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INCOME TAXES (Tables)

12 Months Ended

Oct. 26, 2014

Schedule of components of provision for income taxes

(in thousands)	2014	2013		2012

Current:
U.S. Federal	$ 264,533	$ 231,359		$ 216,620
State	34,034	30,671		26,303
Foreign	7,759	5,334		5,783
Total current	306,326	267,364		248,706
Deferred:
U.S. Federal	8,756	1,080		4,443
State	873	(194	)	225
Foreign	171	181		–
Total deferred	9,800	1,067		4,668
Total provision for income taxes	$ 316,126	$ 268,431		$ 253,374

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

(in thousands)	October 26, 2014		October 27, 2013

Deferred tax liabilities:
Goodwill and intangible assets	$ (168,167	)	$ (80,131	)
Tax over book depreciation and basis differences	(85,623	)	(95,902	)
Other, net	(30,252	)	(31,261	)
Deferred tax assets:
Pension and post-retirement benefits	152,392		132,342
Employee compensation related liabilities	101,706		97,513
Marketing and promotional accruals	28,703		26,920
Other accruals not currently deductible	13,010		3,704
Other, net	51,082		45,444
Net deferred tax assets	$ 62,851		$ 98,629

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

	2014		2013		2012

U.S. statutory rate	35.0	%	35.0	%	35.0	%
State taxes on income, net of federal tax benefit	2.8		2.7		2.5
Domestic production activities deduction	(2.7	)	(2.4	)	(2.6	)
All other, net	(0.8	)	(1.7	)	(1.5	)
Effective tax rate	34.3	%	33.6	%	33.4	%

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

(in thousands)
Balance as of October 28, 2012	$ 22,131
Tax positions related to the current period:
Increases	4,353
Decreases	–
Tax positions related to prior periods:
Increases	3,091
Decreases	(4,738	)
Settlements	(1,173	)
Decreases related to a lapse of applicable statute of limitations	(3,579	)
Balance as of October 27, 2013	$ 20,085
Tax positions related to the current period:
Increases	4,693
Decreases	(670	)
Tax positions related to prior periods:
Increases	4,455
Decreases	(3,245	)
Settlements	(573	)
Decreases related to a lapse of applicable statute of limitations	(2,137	)
Balance as of October 26, 2014	$ 22,608

- Definition

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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