INCOME TAXES

6 Months Ended

Apr. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

Income tax expense for the quarter and income tax benefit for year to date was computed in accordance with ASC 740-270 "Income Taxes - Interim Reporting." Under this method, losses from jurisdictions for which a valuation allowance has been provided have not been included in the amount to which the ASC 740-270 rate was applied. Income tax expense of the Company may fluctuate due to changes in estimated losses and income from jurisdictions for which a valuation allowance has been provided, the timing of recognition of the related income tax expense under ASC 740-270, and the impact of discrete items in the respective quarter.

For the six months ended April 30, 2024 and April 30, 2023, income tax (benefit) expense was $(21.2) million and $76.8 million, respectively. The $98.0 million net decrease in income tax expense was primarily attributable to the following:

•A $22.7 million decrease in tax due to changes in the mix of earnings among tax jurisdictions, including jurisdictions for which valuation allowances have been recorded, as well as the timing of recognition of the related income tax expense under ASC 740-270.

•One-time discrete tax benefits of $48.1 million related to the recognition of deferred tax assets due to the onshoring of certain non-U.S. intangible property.

•An $8.4 million decrease due to changes in income tax expense related to prior year tax returns and audits.

•In 2023, $18.8 million of expense was recorded for nondeductible goodwill associated with the Tama Divestiture.