Income Taxes (Tables)

12 Months Ended

Oct. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Earnings before Income Taxes

Earnings before income taxes were as follows (dollars in millions):

Fiscal Years Ended October 31	2023		2022		2021
Earnings before income taxes:
United States	$	345.0	$	491.3	$	446.2
Foreign	55.5		61.2		53.6
Total earnings before income taxes	$	400.5	$	552.5	$	499.8

Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Company's Consolidated Effective Tax Rate

A reconciliation of the statutory federal income tax rate to the company's effective tax rate is summarized as follows:

Fiscal Years Ended October 31	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Excess deduction for stock-based compensation	(1.1)		(0.4)		(1.5)
State and local income taxes, net of federal benefit	1.8		2.0		1.4
Foreign operations	(0.7)		(0.7)		(0.5)
Federal research tax credit	(2.3)		(1.3)		(1.4)
Foreign-derived intangible income	(1.1)		(0.7)		(0.9)
Other, net	0.1		(0.1)		(0.1)
Effective tax rate	17.7	%	19.8	%	18.0	%

Schedule of Components of the Provision for Income Taxes

Components of the company's provision for income taxes were as follows (dollars in millions):

Fiscal Years Ended October 31	2023		2022		2021
Current provision:
Federal	$	94.4	$	94.7	$	90.2
State	17.0		19.1		16.0
Foreign	7.3		7.7		9.2
Total current provision	$	118.7	$	121.5	$	115.4
Deferred (benefit) provision:
Federal	$	(37.8)	$	(7.4)	$	(18.4)
State	(10.3)		(4.9)		(6.5)
Foreign	0.2		—		(0.6)
Total deferred benefit	(47.9)		(12.3)		(25.5)
Total provision for income taxes	$	70.8	$	109.2	$	89.9

Schedule of Tax Effects of Temporary Differences that Give Rise to the Net Deferred Income Tax Assets

The components of the company's deferred income tax assets and liabilities were as follows (dollars in millions):

Fiscal Years Ended October 31	2023		2022
Deferred income tax assets:
Compensation and benefits	$	32.5	$	32.9
Warranty and insurance	37.6		35.4
Lease liabilities	35.3		20.2
Advertising and sales promotions and incentives	16.5		7.2
Inventory	14.4		36.4
Deferred revenue	0.3		3.3
Other	3.0		—
Net operating losses and other carryforwards	5.3		6.4
Research and Experimentation	35.4		—
Valuation allowance	(3.3)		(3.2)
Deferred income tax assets	$	177.0	$	138.6
Deferred income tax liabilities:
Right-of-use assets	$	(34.8)	$	(19.5)
Depreciation	(60.0)		(51.9)
Amortization	(68.4)		(102.4)
Other	—		(3.8)
Deferred income tax liabilities	(163.2)		(177.6)
Deferred income tax assets (liabilities), net	$	13.8	$	(39.0)

Schedule of Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (dollars in millions):

Unrecognized tax benefits as of October 31, 2022	$	3.3
Increase as a result of tax positions taken during a prior period	0.2
Increase as a result of tax positions taken during the current period	0.6
Reductions as a result of statute of limitations lapses	(0.4)
Unrecognized tax benefits as of October 31, 2023	$	3.7