v3.26.1
Debt
 9 Months Ended
Jul. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Credit facility
Long-term debt under our Senior Credit Facility with Bank of America (“BoA”) Merrill Lynch consisted of the following:

(In millions)July 31, 2026October 31, 2025
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 July 31, 2026 and October 31, 2025, the interest rate was 5.48% and 5.63%, respectively. Interest is payable monthly and principal is due in full on April 1, 2031.
$55.0 $5.0 
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 July 31, 2026 and October 31, 2025, the interest rate was 5.48% and 5.56%, respectively. Interest is payable monthly, principal is payable quarterly and due in full on April 1, 2031.
197.5 42.5 
Senior term loan (A-2). The interest rate is variable, based on SOFR plus a spread that varies with the Company’s leverage ratio. As of July 31, 2026 and October 31, 2025, the interest rate was 5.73% and 5.81%, respectively. Interest is payable monthly, principal is payable quarterly and due in full on April 1, 2033.
149.6 48.5 
Total long-term debt402.1 96.0 
Less debt issuance costs(1.8)(0.2)
Long-term debt, net of debt issuance costs400.3 95.8 
Less current portion of long-term debt(11.5)(3.0)
Long-term debt, net of current portion$388.9 $92.8 
The credit facility requires the Company to comply with financial and other covenants, including limitations on investments, capital expenditures, dividend payments, amounts and types of liens and indebtedness, and material asset sales. The Company is also required to maintain certain leverage and fixed charge coverage ratios. As of July 31, 2026, the Company was in compliance with all financial covenants of the credit facility.
Other
The Company may issue standby letters of credit through banking institutions. As of July 31, 2026, total letters of credit outstanding were $4.5 million.
Certain of our consolidated subsidiaries may also enter into short-term bank borrowings or supplier financing programs from time to time. Short-term bank borrowings outstanding were zero as of July 31, 2026 and $4.5 million as of October 31, 2025, with weighted average interest rates of 8.7% as of October 31, 2025. Our Blueberries business also obtains loans from shareholders from time to time. Loans outstanding due to shareholders as of July 31, 2026 accrue interest at rates ranging from 5.0% to 6.5% and are expected to be repaid by the end of fiscal 2026.
Interest rate swaps
From time to time, the Company may enter into interest rate swap contracts to hedge changes in variable interest rates on the principal value of the Company’s term loans. We account for 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 condensed consolidated balance sheets and measurement of those instruments at fair value. The Company did not designate 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 were recorded in other (expense) income, net in the condensed consolidated statements of (loss) income and changes in the assets are presented in net cash (used in) provided by operating activities in the condensed consolidated statements of cash flow. As of July 31, 2026 and October 31, 2025, a notional amount of $10 million was outstanding, carrying a fixed SOFR rate of 4.47%. Refer to Note 10 for more details.