Mission Produce (AVO) 10-Q 11 Mar 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jan. 31, 2024	Mar. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2024
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,846,927
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001802974
Current Fiscal Year End Date	--10-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jan. 31, 2024	Oct. 31, 2023
Current Assets:
Cash and cash equivalents	$ 39.9	$ 42.9
Restricted cash	0.6	0.3
Accounts receivable
Trade, net of allowances of $0.8 and $0.9, respectively	85.3	74.1
Grower and fruit advances	1.4	0.9
Other	13.1	12.4
Inventory	85.9	70.8
Prepaid expenses and other current assets	9.1	9.1
Income taxes receivable	9.2	9.6
Total current assets	244.5	220.1
Property, plant and equipment, net	525.2	523.2
Operating lease right-of-use assets	71.4	72.4
Equity method investees	28.6	31
Deferred income tax assets, net	8.7	8.5
Goodwill	39.4	39.4
Intangible asset, net	0.2	0.5
Other assets	19.5	19.7
Total assets	937.5	914.8
Liabilities
Accounts payable	26.7	27.2
Accrued expenses	29.1	26.4
Income taxes payable	2.8	1.6
Grower payables	36.9	26.4
Short-term borrowings	0	2.8
Notes payable	0.5	0
Loans from noncontrolling interest holders—current portion	0.2	0.5
Long-term debt—current portion	3.3	3.4
Operating leases—current portion	7	6.6
Finance leases—current portion	1.4	2.6
Total current liabilities	107.9	97.5
Long-term debt, net of current portion	152.8	148.6
Loans from noncontrolling interest holders, net of current portion	1.8	2.5
Operating leases, net of current portion	70.3	71
Finance leases, net of current portion	20.1	14.7
Income taxes payable	2.3	2.3
Deferred income tax liabilities, net	22.8	23.5
Other long-term liabilities	27.7	26.4
Total liabilities	405.7	386.5
Commitments and contingencies (Note 7)
Shareholders’ Equity
Common stock ($0.001 par value, 1,000,000,000 shares authorized; 70,841,303 and 70,728,404 shares issued and outstanding as of January 31, 2024 and October 31, 2023, respectively)	0.1	0.1
Additional paid-in capital	234.1	233.4
Accumulated other comprehensive loss	(0.1)	(0.9)
Retained earnings	271	271
Mission Produce shareholders' equity	505.1	503.6
Noncontrolling interest	26.7	24.7
Total equity	531.8	528.3
Total liabilities and equity	$ 937.5	$ 914.8

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jan. 31, 2024	Oct. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 0.8	$ 0.9
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)	70,841,303	70,728,404
Common stock, shares outstanding (in shares)	70,841,303	70,728,404

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Income Statement [Abstract]
Net sales	$ 258.7	$ 213.5
Cost of sales	230	204.5
Gross profit	28.7	9
Selling, general and administrative expenses	20.7	19.1
Operating income (loss)	8	(10.1)
Interest expense	(3.3)	(2.4)
Equity method income	0.4	1
Other expense, net	(1)	(0.8)
Income (loss) before income taxes	4.1	(12.3)
Provision (benefit) for income taxes	2.1	(1.7)
Net income (loss)	2	(10.6)
Net income (loss) attributable to noncontrolling interest	2	(1.8)
Net loss attributable to Mission Produce	$ 0	$ (8.8)
Net loss per share attributable to Mission Produce:
Basic (in dollars per share)	$ 0	$ (0.12)
Diluted (in dollars per share)	$ 0	$ (0.12)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2	$ (10.6)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	0.8	0.5
Total comprehensive income (loss), net of tax	2.8	(10.1)
Less: Comprehensive income (loss) attributable to noncontrolling interest	2	(1.8)
Comprehensive income (loss)	$ 0.8	$ (8.3)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings	Noncontrolling interest
Beginning balance (in shares) at Oct. 31, 2022		70,669,535
Beginning balance at Oct. 31, 2022	$ 522.9	$ 0.1	$ 229.3	$ (1.7)	$ 274.4	$ 20.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.7		0.7
Exercise of stock options (in shares)		8,500
Issuance of common stock for equity awards, net of shares withheld for the settlement of taxes (in shares)		55,055
Issuance of common stock for equity awards, net of shares withheld for the settlement of taxes	(0.4)		(0.4)
Contributions from noncontrolling interest holders	1					1
Net income (loss)	(10.6)				(8.8)	(1.8)
Other comprehensive (loss) income	0.5			0.5
Ending balance (in shares) at Jan. 31, 2023		70,733,090
Ending balance at Jan. 31, 2023	514.1	$ 0.1	229.6	(1.2)	265.6	20
Beginning balance (in shares) at Oct. 31, 2023		70,728,404
Beginning balance at Oct. 31, 2023	528.3	$ 0.1	233.4	(0.9)	271	24.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 1.4		1.4
Issuance of common stock for equity awards, net of shares withheld for the settlement of taxes (in shares)	112,899
Issuance of common stock for equity awards, net of shares withheld for the settlement of taxes	$ (0.7)		(0.7)
Net income (loss)	2					2
Other comprehensive (loss) income	0.8			0.8
Ending balance (in shares) at Jan. 31, 2024		70,841,303
Ending balance at Jan. 31, 2024	$ 531.8	$ 0.1	$ 234.1	$ (0.1)	$ 271	$ 26.7

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Operating Activities
Net income (loss)	$ 2	$ (10.6)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	12.9	9.3
Amortization of debt issuance costs	0.1	0.1
Equity method income	(0.4)	(1)
Noncash lease expense	1.5	1.4
Stock-based compensation	1.4	0.7
Dividends received from equity method investees	3.2	2.7
Losses on asset impairment, disposals and sales, net of insurance recoveries	0.2	0.3
Deferred income taxes	(0.8)	(0.5)
Other	0.9	0.1
Effect on cash of changes in operating assets and liabilities:
Trade accounts receivable	(10.9)	(1.2)
Grower fruit advances	(0.5)	0
Other receivables	(0.7)	6.1
Inventory	(14.8)	(3.8)
Prepaid expenses and other current assets	0	0.8
Income taxes receivable	0.3	(3.2)
Other assets	0.1	(1.2)
Accounts payable and accrued expenses	4.6	(1.7)
Income taxes payable	1.2	(0.5)
Grower payables	10.1	1.1
Operating lease liabilities	(0.9)	(1.4)
Other long-term liabilities	0	1.2
Net cash provided by (used in) operating activities	9.5	(1.3)
Investing Activities
Purchases of property, plant and equipment	(9.9)	(17.6)
Investment in equity method investees	0	(0.3)
Net cash used in investing activities	(9.9)	(17.9)
Financing Activities
Borrowings on revolving credit facility	15	10
Payments on revolving credit facility	(10)	0
Repayment of short-term borrowings	(2.8)	(2.5)
Principal payments on long-term debt obligations	(0.9)	(0.9)
Principal payments on finance lease obligations	(2.3)	(1.7)
Payments for long-term supplier financing	(0.3)	0
Principal payments on loans due to noncontrolling interest holder	(0.5)	0
Payments of minimum withholding taxes on net share settlement of equity awards	(0.7)	(0.4)
Equity contributions from noncontrolling interest holders	0	1
Net cash (used in) provided by financing activities	(2.5)	5.5
Effect of exchange rate changes on cash	0.2	0
Net decrease in cash, cash equivalents and restricted cash	(2.7)	(13.7)
Cash, cash equivalents and restricted cash, beginning of period	43.2	53.9
Cash, cash equivalents and restricted cash, end of period	40.5	40.2
Summary of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
Cash and cash equivalents	39.9	39.2
Restricted cash	0.6	1
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 40.5	$ 40.2

General

General	3 Months Ended
	Jan. 31, 2024
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, 2023. 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, 2024. Recently issued accounting standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis although retrospective application is permitted. We are currently evaluating the impact of adoption on our financial disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures. The ASU requires that an entity disclose significant segment expenses impacting profit and loss that are regularly provided to the chief operating decision maker. The update is required to be applied retrospectively to prior periods presented, based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of adoption on our financial disclosures.

Inventory

Inventory	3 Months Ended
	Jan. 31, 2024
Inventory Disclosure [Abstract]
Inventory	Inventory Major classes of inventory were as follows: (In millions) January 31, 2024 October 31, 2023 Finished goods $ 42.6 $ 29.5 Crop growing costs 24.8 21.5 Packaging and supplies 18.5 19.8 Inventory $ 85.9 $ 70.8

Goodwill and Intangible Asset,

Goodwill and Intangible Asset, net	3 Months Ended
	Jan. 31, 2024
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 January 31, 2024 and October 31, 2023 $ 26.9 $ 12.5 $ 39.4 The carrying amounts of goodwill as of January 31, 2024 and October 31, 2023 were net of accumulated impairment losses of $49.5 million, attributable to the International Farming segment. 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) January 31, 2024 October 31, 2023 Intangible asset, gross $ 2.8 $ 2.8 Accumulated amortization (2.6) (2.3) Intangible asset, net $ 0.2 $ 0.5 The intangible asset, net consists of a distributor relationship entirely attributed to the business combination with Moruga on May 1, 2022. 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 $0.3 million and $1.2 million for the three months ended January 31, 2024 and 2023, respectively. The remaining amortization expense of $0.2 million is expected to be recognized during the year ended October 31, 2024.

Details of Certain Account Bala

Details of Certain Account Balances	3 Months Ended
	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Details of Certain Account Balances	Details of Certain Account Balances Accrued expenses (In millions) January 31, 2024 October 31, 2023 Employee-related $ 13.6 $ 12.8 Freight 5.5 4.5 Outside fruit purchase 4.5 2.7 VAT and local taxes payable 0.1 0.3 Legal settlement 1.0 0.8 Other 4.4 5.3 Accrued expenses $ 29.1 $ 26.4 Other long-term liabilities (In millions) January 31, 2024 October 31, 2023 Uncertain tax positions (1) $ 20.7 $ 19.4 Employee-related 1.7 1.4 Trade payables to noncontrolling interest holders 4.7 4.5 Other 0.6 1.1 Other long-term liabilities $ 27.7 $ 26.4 (1) Includes uncertain tax positions related to both income taxes and other statutory tax reserves, plus related penalties and interest. Other expense, net Three Months Ended (In millions) 2024 2023 Gains on derivative financial instruments $ — $ 0.1 Foreign currency transaction loss 1.4 0.9 Interest income (0.3) (0.2) Other expense, net $ 1.0 $ 0.8 Other amounts attributable to noncontrolling interest holders Amounts included in trade accounts receivable due from noncontrolling interest holders were $6.7 million and $5.7 million as of January 31, 2024 and October 31, 2023, respectively. Amounts included in trade accounts payable due to noncontrolling interest holders were $3.0 million and $3.2 million as of January 31, 2024 and October 31, 2023, respectively.

Variable Interest Entity

Variable Interest Entity	3 Months Ended
	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity	Variable Interest Entity Assets of our variable interest in Moruga may only be used to settle its own liabilities and creditors of Moruga only have recourse for the liabilities of Moruga. A summary of these balances, which are wholly included in our condensed consolidated balance sheets, is as follows: (In millions) January 31, 2024 October 31, 2023 Current assets $ 27.2 $ 30.0 Long-term assets 71.4 69.9 Current liabilities 12.8 17.0 Long-term liabilities 29.7 25.4

Debt

Debt	3 Months Ended
	Jan. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Credit facility Long-term debt under our syndicated credit facility with Bank of America (“BoA”) Merrill Lynch consisted of the following: (In millions) January 31, 2024 October 31, 2023 Revolving line of credit. The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2024 and October 31, 2023, the interest rate was 7.43% and 7.42%, respectively. Interest is payable monthly and principal is due in full in October 2027 $ 60.0 $ 55.0 Senior term loan (A-1). The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2024 and October 31, 2023, the interest rate was 7.43% and 7.42%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2027. 46.9 47.5 Senior term loan (A-2). The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2024 and October 31, 2023, the interest rate was 7.68% and 7.67% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2029. 49.3 49.5 Note payable to BoA. Payable in monthly installments including interest at a rate of 3.96% as of both January 31, 2024 and October 31, 2023. Principal is due July 2024. 0.3 0.4 Total long-term debt 156.5 152.4 Less debt issuance costs (0.4) (0.4) Long-term debt, net of debt issuance costs 156.1 152.0 Less current portion of long-term debt (3.3) (3.4) Long-term debt, net of current portion $ 152.8 $ 148.6 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 January 31, 2024, the Company was in compliance with all financial covenants of the credit facility. Other Certain of our consolidated subsidiaries may also enter into short-term bank borrowings from time to time. As of January 31, 2024, no short-term borrowings were outstanding as the $2.8 million balance outstanding at October 31, 2023 had been repaid in full. The weighted average variable interest rate on the borrowings were 10.46%. Our Blueberries business also obtains loans from shareholders from time to time, which accrue interest at rates ranging from 5.0 to 6.5%. Amounts outstanding as of January 31, 2024 are expected to be repaid by the end of fiscal 2026. The Company may issue standby letters of credit through banking institutions. As of January 31, 2024, total letters of credit outstanding were $0.7 million. Interest rate swaps

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jan. 31, 2024
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 consolidated statements of income during the three months ended April 30, 2021. The parties executed a stipulation of settlement agreement on such terms in November 2021. This preliminary settlement was approved by the applicable courts in October 2022. As a result of a dispute over the size of the settlement class, the Company recorded an additional reserve of $0.2 million in selling, general and administrative expenses in the condensed consolidated statements of income (loss) during the three months ended January 31, 2024. A final approval hearing is scheduled for June 2024.

Income Taxes

Income Taxes	3 Months Ended
	Jan. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income tax recorded for the three months ended January 31, 2024 and 2023 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jan. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial assets measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows: January 31, 2024 October 31, 2023 (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 $ 1.7 $ 1.7 $ — $ — $ 1.4 $ 1.4 $ — $ — Interest rate swap 0.2 — 0.2 — 0.4 — 0.4 — Our mutual fund investments relate to our deferred compensation plan, which are held in a Rabbi trust which is included in other assets in our consolidated balance sheets. The funds are measured at quoted prices in active markets, which is equivalent to their fair value.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jan. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended 2024 2023 Numerator: Net loss attributable to Mission Produce (in millions) $ — $ (8.8) Denominator: Weighted average shares of common stock outstanding, used in computing basic earnings per share 70,761,022 70,688,785 Effect of dilutive stock options — — Effect of dilutive RSUs — — Weighted average shares of common stock outstanding, used in computing diluted earnings per share 70,761,022 70,688,785 Earnings per share Basic $ 0.00 $ (0.12) Diluted $ 0.00 $ (0.12) 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 as a result of applying the treasury stock method, were as follows: Three Months Ended 2024 2023 Anti-dilutive stock options 2,078,268 547,187 Anti-dilutive RSUs 634,360 287,780

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jan. 31, 2024
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 January 31, 2024 October 31, 2023 (In millions) Accounts receivable Property, plant and equipment, net Accounts payable & accrued expenses Finance lease liabilities Accounts receivable Property, plant and equipment, net Accounts payable & accrued expenses Finance lease liabilities Equity method investees: Henry Avocado $ — $ — $ — $ — $ — $ — $ 0.1 $ — Mr. Avocado 2.4 — — — 2.9 — — — Other: Directors/Officers (1) 0.1 20.7 — 20.2 0.1 15.2 0.2 15.7 Employees (2) — — 2.0 — — — 0.5 — Condensed Consolidated Statements of Income (Loss) (In millions) Net sales Cost of sales Interest expense Net sales Cost of sales Interest expense Three Months Ended Three Months Ended Equity method investees: Mr. Avocado $ — $ — $ — $ 0.1 $ — $ — Other: Directors/Officers (1)) 0.2 0.2 0.5 0.2 0.2 0.3 Employees (2) — 4.5 — — 2.2 — (1) The Company purchases from and sells fruit 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. Our blueberries business leases land under a long-term lease with a company owned by one of our directors. The rental rate in the lease was comparable to market rates and reflective of an arms-length transaction. The lease was accounted for as a finance lease right-of-use asset and is included in property, plant and equipment, net in the consolidated balance sheets, with amortization and interest expense recognized in cost of sales and interest expense, respectively, in the condensed consolidated statements of income (loss). The portion of lease costs attributable to noncontrolling interest, net of income taxes, was $0.2 million for both the three months ended January 31, 2024 and 2023, and included as part of net income (loss) attributable to noncontrolling interest in the condensed consolidated statements of income (loss). (2) 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	3 Months Ended
	Jan. 31, 2024
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. • 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 the vast majority of fruit produced is sold to our Marketing and Distribution segment. The segment’s farming activities range from cultivating early-stage plantings to harvesting from mature trees. It also earns service revenues for packing and processing fruit for both our Blueberries segment, as well as for third-party producers of other crops. Operations are principally located in Peru, with smaller operations emerging in other areas of Latin America. • Blueberries. The Blueberries segment represents the results of Moruga. Moruga’s farming activities include cultivating early-stage blueberry plantings and harvesting mature bushes. Substantially all 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, amortization of inventory adjustments recognized from business combinations, 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 Blueberries Total Three Months Ended (In millions) 2024 2023 Third party sales $ 224.6 $ 1.6 $ 32.5 $ 258.7 $ 181.8 $ 1.9 $ 29.8 $ 213.5 Affiliated sales — 4.2 — 4.2 — 3.8 — 3.8 Total segment sales 224.6 5.8 32.5 262.9 181.8 5.7 29.8 217.3 Intercompany eliminations — (4.2) — (4.2) — (3.8) — (3.8) Total net sales $ 224.6 $ 1.6 $ 32.5 $ 258.7 $ 181.8 $ 1.9 $ 29.8 $ 213.5 Supplemental sales information is as follows. Three Months Ended (In millions) 2024 2023 By type Avocado $ 212.3 $ 174.0 Blueberry 32.5 29.8 Mango 10.9 7.3 Other 3.0 2.4 Total net sales $ 258.7 $ 213.5 By customer location United States $ 211.8 $ 174.6 Rest of world 46.9 38.9 Total net sales $ 258.7 $ 213.5 Adjusted EBITDA (as defined above) for each of our reportable segments was as follows: Three Months Ended (In millions) 2024 2023 Marketing and Distribution adjusted EBITDA $ 11.0 $ 4.6 International Farming adjusted EBITDA (0.5) (1.8) Blueberries adjusted EBITDA 8.7 (0.5) Total reportable segment adjusted EBITDA 19.2 2.3 Net income (loss) 2.0 (10.6) Interest expense 3.3 2.4 Provision (benefit) for income taxes 2.1 (1.7) Depreciation and amortization (1) 12.9 9.3 Equity method income (0.4) (1.0) Stock-based compensation 1.4 0.7 Asset impairment and disposals, net of insurance recoveries 0.2 0.3 Farming costs for nonproductive orchards 0.5 0.4 ERP costs (2) 0.5 0.6 Severance 1.3 — Legal settlement 0.2 — Transaction costs — 0.1 Amortization of inventory adjustment recognized from business combination — 0.7 Other expense, net 1.0 0.8 Noncontrolling interest (3) (5.8) 0.3 Total adjusted EBITDA $ 19.2 $ 2.3 (1) Includes depreciation and amortization of purchase accounting assets of $2.9 million and $1.6 million for the three months ended January 31, 2024 and 2023, respectively. The three months ended January 31, 2024 include $4.1 million of accelerated depreciation expense for certain blueberry plants determined to have no remaining useful life. (2) Recognition of deferred ERP implementation costs. (3) Represents net income (loss) attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 0	$ (8.8)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jan. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General (Policies)

General (Policies)	3 Months Ended
	Jan. 31, 2024
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, 2023. 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, 2024.
Recently issued accounting standards	Recently issued accounting standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis although retrospective application is permitted. We are currently evaluating the impact of adoption on our financial disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures. The ASU requires that an entity disclose significant segment expenses impacting profit and loss that are regularly provided to the chief operating decision maker. The update is required to be applied retrospectively to prior periods presented, based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of adoption on our financial disclosures.

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Jan. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Major Classes of Inventory	Major classes of inventory were as follows: (In millions) January 31, 2024 October 31, 2023 Finished goods $ 42.6 $ 29.5 Crop growing costs 24.8 21.5 Packaging and supplies 18.5 19.8 Inventory $ 85.9 $ 70.8

Goodwill and Intangible Asset_2

Goodwill and Intangible Asset, net (Tables)	3 Months Ended
	Jan. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	(In millions) International Farming Blueberries Total Goodwill as of January 31, 2024 and October 31, 2023 $ 26.9 $ 12.5 $ 39.4
Schedule of Finite-Lived Intangible Assets	(In millions) January 31, 2024 October 31, 2023 Intangible asset, gross $ 2.8 $ 2.8 Accumulated amortization (2.6) (2.3) Intangible asset, net $ 0.2 $ 0.5

Details of Certain Account Ba_2

Details of Certain Account Balances (Tables)	3 Months Ended
	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accrued Liabilities	Accrued expenses (In millions) January 31, 2024 October 31, 2023 Employee-related $ 13.6 $ 12.8 Freight 5.5 4.5 Outside fruit purchase 4.5 2.7 VAT and local taxes payable 0.1 0.3 Legal settlement 1.0 0.8 Other 4.4 5.3 Accrued expenses $ 29.1 $ 26.4
Other Noncurrent Liabilities	Other long-term liabilities (In millions) January 31, 2024 October 31, 2023 Uncertain tax positions (1) $ 20.7 $ 19.4 Employee-related 1.7 1.4 Trade payables to noncontrolling interest holders 4.7 4.5 Other 0.6 1.1 Other long-term liabilities $ 27.7 $ 26.4 (1) Includes uncertain tax positions related to both income taxes and other statutory tax reserves, plus related penalties and interest.
Schedule of Other Expense, Net	Other expense, net Three Months Ended (In millions) 2024 2023 Gains on derivative financial instruments $ — $ 0.1 Foreign currency transaction loss 1.4 0.9 Interest income (0.3) (0.2) Other expense, net $ 1.0 $ 0.8

Variable Interest Entity (Table

Variable Interest Entity (Tables)	3 Months Ended
	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	A summary of these balances, which are wholly included in our condensed consolidated balance sheets, is as follows: (In millions) January 31, 2024 October 31, 2023 Current assets $ 27.2 $ 30.0 Long-term assets 71.4 69.9 Current liabilities 12.8 17.0 Long-term liabilities 29.7 25.4

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jan. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Under Credit Facility	Long-term debt under our syndicated credit facility with Bank of America (“BoA”) Merrill Lynch consisted of the following: (In millions) January 31, 2024 October 31, 2023 Revolving line of credit. The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2024 and October 31, 2023, the interest rate was 7.43% and 7.42%, respectively. Interest is payable monthly and principal is due in full in October 2027 $ 60.0 $ 55.0 Senior term loan (A-1). The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2024 and October 31, 2023, the interest rate was 7.43% and 7.42%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2027. 46.9 47.5 Senior term loan (A-2). The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of January 31, 2024 and October 31, 2023, the interest rate was 7.68% and 7.67% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2029. 49.3 49.5 Note payable to BoA. Payable in monthly installments including interest at a rate of 3.96% as of both January 31, 2024 and October 31, 2023. Principal is due July 2024. 0.3 0.4 Total long-term debt 156.5 152.4 Less debt issuance costs (0.4) (0.4) Long-term debt, net of debt issuance costs 156.1 152.0 Less current portion of long-term debt (3.3) (3.4) Long-term debt, net of current portion $ 152.8 $ 148.6

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jan. 31, 2024
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis	Financial assets measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows: January 31, 2024 October 31, 2023 (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 $ 1.7 $ 1.7 $ — $ — $ 1.4 $ 1.4 $ — $ — Interest rate swap 0.2 — 0.2 — 0.4 — 0.4 —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jan. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Three Months Ended 2024 2023 Numerator: Net loss attributable to Mission Produce (in millions) $ — $ (8.8) Denominator: Weighted average shares of common stock outstanding, used in computing basic earnings per share 70,761,022 70,688,785 Effect of dilutive stock options — — Effect of dilutive RSUs — — Weighted average shares of common stock outstanding, used in computing diluted earnings per share 70,761,022 70,688,785 Earnings per share Basic $ 0.00 $ (0.12) Diluted $ 0.00 $ (0.12)
Schedule of Equity Awards Excluded from Computation of Diluted EPS	Three Months Ended 2024 2023 Anti-dilutive stock options 2,078,268 547,187 Anti-dilutive RSUs 634,360 287,780

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Jan. 31, 2024
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 January 31, 2024 October 31, 2023 (In millions) Accounts receivable Property, plant and equipment, net Accounts payable & accrued expenses Finance lease liabilities Accounts receivable Property, plant and equipment, net Accounts payable & accrued expenses Finance lease liabilities Equity method investees: Henry Avocado $ — $ — $ — $ — $ — $ — $ 0.1 $ — Mr. Avocado 2.4 — — — 2.9 — — — Other: Directors/Officers (1) 0.1 20.7 — 20.2 0.1 15.2 0.2 15.7 Employees (2) — — 2.0 — — — 0.5 — Condensed Consolidated Statements of Income (Loss) (In millions) Net sales Cost of sales Interest expense Net sales Cost of sales Interest expense Three Months Ended Three Months Ended Equity method investees: Mr. Avocado $ — $ — $ — $ 0.1 $ — $ — Other: Directors/Officers (1)) 0.2 0.2 0.5 0.2 0.2 0.3 Employees (2) — 4.5 — — 2.2 — (1) The Company purchases from and sells fruit 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. Our blueberries business leases land under a long-term lease with a company owned by one of our directors. The rental rate in the lease was comparable to market rates and reflective of an arms-length transaction. The lease was accounted for as a finance lease right-of-use asset and is included in property, plant and equipment, net in the consolidated balance sheets, with amortization and interest expense recognized in cost of sales and interest expense, respectively, in the condensed consolidated statements of income (loss). The portion of lease costs attributable to noncontrolling interest, net of income taxes, was $0.2 million for both the three months ended January 31, 2024 and 2023, and included as part of net income (loss) attributable to noncontrolling interest in the condensed consolidated statements of income (loss). (2) 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)	3 Months Ended
	Jan. 31, 2024
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 Blueberries Total Three Months Ended (In millions) 2024 2023 Third party sales $ 224.6 $ 1.6 $ 32.5 $ 258.7 $ 181.8 $ 1.9 $ 29.8 $ 213.5 Affiliated sales — 4.2 — 4.2 — 3.8 — 3.8 Total segment sales 224.6 5.8 32.5 262.9 181.8 5.7 29.8 217.3 Intercompany eliminations — (4.2) — (4.2) — (3.8) — (3.8) Total net sales $ 224.6 $ 1.6 $ 32.5 $ 258.7 $ 181.8 $ 1.9 $ 29.8 $ 213.5 Supplemental sales information is as follows. Three Months Ended (In millions) 2024 2023 By type Avocado $ 212.3 $ 174.0 Blueberry 32.5 29.8 Mango 10.9 7.3 Other 3.0 2.4 Total net sales $ 258.7 $ 213.5 By customer location United States $ 211.8 $ 174.6 Rest of world 46.9 38.9 Total net sales $ 258.7 $ 213.5
Reconciliation of Revenue from Segments to Consolidated	Adjusted EBITDA (as defined above) for each of our reportable segments was as follows: Three Months Ended (In millions) 2024 2023 Marketing and Distribution adjusted EBITDA $ 11.0 $ 4.6 International Farming adjusted EBITDA (0.5) (1.8) Blueberries adjusted EBITDA 8.7 (0.5) Total reportable segment adjusted EBITDA 19.2 2.3 Net income (loss) 2.0 (10.6) Interest expense 3.3 2.4 Provision (benefit) for income taxes 2.1 (1.7) Depreciation and amortization (1) 12.9 9.3 Equity method income (0.4) (1.0) Stock-based compensation 1.4 0.7 Asset impairment and disposals, net of insurance recoveries 0.2 0.3 Farming costs for nonproductive orchards 0.5 0.4 ERP costs (2) 0.5 0.6 Severance 1.3 — Legal settlement 0.2 — Transaction costs — 0.1 Amortization of inventory adjustment recognized from business combination — 0.7 Other expense, net 1.0 0.8 Noncontrolling interest (3) (5.8) 0.3 Total adjusted EBITDA $ 19.2 $ 2.3 (1) Includes depreciation and amortization of purchase accounting assets of $2.9 million and $1.6 million for the three months ended January 31, 2024 and 2023, respectively. The three months ended January 31, 2024 include $4.1 million of accelerated depreciation expense for certain blueberry plants determined to have no remaining useful life. (2) Recognition of deferred ERP implementation costs. (3) Represents net income (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)	3 Months Ended
	Jan. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Inventory - Major Classes of In

Inventory - Major Classes of Inventory (Details) - USD ($) $ in Millions	Jan. 31, 2024	Oct. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 42.6	$ 29.5
Crop growing costs	24.8	21.5
Packaging and supplies	18.5	19.8
Inventory	$ 85.9	$ 70.8

Goodwill and Intangible Asset_3

Goodwill and Intangible Asset, net - Goodwill (Details) $ in Millions	Jan. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 39.4
Goodwill, ending balance	39.4
International Farming
Goodwill [Roll Forward]
Goodwill, beginning balance	26.9
Goodwill, ending balance	26.9
Blueberries
Goodwill [Roll Forward]
Goodwill, beginning balance	12.5
Goodwill, ending balance	$ 12.5

Goodwill and Intangible Asset_4

Goodwill and Intangible Asset, net - Intangible asset, net (Details) - USD ($) $ in Millions	Jan. 31, 2024	Oct. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset, gross	$ 2.8	$ 2.8
Accumulated amortization	(2.6)	(2.3)
Intangible asset, net	$ 0.2	$ 0.5

Goodwill and Intangible Asset_5

Goodwill and Intangible Asset, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Oct. 31, 2023
Goodwill [Line Items]
Intangible asset amortizable life (in years)	2 years
Amortization expense	$ 0.3	$ 1.2
Remaining amortization expense expected	0.2
International Farming
Goodwill [Line Items]
Goodwill, impairment loss	$ 49.5		$ 49.5

Details of Certain Account Ba_3

Details of Certain Account Balances - Accrued expenses (Details) - USD ($) $ in Millions	Jan. 31, 2024	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee-related	$ 13.6	$ 12.8
Freight	5.5	4.5
Outside fruit purchase	4.5	2.7
VAT and local taxes payable	0.1	0.3
Legal settlement	1	0.8
Other	4.4	5.3
Accrued expenses	$ 29.1	$ 26.4

Details of Certain Account Ba_4

Details of Certain Account Balances - Other long-term liabilities (Details) - USD ($) $ in Millions	Jan. 31, 2024	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Uncertain tax positions	$ 20.7	$ 19.4
Employee-related	1.7	1.4
Trade payables to noncontrolling interest holders	4.7	4.5
Other	0.6	1.1
Other long-term liabilities	$ 27.7	$ 26.4

Details of Certain Account Ba_5

Details of Certain Account Balances - Other expense, net (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gains on derivative financial instruments	$ 0	$ 0.1
Foreign currency transaction loss	1.4	0.9
Interest income	(0.3)	(0.2)
Other expense, net	$ 1	$ 0.8

Details of Certain Account Ba_6

Details of Certain Account Balances - Narrative (Details) - USD ($) $ in Millions	Jan. 31, 2024	Oct. 31, 2023
Product Information [Line Items]
Trade accounts receivable	$ 85.3	$ 74.1
Accounts payable	26.7	27.2
Noncontrolling Interest Holders
Product Information [Line Items]
Trade accounts receivable	6.7	5.7
Accounts payable	$ 3	$ 3.2

Variable Interest Entity (Detai

Variable Interest Entity (Details) - USD ($) $ in Millions	Jan. 31, 2024	Oct. 31, 2023
Variable Interest Entity [Line Items]
Current assets	$ 244.5	$ 220.1
Current liabilities	107.9	97.5
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Current assets	27.2	30
Long-term assets	71.4	69.9
Current liabilities	12.8	17
Long-term liabilities	$ 29.7	$ 25.4

Debt - Long Term Debt Under Cre

Debt - Long Term Debt Under Credit Facility (Details) - USD ($) $ in Millions	Jan. 31, 2024	Oct. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 156.5	$ 152.4
Less debt issuance costs	(0.4)	(0.4)
Long-term debt, net of debt issuance costs	156.1	152
Less current portion of long-term debt	(3.3)	(3.4)
Long-term debt, net of current portion	152.8	148.6
Revolving Line of Credit | Line of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 60	$ 55
Interest rate	7.43%	7.42%
Senior Term Loan A-1 | Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 46.9	$ 47.5
Interest rate	7.43%	7.42%
Senior Term Loan A-2 | Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 49.3	$ 49.5
Interest rate	7.68%	7.67%
Notes Payable, BoA | Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 0.3	$ 0.4
Interest rate	3.96%	3.96%

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	12 Months Ended
	Oct. 31, 2023 USD ($) derivativeInstrument	Jan. 31, 2024 USD ($)
Derivative [Line Items]
Short-term borrowings	$ 2.8	$ 0
Percentage bearing variable interest rate		10.46%
Letters of credit outstanding		$ 0.7
Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments | derivativeInstrument	4
Notional amount	$ 100	$ 25
Number of derivative instruments matured during the period | derivativeInstrument	3
Fixed interest rate (as a percent)		2.30%
Minimum | Interest Rate Swap | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Basis spread on variable rate	1.75%
Maximum | Interest Rate Swap | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Basis spread on variable rate	2.57%
Blueberries | Minimum
Derivative [Line Items]
Percentage bearing variable interest rate		5%
Blueberries | Maximum
Derivative [Line Items]
Percentage bearing variable interest rate		6.50%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2021	Jan. 31, 2024	Jan. 31, 2023
Loss Contingencies [Line Items]
Legal settlement		$ 0.2	$ 0
Class Action V. Mission Produce | Settled Litigation
Loss Contingencies [Line Items]
Amount awarded to other party	$ 0.8
Legal settlement		$ 0.2

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Jan. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Uncertain tax provision	$ 18.1
Penalties and interest accrued	$ 10

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	Jan. 31, 2024	Oct. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	$ 1.7	$ 1.4
Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	0.2	0.4
Quoted Prices in Active Markets (Level 1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	1.7	1.4
Quoted Prices in Active Markets (Level 1) | Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
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	0.2	0.4
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

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
	Jan. 31, 2024	Jan. 31, 2023
Numerator:
Net loss attributable to Mission Produce (in millions)	$ 0	$ (8.8)
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share (in shares)	70,761,022	70,688,785
Weighted average shares of common stock outstanding, used in computing diluted earnings per share (in shares)	70,761,022	70,688,785
Earnings per share
Basic (in dollars per share)	$ 0	$ (0.12)
Diluted (in dollars per share)	$ 0	$ (0.12)
Stock Options
Denominator:
Effect of dilutive securities (in shares)	0	0
Restricted Stock Units (RSUs)
Denominator:
Effect of dilutive securities (in shares)	0	0

Earnings Per Share - Awards Exc

Earnings Per Share - Awards Excluded from Computation of Diluted EPS (Details) - shares	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	2,078,268	547,187
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	634,360	287,780

Related Party Transactions - Ba

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	Jan. 31, 2024	Oct. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable	$ 13.1	$ 12.4
Property, plant and equipment, net	525.2	523.2
Equity Method Investees | Henry Avocado
Related Party Transaction [Line Items]
Accounts receivable	0	0
Property, plant and equipment, net	0	0
Accounts payable & accrued expenses	0	0.1
Finance lease liabilities	0	0
Equity Method Investees | Mr. Avocado
Related Party Transaction [Line Items]
Accounts receivable	2.4	2.9
Property, plant and equipment, net	0	0
Accounts payable & accrued expenses	0	0
Finance lease liabilities	0	0
Directors/Officers
Related Party Transaction [Line Items]
Accounts receivable	0.1	0.1
Property, plant and equipment, net	20.7	15.2
Accounts payable & accrued expenses	0	0.2
Finance lease liabilities	20.2	15.7
Employees
Related Party Transaction [Line Items]
Accounts receivable	0	0
Property, plant and equipment, net	0	0
Accounts payable & accrued expenses	2	0.5
Finance lease liabilities	$ 0	$ 0

Related Party Transactions - St

Related Party Transactions - Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Related Party Transaction [Line Items]
Net sales	$ 258.7	$ 213.5
Cost of sales	230	204.5
Interest expense	3.3	2.4
Lease cost, portion attributable to noncontrolling interest	0.2	0.2
Equity Method Investees | Mr. Avocado
Related Party Transaction [Line Items]
Net sales	0	0.1
Cost of sales	0	0
Interest expense	0	0
Directors/Officers
Related Party Transaction [Line Items]
Net sales	0.2	0.2
Cost of sales	0.2	0.2
Interest expense	0.5	0.3
Employees
Related Party Transaction [Line Items]
Net sales	0	0
Cost of sales	4.5	2.2
Interest expense	$ 0	$ 0

Segment and Revenue Informati_3

Segment and Revenue Information - Narrative (Details)	3 Months Ended
	Jan. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	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
	Jan. 31, 2024	Jan. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ 258.7	$ 213.5
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	211.8	174.6
Rest of world
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	46.9	38.9
Avocado
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	212.3	174
Blueberry
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	32.5	29.8
Mango
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	10.9	7.3
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	3	2.4
Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	262.9	217.3
Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	(4.2)	(3.8)
Third party sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	258.7	213.5
Affiliated sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	4.2	3.8
Marketing and Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	224.6	181.8
Marketing and Distribution | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	224.6	181.8
Marketing and Distribution | Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0	0
Marketing and Distribution | Third party sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	224.6	181.8
Marketing and Distribution | Affiliated sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0	0
International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	1.6	1.9
International Farming | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	5.8	5.7
International Farming | Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	(4.2)	(3.8)
International Farming | Third party sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	1.6	1.9
International Farming | Affiliated sales | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	4.2	3.8
Blueberries
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	32.5	29.8
Blueberries | Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	32.5	29.8
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	32.5	29.8
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
	Jan. 31, 2024	Jan. 31, 2023
Segment Reporting Information [Line Items]
Net income (loss)	$ 2	$ (10.6)
Interest expense	3.3	2.4
Provision (benefit) for income taxes	2.1	(1.7)
Depreciation and amortization	12.9	9.3
Equity method income	(0.4)	(1)
Stock-based compensation	1.4	0.7
Asset impairment and disposals, net of insurance recoveries	0.2	0.3
Farming costs for nonproductive orchards	0.5	0.4
ERP costs	0.5	0.6
Severance	1.3	0
Legal settlement	0.2	0
Transaction costs	0	0.1
Amortization of inventory adjustment recognized from business combination	0	0.7
Other expense, net	1	0.8
Noncontrolling interest	(5.8)	0.3
Certain Blueberry Plans
Segment Reporting Information [Line Items]
Depreciation and amortization	4.1
Moruga
Segment Reporting Information [Line Items]
Depreciation and amortization	2.9	1.6
Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	19.2	2.3
Marketing and Distribution | Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	11	4.6
International Farming | Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	(0.5)	(1.8)
Blueberries | Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	$ 8.7	$ (0.5)