Income Taxes (Tables)

12 Months Ended

Oct. 31, 2021

Income Tax Disclosure [Abstract]

Income before income taxes

Components of income before income taxes:

Years Ended October 31, (In millions)	2021		2020		2019
Income before income taxes:
United States	$	(31.0)	$	(88.0)	$	(32.8)
Foreign	522.5		354.5		510.2
	$	491.5	$	266.5	$	477.4

Provision for income taxes

Components of provision for income taxes:

Years Ended October 31, (In millions)	2021		2020		2019
Current:
Federal	$	21.0	$	1.4	$	9.2
State	1.3		1.1		1.6
Foreign	26.7		26.5		15.8
	49.0		29.0		26.6
Deferred:
Federal	(8.8)		3.2		(8.1)
State	(0.5)		0.8		(0.9)
Foreign	(2,492.9)		(4.9)		(6.9)
	(2,502.2)		(0.9)		(15.9)
Provision for income taxes	$	(2,453.2)	$	28.1	$	10.7

Reconciliation between the expected provision for income taxes at the US federal statutory rate and the provision for income taxes

Reconciliation between the expected provision for income taxes at the US federal statutory rate and the provision for income taxes:

Years Ended October 31, (In millions)	2021		2020		2019
Provision for income taxes at United States statutory tax rate	$	103.2	$	56.0	$	100.3
(Decrease) increase in taxes resulting from:
Foreign income subject to different tax rates	(43.6)		(54.7)		(85.6)
Foreign income subject to United States tax	25.4		32.0		16.1
United States tax reform	—		—		(5.8)
Employee compensation	(9.9)		(4.4)		(7.8)
Deferred tax asset step-up	3.2		(9.0)		(6.7)
United States provision-to-return	(1.2)		7.0		4.4
Intra-group transfer to UK subsidiary	(1,987.9)		—		—
Remeasurement of deferred tax assets from UK rate change	(536.7)		—		—
Change in unrecognized tax benefits	(7.6)		(0.1)		(1.5)
Other, net	1.9		1.3		(2.7)
Actual provision for income taxes	$	(2,453.2)	$	28.1	$	10.7

Deferred tax assets and liabilities

Components of deferred tax assets and liabilities:

Years Ended October 31, (In millions)	2021		2020
Deferred tax assets:
Accounts receivable, principally due to allowances for doubtful accounts	$	3.4	$	2.6
Inventories	6.1		5.8
Accrued liabilities, reserves and compensation accruals	78.1		77.1
Foreign deferred tax assets	2,531.5		90.9
Share-based compensation	28.6		21.4
Net operating loss carryforwards	18.5		9.6
Intangible assets	7.5		19.6
Research and experimental expenses - Section 59(e)	13.5		9.2
Tax credit carryforwards	0.8		1.5
Total gross deferred tax assets	2,688.0		237.7
Less: valuation allowance	(51.8)		(45.3)
Deferred tax assets	2,636.2		192.4
Deferred tax liabilities:
Tax deductible goodwill	(34.0)		(29.7)
Plant and equipment	(46.5)		(39.2)
Deferred tax on foreign earnings	(8.4)		(7.5)
Transaction costs	(0.7)		(0.7)
Foreign deferred tax liabilities	(24.1)		(61.0)
Total gross deferred tax liabilities	(113.7)		(138.1)
Net deferred tax assets	$	2,522.5	$	54.3

Changes in unrecognized tax benefits

Changes in unrecognized tax benefits:

(In millions)
Balance at October 31, 2019	$	49.7
Increase from prior year's UTB's	3.4
Increase from current year's UTB's	7.6
UTB (decrease) from expiration of statute of limitations	(2.2)
Balance at October 31, 2020	$	58.5
Decrease from prior year's UTB's	(8.3)
Increase from current year's UTB's	307.2
Increase (decrease) from settlements	(1.9)
UTB (decrease) from expiration of statute of limitations	(1.7)
Balance at October 31, 2021	$	353.8