0001802974-23-000037 | 10-K | XBRL Viewer

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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

Debt

12 Months Ended

Oct. 31, 2023

Debt Disclosure [Abstract]

Debt

Credit facility

In October 2022, the Company entered into a third amendment to its syndicated credit facility with Bank of America (the “BoA credit facility”) Merrill Lynch, originally dated October 2018, as amended in September 2020 and April 2022. The credit facility has a total borrowing capacity of $250 million, comprised of two senior term loans totaling $100 million and a revolving credit agreement of up to $150 million. The loans are secured by real property, personal property and the capital stock of the Company’s subsidiaries. Borrowings under the credit facility bear interest at a spread over the Secure Overnight Financing Rate (“SOFR”) ranging from 1.5% to 2.5% depending on the Company’s consolidated total net leverage ratio. The credit facility also includes a swing line facility and an accordion feature which allows the Company to increase the borrowings by up to $125 million, with bank approval. We pay fees on unused commitments on the credit facility that accrue at rates ranging from 0.18% to 0.3% depending upon the Company’s consolidated total net leverage ratio.

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 October 31, 2023, the Company was in compliance with all covenants of the credit facility.

Long-term debt under the BoA credit facility consisted of the following:


	October 31,
(In millions)	2023		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 October 31, 2023 and 2022 the interest rate was 7.42% and 5.34%, respectively. Interest is payable monthly and principal is due in full in October 2027.	$	55.0	$	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 October 31, 2023 and 2022, the interest rate was 7.42% and 5.58%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2027.	47.5		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 October 31, 2023 and 2022, the interest rate was 7.67% and 5.83% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2029.	49.5		50.0
Note payable to BoA. Payable in monthly installments including interest at a fixed rate of 3.96% as of both October 31, 2023 and 2022. Principal is due July 2024.	0.4		1.0
Total long-term debt	152.4		141.0
Less debt issuance costs	(0.4)		(0.6)
Long-term debt, net of debt issuance costs	152.0		140.4
Less current portion of long-term debt	(3.4)		(3.5)
Long-term debt, net of current portion	$	148.6	$	136.9

Other

Certain of our consolidated subsidiaries may also enter into short-term bank borrowings from time to time. Short-term borrowings outstanding were $2.8 million and $2.5 million as of October 31, 2023 and 2022, respectively, with weighted average variable interest rates of 10.46% and 6.65%, respectively. 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 October 31, 2023 are expected to be repaid by the end of fiscal 2026.

The Company may issue standby letters of credit through banking institutions. As of October 31, 2023, total letters of credit outstanding were $0.7 million.

As of October 31, 2023, future principal payments for our total debt were as follows:


Year ending October 31,	(In millions)
2024	$	6.1
2025	3.0
2026	3.0
2027	95.5
2028	8.8
Thereafter	38.8
	$	155.2

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Income Tax Disclosure [Abstract]
Accrued expenses	$ 4.9	$ 4.6
Net operating loss and other carryforwards	7.0	1.4
Business interest limitation carryforward	0.7	0.0
Inventory	0.6	0.6
Operating lease liabilities	16.0	13.8
Allowances, reserves, and other	1.3	1.4
Total deferred tax assets	30.5	21.8
Less: valuation allowance	(1.9)	(0.7)
Total net deferred tax assets	28.6	21.1
Equity interest in unconsolidated subsidiaries	(3.8)	(3.4)
Interest rate swaps	(0.1)	(0.6)
Property, plant and equipment	(24.7)	(23.8)
Operating lease right-of-use assets	(15.0)	(13.1)
Repatriation of foreign earnings	0.0	(1.5)
Total deferred tax liabilities	(43.6)	(42.4)
Total net deferred tax assets/(liabilities)	$ (15.0)	$ (21.3)

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal tax benefit	(37.40%)	(0.70%)	1.00%
GILTI	0.00%	(1.90%)	2.30%
Non-deductible executive compensation	(38.70%)	(0.90%)	0.50%
Foreign rate differential	(16.00%)	0.40%	(1.20%)
Excess tax benefits from share-based compensation	(14.60%)	0.00%	(0.20%)
Prior year adjustments	(7.00%)	1.20%	0.70%
Change in valuation allowance	(142.50%)	(0.80%)	(1.10%)
Foreign tax credits	0.00%	0.80%	(0.90%)
Peru income tax rate change	0.00%	1.80%	8.30%
Change in unrecognized tax benefits	(60.70%)	(2.80%)	0.90%
Mexican advance payment write-off	(1.903)	0	0
ASC 740-30 (formerly APB 23) change	1.891	0	0
Goodwill impairment	0.00%	(33.40%)	0.00%
Moruga fair value remeasurement	0.00%	1.40%	0.00%
Other, net	40.50%	1.90%	0.70%
Effective tax rate	(256.60%)	(12.00%)	32.00%

Summary of Significant Accounting Policies - Property, plant and equipment, net (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 676.4	$ 611.6
Accumulated depreciation	(153.2)	(121.9)
Property, plant and equipment, net	523.2	489.7
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	157.9	141.4
Orchards/trees/bushes
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 129.1	102.0
Orchards/trees/bushes \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives	7 years
Orchards/trees/bushes \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives	25 years
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 124.6	120.1
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives	20 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives	40 years
Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 235.8	201.1
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives	3 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives	20 years
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 29.0	$ 47.0

Related Party Transactions - Consolidated Statements of Comprehensive Income (Details) $ in Millions	12 Months Ended
	Oct. 31, 2023 USD ($) a ha	Oct. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Net sales	$ 953.9	$ 1,045.9	$ 891.7
Cost of sales	870.6	956.1	767.2
Selling, general and administrative expenses	76.4	77.5	63.6
Interest expense	11.6	5.5	3.7
Other (expense) income, net	(0.2)	4.4	1.3
Lease cost, portion attributable to noncontrolling interest	$ 0.6
Area of land (in acres) \| a	900
Equity Method Investees \| Henry Avocado
Related Party Transaction [Line Items]
Net sales	$ 1.8	2.7	4.4
Cost of sales	0.1	0.5	0.0
Selling, general and administrative expenses	0.0	0.0	0.0
Interest expense	0.0	0.0	0.0
Other (expense) income, net	0.0	0.0	0.0
Equity Method Investees \| Mr. Avocado
Related Party Transaction [Line Items]
Net sales	8.8	2.7	4.3
Cost of sales	0.0	0.0	0.0
Selling, general and administrative expenses	0.0	0.0	0.0
Interest expense	0.0	0.0	0.0
Other (expense) income, net	$ 0.0	0.0	0.0
Equity Method Investees \| Moruga
Related Party Transaction [Line Items]
Net sales		4.1	6.1
Cost of sales		0.0	0.0
Selling, general and administrative expenses		0.0	0.0
Interest expense		0.0	0.0
Other (expense) income, net		0.0	0.4
Interest rate (as a percent)	6.50%
Equity Method Investees \| Copaltas
Related Party Transaction [Line Items]
Net sales		0.0	0.0
Cost of sales		0.0	0.0
Selling, general and administrative expenses		0.0	0.0
Interest expense		0.0	0.0
Other (expense) income, net		$ 0.1	0.1
Interest rate (as a percent)		6.66%
Directors/Officers
Related Party Transaction [Line Items]
Net sales	$ 1.0	$ 1.0	2.5
Cost of sales	2.9	5.8	3.5
Selling, general and administrative expenses	0.0	0.0	0.1
Interest expense	1.4	0.0	0.0
Other (expense) income, net	0.0	0.0	0.0
Payment for acquisition	$ 0.2
Area of land (in acres) \| ha	20
Employees
Related Party Transaction [Line Items]
Net sales	$ 0.0	0.0	0.0
Cost of sales	9.1	6.2	9.6
Selling, general and administrative expenses	0.0	0.0	0.0
Interest expense	0.0	0.0	0.0
Other (expense) income, net	$ 0.0	$ 0.0	$ 0.0

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Numerator:
Net (loss) income attributable to Mission Produce	$ (2.8)	$ (34.6)	$ 44.9
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share (in shares)	70,750,239	70,647,469	70,583,424
Weighted average shares of common stock outstanding, used in computing diluted earnings per share (in shares)	70,750,239	70,647,469	71,068,481
Earnings per share
Basic (in dollars per share)	$ (0.04)	$ (0.49)	$ 0.64
Diluted (in dollars per share)	$ (0.04)	$ (0.49)	$ 0.63
Stock options
Denominator:
Effect of dilutive securities (in shares)	0	0	466,227
RSUs
Denominator:
Effect of dilutive securities (in shares)	0	0	18,830

Related Party Transactions (Tables)

12 Months Ended

Oct. 31, 2023

Schedule of Related Party Transactions

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


	Consolidated Balance Sheets								Consolidated Statements of (Loss) Income
	Accounts receivable		Property, plant and equipment, net		Accounts payable & accrued expenses		Finance lease liabilities		Net sales		Cost of sales		Selling, general and administrative expenses		Interest expense		Other (expense) income, net
(In millions)	October 31, 2023								Year ended October 31, 2023
Equity method investees:
Henry Avocado	$	—	$	—	$	0.1	$	—	$	1.8	$	0.1	$	—	$	—	$	—
Mr. Avocado	2.9		—		—		—		8.8		—		—		—		—
Other:
Directors/officers(1)	0.1		15.2		0.2		15.7		1.0		2.9		—		1.4		—
Employees(2)	—		—		0.5		—		—		9.1		—		—		—
	October 31, 2022								Year ended October 31, 2022
Equity method investees:
Henry Avocado	$	—	$	—	$	—	$	—	$	2.7	$	0.5	$	—	$	—	$	—
Mr. Avocado	1.5		—		—		—		2.7		—		—		—		—
Copaltas(3)	—		—		—		—		—		—		—		—		0.1
Moruga(4)	—		—		—		—		4.1		—		—		—		—
Other:
Directors/officers(1)	0.1		—		2.5		—		1.0		5.8		—		—		—
Employees(2)	—		—		0.4		—		—		6.2		—		—		—
									Year ended October 31, 2021
Equity method investees:
Henry Avocado									$	4.4	$	—	$	—	$	—	$	—
Mr. Avocado									4.3		—		—		—		—
Copaltas(3)									—		—		—		—		0.1
Moruga(4)									6.1		—		—		—		0.4
Other:
Directors/officers(1)									2.5		3.5		0.1		—		—
Employees(2)									—		9.6		—		—		—

(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 consolidated balance sheets, with amortization and interest expense recognized in cost of sales and interest expense, respectively, in the consolidated statements of (loss) income. The portion of lease costs attributable to noncontrolling interest, net of income taxes, was $0.6 million for the year ended October 31, 2023, and included as part of net income (loss) attributable to noncontrolling interest in the consolidated statements of (loss) income. During fiscal 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. The Company had a consulting agreement with a director to advise on business operations, as well as to analyze opportunities for fresh avocado farming and packing facilities in South and Central America, that was terminated in June 2021.

(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)The Company has provided loans to Copaltas to support growth and expansion projects, bearing interest at 6.66%, which had an amended due date of August 31, 2022. The loans have been repaid in full as of October 31, 2022.

(4)Effective May 1, 2022, Moruga was prospectively consolidated into the Company’s financial statements (refer to Note 3 for more details), 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.

Equity Method Investees - Narrative (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Henry Avocado
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity method investment	49.00%
Basis difference between historical investment and amount of underlying equity	$ 4.0	$ 4.0
Mr. Avocado
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity method investment	33.00%
Copaltas
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity method investment	50.00%

Shareholders' Equity

12 Months Ended

Oct. 31, 2023

Share-Based Payment Arrangement [Abstract]

Shareholders' Equity

Shareholders’ Equity

2020 Incentive Award Plan

On October 1, 2020, our Board of Directors adopted the 2020 Incentive Award Plan (“2020 Plan”), which provides for the grant of equity awards, including stock options, RSUs, and PSUs to directors, employees, consultants, and certain of our affiliates. The terms of awards may vary based on the grantee classification, or nature of the award, such as awards contingent upon discrete events, or awards related to continuing employment. Upon adoption of the 2020 Plan, the Company’s former stock incentive plan was simultaneously closed, and all shares subject to awards outstanding and shares available for issuance were transferred to, or became available for issuance under the 2020 Plan. A maximum of 9,880,190 shares of common stock may be issued under the 2020 Plan. As of October 31, 2023, 8,154,357 shares were available for issuance under the 2020 Plan.

Stock-based compensation

Stock-based compensation expense is recorded in selling, general and administrative expenses in the consolidated statements of (loss) income. Total stock-based compensation expense under these plans and the total related recognized tax benefit were as follows:


	Years Ended October 31,
(In millions)	2023		2022		2021
RSUs	$	3.4	$	2.0	$	1.1
PSUs	0.1		0.3		—
Stock options	1.0		1.3		1.5
Total stock-based compensation expense under incentive plans, pretax	4.5		3.6		2.6
Tax benefit	0.4		—		0.1

Unrecognized stock-based compensation expense as of October 31, 2023 was $6.7 million and is expected to be recognized over a weighted-average period of 1.3 years.

RSUs

RSUs are service-based awards granted under the 2020 Plan to eligible employees and non-employees. RSUs are expected to be settled with shares of the Company’s common stock. Vesting and forfeiture conditions are specific to each grant as determined by the plan administrator. The fair value of RSUs is determined based on the market price of our common stock on the date of grant.

Employees

RSUs granted to eligible employees generally vest ratably over three to four years. The weighted average grant date fair value of RSUs granted to employees in the years ended October 31, 2023, 2022, and 2021 was $11.87, $15.88, and $20.87, respectively.

Activity for awards during the year ended October 31, 2023 was as follows:


	Units (in thousands)	Weighted average grant-date fair value per unit
Outstanding at October 31, 2022	280	$	15.99
Granted	375	11.87
Vested	(98)	15.65
Forfeited	(40)	11.85
Outstanding at October 31, 2023	517	$	13.38

Board of Directors

Under our Director Compensation Plan, new directors receive an initial sign-on grant and continuing directors receive an automatic annual grant on the date of each Annual Shareholders’ Meeting, set to cliff-vest at the earlier of one year following the grant date or at the subsequent Annual Shareholders’ Meeting. Directors are also eligible to defer the distribution of shares between two to five years, either in lump sum or annual installments. Deferral elections are made annually at the beginning of each plan year and apply to grants made within said year. The weighted average grant date fair value of RSUs granted to directors in the years ended October 31, 2023, 2022, and 2021 was $11.18, $13.08, and $19.89, respectively.

Activity for RSU awards for directors during the year ended October 31, 2023 was as follows:


	Units (in thousands)	Weighted average grant-date fair value per unit
Outstanding at October 31, 2022	68	$	12.90
Granted	73	11.18
Vested	(68)	12.90
Forfeited	—	—
Outstanding at October 31, 2023	73	$	11.18
Vested and deferred at October 31, 2023	34	$	14.94

PSUs

PSUs are performance-based awards granted to eligible employees under the 2020 Plan. PSUs are expected to be settled with shares of the Company’s common stock at the end of a three-year cliff vesting period, provided the performance conditions are achieved as of the end of such period. The actual number of shares issued may range from 0% to 200% of the target shares issued at time of grant. The fair value of PSUs is determined based on the market price of our common stock on the date of grant.

The weighted average grant date fair value of PSUs granted in the years ended October 31, 2023 and 2022 was $11.90 and $15.89, respectively. No PSU awards were granted during the year ended October 31, 2021. Activity for PSU awards during the year ended October 31, 2023 was as follows.


	Units (in thousands)	Weighted average grant-date fair value per unit
Unvested at October 31, 2022	95	$	15.89
Granted at target	177	11.90

Vested	—	—
Forfeited	(20)	12.27
Unvested at October 31, 2023	252	$	13.38

Stock options

No stock options were granted during the years ended October 31, 2023, 2022 and 2021. Historical grants of stock options were predominantly made in connection with our IPO. Stock options vest based on tenure of employment or other specific events and expire 10 years after the grant date. The total grant-date fair value of stock options vested during the years ended October 31, 2023, 2022 and 2021 was $1.1 million, $1.4 million, and $1.3 million, respectively. The total intrinsic value of stock options exercised was $0.1 million during both years ended October 31, 2023 and 2022 and $0.2 million for the year ended October 31, 2021.

CEO Award

Stock option activity for an award granted to our CEO in 2019, prior to our initial public offering (“CEO Award”) during the year ended October 31, 2023 was as follows:


	Number of options (in thousands)	Weighted-average exercise price		Weighted-average remaining life (in years)	Aggregate intrinsic value (in millions)
Outstanding at October 31, 2022	1,700	$	13.74
Granted	—
Exercised	—
Forfeited	—
Outstanding at October 31, 2023	1,700	$	13.74	5.7	$	—
Vested and expected to vest at October 31, 2023	1,700	$	13.74	5.7	$	—
Exercisable at October 31, 2023	1,530	$	13.74	5.7	$	—


	Number of options (in thousands)	Weighted average grant-date fair value
Unvested at October 31, 2022	340	$	5.35
Granted	—	—
Vested	(170)	5.35
Forfeited	—	—
Unvested at October 31, 2023	170	$	5.35

Employees

Stock options to employees (excluding the CEO) generally have ratable vesting over four years. Activity for these awards during the year ended October 31, 2023 was as follows:


	Number of options (in thousands)	Weighted-average exercise price		Weighted-average remaining life (in years)	Aggregate intrinsic value (in millions)
Outstanding at October 31, 2022	448	$	11.69
Granted	—	—
Exercised	(19)	4.78
Forfeited	(10)	12.00
Expired	(40)	12.00
Outstanding at October 31, 2023	379	$	12.00	6.9	$	—
Vested and expected to vest at October 31, 2023	379	12.00		6.9	—
Exercisable at October 31, 2023	280	$	12.00	6.9	$	—


	Number of options (in thousands)	Weighted average grant-date fair value
Unvested at October 31, 2022	208	$	3.61
Granted	—	—
Vested	(99)	3.61
Forfeited	(10)	3.61
Unvested at October 31, 2023	99	$	3.61

Dividends

If we do not comply with certain covenants under our credit facility, our ability to pay dividends in the future could be limited.

Stock Repurchase Program

On September 6, 2023, the Board of Directors approved a stock repurchase program, which permits the Company to repurchase up to $20 million of shares of the Company’s common stock within 36 months from adoption. The shares may be repurchased from time to time in open market or privately negotiated transactions in such quantities and at such prices as may be authorized by certain designated officers of the Company. As of October 31, 2023, $19.4 million of shares remains authorized for repurchase.

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Sep. 06, 2023	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized stock-based compensation expense		$ 6.7
Unrecognized stock-based compensation expense, expected period of recognition (in years)		1 year 3 months 18 days
Stock options vesting period (in years)		4 years
Total grant-date fair value of stock options vested		$ 1.1	$ 1.4	$ 1.3
Total intrinsic value of stock options exercised		0.1	$ 0.1	$ 0.2
Stock repurchase, authorized amount	$ 20.0
Stock repurchase, period	36 months
Stock repurchase, remaining authorized amount		$ 19.4
Board of Directors \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock options (deferral period)		2 years
Board of Directors \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock options (deferral period)		5 years
RSUs \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock options vesting period (in years)		3 years
RSUs \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock options vesting period (in years)		4 years
RSUs \| Employees
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted-average grant-date fair value of options, granted (in usd per share)		$ 11.87	$ 15.88	$ 20.87
RSUs \| Board of Directors
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted-average grant-date fair value of options, granted (in usd per share)		11.18	13.08	$ 19.89
PSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted-average grant-date fair value of options, granted (in usd per share)		$ 11.90	$ 15.89
Cliff vesting period		3 years
PSUs \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage of target shares issued		0.00%
PSUs \| Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage of target shares issued		200.00%
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expiration period		10 years
2020 Incentive Award Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Available for grant (in shares)		9,880,190
Common stock reserved for future issuance (in shares)		8,154,357
Weighted-average grant-date fair value of options, granted (in usd per share)		$ 0
Stock option grant (in shares)		0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Current Assets:
Cash and cash equivalents	$ 42.9	$ 52.8
Restricted cash	0.3	1.1
Accounts receivable
Trade, net of allowances of $0.9 and $0.3, respectively	74.1	62.9
Grower and fruit advances	0.9	1.8
Other	12.4	17.3
Inventory	70.8	73.1
Prepaid expenses and other current assets	9.1	11.1
Income taxes receivable	9.6	8.0
Total current assets	220.1	228.1
Property, plant and equipment, net	523.2	489.7
Operating lease right-of-use assets	72.4	65.4
Equity method investees	31.0	27.1
Deferred income tax assets, net	8.5	8.1
Goodwill	39.4	39.4
Intangible asset, net	0.5	2.0
Other assets	19.7	19.7
Total assets	914.8	879.5
Liabilities
Accounts payable	27.2	34.4
Accrued expenses	26.4	30.1
Income taxes payable	1.6	1.0
Grower payables	26.4	24.3
Short-term borrowings	2.8	2.5
Loans from noncontrolling interest holders—current portion	0.5	0.0
Long-term debt—current portion	3.4	3.5
Operating leases—current portion	6.6	4.7
Finance leases—current portion	2.6	1.2
Total current liabilities	97.5	101.7
Less current portion of long-term debt	148.6	136.9
Loans from noncontrolling interest holders, net of current portion	2.5	1.0
Operating leases, net of current portion	71.0	63.9
Finance leases, net of current portion	14.7	1.4
Income taxes payable	2.3	3.1
Deferred income tax liabilities, net	23.5	29.4
Other long-term liabilities	26.4	19.2
Total liabilities	386.5	356.6
Commitments and contingencies (Note 11)
Shareholders’ Equity
Common stock ($0.001 par value, 1,000,000,000 shares authorized; 70,728,404 and 70,669,535 shares issued and outstanding as of October 31, 2023 and October 31, 2022, respectively)	0.1	0.1
Additional paid-in capital	233.4	229.3
Accumulated other comprehensive loss	(0.9)	(1.7)
Retained earnings	271.0	274.4
Mission Produce shareholders' equity	503.6	502.1
Noncontrolling interest	24.7	20.8
Total equity	528.3	522.9
Total liabilities and equity	$ 914.8	$ 879.5

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 0.9	$ 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)	70,728,404	70,669,535
Common stock, shares outstanding (in shares)	70,728,404	70,669,535

Leases - Schedule of Future Maturities (Details) $ in Millions	Oct. 31, 2023 USD ($)
Operating Leases
2024	$ 9.0
2025	8.5
2026	8.0
2027	7.5
2028	7.0
Thereafter	79.7
Total undiscounted future minimum lease payments	119.7
Less imputed interest	(42.1)
Total discounted future minimum lease payments	77.6
Finance Leases
2024	2.5
2025	1.6
2026	1.5
2027	1.5
2027	1.5
Thereafter	34.0
Total undiscounted future minimum lease payments	42.6
Less imputed interest	(25.3)
Total discounted future minimum lease payments	$ 17.3

Details of Certain Account Balances

12 Months Ended

Oct. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Certain Account Balances

Details of certain significant account balances in our consolidated financial statements are set forth below.

Accrued expenses


	October 31,
(In millions)	2023		2022
Employee-related	$	12.8	$	16.3
Freight	4.5		6.2
Outside fruit purchase	2.7		1.0
VAT and local taxes payable	0.3		0.1
Legal settlement	0.8		0.8


Other	5.3		5.7
Accrued expenses	$	26.4	$	30.1

Other long-term liabilities


	October 31,
(In millions)	2023		2022
Uncertain tax positions(1)	$	19.4	$	17.1
Employee-related	1.4		1.2
Trade payables to noncontrolling interest holders	4.5		.6
Other	1.1		.3
Other long-term liabilities	$	26.4	$	19.2

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

Other expense (income), net


	Years Ended October 31,
(In millions)	2023		2022		2021
Gains on derivative financial instruments	$	(0.1)	$	(4.7)	$	(0.8)
Foreign currency transaction loss	1.8		2.0		1.6
Interest income	(1.5)		(1.7)		(1.7)
Debt extinguishment costs	—		—		0.1
Other	—		—		(0.5)
Other expense (income), net	$	0.2	$	(4.4)	$	(1.3)

Other amounts attributable to noncontrolling interest holders

Amounts included in trade accounts receivable due from noncontrolling interest holders were $5.7 million and $2.5 million as of October 31, 2023 and 2022, respectively. Amounts included in trade accounts payable due to noncontrolling interest holders were $3.2 million and $2.9 million as of October 31, 2023 and 2022, respectively.

Audit Information	12 Months Ended
Audit Information	Oct. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Los Angeles, California

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Oct. 31, 2023

Accounting Policies [Abstract]

Schedule of Property, plant and equipment, net


		October 31,
(In millions)	Useful lives	2023		2022
Land		$	157.9	$	141.4
Orchards/trees/bushes	7 to 25 years	129.1		102.0
Buildings and improvements	20 to 40 years	124.6		120.1
Equipment	3 to 20 years	235.8		201.1
Construction-in-progress		29.0		47.0
Property, plant and equipment		$	676.4	$	611.6
Accumulated depreciation		(153.2)		(121.9)
Property, plant and equipment, net		$	523.2	$	489.7

Details of Certain Account Balances - Other long-term liabilities (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Uncertain tax positions	$ 19.4	$ 17.1
Employee-related	1.4	1.2
Trade payables to noncontrolling interest holders	4.5	0.6
Other	1.1	0.3
Other long-term liabilities	$ 26.4	$ 19.2

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Operating Activities
Net (loss) income	$ (3.1)	$ (34.9)	$ 44.9
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Provision for losses on accounts receivable	0.1	0.1	0.0
Depreciation and amortization	32.8	24.8	20.4
Amortization of debt issuance costs	0.2	0.3	0.3
Equity method income	(4.0)	(5.1)	(7.5)
Noncash lease expense	5.9	5.3	4.3
Stock-based compensation	4.5	3.6	2.6
Dividends received from equity method investees	2.7	2.2	1.7
Losses on asset impairment, disposals and sales, net of insurance recoveries	1.3	0.4	0.1
Deferred income taxes	(6.4)	(0.6)	8.8
Goodwill impairment	0.0	49.5	0.0
Remeasurement gain on business combination with Moruga	0.0	(2.0)	0.0
Unrealized losses on foreign currency transactions	1.4	0.0	0.0
Unrealized gains on derivative financial instruments	(0.1)	(4.7)	(0.8)
Other	0.1	0.1	(0.1)
Effect on cash of changes in operating assets and liabilities, net of acquisition:
Trade accounts receivable	(10.6)	10.6	(16.4)
Grower fruit advances	0.9	(1.2)	0.8
Other receivables	5.0	(2.4)	2.6
Inventory	3.0	(15.3)	(11.2)
Prepaid expenses and other current assets	2.0	(0.4)	(2.5)
Income taxes receivable	(1.6)	(1.1)	(3.8)
Other assets	1.0	0.2	(3.5)
Accounts payable and accrued expenses	(8.9)	9.4	8.9
Income taxes payable	(0.2)	(1.3)	(0.1)
Grower payables	2.2	2.2	3.4
Operating lease liabilities	(3.8)	(4.0)	(3.2)
Other long-term liabilities	4.8	(0.5)	(2.7)
Net (decrease) increase in cash, cash equivalents and restricted cash	29.2	35.2	47.0
Investing Activities
Purchases of property, plant and equipment	(49.8)	(61.2)	(73.4)
Proceeds from sale of property, plant and equipment	0.2	3.0	2.4
Insurance proceeds for the replacement of property, plant and equipment	0.0	0.0	1.1
Cash acquired in consolidation of Moruga	0.0	4.3	0.0
Investment in equity method investees	(2.1)	(0.4)	(0.2)
Purchase of other investment	(2.3)	0.0	0.0
Loans to equity method investees	0.0	0.0	(2.0)
Loan repayments from equity method investees	0.0	3.0	1.5
Other	(0.1)	(0.1)	0.3
Net cash used in investing activities	(54.1)	(51.4)	(70.3)
Financing Activities
Borrowings on revolving credit facility	145.0	80.0	0.0
Payments on revolving credit facility	(130.0)	(40.0)	0.0
Proceeds from short-term borrowings	2.8	2.5	0.0
Repayment of short-term borrowings	(2.5)	0.0	0.0
Principal payments on long-term debt obligations	(3.5)	(63.3)	(10.5)
Principal payments on long-term debt obligations	(2.6)	(1.2)	(1.2)
Proceeds from loan from noncontrolling interest holder	2.0	0.0	0.0
Payments for long-term supplier financing	(0.1)	0.0	0.0
Purchase and retirement of common stock	(0.6)	0.0	0.0
Taxes paid related to shares withheld from the settlement of equity awards	(0.5)	0.0	0.0
Exercise of stock options	0.1	0.1	0.2
Repayment of stock option notes receivable	0.0	0.0	0.1
Payment of debt issuance, restructuring or extinguishment fees	0.0	(0.8)	(0.1)
Equity contributions from noncontrolling interest holders	4.2	0.9	0.0
Net cash provided by (used in) financing activities	14.3	(21.8)	(11.5)
Effect of exchange rate changes on cash	(0.1)	(0.3)	0.0
Net (decrease) increase in cash, cash equivalents and restricted cash	(10.7)	(38.3)	(34.8)
Summary of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:
Cash and cash equivalents	42.9	52.8	84.5
Restricted cash	0.3	1.1	6.1
Restricted cash included in other assets	0.0	0.0	1.6
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	43.2	53.9	92.2
Cash paid during the year for:
Interest	11.5	5.7	4.3
Income taxes	7.1	6.2	14.8
Non-cash investing and financing activities:
Property, plant and equipment included in liabilities	4.9	7.6	3.4
Advances for property, plant and equipment included in assets	0.7	2.1	1.4
Finance leases of property, plant and equipment	15.7	0.5	0.0
Purchases from suppliers with payment terms greater than 90 days	1.4	0.0	0.0
Elimination of loan receivable from Moruga upon consolidation (Note 3)	$ 0.0	$ 1.9	$ 0.0

Business Combination (Tables)

12 Months Ended

Oct. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Amounts of identifiable assets acquired and liabilities assumed as of the acquisition date were as follows:


	(In millions)
Fair value of 100% of Moruga	$	50.4

Recognized amounts of identifiable assets acquired and liabilities assumed:
Inventory	7.7
Other current assets	7.7
Property, plant and equipment	29.6
Intangible asset	2.8
Other assets	5.6
Goodwill	12.5
Current liabilities	(4.5)
Deferred tax liability	(3.0)
Other liabilities	(8.0)
	$	50.4

Goodwill and Intangible Asset, net (Tables)

12 Months Ended

Oct. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the net carrying amount of goodwill by reportable segment were as follows:


(In millions)	International Farming		Blueberries		Total
Goodwill as of October 31, 2021	$	76.4	$	—	$	76.4
Business combination with Moruga (Note 3)	—		12.5		12.5
Impairment	(49.5)		—		(49.5)
Goodwill as of October 31, 2022	$	26.9	$	12.5	$	39.4
Goodwill as of October 31, 2023	$	26.9	$	12.5	$	39.4

Schedule of Intangible Assets

Intangible asset, net


	October 31,
(In millions)	2023		2022
Intangible asset, gross	$	2.8	$	2.8
Accumulated amortization	(2.3)		(0.8)
Intangible asset, net	$	0.5	$	2.0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Oct. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of presentation and consolidation

The accompanying consolidated financial statements include the accounts of the Company, its consolidated subsidiaries and variable interest entity (“VIE”) for which we are the primary beneficiary and have a controlling interest. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All intercompany balances have been eliminated in consolidation.

Certain reclassifications have been made to previously reported balances in the consolidated financial statements in order to conform to current period presentation, including $1.0 million in loans from noncontrolling interest holders, net of current portion in our consolidated balance sheets and related disclosures, that were previously reported in other long-term liabilities.

Consolidation of VIE

On May 1, 2022, a reconsideration event (explained in Note 3) 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. Refer to Note 8 for more information related to our VIE in Moruga.

Use of estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash, cash equivalents and restricted cash

The Company considers all highly liquid instruments with an original maturity of three months or less and money market mutual funds to be cash equivalents. The carrying amounts of cash and cash equivalents approximate their fair values.

Restricted cash represents cash and cash equivalents that are restricted to withdrawal or use as of the reporting date under contractual terms or regulatory requirements. As of October 31, 2023 and 2022, the restricted cash balances related to statutory requirements to support various programs at the Company’s farms. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows.

Trade accounts receivable

Trade accounts receivable are reported at amounts due from customers, net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts to reflect its estimate of the uncollectability of the trade accounts receivable based on past collection history, the identification of specific potential customer risks, and other factors.

Grower and fruit advances

The Company makes advances to growers and foreign suppliers who supply fruit to the Company. Such advances reduce amounts otherwise due to the growers or suppliers for fruit sales.

Other accounts receivable

Other accounts receivable represent non-trade receivables and primarily consist of value-added taxes (“VAT”) collected on behalf of tax authorities. VAT included in other accounts receivable was $11.8 million and $14.4 million as of October 31, 2023 and 2022, respectively.

Inventory

Inventories are recorded at the lower of cost or net realizable value using the first-in, first-out method for finished goods and raw materials. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.

Crop growing costs are valued at the lower of cost or net realizable value and are deferred and charged to cost of goods sold when the related crop is harvested and sold. The deferred crop growing costs included in inventory consist primarily of orchard maintenance costs such as cultivation, irrigation, fertilization, soil amendments, pest control and pruning.

We assess the recoverability of inventories through an ongoing review of inventory levels in relation to sales and forecasts and product marketing plans. When the inventory on hand, at the time of review, exceeds the foreseeable demand, the value of inventory that is not expected to be sold is written down. The amount of the write-down is the excess of historical cost over estimated net realizable value. Once established, these write-downs are considered permanent adjustments to the cost basis of the excess inventory.

The assessment of the recoverability of inventories and the amounts of any write-downs are based on currently available information and assumptions about future demand and market conditions. Demand for avocados and other fruit may fluctuate significantly over time, and actual demand and market conditions may be more or less favorable than our projections. In the event that actual demand is lower than originally projected, additional inventory write-downs may be required.

Property, plant and equipment, net

Property, plant and equipment, net is stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method using rates based upon the estimated useful lives of the related assets. Orchards, trees and bushes refer to avocado, mangos and blueberry plants, which accumulate planting and development costs that are capitalized into their basis until they become commercially productive, at which point the asset begins depreciating, and future maintenance costs are expensed as incurred. If proceeds are obtained from sales of fruit before commercial production begins, the net proceeds are applied to the capitalized cost of the trees. Planting costs consist primarily of the costs to purchase and plant nursery stock. Development costs consist of cultivation, pruning, irrigation, labor, spraying and fertilization, and interest costs during the development period. Leased assets and leasehold improvements meeting certain criteria are capitalized and amortized over the shorter of the expected lease term or the useful life of the asset using the straight-line method.


		October 31,
(In millions)	Useful lives	2023		2022
Land		$	157.9	$	141.4
Orchards/trees/bushes	7 to 25 years	129.1		102.0
Buildings and improvements	20 to 40 years	124.6		120.1
Equipment	3 to 20 years	235.8		201.1
Construction-in-progress		29.0		47.0
Property, plant and equipment		$	676.4	$	611.6
Accumulated depreciation		(153.2)		(121.9)
Property, plant and equipment, net		$	523.2	$	489.7

Depreciation expense of property, plant and equipment, net was $31.3 million, $24.0 million, and $20.4 million for the years ended October 31, 2023, 2022 and 2021, respectively.

Farming costs for nonproductive orchards

We lease land for the development of new orchards. During the development period, these costs are referred to as farming costs for nonproductive orchards and are expensed as incurred, and included in cost of sales in the consolidated statements of (loss) income. Interest accretion on finance lease liabilities is expensed as incurred and included in interest expense in the consolidated statements of (loss) income.

Leases

We determine if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period in exchange for consideration. Control over the use of the identified assets means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset.

For leases where we are the lessee, we recognize the right-of-use (“ROU”) assets and lease liabilities for all leases other than those with a term of 12 months or less, as we have elected to apply the short-term lease recognition exemption. ROU assets represent our right to use an underlying asset for the lease term. Lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are classified and recognized at the commencement date of a lease. Lease liabilities are measured based on the present value of fixed lease payments over the lease term. ROU assets consist of: (i) initial measurement of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received; and (iii) initial direct costs incurred by us. Lease payments may vary because of changes in facts or circumstances occurring after the commencement, including changes in inflation indices. Variable lease payments are excluded from the measurement of ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred.

The discount rate used to determine the present value of the lease payments is the rate of interest that the lessee would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment.

For income statement purposes, we recognize straight-line rent expense for operating leases. For finance leases, we recognize interest expense associated with the lease liability and depreciation expense associated with the ROU asset. For ROU assets held under finance leases and leasehold improvements, the estimated useful lives are limited to the shorter of the useful life of the asset or the term of the lease.

Many of our lease arrangements include options to extend the lease, which we do not include in the lease term unless we are reasonably certain to exercise it. We have lease arrangements with lease and non-lease components. From a lessee perspective, we have elected to apply the practical expedient to combine lease and related non-lease components, for all classes of underlying assets, and account for the combined contract as a lease component.

Equity method investees

We maintain investments in other fruit growers, packers and distributors. These investments are accounted for under the equity method of accounting when we have the ability to exercise significant influence, but not control, over the investee. Significant influence generally exists when we have an ownership interest representing between 20% and 50% of the voting stock of the investee. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions.

We review our investments for other-than temporary-impairment (“OTTI”) on a quarterly basis, or earlier if indicators of impairment arise. If an impairment of an equity method investment is determined to be other than temporary, we would record OTTI sufficient to reduce the investment’s carrying value to its fair value, which results in a new cost basis in the investment. There was no OTTI identified in the years ended October 31, 2023, 2022 and 2021 that would have required us to test for impairment.

Long-lived assets

The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. Long-lived assets are assessed for impairment by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated from the use of the asset and its eventual disposition. If the future undiscounted net cash flows are less than the carrying amount of the asset being tested, an impairment is recorded for the difference between the carrying amount of the asset and the estimated fair value of the asset. The estimate of undiscounted cash flows is based upon, among other things, certain assumptions about future operating performance, growth rates and other factors. Estimates of undiscounted cash flows may differ from actual cash flows due to, among other things, technological changes, economic conditions, changes to the business model or changes in operating performance. For fiscal years 2023 and 2021, we did not identify any indicators of impairment that would have required the Company to test its long-lived assets for impairment. However, in the fourth quarter of 2022, the Company determined that there was an impairment indicator associated with our Peruvian farming operations asset group, however the undiscounted cash flows of the asset group exceeded its carrying value.

Goodwill

Our goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired. Goodwill impairment testing requires significant judgment and management estimates, including, but not limited to, the determination of (i) the number of reporting units, (ii) the goodwill and other assets and liabilities to be allocated to the reporting units

and (iii) the fair values of the reporting units. The estimates and assumptions described above, along with other factors such as discount rates, will significantly affect the outcome of the impairment tests and the amounts of any resulting impairment losses. We may use either a qualitative or quantitative approach when testing a reporting unit’s goodwill for impairment on an annual basis during the fourth quarter of each year, and between annual tests whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If we use a qualitative approach and determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we would then perform the first step of the goodwill impairment test, which would consist primarily of a discounted cash flow (“DCF”) analysis and guideline publicly-traded companies (“GPC”) analysis to determine the fair value of the reporting unit.

Fair value of financial instruments

The Company applies the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurements, for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized at fair value in the financial statements. Fair value is defined as the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value for the assets and liabilities required or permitted to be recorded, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The framework has three levels of inputs that may be used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices, other than those in Level 1, in markets that are not active or for similar assets and liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

There were no transfers between level 1, level 2 or level 3 measurements during the years ended October 31, 2023 and 2022.

We believe that the carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and short-term borrowings approximates fair value based on either their short-term nature or on terms currently available to the Company in financial markets. Due to current market rates, we believe that our long-term obligations have fair values that approximate carrying values. Refer to Note 14 for further information.

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 carried fixed LIBOR rates ranging from 1.75% to 2.57%. Three of the four interest rate swaps matured during fiscal year 2023. As of October 31, 2023, the remaining interest swap notional amount of $25 million carries a fixed rate of 2.30% and matures in the second quarter of fiscal 2024. 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 consolidated statements of (loss) income and changes in the asset or liability are presented in net cash provided by operating activities in the consolidated statements of cash flow. Refer to Note 14 for more details.

Revenue recognition

We recognize revenue according to the model under ASC 606, which requires the recognition of revenue when performance obligations to customers have been satisfied in amounts equal to the consideration to which we expect to be entitled.

For our customer contracts, we identify the performance obligations (products or services), determine the transaction price, allocate the contract transaction price to the performance obligations, and recognize the revenue when the performance obligation is fulfilled, which is when the product is shipped to or received by the customer, depending on the specific terms of the arrangement. Our revenues are recorded at a point in time. Revenue recognized from product sales is based primarily on purchase orders issued by customers which specify shipping terms and details of the transaction. The performance obligations in a given transaction are determined by the individual purchase orders with revenue recognized at the time that the performance obligations

have been satisfied. Shipping and handling activities that occur prior to the transfer of control of goods to the customer are treated as fulfillment activities related to the promise to transfer goods, rather than as performance obligations. Amounts collected from customers for sales and other similar taxes are excluded from the transaction price.

Most performance obligations are subject to customer acceptance. However, our customers have an implicit and explicit right to return products following acceptance, if they are found not to conform to the specifications generally agreed upon or detailed in the individual purchase orders. We evaluate the need for provisions related to product return allowances based on estimates and record such provisions as a reduction in revenue in the same period that revenue for the related transactions is recognized.

We routinely enter into consignment arrangements to purchase fruit from foreign suppliers in which we do not take legal title of the good prior to selling those goods to customers. The Company has evaluated its role in such transactions and has concluded that it has control of the products due to our ability to determine the sales price and our role as the primary obligor in the transactions with the end customer. As a result, we are deemed to act as the principal rather than the agent, and therefore recognize and report revenue on a gross basis for its consignment arrangements.

Stock-based compensation

The Company uses the fair value recognition method for accounting for stock-based compensation. Under the fair value recognition method, cost is measured at the grant date based on the fair value of the award and is recognized as expense on the straight-line basis over the requisite service period, which is generally the vesting period. When vesting is based on both service and a performance condition, expense relative to such awards is measured based on the grant date fair value of the award, adjusted for the probably of achievement at the reporting date. Forfeitures are recognized in the period they occur.

Stock-based awards primarily consist of restricted stock units (“RSUs”) and performance stock units (“PSUs”), the fair value of which is determined based on the market price of our common stock on the date of grant. See Note 13 for more information.

Advertising costs

Advertising costs are expensed when incurred and are included as a component of selling, general and administrative expense. Such costs were $0.2 million for the year ended October 31, 2023 and $0.3 million for both years ended October 31, 2022 and 2021.

Employee benefits

We sponsor various defined contribution retirement plans for employees, the largest of which is the 401(k)-retirement plan in the U.S. Eligible employees can defer up to 60% of their compensation subject to fixed annual limits. Employees eligible for catch-up contributions may contribute additional contributions of their compensation subject to fixed annual limits. The Company makes a 100% matching contribution on deferrals up to 3%, and 50% on deferrals over 3% up to 5%. Contributions are included as a component of selling, general and administrative expense. Total contributions made by the Company to the 401(k) plan were $1.0 million for the year ended October 31, 2023, and $0.9 million for both years ended October 31, 2022 and 2021.

Income taxes

The Company uses the liability method to account for income taxes as prescribed by ASC 740. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense (benefit) is the result of changes in deferred tax assets and liabilities. Deferred income tax assets and liabilities are adjusted to recognize the effects of changes in tax laws or enacted tax rates in the period during which they are signed into law. The factors used to assess the Company’s ability to realize its deferred tax assets are the Company’s forecast of future taxable income and available tax planning strategies that could be implemented. Under ASC 740 a valuation allowance is required when it is more likely than not that all or some portion of the deferred tax assets will not be realized due to the inability to generate sufficient future taxable income of the correct character. Failure to achieve previously forecasted taxable income could affect the ultimate realization of deferred tax assets and could negatively impact the Company’s effective tax rate on future earnings.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

Interest income or expense/penalties attributable to the overpayment or underpayment, respectively, of income taxes is recognized as an element of our provision for income taxes.

As a multinational corporation, we are subject to taxation in many jurisdictions, and the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in various taxing jurisdictions. If we

ultimately determine that the payment of these liabilities will be unnecessary, the liability will be reversed, and we will recognize a tax benefit during the period in which it is determined the liability no longer applies. Conversely, we record additional tax charges in a period in which it is determined that a recorded tax liability is less than the ultimate assessment is expected to be.

The application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court rulings. Therefore, the actual liability for U.S. or foreign taxes may be materially different from management’s estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities.

Foreign currency translation and remeasurement

Our foreign operations are subject to exchange rate fluctuations and foreign currency transaction costs. The functional currency for our most significant foreign subsidiaries is the United States dollar. When remeasuring from a local currency to the functional currency, monetary assets and liabilities are remeasured into U.S. dollars at exchange rates in effect at the balance sheet dates and non-monetary assets, liabilities and equity are remeasured at historical rates when remeasuring from a local currency to the functional currency. Sales and expenses are remeasured using weighted-average exchange rates for each period. Gains and losses resulting from foreign currency transactions are recognized in other (expense) income, net in the consolidated statements of (loss) income.

Earnings per share

We compute earnings per share (“EPS”) in accordance with ASC 260, which requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income attributable to us, divided by the weighted average shares outstanding during the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of contracts to issue shares (e.g., equity awards) as if they had been converted at the beginning of the periods presented, or issuance date, if later. The computation of diluted EPS includes the estimated impact of the exercise of contracts to purchase common stock using the treasury stock method. Potential shares that have an anti-dilutive effect (i.e., those that increase earnings per share or decrease loss per share) are excluded from the calculation of diluted EPS.

Risk concentration

Accounts receivable from a single customer represented 16% of trade accounts receivable as of October 31, 2023 and 13% of trade accounts receivable as of October 31, 2022. Accounts receivable from two other customers each represented 8% and 6% of trade accounts receivable as of October 31, 2023, respectively. These same two customers each represented 11% and 12% of trade accounts receivable as of October 31, 2022, respectively.

Sales to our top 10 customers amounted to approximately 65% of net sales for the year ended October 31, 2023 and 59% of net sales for both years ended October 31, 2022 and 2021. For the year ended October 31, 2023, one customer represented 18% of net sales. For the year ended October 31, 2022, one single customer represented 13% of net sales. For the year ended October 31, 2021, no single customer represented more than 10% of net sales. Net sales from our top 10 customers are concentrated in our Marketing and Distribution segment, with exception to sales generated by our Blueberries segment, for which substantially all sales are from a single customer with which we have an exclusive marketing agreement.

Recently issued accounting standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis although retrospective application is permitted. We are currently evaluating the impact of adoption on our financial disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures. The ASU requires that an entity disclose significant segment expenses impacting profit and loss that are regularly provided to the chief operating decision maker. The update is required to be applied retrospectively to prior periods presented, based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of adoption on our financial disclosures.

In September 2022, the FASB issued 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.

Equity Method Investees - Financial Information for Equity Method Investees (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Schedule of Equity Method Investments [Line Items]
Current assets	$ 220.1	$ 228.1
Current liabilities	97.5	101.7
Sales	953.9	1,045.9	$ 891.7
Gross profit	83.3	89.8	124.5
Net income (loss)	(2.8)	(34.6)	44.9
Henry Avocado
Schedule of Equity Method Investments [Line Items]
Current assets	49.5	49.5
Long-term assets	31.9	16.0
Current liabilities	25.8	18.6
Long-term liabilities	12.4	7.6
Sales	263.4	371.6	261.7
Gross profit	32.9	33.4	24.6
Net income (loss)	9.4	11.5	7.5
Mr. Avocado
Schedule of Equity Method Investments [Line Items]
Current assets	5.6	3.3
Long-term assets	5.0	1.7
Current liabilities	4.9	3.9
Long-term liabilities	3.6	0.6
Sales	25.2	20.5	20.1
Gross profit	2.6	1.7	3.4
Net income (loss)	(0.5)	(1.8)	0.5
Copaltas
Schedule of Equity Method Investments [Line Items]
Current assets	0.9	0.6
Long-term assets	29.4	20.6
Current liabilities	1.8	6.7
Long-term liabilities	18.6	7.3
Sales	0.3	0.2	0.1
Gross profit	0.0	0.2	0.0
Net income (loss)	(0.7)	(0.7)	(0.2)
Moruga
Schedule of Equity Method Investments [Line Items]
Current assets
Long-term assets
Current liabilities
Long-term liabilities
Sales		39.6	37.3
Gross profit		7.1	10.5
Net income (loss)		$ 5.9	$ 6.4

Equity Method Investees (Tables)

12 Months Ended

Oct. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Financial Information and Schedule of Investments for Equity Method Investees

Financial information for our equity method investees as of and for the years ended October 31 was as follows:


(In millions)	Henry Avocado		Mr. Avocado		Copaltas		Moruga(1)
2023
Current assets	$	49.5	$	5.6	$	0.9
Long-term assets	31.9		5.0		29.4
Current liabilities	25.8		4.9		1.8
Long-term liabilities	12.4		3.6		18.6
Sales	263.4		25.2		0.3
Gross profit	32.9		2.6		—
Net income (loss)	9.4		(0.5)		(0.7)
2022
Current assets	$	49.5	$	3.3	$	0.6
Long-term assets	16.0		1.7		20.6
Current liabilities	18.6		3.9		6.7
Long-term liabilities	7.6		0.6		7.3
Sales	371.6		20.5		0.2		$	39.6
Gross profit	33.4		1.7		0.2		7.1
Net income (loss)	11.5		(1.8)		(0.7)		5.9
2021
Sales	$	261.7	$	20.1	$	0.1	$	37.3
Gross profit	24.6		3.4		—		10.5
Net income (loss)	7.5		0.5		(0.2)		6.4

(1) Selected financial information for Moruga is set forth for periods under which Moruga was accounted for under the equity method of accounting. As of October 31, 2023 and 2022, Moruga was consolidated.

The Company’s investments in its equity method investees have been impacted by the following:


(In millions)	Henry Avocado		Mr. Avocado		Copaltas		Moruga		Total
Investment balance as of October 31, 2021	$	19.9	$	0.6	$	4.5	$	27.7	$	52.7
Equity method income (losses)	5.6		(0.6)		(0.4)		0.5		5.1
Translation	—		—		(0.7)		—		(0.7)
Dividends received	(2.2)		—		—		—		(2.2)
Investment contributions	—		0.2		0.2		—		0.4
Remeasurement gain	—		—		—		2.0		2.0
Effect of consolidation with Mission Produce on May 1, 2022	—		—		—		(30.2)		(30.2)
Investment balance as of October 31, 2022	$	23.3	$	0.2	$	3.6	$	—	$	27.1
Equity method income (losses)	4.6		(0.2)		(0.4)				4.0
Translation	—		—		0.5				0.5
Dividends received	(2.7)		—		—				(2.7)
Investment contributions	—		0.7		1.4				2.1
Investment balance as of October 31, 2023	$	25.2	$	0.7	$	5.1			$	31.0

Related Party Transactions

12 Months Ended

Oct. 31, 2023

Related Party Transactions

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


	Consolidated Balance Sheets								Consolidated Statements of (Loss) Income
	Accounts receivable		Property, plant and equipment, net		Accounts payable & accrued expenses		Finance lease liabilities		Net sales		Cost of sales		Selling, general and administrative expenses		Interest expense		Other (expense) income, net
(In millions)	October 31, 2023								Year ended October 31, 2023
Equity method investees:
Henry Avocado	$	—	$	—	$	0.1	$	—	$	1.8	$	0.1	$	—	$	—	$	—
Mr. Avocado	2.9		—		—		—		8.8		—		—		—		—
Other:
Directors/officers(1)	0.1		15.2		0.2		15.7		1.0		2.9		—		1.4		—
Employees(2)	—		—		0.5		—		—		9.1		—		—		—
	October 31, 2022								Year ended October 31, 2022
Equity method investees:
Henry Avocado	$	—	$	—	$	—	$	—	$	2.7	$	0.5	$	—	$	—	$	—
Mr. Avocado	1.5		—		—		—		2.7		—		—		—		—
Copaltas(3)	—		—		—		—		—		—		—		—		0.1
Moruga(4)	—		—		—		—		4.1		—		—		—		—
Other:
Directors/officers(1)	0.1		—		2.5		—		1.0		5.8		—		—		—
Employees(2)	—		—		0.4		—		—		6.2		—		—		—
									Year ended October 31, 2021
Equity method investees:
Henry Avocado									$	4.4	$	—	$	—	$	—	$	—
Mr. Avocado									4.3		—		—		—		—
Copaltas(3)									—		—		—		—		0.1
Moruga(4)									6.1		—		—		—		0.4
Other:
Directors/officers(1)									2.5		3.5		0.1		—		—
Employees(2)									—		9.6		—		—		—

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Segment Information (Tables)

12 Months Ended

Oct. 31, 2023

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		Blueberries		Total		Marketing & Distribution		International Farming		Blueberries(1)		Total		Marketing & Distribution		International Farming		Total
	Years ended October 31,
(In millions)	2023								2022								2021
Third party sales	$	889.9	$	11.6	$	52.4	$	953.9	$	1,016.1	$	19.1	$	10.7	$	1,045.9	$	872.0	$	19.7	$	891.7
Affiliated sales	—		78.6		—		78.6		—		95.6		—		95.6		—		84.9		84.9
Total segment sales	$	889.9	$	90.2	$	52.4	$	1,032.5	$	1,016.1	$	114.7	$	10.7	$	1,141.5	$	872.0	$	104.6	$	976.6
Intercompany eliminations	—		(78.6)		—		(78.6)		—		(95.6)		—		(95.6)		—		(84.9)		(84.9)
Total net sales	$	889.9	$	11.6	$	52.4	$	953.9	$	1,016.1	$	19.1	$	10.7	$	1,045.9	$	872.0	$	19.7	$	891.7

(1) The Blueberries segment was consolidated prospectively from May 1, 2022.

Supplemental sales information is as follows:


	Years Ended October 31,
(In millions)	2023		2022		2021
By type
Avocado	$	851.1	$	998.5	$	864.5
Blueberry(1)	52.4		10.7		—
Mango	37.3		17.5		6.0
Other	13.1		19.2		21.2
Total net sales	$	953.9	$	1,045.9	$	891.7
By customer location
United States	760.5		854.7		674.7
Rest of world	193.4		191.2		217.0
Total net sales	$	953.9	$	1,045.9	$	891.7

(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 for each of our reportable segments was as follows:


	Years Ended October 31,
(In millions)	2023		2022		2021
Marketing & Distribution adjusted EBITDA	$	40.1	$	23.5	$	51.4
International Farming adjusted EBITDA	3.1		23.3		33.9
Blueberries adjusted EBITDA	5.2		0.8		—
Total reportable segment adjusted EBITDA	$	48.4	$	47.6	$	85.3
Net (loss) income	(3.1)		(34.9)		44.9
Interest expense	11.6		5.5		3.7
Provision for income taxes	2.2		3.7		21.1
Depreciation and amortization(1)	32.8		24.8		20.4
Equity method income	(4.0)		(5.1)		(7.5)
Stock-based compensation	4.5		3.6		2.6
Executive severance	1.3		—		—
Legal settlement	—		—		0.8
Asset impairment and disposals, net of insurance recoveries	1.3		0.4		(0.2)
Farming costs for nonproductive orchards	1.8		1.5		0.8
ERP costs(2)	2.2		4.6		—
Goodwill impairment	—		49.5		—
Remeasurement gain on business combination with Moruga	—		(2.0)		—
Transaction costs	0.3		0.6		—
Amortization of inventory adjustment recognized from business combination	0.7		0.4		—
Other expense (income), net	0.2		(4.4)		(1.3)
Noncontrolling interest(3)	(3.4)		(0.6)		—
Total adjusted EBITDA	$	48.4	$	47.6	$	85.3

(1) Includes depreciation and amortization of purchase accounting assets of $2.4 million, $1.4 million and $0.2 million for the years ended October 31, 2023, 2022, and 2021, respectively.

(2) Includes recognition of deferred implementation costs in the years ended October 31, 2023 and 2022. The year ended October 31, 2022 also includes non-recurring post-implementation process reengineering costs.

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

Schedule of Property, Plant and Equipment, Net by Geographic Area

Property, plant and equipment, net attributed to geographic areas was as follows:


	October 31,
(In millions)	2023		2022
North America	$	141.7	$	153.0
South America	370.5		331.9
Europe	11.0		4.8
Property, plant and equipment, net	$	523.2	$	489.7

Leases - Schedule of Lease Costs Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Lessee, Lease, Description [Line Items]
Lease cost	$ 10.3	$ 8.2	$ 6.5
Variable lease cost	2.4	1.9	0.9
Short-term lease cost	22.8	17.9	18.0
Amortization of right-of-use assets	1.4	0.7	1.1
Interest on lease liabilities	1.5	0.2	0.3
Total lease cost	38.4	28.9	26.8
Cost of sales
Lessee, Lease, Description [Line Items]
Lease cost	8.4	6.4	3.9
Variable lease cost	2.4	1.9	0.8
Short-term lease cost	15.6	11.5	13.2
Amortization of right-of-use assets	1.3	0.5	0.7
Total lease cost	27.7	20.3	18.6
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Lease cost	1.8	1.6	2.6
Variable lease cost			0.1
Short-term lease cost	1.5	1.0	0.8
Amortization of right-of-use assets	0.1	0.2	0.4
Total lease cost	3.4	2.8	3.9
Interest Expense
Lessee, Lease, Description [Line Items]
Interest on lease liabilities	1.5	0.2	0.3
Total lease cost	1.5	0.2	0.3
Inventory
Lessee, Lease, Description [Line Items]
Lease cost	0.1	0.2
Short-term lease cost	1.6	1.9	1.3
Total lease cost	1.7	2.1	1.3
Property, Plant and Equipment
Lessee, Lease, Description [Line Items]
Short-term lease cost	4.1	3.5	2.7
Total lease cost	$ 4.1	$ 3.5	$ 2.7

Fair Value Measurements (Tables)

12 Months Ended

Oct. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured and Recorded at Fair Value, Recurring Basis

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


	October 31, 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	0.4		—		0.4		—		2.6		—		2.6		—

Inventory

12 Months Ended

Oct. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Major classes of inventory were as follows:


	October 31,
(In millions)	2023		2022
Finished goods	$	29.5	$	33.8
Crop growing costs	21.5		19.5
Packaging and supplies	19.8		19.8
Inventory	$	70.8	$	73.1

Inventory at October 31, 2023 and 2022 included a $0.5 million and $0.7 million adjustment, respectively, 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 are recognized in cost of sales as the underlying inventories are sold.

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Oct. 31, 2023
Leases [Abstract]
Weighted average remaining lease term, operating leases (in years)	15 years 9 months 18 days
Weighted average remaining lease term, finance leases (in years)	23 years 4 months 24 days
Weighted average discount rate, operating leases (as a percent)	5.40%
Weighted average discount rate, finance leases (as a percent)	9.40%

Nature of Business (Details) - 12 months ended Oct. 31, 2023	segment	Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3	3

Equity Method Investees - Schedule of Investments in Equity Method Investees (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Investments in Equity Method Investees [Roll Forward]
Beginning balance	$ 27.1	$ 52.7
Equity method income (losses)	4.0	5.1
Translation	0.5	(0.7)
Dividends received	(2.7)	(2.2)
Investment contributions	2.1	0.4
Remeasurement gain		2.0
Effect of consolidation with Mission Produce on May 1, 2022		(30.2)
Ending balance	31.0	27.1
Henry Avocado
Investments in Equity Method Investees [Roll Forward]
Beginning balance	23.3	19.9
Equity method income (losses)	4.6	5.6
Translation	0.0	0.0
Dividends received	(2.7)	(2.2)
Investment contributions	0.0	0.0
Remeasurement gain		0.0
Effect of consolidation with Mission Produce on May 1, 2022		0.0
Ending balance	25.2	23.3
Mr. Avocado
Investments in Equity Method Investees [Roll Forward]
Beginning balance	0.2	0.6
Equity method income (losses)	(0.2)	(0.6)
Translation	0.0	0.0
Dividends received	0.0	0.0
Investment contributions	0.7	0.2
Remeasurement gain		0.0
Effect of consolidation with Mission Produce on May 1, 2022		0.0
Ending balance	0.7	0.2
Copaltas
Investments in Equity Method Investees [Roll Forward]
Beginning balance	3.6	4.5
Equity method income (losses)	(0.4)	(0.4)
Translation	0.5	(0.7)
Dividends received	0.0	0.0
Investment contributions	1.4	0.2
Remeasurement gain		0.0
Effect of consolidation with Mission Produce on May 1, 2022		0.0
Ending balance	5.1	3.6
Moruga
Investments in Equity Method Investees [Roll Forward]
Beginning balance	0.0	27.7
Equity method income (losses)		0.5
Translation		0.0
Dividends received		0.0
Investment contributions		0.0
Remeasurement gain		2.0
Effect of consolidation with Mission Produce on May 1, 2022		(30.2)
Ending balance		$ 0.0

Goodwill and Intangible Asset, net - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Goodwill [Roll Forward]
Goodwill as of October 31, 2021		$ 39.4	$ 76.4
Business combination with Moruga (Note 3)			12.5
Impairment		0.0	(49.5)	$ 0.0
Goodwill as of October 31, 2022	$ 39.4	39.4	39.4	76.4
International Farming
Goodwill [Roll Forward]
Goodwill as of October 31, 2021		26.9	76.4
Business combination with Moruga (Note 3)			0.0
Impairment	49.5		(49.5)
Goodwill as of October 31, 2022	26.9	26.9	26.9	76.4
Blueberries
Goodwill [Roll Forward]
Goodwill as of October 31, 2021		12.5	0.0
Business combination with Moruga (Note 3)			12.5
Impairment			0.0
Goodwill as of October 31, 2022	$ 12.5	$ 12.5	$ 12.5	$ 0.0

- 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

Nature of Business	12 Months Ended
Nature of Business	Oct. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of 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 reportable segments which are also equivalent to operating segments: Marketing and Distribution, International Farming and Blueberries (see Note 17).

Business Combination - Narrative (Details) $ in Millions		12 Months Ended
Business Combination - Narrative (Details) $ in Millions	May 01, 2022 USD ($) a	Oct. 31, 2023 USD ($) a	Oct. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)
Business Acquisition [Line Items]
Area of land (in acres) \| a		900
Remeasurement gain on acquisition of equity method investee \| $		$ 0.0	$ 2.0	$ 0.0
Measurement Input, Derived BEV To EBITDA Multiple
Business Acquisition [Line Items]
Measurement input \| pURE		8.0
Measurement Input Derived B E V To Revenue Multiple
Business Acquisition [Line Items]
Measurement input \| pURE		1.1
Measurement Input, Mean BEV To EBITDA Multiple
Business Acquisition [Line Items]
Measurement input \| pURE		9.1
Measurement Input, Median BEV To EBITDA Multiple
Business Acquisition [Line Items]
Measurement input \| pURE		9.2
Measurement Input, Mean BEV To Revenue Multiple
Business Acquisition [Line Items]
Measurement input \| pURE		1.1
Measurement Input, Median BEV To Revenue Multiple
Business Acquisition [Line Items]
Measurement input \| pURE		0.7
Discount rate
Business Acquisition [Line Items]
Fair value measurement input		0.09
Moruga
Business Acquisition [Line Items]
Ownership interest	60.00%	60.00%
Area of land (in acres) \| a	1,500
Capital approval of project \| $	$ 50.0
Remeasurement gain on acquisition of equity method investee \| $	2.0
Carrying value \| $	28.2
Step acquisition fair value \| $	$ 30.2
Fair value of noncontrolling interest \| $		$ 20.2

Income Taxes - Roll Forward of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 6.7	$ 6.1
Increases related to prior year positions	0.2	0.5
Foreign currency remeasurement	0.7	0.1
Ending balance	$ 7.6	$ 6.7

Income Taxes - Schedule of U.S. and foreign components of income before income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 8.2	$ 1.9	$ 20.8
Foreign	(9.1)	(33.1)	45.2
(Loss) income before income taxes	$ (0.9)	$ (31.2)	$ 66.0

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-SubTopic 20
-Topic 940
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Details of Certain Account Balances - Accrued expenses (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Employee-related	$ 12.8	$ 16.3
Freight	4.5	6.2
Outside fruit purchase	2.7	1.0
VAT and local taxes payable	0.3	0.1
Legal settlement	0.8	0.8
Other	5.3	5.7
Accrued expenses	$ 26.4	$ 30.1

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Apr. 30, 2023	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Income Tax Contingency [Line Items]
Foreign net operating loss carryforwards		$ 27.5
Foreign net operating loss carryforwards, indefinite lived		26.8
Net change in valuation allowance for deferred tax assets		(1.2)	$ (0.2)
Undisturbed foreign earnings		0.0	1.5
Deferred tax liability for withholding tax		28.1
Accumulated foreign earnings to be indefinitely reinvested		156.1
Interest and penalties related to uncertain tax positions		1.1	0.6	$ 0.9
Penalties and interest accrued		$ 9.4	$ 8.3
Uncertain tax position for advance payment	$ 1.7
Peru Tax Authority
Income Tax Contingency [Line Items]
Tax expense (benefit) from revaluation				$ 5.4

Fair Value Measurements - Financial Liabilities Measured At Fair Value (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Prepaid Expenses and Other Current Assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets
Other Assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Fair Value, Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	$ 1.4	$ 1.2
Interest rate swap	0.4	2.6
Fair Value, Recurring \| Quoted Prices in Active Markets (Level 1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	1.4	1.2
Interest rate swap	0.0	0.0
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	0.0	0.0
Interest rate swap	0.4	2.6
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mutual funds	0.0	0.0
Interest rate swap	$ 0.0	$ 0.0

Earnings Per Share (Tables)

12 Months Ended

Oct. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Years Ended October 31,
	2023		2022		2021
Numerator:
Net (loss) income attributable to Mission Produce (in millions)	$	(2.8)	$	(34.6)	$	44.9
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share	70,750,239		70,647,469		70,583,424
Effect of dilutive stock options	—		—		466,227
Effect of dilutive RSUs	—		—		18,830
Weighted average shares of common stock outstanding, used in computing diluted earnings per share	70,750,239		70,647,469		71,068,481
Earnings per share
Basic	$	(0.04)	$	(0.49)	$	0.64
Diluted	$	(0.04)	$	(0.49)	$	0.63

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	Years Ended October 31,
	2023	2022	2021
Anti-dilutive stock options	2,097,239	606,453	145,735
Anti-dilutive RSUs	588,266	200,681	24,540

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Oct. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation We are from time to time involved in legal proceedings and investigations arising in the ordinary course of business, including those relating to employment matters, relationships with clients and contractors, intellectual property disputes and other business matters. 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 were unable to resolve. Plaintiffs filed a motion to enforce compliance with the settlement agreement and the Company filed a cross motion to reform the stipulation of settlement, or in the alternative, to vacate the order of preliminary approval. A hearing before the court was held on this matter in July 2023. The court granted Plaintiff’s motion and directed the parties to proceed with the notice procedures to a class that includes a number of participants that the Company does not feel are appropriate to include. The court did not rule on the fairness of the settlement agreement between the parties and stated that this determination would be made at final approval and that the issues raised in the Company’s motion would be considered at that time. The Company requested an appeal of the ruling and a delay of the mailing of notice to settlement class members, but such request was denied. A final approval hearing date has been set for January 30, 2024. 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.

Leases

12 Months Ended

Oct. 31, 2023

Leases [Abstract]

Leases

We lease facilities, land, fleet and other industrial equipment under both operating and finance leases, expiring at various dates through 2048. Certain of these leases have clauses such as extension options, stipulated escalation provisions, early termination, and payment obligations for property taxes, insurance, maintenance and other costs.

Lease-related assets and liabilities on our consolidated balance sheets as of October 31, 2023 and 2022 were as follows:


		October 31,
(In millions)	Location on Consolidated Balance Sheets	2023		2022
Assets
Operating	Operating lease right-of-use assets	$	72.4	$	65.4
Finance	Property, plant and equipment, net	18.1		3.8
Total lease assets		$	90.5	$	69.2
Liabilities
Current
Operating	Operating leases—current portion	$	6.6	$	4.7
Finance	Finance leases—current portion	2.6		1.2
Noncurrent
Operating	Operating leases, net of current portion	71.0		63.9
Finance	Finance leases, net of current portion	14.7		1.4
Total lease liabilities		$	94.9	$	71.2

Most lease costs are recognized in the consolidated statements of (loss) income, however, costs qualifying for capitalization, such as lease costs for land or equipment used in the development of orchards, are recognized into property, plant and equipment or inventory. A summary of lease costs is set forth below:


(In millions)	Inventory		Property, plant and equipment		Cost of sales		Selling, general and administrative expenses		Interest Expense		Total
	Year ended October 31, 2023
Operating leases
Lease cost	$	0.1	$	—	$	8.4	$	1.8	$	—	$	10.3
Variable lease cost	—		—		2.4		—		—		2.4
Short-term lease cost	1.6		4.1		15.6		1.5		—		22.8
Finance leases
Amortization of right-of-use assets	—		—		1.3		0.1		—		1.4
Interest on lease liabilities	—		—		—		—		1.5		1.5
Total lease cost	$	1.7	$	4.1	$	27.7	$	3.4	$	1.5	$	38.4
	Year ended October 31, 2022
Operating leases
Lease cost	$	0.2	$	—	$	6.4	$	1.6	$	—	$	8.2
Variable lease cost	—		—		1.9		—		—		1.9
Short-term lease cost	1.9		3.5		11.5		1.0		—		17.9
Finance leases
Amortization of right-of-use assets	—		—		0.5		0.2		—		0.7
Interest on lease liabilities	—		—		—		—		0.2		0.2
Total lease cost	$	2.1	$	3.5	$	20.3	$	2.8	$	0.2	$	28.9
	Year ended October 31, 2021
Operating leases
Lease cost	$	—	$	—	$	3.9	$	2.6	$	—	$	6.5
Variable lease cost	—		—		0.8		0.1		—		0.9
Short-term lease cost	1.3		2.7		13.2		0.8		—		18.0
Finance leases
Amortization of right-of-use assets	—		—		0.7		0.4		—		1.1
Interest on lease liabilities	—		—		—		—		0.3		0.3
Total lease cost	$	1.3	$	2.7	$	18.6	$	3.9	$	0.3	$	26.8

Supplemental cash flow information related to leases is set forth below:


	Years ended October 31,
(In millions)	2023		2022		2021

Cash paid for amounts included in the measurement of lease liabilities for operating cash flows for operating lease liabilities	$	8.1	$	6.4	$	5.5


Right-of-use assets obtained in exchange for new operating lease liabilities	12.2		23.1		11.3

As of October 31, 2023, future maturities of lease liabilities with original terms in excess of one year were as follows:


	(In millions)
Year ending October 31,	Operating Leases		Finance Leases
2024	$	9.0	$	2.5
2025	8.5		1.6
2026	8.0		1.5
2027	7.5		1.5
2028	7.0		1.5
Thereafter	79.7		34.0
Total undiscounted future minimum lease payments	$	119.7	$	42.6
Less imputed interest	(42.1)		(25.3)
Total discounted future minimum lease payments	$	77.6	$	17.3

Weighted average remaining lease terms and weighted average discount rates as of October 31, 2023 were as follows:


	Operating Leases		Finance Leases
Weighted average remaining lease term (in years)	15.8		23.4
Weighted average discount rate	5.4	%	9.4	%

Leases

Lease-related assets and liabilities on our consolidated balance sheets as of October 31, 2023 and 2022 were as follows:


		October 31,
(In millions)	Location on Consolidated Balance Sheets	2023		2022
Assets
Operating	Operating lease right-of-use assets	$	72.4	$	65.4
Finance	Property, plant and equipment, net	18.1		3.8
Total lease assets		$	90.5	$	69.2
Liabilities
Current
Operating	Operating leases—current portion	$	6.6	$	4.7
Finance	Finance leases—current portion	2.6		1.2
Noncurrent
Operating	Operating leases, net of current portion	71.0		63.9
Finance	Finance leases, net of current portion	14.7		1.4
Total lease liabilities		$	94.9	$	71.2


(In millions)	Inventory		Property, plant and equipment		Cost of sales		Selling, general and administrative expenses		Interest Expense		Total
	Year ended October 31, 2023
Operating leases
Lease cost	$	0.1	$	—	$	8.4	$	1.8	$	—	$	10.3
Variable lease cost	—		—		2.4		—		—		2.4
Short-term lease cost	1.6		4.1		15.6		1.5		—		22.8
Finance leases
Amortization of right-of-use assets	—		—		1.3		0.1		—		1.4
Interest on lease liabilities	—		—		—		—		1.5		1.5
Total lease cost	$	1.7	$	4.1	$	27.7	$	3.4	$	1.5	$	38.4
	Year ended October 31, 2022
Operating leases
Lease cost	$	0.2	$	—	$	6.4	$	1.6	$	—	$	8.2
Variable lease cost	—		—		1.9		—		—		1.9
Short-term lease cost	1.9		3.5		11.5		1.0		—		17.9
Finance leases
Amortization of right-of-use assets	—		—		0.5		0.2		—		0.7
Interest on lease liabilities	—		—		—		—		0.2		0.2
Total lease cost	$	2.1	$	3.5	$	20.3	$	2.8	$	0.2	$	28.9
	Year ended October 31, 2021
Operating leases
Lease cost	$	—	$	—	$	3.9	$	2.6	$	—	$	6.5
Variable lease cost	—		—		0.8		0.1		—		0.9
Short-term lease cost	1.3		2.7		13.2		0.8		—		18.0
Finance leases
Amortization of right-of-use assets	—		—		0.7		0.4		—		1.1
Interest on lease liabilities	—		—		—		—		0.3		0.3
Total lease cost	$	1.3	$	2.7	$	18.6	$	3.9	$	0.3	$	26.8

Supplemental cash flow information related to leases is set forth below:


	Years ended October 31,
(In millions)	2023		2022		2021

Cash paid for amounts included in the measurement of lease liabilities for operating cash flows for operating lease liabilities	$	8.1	$	6.4	$	5.5


Right-of-use assets obtained in exchange for new operating lease liabilities	12.2		23.1		11.3

As of October 31, 2023, future maturities of lease liabilities with original terms in excess of one year were as follows:


	(In millions)
Year ending October 31,	Operating Leases		Finance Leases
2024	$	9.0	$	2.5
2025	8.5		1.6
2026	8.0		1.5
2027	7.5		1.5
2028	7.0		1.5
Thereafter	79.7		34.0
Total undiscounted future minimum lease payments	$	119.7	$	42.6
Less imputed interest	(42.1)		(25.3)
Total discounted future minimum lease payments	$	77.6	$	17.3

Weighted average remaining lease terms and weighted average discount rates as of October 31, 2023 were as follows:


	Operating Leases		Finance Leases
Weighted average remaining lease term (in years)	15.8		23.4
Weighted average discount rate	5.4	%	9.4	%

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Oct. 31, 2023

Accounting Policies [Abstract]

Basis of presentation and consolidation

Reclassifications

Consolidation of VIE

Use of estimates

Cash, cash equivalents and restricted cash

Trade accounts receivable, Grower and fruit advances, Other accounts receivable

Trade accounts receivable

Grower and fruit advances

The Company makes advances to growers and foreign suppliers who supply fruit to the Company. Such advances reduce amounts otherwise due to the growers or suppliers for fruit sales.

Other accounts receivable

Other accounts receivable represent non-trade receivables and primarily consist of value-added taxes (“VAT”) collected on behalf of tax authorities.

Inventory

Property, plant and equipment, net


		October 31,
(In millions)	Useful lives	2023		2022
Land		$	157.9	$	141.4
Orchards/trees/bushes	7 to 25 years	129.1		102.0
Buildings and improvements	20 to 40 years	124.6		120.1
Equipment	3 to 20 years	235.8		201.1
Construction-in-progress		29.0		47.0
Property, plant and equipment		$	676.4	$	611.6
Accumulated depreciation		(153.2)		(121.9)
Property, plant and equipment, net		$	523.2	$	489.7

Depreciation expense of property, plant and equipment, net was $31.3 million, $24.0 million, and $20.4 million for the years ended October 31, 2023, 2022 and 2021, respectively.

Farming costs for nonproductive orchards

Leases

Equity method investees

Long-lived assets

Goodwill

Fair value of financial instruments

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

There were no transfers between level 1, level 2 or level 3 measurements during the years ended October 31, 2023 and 2022.

Interest rate swaps

Revenue recognition

Stock-based compensation

Advertising costs

Advertising costs are expensed when incurred and are included as a component of selling, general and administrative expense.

Employee benefits

Income taxes

Interest income or expense/penalties attributable to the overpayment or underpayment, respectively, of income taxes is recognized as an element of our provision for income taxes.

Foreign currency translation and remeasurement

Earnings per share

Risk concentration

Recently issued accounting standards

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.

Details of Certain Account Balances (Tables)

12 Months Ended

Oct. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accrued expenses


	October 31,
(In millions)	2023		2022
Employee-related	$	12.8	$	16.3
Freight	4.5		6.2
Outside fruit purchase	2.7		1.0
VAT and local taxes payable	0.3		0.1
Legal settlement	0.8		0.8


Other	5.3		5.7
Accrued expenses	$	26.4	$	30.1

Schedule of Other long-term liabilities

Other long-term liabilities


	October 31,
(In millions)	2023		2022
Uncertain tax positions(1)	$	19.4	$	17.1
Employee-related	1.4		1.2
Trade payables to noncontrolling interest holders	4.5		.6
Other	1.1		.3
Other long-term liabilities	$	26.4	$	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


	Years Ended October 31,
(In millions)	2023		2022		2021
Gains on derivative financial instruments	$	(0.1)	$	(4.7)	$	(0.8)
Foreign currency transaction loss	1.8		2.0		1.6
Interest income	(1.5)		(1.7)		(1.7)
Debt extinguishment costs	—		—		0.1
Other	—		—		(0.5)
Other expense (income), net	$	0.2	$	(4.4)	$	(1.3)

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities for operating cash flows for operating lease liabilities	$ 8.1	$ 6.4	$ 5.5
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 12.2	$ 23.1	$ 11.3

Variable Interest Entity (Tables)

12 Months Ended

Oct. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

A summary of these balances, which are wholly included in our consolidated balance sheets, is as follows:


	October 31,
(In millions)	2023		2022
Current assets	$	30.0	$	28.9
Long-term assets	69.9		40.9
Current liabilities	17.0		17.3
Long-term liabilities	25.4		5.6

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Leases - Schedule of Lease-Related Assets and Liabilities (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 72.4	$ 65.4
Finance lease assets	18.1	3.8
Total lease assets	90.5	69.2
Operating leases—current portion	6.6	4.7
Finance leases—current portion	2.6	1.2
Operating leases, net of current portion	71.0	63.9
Finance leases, net of current portion	14.7	1.4
Total lease liabilities	$ 94.9	$ 71.2
Finance lease assets, statement of financial position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net

Leases (Tables)

12 Months Ended

Oct. 31, 2023

Leases [Abstract]

Schedule of Lease-Related Assets and Liabilities

Lease-related assets and liabilities on our consolidated balance sheets as of October 31, 2023 and 2022 were as follows:


		October 31,
(In millions)	Location on Consolidated Balance Sheets	2023		2022
Assets
Operating	Operating lease right-of-use assets	$	72.4	$	65.4
Finance	Property, plant and equipment, net	18.1		3.8
Total lease assets		$	90.5	$	69.2
Liabilities
Current
Operating	Operating leases—current portion	$	6.6	$	4.7
Finance	Finance leases—current portion	2.6		1.2
Noncurrent
Operating	Operating leases, net of current portion	71.0		63.9
Finance	Finance leases, net of current portion	14.7		1.4
Total lease liabilities		$	94.9	$	71.2

Schedule of Lease Costs Recognized

A summary of lease costs is set forth below:


(In millions)	Inventory		Property, plant and equipment		Cost of sales		Selling, general and administrative expenses		Interest Expense		Total
	Year ended October 31, 2023
Operating leases
Lease cost	$	0.1	$	—	$	8.4	$	1.8	$	—	$	10.3
Variable lease cost	—		—		2.4		—		—		2.4
Short-term lease cost	1.6		4.1		15.6		1.5		—		22.8
Finance leases
Amortization of right-of-use assets	—		—		1.3		0.1		—		1.4
Interest on lease liabilities	—		—		—		—		1.5		1.5
Total lease cost	$	1.7	$	4.1	$	27.7	$	3.4	$	1.5	$	38.4
	Year ended October 31, 2022
Operating leases
Lease cost	$	0.2	$	—	$	6.4	$	1.6	$	—	$	8.2
Variable lease cost	—		—		1.9		—		—		1.9
Short-term lease cost	1.9		3.5		11.5		1.0		—		17.9
Finance leases
Amortization of right-of-use assets	—		—		0.5		0.2		—		0.7
Interest on lease liabilities	—		—		—		—		0.2		0.2
Total lease cost	$	2.1	$	3.5	$	20.3	$	2.8	$	0.2	$	28.9
	Year ended October 31, 2021
Operating leases
Lease cost	$	—	$	—	$	3.9	$	2.6	$	—	$	6.5
Variable lease cost	—		—		0.8		0.1		—		0.9
Short-term lease cost	1.3		2.7		13.2		0.8		—		18.0
Finance leases
Amortization of right-of-use assets	—		—		0.7		0.4		—		1.1
Interest on lease liabilities	—		—		—		—		0.3		0.3
Total lease cost	$	1.3	$	2.7	$	18.6	$	3.9	$	0.3	$	26.8

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is set forth below:


	Years ended October 31,
(In millions)	2023		2022		2021

Cash paid for amounts included in the measurement of lease liabilities for operating cash flows for operating lease liabilities	$	8.1	$	6.4	$	5.5


Right-of-use assets obtained in exchange for new operating lease liabilities	12.2		23.1		11.3

Schedule of Future Maturities of Lease Liabilities

As of October 31, 2023, future maturities of lease liabilities with original terms in excess of one year were as follows:


	(In millions)
Year ending October 31,	Operating Leases		Finance Leases
2024	$	9.0	$	2.5
2025	8.5		1.6
2026	8.0		1.5
2027	7.5		1.5
2028	7.0		1.5
Thereafter	79.7		34.0
Total undiscounted future minimum lease payments	$	119.7	$	42.6
Less imputed interest	(42.1)		(25.3)
Total discounted future minimum lease payments	$	77.6	$	17.3

Schedule of Future Maturities of Lease Liabilities

As of October 31, 2023, future maturities of lease liabilities with original terms in excess of one year were as follows:


	(In millions)
Year ending October 31,	Operating Leases		Finance Leases
2024	$	9.0	$	2.5
2025	8.5		1.6
2026	8.0		1.5
2027	7.5		1.5
2028	7.0		1.5
Thereafter	79.7		34.0
Total undiscounted future minimum lease payments	$	119.7	$	42.6
Less imputed interest	(42.1)		(25.3)
Total discounted future minimum lease payments	$	77.6	$	17.3

Weighted Average Remaining Lease Terms and Discount Rates

Weighted average remaining lease terms and weighted average discount rates as of October 31, 2023 were as follows:


	Operating Leases		Finance Leases
Weighted average remaining lease term (in years)	15.8		23.4
Weighted average discount rate	5.4	%	9.4	%

Details of Certain Account Balances - Other expense (income), net (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gains on derivative financial instruments	$ (0.1)	$ (4.7)	$ (0.8)
Foreign currency transaction loss	1.8	2.0	1.6
Interest income	(1.5)	(1.7)	(1.7)
Debt extinguishment costs	0.0	0.0	0.1
Other	0.0	0.0	(0.5)
Other expense (income), net	$ 0.2	$ (4.4)	$ (1.3)

Fair Value Measurements

12 Months Ended

Oct. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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


	October 31, 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	0.4		—		0.4		—		2.6		—		2.6		—

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

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

CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Income Statement [Abstract]
Net sales	$ 953.9	$ 1,045.9	$ 891.7
Cost of sales	870.6	956.1	767.2
Gross profit	83.3	89.8	124.5
Selling, general and administrative expenses	76.4	77.5	63.6
Goodwill impairment	0.0	49.5	0.0
Operating income (loss)	6.9	(37.2)	60.9
Interest expense	(11.6)	(5.5)	(3.7)
Equity method income	4.0	5.1	7.5
Remeasurement gain on acquisition of equity method investee	0.0	2.0	0.0
Other (expense) income, net	(0.2)	4.4	1.3
(Loss) income before income taxes	(0.9)	(31.2)	66.0
Provision for income taxes	2.2	3.7	21.1
Net (loss) income	(3.1)	(34.9)	44.9
Net loss attributable to noncontrolling interest	(0.3)	(0.3)	0.0
Net (loss) income attributable to Mission Produce	$ (2.8)	$ (34.6)	$ 44.9
Net (loss) income per share attributable to Mission Produce:
Basic (in dollars per share)	$ (0.04)	$ (0.49)	$ 0.64
Diluted (in dollars per share)	$ (0.04)	$ (0.49)	$ 0.63

Debt - Future Principal Payments on Debt (Details) $ in Millions	Oct. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 6.1
2025	3.0
2026	3.0
2027	95.5
2028	8.8
Thereafter	38.8
Future principal payments	$ 155.2

Inventory (Tables)

12 Months Ended

Oct. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Major classes of inventory were as follows:


	October 31,
(In millions)	2023		2022
Finished goods	$	29.5	$	33.8
Crop growing costs	21.5		19.5
Packaging and supplies	19.8		19.8
Inventory	$	70.8	$	73.1

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Oct. 31, 2023	Dec. 01, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Oct. 31, 2023
Current Fiscal Year End Date	--10-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 483
Entity Common Stock, Shares Outstanding		70,729,717
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Certain sections of the registrant’s definitive proxy statement for the 2024 annual meeting of stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Form 10-K are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001802974

Income Taxes - Schedule of Components of the Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Current
Federal	$ 3.2	$ 0.5	$ 2.2
State	0.6	(0.1)	0.6
Foreign	4.8	3.9	9.5
Total current	8.6	4.3	12.3
Deferred
Federal	(2.9)	0.7	2.6
State	(0.1)	0.2	0.3
Foreign	(3.4)	(1.5)	5.9
Total deferred	(6.4)	(0.6)	8.8
Provision for income taxes	$ 2.2	$ 3.7	$ 21.1

Debt (Tables)

12 Months Ended

Oct. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt under the BoA credit facility consisted of the following:


	October 31,
(In millions)	2023		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 October 31, 2023 and 2022 the interest rate was 7.42% and 5.34%, respectively. Interest is payable monthly and principal is due in full in October 2027.	$	55.0	$	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 October 31, 2023 and 2022, the interest rate was 7.42% and 5.58%, respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2027.	47.5		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 October 31, 2023 and 2022, the interest rate was 7.67% and 5.83% respectively. Interest is payable monthly, principal is payable quarterly and due in full in October 2029.	49.5		50.0
Note payable to BoA. Payable in monthly installments including interest at a fixed rate of 3.96% as of both October 31, 2023 and 2022. Principal is due July 2024.	0.4		1.0
Total long-term debt	152.4		141.0
Less debt issuance costs	(0.4)		(0.6)
Long-term debt, net of debt issuance costs	152.0		140.4
Less current portion of long-term debt	(3.4)		(3.5)
Long-term debt, net of current portion	$	148.6	$	136.9

Schedule of Future Principal Payments on Debt

As of October 31, 2023, future principal payments for our total debt were as follows:


Year ending October 31,	(In millions)
2024	$	6.1
2025	3.0
2026	3.0
2027	95.5
2028	8.8
Thereafter	38.8
	$	155.2

- 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://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Inventory (Details) - USD ($) $ in Millions	12 Months Ended
Inventory (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Inventory [Line Items]
Finished goods	$ 29.5	$ 33.8
Crop growing costs	21.5	19.5
Packaging and supplies	19.8	19.8
Inventory	70.8	73.1
Increase (decrease) in inventories	(3.0)	15.3	$ 11.2
Moruga
Inventory [Line Items]
Increase (decrease) in inventories	$ 0.5	$ 0.7

Segment Information - Adjustments for EBITDA by Segment (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	May 01, 2022	Oct. 31, 2022	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Segment Reporting Information [Line Items]
Net (loss) income			$ (3.1)	$ (34.9)	$ 44.9
Interest expense			11.6	5.5	3.7
Provision for income taxes			2.2	3.7	21.1
Depreciation and amortization			32.8	24.8	20.4
Equity method income			(4.0)	(5.1)	(7.5)
Stock-based compensation			4.5	3.6	2.6
Executive severance			1.3	0.0	0.0
Legal settlement			0.0	0.0	0.8
Asset impairment and disposals, net of insurance recoveries			1.3	0.4	(0.2)
Farming costs for nonproductive orchards			1.8	1.5	0.8
ERP costs			2.2	4.6	0.0
Goodwill impairment			0.0	49.5	0.0
Remeasurement gain on business combination with Moruga			0.0	(2.0)	0.0
Transaction costs			0.3	0.6	0.0
Amortization of inventory adjustment recognized from business combination			0.7	0.4	0.0
Other expense (income), net			0.2	(4.4)	(1.3)
Noncontrolling interests			(3.4)	(0.6)	0.0
Moruga
Segment Reporting Information [Line Items]
Depreciation and amortization			2.4	1.4	0.2
Remeasurement gain on business combination with Moruga	$ (2.0)
Operating Segments
Segment Reporting Information [Line Items]
Total reportable segment adjusted EBITDA			48.4	47.6	85.3
Marketing & Distribution \| Operating Segments
Segment Reporting Information [Line Items]
Total reportable segment adjusted EBITDA			40.1	23.5	51.4
International Farming
Segment Reporting Information [Line Items]
Goodwill impairment		$ (49.5)		49.5
International Farming \| Operating Segments
Segment Reporting Information [Line Items]
Total reportable segment adjusted EBITDA			3.1	23.3	33.9
Blueberries
Segment Reporting Information [Line Items]
Goodwill impairment				0.0
Blueberries \| Operating Segments
Segment Reporting Information [Line Items]
Total reportable segment adjusted EBITDA			$ 5.2	$ 0.8	$ 0.0

Shareholders' Equity - Schedule of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Oct. 31, 2023 USD ($) $ / shares shares
CEO Award
Number of options outstanding
Options outstanding, beginning of period (in shares) \| shares	1,700
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Options outstanding, end of period (in shares) \| shares	1,700
Options vested and expected to vest (in shares) \| shares	1,700
Options exercisable (in shares) \| shares	1,530
Weighted-average exercise price
Outstanding, beginning of period (in usd per share)	$ 13.74
Exercised (in usd per share)
Outstanding, end of period (in usd per share)	13.74
Weighted-average exercise price of options vested and expected to vest (in usd per share)	13.74
Weighted-average exercise price of options exercisable (in usd per share)	$ 13.74
Weighted-average remaining life
Weighted-average remaining life of options outstanding (in years)	5 years 8 months 12 days
Weighted-average remaining life of options vested and expected to vest (in years)	5 years 8 months 12 days
Weighted-average remaining life of options exercisable (in years)	5 years 8 months 12 days
Aggregate intrinsic value
Aggregate intrinsic value of options outstanding \| $	$ 0.0
Aggregate intrinsic value of options vested and expected to vest \| $	0.0
Aggregate intrinsic value of options exercisable \| $	$ 0.0
Number of options unvested
Options unvested, beginning of period (in shares) \| shares	340
Options vested (in shares) \| shares	(170)
Options unvested, end of period (in shares) \| shares	170
Weighted average grant-date fair value
Weighted average grant-date fair value of options unvested (in usd per share) (beginning of period)	$ 5.35
Weighted-average grant-date fair value of options, granted (in usd per share)	0
Weighted-average grant-date fair value of options, vested (in usd per share)	5.35
Weighted average grant-date fair value of options unvested, forfeited (in usd per share)	0
Weighted average grant-date fair value of options unvested (in usd per share) (end of period)	$ 5.35
2020 Incentive Award Plan
Number of options outstanding
Options outstanding, beginning of period (in shares) \| shares	448
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(19)
Forfeited (in shares) \| shares	(10)
Expired (in shares) \| shares	(40)
Options outstanding, end of period (in shares) \| shares	379
Options vested and expected to vest (in shares) \| shares	379
Options exercisable (in shares) \| shares	280
Weighted-average exercise price
Outstanding, beginning of period (in usd per share)	$ 11.69
Granted (in usd per share)	0
Exercised (in usd per share)	4.78
Forfeited (in usd per share)	12.00
Expired (in usd per share)	12.00
Outstanding, end of period (in usd per share)	12.00
Weighted-average exercise price of options vested and expected to vest (in usd per share)	12.00
Weighted-average exercise price of options exercisable (in usd per share)	$ 12.00
Weighted-average remaining life
Weighted-average remaining life of options outstanding (in years)	6 years 10 months 24 days
Weighted-average remaining life of options vested and expected to vest (in years)	6 years 10 months 24 days
Weighted-average remaining life of options exercisable (in years)	6 years 10 months 24 days
Aggregate intrinsic value
Aggregate intrinsic value of options outstanding \| $	$ 0.0
Aggregate intrinsic value of options vested and expected to vest \| $	0.0
Aggregate intrinsic value of options exercisable \| $	$ 0.0
Number of options unvested
Options unvested, beginning of period (in shares) \| shares	208
Options vested (in shares) \| shares	(99)
Options unvested, end of period (in shares) \| shares	99
Weighted average grant-date fair value
Weighted average grant-date fair value of options unvested (in usd per share) (beginning of period)	$ 3.61
Weighted-average grant-date fair value of options, granted (in usd per share)	0
Weighted-average grant-date fair value of options, vested (in usd per share)	3.61
Weighted average grant-date fair value of options unvested, forfeited (in usd per share)	3.61
Weighted average grant-date fair value of options unvested (in usd per share) (end of period)	$ 3.61

Segment Information - Property, Plant and Equipment, Net by Geographic Area (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 523.2	$ 489.7
North America
Segment Reporting Information [Line Items]
Property, plant and equipment, net	141.7	153.0
South America
Segment Reporting Information [Line Items]
Property, plant and equipment, net	370.5	331.9
Europe
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 11.0	$ 4.8

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Oct. 31, 2023 USD ($)	Oct. 31, 2022 USD ($) derivativeInstrument	Oct. 31, 2021 USD ($)	May 01, 2022
Concentration Risk [Line Items]
Loans from noncontrolling interest holders—current portion	$ 0.5	$ 0.0
Other long-term liabilities	(26.4)	(19.2)
Value added taxes included in miscellaneous receivables	11.8	14.4
Depreciation expense	31.3	24.0	$ 20.4
Advertising costs	$ 0.2	0.3	0.3
Employee deferral limit	60.00%
Employee benefit contributions made by employer	$ 1.0	$ 0.9	$ 0.9
Revision of Prior Period, Reclassification, Adjustment
Concentration Risk [Line Items]
Loans from noncontrolling interest holders—current portion	1.0
Other long-term liabilities	$ 1.0
Retirement Plan Contribution Tier One
Concentration Risk [Line Items]
Employer matching contribution	100.00%
Employer matching contribution, percent of employees' pay	3.00%
Retirement Plan Contribution Tier Two
Concentration Risk [Line Items]
Employer matching contribution	50.00%
Interest Rate Swap
Concentration Risk [Line Items]
Number of derivative instruments \| derivativeInstrument		4
Notional amount	$ 25.0	$ 100.0
Fixed interest rate	2.30%
Minimum \| Retirement Plan Contribution Tier One
Concentration Risk [Line Items]
Employer matching contribution	3.00%
Minimum \| Interest Rate Swap \| LIBOR
Concentration Risk [Line Items]
Interest rate spread over LIBOR		1.75%
Maximum \| Retirement Plan Contribution Tier Two
Concentration Risk [Line Items]
Employer matching contribution, percent of employees' pay	5.00%
Maximum \| Interest Rate Swap \| LIBOR
Concentration Risk [Line Items]
Interest rate spread over LIBOR		2.57%
Customer Concentration Risk \| Customer One \| Sales
Concentration Risk [Line Items]
Concentration risk, percentage	18.00%	13.00%
Customer Concentration Risk \| Customer One \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%	13.00%
Customer Concentration Risk \| Customer Two \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	8.00%	11.00%
Customer Concentration Risk \| Customer Three \| Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage	6.00%	12.00%
Customer Concentration Risk \| Top Ten Customers \| Sales
Concentration Risk [Line Items]
Concentration risk, percentage	65.00%	59.00%	59.00%
Moruga
Concentration Risk [Line Items]
Ownership interest	60.00%			60.00%

Shareholders' Equity - Schedule of Activity for Restricted Stock Unit Awards And Performance Share (Details)	12 Months Ended
	Oct. 31, 2023 $ / shares shares
RSUs \| Employees
Units (in thousands)
Outstanding at beginning of period (in shares) \| shares	280,000
Granted (in shares) \| shares	375,000
Vested (in shares) \| shares	(98,000)
Forfeited (in shares) \| shares	(40,000)
Outstanding at end of period (in shares) \| shares	517,000
Weighted average grant-date fair value per unit
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 15.99
Granted (in dollars per share) \| $ / shares	11.87
Vested (in dollars per share) \| $ / shares	15.65
Forfeited (in dollars per share) \| $ / shares	11.85
Outstanding at end of period (in dollars per share) \| $ / shares	$ 13.38
RSUs \| Board of Directors
Units (in thousands)
Outstanding at beginning of period (in shares) \| shares	68,000
Granted (in shares) \| shares	73,000
Vested (in shares) \| shares	(68,000)
Forfeited (in shares) \| shares	0
Outstanding at end of period (in shares) \| shares	73,000
Vested and deferred at end of period (in shares) \| shares	34,000
Weighted average grant-date fair value per unit
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 12.90
Granted (in dollars per share) \| $ / shares	11.18
Vested (in dollars per share) \| $ / shares	12.90
Forfeited (in dollars per share) \| $ / shares	0
Outstanding at end of period (in dollars per share) \| $ / shares	11.18
Vested and deferred at end of period (in dollars per share) \| $ / shares	$ 14.94
PSUs
Units (in thousands)
Outstanding at beginning of period (in shares) \| shares	95,000
Granted (in shares) \| shares	177,000
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(20,000)
Outstanding at end of period (in shares) \| shares	252,000
Weighted average grant-date fair value per unit
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 15.89
Granted (in dollars per share) \| $ / shares	11.90
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	12.27
Outstanding at end of period (in dollars per share) \| $ / shares	$ 13.38

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions

Total

Common stock

Additional paid-in capital

Notes receivable from shareholders

Accumulated other comprehensive loss

Retained earnings

Noncontrolling interest

Beginning balance (in shares) at Oct. 31, 2020

70,550,922

Beginning balance at Oct. 31, 2020

$ 473.5

$ 0.1

$ 222.8

$ (0.1)

$ (0.5)

$ 251.2

$ 0.0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation

2.6

Exercise of stock options (in shares)

22,272

Exercise of stock options

0.2

Issuance of common stock for equity awards (in shares)

58,331

Repayment of stock option notes receivable

0.1

Net (loss) income

44.9

Cumulative effect of change in tax accounting principle | Accounting Standards Update 2019-12

^[1]

12.9

Ending balance (in shares) at Oct. 31, 2021

70,631,525

Ending balance at Oct. 31, 2021

534.2

$ 0.1

225.6

0.0

(0.5)

309.0

0.0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation

3.6

Issuance of common stock for equity awards (in shares)

38,010

Issuance of common stock for equity awards, net of shares withheld for the settlement of taxes

0.1

Net (loss) income

(34.9)

(34.6)

(0.3)

Acquired noncontrolling interest

20.2

Contributions from noncontrolling interest holders

0.9

Other comprehensive income

(1.2)

Ending balance (in shares) at Oct. 31, 2022

70,669,535

Ending balance at Oct. 31, 2022

522.9

$ 0.1

229.3

0.0

(1.7)

274.4

20.8

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation

4.5

Exercise of stock options (in shares)

19,043

Exercise of stock options

0.1

Issuance of common stock for equity awards (in shares)

107,004

Issuance of common stock for equity awards, net of shares withheld for the settlement of taxes

(0.5)

Purchase and retirement of stock (in shares)

(67,178)

Purchase and retirement of common stock

(0.6)

Net (loss) income

(3.1)

(2.8)

(0.3)

Contributions from noncontrolling interest holders

4.2

Other comprehensive income

0.8

Ending balance (in shares) at Oct. 31, 2023

70,728,404

Ending balance at Oct. 31, 2023

$ 528.3

$ 0.1

$ 233.4

$ 0.0

$ (0.9)

$ 271.0

$ 24.7

[1]	Related to the adoption of income tax guidance ASU 2019-12, wherein we derecognized a deferred tax liability against retained earnings.

Business Combination - Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	May 01, 2022	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 39.4	$ 39.4	$ 76.4
Moruga
Business Acquisition [Line Items]
Ownership interest	100.00%
Fair value of 100% of Moruga	$ 50.4
Inventory	7.7
Other current assets	7.7
Property, plant and equipment	29.6
Intangible asset	2.8
Other assets	5.6
Goodwill	12.5
Current liabilities	(4.5)
Deferred tax liability	(3.0)
Other liabilities	(8.0)
Total identifiable net assets	$ 50.4

Earnings Per Share

12 Months Ended

Oct. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share


	Years Ended October 31,
	2023		2022		2021
Numerator:
Net (loss) income attributable to Mission Produce (in millions)	$	(2.8)	$	(34.6)	$	44.9
Denominator:
Weighted average shares of common stock outstanding, used in computing basic earnings per share	70,750,239		70,647,469		70,583,424
Effect of dilutive stock options	—		—		466,227
Effect of dilutive RSUs	—		—		18,830
Weighted average shares of common stock outstanding, used in computing diluted earnings per share	70,750,239		70,647,469		71,068,481
Earnings per share
Basic	$	(0.04)	$	(0.49)	$	0.64
Diluted	$	(0.04)	$	(0.49)	$	0.63


	Years Ended October 31,
	2023	2022	2021
Anti-dilutive stock options	2,097,239	606,453	145,735
Anti-dilutive RSUs	588,266	200,681	24,540

Earnings Per Share - Awards Excluded from Computation of Diluted EPS (Details) - shares	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	2,097,239	606,453	145,735
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	588,266	200,681	24,540

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 127,000,000.0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (3.1)	$ (34.9)	$ 44.9
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	0.8	(1.2)	0.0
Comprehensive (loss) income	(2.3)	(36.1)	44.9
Net loss attributable to noncontrolling interest	(0.3)	(0.3)	0.0
Comprehensive (loss) income attributable to Mission Produce	$ (2.0)	$ (35.8)	$ 44.9

- 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

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ 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

Related Party Transactions - Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Related Party Transaction [Line Items]
Other	$ 12.4	$ 17.3
Property, plant and equipment, net	523.2	489.7
Total discounted future minimum lease payments	17.3
Equity Method Investees \| Henry Avocado
Related Party Transaction [Line Items]
Other	0.0	0.0
Property, plant and equipment, net	0.0	0.0
Accounts payable & accrued expenses	0.1	0.0
Total discounted future minimum lease payments	0.0	0.0
Equity Method Investees \| Mr. Avocado
Related Party Transaction [Line Items]
Other	2.9	1.5
Property, plant and equipment, net	0.0	0.0
Accounts payable & accrued expenses	0.0	0.0
Total discounted future minimum lease payments	0.0	0.0
Equity Method Investees \| Copaltas
Related Party Transaction [Line Items]
Other		0.0
Property, plant and equipment, net		0.0
Accounts payable & accrued expenses		0.0
Total discounted future minimum lease payments		0.0
Equity Method Investees \| Moruga
Related Party Transaction [Line Items]
Other		0.0
Property, plant and equipment, net		0.0
Accounts payable & accrued expenses		0.0
Total discounted future minimum lease payments		0.0
Directors/Officers
Related Party Transaction [Line Items]
Other	0.1	0.1
Property, plant and equipment, net	15.2	0.0
Accounts payable & accrued expenses	0.2	2.5
Total discounted future minimum lease payments	15.7	0.0
Employees
Related Party Transaction [Line Items]
Other	0.0	0.0
Property, plant and equipment, net	0.0	0.0
Accounts payable & accrued expenses	0.5	0.4
Total discounted future minimum lease payments	$ 0.0	$ 0.0

Shareholders' Equity (Tables)

12 Months Ended

Oct. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense under these plans and the total related recognized tax benefit were as follows:


	Years Ended October 31,
(In millions)	2023		2022		2021
RSUs	$	3.4	$	2.0	$	1.1
PSUs	0.1		0.3		—
Stock options	1.0		1.3		1.5
Total stock-based compensation expense under incentive plans, pretax	4.5		3.6		2.6
Tax benefit	0.4		—		0.1

Schedule of Activity for Restricted Stock Unit Awards

Activity for awards during the year ended October 31, 2023 was as follows:


	Units (in thousands)	Weighted average grant-date fair value per unit
Outstanding at October 31, 2022	280	$	15.99
Granted	375	11.87
Vested	(98)	15.65
Forfeited	(40)	11.85
Outstanding at October 31, 2023	517	$	13.38

Activity for RSU awards for directors during the year ended October 31, 2023 was as follows:


	Units (in thousands)	Weighted average grant-date fair value per unit
Outstanding at October 31, 2022	68	$	12.90
Granted	73	11.18
Vested	(68)	12.90
Forfeited	—	—
Outstanding at October 31, 2023	73	$	11.18
Vested and deferred at October 31, 2023	34	$	14.94

Schedule of Activity for Performance Shares

Activity for PSU awards during the year ended October 31, 2023 was as follows.


	Units (in thousands)	Weighted average grant-date fair value per unit
Unvested at October 31, 2022	95	$	15.89
Granted at target	177	11.90

Vested	—	—
Forfeited	(20)	12.27
Unvested at October 31, 2023	252	$	13.38

Schedule of Stock Option Activity

Stock option activity for an award granted to our CEO in 2019, prior to our initial public offering (“CEO Award”) during the year ended October 31, 2023 was as follows:


	Number of options (in thousands)	Weighted-average exercise price		Weighted-average remaining life (in years)	Aggregate intrinsic value (in millions)
Outstanding at October 31, 2022	1,700	$	13.74
Granted	—
Exercised	—
Forfeited	—
Outstanding at October 31, 2023	1,700	$	13.74	5.7	$	—
Vested and expected to vest at October 31, 2023	1,700	$	13.74	5.7	$	—
Exercisable at October 31, 2023	1,530	$	13.74	5.7	$	—


	Number of options (in thousands)	Weighted average grant-date fair value
Unvested at October 31, 2022	340	$	5.35
Granted	—	—
Vested	(170)	5.35
Forfeited	—	—
Unvested at October 31, 2023	170	$	5.35

Activity for these awards during the year ended October 31, 2023 was as follows:


	Number of options (in thousands)	Weighted-average exercise price		Weighted-average remaining life (in years)	Aggregate intrinsic value (in millions)
Outstanding at October 31, 2022	448	$	11.69
Granted	—	—
Exercised	(19)	4.78
Forfeited	(10)	12.00
Expired	(40)	12.00
Outstanding at October 31, 2023	379	$	12.00	6.9	$	—
Vested and expected to vest at October 31, 2023	379	12.00		6.9	—
Exercisable at October 31, 2023	280	$	12.00	6.9	$	—


	Number of options (in thousands)	Weighted average grant-date fair value
Unvested at October 31, 2022	208	$	3.61
Granted	—	—
Vested	(99)	3.61
Forfeited	(10)	3.61
Unvested at October 31, 2023	99	$	3.61

Goodwill and Intangible Asset, net - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Oct. 31, 2022 USD ($) multiple	Oct. 31, 2023 USD ($) reporting_unit	Oct. 31, 2022 USD ($) multiple	Oct. 31, 2021 USD ($)
Goodwill [Line Items]
Goodwill impairment \| $		$ 0.0	$ 49.5	$ 0.0
Number of reporting units \| reporting_unit		2
Intangible asset, useful life		2 years
Amortization of intangible assets \| $		$ 1.5	$ 0.8
Expected amortization \| $		$ 0.5
Measurement Input, BEV To EDITDA, First Forecast Year
Goodwill [Line Items]
Goodwill impairment	12.0		12.0
Measurement Input, BEV To EDITDA, Second Forecast Year
Goodwill [Line Items]
Goodwill impairment	8.0		8.0
Measurement Input, Mean BEV To EDITDA
Goodwill [Line Items]
Goodwill impairment	10.0		10.0
Measurement Input, Median BEV To EBITDA
Goodwill [Line Items]
Goodwill impairment	8.8		8.8
Measurement Input, DCF Model, Discount Rate
Goodwill [Line Items]
Goodwill impairment	0.175		0.175
International Farming
Goodwill [Line Items]
Goodwill impairment \| $	$ (49.5)		$ 49.5

Variable Interest Entity

12 Months Ended

Oct. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

Assets of our variable interest in Moruga may only be used to settle its own liabilities and creditors of Moruga only have recourse for the liabilities of Moruga. A summary of these balances, which are wholly included in our consolidated balance sheets, is as follows:


	October 31,
(In millions)	2023		2022
Current assets	$	30.0	$	28.9
Long-term assets	69.9		40.9
Current liabilities	17.0		17.3
Long-term liabilities	25.4		5.6

Goodwill and Intangible Asset, net - Intangible Asset, Net (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset, gross	$ 2.8	$ 2.8
Accumulated amortization	(2.3)	(0.8)
Intangible asset, net	$ 0.5	$ 2.0

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Oct. 31, 2023 shares	Oct. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Luis A. Gonzalez [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Luis A. Gonzalez, one of the Company’s directors, and his spouse, Rosario Del Pilar Vallejos Hinojosa, have adopted a trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “Gonzalez Sales Plan”) to sell an aggregate of 1,651,500 shares they hold indirectly through Beldar Enterprises S.A., and through Corp SA1, Corp SA2, Corp SA3, and Corp SA4, which are abbreviations for four affiliate corporations that are organized under the laws of Panama. The Gonzalez Sales Plan was adopted on July 14, 2023, with sales commencing under the Gonzalez Sales Plan on October 16, 2023. The Gonzalez Sales Plan terminates on the earliest to occur of (a) the close of business on October 16, 2024 ; (b) the date on which the total shares subject to the Gonzalez Sales Plan have been sold; and (c) the date the Gonzalez Sales Plan is terminated in connection with certain extraordinary transactions as specified by the terms of the Gonzalez Sales Plan.
Name	Luis A. Gonzalez
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	July 14, 2023
Arrangement Duration	366 days
Aggregate Available	1,651,500	1,651,500
Jay A. Pack [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Jay A. Pack, one of the Company’s directors, has adopted a trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “Pack Sales Plan”) to sell an aggregate of 150,000 shares held indirectly through PFP Investments, Ltd. The Pack Sales Plan was adopted on October 10, 2023, with sales commencing under the Pack Sales Plan on January 18, 2024. The Pack Sales Plan terminates on the earliest to occur of (a) July 17, 2024; (b) the completion of all sales contemplated under the Pack Sales Plan; and (c) the date the Pack Sales Plan is terminated in connection with certain events or transactions as specified by the terms of the Pack Sales Plan.
Name	Jay A. Pack
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	October 10, 2023
Arrangement Duration	181 days
Aggregate Available	150,000	150,000

Income Taxes (Tables)

12 Months Ended

Oct. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of the Provision for Income Taxes

The components of the provision for income taxes were as follows:


	Years Ended October 31,
(In millions)	2023		2022		2021
Current
Federal	$	3.2	$	0.5	$	2.2
State	0.6		(0.1)		0.6
Foreign	4.8		3.9		9.5
Total current	8.6		4.3		12.3
Deferred
Federal	(2.9)		0.7		2.6
State	(0.1)		0.2		0.3
Foreign	(3.4)		(1.5)		5.9
Total deferred	(6.4)		(0.6)		8.8
Provision for income taxes	$	2.2	$	3.7	$	21.1

Schedule of U.S. and foreign components of income before income taxes

U.S. and foreign components of (loss) income before income taxes were as follows:


	Years Ended October 31,
(In millions)	2023		2022		2021
U.S.	$	8.2	$	1.9	$	20.8
Foreign	(9.1)		(33.1)		45.2
(Loss) income before income taxes	$	(0.9)	$	(31.2)	$	66.0

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes computed at the federal statutory tax rate to income taxes as reflected in the financial statements is as follows. Certain reconciling items that were presented in other, net in previous periods have been reclassified to conform with current period presentation.


	Years Ended October 31,
	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	(37.4)	%	(0.7)	%	1.0	%
GILTI	—	%	(1.9)	%	2.3	%
Non-deductible executive compensation	(38.7)	%	(0.9)	%	0.5	%
Foreign rate differential	(16.0)	%	0.4	%	(1.2)	%
Excess tax benefits from share-based compensation	(14.6)	%	—	%	(0.2)	%
Prior year adjustments	(7.0)	%	1.2	%	0.7	%
Change in valuation allowance	(142.5)	%	(0.8)	%	(1.1)	%
Foreign tax credits	—	%	0.8	%	(0.9)	%
Peru income tax rate change	—	%	1.8	%	8.3	%
Change in unrecognized tax benefits	(60.7)	%	(2.8)	%	0.9	%
Mexican advance payment write-off	(190.3)	%	—	%	—	%
ASC 740-30 (formerly APB 23) change	189.1	%	—	%	—	%
Goodwill impairment	—	%	(33.4)	%	—	%
Moruga fair value remeasurement	—	%	1.4	%	—	%
Other, net	40.5	%	1.9	%	0.7	%
Effective tax rate(1)	(256.6)	%	(12.0)	%	32.0	%

(1) May not sum due to rounding.

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities were as follows:


	October 31,
(In millions)	2023		2022
Accrued expenses	$	4.9	$	4.6
Net operating loss and other carryforwards	7.0		1.4
Business interest limitation carryforward	0.7		—
Inventory	0.6		0.6
Operating lease liabilities	16.0		13.8
Allowances, reserves, and other	1.3		1.4
Total deferred tax assets	30.5		21.8
Less: valuation allowance	(1.9)		(0.7)
Total net deferred tax assets	$	28.6	$	21.1
Equity interest in unconsolidated subsidiaries	(3.8)		(3.4)
Interest rate swaps	(0.1)		(0.6)
Property, plant and equipment	(24.7)		(23.8)
Operating lease right-of-use assets	(15.0)		(13.1)
Repatriation of foreign earnings	—		(1.5)
Total deferred tax liabilities	(43.6)		(42.4)
Total net deferred tax assets/(liabilities)	$	(15.0)	$	(21.3)

Roll Forward of Unrecognized Tax Benefits

A reconciliation of the total amounts of unrecognized tax benefits (exclusive of interest and penalties) is as follows:


	October 31,
(In millions)	2023		2022
Unrecognized tax benefits beginning of year	$	6.7	$	6.1
Increases related to prior year positions	0.2		0.5
Foreign currency remeasurement	0.7		0.1
Unrecognized tax benefits end of year	$	7.6	$	6.7

Segment Information

12 Months Ended

Oct. 31, 2023

Segment Reporting [Abstract]

Segment Information

Segment and Revenue Information

We have three operating segments which are also reportable segments. Our reportable segments are presented based on how information is used by our CEO, who is the chief operating decision maker, to measure performance and allocate resources. After the consolidation of Moruga on May 1, 2022 (refer to Notes 2 and 3 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 the vast majority of fruit produced is sold to our Marketing and Distribution segment. The segment’s farming activities range from cultivating early-stage plantings to harvesting from mature trees. It also earns service revenues for packing and processing fruit for both our Blueberries segment, as well as for third-party producers of other crops. Operations are principally located in Peru, with smaller operations emerging in other areas of Latin America.

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

The CEO evaluates and monitors segment performance primarily through segment sales and segment adjusted EBITDA. Adjusted EBITDA refers to net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by asset impairment and disposals, net of insurance recoveries, farming costs for nonproductive orchards (which represents land lease costs), certain noncash and nonrecurring ERP costs, transaction costs, material legal settlements, 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 & Distribution		International Farming		Blueberries		Total		Marketing & Distribution		International Farming		Blueberries(1)		Total		Marketing & Distribution		International Farming		Total
	Years ended October 31,
(In millions)	2023								2022								2021
Third party sales	$	889.9	$	11.6	$	52.4	$	953.9	$	1,016.1	$	19.1	$	10.7	$	1,045.9	$	872.0	$	19.7	$	891.7
Affiliated sales	—		78.6		—		78.6		—		95.6		—		95.6		—		84.9		84.9
Total segment sales	$	889.9	$	90.2	$	52.4	$	1,032.5	$	1,016.1	$	114.7	$	10.7	$	1,141.5	$	872.0	$	104.6	$	976.6
Intercompany eliminations	—		(78.6)		—		(78.6)		—		(95.6)		—		(95.6)		—		(84.9)		(84.9)
Total net sales	$	889.9	$	11.6	$	52.4	$	953.9	$	1,016.1	$	19.1	$	10.7	$	1,045.9	$	872.0	$	19.7	$	891.7

(1) The Blueberries segment was consolidated prospectively from May 1, 2022.

Supplemental sales information is as follows:


	Years Ended October 31,
(In millions)	2023		2022		2021
By type
Avocado	$	851.1	$	998.5	$	864.5
Blueberry(1)	52.4		10.7		—
Mango	37.3		17.5		6.0
Other	13.1		19.2		21.2
Total net sales	$	953.9	$	1,045.9	$	891.7
By customer location
United States	760.5		854.7		674.7
Rest of world	193.4		191.2		217.0
Total net sales	$	953.9	$	1,045.9	$	891.7

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

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


	Years Ended October 31,
(In millions)	2023		2022		2021
Marketing & Distribution adjusted EBITDA	$	40.1	$	23.5	$	51.4
International Farming adjusted EBITDA	3.1		23.3		33.9
Blueberries adjusted EBITDA	5.2		0.8		—
Total reportable segment adjusted EBITDA	$	48.4	$	47.6	$	85.3
Net (loss) income	(3.1)		(34.9)		44.9
Interest expense	11.6		5.5		3.7
Provision for income taxes	2.2		3.7		21.1
Depreciation and amortization(1)	32.8		24.8		20.4
Equity method income	(4.0)		(5.1)		(7.5)
Stock-based compensation	4.5		3.6		2.6
Executive severance	1.3		—		—
Legal settlement	—		—		0.8
Asset impairment and disposals, net of insurance recoveries	1.3		0.4		(0.2)
Farming costs for nonproductive orchards	1.8		1.5		0.8
ERP costs(2)	2.2		4.6		—
Goodwill impairment	—		49.5		—
Remeasurement gain on business combination with Moruga	—		(2.0)		—
Transaction costs	0.3		0.6		—
Amortization of inventory adjustment recognized from business combination	0.7		0.4		—
Other expense (income), net	0.2		(4.4)		(1.3)
Noncontrolling interest(3)	(3.4)		(0.6)		—
Total adjusted EBITDA	$	48.4	$	47.6	$	85.3

(1) Includes depreciation and amortization of purchase accounting assets of $2.4 million, $1.4 million and $0.2 million for the years ended October 31, 2023, 2022, and 2021, respectively.

(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.

Property, plant and equipment, net attributed to geographic areas was as follows:


	October 31,
(In millions)	2023		2022
North America	$	141.7	$	153.0
South America	370.5		331.9
Europe	11.0		4.8
Property, plant and equipment, net	$	523.2	$	489.7

- 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

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+ Details

Variable Interest Entity (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Variable Interest Entity [Line Items]
Total current assets	$ 220.1	$ 228.1
Total current liabilities	97.5	101.7
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total current assets	30.0	28.9
Long-term assets	69.9	40.9
Total current liabilities	17.0	17.3
Long-term liabilities	$ 25.4	$ 5.6

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.

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Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Shareholders' Equity - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense under incentive plans, pretax	$ 4.5	$ 3.6	$ 2.6
Tax benefit	0.4	0.0	0.1
RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense under incentive plans, pretax	3.4	2.0	1.1
PSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense under incentive plans, pretax	0.1	0.3	0.0
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense under incentive plans, pretax	$ 1.0	$ 1.3	$ 1.5

Debt - Long Term Debt Under Credit Facility (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 152.4	$ 141.0
Less debt issuance costs	(0.4)	(0.6)
Long-term debt, net of debt issuance costs	152.0	140.4
Less current portion of long-term debt	(3.4)	(3.5)
Less current portion of long-term debt	$ 148.6	$ 136.9
Revolving Credit
Debt Instrument [Line Items]
Interest rate	7.42%	5.34%
Revolving Credit \| Line of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 55.0	$ 40.0
Senior Term Loan A-1
Debt Instrument [Line Items]
Interest rate	7.42%	5.58%
Senior Term Loan A-1 \| Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 47.5	$ 50.0
Senior Term Loan A-2
Debt Instrument [Line Items]
Interest rate	7.67%	5.83%
Senior Term Loan A-2 \| Secured Debt
Debt Instrument [Line Items]
Total long-term debt	$ 49.5	$ 50.0
Notes Payable, BoA
Debt Instrument [Line Items]
Interest rate	3.96%	3.96%
Total long-term debt	$ 0.4	$ 1.0

Income Taxes

12 Months Ended

Oct. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The components of the provision for income taxes were as follows:


	Years Ended October 31,
(In millions)	2023		2022		2021
Current
Federal	$	3.2	$	0.5	$	2.2
State	0.6		(0.1)		0.6
Foreign	4.8		3.9		9.5
Total current	8.6		4.3		12.3
Deferred
Federal	(2.9)		0.7		2.6
State	(0.1)		0.2		0.3
Foreign	(3.4)		(1.5)		5.9
Total deferred	(6.4)		(0.6)		8.8
Provision for income taxes	$	2.2	$	3.7	$	21.1

U.S. and foreign components of (loss) income before income taxes were as follows:


	Years Ended October 31,
(In millions)	2023		2022		2021
U.S.	$	8.2	$	1.9	$	20.8
Foreign	(9.1)		(33.1)		45.2
(Loss) income before income taxes	$	(0.9)	$	(31.2)	$	66.0


	Years Ended October 31,
	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	(37.4)	%	(0.7)	%	1.0	%
GILTI	—	%	(1.9)	%	2.3	%
Non-deductible executive compensation	(38.7)	%	(0.9)	%	0.5	%
Foreign rate differential	(16.0)	%	0.4	%	(1.2)	%
Excess tax benefits from share-based compensation	(14.6)	%	—	%	(0.2)	%
Prior year adjustments	(7.0)	%	1.2	%	0.7	%
Change in valuation allowance	(142.5)	%	(0.8)	%	(1.1)	%
Foreign tax credits	—	%	0.8	%	(0.9)	%
Peru income tax rate change	—	%	1.8	%	8.3	%
Change in unrecognized tax benefits	(60.7)	%	(2.8)	%	0.9	%
Mexican advance payment write-off	(190.3)	%	—	%	—	%
ASC 740-30 (formerly APB 23) change	189.1	%	—	%	—	%
Goodwill impairment	—	%	(33.4)	%	—	%
Moruga fair value remeasurement	—	%	1.4	%	—	%
Other, net	40.5	%	1.9	%	0.7	%
Effective tax rate(1)	(256.6)	%	(12.0)	%	32.0	%

(1) May not sum due to rounding.

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of deferred tax assets and liabilities were as follows:


	October 31,
(In millions)	2023		2022
Accrued expenses	$	4.9	$	4.6
Net operating loss and other carryforwards	7.0		1.4
Business interest limitation carryforward	0.7		—
Inventory	0.6		0.6
Operating lease liabilities	16.0		13.8
Allowances, reserves, and other	1.3		1.4
Total deferred tax assets	30.5		21.8
Less: valuation allowance	(1.9)		(0.7)
Total net deferred tax assets	$	28.6	$	21.1
Equity interest in unconsolidated subsidiaries	(3.8)		(3.4)
Interest rate swaps	(0.1)		(0.6)
Property, plant and equipment	(24.7)		(23.8)
Operating lease right-of-use assets	(15.0)		(13.1)
Repatriation of foreign earnings	—		(1.5)
Total deferred tax liabilities	(43.6)		(42.4)
Total net deferred tax assets/(liabilities)	$	(15.0)	$	(21.3)

As of October 31, 2023, the Company had foreign net operating loss carryforwards of $27.5 million, $26.8 million of which, carries forward indefinitely. The Company's remaining foreign net operation loss carryforwards begin to expire in 2032.

The net change in the valuation allowance for deferred tax assets was $(1.2) million and $(0.2) million for the years ended October 31, 2023 and 2022, respectively. Our valuation allowances primarily relate to deferred tax assets in jurisdictions with current and historical losses as well as deferred tax assets which would generate capital losses and can only be realizable upon generation of future capital gains.

As of October 31, 2023, the Company has released its previously recorded deferred tax liability of $1.5 million for withholding tax that it previously expected to be due upon future distribution of approximately $28.1 million of foreign earnings from its International Farming operations in Peru given that the accumulated earnings are now assumed to be indefinitely reinvested. The Company has determined all other accumulated foreign earnings of $156.1 million to be indefinitely reinvested, as it is our intent to permanently reinvest these funds outside of the United States and our current plans do not demonstrate a need to repatriate the cash to fund our U.S. operations.

The Company may recognize the tax benefit from an uncertain tax position claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

A reconciliation of the total amounts of unrecognized tax benefits (exclusive of interest and penalties) is as follows:


	October 31,
(In millions)	2023		2022
Unrecognized tax benefits beginning of year	$	6.7	$	6.1
Increases related to prior year positions	0.2		0.5
Foreign currency remeasurement	0.7		0.1
Unrecognized tax benefits end of year	$	7.6	$	6.7

If recognized, the total amount of unrecognized tax benefits as of October 31, 2023 and 2022 would impact the effective tax rate. There is potential for significant changes to unrecognized tax benefits by the end of fiscal year 2023 with regards to the 2013 tax assessment as discussed below.

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company recorded $1.1 million, $0.6 million, and $0.9 million of interest and penalties in the years ended October 31, 2023, 2022 and 2021, respectively, in the consolidated statements of net (loss) income and had $9.4 million and $8.3 million for interest and penalties

accrued as of October 31, 2023 and 2022, respectively, which have been included in other long-term liabilities in the consolidated balance sheets.

We conduct business both domestically and internationally and, as a result, one or more of our subsidiaries files income tax returns in U.S. federal, U.S. state and certain foreign jurisdictions. Accordingly, in the normal course of business, we are subject to examination by taxing authorities, primarily in the United States, Mexico and Peru. The Company is no longer subject to U.S. federal tax examinations for the fiscal years prior to and including October 31, 2019, nor is it subject to U.S. state income tax examinations for fiscal years prior to and including October 31, 2018. The Company is no longer subject to income tax examinations in Mexico for calendar years prior to and including December 31, 2017, except for the 2013 calendar year, which is under audit as discussed below. The Company is no longer subject to income tax examinations in Peru for calendar years prior to and including December 31, 2017.

The Company’s wholly owned subsidiary in Mexico is currently under audit for the fiscal year 2013 and received certain proposed adjustments during fiscal year 2018 from the Mexican taxing authorities pertaining to disallowed deductions. During June 2018, the Company filed an administrative appeal challenging the 2013 tax assessment, which in June 2019 the authorities issued a resolution revoking the tax assessment and ordering the tax auditors to appraise some evidence and re-issue a new assessment in connection with one of the intermediaries. The Mexican subsidiary filed a tax lawsuit since the tax auditors did not appraise the evidence offered in connection with a significant portion of the disallowed deductions, which the Company is currently waiting for the resolution of the trial. The Company believes that is has adequately provided taxes for this matter.

In March 2020, the Company's wholly owned subsidiary in Mexico made an advance payment of income taxes related to disallowed deductions for tax years 2014-2017, which the Company paid but then immediately challenged in Court. At the time of payment and during the litigation the Company did not record an unrecognized tax benefit related to the deduction because we believed it was more likely than not that the tax position would be sustained. The case was lost in fiscal year 2023 and management decided not to appeal; accordingly, a $1.7 million charge was recognized in the provision for income taxes in fiscal year 2023.

On December 30, 2020, Peru enacted tax law repealing current tax law which provided benefits to agribusiness entities. The new law subjects us to higher Peruvian corporate income tax rates than the rate in effect on the date of repeal of 15%, as follows: 20% for calendar years 2023 to 2024, 25% for calendar years 2025 to 2027, and 29.5% thereafter. We remeasured our deferred tax balances based on the applicable tax rate in the year the deferred balances are expected to reverse. The increase to the net deferred tax liability for the change in Peruvian tax rate resulted in a $5.4 million increase to tax expense during fiscal year 2021.

In December 2021, the Organization for Economic Cooperation and Development (“OECD”), which is an international public policy setting organization comprised of member countries including the U.S., published a proposal for the establishment of a global minimum tax rate of 15% (the “Pillar Two rule”). The OECD has recommended that the Pillar Two rule become effective for fiscal years beginning after January 1, 2024, which is our fiscal 2025. To date, member states are in various stages of implementation and the OECD continues to refine technical guidance. We are closely monitoring developments of the Pillar Two rule and are currently evaluating the potential impact in each of the countries we operate in.

- 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

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Pay vs Performance Disclosure
Net (loss) income attributable to Mission Produce	$ (2.8)	$ (34.6)	$ 44.9

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Segment Information - Narrative (Details) - 12 months ended Oct. 31, 2023	segment	Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments	3	3

Business Combination

12 Months Ended

Oct. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combination

The Company owns a 60% equity interest in Moruga, which was established in 2014 when it began small-scale blueberry plantings in Peru. Since inception, Moruga has expanded to approximately 900 productive acres. On May 1, 2022, the shareholders of Moruga amended and restated its shareholders agreement (“the Amendment”), wherein certain supermajority requirements that previously prevented the Company from directing the primary activities of Moruga were removed. In connection with the Amendment, shareholders approved a new capital project to farm approximately 1,500 additional acres of blueberries in the Olmos region of Peru. Blueberries produced will be marketed through an agreement which gives exclusive marketing rights to a minority shareholder. The new capital project is anticipated to require a total investment of approximately $50 million, the majority of which will be funded by cash flow generated by Moruga and supplemented by pro-rata shareholder contributions based on each shareholders’ respective ownership interest.

The Amendment resulted in the consolidation of Moruga because the Company concluded that that Moruga was a VIE, and the Company could control the primary activities of Moruga and is the primary beneficiary of the entity. Upon consolidation, Moruga was accounted for using the acquisition method of accounting. In relation to our preexisting equity interest, we recognized a remeasurement gain of $2.0 million, calculated as the difference between our 60% investment carrying value of $28.2 million and its acquisition date fair value of $30.2 million.

Fair value allocation of Moruga

The fair value of Moruga is a Level 3 measurement in the fair value hierarchy. Management estimated the fair value of Moruga with the assistance of a third-party valuation specialist, using a combination of the GPC method under the market approach and the DCF method under the income approach. We applied an equal weighting to the value conclusions resulting from the two employed approaches, because there was sufficient information available to estimate fair value under both methods.

Under the GPC method, valuation multiples are calculated from the operating data and market metrics of the GPCs, and are then evaluated and adjusted based on the strengths and weaknesses of the entity relative to the comparable GPCs. The significant inputs used to estimate the fair value of the investment under the GPC method are the selected business enterprise value (“BEV”) to EBITDA multiple and BEV to revenue multiple. Of the derived multiples, we selected 8.0x for BEV to EBITDA and 1.1x for BEV to revenue. The mean and median multiples of the GPCs were 9.1x and 9.2x for BEV to EBITDA, respectively, and 1.1x and 0.7x for BEV to revenue, respectively.

Under the DCF method, the most significant inputs used to estimate the fair value are the cash flow projections, which are sensitive to the revenue projections, and the weighted average cost of capital ("WACC”) which is used to discount and present value the projected cash flows. For the revenue projections, we assumed a nearly flat annual growth rate based on the maturity of the existing blueberry plants for the discrete forecast period from 2023 to 2032, prior to reaching the terminal period. The WACC was estimated using a capital asset pricing model and the discount rate used to present value the future cash flows was 9%.

Goodwill represents the excess of the sum of the fair value of our previously held equity interest and the fair value of the noncontrolling interest, over the net of the acquisition-date values of the identifiable assets and liabilities assumed. The goodwill is attributable to our expected ability to utilize our existing infrastructure and workforce in Peru during the complementary periods between avocado harvest and processing seasons. The goodwill recognized is not deductible for income tax purposes.

Amounts of identifiable assets acquired and liabilities assumed as of the acquisition date were as follows:


	(In millions)
Fair value of 100% of Moruga	$	50.4

Recognized amounts of identifiable assets acquired and liabilities assumed:
Inventory	7.7
Other current assets	7.7
Property, plant and equipment	29.6
Intangible asset	2.8
Other assets	5.6
Goodwill	12.5
Current liabilities	(4.5)
Deferred tax liability	(3.0)
Other liabilities	(8.0)
	$	50.4

The fair value of the noncontrolling interest in Moruga on the acquisition date was $20.2 million.

Debt - Narrative (Details) $ in Millions	1 Months Ended
Debt - Narrative (Details) $ in Millions	Oct. 31, 2022 USD ($) loan	Oct. 31, 2018 USD ($)	Oct. 31, 2023 USD ($)
Derivative [Line Items]
Short-term debt	$ 2.5		$ 2.8
Short-term debt, percentage bearing variable interest rate	6.65%		10.46%
Letters of credit outstanding			$ 0.7
Minimum \| Blueberry Reporting Segment
Derivative [Line Items]
Short-term debt, percentage bearing variable interest rate			500.00%
Maximum \| Blueberry Reporting Segment
Derivative [Line Items]
Short-term debt, percentage bearing variable interest rate			6.50%
Bank of America Merrill Lynch
Derivative [Line Items]
Syndicated credit facility maximum			$ 250.0
Number of term loans \| loan	2
Accordion feature, available increase		$ 125.0
Bank of America Merrill Lynch \| Minimum
Derivative [Line Items]
Unused commitment fee percentage		0.18%
Bank of America Merrill Lynch \| Maximum
Derivative [Line Items]
Unused commitment fee percentage		0.30%
Bank of America Merrill Lynch \| Secured Overnight Financing Rate (SOFR) \| Minimum
Derivative [Line Items]
Interest rate spread over LIBOR		1.50%
Bank of America Merrill Lynch \| Secured Overnight Financing Rate (SOFR) \| Maximum
Derivative [Line Items]
Interest rate spread over LIBOR		2.50%
Senior Loans \| Bank of America Merrill Lynch
Derivative [Line Items]
Syndicated credit facility maximum			100.0
Line of Credit \| Bank of America Merrill Lynch
Derivative [Line Items]
Syndicated credit facility maximum			$ 150.0

Details of Certain Account Balances - Narrative (Details) - USD ($) $ in Millions	Oct. 31, 2023	Oct. 31, 2022
Product Information [Line Items]
Trade accounts receivable	$ 74.1	$ 62.9
Accounts payable	27.2	34.4
Noncontrolling Interest Holders
Product Information [Line Items]
Trade accounts receivable	5.7	2.5
Accounts payable	$ 3.2	$ 2.9

Segment Information - Net Sales by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 953.9	$ 1,045.9	$ 891.7
Avocado
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	851.1	998.5	864.5
Blueberries
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	52.4	10.7	0.0
Mango
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	37.3	17.5	6.0
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	13.1	19.2	21.2
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	760.5	854.7	674.7
Rest of world
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	193.4	191.2	217.0
Marketing & Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	889.9	1,016.1	872.0
International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	11.6	19.1	19.7
Blueberries
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	52.4	10.7
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	1,032.5	1,141.5	976.6
Operating Segments \| Marketing & Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	889.9	1,016.1	872.0
Operating Segments \| International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	90.2	114.7	104.6
Operating Segments \| Blueberries
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	52.4	10.7
Operating Segments \| Third party sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	953.9	1,045.9	891.7
Operating Segments \| Third party sales \| Marketing & Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	889.9	1,016.1	872.0
Operating Segments \| Third party sales \| International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	11.6	19.1	19.7
Operating Segments \| Third party sales \| Blueberries
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	52.4	10.7
Operating Segments \| Affiliated sales
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	78.6	95.6	84.9
Operating Segments \| Affiliated sales \| Marketing & Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	0.0	0.0	0.0
Operating Segments \| Affiliated sales \| International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	78.6	95.6	84.9
Operating Segments \| Affiliated sales \| Blueberries
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	0.0	0.0
Intercompany eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	(78.6)	(95.6)	(84.9)
Intercompany eliminations \| Marketing & Distribution
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	0.0	0.0	0.0
Intercompany eliminations \| International Farming
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	(78.6)	(95.6)	$ (84.9)
Intercompany eliminations \| Blueberries
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 0.0	$ 0.0

Equity Method Investees

12 Months Ended

Oct. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investees

Henry Avocado

The Company owns a 49% interest in Henry Avocado Corporation (“Henry Avocado”), based in Escondido, California. Henry Avocado packs, distributes and sells fresh avocados in the domestic market from California growers and also imports packed Chilean and Mexican avocados. There is a basis difference between the Company’s historical investment in Henry Avocado and the amount recorded in members’ capital by the investee of $4.0 million as of October 31, 2023 and 2022, comprised solely of goodwill.

Mr. Avocado

The Company owns a 33% interest in Shanghai Mr. Avocado Limited (“Mr. Avocado”), a Chinese joint venture enterprise, through its Mission Produce Asia Ltd. subsidiary. The primary business operations include the marketing, ripening and distribution of fresh avocados within China.

Copaltas

The Company owns a 50% interest in Copaltas S.A.S. (“Copaltas”), a Colombian joint venture enterprise. The primary business operations include the development and operation of avocado farms within Colombia.

Financial information for our equity method investees as of and for the years ended October 31 was as follows:


(In millions)	Henry Avocado		Mr. Avocado		Copaltas		Moruga(1)
2023
Current assets	$	49.5	$	5.6	$	0.9
Long-term assets	31.9		5.0		29.4
Current liabilities	25.8		4.9		1.8
Long-term liabilities	12.4		3.6		18.6
Sales	263.4		25.2		0.3
Gross profit	32.9		2.6		—
Net income (loss)	9.4		(0.5)		(0.7)
2022
Current assets	$	49.5	$	3.3	$	0.6
Long-term assets	16.0		1.7		20.6
Current liabilities	18.6		3.9		6.7
Long-term liabilities	7.6		0.6		7.3
Sales	371.6		20.5		0.2		$	39.6
Gross profit	33.4		1.7		0.2		7.1
Net income (loss)	11.5		(1.8)		(0.7)		5.9
2021
Sales	$	261.7	$	20.1	$	0.1	$	37.3
Gross profit	24.6		3.4		—		10.5
Net income (loss)	7.5		0.5		(0.2)		6.4

The Company’s investments in its equity method investees have been impacted by the following:


(In millions)	Henry Avocado		Mr. Avocado		Copaltas		Moruga		Total
Investment balance as of October 31, 2021	$	19.9	$	0.6	$	4.5	$	27.7	$	52.7
Equity method income (losses)	5.6		(0.6)		(0.4)		0.5		5.1
Translation	—		—		(0.7)		—		(0.7)
Dividends received	(2.2)		—		—		—		(2.2)
Investment contributions	—		0.2		0.2		—		0.4
Remeasurement gain	—		—		—		2.0		2.0
Effect of consolidation with Mission Produce on May 1, 2022	—		—		—		(30.2)		(30.2)
Investment balance as of October 31, 2022	$	23.3	$	0.2	$	3.6	$	—	$	27.1
Equity method income (losses)	4.6		(0.2)		(0.4)				4.0
Translation	—		—		0.5				0.5
Dividends received	(2.7)		—		—				(2.7)
Investment contributions	—		0.7		1.4				2.1
Investment balance as of October 31, 2023	$	25.2	$	0.7	$	5.1			$	31.0

Goodwill and Intangible Asset, net

12 Months Ended

Oct. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Asset, net

Goodwill

Changes in the net carrying amount of goodwill by reportable segment were as follows:


(In millions)	International Farming		Blueberries		Total
Goodwill as of October 31, 2021	$	76.4	$	—	$	76.4
Business combination with Moruga (Note 3)	—		12.5		12.5
Impairment	(49.5)		—		(49.5)
Goodwill as of October 31, 2022	$	26.9	$	12.5	$	39.4
Goodwill as of October 31, 2023	$	26.9	$	12.5	$	39.4

The carrying amounts of goodwill as of October 31, 2023 and 2022 were net of accumulated impairment losses of $49.5 million, attributable to the International Farming segment.

For the year ended October 31, 2023, management performed its annual goodwill impairment tests of its two reporting units, which indicated that is more-likely-than-not that the fair value of the reporting units exceed their carrying values as of October 31, 2023. For the Peruvian farming reporting unit within the International Farming segment, we performed a Step 1 analysis, using a combination of the income and market approaches. For the Blueberries reporting unit and segment, we performed a Step 0 qualitative analysis.

For the year ended October 31, 2022, management performed its annual goodwill impairment test on its Peruvian farming reporting unit within the International Farming segment. With the assistance of a third-party specialist, management performed a quantitative assessment of the fair value of the reporting unit using the GPC and DCF methods described above in Note 3. We applied an equal weighting to the value conclusions resulting from the two employed approaches, because there was sufficient information to estimate the fair value of the reporting unit under both methods. The selected BEV to EBITDA multiple used in the GPC method was 12.0x for the first forecast year and 8.0x for the second forecast year. The mean and median BEV to EBITDA multiples of GPCs were 10.0x and 8.8x, respectively. The discount rate used in the DCF model was 17.5%, which reflects a significant increase in the WACC due to recent rising interest rates. In addition, forecasted cash flows have been negatively impacted by tax law repealing tax benefits to agribusiness entities in Peru. Peruvian corporate tax rates will increase from the rate in effect on the date of repeal of 15% to 29.5% by calendar year 2028. When forecasting cash flows during the fourth quarter of 2022, production and sales information regarding the 2022 avocado harvest in Peru became available, along with information on the impact of inflationary pressures on the Peruvian farming cost structure, lowering management’s profitability forecasts for the reporting unit. As a result of the valuations performed, management concluded that the fair value of the reporting unit was lower than its carrying value by $49.5 million, which was recorded as an impairment charge to goodwill in the consolidated statements of (loss) income. In the Blueberries segment, there were no indicators of impairment to the blueberries reporting unit following the recording of goodwill in the third quarter of fiscal 2022.

For the year ended October 31, 2021, the result of management’s annual impairment assessment indicated that it was more likely than not that the fair value of the single reporting unit in the International Farming segment exceeded its carrying value.

Intangible asset, net


	October 31,
(In millions)	2023		2022
Intangible asset, gross	$	2.8	$	2.8
Accumulated amortization	(2.3)		(0.8)
Intangible asset, net	$	0.5	$	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 $1.5 million and $0.8 million for years ended October 31, 2023 and 2022, respectively. The remaining amortization expense of $0.5 million is expected to be recognized during the year ended October 31, 2024.