Income Taxes (Tables)

12 Months Ended

Oct. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax Expense

Income before income taxes and income tax expense (benefit) are comprised of the following:

	2023		2022		2021
Income before income taxes:
Domestic	$	269,934	$	302,549	$	279,701
Foreign	345,405		346,730		294,475
Total income before income taxes	$	615,339	$	649,279	$	574,176
Current:
U.S. federal	$	54,157	$	59,639	$	40,879
State and local	285		7,535		4,429
Foreign	89,520		79,734		70,429
Total current	143,962		146,908		115,737
Deferred:
U.S. federal	(9,119)		(9,408)		6,371
State and local	(1,279)		(596)		1,470
Foreign	(5,718)		(728)		(3,770)
Total deferred	(16,116)		(10,732)		4,071
	$	127,846	$	136,176	$	119,808

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:

	2023		2022		2021
Statutory federal income tax rate	21.00	%	21.00	%	21.00	%
Share-based and other compensation	(0.25)		0.26		(0.30)
Foreign tax rate variances	1.83		0.95		0.84
State and local taxes, net of federal income tax benefit	(0.13)		0.84		0.81
Foreign-Derived Intangible Income Deduction	(2.24)		(1.59)		(1.19)
Global Intangible Low-Taxed Income net of foreign tax credits	0.71		0.23		0.44
Other – net	(0.14)		(0.72)		(0.73)
Effective tax rate	20.78	%	20.97	%	20.87	%

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2023, 2022 and 2021 is as follows:

	2023		2022		2021
Gross balance at beginning of year	$	2,872	$	3,720	$	6,717
Additions based on tax positions related to the current year	410		310		370
Additions for tax positions of prior years	10		—		—
Increases related to acquired businesses	6,602		—		—
Reductions for tax positions of prior years	—		(70)		(350)
Lapse of statute of limitations	(1,892)		(1,088)		(3,017)
Gross balance at end of year	$	8,002	$	2,872	$	3,720

Significant Components of Deferred Tax Assets and Liabilities

	2023		2022
Deferred tax assets:
Lease Liabilities	$	26,678	$	28,413
Employee benefits	26,680		22,079
Tax credit and loss carryforwards	28,667		11,336
Other accruals not currently deductible for taxes	8,944		15,616
Inventory adjustments	5,932		6,423
Total deferred tax assets	96,901		83,867
Valuation allowance	(23,732)		(10,130)
Total deferred tax assets	73,169		73,737
Deferred tax liabilities:
Depreciation and amortization	238,210		145,285
Lease right-of-use assets	25,925		27,548
Other - net	3,649		1,238
Total deferred tax liabilities	267,784		174,071
Net deferred tax liabilities	$	(194,615)	$	(100,334)