0001802974-23-000017 | 10-Q | XBRL Viewer

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Income Taxes (Details) $ in Millions	Apr. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Uncertain tax provision	$ 18.5
Penalties and interest accrued	$ 9.3

Related Party Transactions (Tables)

6 Months Ended

Apr. 30, 2023

Schedule of Related Party Transactions

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


	Condensed Consolidated Balance Sheets
	April 30, 2023								October 31, 2022
(In millions)	Accounts receivable		Property, plant and equipment, net		Accounts payable & accrued expenses		Finance lease liabilities		Accounts receivable		Accounts payable & accrued expenses
Equity method investees:

Mr. Avocado	$	1.6	$	—	$	—	$	—	$	1.5	$	—

Other:
Directors/Officers(1)	0.2		15.5		0.6		14.9		0.1		2.5
Employees(2)	—		—		0.8		—		—		0.4


	Condensed Consolidated Statements of (Loss) Income
(In millions)	Net sales		Cost of sales		Interest expense		Net sales		Cost of sales		Other income
	Three Months Ended April 30, 2023						Three Months Ended April 30, 2022
Equity method investees:
Henry Avocado	$	—	$	—	$	—	$	—	$	0.3	$	—
Mr. Avocado	1.7		—		—		0.1		—		—
Moruga(3)	—		—		—		0.7		—		—
Copaltas(4)	—		—		—		—		—		0.1
Other:
Directors/Officers(1)	0.4		0.9		0.4		0.3		2.2		—
Employees(2)	—		3.1		—		—		2.4		—
	Six Months Ended April 30, 2023						Six Months Ended April 30, 2022
Equity method investees:
Henry Avocado	$	—	$	—	$	—	$	—	$	0.5	$	—
Mr. Avocado	1.8		—		—		0.5		—		—
Moruga(3)	—		—		—		4.1		—		0.4
Copaltas(4)	—		—		—		—		—		0.1
Other:
Directors/Officers(1))	0.6		1.1		0.7		0.7		2.3		—
Employees(2)	—		5.3		—		—		4.1		—

(1)The Company purchases from and sells avocados to, and provides logistics services to, a small number of entities having full or partial ownership by some of our directors/officers. These transactions are made under substantially similar terms as with other growers and customers. In November 2022, Moruga entered into a long-term land 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 condensed consolidated balance sheets, with amortization and interest expense recognized in cost of sales and interest expense, respectively, in the condensed consolidated statements of (loss) income. The portion of lease costs attributable to noncontrolling interest, net of income taxes, was $0.1 million and $0.3 million for the three and six months ended April 30, 2023, respectively, and included as part of net loss attributable to noncontrolling interest in the condensed consolidated statements of (loss) income.

During the second quarter of 2023, we purchased 20 hectares of land in Peru from the same company owned by this same director for $0.2 million, which was comparable to market rates and reflective of an arms-length transaction.

(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.

(3)Effective May 1, 2022, Moruga was prospectively consolidated into the Company’s financial statements, at which time transactions between parties were prospectively eliminated in the consolidation of our financial statements. Transactions prior to consolidation are presented the same as in prior periods. The Company provides packing and cooling services for blueberries and leases owned land to Moruga. The Company has also provided loans to Moruga to support growth and expansion projects, bearing interest at 6.5%, due December 31, 2024.

(4)The Company has provided loans to Copaltas to support expansion projects, bearing interest at 6.66%. The loans have been repaid in full as of October 31, 2022.

Earnings Per Share

6 Months Ended

Apr. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended April 30,				Six Months Ended April 30,
	2023		2022		2023		2022
Numerator:
Net (loss) income attributable to Mission Produce (in millions)	$	(4.6)	$	2.4	$	(13.4)	$	(11.0)
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share	70,744,688		70,636,331		70,716,273		70,633,888
Effect of dilutive stock options	—		27,174		—		—
Effect of dilutive RSUs	—		29,918		—		—
Weighted average shares of common stock outstanding, used in computing diluted earnings per share	70,744,688		70,693,423		70,716,273		70,633,888
Earnings per share
Basic	$	(0.07)	$	0.03	$	(0.19)	$	(0.16)
Diluted	$	(0.07)	$	0.03	$	(0.19)	$	(0.16)

Equity awards representing shares of common stock outstanding that were excluded in the computation of diluted earnings per share because their effect would have been anti-dilutive, were as follows:


	Three Months Ended April 30,		Six Months Ended April 30,
	2023	2022	2023	2022
Anti-dilutive stock options	2,095,106	2,033,888	2,114,228	2,184,694
Anti-dilutive RSUs	636,417	213,287	534,509	236,890

Fair Value Measurements

6 Months Ended

Apr. 30, 2023

Fair Value Disclosures [Abstract]

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:


	April 30, 2023								October 31, 2022
(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	$	1.4	$	1.4	$	—	$	—	$	1.2	$	1.2	$	—	$	—
Interest rate swap	1.5		—		1.5		—		2.6		—		2.6		—

Our mutual fund investments relate to our deferred compensation plan, which are held in a Rabbi trust included in other assets in our condensed consolidated balance sheets. The funds are measured at quoted prices in active markets, which is equivalent to their fair value.

The fair value of interest rate swaps is determined using widely accepted valuation techniques, including the discounted cash flow method. 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 April 30, 2023 and October 31, 2022, the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, the Company has determined that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”. The assets associated with the interest rate swaps have been included in prepaid expenses and other current assets and other assets in the condensed consolidated balance sheets and gains and losses for the interest rate swaps have been included in other income (expense), net in the condensed consolidated statements of (loss) 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

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

General (Details)	6 Months Ended
General (Details)	Apr. 30, 2023 Segment	Apr. 30, 2023 segment
Business Acquisition [Line Items]
Number of operating segments	3	3
Moruga
Business Acquisition [Line Items]
Ownership interest	60.00%	60.00%

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Numerator:
Net (loss) income attributable to Mission Produce (in millions)	$ (4.6)	$ 2.4	$ (13.4)	$ (11.0)
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share (in shares)	70,744,688	70,636,331	70,716,273	70,633,888
Weighted average shares of common stock outstanding, used in computing diluted earnings per share (in shares)	70,744,688	70,693,423	70,716,273	70,633,888
Earnings per share
Basic (in dollars per share)	$ (0.07)	$ 0.03	$ (0.19)	$ (0.16)
Diluted (in dollars per share)	$ (0.07)	$ 0.03	$ (0.19)	$ (0.16)
Stock Options
Denominator:
Effect of dilutive securities (in shares)	0	27,174	0	0
Restricted Stock Units (RSUs)
Denominator:
Effect of dilutive securities (in shares)	0	29,918	0	0

Related Party Transactions - Statement of Comprehensive (Loss) Income (Details) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2023 USD ($) ha	Apr. 30, 2022 USD ($)	Apr. 30, 2023 USD ($) ha	Apr. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Lease cost, portion attributable to noncontrolling interest	$ 0.1		$ 0.3
Equity Method Investees \| Henry Avocado
Related Party Transaction [Line Items]
Net sales	0.0	$ 0.0	0.0	$ 0.0
Cost of sales	0.0	0.3	0.0	0.5
Interest expense	0.0		0.0
Other income		0.0		0.0
Equity Method Investees \| Mr. Avocado
Related Party Transaction [Line Items]
Net sales	1.7	0.1	1.8	0.5
Cost of sales	0.0	0.0	0.0	0.0
Interest expense	0.0		0.0
Other income		0.0		0.0
Equity Method Investees \| Moruga
Related Party Transaction [Line Items]
Net sales	0.0	0.7	0.0	4.1
Cost of sales	0.0	0.0	0.0	0.0
Interest expense	0.0		$ 0.0
Other income		0.0		0.4
Interest rate			6.50%
Equity Method Investees \| Copaltas
Related Party Transaction [Line Items]
Net sales	0.0	0.0	$ 0.0	0.0
Cost of sales	0.0	0.0	0.0	0.0
Interest expense	0.0		$ 0.0
Other income		0.1		0.1
Interest rate			6.66%
Directors/Officers
Related Party Transaction [Line Items]
Net sales	0.4	0.3	$ 0.6	0.7
Cost of sales	0.9	2.2	1.1	2.3
Interest expense	$ 0.4		$ 0.7
Other income		0.0		0.0
Area of land \| ha	20		20
Value of land acquired	$ 0.2
Employees
Related Party Transaction [Line Items]
Net sales	0.0	0.0	$ 0.0	0.0
Cost of sales	3.1	2.4	5.3	4.1
Interest expense	$ 0.0		$ 0.0
Other income		$ 0.0		$ 0.0

Segment and Revenue Information - Adjustments for EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2022	Jan. 31, 2022	Apr. 30, 2023	Apr. 30, 2022
Segment Reporting Information [Line Items]
Net (loss) income	$ (4.7)	$ (10.6)	$ 2.4	$ (13.4)	$ (15.3)	$ (11.0)
Interest expense	2.7		1.1		5.1	2.0
Provision (benefit) for income taxes	1.8		0.8		0.1	(1.7)
Depreciation and amortization	5.9		5.6		15.2	10.1
Equity method income	(0.4)		(0.3)		(1.4)	(1.9)
Stock-based compensation	1.3		0.9		2.0	1.7
Asset impairment and disposals, net of insurance recoveries	0.5		(0.1)		0.8	0.0
Farming costs for nonproductive orchards	0.4		0.3		0.8	0.8
ERP costs	0.5		1.3		1.1	2.8
Transaction costs	0.2		0.1		0.3	0.5
Amortization of inventory adjustment recognized from business combination	0.0		0.0		0.7	0.0
Other (income) expense	(0.6)		(2.9)		0.2	(4.5)
Noncontrolling interest	0.0		0.0		0.3	0.0
Moruga
Segment Reporting Information [Line Items]
Depreciation and amortization	0.1		0.0		1.7	0.1
Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	7.6		9.2		9.9	(1.2)
Marketing and Distribution \| Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	8.6		11.7		13.2	4.0
International Farming adjusted EBITDA \| Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	(1.1)		(2.5)		(2.9)	(5.2)
Blueberries adjusted EBITDA \| Operating segment
Segment Reporting Information [Line Items]
Total adjusted EBITDA	$ 0.1		$ 0.0		$ (0.4)	$ 0.0

Debt (Tables)

6 Months Ended

Apr. 30, 2023

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)	April 30, 2023		October 31, 2022
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 April 30, 2023 and October 31, 2022, the interest rate was 6.76% and 5.34%, respectively. Interest is payable monthly and principal is due in full in October 2027	$	75.0	$	40.0
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 April 30, 2023 and October 31, 2022, the interest rate was 6.83% and 5.58%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2027.	48.8		50.0
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 April 30, 2023 and October 31, 2022, the interest rate was 7.08% and 5.83% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2029.	49.8		50.0
Note payable to BoA. Payable in monthly installments including interest at a rate of 3.96% as of both April 30, 2023 and October 31, 2022. Principal is due July 2024.	0.7		1.0
Total long-term debt	174.3		141.0
Less debt issuance costs	(0.5)		(0.6)
Long-term debt, net of debt issuance costs	173.8		140.4
Less current portion of long-term debt	(3.6)		(3.5)
Long-term debt, net of current portion	$	170.2	$	136.9

- 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.

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+ Details

Inventory - Major Classes of Inventory (Details) - USD ($) $ in Millions	6 Months Ended
	Oct. 31, 2022	Apr. 30, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 33.8	$ 33.9
Crop growing costs	19.5	40.7
Packaging and supplies	19.8	21.4
Inventory	73.1	$ 96.0
Inventory purchase accounting adjustment	$ 0.7

Earnings Per Share (Tables)

6 Months Ended

Apr. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share


	Three Months Ended April 30,				Six Months Ended April 30,
	2023		2022		2023		2022
Numerator:
Net (loss) income attributable to Mission Produce (in millions)	$	(4.6)	$	2.4	$	(13.4)	$	(11.0)
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share	70,744,688		70,636,331		70,716,273		70,633,888
Effect of dilutive stock options	—		27,174		—		—
Effect of dilutive RSUs	—		29,918		—		—
Weighted average shares of common stock outstanding, used in computing diluted earnings per share	70,744,688		70,693,423		70,716,273		70,633,888
Earnings per share
Basic	$	(0.07)	$	0.03	$	(0.19)	$	(0.16)
Diluted	$	(0.07)	$	0.03	$	(0.19)	$	(0.16)

Schedule of Equity Awards Excluded from Computation of Diluted EPS

Equity awards representing shares of common stock outstanding that were excluded in the computation of diluted earnings per share because their effect would have been anti-dilutive, were as follows:


	Three Months Ended April 30,		Six Months Ended April 30,
	2023	2022	2023	2022
Anti-dilutive stock options	2,095,106	2,033,888	2,114,228	2,184,694
Anti-dilutive RSUs	636,417	213,287	534,509	236,890

Debt - Long Term Debt Under Credit Facility (Details) - USD ($) $ in Millions	Apr. 30, 2023	Oct. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 174.3	$ 141.0
Less debt issuance costs	(0.5)	(0.6)
Long-term debt, net of debt issuance costs	173.8	140.4
Less current portion of long-term debt	(3.6)	(3.5)
Long-term debt, net of current portion	170.2	136.9
Revolving Line of Credit \| Line of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 75.0	$ 40.0
Interest rate	6.76%	5.34%
Senior Term Loan A-1 \| Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 48.8	$ 50.0
Interest rate	6.83%	5.58%
Senior Term Loan A-2 \| Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 49.8	$ 50.0
Interest rate	7.08%	5.83%
Notes Payable, BoA \| Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 0.7	$ 1.0
Interest rate	3.96%	3.96%

Debt - Narrative (Details) $ in Millions	6 Months Ended
Debt - Narrative (Details) $ in Millions	Apr. 30, 2023 USD ($) derivativeInstrument	Oct. 31, 2022 USD ($)
Derivative [Line Items]
Letters of credit outstanding	$ 0.7
Short-term debt		$ 2.5
Percentage bearing variable interest rate		6.65%
Minimum \| Blueberries
Derivative [Line Items]
Percentage bearing variable interest rate	5.00%
Maximum \| Blueberries
Derivative [Line Items]
Percentage bearing variable interest rate	6.50%
Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments \| derivativeInstrument	4
Notional amount	$ 100.0
Interest Rate Swap \| Minimum \| London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Basis spread on variable rate	1.75%
Interest Rate Swap \| Maximum \| London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Basis spread on variable rate	2.57%

Earnings Per Share - Awards Excluded from Computation of Diluted EPS (Details) - shares	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	2,095,106	2,033,888	2,114,228	2,184,694
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	636,417	213,287	534,509	236,890

Details of Certain Account Balances (Tables)

6 Months Ended

Apr. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accrued Liabilities

Accrued expenses


(In millions)	April 30, 2023		October 31, 2022
Employee-related	$	12.4	$	16.3
Freight	7.0		6.2
Outside fruit purchase	4.8		1.0
Legal settlement	0.8		0.8
Other	5.0		5.8
Accrued expenses	$	30.0	$	30.1

Other Noncurrent Liabilities

Other long-term liabilities


(In millions)	April 30, 2023		October 31, 2022
Uncertain tax positions(1)	$	19.1	$	17.1
Employee-related	1.4		1.2
Other	1.6		0.9
Other long-term liabilities	$	22.1	$	19.2

(1)Includes uncertain tax positions related to both income taxes and other statutory tax reserves, plus related penalties and interest.

Schedule of Other Income (Expense), Net

Other income (expense), net


	Three Months Ended April 30,				Six Months Ended April 30,
(In millions)	2023		2022		2023		2022
Gains (losses) on derivative financial instruments	$	0.1	$	2.2	$	—	$	3.0
Foreign currency transaction (loss) gain	(0.4)		(0.4)		(1.3)		0.1
Interest income	0.9		1.1		1.1		1.2
Other	—		—		—		0.2
Other income (expense), net	$	0.6	$	2.9	$	(0.2)	$	4.5

Related Party Transactions - Balance Sheet (Details) - USD ($) $ in Millions	Apr. 30, 2023	Oct. 31, 2022
Equity Method Investees \| Mr. Avocado
Related Party Transaction [Line Items]
Accounts receivable	$ 1.6	$ 1.5
Property, plant and equipment, net	0.0
Accounts payable & accrued expenses	0.0	0.0
Finance lease liabilities	0.0
Directors/Officers
Related Party Transaction [Line Items]
Accounts receivable	0.2	0.1
Property, plant and equipment, net	15.5
Accounts payable & accrued expenses	0.6	2.5
Finance lease liabilities	14.9
Employees
Related Party Transaction [Line Items]
Accounts receivable	0.0	0.0
Property, plant and equipment, net	0.0
Accounts payable & accrued expenses	0.8	$ 0.4
Finance lease liabilities	$ 0.0

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(3),(4))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

Details of Certain Account Balances

6 Months Ended

Apr. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Certain Account Balances

Accrued expenses


(In millions)	April 30, 2023		October 31, 2022
Employee-related	$	12.4	$	16.3
Freight	7.0		6.2
Outside fruit purchase	4.8		1.0
Legal settlement	0.8		0.8
Other	5.0		5.8
Accrued expenses	$	30.0	$	30.1

Other long-term liabilities


(In millions)	April 30, 2023		October 31, 2022
Uncertain tax positions(1)	$	19.1	$	17.1
Employee-related	1.4		1.2
Other	1.6		0.9
Other long-term liabilities	$	22.1	$	19.2

(1)Includes uncertain tax positions related to both income taxes and other statutory tax reserves, plus related penalties and interest.

Other income (expense), net


	Three Months Ended April 30,				Six Months Ended April 30,
(In millions)	2023		2022		2023		2022
Gains (losses) on derivative financial instruments	$	0.1	$	2.2	$	—	$	3.0
Foreign currency transaction (loss) gain	(0.4)		(0.4)		(1.3)		0.1
Interest income	0.9		1.1		1.1		1.2
Other	—		—		—		0.2
Other income (expense), net	$	0.6	$	2.9	$	(0.2)	$	4.5

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Apr. 30, 2023	Oct. 31, 2022
Current Assets:
Cash and cash equivalents	$ 20.9	$ 52.8
Restricted cash	1.3	1.1
Accounts receivable
Trade, net of allowances of $0.5 and $0.3, respectively	79.0	62.9
Grower and fruit advances	4.3	1.8
Other	14.3	17.3
Inventory	96.0	73.1
Prepaid expenses and other current assets	9.9	11.1
Income taxes receivable	12.4	8.0
Total current assets	238.1	228.1
Property, plant and equipment, net	521.1	489.7
Operating lease right-of-use assets	74.7	65.4
Equity method investees	26.1	27.1
Deferred income tax assets, net	8.6	8.1
Goodwill	39.4	39.4
Intangible asset, net	0.8	2.0
Other assets	21.8	19.7
Total assets	930.6	879.5
Liabilities
Accounts payable	30.0	34.4
Accrued expenses	30.0	30.1
Income taxes payable	0.8	1.0
Grower payables	32.4	24.3
Short-term borrowings	0.0	2.5
Long-term debt—current portion	3.6	3.5
Operating leases—current portion	5.6	4.7
Finance leases—current portion	1.9	1.2
Total current liabilities	104.3	101.7
Long-term debt, net of current portion	170.2	136.9
Loans from noncontrolling interest holders	3.4	1.0
Operating leases, net of current portion	72.9	63.9
Finance leases, net of current portion	15.1	1.4
Income taxes payable	2.3	3.1
Deferred income tax liabilities, net	28.9	29.4
Other long-term liabilities	22.1	19.2
Total liabilities	419.2	356.6
Commitments and contingencies (Note 6)
Shareholders’ Equity
Common stock ($0.001 par value, 1,000,000,000 shares authorized; 70,785,682 and 70,669,535 shares issued and outstanding as of April 30, 2023 and October 31, 2022, respectively)	0.1	0.1
Additional paid-in capital	230.9	229.3
Accumulated other comprehensive loss	(0.9)	(1.7)
Retained earnings	261.0	274.4
Mission Produce shareholders' equity	491.1	502.1
Noncontrolling interest	20.3	20.8
Total equity	511.4	522.9
Total liabilities and equity	$ 930.6	$ 879.5

Details of Certain Account Balances - Other income (expense), net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gains (losses) on derivative financial instruments	$ 0.1	$ 2.2	$ 0.0	$ 3.0
Foreign currency transaction (loss) gain	(0.4)	(0.4)	(1.3)	0.1
Interest income	0.9	1.1	1.1	1.2
Other	0.0	0.0	0.0	0.2
Other income (expense), net	$ 0.6	$ 2.9	$ (0.2)	$ 4.5

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Apr. 30, 2023	Oct. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 0.5	$ 0.3
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)	70,785,682	70,669,535
Common stock, shares outstanding (in shares)	70,785,682	70,669,535

Fair Value Measurements (Tables)

6 Months Ended

Apr. 30, 2023

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:


	April 30, 2023								October 31, 2022
(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	$	1.4	$	1.4	$	—	$	—	$	1.2	$	1.2	$	—	$	—
Interest rate swap	1.5		—		1.5		—		2.6		—		2.6		—

- 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

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Apr. 30, 2023
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. In the course of preparing to send out notices to the settlement class, issues arose regarding the nature and scope of the settlement, specifically with respect to the universe of participants in the settlement class, which the parties have been unable to resolve to-date. The parties have fully briefed the court on the issues, and a hearing on the matter is set for July 2023. 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.

General (Policies)	6 Months Ended
General (Policies)	Apr. 30, 2023
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, 2022. 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, 2023. Certain reclassifications have been made to previously reported balances in the unaudited condensed consolidated balance sheets in order to conform to current period presentation.
Consolidation of VIE	Consolidation of VIE On May 1, 2022, a reconsideration event occurred related to Moruga S.A.C., an entity for which we have a 60% equity ownership interest. Moruga S.A.C. is a holding company with one wholly owned subsidiary Blueberries Peru, S.A.C. (collectively referred to as “Moruga”). Moruga was previously accounted for under the equity method of accounting, where investments are stated at initial cost and adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions. As a result of the reconsideration event, we concluded that Moruga is a VIE, and that the Company is the primary beneficiary with a controlling financial interest. Based on this conclusion, Moruga was prospectively consolidated on May 1, 2022.
Recently issued accounting standards	Recently issued accounting standards In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities—Supplier Finance Programs (Topic 405), which among other things, requires certain disclosures for a buyer in a supplier finance program. Some of the amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and others are required to be adopted for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the impact of adoption on our financial disclosures. In March 2022, the FASB issued ASU, Financial Instruments–Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures, which among other things, requires that entities disclose current-period gross write-offs by year of origination for financing receivables. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of ASU 2022-02 is not expected to be material on our financial condition, results of operations and cash flows.

Segment and Revenue Information - Net Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ 221.1	$ 278.1	$ 434.6	$ 494.7
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	183.3	235.5	357.9	413.6
Rest of world
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	37.8	42.6	76.7	81.1
Avocado
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	202.9	268.5	376.9	477.6
Blueberry
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	1.7	0.0	31.5	0.0
Mango
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	13.0	6.6	20.3	9.6
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	3.5	3.0	5.9	7.5
Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	223.0	280.7	440.3	496.3
Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	(1.9)	(2.6)	(5.7)	(1.6)
Third party sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	221.1	278.1	434.6	494.7
Affiliated sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	1.9	2.6	5.7	1.6
Marketing and Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	215.3	273.7	397.1	486.0
Marketing and Distribution \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	215.3	273.7	397.1	486.0
Marketing and Distribution \| Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0.0	0.0	0.0	0.0
Marketing and Distribution \| Third party sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	215.3	273.7	397.1	486.0
Marketing and Distribution \| Affiliated sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0.0	0.0	0.0	0.0
International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	4.1	4.4	6.0	8.7
International Farming \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	6.0	7.0	11.7	10.3
International Farming \| Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	(1.9)	(2.6)	(5.7)	(1.6)
International Farming \| Third party sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	4.1	4.4	6.0	8.7
International Farming \| Affiliated sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	1.9	$ 2.6	5.7	$ 1.6
Blueberries
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	1.7		31.5
Blueberries \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	1.7		31.5
Blueberries \| Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	0.0		0.0
Blueberries \| Third party sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	1.7		31.5
Blueberries \| Affiliated sales \| Operating segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total net sales	$ 0.0		$ 0.0

Goodwill and Intangible Asset, net (Tables)

6 Months Ended

Apr. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill


(In millions)	International Farming		Blueberries		Total
Goodwill as of April 30, 2023 and October 31, 2022	$	26.9	$	12.5	$	39.4

Schedule of Finite-Lived Intangible Assets


(In millions)	April 30, 2023		October 31, 2022
Intangible asset, gross	$	2.8	$	2.8
Accumulated amortization	(2.0)		(0.8)
Intangible asset, net	$	0.8	$	2.0

Schedule of Estimated Annual Amortization Expense

The remaining amortization expense is expected to be recognized as follows.


(In millions)	Remaining 2023		Year Ending October 31, 2024
Estimated annual amortization expense	$	0.2	$	0.6

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Inventory

6 Months Ended

Apr. 30, 2023

Inventory Disclosure [Abstract]

Inventory

Major classes of inventory were as follows:


(In millions)	April 30, 2023		October 31, 2022
Finished goods	$	33.9	$	33.8
Crop growing costs	40.7		19.5
Packaging and supplies	21.4		19.8
Inventory	$	96.0	$	73.1

Inventory at October 31, 2022 included a $0.7 million adjustment to increase inventories recognized in the business combination with Moruga to their fair value as of May 1, 2022. These inventories, including the fair value adjustment, were recognized in cost of sales as the underlying inventories were sold.

Fair Value Measurements - Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Apr. 30, 2023	Oct. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	$ 1.4	$ 1.2
Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	1.5	2.6
Quoted Prices in Active Markets (Level 1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	1.4	1.2
Quoted Prices in Active Markets (Level 1) \| Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	0.0	0.0
Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	0.0	0.0
Significant Other Observable Inputs (Level 2) \| Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	1.5	2.6
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Interest Rate Swap
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate swap	$ 0.0	$ 0.0

Goodwill and Intangible Asset, net - Estimated annual amortization expense (Details) $ in Millions	Apr. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2023	$ 0.2
Year Ending October 31, 2024	$ 0.6

Related Party Transactions

6 Months Ended

Apr. 30, 2023

Related Party Transactions

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


	Condensed Consolidated Balance Sheets
	April 30, 2023								October 31, 2022
(In millions)	Accounts receivable		Property, plant and equipment, net		Accounts payable & accrued expenses		Finance lease liabilities		Accounts receivable		Accounts payable & accrued expenses
Equity method investees:

Mr. Avocado	$	1.6	$	—	$	—	$	—	$	1.5	$	—

Other:
Directors/Officers(1)	0.2		15.5		0.6		14.9		0.1		2.5
Employees(2)	—		—		0.8		—		—		0.4


	Condensed Consolidated Statements of (Loss) Income
(In millions)	Net sales		Cost of sales		Interest expense		Net sales		Cost of sales		Other income
	Three Months Ended April 30, 2023						Three Months Ended April 30, 2022
Equity method investees:
Henry Avocado	$	—	$	—	$	—	$	—	$	0.3	$	—
Mr. Avocado	1.7		—		—		0.1		—		—
Moruga(3)	—		—		—		0.7		—		—
Copaltas(4)	—		—		—		—		—		0.1
Other:
Directors/Officers(1)	0.4		0.9		0.4		0.3		2.2		—
Employees(2)	—		3.1		—		—		2.4		—
	Six Months Ended April 30, 2023						Six Months Ended April 30, 2022
Equity method investees:
Henry Avocado	$	—	$	—	$	—	$	—	$	0.5	$	—
Mr. Avocado	1.8		—		—		0.5		—		—
Moruga(3)	—		—		—		4.1		—		0.4
Copaltas(4)	—		—		—		—		—		0.1
Other:
Directors/Officers(1))	0.6		1.1		0.7		0.7		2.3		—
Employees(2)	—		5.3		—		—		4.1		—

(4)The Company has provided loans to Copaltas to support expansion projects, bearing interest at 6.66%. The loans have been repaid in full as of October 31, 2022.

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, 2021		70,631,525
Beginning balance at Oct. 31, 2021	$ 534.2	$ 0.1	$ 225.6	$ (0.5)	$ 309.0	$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.8		0.8
Net (loss) income	(13.4)				(13.4)
Other comprehensive (loss) income	(0.3)			(0.3)
Ending balance (in shares) at Jan. 31, 2022		70,631,525
Ending balance at Jan. 31, 2022	521.3	$ 0.1	226.4	(0.8)	295.6	0.0
Beginning balance (in shares) at Oct. 31, 2021		70,631,525
Beginning balance at Oct. 31, 2021	534.2	$ 0.1	225.6	(0.5)	309.0	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(11.0)
Ending balance (in shares) at Apr. 30, 2022		70,654,041
Ending balance at Apr. 30, 2022	524.8	$ 0.1	227.3	(0.6)	298.0	0.0
Beginning balance (in shares) at Jan. 31, 2022		70,631,525
Beginning balance at Jan. 31, 2022	521.3	$ 0.1	226.4	(0.8)	295.6	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	0.9		0.9
Issuance of common stock for equity awards, net of shares withheld for the settlement of taxes (in shares)		22,516
Net (loss) income	2.4				2.4
Other comprehensive (loss) income	0.2			0.2
Ending balance (in shares) at Apr. 30, 2022		70,654,041
Ending balance at Apr. 30, 2022	524.8	$ 0.1	227.3	(0.6)	298.0	0.0
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	1.0					1.0
Net (loss) income	(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	20.0
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]
Net (loss) income	(15.3)
Ending balance (in shares) at Apr. 30, 2023		70,785,682
Ending balance at Apr. 30, 2023	511.4	$ 0.1	230.9	(0.9)	261.0	20.3
Beginning balance (in shares) at Jan. 31, 2023		70,733,090
Beginning balance at Jan. 31, 2023	514.1	$ 0.1	229.6	(1.2)	265.6	20.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1.3		1.3
Exercise of stock options (in shares)		5,000
Issuance of common stock for equity awards, net of shares withheld for the settlement of taxes (in shares)		47,592
Contributions from noncontrolling interest holders	0.4					0.4
Net (loss) income	(4.7)				(4.6)	(0.1)
Other comprehensive (loss) income	0.3			0.3
Ending balance (in shares) at Apr. 30, 2023		70,785,682
Ending balance at Apr. 30, 2023	$ 511.4	$ 0.1	$ 230.9	$ (0.9)	$ 261.0	$ 20.3

Segment and Revenue Information - Narrative (Details) - 6 months ended Apr. 30, 2023	Segment	segment
Segment Reporting [Abstract]
Number of operating segments	3	3
Number of reportable segments		3

Goodwill and Intangible Asset, net - Intangible asset, net (Details) - USD ($) $ in Millions	Apr. 30, 2023	Oct. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset, gross	$ 2.8	$ 2.8
Accumulated amortization	(2.0)	(0.8)
Intangible asset, net	$ 0.8	$ 2.0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Operating Activities
Net loss	$ (15.3)	$ (11.0)
Adjustments to reconcile net loss to net cash used in operating activities
Provision for losses on accounts receivable	0.0	0.1
Depreciation and amortization	15.2	10.1
Amortization of debt issuance costs	0.1	0.2
Equity method income	(1.4)	(1.9)
Noncash lease expense	2.9	2.5
Stock-based compensation	2.0	1.7
Dividends received from equity method investees	2.7	2.2
Losses on asset impairment, disposals and sales, net of insurance recoveries	0.8	0.0
Deferred income taxes	(0.9)	(0.1)
Unrealized gains on derivative financial instruments	0.0	(3.0)
Effect on cash of changes in operating assets and liabilities:
Trade accounts receivable	(15.8)	(29.6)
Grower fruit advances	(2.5)	(3.7)
Other receivables	3.2	1.6
Inventory	(21.1)	(40.7)
Prepaid expenses and other current assets	1.2	0.9
Income taxes receivable	(4.4)	(5.8)
Other assets	1.4	(0.1)
Accounts payable and accrued expenses	(2.0)	7.3
Income taxes payable	(1.0)	(0.5)
Grower payables	8.2	36.4
Operating lease liabilities	(2.3)	(2.1)
Other long-term liabilities	2.9	(1.5)
Net cash used in operating activities	(26.1)	(37.0)
Investing Activities
Purchases of property, plant and equipment	(34.9)	(29.1)
Proceeds from sale of property, plant and equipment	0.1	2.9
Investment in equity method investees	(0.3)	(0.3)
Purchase of other investment	(2.3)	0.0
Loan repayments from equity method investees	0.0	1.0
Other	(0.1)	(0.3)
Net cash used in investing activities	(37.5)	(25.8)
Financing Activities
Borrowings on revolving credit facility	135.0	20.0
Payments on revolving credit facility	(100.0)	(20.0)
Repayment of short-term borrowings	(2.5)	0.0
Principal payments on long-term debt obligations	(1.8)	(4.4)
Principal payments on finance lease obligations	(2.0)	(0.6)
Taxes paid related to shares withheld from the settlement of equity awards	(0.4)	0.0
Proceeds from loan from noncontrolling interest holder	2.4	0.0
Equity contributions from noncontrolling interest holders	1.4	0.0
Net cash provided by (used in) financing activities	32.1	(5.0)
Effect of exchange rate changes on cash	(0.2)	(0.4)
Net decrease in cash, cash equivalents and restricted cash	(31.7)	(68.2)
Cash, cash equivalents and restricted cash, beginning of period	53.9	92.2
Cash, cash equivalents and restricted cash, end of period	22.2	24.0
Summary of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
Cash and cash equivalents	20.9	21.4
Restricted cash	1.3	2.6
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 22.2	$ 24.0

Goodwill and Intangible Asset, net

6 Months Ended

Apr. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Asset, net

Goodwill


(In millions)	International Farming		Blueberries		Total
Goodwill as of April 30, 2023 and October 31, 2022	$	26.9	$	12.5	$	39.4

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)	April 30, 2023		October 31, 2022
Intangible asset, gross	$	2.8	$	2.8
Accumulated amortization	(2.0)		(0.8)
Intangible asset, net	$	0.8	$	2.0

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 zero and $1.2 million for the three and six months ended April 30, 2023, respectively. The remaining amortization expense is expected to be recognized as follows.


(In millions)	Remaining 2023		Year Ending October 31, 2024
Estimated annual amortization expense	$	0.2	$	0.6

Goodwill and Intangible Asset, net - Goodwill (Details) $ in Millions	Apr. 30, 2023 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

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (4.7)	$ 2.4	$ (15.3)	$ (11.0)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	0.3	0.2	0.8	(0.1)
Total comprehensive loss, net of tax	(4.4)	2.6	(14.5)	(11.1)
Comprehensive loss attributable to noncontrolling interest	(0.1)	0.0	(1.9)	0.0
Comprehensive (loss) income attributable to Mission Produce	$ (4.3)	$ 2.6	$ (12.6)	$ (11.1)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Cover - shares	6 Months Ended
Cover - shares	Apr. 30, 2023	May 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2023
Document Transition Report	false
Entity File Number	001-39561
Entity Registrant Name	MISSION PRODUCE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3847744
Entity Address, Address Line One	2710 Camino Del Sol
Entity Address, City or Town	Oxnard
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93030
City Area Code	805
Local Phone Number	981-3650
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AVO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,785,602
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001802974
Current Fiscal Year End Date	--10-31

Segment and Revenue Information

6 Months Ended

Apr. 30, 2023

Segment Reporting [Abstract]

Segment and Revenue Information

We have three operating segments which are also reportable segments. Our reportable segments are presented based on how information is used by our CEO, who is the chief operating decision maker, to measure performance and allocate resources. After the consolidation of Moruga on May 1, 2022 (refer to Note 1 for more information), the information used by the CEO changed to include the results of Moruga, and as such, we determined our reportable segments to be:

•Marketing and Distribution. Our Marketing and Distribution reportable segment sources fruit from growers and then distributes the fruit through our global distribution network.

•International Farming. International Farming owns and operates orchards from which substantially all fruit produced is sold to our Marketing and Distribution segment. Its farming activities range from cultivating early-stage plantings to harvesting from mature trees, and it also earns service revenues for packing and processing for our Blueberries segment, as well as for third-party producers of other crops during the avocado off-harvest season. Operations are principally located in Peru, with smaller operations emerging in other areas of Latin America.

•Blueberries. The Blueberries segment represents the results of Moruga, subsequent to its consolidation on May 1, 2022. Moruga’s farming activities include cultivating early-stage blueberry plantings and harvesting mature bushes. Substantially all of blueberries produced are sold to a single distributor under an exclusive marketing agreement.

The CEO evaluates and monitors segment performance primarily through segment sales and segment adjusted EBITDA. Adjusted EBITDA refers to net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by asset impairment and disposals, net of insurance recoveries, farming costs for nonproductive orchards (which represents land lease costs), certain noncash and nonrecurring ERP costs, transaction costs, 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		Total
	Three Months Ended April 30,
(In millions)	2023								2022
Third party sales	$	215.3	$	4.1	$	1.7	$	221.1	$	273.7	$	4.4	$	278.1
Affiliated sales	—		1.9		—		1.9		—		2.6		2.6
Total segment sales	215.3		6.0		1.7		223.0		273.7		7.0		280.7
Intercompany eliminations	—		(1.9)		—		(1.9)		—		(2.6)		(2.6)
Total net sales	$	215.3	$	4.1	$	1.7	$	221.1	$	273.7	$	4.4	$	278.1
	Six Months Ended April 30,
	2023								2022
Third party sales	$	397.1	$	6.0	$	31.5	$	434.6	$	486.0	$	8.7	$	494.7
Affiliated sales	—		5.7		—		5.7		—		1.6		1.6
Total segment sales	397.1		11.7		31.5		440.3		486.0		10.3		496.3
Intercompany eliminations	—		(5.7)		—		(5.7)		—		(1.6)		(1.6)
Total net sales	$	397.1	$	6.0	$	31.5	$	434.6	$	486.0	$	8.7	$	494.7

Supplemental sales information is as follows.


	Three Months Ended April 30,				Six Months Ended April 30,
(In millions)	2023		2022		2023		2022
By type
Avocado	$	202.9	$	268.5	$	376.9	$	477.6
Blueberry(1)	1.7		—		31.5		—
Mango	13.0		6.6		20.3		9.6
Other	3.5		3.0		5.9		7.5
Total net sales	$	221.1	$	278.1	$	434.6	$	494.7
By customer location
United States	$	183.3	$	235.5	$	357.9	$	413.6
Rest of world	37.8		42.6		76.7		81.1
Total net sales	$	221.1	$	278.1	$	434.6	$	494.7

(1)Blueberry sales are generated entirely by our Blueberries segment and are therefore reported prospectively from May 1, 2022.

Adjusted EBITDA (as defined above) for each of our reportable segments was as follows:


	Three Months Ended April 30,				Six Months Ended April 30,
(In millions)	2023		2022		2023		2022
Marketing and Distribution adjusted EBITDA	$	8.6	$	11.7	$	13.2	$	4.0
International Farming adjusted EBITDA	(1.1)		(2.5)		(2.9)		(5.2)
Blueberries adjusted EBITDA	0.1		—		(0.4)		—
Total reportable segment adjusted EBITDA	7.6		9.2		$	9.9	$	(1.2)
Net (loss) income	(4.7)		2.4		(15.3)		(11.0)
Interest expense	2.7		1.1		5.1		2.0
Provision (benefit) for income taxes	1.8		0.8		0.1		(1.7)
Depreciation and amortization(1)	5.9		5.6		15.2		10.1
Equity method income	(0.4)		(0.3)		(1.4)		(1.9)
Stock-based compensation	1.3		0.9		2.0		1.7
Asset impairment and disposals, net of insurance recoveries	0.5		(0.1)		0.8		—
Farming costs for nonproductive orchards	0.4		0.3		0.8		0.8
ERP costs(2)	0.5		1.3		1.1		2.8
Transaction costs	0.2		0.1		0.3		0.5
Amortization of inventory adjustment recognized from business combination	—		—		0.7		—

Other (income) expense	(0.6)		(2.9)		0.2		(4.5)
Noncontrolling interest(3)	—		—		0.3		—
Total adjusted EBITDA	$	7.6	$	9.2	$	9.9	$	(1.2)

(1)Includes depreciation and amortization of purchase accounting assets of $0.1 million and $1.7 million for the three and six months ended April 30, 2023, respectively, and zero and $0.1 million for the three and six months ended April 30, 2022, respectively.

(2)Includes recognition of deferred implementation costs for both periods, and for the three and six months ended April 30, 2022, non-recurring post-implementation process reengineering costs are also included.

(3)Represents net loss attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest.

- 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
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

General	6 Months Ended
General	Apr. 30, 2023
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 11). 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, 2022. 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, 2023. Certain reclassifications have been made to previously reported balances in the unaudited condensed consolidated balance sheets in order to conform to current period presentation. Consolidation of VIE On May 1, 2022, a reconsideration event occurred related to Moruga S.A.C., an entity for which we have a 60% equity ownership interest. Moruga S.A.C. is a holding company with one wholly owned subsidiary Blueberries Peru, S.A.C. (collectively referred to as “Moruga”). Moruga was previously accounted for under the equity method of accounting, where investments are stated at initial cost and adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions. As a result of the reconsideration event, we concluded that Moruga is a VIE, and that the Company is the primary beneficiary with a controlling financial interest. Based on this conclusion, Moruga was prospectively consolidated on May 1, 2022. Recently issued accounting standards In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities—Supplier Finance Programs (Topic 405), which among other things, requires certain disclosures for a buyer in a supplier finance program. Some of the amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and others are required to be adopted for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the impact of adoption on our financial disclosures. In March 2022, the FASB issued ASU, Financial Instruments–Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures, which among other things, requires that entities disclose current-period gross write-offs by year of origination for financing receivables. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The impact of ASU 2022-02 is not expected to be material on our financial condition, results of operations and cash flows.

Details of Certain Account Balances - Accrued expenses (Details) - USD ($) $ in Millions	Apr. 30, 2023	Oct. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee-related	$ 12.4	$ 16.3
Freight	7.0	6.2
Outside fruit purchase	4.8	1.0
Legal settlement	0.8	0.8
Other	5.0	5.8
Accrued expenses	30.0	30.1
Uncertain tax positions	19.1	17.1
Employee-related	1.4	1.2
Other	1.6	0.9
Other long-term liabilities	$ 22.1	$ 19.2

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Apr. 30, 2023	Apr. 30, 2022
Income Statement [Abstract]
Net sales	$ 221.1	$ 278.1	$ 434.6	$ 494.7
Cost of sales	203.0	258.3	407.5	474.4
Gross profit	18.1	19.8	27.1	20.3
Selling, general and administrative expenses	19.3	18.7	38.4	37.4
Operating (loss) income	(1.2)	1.1	(11.3)	(17.1)
Interest expense	(2.7)	(1.1)	(5.1)	(2.0)
Equity method income	0.4	0.3	1.4	1.9
Other income (expense), net	0.6	2.9	(0.2)	4.5
(Loss) income before income taxes	(2.9)	3.2	(15.2)	(12.7)
Provision (benefit) for income taxes	1.8	0.8	0.1	(1.7)
Net (loss) income	(4.7)	2.4	(15.3)	(11.0)
Net loss attributable to noncontrolling interest	(0.1)	0.0	(1.9)	0.0
Net (loss) income attributable to Mission Produce	$ (4.6)	$ 2.4	$ (13.4)	$ (11.0)
Net (loss) income per share attributable to Mission Produce:
Basic (in dollars per share)	$ (0.07)	$ 0.03	$ (0.19)	$ (0.16)
Diluted (in dollars per share)	$ (0.07)	$ 0.03	$ (0.19)	$ (0.16)

Debt

6 Months Ended

Apr. 30, 2023

Debt Disclosure [Abstract]

Debt

Credit facility

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


(In millions)	April 30, 2023		October 31, 2022
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 April 30, 2023 and October 31, 2022, the interest rate was 6.76% and 5.34%, respectively. Interest is payable monthly and principal is due in full in October 2027	$	75.0	$	40.0
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 April 30, 2023 and October 31, 2022, the interest rate was 6.83% and 5.58%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2027.	48.8		50.0
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 April 30, 2023 and October 31, 2022, the interest rate was 7.08% and 5.83% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2029.	49.8		50.0
Note payable to BoA. Payable in monthly installments including interest at a rate of 3.96% as of both April 30, 2023 and October 31, 2022. Principal is due July 2024.	0.7		1.0
Total long-term debt	174.3		141.0
Less debt issuance costs	(0.5)		(0.6)
Long-term debt, net of debt issuance costs	173.8		140.4
Less current portion of long-term debt	(3.6)		(3.5)
Long-term debt, net of current portion	$	170.2	$	136.9

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 April 30, 2023, the Company was in compliance with all covenants of the credit facility.

Other

The Company may issue standby letters of credit through banking institutions. As of April 30, 2023, total letters of credit outstanding were $0.7 million.

Certain of our consolidated subsidiaries may also enter into short-term bank borrowings from time to time. As of October 31, 2022, short-term borrowings outstanding were $2.5 million with a variable interest rate of 6.65%, all of which was repaid in the three months ended January 31, 2023. 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 April 30, 2023 are expected to be repaid by the end of fiscal 2026.

Interest rate swaps

The Company has four separate interest rate swaps with a total notional amount of $100 million to hedge changes in variable interest rates on the principal value of the Company’s term loans. The interest rate swaps carry fixed LIBOR rates ranging from 1.75% to 2.57%. We account for the interest rate swaps in accordance with ASC 815, Derivatives and Hedging, as amended, which requires the recognition of all derivative instruments as either assets or liabilities in the consolidated balance sheets and measurement of those instruments at fair value. The Company has not designated the interest rate swaps as cash flow hedges, and as a result under the accounting guidance, changes in the fair value of the interest rate swaps have been recorded in other income (expense), net in the condensed consolidated statements of (loss) income and changes in the asset are presented in net cash used in operating activities in the condensed consolidated statements of cash flow. Refer to Note 8 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
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-Name Accounting Standards Codification
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+ Details

Goodwill and Intangible Asset, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Apr. 30, 2023	Apr. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortizable life		2 years
Amortization expense	$ 0.0	$ 1.2

Inventory (Tables)

6 Months Ended

Apr. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Major Classes of Inventory

Major classes of inventory were as follows:


(In millions)	April 30, 2023		October 31, 2022
Finished goods	$	33.9	$	33.8
Crop growing costs	40.7		19.5
Packaging and supplies	21.4		19.8
Inventory	$	96.0	$	73.1

Income Taxes	6 Months Ended
Income Taxes	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe income tax benefit recorded for the three and six months ended April 30, 2023 and 2022 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 April 30, 2023, the Company had $18.5 million accrued in UTP on income taxes, of which $9.3 million relates to interest and penalties, inclusive of inflationary adjustments. The period for assessing interest and penalties has expired. However, the Company continues to record certain statutory adjustments related to inflation. Changes in the UTP related to changes in foreign exchange rates during the period are included in other income (expense), net in the condensed consolidated statements of (loss) income.

- 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
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+ Details

Segment and Revenue Information (Tables)

6 Months Ended

Apr. 30, 2023

Segment Reporting [Abstract]

Schedule of Net Sales by Segment

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


	Marketing and Distribution		International Farming		Blueberries		Total		Marketing and Distribution		International Farming		Total
	Three Months Ended April 30,
(In millions)	2023								2022
Third party sales	$	215.3	$	4.1	$	1.7	$	221.1	$	273.7	$	4.4	$	278.1
Affiliated sales	—		1.9		—		1.9		—		2.6		2.6
Total segment sales	215.3		6.0		1.7		223.0		273.7		7.0		280.7
Intercompany eliminations	—		(1.9)		—		(1.9)		—		(2.6)		(2.6)
Total net sales	$	215.3	$	4.1	$	1.7	$	221.1	$	273.7	$	4.4	$	278.1
	Six Months Ended April 30,
	2023								2022
Third party sales	$	397.1	$	6.0	$	31.5	$	434.6	$	486.0	$	8.7	$	494.7
Affiliated sales	—		5.7		—		5.7		—		1.6		1.6
Total segment sales	397.1		11.7		31.5		440.3		486.0		10.3		496.3
Intercompany eliminations	—		(5.7)		—		(5.7)		—		(1.6)		(1.6)
Total net sales	$	397.1	$	6.0	$	31.5	$	434.6	$	486.0	$	8.7	$	494.7

Supplemental sales information is as follows.


	Three Months Ended April 30,				Six Months Ended April 30,
(In millions)	2023		2022		2023		2022
By type
Avocado	$	202.9	$	268.5	$	376.9	$	477.6
Blueberry(1)	1.7		—		31.5		—
Mango	13.0		6.6		20.3		9.6
Other	3.5		3.0		5.9		7.5
Total net sales	$	221.1	$	278.1	$	434.6	$	494.7
By customer location
United States	$	183.3	$	235.5	$	357.9	$	413.6
Rest of world	37.8		42.6		76.7		81.1
Total net sales	$	221.1	$	278.1	$	434.6	$	494.7

(1)Blueberry sales are generated entirely by our Blueberries segment and are therefore reported prospectively from May 1, 2022.

Reconciliation of Revenue from Segments to Consolidated

Adjusted EBITDA (as defined above) for each of our reportable segments was as follows:


	Three Months Ended April 30,				Six Months Ended April 30,
(In millions)	2023		2022		2023		2022
Marketing and Distribution adjusted EBITDA	$	8.6	$	11.7	$	13.2	$	4.0
International Farming adjusted EBITDA	(1.1)		(2.5)		(2.9)		(5.2)
Blueberries adjusted EBITDA	0.1		—		(0.4)		—
Total reportable segment adjusted EBITDA	7.6		9.2		$	9.9	$	(1.2)
Net (loss) income	(4.7)		2.4		(15.3)		(11.0)
Interest expense	2.7		1.1		5.1		2.0
Provision (benefit) for income taxes	1.8		0.8		0.1		(1.7)
Depreciation and amortization(1)	5.9		5.6		15.2		10.1
Equity method income	(0.4)		(0.3)		(1.4)		(1.9)
Stock-based compensation	1.3		0.9		2.0		1.7
Asset impairment and disposals, net of insurance recoveries	0.5		(0.1)		0.8		—
Farming costs for nonproductive orchards	0.4		0.3		0.8		0.8
ERP costs(2)	0.5		1.3		1.1		2.8
Transaction costs	0.2		0.1		0.3		0.5
Amortization of inventory adjustment recognized from business combination	—		—		0.7		—

Other (income) expense	(0.6)		(2.9)		0.2		(4.5)
Noncontrolling interest(3)	—		—		0.3		—
Total adjusted EBITDA	$	7.6	$	9.2	$	9.9	$	(1.2)

(3)Represents net loss attributable to noncontrolling interest plus the impact of non-GAAP adjustments, allocable to the noncontrolling owner based on their percentage of ownership interest.