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Income Taxes (Tables)
12 Months Ended
Oct. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of income before income taxes and the income tax provision related to income
The components of income before income taxes and the income tax provision related to income from all operations in our Consolidated Statements of Income consist of:
 
Years Ended October 31,
(In millions)
2020
 
2019
 
2018
Income before income taxes:
 
 

 

United States
$
(88.0
)
 
$
(32.8
)
 
$
(122.8
)
Foreign
354.5

 
510.2

 
454.7


$
266.5

 
$
477.4

 
$
331.9

Income tax provision
$
28.1

 
$
10.7

 
$
192.0


Schedule of income tax provision (benefit)
The income tax provision (benefit) related to income in our Consolidated Statements of Income consists of: 
Years Ended October 31,
(In millions)
2020
 
2019
 
2018
Current:
 
 

 

Federal
$
1.4

 
$
9.2

 
$
165.6

State
1.1

 
1.6

 
0.5

Foreign
26.5

 
15.8

 
23.0


29.0

 
26.6

 
189.1

Deferred:
 
 

 

Federal
3.2

 
(8.1
)
 
16.1

State
0.8

 
(0.9
)
 
1.0

Foreign
(4.9
)
 
(6.9
)
 
(14.2
)

(0.9
)
 
(15.9
)
 
2.9

Income tax provision
$
28.1

 
$
10.7

 
$
192.0



Schedule of reconciliation of provision for income taxes attributable to income from operations and amount computed by applying statutory federal income tax rate to income before income taxes
We reconcile the provision for income taxes attributable to income from operations and the amount computed by applying the statutory federal income tax rate of 21% for fiscal 2020 and 2019, and 23% for fiscal 2018, to income before income taxes as follows:
Years Ended October 31,
(In millions)
2020
 
2019
 
2018
Computed expected provision for taxes
$
56.0

 
$
100.3

 
$
77.5

(Decrease) increase in taxes resulting from:
 
 

 

Income earned outside the United States subject to different tax rates
(54.7
)
 
(85.6
)
 
(97.5
)
State taxes, net of federal income tax benefit
1.9

 
0.4

 
(4.9
)
Foreign source income subject to United States tax
32.0

 
16.1

 

U.S. tax reform

 
(5.8
)
 
214.6

Incentive stock option compensation and non-deductible employee compensation
(4.4
)
 
(7.8
)
 
(11.1
)
Deferred tax asset step-up
(9.0
)
 
(6.7
)
 
(1.9
)
US provision-to-return
7.0

 
4.4

 
(0.7
)
Tax accrual adjustment
(0.1
)
 
(1.5
)
 
13.9

Other, net
(0.6
)
 
(3.1
)
 
2.1

Actual provision for income taxes
$
28.1

 
$
10.7

 
$
192.0


Schedule of tax effects of temporary differences that give rise to deferred tax assets and liabilities
The tax effects of temporary differences that give rise to the deferred tax assets and liabilities are:
Years Ended October 31,
(In millions)
2020
 
2019
Deferred tax assets:
 
 

Accounts receivable, principally due to allowances for doubtful accounts
$
2.6

 
$
3.6

Inventories
5.8

 
3.5

Litigation settlements
0.2

 
0.1

Accrued liabilities, reserves and compensation accruals
76.9

 
55.1

Foreign deferred tax assets
90.9

 
52.5

Restricted stock and stock option expenses
21.4

 
26.1

Net operating loss carryforwards
9.6

 
8.3

Intangible assets
19.6

 
11.1

Research and experimental expenses - Section 59(e)
9.2

 
2.5

Tax credit carryforwards
1.5

 
1.3

Total gross deferred tax assets
237.7

 
164.1

Less: valuation allowance
(45.3
)
 
(41.5
)
Deferred tax assets
192.4

 
122.6

Deferred tax liabilities:
 
 

Tax deductible goodwill
(29.7
)
 
(25.0
)
Plant and equipment
(39.2
)
 
(14.3
)
Deferred tax on foreign earnings
(7.5
)
 
(5.9
)
Transaction costs
(0.7
)
 
(0.7
)
Foreign deferred tax liabilities
(61.0
)
 
(27.6
)
Total gross deferred tax liabilities
(138.1
)
 
(73.5
)
Net deferred tax assets
$
54.3

 
$
49.1



Schedule of aggregated changes in the balance of unrecognized tax benefits The changes in the balance of unrecognized tax benefits (UTB) were as follows:
(In millions)

Balance at October 31, 2018
$
68.9

Decrease from prior year's UTB's
(11.8
)
Increase from current year's UTB's
8.3

UTB (decrease) from tax authorities' settlements
(14.1
)
UTB (decrease) from expiration of statute of limitations
(1.6
)
Balance at October 31, 2019
$
49.7

Increase from prior year's UTB's
3.4

Increase from current year's UTB's
7.6

UTB (decrease) from expiration of statute of limitations
(2.2
)
Balance at October 31, 2020
$
58.5