Income Taxes (Tables)

12 Months Ended

Oct. 31, 2017

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax expense consisted of the following:

	Years Ended October 31,
	2017			2016			2015
	(In thousands)
Current expense:
Federal	$	117,611		$	67,880		$	101,605
State	11,024			7,613			11,704
	128,635			75,493			113,309
Deferred expense (benefit):
Federal	15,452			27,983			4,169
State	1,804			1,194			1,043
Change in valuation allowance	(1,106		)	(954		)	(431		)
	16,150			28,223			4,781
	$	144,785		$	103,716		$	118,090

Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are outlined below.

	October 31,
	2017			2016
	(In thousands)
Deferred tax liabilities:
Property, plant and equipment	$	116,431		$	96,027
Prepaid and other assets	2,154			2,243
Total deferred tax liabilities	118,585			98,270
Deferred tax assets:
Accrued expenses and accounts receivable	11,941			10,572
Inventory	348			493
Compensation on restricted stock	13,606			10,591
State income tax credits	14,050			15,229
Other	165			166
Valuation allowance	(13,423		)	(14,529		)
Total deferred tax assets	26,687			22,522
Net deferred tax liabilities	$	91,898		$	75,748

Differences Between Consolidated Effective Income Tax Rate and Federal Statutory Rate

The differences between the consolidated effective income tax rate and the federal statutory rate of 35.0% are as follows:

	Years Ended October 31,
	2017			2016			2015
	(In thousands)
Income taxes at statutory rate	$	148,585		$	102,437		$	116,932
State income taxes	9,038			7,007			8,757
State income tax credits	(606		)	(948		)	(342		)
Federal income tax credits	(390		)	(390		)	(90		)
Federal manufacturers deduction	(11,527		)	(8,425		)	(10,714		)
Excess tax benefits	(3,345		)	—			—
Nondeductible expenses	3,506			2,482			3,234
Other, net	630			2,507			744
Change in valuation allowance	(1,106		)	(954		)	(431		)
Income tax expense	$	144,785		$	103,716		$	118,090