INCOME TAXES

6 Months Ended

Apr. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

Income tax expense for the quarter and year to date periods was computed in accordance with ASC 740-270 “Income Taxes - Interim Reporting.” Under this method, losses from jurisdictions for which a valuation allowance has been provided have not been included in the amount to which the ASC 740-270 rate was applied. The Company’s income tax expense may fluctuate due to changes in estimated losses and income from jurisdictions for which a valuation allowance has been provided, the timing of recognition of the related tax expense under ASC 740-270, and the impact of discrete items in the respective quarter.

For the six months ended April 30, 2023 and April 30, 2022, income tax expense was $76.8 million and $65.5 million, respectively. The $11.3 million net increase in income tax expense for the six months ended April 30, 2023 was primarily attributable to $18.8 million increased tax expense associated with business divestitures, $2.7 million fewer benefits from releases of uncertain tax positions and $1.4 million of miscellaneous other items; offset by $11.6 million reduced tax expense on lower pre-tax book income excluding the book gain on business divestiture. Additionally, in 2022, a $60.4 million book expense was recorded related to the FPS Divestiture and other businesses for which no tax benefit was recorded.