Income Taxes (Tables)

12 Months Ended

Oct. 25, 2020

Income Tax Disclosure [Abstract]

Schedule of components of provision for income taxes

The components of the Provision for Income Taxes are as follows: 

(in thousands)	2020		2019		2018
Current
U.S. Federal	$	142,708	$	161,233	$	134,869
State	13,353		30,774		27,782
Foreign	18,293		9,919		13,492
Total Current	174,354		201,926		176,143
Deferred
U.S. Federal	34,408		27,817		(15,573)
State	4,937		1,473		10,975
Foreign	(7,306)		(649)		(2,843)
Total Deferred	32,039		28,641		(7,441)
Total Provision for Income Taxes	$	206,393	$	230,567	$	168,702

Schedule of significant components of the deferred income tax liabilities and assets

Significant components of the deferred income tax liabilities and assets are as follows: 

(in thousands)	October 25, 2020		October 27, 2019
Deferred Tax Liabilities
Goodwill and Intangible Assets	$	(269,218)	$	(240,935)
Tax over Book Depreciation and Basis Differences	(164,911)		(153,104)
Other, net	(24,316)		(11,844)
Deferred Tax Assets
Pension and Other Post-retirement Benefits	97,129		105,948
Employee Compensation Related Liabilities	65,024		65,887
Marketing and Promotional Accruals	20,783		15,581
Other, net	62,302		41,893
Net Deferred Tax (Liabilities) Assets	$	(213,207)	$	(176,574)

Schedule of reconciliation of the statutory federal income tax rate to the effective tax rate

Reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: 

	2020		2019		2018
U.S. Statutory Rate	21.0	%	21.0	%	23.4	%
State Taxes on Income, Net of Federal Tax Benefit	1.6		2.5		2.6
Domestic Production Activities Deduction	—		—		(1.5)
Divestitures	—		(1.4)		—
Provisional Tax Law Change	—		—		(6.3)
Stock-based Compensation	(3.1)		(2.2)		(3.4)
All Other, net	(1.0)		(0.8)		(0.5)
Effective Tax Rate	18.5	%	19.1	%	14.3	%

Schedule of changes in the unrecognized tax benefits, excluding interest and penalties

The following table sets forth changes in the unrecognized tax benefits, excluding interest and penalties, for fiscal years 2020 and 2019. 

(in thousands)
Balance as of October 28, 2018	$	33,117
Tax Positions Related to the Current Period
Increases	4,885
Tax Positions Related to Prior Periods
Increases	2,997
Decreases	(9,585)
Settlements	(927)
Decreases Related to a Lapse of Applicable Statute of Limitations	(2,661)
Balance as of October 27, 2019	$	27,826
Tax Positions Related to the Current Period
Increases	3,177
Tax Positions Related to Prior Periods
Increases	8,299
Decreases	(2,549)
Settlements	(1,107)
Decreases Related to a Lapse of Applicable Statute of Limitations	(2,404)
Balance as of October 25, 2020	$	33,242