to approximately 360 productive hectares. On May 1, 2022, the shareholders of Moruga amended and restated its shareholders agreement (“the Amendment”), wherein certain supermajority requirements that previously prevented the Company from directing the primary activities of Moruga were removed. In connection with the Amendment, shareholders approved a new capital project to farm approximately 600 additional hectares of blueberries in the Olmos region of Peru. Blueberries produced will be marketed through an agreement which gives exclusive marketing rights to a minority shareholder. The new capital project is anticipated to require a total investment of approximately $50 million. The capital investment will be funded by cash flow generated by Moruga and pro-rata shareholder contributions based on each shareholders’ respective ownership interest. The Amendment resulted in the consolidation of Moruga because the Company concluded that that Moruga was a VIE, and the Company could control the primary activities of Moruga and is the primary beneficiary of the entity. Upon consolidation, Moruga was accounted for using the acquisition method of accounting. In relation to our preexisting equity interest, we recognized a remeasurement gain of $2.0 million, calculated as the difference between our 60% investment carrying value of $28.2 million and its acquisition date fair value of $30.2 million. Preliminary fair value allocation of Moruga The fair value of Moruga is a Level 3 measurement in the fair value hierarchy. Management estimated the fair value of Moruga with the assistance of a third-party valuation specialist, using a combination of the guideline publicly-traded companies (“GPC”) method under the market approach and the discounted cash flow (“DCF”) method under the income approach. We applied an equal weighting to the value conclusions resulting from the two employed approaches, because there was sufficient information available to estimate fair value under both methods. Under the GPC method, valuation multiples are calculated from the operating data and market metrics of the GPCs, and are then evaluated and adjusted based on the strengths and weaknesses of the entity relative to the comparable GPCs. The significant inputs used to estimate the fair value of the investment under the GPC method are the selected business enterprise value (“BEV”) to EBITDA multiple and BEV to revenue multiple. Of the derived multiples, we selected 8.0x for BEV to EBITDA and 1.1x for BEV to revenue. The mean and median multiples of the GPCs were 9.1x and 9.2x for BEV to EBITDA, respectively, and 1.1x and 0.7x for BEV to revenue, respectively. Under the DCF method, the most significant inputs used to estimate the fair value are the cash flow projections, which are sensitive to the revenue projections, and the weighted average cost of capital (or discount rate) which is used to discount and present value the projected cash flows. For the revenue projections, we assumed a nearly flat annual growth rate based on the maturity of the existing blueberry plants for the discrete forecast period from 2023 to 2032, prior to reaching the terminal period. The weighted average cost of capital was estimated using a capital asset pricing model and the discount rate used to present value the future cash flows was 9%. The allocation of the fair value of Moruga as of the acquisition date is preliminary and subject to change within the allowable measurement period from the acquisition date. Goodwill represents the excess of the sum of the fair value of our previously held equity interest and the fair value of the noncontrolling interest, over the net of the acquisition-date values of the identifiable assets and liabilities assumed. The goodwill is attributable to our expected ability to utilize our existing infrastructure and workforce in Peru during the complementary periods between avocado harvest and processing seasons. The goodwill recognized is not expected to be deductible for income tax purposes. Amounts of identifiable assets acquired and liabilities assumed as of the acquisition date were as follows. (in millions) Fair value of 100% of Moruga $ 50.4 Recognized amounts of identifiable assets acquired and liabilities assumed: Inventory 7.7 Other current assets 7.7 Property, plant and equipment 29.6 Intangible asset 2.8 Other assets 5.6 Goodwill 12.5 Current liabilities (4.5) Deferred tax liability (3.0) Other liabilities (8.0) $ 50.4 The fair value of the noncontrolling interest in Moruga on the acquisition date was $20.2 million.

Inventory

Inventory	9 Months Ended
	Jul. 31, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory Major classes of inventory were as follows: (In millions) July 31, 2022 October 31, 2021 Finished goods $ 52.5 $ 22.5 Crop growing costs 19.4 11.9 Packaging and supplies 20.8 13.8 Inventory $ 92.7 $ 48.2

Goodwill and Intangible Asset,

Goodwill and Intangible Asset, net	9 Months Ended
	Jul. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Asset, net	Goodwill and Intangible Asset, net Goodwill (In millions) International Farming Blueberries Total Goodwill as of October 31, 2021 $ 76.4 $ — $ 76.4 Business combination with Moruga (Note 2) — 12.5 12.5 Goodwill as of July 31, 2022 $ 76.4 $ 12.5 $ 88.9 Goodwill is tested for impairment on an annual basis in the fourth quarter, or when an event or changes in circumstances indicate that its carrying value may not be recoverable. Intangible asset, net (In millions) July 31, 2022 October 31, 2021 Intangible asset, gross $ 2.8 $ — Accumulated amortization — — Intangible asset, net $ 2.8 $ — The intangible asset, net consists of a distributor relationship entirely attributed to the business combination with Moruga on May 1, 2022 (see Note 2). The intangible asset has an amortizable life of 2 years, to be recognized in selling, general and administrative expenses coinciding with the timing of the estimated revenues. Amortization expense was less than $0.1 million for both the three and nine months ended July 31, 2022. The remaining amortization expense is expected to be recognized as follows. Years Ending October 31, (In millions) Remaining 2022 2023 2024 Estimated annual amortization expense $ 1.3 $ 1.2 $ 0.3

Details of Certain Account Bala

Details of Certain Account Balances	9 Months Ended
	Jul. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Details of Certain Account Balances	Details of Certain Account Balances Accrued expenses (In millions) July 31, 2022 October 31, 2021 Employee-related $ 12.3 $ 14.6 Freight 5.4 3.9 Interest rate swaps — 2.1 Construction-in-progress — 0.2 Outside fruit purchase 1.6 2.2 VAT and local taxes payable 1.7 1.0 Legal settlement 0.8 0.8 Other 7.2 4.0 Accrued expenses $ 29.0 $ 28.8 Other expense (income) Three Months Ended Nine Months Ended (In millions) 2022 2021 2022 2021 (Gains) losses on derivative financial instruments $ (0.1) $ 0.2 $ (3.1) $ (0.1) Foreign currency transaction loss 1.2 1.0 1.1 2.8 Interest income (0.3) (0.3) (1.5) (1.4) Other 0.1 (0.4) (0.1) (0.5) Other expense (income) $ 0.9 $ 0.5 $ (3.6) $ 0.8

Debt

Debt	9 Months Ended
	Jul. 31, 2022
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, 2022 October 31, 2021 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, 2022 and October 31, 2021, the interest rate was 4.37% and 1.84%, 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, 2022 and October 31, 2021, the interest rate was 4.37% and 1.84%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2023. 84.4 90.0 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, 2022 and October 31, 2021, the interest rate was 4.87% and 2.34% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2025. 72.2 72.8 Note payable to BoA. Payable in monthly installments including interest at a rate of 3.96% as of both July 31, 2022 and October 31, 2021. Principal is due July 2024. 1.1 1.5 Total long-term debt 157.7 164.3 Less debt issuance costs (0.4) (0.4) Long-term debt, net of debt issuance costs 157.3 163.9 Less current portion of long-term debt (8.8) (8.8) Long-term debt, net of current portion $ 148.5 $ 155.1 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, 2022, 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, 2022
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.

Income Taxes

Income Taxes	9 Months Ended
	Jul. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax expense recorded for the three and nine months ended July 31, 2022 and 2021 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, 2022, the Company had $14.4 million in UTP accrued, of which $8.0 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. Changes in the UTP related to changes in foreign exchange rates during the period are included in other (expense) income 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, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows: July 31, 2022 October 31, 2021 (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) Assets Mutual funds $ 1.2 $ 1.2 $ — $ — $ 1.2 $ 1.2 $ — $ — Interest rate swap 1.0 — 1.0 — — — — — Liabilities Interest rate swap — — — — 3.5 — 3.5 — Our mutual fund investments relate to our deferred compensation plan, which are held in a Rabbi trust. The funds are measured at quoted prices in active markets, which is equivalent to their fair value. 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, 2022 and October 31, 2021, 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 assets or liabilities associated with the interest rate swaps have been included in prepaid and other current assets and other assets or accrued expenses and other long-term liabilities, respectively, in the condensed consolidated balance sheets and gains and losses for the interest rate swaps have been included in other (expense) income in the condensed consolidated statements of comprehensive income.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jul. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended Nine Months Ended 2022 2021 2022 2021 Numerator: Net income attributable to Mission Produce (in millions) $ 18.4 $ 18.4 $ 7.4 $ 28.0 Denominator: Weighted average shares of common stock outstanding, used in computing basic earnings per share 70,656,976 70,607,000 70,641,669 70,572,874 Effect of dilutive stock options 57,066 630,036 121,383 444,564 Effect of dilutive RSUs 65,865 7,400 21,720 26,352 Weighted average shares of common stock outstanding, used in computing diluted earnings per share 70,779,907 71,244,436 70,784,772 71,043,790 Earnings per share Basic $ 0.26 $ 0.26 $ 0.10 $ 0.40 Diluted $ 0.26 $ 0.26 $ 0.10 $ 0.39 Equity awards representing shares of common stock outstanding that were excluded in the computation of diluted earnings per share because their effect would have been anti-dilutive, were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Anti-dilutive stock options 729,660 — 732,066 141,392 Anti-dilutive RSUs 193,896 5,736 252,883 3,068

Related Party Transactions

Related Party Transactions	9 Months Ended
	Jul. 31, 2022
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, 2022 October 31, 2021 (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 $ 0.3 $ — $ 0.1 $ — $ — $ — Mr. Avocado 1.0 — — 1.3 — — Moruga (1) — — — 3.9 3.0 — Copaltas (2) — 2.1 — — 2.1 — Other: Directors/Officers (3) 0.1 — 2.5 0.1 — — Employees (4) — — 0.1 — — 0.2 Condensed Consolidated Statements of Comprehensive Income Three Months Ended Nine Months Ended (In millions) Net sales Cost of sales Other income (expense) Net sales Cost of sales Selling, general and administrative expenses Other income (expense) Equity method investees: Henry Avocado $ 2.7 $ — $ — $ 2.7 $ 0.5 $ — $ — Mr. Avocado 1.2 — — 1.7 — — — Moruga (1) — — — 4.1 — — 0.4 Copaltas (2) — — — — — — 0.1 Other: Directors/Officers (3) 0.2 3.5 — 0.9 5.8 — — Employees (4) — 0.6 — — 4.7 — — Three Months Ended Nine Months Ended 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 (3) 0.9 1.6 — 2.5 3.0 0.1 — Employees (4) — 2.1 — — 8.1 — — (1) Effective May 1, 2022, Moruga was consolidated into the Company’s financial statements (refer to Note 1 for more details), after which transactions between us were eliminated in our consolidated financial statements. Prior to May 1, 2022, Moruga was not a consolidated entity, therefore transactions from this time period are presented the same as in prior periods. The Company provided loans to Moruga to support growth and expansion projects, bearing interest at 6.5%, due December 31, 2023. The Company also provides packing and cooling services for blueberries and leases owned land to Moruga. (2) The Company has provided loans to Copaltas to support growth and expansion projects, bearing interest at 6.66%. The notes outstanding as of July 31, 2022 have an amended due date of August 31, 2022. (3) The Company purchases from and sells avocados to, and provides logistics services 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 had a consulting agreement with a director to advise on business operations, as well as to analyze opportunities for fresh avocado farming and packing facilities in South and Central America, that was terminated in June 2021. (4) The Company utilizes a small number of transportation vendors in Mexico having full or partial ownership by some of our employees. The Company also 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 transportation carriers and growers.

Segment and Revenue Information

Segment and Revenue Information	9 Months Ended
	Jul. 31, 2022
Segment Reporting [Abstract]
Segment and Revenue Information	Segment and Revenue Information We have three operating segments which are also reportable segments. Our reportable 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. After the consolidation of Moruga on May 1, 2022 (refer to Notes 1 and 2 for more information), the information used by the CEO changed to include the results of Moruga, and as such, we determined our reportable segments to be: • Marketing and Distribution . Our Marketing and Distribution reportable segment sources fruit from growers and then distributes the fruit through our global distribution network. • International Farming . International Farming owns and operates orchards from which substantially all fruit produced is sold to our Marketing and Distribution segment. Its farming activities range from cultivating early-stage plantings to harvesting from mature trees, and it also earns service revenues for packing and processing for our Blueberries segment, as well as for third-party producers of other crops during the avocado off-harvest season. Operations are principally located in Peru, with smaller operations emerging in other areas of Latin America. • Blueberries. The new Blueberries segment represents the results of Moruga, subsequent to its consolidation on May 1, 2022. Moruga’s farming activities include cultivating early-stage blueberry plantings and harvesting mature bushes. Substantially all of blueberries produced are sold to a single distributor under an exclusive marketing agreement. The CEO evaluates and monitors segment performance primarily through segment sales and segment adjusted EBITDA. 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 asset impairment and disposals, net of insurance recoveries, farming costs for nonproductive orchards (which represents land lease costs), certain noncash and nonrecurring ERP costs, transaction costs, material legal settlements, and any special, non-recurring, or one-time items such as remeasurements or impairments, and any portion of these items attributable to the noncontrolling interest, all of which are excluded from the results the CEO reviews uses to assess segment performance and results. We believe 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. Net sales from each of our reportable segments were as follows. Marketing and Distribution International Farming Blueberries Total Marketing and Distribution International Farming Total Three Months Ended (In millions) 2022 2021 Third party sales $ 308.9 $ 4.0 $ 0.3 $ 313.2 $ 239.6 $ 7.2 $ 246.8 Affiliated sales — 60.6 — 60.6 — 58.9 58.9 Total segment sales 308.9 64.6 0.3 373.8 239.6 66.1 305.7 Intercompany eliminations — (60.6) — (60.6) — (58.9) (58.9) Total net sales $ 308.9 $ 4.0 $ 0.3 $ 313.2 $ 239.6 $ 7.2 $ 246.8 Nine Months Ended 2022 2021 Third party sales $ 794.9 $ 12.7 $ 0.3 $ 807.9 $ 641.6 $ 13.1 $ 654.7 Affiliated sales — 62.2 — 62.2 — 61.1 61.1 Total segment sales 794.9 74.9 0.3 870.1 641.6 74.2 715.8 Intercompany eliminations — (62.2) — (62.2) — (61.1) (61.1) Total net sales $ 794.9 $ 12.7 $ 0.3 $ 807.9 $ 641.6 $ 13.1 $ 654.7 Supplemental sales information is as follows. Three Months Ended Nine Months Ended (In millions) 2022 2021 2022 2021 By type Avocado $ 303.9 $ 238.4 $ 781.5 $ 637.0 Blueberry (1) 0.3 — 0.3 — Mango 3.5 2.0 13.1 4.2 Other 5.5 6.4 13.0 13.5 Total net sales $ 313.2 $ 246.8 $ 807.9 $ 654.7 By customer location United States $ 264.4 $ 182.5 $ 678.0 $ 490.0 Rest of world 48.8 64.3 129.9 164.7 Total net sales $ 313.2 $ 246.8 $ 807.9 $ 654.7 (1) Blueberry sales are generated entirely by our Blueberries segment, and are therefore reported prospectively from May 1, 2022. Adjusted EBITDA for each of our reportable segments was as follows: Three Months Ended Nine Months Ended (In millions) 2022 2021 2022 2021 Marketing and Distribution adjusted EBITDA $ 15.5 $ 13.1 $ 19.5 $ 43.0 International Farming adjusted EBITDA 16.3 17.0 11.1 15.9 Blueberries adjusted EBITDA (0.2) — (0.2) — Total reportable segment adjusted EBITDA 31.6 30.1 30.4 58.9 Net income 17.9 18.4 6.9 28.0 Interest expense 1.5 1.0 3.5 2.7 Provision for income taxes 5.4 5.9 3.7 15.3 Depreciation and amortization (1) 7.1 6.1 17.2 13.7 Equity method income (1.7) (2.1) (3.6) (4.2) Stock-based compensation 0.9 0.5 2.6 2.0 Legal settlement — — — 0.8 Asset impairment and disposals, net of insurance recoveries 0.2 (0.2) 0.2 (0.2) Farming costs for nonproductive orchards 0.3 — 1.1 — ERP costs (2) 1.0 — 3.8 — Transaction costs — — 0.5 — Remeasurement gain on business combination with Moruga (2.0) — (2.0) — Other expense (income) 0.9 0.5 (3.6) 0.8 Noncontrolling interest (3) 0.1 — 0.1 — Total adjusted EBITDA $ 31.6 $ 30.1 $ 30.4 $ 58.9 (1) Approximately $0.3 million of depreciation and amortization was from purchase accounting assets including property, plant and equipment step-up and an intangible asset. (2) Includes recognition of deferred implementation costs and non-recurring post-implementation process reengineering costs. (3) Represents net loss attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest.

General (Policies)

General (Policies)	9 Months Ended
	Jul. 31, 2022
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 and variable interest entity (“VIE”) for which we are the primary beneficiary and have a controlling interest. 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, 2021. 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, 2022.
Consolidation of VIE	Consolidation of VIEOn May 1, 2022, a reconsideration event (explained in Note 2) occurred related to Moruga S.A.C., an entity for which we have a 60% equity ownership interest. Moruga S.A.C. is a holding company with one wholly owned subsidiary Blueberries Peru, S.A.C. (collectively referred to as “Moruga”). Moruga was previously accounted for under the equity method, where investments are stated at initial cost and adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions. As a result of the reconsideration event, we concluded that Moruga is a VIE, and that the Company is the primary beneficiary with a controlling interest. Based on this conclusion, we consolidated Moruga on May 1, 2022. Prior period financial results accounted for under the equity method may not be comparable to post-consolidated results.
Recently issued accounting standards	Recently issued accounting standards In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments–Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures, which among other things, requires that entities disclose current-period gross write-offs by year of origination for financing receivables. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of ASU 2022-02 is not expected to be material on our financial condition, results of operations and cash flows. In March 2020, the FASB issued 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.

Business Combination with Mor_2

Business Combination with Moruga (Tables)	9 Months Ended
	Jul. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Amounts of identifiable assets acquired and liabilities assumed as of the acquisition date were as follows. (in millions) Fair value of 100% of Moruga $ 50.4 Recognized amounts of identifiable assets acquired and liabilities assumed: Inventory 7.7 Other current assets 7.7 Property, plant and equipment 29.6 Intangible asset 2.8 Other assets 5.6 Goodwill 12.5 Current liabilities (4.5) Deferred tax liability (3.0) Other liabilities (8.0) $ 50.4

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Jul. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Major Classes of Inventory	Major classes of inventory were as follows: (In millions) July 31, 2022 October 31, 2021 Finished goods $ 52.5 $ 22.5 Crop growing costs 19.4 11.9 Packaging and supplies 20.8 13.8 Inventory $ 92.7 $ 48.2

Goodwill and Intangible Asset_2

Goodwill and Intangible Asset, net (Tables)	9 Months Ended
	Jul. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	(In millions) International Farming Blueberries Total Goodwill as of October 31, 2021 $ 76.4 $ — $ 76.4 Business combination with Moruga (Note 2) — 12.5 12.5 Goodwill as of July 31, 2022 $ 76.4 $ 12.5 $ 88.9
Schedule of Finite-Lived Intangible Assets	(In millions) July 31, 2022 October 31, 2021 Intangible asset, gross $ 2.8 $ — Accumulated amortization — — Intangible asset, net $ 2.8 $ —
Schedule of Estimated annual amortization expense	The remaining amortization expense is expected to be recognized as follows. Years Ending October 31, (In millions) Remaining 2022 2023 2024 Estimated annual amortization expense $ 1.3 $ 1.2 $ 0.3

Details of Certain Account Ba_2

Details of Certain Account Balances (Tables)	9 Months Ended
	Jul. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accrued Liabilities	(In millions) July 31, 2022 October 31, 2021 Employee-related $ 12.3 $ 14.6 Freight 5.4 3.9 Interest rate swaps — 2.1 Construction-in-progress — 0.2 Outside fruit purchase 1.6 2.2 VAT and local taxes payable 1.7 1.0 Legal settlement 0.8 0.8 Other 7.2 4.0 Accrued expenses $ 29.0 $ 28.8
Schedule of Other Income (Expense), Net	Three Months Ended Nine Months Ended (In millions) 2022 2021 2022 2021 (Gains) losses on derivative financial instruments $ (0.1) $ 0.2 $ (3.1) $ (0.1) Foreign currency transaction loss 1.2 1.0 1.1 2.8 Interest income (0.3) (0.3) (1.5) (1.4) Other 0.1 (0.4) (0.1) (0.5) Other expense (income) $ 0.9 $ 0.5 $ (3.6) $ 0.8

Debt (Tables)

Debt (Tables)	9 Months Ended
	Jul. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Under Credit Facility	Long-term debt under our credit facility with Bank of America (“BoA”) Merrill Lynch consisted of the following: (In millions) July 31, 2022 October 31, 2021 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, 2022 and October 31, 2021, the interest rate was 4.37% and 1.84%, 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, 2022 and October 31, 2021, the interest rate was 4.37% and 1.84%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2023. 84.4 90.0 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, 2022 and October 31, 2021, the interest rate was 4.87% and 2.34% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2025. 72.2 72.8 Note payable to BoA. Payable in monthly installments including interest at a rate of 3.96% as of both July 31, 2022 and October 31, 2021. Principal is due July 2024. 1.1 1.5 Total long-term debt 157.7 164.3 Less debt issuance costs (0.4) (0.4) Long-term debt, net of debt issuance costs 157.3 163.9 Less current portion of long-term debt (8.8) (8.8) Long-term debt, net of current portion $ 148.5 $ 155.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jul. 31, 2022
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis	Financial assets and liabilities measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows: July 31, 2022 October 31, 2021 (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) Assets Mutual funds $ 1.2 $ 1.2 $ — $ — $ 1.2 $ 1.2 $ — $ — Interest rate swap 1.0 — 1.0 — — — — — Liabilities Interest rate swap — — — — 3.5 — 3.5 —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jul. 31, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Three Months Ended Nine Months Ended 2022 2021 2022 2021 Numerator: Net income attributable to Mission Produce (in millions) $ 18.4 $ 18.4 $ 7.4 $ 28.0 Denominator: Weighted average shares of common stock outstanding, used in computing basic earnings per share 70,656,976 70,607,000 70,641,669 70,572,874 Effect of dilutive stock options 57,066 630,036 121,383 444,564 Effect of dilutive RSUs 65,865 7,400 21,720 26,352 Weighted average shares of common stock outstanding, used in computing diluted earnings per share 70,779,907 71,244,436 70,784,772 71,043,790 Earnings per share Basic $ 0.26 $ 0.26 $ 0.10 $ 0.40 Diluted $ 0.26 $ 0.26 $ 0.10 $ 0.39
Schedule of Equity Awards Excluded from Computation of Diluted EPS	Equity awards representing shares of common stock outstanding that were excluded in the computation of diluted earnings per share because their effect would have been anti-dilutive, were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Anti-dilutive stock options 729,660 — 732,066 141,392 Anti-dilutive RSUs 193,896 5,736 252,883 3,068

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Jul. 31, 2022
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, 2022 October 31, 2021 (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 $ 0.3 $ — $ 0.1 $ — $ — $ — Mr. Avocado 1.0 — — 1.3 — — Moruga (1) — — — 3.9 3.0 — Copaltas (2) — 2.1 — — 2.1 — Other: Directors/Officers (3) 0.1 — 2.5 0.1 — — Employees (4) — — 0.1 — — 0.2 Condensed Consolidated Statements of Comprehensive Income Three Months Ended Nine Months Ended (In millions) Net sales Cost of sales Other income (expense) Net sales Cost of sales Selling, general and administrative expenses Other income (expense) Equity method investees: Henry Avocado $ 2.7 $ — $ — $ 2.7 $ 0.5 $ — $ — Mr. Avocado 1.2 — — 1.7 — — — Moruga (1) — — — 4.1 — — 0.4 Copaltas (2) — — — — — — 0.1 Other: Directors/Officers (3) 0.2 3.5 — 0.9 5.8 — — Employees (4) — 0.6 — — 4.7 — — Three Months Ended Nine Months Ended 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 (3) 0.9 1.6 — 2.5 3.0 0.1 — Employees (4) — 2.1 — — 8.1 — — (1) Effective May 1, 2022, Moruga was consolidated into the Company’s financial statements (refer to Note 1 for more details), after which transactions between us were eliminated in our consolidated financial statements. Prior to May 1, 2022, Moruga was not a consolidated entity, therefore transactions from this time period are presented the same as in prior periods. The Company provided loans to Moruga to support growth and expansion projects, bearing interest at 6.5%, due December 31, 2023. The Company also provides packing and cooling services for blueberries and leases owned land to Moruga. (2) The Company has provided loans to Copaltas to support growth and expansion projects, bearing interest at 6.66%. The notes outstanding as of July 31, 2022 have an amended due date of August 31, 2022. (3) The Company purchases from and sells avocados to, and provides logistics services 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 had a consulting agreement with a director to advise on business operations, as well as to analyze opportunities for fresh avocado farming and packing facilities in South and Central America, that was terminated in June 2021. (4) The Company utilizes a small number of transportation vendors in Mexico having full or partial ownership by some of our employees. The Company also 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 transportation carriers and growers.

Segment and Revenue Informati_2

Segment and Revenue Information (Tables)	9 Months Ended
	Jul. 31, 2022
Segment Reporting [Abstract]
Schedule of Net Sales by Segment	Net sales from each of our reportable segments were as follows. Marketing and Distribution International Farming Blueberries Total Marketing and Distribution International Farming Total Three Months Ended (In millions) 2022 2021 Third party sales $ 308.9 $ 4.0 $ 0.3 $ 313.2 $ 239.6 $ 7.2 $ 246.8 Affiliated sales — 60.6 — 60.6 — 58.9 58.9 Total segment sales 308.9 64.6 0.3 373.8 239.6 66.1 305.7 Intercompany eliminations — (60.6) — (60.6) — (58.9) (58.9) Total net sales $ 308.9 $ 4.0 $ 0.3 $ 313.2 $ 239.6 $ 7.2 $ 246.8 Nine Months Ended 2022 2021 Third party sales $ 794.9 $ 12.7 $ 0.3 $ 807.9 $ 641.6 $ 13.1 $ 654.7 Affiliated sales — 62.2 — 62.2 — 61.1 61.1 Total segment sales 794.9 74.9 0.3 870.1 641.6 74.2 715.8 Intercompany eliminations — (62.2) — (62.2) — (61.1) (61.1) Total net sales $ 794.9 $ 12.7 $ 0.3 $ 807.9 $ 641.6 $ 13.1 $ 654.7 Supplemental sales information is as follows. Three Months Ended Nine Months Ended (In millions) 2022 2021 2022 2021 By type Avocado $ 303.9 $ 238.4 $ 781.5 $ 637.0 Blueberry (1) 0.3 — 0.3 — Mango 3.5 2.0 13.1 4.2 Other 5.5 6.4 13.0 13.5 Total net sales $ 313.2 $ 246.8 $ 807.9 $ 654.7 By customer location United States $ 264.4 $ 182.5 $ 678.0 $ 490.0 Rest of world 48.8 64.3 129.9 164.7 Total net sales $ 313.2 $ 246.8 $ 807.9 $ 654.7
Reconciliation of Revenue from Segments to Consolidated	Adjusted EBITDA for each of our reportable segments was as follows: Three Months Ended Nine Months Ended (In millions) 2022 2021 2022 2021 Marketing and Distribution adjusted EBITDA $ 15.5 $ 13.1 $ 19.5 $ 43.0 International Farming adjusted EBITDA 16.3 17.0 11.1 15.9 Blueberries adjusted EBITDA (0.2) — (0.2) — Total reportable segment adjusted EBITDA 31.6 30.1 30.4 58.9 Net income 17.9 18.4 6.9 28.0 Interest expense 1.5 1.0 3.5 2.7 Provision for income taxes 5.4 5.9 3.7 15.3 Depreciation and amortization (1) 7.1 6.1 17.2 13.7 Equity method income (1.7) (2.1) (3.6) (4.2) Stock-based compensation 0.9 0.5 2.6 2.0 Legal settlement — — — 0.8 Asset impairment and disposals, net of insurance recoveries 0.2 (0.2) 0.2 (0.2) Farming costs for nonproductive orchards 0.3 — 1.1 — ERP costs (2) 1.0 — 3.8 — Transaction costs — — 0.5 — Remeasurement gain on business combination with Moruga (2.0) — (2.0) — Other expense (income) 0.9 0.5 (3.6) 0.8 Noncontrolling interest (3) 0.1 — 0.1 — Total adjusted EBITDA $ 31.6 $ 30.1 $ 30.4 $ 58.9 (1) Approximately $0.3 million of depreciation and amortization was from purchase accounting assets including property, plant and equipment step-up and an intangible asset. (2) Includes recognition of deferred implementation costs and non-recurring post-implementation process reengineering costs. (3) Represents net loss attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest.

General (Details)

General (Details)	9 Months Ended
	Jul. 31, 2022 Segment	Jul. 31, 2022 segment
Business Acquisition [Line Items]
Number of operating segments	3	3
Moruga
Business Acquisition [Line Items]
Ownership interest	60%	60%

Business Combination with Mor_3

Business Combination with Moruga - Narrative (Details) $ in Millions		3 Months Ended		9 Months Ended
	May 01, 2022 USD ($) ha	Jul. 31, 2022 USD ($) ha	Jul. 31, 2021 USD ($)	Jul. 31, 2022 USD ($) ha	Jul. 31, 2021 USD ($)
Business Acquisition [Line Items]
Remeasurement gain on business combination with Moruga		$ 2	$ 0	$ 2	$ 0
Measurement Input, Discount Rate
Business Acquisition [Line Items]
Fair value measurement input		0.09		0.09
Measurement Input, Derived BEV To EBITDA Multiple
Business Acquisition [Line Items]
Measurement input		8		8
Measurement Input, Derived BEV To Revenue Multiple
Business Acquisition [Line Items]
Measurement input		1.1		1.1
Measurement Input, Mean BEV To EBITDA Multiple
Business Acquisition [Line Items]
Measurement input		9.1		9.1
Measurement Input, Median BEV To EBITDA Multiple
Business Acquisition [Line Items]
Measurement input		9.2		9.2
Measurement Input, Median BEV To Revenue Multiple
Business Acquisition [Line Items]
Measurement input		0.7		0.7
Measurement Input, Mean BEV To Revenue Multiple
Business Acquisition [Line Items]
Measurement input		1.1		1.1
Moruga
Business Acquisition [Line Items]
Ownership interest		60%		60%
Area of land | ha	600	360		360
Capital approved for project	$ 50
Remeasurement gain on business combination with Moruga	2
Carrying value	28.2
Step acquisition fair value	30.2
Fair value of noncontrolling interest	$ 20.2

Business Combination with Mor_4

Business Combination with Moruga - Preliminary Fair Value Allocation of Moruga (Details) - USD ($) $ in Millions	May 01, 2022	Jul. 31, 2022	Oct. 31, 2021
Business Acquisition [Line Items]
Fair value of 100% of Moruga	$ 50.4
Recognized amounts of identifiable assets acquired and liabilities assumed:
Inventory	7.7
Goodwill		$ 88.9	$ 76.4
Total identifiable net assets	$ 50.4
Moruga
Business Acquisition [Line Items]
Ownership interest	100%
Recognized amounts of identifiable assets acquired and liabilities assumed:
Other current assets	$ 7.7
Property, plant and equipment	29.6
Intangible asset	2.8
Other assets	5.6
Goodwill	12.5
Current liabilities	(4.5)
Deferred tax liability	(3)
Other liabilities	$ (8)

Inventory - Major Classes of In

Inventory - Major Classes of Inventory (Details) - USD ($) $ in Millions	9 Months Ended
	Jul. 31, 2022	Oct. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 52.5	$ 22.5
Crop growing costs	19.4	11.9
Packaging and supplies	20.8	13.8
Inventory	92.7	$ 48.2
Inventory purchase accounting adjustment	$ 1.1

Goodwill and Intangible Asset_3

Goodwill and Intangible Asset, net - Goodwill (Details) $ in Millions	9 Months Ended
	Jul. 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill as of October 31, 2021	$ 76.4
Business combination with Moruga	12.5
Goodwill as of July 31, 2022	88.9
International Farming
Goodwill [Roll Forward]
Goodwill as of October 31, 2021	76.4
Business combination with Moruga	0
Goodwill as of July 31, 2022	76.4
Blueberries
Goodwill [Roll Forward]
Goodwill as of October 31, 2021	0
Business combination with Moruga	12.5
Goodwill as of July 31, 2022	$ 12.5

Goodwill and Intangible Asset_4

Goodwill and Intangible Asset, net - Intangible asset, net (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset, gross	$ 2.8	$ 0
Accumulated amortization	0	0
Intangible asset, net	$ 2.8	$ 0

Goodwill and Intangible Asset_5

Goodwill and Intangible Asset, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 31, 2022	Jul. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortizable life		2 years
Amortization expense	$ 0.1	$ 0.1

Goodwill and Intangible Asset_6

Goodwill and Intangible Asset, net - Estimated annual amortization expense (Details) $ in Millions	Jul. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2022	$ 1.3
2023	1.2
2024	$ 0.3

Details of Certain Account Ba_3

Details of Certain Account Balances - Accrued expenses (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee-related	$ 12.3	$ 14.6
Freight	5.4	3.9
Interest rate swaps	0	2.1
Construction-in-progress	0	0.2
Outside fruit purchase	1.6	2.2
VAT and local taxes payable	1.7	1
Legal settlement	0.8	0.8
Other	7.2	4
Accrued expenses	$ 29	$ 28.8

Details of Certain Account Ba_4

Details of Certain Account Balances - Other income (expense), net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
(Gains) losses on derivative financial instruments	$ (0.1)	$ 0.2	$ (3.1)	$ (0.1)
Foreign currency transaction loss	1.2	1	1.1	2.8
Interest income	(0.3)	(0.3)	(1.5)	(1.4)
Other	0.1	(0.4)	(0.1)	(0.5)
Other expense (income)	$ 0.9	$ 0.5	$ (3.6)	$ 0.8

Debt - Long Term Debt Under Cre

Debt - Long Term Debt Under Credit Facility (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021
Debt Instrument [Line Items]
Total long-term debt	$ 157.7	$ 164.3
Less debt issuance costs	(0.4)	(0.4)
Long-term debt, net of debt issuance costs	157.3	163.9
Less current portion of long-term debt	(8.8)	(8.8)
Long-term debt, net of current portion	148.5	155.1
Revolving Line of Credit | Line of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 0	$ 0
Interest rate	4.37%	1.84%
Senior Term Loan A-1 | Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 84.4	$ 90
Interest rate	4.37%	1.84%
Senior Term Loan A-2 | Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 72.2	$ 72.8
Interest rate	4.87%	2.34%
Notes Payable, BoA | Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 1.1	$ 1.5
Interest rate	3.96%	3.96%

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	Jul. 31, 2022 USD ($) 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 (D

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

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2021	Jul. 31, 2022
Income Tax Disclosure [Abstract]
Uncertain tax provision		$ 14.4
Penalties and interest accrued		$ 8
Discrete tax expense	$ 5.1

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	$ 1.2	$ 1.2
Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	1	0
Interest rate swap	0	3.5
Quoted Prices in Active Markets (Level 1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	1.2	1.2
Quoted Prices in Active Markets (Level 1) | Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	0	0
Interest rate swap	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	0	0
Significant Other Observable Inputs (Level 2) | Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	1	0
Interest rate swap	0	3.5
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	0	0
Significant Unobservable Inputs (Level 3) | Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	0	0
Interest rate swap	$ 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, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Numerator:
Net income attributable to Mission Produce	$ 18.4	$ 18.4	$ 7.4	$ 28
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share (in shares)	70,656,976	70,607,000	70,641,669	70,572,874
Weighted average shares of common stock outstanding, used in computing diluted earnings per share (in shares)	70,779,907	71,244,436	70,784,772	71,043,790
Basic (in dollars per share)	$ 0.26	$ 0.26	$ 0.10	$ 0.40
Diluted (in dollars per share)	$ 0.26	$ 0.26	$ 0.10	$ 0.39
Stock Options
Denominator:
Effect of dilutive securities (in shares)	57,066	630,036	121,383	444,564
Restricted Stock Units (RSUs)
Denominator:
Effect of dilutive securities (in shares)	65,865	7,400	21,720	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, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	729,660	0	732,066	141,392
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	193,896	5,736	252,883	3,068

Related Party Transactions - Ba

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	Jul. 31, 2022	Oct. 31, 2021
Equity Method Investees | Mr. Avocado
Related Party Transaction [Line Items]
Accounts receivable	$ 1	$ 1.3
Loans to equity method investees	0	0
Accounts payable & accrued expenses	0	0
Equity Method Investees | Moruga
Related Party Transaction [Line Items]
Accounts receivable	0	3.9
Loans to equity method investees	0	3
Accounts payable & accrued expenses	0	0
Equity Method Investees | Copaltas
Related Party Transaction [Line Items]
Accounts receivable	0	0
Loans to equity method investees	2.1	2.1
Accounts payable & accrued expenses	0	0
Equity Method Investees | Henry Avocado
Related Party Transaction [Line Items]
Accounts receivable	0.3	0
Loans to equity method investees	0	0
Accounts payable & accrued expenses	0.1	0
Directors/Officers
Related Party Transaction [Line Items]
Accounts receivable	0.1	0.1
Loans to equity method investees	0	0
Accounts payable & accrued expenses	2.5	0
Employees
Related Party Transaction [Line Items]
Accounts receivable	0	0
Loans to equity method investees	0	0
Accounts payable & accrued expenses	$ 0.1	$ 0.2

Related Party Transactions - St

Related Party Transactions - Statement of Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Equity Method Investees | Henry Avocado
Related Party Transaction [Line Items]
Net sales	$ 2.7	$ 1.3	$ 2.7	$ 1.3
Cost of sales	0	0	0.5	0
Selling, general and administrative expenses			0	0
Other income (expense)	0	0	0	0
Equity Method Investees | Mr. Avocado
Related Party Transaction [Line Items]
Net sales	1.2	1.7	1.7	3.6
Cost of sales	0	0	0	0
Selling, general and administrative expenses			0	0
Other income (expense)	0	0	0	0
Equity Method Investees | Moruga
Related Party Transaction [Line Items]
Net sales	0	0.1	4.1	2.7
Cost of sales	0	0	0	0
Selling, general and administrative expenses			0	0
Other income (expense)	0	0.3	$ 0.4	0.4
Interest rate			6.50%
Equity Method Investees | Copaltas
Related Party Transaction [Line Items]
Net sales	0		$ 0
Cost of sales	0		0
Selling, general and administrative expenses			0
Other income (expense)	0		$ 0.1
Interest rate			6.66%
Directors/Officers
Related Party Transaction [Line Items]
Net sales	0.2	0.9	$ 0.9	2.5
Cost of sales	3.5	1.6	5.8	3
Selling, general and administrative expenses			0	0.1
Other income (expense)	0	0	0	0
Employees
Related Party Transaction [Line Items]
Net sales	0	0	0	0
Cost of sales	0.6	2.1	4.7	8.1
Selling, general and administrative expenses			0	0
Other income (expense)	$ 0	$ 0	$ 0	$ 0

Segment and Revenue Informati_3

Segment and Revenue Information - Narrative (Details) - 9 months ended Jul. 31, 2022	Segment	segment
Segment Reporting [Abstract]
Number of operating segments	3	3
Number of reportable segments		3

Segment and Revenue Informati_4

Segment and Revenue Information - Net Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ 313.2	$ 246.8	$ 807.9	$ 654.7
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	264.4	182.5	678	490
Rest of world
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	48.8	64.3	129.9	164.7
Avocado
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	303.9	238.4	781.5	637
Blueberry
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0.3	0	0.3	0
Mango
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	3.5	2	13.1	4.2
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	5.5	6.4	13	13.5
Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	373.8	305.7	870.1	715.8
Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	(60.6)	(58.9)	(62.2)	(61.1)
Third party sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	313.2	246.8	807.9	654.7
Affiliated sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	60.6	58.9	62.2	61.1
Marketing and Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	308.9	239.6	794.9	641.6
Marketing and Distribution | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	308.9	239.6	794.9	641.6
Marketing and Distribution | Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0	0	0	0
Marketing and Distribution | Third party sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	308.9	239.6	794.9	641.6
Marketing and Distribution | Affiliated sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0	0	0	0
International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	4	7.2	12.7	13.1
International Farming | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	64.6	66.1	74.9	74.2
International Farming | Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	(60.6)	(58.9)	(62.2)	(61.1)
International Farming | Third party sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	4	7.2	12.7	13.1
International Farming | Affiliated sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	60.6	$ 58.9	62.2	$ 61.1
Blueberries
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0.3		0.3
Blueberries | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0.3		0.3
Blueberries | Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0		0
Blueberries | Third party sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0.3		0.3
Blueberries | Affiliated sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ 0		$ 0

Segment and Revenue Informati_5

Segment and Revenue Information - Adjustments for EBITDA by Segment (Details) - USD ($) $ in Millions		3 Months Ended						9 Months Ended
	May 01, 2022	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Segment Reporting Information [Line Items]
Net income		$ 17.9	$ 2.4	$ (13.4)	$ 18.4	$ 7.4	$ 2.2	$ 6.9	$ 28
Interest expense		1.5			1			3.5	2.7
Provision for income taxes		5.4			5.9			3.7	15.3
Depreciation and amortization		7.1			6.1			17.2	13.7
Equity method income		(1.7)			(2.1)			(3.6)	(4.2)
Stock-based compensation		0.9			0.5			2.6	2
Legal settlement		0			0			0	0.8
Asset impairment and disposals, net of insurance recoveries		0.2			(0.2)			0.2	(0.2)
Farming costs for nonproductive orchards		0.3			0			1.1	0
ERP costs		1			0			3.8	0
Transaction costs		0			0			0.5	0
Remeasurement gain on business combination with Moruga		(2)			0			(2)	0
Other (expense) income		0.9			0.5			(3.6)	0.8
Noncontrolling interest		0.1			0			0.1	0
Moruga
Segment Reporting Information [Line Items]
Depreciation and amortization								0.3
Remeasurement gain on business combination with Moruga	$ (2)
Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA		31.6			30.1			30.4	58.9
Marketing and Distribution | Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA		15.5			13.1			19.5	43
International Farming | Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA		16.3			17			11.1	15.9
Blueberries | Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA		$ (0.2)			$ 0			$ (0.2)	$ 0