Income Taxes (Tables)

12 Months Ended

Oct. 30, 2015

The provision for income taxes for continuing operations included in the Consolidated Statements of Operations consists of the following:



				As adjusted			As adjusted
In thousands	October 30, 2015			October 31, 2014			October 25, 2013
Current provision
Federal	$	23,673		$	82,618		$	127,030
State	937			5,888			7,113
Foreign	53,278			52,029			69,564
Total current provision	77,888			140,535			203,707
Deferred (benefit) provision
Federal	(59,088		)	2,821			34,391
State	(1,393		)	948			(1,335		)
Foreign	(16,532		)	(10,244		)	4,404
Total deferred (benefit) provision	(77,013		)	(6,475		)	37,460
Total provision for income taxes	$	875		$	134,060		$	241,167

Domestic and Foreign Components of Income From Continuing Operations Before Income Taxes

The domestic and foreign components of income from continuing operations before income taxes are as follows:



				As adjusted		As adjusted
In thousands	October 30, 2015			October 31, 2014		October 25, 2013
Domestic (loss) income from continuing operations	$	(73,408	)	$	304,060	$	490,850
Foreign (loss) income from continuing operations	(1,103,721		)	168,118		287,076
Pre-tax (loss) income from continuing operations	$	(1,177,129	)	$	472,178	$	777,926

Income Tax Reconciliation

The reconciliation between the income tax provision recognized in our Consolidated Statements of Operations and the income tax provision computed by applying the statutory federal income tax rate to the income from continuing operations are as follows:



			As adjusted		As adjusted
In thousands	October 30, 2015		October 31, 2014		October 25, 2013
Income tax computed at federal statutory tax rate	35.0	%	35.0	%	35.0	%
Sub-part F income and foreign dividends, net of foreign tax credits	3.5		0.1		0.2
Differences in foreign and U.S. tax rates	(8.1	)	(5.1	)	(4.5	)
State income taxes, net of federal tax impact	—		0.9		0.5
Valuation allowance	(3.5	)	2.2		1.1
IRC 199 manufacturing deduction	0.6		(2.0	)	(1.9	)
Non-deductible impairment charges	(26.6	)	—		—
Other items, net	(1.0	)	(2.7	)	0.6
Effective income tax rate	(0.1	)%	28.4	%	31.0	%

Net Deferred Tax Asset

The components of the net deferred tax asset are as follows:



				As adjusted
In thousands	October 30, 2015			October 31, 2014
Deferred tax assets:
Employee benefit related items	$	154,183		$	135,567
Tax credit carryforwards	46,235			4,114
Tax loss carryforwards	149,024			138,334
Inventories	19,478			37,191
Other deferred tax assets, net	20,762			20,156
Valuation allowance, current assets	(66,543		)	(16,618		)
Valuation allowance, non-current assets	(110,182		)	(122,281		)
Total deferred tax assets	212,957			196,463
Deferred tax liabilities:
Depreciation and amortization in excess of book expense	51,830			60,548
Intangibles	31,410			42,315
Total deferred tax liabilities	83,240			102,863
Net deferred tax asset	$	129,717		$	93,600

The net deferred tax assets are reflected in the Consolidated Balance Sheets as follows:



				As adjusted
In thousands	October 30, 2015			October 31, 2014
Current deferred tax assets, included in Other current assets	$	39,464		$	78,102
Long-term deferred tax asset, included in Deferred income taxes	118,913			71,897
Current deferred tax liability, included in Other accrued liabilities	(1,672		)	(1,979		)
Long-term deferred tax liability, included in Other liabilities	(26,988		)	(54,420		)
Net deferred tax asset	$	129,717		$	93,600

Loss and Credit Carryforward Summary

The following table summarizes the components of our loss and credit carryforward:



Loss and Credit Carryforward Summary
	Amount
Description - In millions	Gross		Benefit		Valuation Allowance		Expiration Date(s)
Foreign capital losses	$	59.9	$	12.2	$	12.2	None
U.S. state operating losses	1,963.4		101.0		98.4		Various
Foreign operating losses	142.9		35.8		31.4		$33.5 - None $2.2 - 2015 to 2024
State tax credits	N/A		2.0		2.0		Various
Foreign tax credits	N/A		43.2		1.3		$1.3 - 2016 to 2018 $41.9 - 2025
Various international tax credits	N/A		—		—		None

Net Unrecognized Tax Benefit

Unrecognized tax benefits are as follows:



In thousands	October 30, 2015			October 31, 2014
Balance, beginning of year	$	77,766		$	77,418
Additions for current year tax positions and acquisition	3,490			794
Additions for prior year tax positions	3,207			3,353
Reductions for prior year tax positions	(1,876		)	(10,540		)
Reclassification to uncertain tax positions	—			6,741
Balance, end of year	$	82,587		$	77,766