Income Taxes (Tables)

12 Months Ended

Oct. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax expense includes the following:

	2021		2020		2019
Current:
U.S. federal	$	41,983	$	19,265	$	40,012
State and local	4,429		984		3,429
Foreign	69,325		45,657		51,590
Total current	115,737		65,906		95,031
Deferred:
U.S. federal	6,631		(10,143)		1,470
State and local	1,470		(1,023)		633
Foreign	(4,030)		(2,790)		(3,121)
Total deferred	4,071		(13,956)		(1,018)
	$	119,808	$	51,950	$	94,013

Income Taxes Computed at the U.S. Statutory Rate and Income Tax

A reconciliation of the U.S. statutory federal rate to the worldwide consolidated effective tax rate follows:

	2021		2020		2019
Statutory federal income tax rate	21.00	%	21.00	%	21.00	%
Transition tax	—		—		1.46
Share-based and other compensation	(0.30)		(4.15)		(0.55)
Foreign tax rate variances, net of foreign tax credits	0.92		1.51		1.16
State and local taxes, net of federal income tax benefit	0.81		(0.01)		0.74
Amounts related to prior years	(0.18)		(0.04)		(0.55)
Foreign-Derived Intangible Income Deduction	(1.19)		(0.95)		(1.51)
Global Intangible Low-Taxed Income net of foreign tax credits	0.44		0.97		0.85
Other – net	(0.63)		(1.10)		(0.79)
Effective tax rate	20.87	%	17.23	%	21.81	%

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2021, 2020 and 2019 is as follows:

	2021		2020		2019
Balance at beginning of year	$	6,717	$	2,909	$	2,891
Additions based on tax positions related to the current year	370		370		370
Additions for tax positions of prior years	—		4,068		547
Reductions for tax positions of prior years	(350)		—		—
Settlements	—		(137)		—
Lapse of statute of limitations	(3,017)		(493)		(899)
Balance at end of year	$	3,720	$	6,717	$	2,909

Significant Components of Deferred Tax Assets and Liabilities

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

	2021		2020
Deferred tax assets:
Employee benefits	$	39,798	$	70,838
Other accruals not currently deductible for taxes	17,499		16,207
Tax credit and loss carryforwards	19,269		20,268
Inventory adjustments	6,924		8,757
Total deferred tax assets	83,490		116,070
Valuation allowance	(14,141)		(22,233)
Total deferred tax assets	69,349		93,837
Deferred tax liabilities:
Depreciation and amortization	145,494		150,591
Other - net	941		410
Total deferred tax liabilities	146,435		151,001
Net deferred tax liabilities	$	(77,086)	$	(57,164)