Business Combination with Calavo Growers Inc. (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed | amounts of identifiable assets acquired and liabilities assumed and fair value of noncontrolling interest as of the acquisition date were as follows.
(1)Inventory was valued using an approach based upon expected sales value, less direct costs associated with the sale of the inventory and an allocation of profit margins between the buyer and seller. (2)Property, plant and equipment was valued using a variety of approaches, based on the nature of the assets. Real property was valued using the market approach. Personal property was valued using either the market approach or cost approach, depending on the availability of market pricing data. (3)Trademarks and tradenames were valued using the relief-from-royalty approach and the customer-related intangible was valued using the multi-period excess-earnings method. Significant inputs to these models included: long-term forecast of revenues, operating expenses, net income, and capital expenditures, and a discount rate of 9%. (4)Other assets include the fair value of receivables for Mexican value-added tax (“VAT”) of $25.9 million. The fair value of Mexican VAT receivables is a level 3 measurement in the fair value hierarchy, which was valued using a probability-weighted expected return. (5)Other liabilities include $27.5 million of uncertain tax positions, accounted for under ASC 740. Refer to Note 8 for more information. (6)The fair value of the noncontrolling interest, also a level 3 measurement in the fair value hierarchy, was determined by applying the market approach under the guideline publicly-traded companies method.
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| Schedule of Supplemental Pro Forma Information | The following unaudited pro forma summary presents consolidated information of Mission Produce as if the business combination had occurred on November 1, 2024. These results have been calculated to reflect additional depreciation and amortization that would have been charged assuming the fair value adjustments to Calavo had been applied from November 1, 2024. In the nine months ended July 31, 2026, we incurred $47.3 million of acquisition-related costs. These expenses are included in selling, general and administrative expenses in the consolidated statement of operations for the nine months ended July 31, 2026. The fiscal 2026 supplemental pro forma earnings were adjusted to exclude the $47.3 million of acquisition costs, and are instead reflected in pro forma earnings for the nine months ended July 31, 2025.
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