Income Taxes (Tables)

12 Months Ended

Oct. 31, 2023

Components of income before income taxes:


Years Ended October 31, (In millions)	2023		2022		2021
Income before income taxes:
United States	$	(135.7)	$	31.4	$	(31.0)
Foreign	548.6		443.9		522.5
	$	412.9	$	475.3	$	491.5

Components of provision for income taxes:


Years Ended October 31, (In millions)	2023		2022		2021
Current:
Federal	$	37.3	$	10.2	$	21.0
State	3.7		3.8		1.3
Foreign	33.0		21.7		26.7
	74.0		35.7		49.0

Deferred:
Federal	(36.7)		10.5		(8.8)
State	(7.5)		(2.2)		(0.5)
Foreign	88.9		45.6		(2,492.9)
	44.7		53.9		(2,502.2)
Provision for income taxes	$	118.7	$	89.5	$	(2,453.2)

Reconciliation between the expected provision for income taxes at the US federal statutory rate and the provision for income taxes:


Years Ended October 31, (In millions)	2023		2022		2021
Provision for income taxes at United States statutory tax rate	$	86.7	$	99.8	$	103.2
(Decrease) increase in taxes resulting from:
Foreign earnings in jurisdictions with different tax rates	7.0		(22.3)		(43.6)
Foreign earnings subject to United States tax	34.3		21.1		25.4

Excess tax benefits from share-based compensation	(2.4)		(2.6)		(13.0)
Intra-group transfer to UK subsidiary	—		—		(1,987.8)
Remeasurement of deferred tax assets from UK rate change	—		—		(536.7)
Change in unrecognized tax benefits	—		(12.7)		(7.6)
State tax provision	(4.2)		5.0		0.8
Other, net	(2.7)		1.2		6.1
Provision for income taxes	$	118.7	$	89.5	$	(2,453.2)

Components of deferred tax assets and liabilities:


Years Ended October 31, (In millions)	2023		2022
Deferred tax assets:
Accounts receivable	$	7.5	$	4.9
Inventories	14.3		6.3
Accrued liabilities, reserves and compensation accruals	94.8		79.9
Foreign deferred tax assets	2,369.5		2,500.5
Share-based compensation	14.8		14.5
Net operating loss and tax credit carryforwards	24.3		19.6
Capitalized research and experimental expenses	23.6		15.4
Total gross deferred tax assets	2,548.8		2,641.1
Less: valuation allowance	(20.7)		(60.1)
Deferred tax assets	2,528.1		2,581.0
Deferred tax liabilities:
Tax deductible goodwill	(47.4)		(39.7)
Intangible assets	(132.4)		(153.8)
Plant and equipment	(51.2)		(48.8)
Foreign deferred tax liabilities	(49.0)		(45.5)


Total gross deferred tax liabilities	(280.0)		(287.8)
Net deferred tax assets	$	2,248.1	$	2,293.2

Changes in unrecognized tax benefits:


(In millions)
Balance at October 31, 2021	$	353.8
Decrease based on tax positions in prior fiscal years	(12.5)
Settlements	(0.2)
Lapses of statutes of limitations	(4.2)
Balance at October 31, 2022	$	336.9
Decrease based on tax positions in prior fiscal years	(0.5)
Increase based on tax positions in current fiscal year	2.0


Lapses of statutes of limitations	(6.9)

Balance at October 31, 2023	$	331.5