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INCOME TAXES (Tables)

12 Months Ended

Oct. 28, 2012

INCOME TAXES

Schedule of components of provision for income taxes

(in thousands)		2012		2011		2010
Current:
U.S. Federal		$216,620		$202,084		$170,326
State		26,303		26,978		22,896
Foreign		5,783		3,826		2,124
Total current		248,706		232,888		195,346
Deferred:
U.S. Federal		4,443		6,358		27,009
State		225		394		2,420
Total deferred		4,668		6,752		29,429
Total provision for income taxes		$253,374		$239,640		$224,775

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

(in thousands)		October 28, 2012		October 30, 2011
Deferred tax liabilities:
Tax over book depreciation		$(91,545	)	$(92,848	)
Pension assets		-		(30,029	)
Book/tax basis difference from acquisitions		(26,295	)	(27,593	)
Commodity hedging contracts		(5,797	)	(10,337	)
Other, net		(71,054	)	(61,824	)
Deferred tax assets:
Post-retirement benefits		147,278		134,117
Pension benefits		96,641		57,961
Stock options		32,210		29,321
Deferred compensation		23,115		21,961
Insurance accruals		16,728		14,786
Vacation accruals		14,905		13,636
Federal benefit of state tax		9,965		9,596
Promotional accruals		7,524		9,867
Other, net		59,130		60,403
Net deferred tax assets		$212,805		$129,017

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

		2012		2011		2010
U.S. statutory rate		35.0	%	35.0	%	35.0	%
State taxes on income, net of federal tax benefit		2.5		2.7		3.1
Domestic production activities deduction		(2.6	)	(2.6	)	(1.7	)
All other, net		(1.5	)	(1.8	)	(0.4	)
Effective tax rate		33.4	%	33.3	%	36.0	%

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

(in thousands)
Balance as of October 31, 2010		$ 26,073
Tax positions related to the current period:
Increases		2,493
Decreases		-
Tax positions related to prior periods:
Increases		5,646
Decreases		(672	)
Settlements		(10,770	)
Decreases related to a lapse of applicable statute of limitations:		(1,372	)
Balance as of October 30, 2011		$ 21,398
Tax positions related to the current period:
Increases		3,066
Decreases		-
Tax positions related to prior periods:
Increases		1,302
Decreases		(2,541	)
Settlements		(624	)
Decreases related to a lapse of applicable statute of limitations:		(470	)
Balance as of October 28, 2012		$ 22,131

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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