Income Taxes (Tables)

12 Months Ended

Oct. 31, 2015

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following (Dollars in millions):

For the years ended October 31,	2015			2014			2013
Current
Federal	$	18.3		$	53.1		$	54.3
State and local		4.0			9.8			8.8
Non-U.S.		29.6			38.0			33.1
		51.9			100.9			96.2
Deferred
Federal		2.4			2.7			(6.3	)
State and local		0.2			(1.6	)		(0.3	)
Non-U.S.		(6.1	)		13.0			9.2
		(3.5	)		14.1			2.6
	$	48.4		$	115.0		$	98.8

Reconciliation of Effective Income Tax Rate

The following is a reconciliation of the provision for income taxes based on the federal statutory rate to the Company’s effective income tax rate:

For the years ended October 31,	2015			2014			2013
United States federal tax rate		35.00	%		35.00	%		35.00	%
Non-U.S. tax rates		(4.30	%)		2.90	%		2.20	%
State and local taxes, net of federal tax benefit		2.80	%		4.20	%		2.50	%
U.S. domestic production activity deduction		(0.90	%)		(3.10	%)		(2.00	%)
Unrecognized tax benefits		2.50	%		7.20	%		0.40	%
Net impact of released and new valuation allowances		3.00	%		12.70	%		0.50	%
Withholding tax		2.70	%		2.90	%		2.90	%
Foreign partnerships		(5.80	%)		(5.30	%)		(3.60	%)
Foreign income inclusion		0.40	%		—			1.70	%
Venezuela balance sheet remeasurement		5.90	%		—			—
Nondeductible goodwill		2.50	%		15.60	%		—
Other items		(1.60	%)		0.70	%		1.00	%
		42.20	%		72.80	%		40.60	%

Significant Components of Company's Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities as of October 31 for the years indicated were as follows (Dollars in millions):

	2015			2014
Deferred Tax Assets
Net operating loss and other carryforwards	$	80.8		$	108.5
Pension liabilities		53.6			48.2
Insurance operations		3.5			4.1
Incentive liabilities		5.4			12.9
Environmental reserves		0.4			5.4
Inventories		6.5			5.7
State income taxes		7.4			9.2
Postretirement benefit obligations		3.5			4.1
Other		11.3			7.6
Interest accrued		1.6			2.3
Allowance for doubtful accounts		3.4			4.6
Restructuring reserves		6.0			1.4
Deferred compensation		2.9			2.7
Foreign tax credits		2.3			2.3
Vacation accruals		1.5			1.8
Workers compensation accruals		3.5			4.6
Total Deferred Tax Assets		193.6			225.4
Valuation allowance		(89.5	)		(108.5	)
Net Deferred Tax Assets		104.1			116.9
Deferred Tax Liabilities
Properties, plants and equipment		84.7			109.0
Goodwill and other intangible assets		80.1			79.9
Foreign Income Inclusion		1.1			1.1
Foreign exchange gains		6.1			7.4
Timberland transactions		116.2			106.4
Total Deferred Tax Liabilities		288.2			303.8
Net Deferred Tax Liability	$	(184.1	)	$	(186.9	)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2015			2014			2013
Balance at November 1	$	34.3		$	30.5		$	55.9
Increases in tax positions for prior years		8.5			5.7			4.5
Decreases in tax positions for prior years		(2.2	)		(8.2	)		(11.0	)
Increases in tax positions for current years		6.2			10.3			8.8
Settlements with taxing authorities		(5.7	)		(0.6	)		(30.3	)
Lapse in statute of limitations		(6.2	)		(0.8	)		—
Currency translation		(5.3	)		(2.6	)		2.6
Balance at October 31	$	29.6		$	34.3		$	30.5