0001802974-21-000043 | 10-Q | XBRL Viewer

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

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jul. 31, 2021	Oct. 31, 2020
Current Assets:
Cash and cash equivalents	$ 70.9	$ 124.0
Restricted cash	4.2	1.4
Trade, net of allowances of $0.2 and $0.3, respectively	69.8	57.5
Grower and fruit advances	1.5	1.5
Miscellaneous receivables	15.5	13.4
Inventory	66.6	38.6
Prepaid expenses and other current assets	12.4	8.8
Loans to equity method investees	3.2	0.0
Income taxes receivable	5.9	2.9
Total current assets	250.0	248.1
Property, plant and equipment, net	418.6	379.1
Equity method investees	49.4	46.7
Loans to equity method investees	1.8	4.5
Deferred income taxes	7.1	4.4
Goodwill	76.4	76.4
Other assets	18.1	18.1
Total assets	821.4	777.3
Liabilities:
Accounts payable	24.0	20.5
Accrued expenses	30.1	28.3
Income taxes payable	2.9	1.7
Grower payables	26.7	18.8
Long-term debt—current portion	8.8	7.4
Capital leases—current portion	1.2	1.2
Total current liabilities	93.7	77.9
Long-term debt, net of current portion	159.7	166.7
Capital leases, net of current portion	2.4	3.3
Income taxes payable	3.5	3.8
Deferred income taxes	35.3	27.8
Other long-term liabilities	23.1	24.3
Total liabilities	317.7	303.8
Commitments and contingencies (Note 5)
Shareholders' Equity
Common stock ($0.001 par value, 1,000,000,000 shares authorized; 70,609,485 and 70,550,922 shares issued and outstanding as of July 31, 2021 and October 31, 2020, respectively)	0.1	0.1
Additional paid-in capital	224.8	222.8
Notes receivable from shareholders	0.0	(0.1)
Accumulated other comprehensive loss	(0.4)	(0.5)
Retained earnings	279.2	251.2
Total shareholders' equity	503.7	473.5
Total liabilities and shareholders' equity	$ 821.4	$ 777.3

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Income Statement [Abstract]
Net sales	$ 246.8	$ 236.4	$ 654.7	$ 655.5
Cost of sales	205.9	192.2	564.0	570.4
Gross profit	40.9	44.2	90.7	85.1
Selling, general and administrative expenses	17.2	13.5	48.1	39.4
Operating income	23.7	30.7	42.6	45.7
Interest expense	(1.0)	(1.1)	(2.7)	(5.5)
Equity method income	2.1	1.2	4.2	1.6
Impairment on equity method investment	0.0	0.0	0.0	(21.2)
Other expense	(0.5)	(1.2)	(0.8)	(0.2)
Income before income taxes	24.3	29.6	43.3	20.4
Provision for income taxes	5.9	6.2	15.3	10.4
Net income	$ 18.4	$ 23.4	$ 28.0	$ 10.0
Net income per share:
Basic (in dollars per share)	$ 0.26	$ 0.37	$ 0.40	$ 0.16
Diluted (in dollars per share)	$ 0.26	$ 0.37	$ 0.39	$ 0.16
Other comprehensive income, net of tax
Foreign currency translation adjustments	$ (0.2)	$ (0.2)	$ 0.1	$ (0.3)
Comprehensive income	$ 18.2	$ 23.2	$ 28.1	$ 9.7

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Notes receivable from shareholders	Accumulated other comprehensive loss	Retained earnings
Beginning Balance (in shares) at Oct. 31, 2019		63,386,251
Beginning Balance at Oct. 31, 2019	$ 379.0	$ 0.1	$ 139.7	$ (0.1)	$ 0.0	$ 239.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared ($0.12 per share)	(7.5)					(7.5)
Stock-based compensation	0.1		0.1
Exercise of stock options		17,000
Net income (loss)	1.4					1.4
Ending Balance (in shares) at Jan. 31, 2020		63,403,251
Ending Balance at Jan. 31, 2020	373.0	$ 0.1	139.8	(0.1)	0.0	233.2
Beginning Balance (in shares) at Oct. 31, 2019		63,386,251
Beginning Balance at Oct. 31, 2019	379.0	$ 0.1	139.7	(0.1)	0.0	239.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	10.0
Ending Balance (in shares) at Jul. 31, 2020		63,100,922
Ending Balance at Jul. 31, 2020	378.4	$ 0.1	140.8	(0.1)	(0.3)	237.9
Beginning Balance (in shares) at Jan. 31, 2020		63,403,251
Beginning Balance at Jan. 31, 2020	373.0	$ 0.1	139.8	(0.1)	0.0	233.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.2		0.2
Reclassification of liability-based awards	0.3		0.3
Purchase and retirement of stock (in shares)		(306,000)
Purchase and retirement of stock	(3.7)					(3.7)
Net income (loss)	(14.8)					(14.8)
Other comprehensive loss	(0.1)				(0.1)
Ending Balance (in shares) at Apr. 30, 2020		63,097,251
Ending Balance at Apr. 30, 2020	354.9	$ 0.1	140.3	(0.1)	(0.1)	214.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		7,921
Issuance of common stock	0.1		0.1
Stock-based compensation	0.4		0.4
Purchase and retirement of stock (in shares)		(4,250)
Purchase and retirement of stock	(0.2)					(0.2)
Net income (loss)	23.4					23.4
Other comprehensive loss	(0.2)				(0.2)
Ending Balance (in shares) at Jul. 31, 2020		63,100,922
Ending Balance at Jul. 31, 2020	378.4	$ 0.1	140.8	(0.1)	(0.3)	237.9
Beginning Balance (in shares) at Oct. 31, 2020		70,550,922
Beginning Balance at Oct. 31, 2020	473.5	$ 0.1	222.8	(0.1)	(0.5)	251.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.8		0.8
Repayment of stock option notes receivable	0.1			0.1
Net income (loss)	2.2					2.2
Other comprehensive loss	0.5				0.5
Ending Balance (in shares) at Jan. 31, 2021		70,550,922
Ending Balance at Jan. 31, 2021	477.1	$ 0.1	223.6	0.0	0.0	253.4
Beginning Balance (in shares) at Oct. 31, 2020		70,550,922
Beginning Balance at Oct. 31, 2020	473.5	$ 0.1	222.8	(0.1)	(0.5)	251.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28.0
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	(0.4)	279.2
Beginning Balance (in shares) at Jan. 31, 2021		70,550,922
Beginning Balance at Jan. 31, 2021	477.1	$ 0.1	223.6	0.0	0.0	253.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for equity awards (in shares)		50,000
Stock-based compensation	0.7		0.7
Net income (loss)	7.4					7.4
Other comprehensive loss	(0.2)				(0.2)
Ending Balance (in shares) at Apr. 30, 2021		70,600,922
Ending Balance at Apr. 30, 2021	485.0	$ 0.1	224.3	0.0	(0.2)	260.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for equity awards (in shares)		8,563
Stock-based compensation	0.5		0.5
Net income (loss)	18.4					18.4
Other comprehensive loss	(0.2)				(0.2)
Ending Balance (in shares) at Jul. 31, 2021		70,609,485
Ending Balance at Jul. 31, 2021	$ 503.7	$ 0.1	$ 224.8	$ 0.0	$ (0.4)	$ 279.2

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Operating Activities
Net income	$ 28.0	$ 10.0
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	13.7	12.6
Amortization of debt issuance costs	0.2	0.2
Equity method income	(4.2)	(1.6)
Impairment on equity method investment	0.0	21.2
Stock-based compensation	2.0	1.1
Dividends received from equity method investees	1.7	1.7
Net gains and losses on asset impairment, disposals and sales, net of insurance recoveries	0.2	0.1
Deferred income taxes	4.8	(0.4)
Other	(0.2)	(2.6)
Losses (gains) on derivative financial instruments	(0.1)	3.3
Effect on cash of changes in operating assets and liabilities:
Trade accounts receivable	(12.3)	(7.4)
Grower fruit advances	(0.1)	1.6
Miscellaneous receivables	(0.2)	(3.1)
Inventory	(29.1)	(5.0)
Prepaid expenses and other current assets	(0.5)	(1.4)
Income taxes receivable	(3.1)	(3.5)
Other assets	(4.9)	(2.4)
Accounts payable and accrued expenses	10.9	9.8
Income taxes payable	0.8	0.9
Grower payables	7.9	(1.1)
Other long-term liabilities	(0.3)	(1.1)
Net cash provided by operating activities	15.2	32.9
Investing Activities
Purchases of property and equipment	(61.3)	(40.4)
Proceeds from sale of property, plant and equipment	2.3	0.1
Insurance proceeds for the replacement of property, plant and equipment	0.8	0.0
Investment in equity method investees	(0.2)	(2.9)
Loans to equity method investees	(2.0)	0.0
Loan repayments from equity method investees	1.5	0.0
Other	0.0	(0.2)
Net cash used in investing activities	(58.9)	(43.4)
Financing Activities
Borrowings on revolving credit facility	0.0	14.0
Payments on revolving credit facility	0.0	(14.0)
Principal payments on long-term debt obligations	(5.7)	(4.7)
Principal payments on capital lease obligations	(0.9)	(0.7)
Payments for long-term supplier financing	0.0	(1.1)
Dividends paid	0.0	(7.5)
Repayment of stock option notes receivable	0.0	0.1
Debt issuance costs	0.0	(0.1)
Purchase and retirement of stock	0.0	(1.9)
Net cash used in financing activities	(6.6)	(15.9)
Effect of exchange rate changes on cash	0.0	0.2
Net decrease in cash, cash equivalents and restricted cash	(50.3)	(26.2)
Cash, cash equivalents and restricted cash, beginning of period	127.0	65.6
Cash, cash equivalents and restricted cash, end of period	76.7	39.4
Summary of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
Cash and cash equivalents	70.9	36.5
Restricted cash	4.2	1.5
Restricted cash included in other assets	1.6	1.4
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 76.7	$ 39.4

General	9 Months Ended
General	Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Business Mission Produce, Inc. together with its consolidated subsidiaries (“Mission,” “the Company,” “we,” “us” or “our”), is a global leader in the avocado industry. The Company’s expertise lies in the farming, packaging, marketing and distribution of avocados to food retailers, distributors and produce wholesalers worldwide. The Company procures avocados principally from California, Mexico and Peru. Through our various operating facilities, we grow, sort, pack, bag and ripen avocados for distribution to domestic and international markets. We distribute our products both domestically and internationally and report our results of operations in two operating segments: Marketing & Distribution and International Farming (see Note 10). Basis of presentation and consolidation The unaudited interim condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and include the Company’s consolidated domestic and international subsidiaries. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s Annual Report for the year ended October 31, 2020. In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair statement have been included in the unaudited condensed consolidated financial statements. Interim results of operations are not necessarily indicative of future results, including results that may be expected for the twelve months ended October 31, 2021. Recently issued accounting standards As a company with less than $1.07 billion of revenue during our last fiscal year, we qualify as an “emerging growth company” (“EGC”), as defined in the Jumpstart Our Business Startups Act. This classification allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. The Company expects to lose its EGC status on October 31, 2021, when it expects to qualify as a large accelerated filer based on its market capitalization as of April 30, 2021, according to Rule 12b-2 of the Securities Exchange Act of 1934, as amended. As a result, the Company intends to adopt all accounting pronouncements currently deferred under the EGC election according to public company standards at October 31, 2021 on the Company’s 2021 Form 10-K filing. The adoption dates for the new accounting pronouncements disclosed below have been presented as such. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform, and a subsequent update following, which provides optional expedients and exceptions for applying GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued as a result of reference rate reform. The optional expedients in this ASU are available for adoption as of March 12, 2020 through December 31, 2022. The Company is evaluating the impact of electing the adoption of this ASU on our financial condition, results of operations and cash flows. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, as such we plan to adopt this ASU beginning November 1, 2021. The Company is continuing to assess the impact of the adoption of this ASU on our financial condition, results of operations and cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This guidance requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. It also requires credit losses on available-for-sale debt securities to be presented as an allowance, rather than reducing the carrying amount. The amendments should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is also permitted. The Company plans to adopt Topic 326 as of November 1, 2020 at October 31, 2021 on our 2021 Form 10-K filing. Though we are still evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, we do not expect the impact of the adoption of this standard to be material. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and subsequent updates following, which requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of use asset (“ROU”) and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. The guidance also requires qualitative and specific quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. Topic 842 is effective for our fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company plans to adopt Topic 842 as of November 1, 2020 at October 31, 2021 on our 2021 Form 10-K filing, using the modified retrospective method. Though we are still evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, we expect to report increased assets and liabilities as a result of recording right-of-use assets and lease liabilities.

Inventory

9 Months Ended

Jul. 31, 2021

Inventory Disclosure [Abstract]

Inventory

Major classes of inventory were as follows:


(In millions)	July 31, 2021		October 31, 2020
Finished goods	$	41.8	$	16.3
Crop growing costs	10.9		11.9
Packaging and supplies	13.9		10.4
Inventory	$	66.6	$	38.6

Details of Certain Account Balances

9 Months Ended

Jul. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Certain Account Balances

Accrued expenses

Accrued expenses consisted of the following:


(In millions)	July 31, 2021		October 31, 2020
Employee-related	$	12.7	$	15.3
Freight	5.0		4.4
Customer advances	3.0		—
Construction-in-progress	.6		1.8
Interest rate swaps	2.2		2.2
Outside fruit purchase	.5		.8
Other	6.1		3.8
Accrued expenses	$	30.1	$	28.3

Other expense

Other expense consisted of the following:


	Three Months Ended July 31,				Nine Months Ended July 31,
(In millions)	2021		2020		2021		2020
Losses (gains) on derivative financial instruments	$	0.2	$	0.8	$	(0.1)	$	4.2
Foreign currency loss (gain)	1.0		1.1		2.8		(2.1)
Interest income	(0.3)		(0.6)		(1.4)		(1.9)
Other	(0.4)		(0.1)		(0.5)		—
Other expense	$	0.5	$	1.2	$	0.8	$	0.2

Debt

9 Months Ended

Jul. 31, 2021

Debt Disclosure [Abstract]

Debt

Credit facility

Long-term debt under our credit facility with Bank of America (“BoA”) Merrill Lynch consisted of the following:


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

The credit facility requires the Company to comply with financial and other covenants, including limitations on investments, capital expenditures, dividend payments, amounts and types of liens and indebtedness, and material asset sales. The Company is also required to maintain certain leverage and fixed charge coverage ratios. As of July 31, 2021, the Company was in compliance with all covenants of the credit facility.

Interest rate swaps

The Company has four separate interest rate swaps with a total notional amount of $100 million to hedge changes in the variable interest rate on $100 million of principal value of the Company’s term loans. The Company has not designated the interest rate swaps as cash flow hedges, and as a result, changes in the fair value of the interest rate swaps have been recorded in other expense in the condensed consolidated statements of comprehensive income and changes in the liability are presented in net cash provided by operating activities in the condensed consolidated statements of cash flow. Refer to Note 7 for more details.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

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

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

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value Measurements

9 Months Ended

Jul. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial liabilities measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows:


	July 31, 2021								October 31, 2020
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap liability	$	4.7	$	—	$	4.7	$	—	$	6.5	$	—	$	6.5	$	—

The fair value of interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis, on the expected cash flows of each derivative. The analysis reflects the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves (“significant other observable inputs”). The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded, as of July 31, 2021 and October 31, 2020, that the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, the Company has determined that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”. The liabilities associated with the interest rate swaps have been included in accrued expenses and other long-term liabilities in the condensed consolidated balance sheets and gains and losses for the interest rate swaps have been included in other expense in the condensed consolidated statements of comprehensive income.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Earnings Per Share

9 Months Ended

Jul. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended July 31,				Nine Months Ended July 31,
	2021		2020		2021		2020
Numerator:
Net income available to shareholders (in millions)	$	18.4	$	23.4	$	28.0	$	10.0
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share	70,607,000		63,097,901		70,572,874		63,252,020
Effect of dilutive stock options	630,036		21,862		444,564		22,674
Effect of dilutive RSUs	7,400		n/a		26,352		n/a
Weighted average shares of common stock outstanding, used in computing diluted earnings per share	71,244,436		63,119,763		71,043,790		63,274,694
Earnings per share
Basic	$	0.26	$	0.37	$	0.40	$	0.16
Diluted	$	0.26	$	0.37	$	0.39	$	0.16

Equity awards representing shares of common stock outstanding that were excluded in the computation of diluted EPS because their effect would have been anti-dilutive as a result of applying the treasury stock method, were as follows:


	Three Months Ended July 31,		Nine Months Ended July 31,
	2021	2020	2021	2020
Anti-dilutive stock options	—	1,700,000	141,392	1,700,000
Anti-dilutive RSUs	5,736	n/a	3,068	n/a

Related Party Transactions

9 Months Ended

Jul. 31, 2021

Related Party Transactions

Transactions with related parties included in the condensed consolidated financial statements were as follows:


	Condensed Consolidated Balance Sheets
	July 31, 2021						October 31, 2020
(In millions)	Accounts receivable		Loans to equity method investees		Accounts payable & accrued expenses		Accounts receivable		Loans to equity method investees		Accounts payable & accrued expenses
Equity method investees:
Henry Avocado	$	0.9	$	—	$	—	$	—	$	—	$	—
Mr. Avocado	1.7		—				0.6		—		—
Moruga(1)	0.2		3.0		—		2.0		4.5		—
Copaltas(4)	—		2.0		—		—		—		—
Other:
Directors/Officers(2)	0.4		—		0.6		0.3		—		0.2
Employees(3)	—		—		0.1		—		—		—


	Condensed Consolidated Statements of Comprehensive Income
	Net sales		Cost of sales		Selling, general and administrative expenses		Other income		Net sales		Cost of sales		Selling, general and administrative expenses		Other income
(In millions)	Three Months Ended July 31, 2021								Nine Months Ended July 31, 2021
Equity method investees:
Henry Avocado	$	1.3	$	—	$	—	$	—	$	1.3	$	—	$	—	$	—
Mr. Avocado	1.7		—		—		—		3.6		—		—		—
Moruga(1)	0.1		—		—		0.3		2.7		—		—		0.4

Other:
Directors/Officers(2)	0.9		1.6		—		—		2.5		3.0		0.1		—
Employees(3)	—		2.1		—		—		—		8.1		—		—
	Three Months Ended July 31, 2020								Nine Months Ended July 31, 2020
Equity method investees:
Henry Avocado	$	0.3	$	0.6	$	—	$	—	$	0.3	$	0.8	$	—	$	—
Mr. Avocado	0.7		—		—		—		1.4		—		—		—
Moruga(1)	—		—		—		—		2.0		—		—		—
Other:
Directors/Officers(2)	0.6		1.9		0.1		—		1.9		4.3		0.2		—

(1)The Company has provided loans to Moruga Inc. S.A.C. to support growth and expansion projects, bearing interest at 6.5%, due December 31, 2022.

(2)The Company purchases from and sells avocados to a small number of entities having full or partial ownership by some of our directors/officers. These transactions are made under substantially similar terms as with other growers and customers. The Company entered into a consulting agreement with a director in 2018 to provide consulting and advice on current business operations, as well as to analyze opportunities for fresh avocado farming and packing facilities in South and Central America, which was terminated in June 2021.

(3)The Company utilizes a transportation vendor in Mexico owned by key management employees under similar terms as other transportation vendors. The Company purchases avocados from a small number of entities having full or partial ownership by some employees. These transactions are made under substantially similar terms as with other growers.

(4)The Company has provided loans to Copaltas to support growth and expansion projects, bearing interest at 6.66%, due December 31, 2021.

Segment Information

9 Months Ended

Jul. 31, 2021

Segment Reporting [Abstract]

Segment Information

We have two operating segments which are also reporting segments. Our reporting segments are presented based on how information is used by our CEO, who is the chief operating decision maker, to measure performance and allocate resources. These reporting segments are Marketing and Distribution and International Farming. Our Marketing and Distribution reporting segment sources fruit from growers and then distributes the fruit through our global distribution network. Our International Farming segment owns and operates avocado orchards (principally located in Peru) and supplies our Marketing and Distribution business with a stable supply of avocados. Substantially all of the avocados produced by our International Farming segment are sold to our Marketing and Distribution segment.

The CEO evaluates and monitors segment performance primarily through segment sales and segment adjusted earnings before interest expense, income taxes and depreciation and amortization (“adjusted EBITDA”). Management believes that adjusted EBITDA by segment provides useful information for analyzing the underlying business results as well as allowing investors a means to evaluate the financial results of each reportable segment in relation to the Company as a whole. These measures are not in accordance with, nor are they a substitute for or superior to, the comparable GAAP financial measures.

Adjusted EBITDA refers to net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by any special, non-recurring, or

one-time items (asset impairment and disposals, net of insurance recoveries, impairment of equity method investment and legal settlement) that are distortive to results.

Net sales from each of our reportable segments were as follows:


	Marketing & Distribution		International Farming		Total		Marketing & Distribution		International Farming		Total
	Three Months Ended July 31,
(In millions)	2021						2020
Third party sales	$	239.6	$	7.2	$	246.8	$	230.9	$	5.5	$	236.4
Affiliated sales	—		58.9		58.9		—		48.9		48.9
Total segment sales	239.6		66.1		305.7		230.9		54.4		285.3
Intercompany eliminations	—		(58.9)		(58.9)		—		(48.9)		(48.9)
Total net sales	$	239.6	$	7.2	$	246.8	$	230.9	$	5.5	$	236.4
	Nine Months Ended July 31,
	2021						2020
Third party sales	$	641.6	$	13.1	$	654.7	$	644.9	$	10.6	$	655.5
Affiliated sales	—		61.1		61.1		—		49.2		49.2
Total segment sales	641.6		74.2		715.8		644.9		59.8		704.7
Intercompany eliminations	—		(61.1)		(61.1)		—		(49.2)		(49.2)
Total net sales	$	641.6	$	13.1	$	654.7	$	644.9	$	10.6	$	655.5

Adjusted EBITDA for each of our reporting segments was as follows:


	Three Months Ended July 31,				Nine Months Ended July 31,
(In millions)	2021		2020		2021		2020
Marketing & Distribution adjusted EBITDA	$	13.1	$	21.0	$	43.0	$	48.8
International Farming adjusted EBITDA	17.0		15.6		15.9		10.6
Total reportable segment adjusted EBITDA	30.1		36.6		58.9		59.4
Net income	18.4		23.4		28.0		10.0
Interest expense	1.0		1.1		2.7		5.5
Provision for income taxes	5.9		6.2		15.3		10.4
Depreciation and amortization	6.1		5.5		13.7		12.6
Equity method income	(2.1)		(1.2)		(4.2)		(1.6)
Impairment on equity method investment	—		—		—		21.2
Asset impairment and disposals, net of insurance recoveries	(0.2)		—		(0.2)		—
Legal settlement	—		—		0.8		—
Other expense	0.5		1.2		0.8		0.2
Stock-based compensation	0.5		0.4		2.0		1.1
Total adjusted EBITDA	$	30.1	$	36.6	$	58.9	$	59.4

Net sales to customers outside the U.S. were $64.3 million and $49.3 million for the three months ended July 31, 2021 and 2020, respectively, and $164.7 million and $138.0 million, for the nine months ended July 31, 2021 and 2020, respectively.

Our goodwill balance of $76.4 million as of July 31, 2021 and October 31, 2020 was wholly attributed to the International Farming segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

General (Policies)	9 Months Ended
General (Policies)	Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The unaudited interim condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and include the Company’s consolidated domestic and international subsidiaries. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s Annual Report for the year ended October 31, 2020. In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair statement have been included in the unaudited condensed consolidated financial statements. Interim results of operations are not necessarily indicative of future results, including results that may be expected for the twelve months ended October 31, 2021.
Recently issued accounting standards	Recently issued accounting standards As a company with less than $1.07 billion of revenue during our last fiscal year, we qualify as an “emerging growth company” (“EGC”), as defined in the Jumpstart Our Business Startups Act. This classification allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. The Company expects to lose its EGC status on October 31, 2021, when it expects to qualify as a large accelerated filer based on its market capitalization as of April 30, 2021, according to Rule 12b-2 of the Securities Exchange Act of 1934, as amended. As a result, the Company intends to adopt all accounting pronouncements currently deferred under the EGC election according to public company standards at October 31, 2021 on the Company’s 2021 Form 10-K filing. The adoption dates for the new accounting pronouncements disclosed below have been presented as such. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform, and a subsequent update following, which provides optional expedients and exceptions for applying GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued as a result of reference rate reform. The optional expedients in this ASU are available for adoption as of March 12, 2020 through December 31, 2022. The Company is evaluating the impact of electing the adoption of this ASU on our financial condition, results of operations and cash flows. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, as such we plan to adopt this ASU beginning November 1, 2021. The Company is continuing to assess the impact of the adoption of this ASU on our financial condition, results of operations and cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This guidance requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. It also requires credit losses on available-for-sale debt securities to be presented as an allowance, rather than reducing the carrying amount. The amendments should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is also permitted. The Company plans to adopt Topic 326 as of November 1, 2020 at October 31, 2021 on our 2021 Form 10-K filing. Though we are still evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, we do not expect the impact of the adoption of this standard to be material. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and subsequent updates following, which requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of use asset (“ROU”) and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. The guidance also requires qualitative and specific quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. Topic 842 is effective for our fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company plans to adopt Topic 842 as of November 1, 2020 at October 31, 2021 on our 2021 Form 10-K filing, using the modified retrospective method. Though we are still evaluating the impact of the adoption of this ASU on our financial condition, results of operations and cash flows, we expect to report increased assets and liabilities as a result of recording right-of-use assets and lease liabilities.

Inventory (Tables)

9 Months Ended

Jul. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Major classes of inventory were as follows:


(In millions)	July 31, 2021		October 31, 2020
Finished goods	$	41.8	$	16.3
Crop growing costs	10.9		11.9
Packaging and supplies	13.9		10.4
Inventory	$	66.6	$	38.6

Details of Certain Account Balances (Tables)

9 Months Ended

Jul. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consisted of the following:


(In millions)	July 31, 2021		October 31, 2020
Employee-related	$	12.7	$	15.3
Freight	5.0		4.4
Customer advances	3.0		—
Construction-in-progress	.6		1.8
Interest rate swaps	2.2		2.2
Outside fruit purchase	.5		.8
Other	6.1		3.8
Accrued expenses	$	30.1	$	28.3

Schedule of Other (Expense) Income

Other expense consisted of the following:


	Three Months Ended July 31,				Nine Months Ended July 31,
(In millions)	2021		2020		2021		2020
Losses (gains) on derivative financial instruments	$	0.2	$	0.8	$	(0.1)	$	4.2
Foreign currency loss (gain)	1.0		1.1		2.8		(2.1)
Interest income	(0.3)		(0.6)		(1.4)		(1.9)
Other	(0.4)		(0.1)		(0.5)		—
Other expense	$	0.5	$	1.2	$	0.8	$	0.2

Debt (Tables)

9 Months Ended

Jul. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt under our credit facility with Bank of America (“BoA”) Merrill Lynch consisted of the following:


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

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Jul. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

Financial liabilities measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows:


	July 31, 2021								October 31, 2020
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap liability	$	4.7	$	—	$	4.7	$	—	$	6.5	$	—	$	6.5	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Earnings Per Share (Tables)

9 Months Ended

Jul. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended July 31,				Nine Months Ended July 31,
	2021		2020		2021		2020
Numerator:
Net income available to shareholders (in millions)	$	18.4	$	23.4	$	28.0	$	10.0
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share	70,607,000		63,097,901		70,572,874		63,252,020
Effect of dilutive stock options	630,036		21,862		444,564		22,674
Effect of dilutive RSUs	7,400		n/a		26,352		n/a
Weighted average shares of common stock outstanding, used in computing diluted earnings per share	71,244,436		63,119,763		71,043,790		63,274,694
Earnings per share
Basic	$	0.26	$	0.37	$	0.40	$	0.16
Diluted	$	0.26	$	0.37	$	0.39	$	0.16

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended July 31,		Nine Months Ended July 31,
	2021	2020	2021	2020
Anti-dilutive stock options	—	1,700,000	141,392	1,700,000
Anti-dilutive RSUs	5,736	n/a	3,068	n/a

Related Party Transactions (Tables)

9 Months Ended

Jul. 31, 2021

Schedule of Related Party Transactions

Transactions with related parties included in the condensed consolidated financial statements were as follows:


	Condensed Consolidated Balance Sheets
	July 31, 2021						October 31, 2020
(In millions)	Accounts receivable		Loans to equity method investees		Accounts payable & accrued expenses		Accounts receivable		Loans to equity method investees		Accounts payable & accrued expenses
Equity method investees:
Henry Avocado	$	0.9	$	—	$	—	$	—	$	—	$	—
Mr. Avocado	1.7		—				0.6		—		—
Moruga(1)	0.2		3.0		—		2.0		4.5		—
Copaltas(4)	—		2.0		—		—		—		—
Other:
Directors/Officers(2)	0.4		—		0.6		0.3		—		0.2
Employees(3)	—		—		0.1		—		—		—


	Condensed Consolidated Statements of Comprehensive Income
	Net sales		Cost of sales		Selling, general and administrative expenses		Other income		Net sales		Cost of sales		Selling, general and administrative expenses		Other income
(In millions)	Three Months Ended July 31, 2021								Nine Months Ended July 31, 2021
Equity method investees:
Henry Avocado	$	1.3	$	—	$	—	$	—	$	1.3	$	—	$	—	$	—
Mr. Avocado	1.7		—		—		—		3.6		—		—		—
Moruga(1)	0.1		—		—		0.3		2.7		—		—		0.4

Other:
Directors/Officers(2)	0.9		1.6		—		—		2.5		3.0		0.1		—
Employees(3)	—		2.1		—		—		—		8.1		—		—
	Three Months Ended July 31, 2020								Nine Months Ended July 31, 2020
Equity method investees:
Henry Avocado	$	0.3	$	0.6	$	—	$	—	$	0.3	$	0.8	$	—	$	—
Mr. Avocado	0.7		—		—		—		1.4		—		—		—
Moruga(1)	—		—		—		—		2.0		—		—		—
Other:
Directors/Officers(2)	0.6		1.9		0.1		—		1.9		4.3		0.2		—

(1)The Company has provided loans to Moruga Inc. S.A.C. to support growth and expansion projects, bearing interest at 6.5%, due December 31, 2022.

(4)The Company has provided loans to Copaltas to support growth and expansion projects, bearing interest at 6.66%, due December 31, 2021.

Segment Information (Tables)

9 Months Ended

Jul. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Net sales from each of our reportable segments were as follows:


	Marketing & Distribution		International Farming		Total		Marketing & Distribution		International Farming		Total
	Three Months Ended July 31,
(In millions)	2021						2020
Third party sales	$	239.6	$	7.2	$	246.8	$	230.9	$	5.5	$	236.4
Affiliated sales	—		58.9		58.9		—		48.9		48.9
Total segment sales	239.6		66.1		305.7		230.9		54.4		285.3
Intercompany eliminations	—		(58.9)		(58.9)		—		(48.9)		(48.9)
Total net sales	$	239.6	$	7.2	$	246.8	$	230.9	$	5.5	$	236.4
	Nine Months Ended July 31,
	2021						2020
Third party sales	$	641.6	$	13.1	$	654.7	$	644.9	$	10.6	$	655.5
Affiliated sales	—		61.1		61.1		—		49.2		49.2
Total segment sales	641.6		74.2		715.8		644.9		59.8		704.7
Intercompany eliminations	—		(61.1)		(61.1)		—		(49.2)		(49.2)
Total net sales	$	641.6	$	13.1	$	654.7	$	644.9	$	10.6	$	655.5

Reconciliation of Revenue from Segments to Consolidated

Adjusted EBITDA for each of our reporting segments was as follows:


	Three Months Ended July 31,				Nine Months Ended July 31,
(In millions)	2021		2020		2021		2020
Marketing & Distribution adjusted EBITDA	$	13.1	$	21.0	$	43.0	$	48.8
International Farming adjusted EBITDA	17.0		15.6		15.9		10.6
Total reportable segment adjusted EBITDA	30.1		36.6		58.9		59.4
Net income	18.4		23.4		28.0		10.0
Interest expense	1.0		1.1		2.7		5.5
Provision for income taxes	5.9		6.2		15.3		10.4
Depreciation and amortization	6.1		5.5		13.7		12.6
Equity method income	(2.1)		(1.2)		(4.2)		(1.6)
Impairment on equity method investment	—		—		—		21.2
Asset impairment and disposals, net of insurance recoveries	(0.2)		—		(0.2)		—
Legal settlement	—		—		0.8		—
Other expense	0.5		1.2		0.8		0.2
Stock-based compensation	0.5		0.4		2.0		1.1
Total adjusted EBITDA	$	30.1	$	36.6	$	58.9	$	59.4

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

Details of Certain Account Balances - Accrued expenses (Details) - USD ($) $ in Millions	Jul. 31, 2021	Oct. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee-related	$ 12.7	$ 15.3
Freight	5.0	4.4
Customer advances	3.0	0.0
Construction-in-progress	0.6	1.8
Interest rate swaps	2.2	2.2
Outside fruit purchase	0.5	0.8
Other	6.1	3.8
Accrued expenses	$ 30.1	$ 28.3

Details of Certain Account Balances - Other expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Losses (gains) on derivative financial instruments	$ 0.2	$ 0.8	$ (0.1)	$ 4.2
Foreign currency loss (gain)	1.0	1.1	2.8	(2.1)
Interest income	(0.3)	(0.6)	(1.4)	(1.9)
Other				0.0
Other	(0.4)	(0.1)	(0.5)
Other expense	$ 0.5	$ 1.2	$ 0.8	$ 0.2

Debt - Long Term Debt Under Credit Facility (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Jul. 31, 2021	Oct. 31, 2020
Debt Instrument [Line Items]
Total long-term debt	$ 168.9	$ 174.7
Less debt issuance costs	(0.4)	(0.6)
Long-term debt, net of debt issuance costs	168.5	174.1
Less current portion of long-term debt	(8.8)	(7.4)
Long-term debt, net of current portion	$ 159.7	$ 166.7
Secured Debt
Debt Instrument [Line Items]
Interest rate	4.56%	4.52%
Revolving Credit \| Line of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 0.0	$ 0.0
Interest rate	1.84%	1.90%
Senior Term Loan A-1 \| Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 91.2	$ 95.0
Interest rate	1.84%	1.90%
Senior Term Loan A-2 \| Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 72.9	$ 73.5
Interest rate	2.34%	2.40%
Notes Payable, BoA \| Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 4.8	$ 6.2

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

Fair Value Measurements - Financial Liabilities Measured At Fair Value (Details) - Fair Value, Recurring - Interest Rate Swap - USD ($) $ in Millions	Jul. 31, 2021	Oct. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap liability	$ 4.7	$ 6.5
Quoted Prices in Active Markets (Level 1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap liability	0.0	0.0
Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap liability	4.7	6.5
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap liability	$ 0.0	$ 0.0

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Numerator:
Net income	$ 18.4	$ 7.4	$ 2.2	$ 23.4	$ (14.8)	$ 1.4	$ 28.0	$ 10.0
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share (in shares)	70,607,000			63,097,901			70,572,874	63,252,020
Weighted average shares of common stock outstanding, used in computing diluted earnings per share (in shares)	71,244,436			63,119,763			71,043,790	63,274,694
Earnings per share
Basic (in dollars per share)	$ 0.26			$ 0.37			$ 0.40	$ 0.16
Diluted (in dollars per share)	$ 0.26			$ 0.37			$ 0.39	$ 0.16
Stock Options
Denominator:
Effect of dilutive securities (in shares)	630,036			21,862			444,564	22,674
Restricted Stock Units (RSUs)
Denominator:
Effect of dilutive securities (in shares)	7,400						26,352

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

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	Jul. 31, 2021	Oct. 31, 2020
Equity Method Investees \| Henry Avocado
Related Party Transaction [Line Items]
Accounts receivable	$ 0.9	$ 0.0
Loans to equity method investees	0.0	0.0
Accounts payable & accrued expenses	0.0	0.0
Equity Method Investees \| Mr. Avocado
Related Party Transaction [Line Items]
Accounts receivable	1.7	0.6
Loans to equity method investees	0.0	0.0
Accounts payable & accrued expenses		0.0
Equity Method Investees \| Moruga
Related Party Transaction [Line Items]
Accounts receivable	0.2	2.0
Loans to equity method investees	3.0	4.5
Accounts payable & accrued expenses	0.0	0.0
Equity Method Investees \| Copaltas
Related Party Transaction [Line Items]
Accounts receivable	0.0	0.0
Loans to equity method investees	2.0	0.0
Accounts payable & accrued expenses	0.0	0.0
Directors/Officers
Related Party Transaction [Line Items]
Accounts receivable	0.4	0.3
Loans to equity method investees	0.0	0.0
Accounts payable & accrued expenses	0.6	0.2
Employees
Related Party Transaction [Line Items]
Accounts receivable	0.0	0.0
Loans to equity method investees	0.0	0.0
Accounts payable & accrued expenses	$ 0.1	$ 0.0

Related Party Transactions - Statement of Comprehensive (Loss) Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Equity Method Investees \| Henry Avocado
Related Party Transaction [Line Items]
Net sales	$ 1.3	$ 0.3	$ 1.3	$ 0.3
Cost of sales	0.0	0.6	0.0	0.8
Selling, general and administrative expenses	0.0	0.0	0.0	0.0
Other income	0.0	0.0	0.0	0.0
Equity Method Investees \| Mr. Avocado
Related Party Transaction [Line Items]
Net sales	1.7	0.7	3.6	1.4
Cost of sales	0.0	0.0	0.0	0.0
Selling, general and administrative expenses	0.0	0.0	0.0	0.0
Other income	0.0	0.0	0.0	0.0
Equity Method Investees \| Moruga
Related Party Transaction [Line Items]
Net sales	0.1	0.0	2.7	2.0
Cost of sales	0.0	0.0	0.0	0.0
Selling, general and administrative expenses	0.0	0.0	0.0	0.0
Other income	0.3	0.0	$ 0.4	0.0
Interest rate			6.50%
Equity Method Investees \| Copaltas
Related Party Transaction [Line Items]
Interest rate			6.66%
Directors/Officers
Related Party Transaction [Line Items]
Net sales	0.9	0.6	$ 2.5	1.9
Cost of sales	1.6	1.9	3.0	4.3
Selling, general and administrative expenses	0.0	0.1	0.1	0.2
Other income	0.0	$ 0.0	0.0	$ 0.0
Employees
Related Party Transaction [Line Items]
Net sales	0.0		0.0
Cost of sales	2.1		8.1
Selling, general and administrative expenses	0.0		0.0
Other income	$ 0.0		$ 0.0

Segment Information - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Information - Narrative (Details) $ in Millions	Jul. 31, 2021 USD ($)	Jul. 31, 2020 USD ($)	Jul. 31, 2021 USD ($) segment	Jul. 31, 2020 USD ($)	Oct. 31, 2020 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments \| segment			2
Number of reportable segments \| segment			2
Net sales	$ 246.8	$ 236.4	$ 654.7	$ 655.5
Goodwill	76.4		76.4		$ 76.4
International Farming
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	7.2	5.5	13.1	10.6
Goodwill	76.4		76.4		$ 76.4
Non-US
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 64.3	$ 49.3	$ 164.7	$ 138.0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Segment Information - Net Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ 246.8	$ 236.4	$ 654.7	$ 655.5
Marketing & Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	239.6	230.9	641.6	644.9
International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	7.2	5.5	13.1	10.6
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	305.7	285.3	715.8	704.7
Operating Segments \| Third party sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	246.8	236.4	654.7	655.5
Operating Segments \| Affiliated sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	58.9	48.9	61.1	49.2
Operating Segments \| Marketing & Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	239.6	230.9	641.6	644.9
Operating Segments \| Marketing & Distribution \| Third party sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	239.6	230.9	641.6	644.9
Operating Segments \| Marketing & Distribution \| Affiliated sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0.0	0.0	0.0	0.0
Operating Segments \| International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	66.1	54.4	74.2	59.8
Operating Segments \| International Farming \| Third party sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	7.2	5.5	13.1	10.6
Operating Segments \| International Farming \| Affiliated sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	58.9	48.9	61.1	49.2
Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	(58.9)	(48.9)	(61.1)	(49.2)
Intercompany eliminations \| Marketing & Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0.0	0.0	0.0	0.0
Intercompany eliminations \| International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ (58.9)	$ (48.9)	$ (61.1)	$ (49.2)

- Definition

+ References

+ Details

Segment Information - Adjustments for EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Segment Reporting Information [Line Items]
Net income	$ 18.4	$ 7.4	$ 2.2	$ 23.4	$ (14.8)	$ 1.4	$ 28.0	$ 10.0
Interest expense	1.0			1.1			2.7	5.5
Provision for income taxes	5.9			6.2			15.3	10.4
Depreciation and amortization	6.1			5.5			13.7	12.6
Equity method income	(2.1)			(1.2)			(4.2)	(1.6)
Impairment on equity method investment	0.0			0.0			0.0	21.2
Asset impairment and disposals, net of insurance recoveries	(0.2)			0.0			(0.2)	0.0
Legal settlement	0.0			0.0			0.8	0.0
Other expense	0.5			1.2			0.8	0.2
Stock-based compensation	0.5			0.4			2.0	1.1
Operating Segments
Segment Reporting Information [Line Items]
Total adjusted EBITDA	30.1			36.6			58.9	59.4
Marketing & Distribution \| Operating Segments
Segment Reporting Information [Line Items]
Total adjusted EBITDA	13.1			21.0			43.0	48.8
International Farming \| Operating Segments
Segment Reporting Information [Line Items]
Total adjusted EBITDA	$ 17.0			$ 15.6			$ 15.9	$ 10.6