INCOME TAXES (Tables)

12 Months Ended

Oct. 31, 2024

Geographic Sources of Income Before Income Taxes

Components of Income Tax Provision

Reconciliation of the U.S. Statutory Tax Rate to Annual Effective Tax Rate


	Year Ended October 31,
	2024		2023		2022
U.S. statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal tax benefit	8.0		6.9		7.7
Federal and state tax credits	(2.6)		(1.0)		(1.5)
Impact of foreign operations	(6.4)		0.8		(0.1)
Changes in uncertain tax positions	(2.2)		0.1		(2.5)
Incremental tax benefit from share-based compensation awards	(1.6)		(0.7)		(0.5)
Energy efficiency incentives	(4.1)		(0.1)		(0.3)
Nondeductible executive compensation	3.4		1.4		1.4
Nontaxable RavenVolt contingent consideration	20.1		(3.9)		—
Other nondeductible expenses	2.1		0.6		0.3
Other, net	1.4		(1.0)		0.2
Effective tax rate	39.1	%	24.1	%	25.7	%

Components of Deferred Tax Assets and Liabilities


	As of October 31,
(in millions)	2024		2023
Deferred tax assets attributable to:
Self-insurance claims (net of recoverables)	$	106.3	$	95.2
Deferred and other compensation	29.0		31.4
Accounts receivable allowances	5.6		7.8
Settlement liabilities	3.4		4.5
Other accruals	4.0		4.3

State taxes	1.5		1.5
State net operating loss carryforwards	2.5		2.6
Tax credits	3.4		2.3
Unrecognized tax benefits	3.5		3.6

Operating lease liabilities	23.5		27.3
Gross deferred tax assets	182.7		180.5
Valuation allowance	(1.1)		(1.2)
Total deferred tax assets	181.6		179.3

Deferred tax liabilities attributable to:
Property, plant and equipment	(1.0)		(4.3)
Goodwill and other acquired intangibles	(194.8)		(200.0)
Right-of-use assets	(25.1)		(28.6)
Tax accounting method change	(6.3)		(11.7)
Other comprehensive income	(2.3)		(8.4)
Other	(12.3)		(11.3)
Total deferred tax liabilities	(241.8)		(264.3)

Net deferred tax liabilities	$	(60.2)	$	(85.0)

Changes to the Valuation Allowance


	Years Ended October 31,
(in millions)	2024		2023		2022
Valuation allowance at beginning of year	$	1.2	$	1.6	$	2.2
Other, net	(0.1)		(0.4)		(0.6)
Valuation allowance at end of year	$	1.1	$	1.2	$	1.6

Reconciliation of Total Unrecognized Tax Benefits


	Years Ended October 31,
(in millions)	2024		2023		2022
Balance at beginning of year	$	20.7	$	22.0	$	30.4

Additions for tax positions related to prior years	—		2.1		0.3
Reductions for tax positions related to prior years	(1.5)		(1.5)		(1.5)
Reductions for lapse of statute of limitations	(0.1)		(1.9)		(7.2)
Settlements	(3.6)		—		—
Balance at end of year	$	15.5	$	20.7	$	22.0