Income Taxes (Tables)

12 Months Ended

Oct. 31, 2020

Income Taxes [Abstract]

Components of the provision for income taxes

(in thousands)		2020		2019		2018
Current:
Federal	$	38,798	$	100,812	$	104,510
State		9,756		29,938		26,942
Deferred:
Federal		28,488		3,222		24,894
State		6,858		1,280		357
Total	$	83,900	$	135,252	$	156,703

Reconciliation of the difference between the Company's effective tax rate and the U.S. federal statutory tax rate

	2020		2019		2018
Statutory U.S. federal income tax rate(1)	21.0	%	21.0	%	23.3	%
State income tax, net of federal income tax benefits	5.0		4.7		4.4
Net income attributable to non-controlling and other beneficial
Interests	0.3		(1.2)		(0.7)
Non-recurring impact of U.S. tax reform	-		-		4.4
Stock-based compensation	(0.1)		0.2		0.4
Net excess tax benefits from stock-based compensation plans(2)	(2.7)		(1.0)		(3.2)
Other items	1.6		0.5		0.2
Effective income tax rate	25.1	%	24.2	%	28.8	%

The Company's statutory U.S. federal income tax rate for the year ended October 31, 2018 was a blend of 35 percent and 21 percent based on the number of days in the Company's fiscal year before and after the January 1, 2018 effective date of the reduction in the federal corporate income tax rate pursuant to the 2017 Tax Act.Reflects the impact of the adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which was adopted by the Company as of November 1, 2017 and requires additional paid-in-capital to be recognized as income tax benefit or income tax expense in the period of vesting or settlement.

Components of deferred income taxes

(in thousands)			2020		2019
Deferred tax assets:
	Lease liability	$	74,831	$	-
	Stock-based compensation		23,926		45,505
	Investment basis in partnerships		-		25,245
	Deferred rent		-		8,017
	Differences between book and tax bases of investments		33,922		7,893
	Differences between book and tax bases of goodwill and intangibles		9,832		-
	Compensation and benefit expense		5,741		5,259
	Federal benefit of unrecognized state tax benefits		352		282
	Other		-		193
	Gross deferred tax assets		148,604		92,394
	Valuation allowance		(18,166)		-
Total deferred tax asset		$	130,438	$	92,394
Deferred tax liabilities:
	ROU Asset	$	(63,073)	$	-
	Deferred sales commissions		(15,510)		(14,189)
	Differences between book and tax bases of property		(13,292)		(7,270)
	Differences between book and tax bases of goodwill and intangibles		-		(8,218)
	Investment basis in partnerships		(4,659)		-
	Unrealized gains on derivative instruments		-		(56)
	Other		(481)		-
Total deferred tax liability		$	(97,015)	$	(29,733)
Net deferred tax asset		$	33,423	$	62,661

Summary of changes in gross unrecognized tax benefits

(in thousands)			2020		2019		2018
Beginning balance		$	743	$	695	$	1,029
	Additions for tax positions of prior years		393		-		7
	Additions based on tax positions related to current year		106		74		93
	Reductions for tax positions of prior years		-		(26)		-
	Decrease - Settlements		(394)		-		-
	Lapse of statute of limitations		-		-		(434)
Ending balance		$	848	$	743	$	695