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Income Taxes | 12 Months Ended
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Oct. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of the Provision for Income Taxes are as follows:
(in thousands) |  | 2021 |  | 2020 |  | 2019
Current |  |  |  |  |  |
U.S. Federal |  | $ | 171,732 |  |  | $ | 142,708 |  |  | $ | 161,233 |
State |  | 7,541 |  |  | 13,353 |  |  | 30,774 |
Foreign |  | 9,079 |  |  | 18,293 |  |  | 9,919 |
Total Current |  | 188,352 |  |  | 174,354 |  |  | 201,926 |
Deferred |  |  |  |  |  |
U.S. Federal |  | 23,507 |  |  | 34,408 |  |  | 27,817 |
State |  | 2,220 |  |  | 4,937 |  |  | 1,473 |
Foreign |  | 2,950 |  |  | (7,306) |  |  | (649) |
Total Deferred |  | 28,677 |  |  | 32,039 |  |  | 28,641 |
Total Provision for Income Taxes |  | $ | 217,029 |  |  | $ | 206,393 |  |  | $ | 230,567 |
The Company has elected to treat global intangible low taxed income (GILTI) as a period cost. Deferred Income Taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred income tax liabilities and assets are as follows:
(in thousands) |  | October 31, 2021 |  | October 25, 2020
Deferred Tax Liabilities |  |  |  |
Goodwill and Intangible Assets |  | $ | (322,822) |  |  | $ | (269,218) |
Tax over Book Depreciation and Basis Differences |  | (143,891) |  |  | (164,911) |
Other, net |  | (21,967) |  |  | (24,316) |
Deferred Tax Assets |  |  |  |
Pension and Other Post-retirement Benefits |  | 71,190 |  |  | 97,129 |
Employee Compensation Related Liabilities |  | 68,133 |  |  | 65,024 |
Marketing and Promotional Accruals |  | 22,916 |  |  | 20,783 |
Other, net |  | 50,767 |  |  | 62,302 |
Net Deferred Tax (Liabilities) Assets |  | $ | (275,674) |  |  | $ | (213,207) |
Reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:
|  | 2021 |  | 2020 |  | 2019
U.S. Statutory Rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State Taxes on Income, Net of Federal Tax Benefit |  | 0.8 |  |  | 1.6 |  |  | 2.5 |
Divestitures |  | — |  |  | — |  |  | (1.4) |
Stock-based Compensation |  | (1.6) |  |  | (3.1) |  |  | (2.2) |
All Other, net |  | (0.9) |  |  | (1.0) |  |  | (0.8) |
Effective Tax Rate |  | 19.3 | % |  | 18.5 | % |  | 19.1 | %
In fiscal 2019, the Company recorded a net tax benefit of $17.5 million related to the divestiture of CytoSport. As of October 31, 2021, the Company had $221.4 million of undistributed earnings from non-U.S. subsidiaries. The Company maintains all earnings are permanently reinvested. Accordingly, no additional income taxes have been provided for withholding tax, state tax, or other taxes. Total income taxes paid during fiscal years 2021, 2020, and 2019 were $167.0 million, $169.7 million, and $221.4 million, respectively. The following table sets forth changes in the unrecognized tax benefits, excluding interest and penalties, for fiscal years 2021 and 2020.
(in thousands) |  |
Balance as of October 27, 2019 |  | $ | 27,826 |
Tax Positions Related to the Current Period |  |
Increases |  | 3,177 |
Tax Positions Related to Prior Periods |  |
Increases |  | 8,299 |
Decreases |  | (2,549) |
Settlements |  | (1,107) |
Decreases Related to a Lapse of Applicable Statute of Limitations |  | (2,404) |
Balance as of October 25, 2020 |  | $ | 33,242 |
Tax Positions Related to the Current Period |  |
Increases |  | 4,003 |
Tax Positions Related to Prior Periods |  |
Increases |  | 2,117 |
Decreases |  | (4,170) |
Settlements |  | (8,934) |
Decreases Related to a Lapse of Applicable Statute of Limitations |  | (4,166) |
Balance as of October 31, 2021 |  | $ | 22,092 |
The amount of unrecognized tax benefits, including interest and penalties, is recorded in Other Long-term Liabilities. If recognized as of October 31, 2021, and October 25, 2020, $19.6 million, and $29.1 million, respectively, would impact the Company’s effective tax rate. The Company includes accrued interest and penalties related to uncertain tax positions in income tax expense, with losses of $0.9 million and $1.9 million included in expense for fiscal 2021 and 2020, respectively. The amount of accrued interest and penalties at October 31, 2021, and October 25, 2020, associated with unrecognized tax benefits was $5.0 million and $7.2 million, respectively. The Company is regularly audited by federal and state taxing authorities. The U.S. Internal Revenue Service (I.R.S.) concluded their examinations of fiscal 2018 in the fourth quarter of fiscal 2020, and fiscal 2019 in the second quarter of fiscal 2021. The Company has elected to participate in the Compliance Assurance Process (CAP) for fiscal years through 2022. The objective of CAP is to contemporaneously work with the I.R.S. to achieve federal tax compliance and resolve all or most of the issues prior to filing of the tax return. The Company may elect to continue participating in CAP for future tax years; the Company may withdraw from the program at any time. The Company is in various stages of audit by several state taxing authorities on a variety of fiscal years, as far back as 2015. While it is reasonably possible that one or more of these audits may be completed within the next 12 months and the related unrecognized tax benefits may change based on the status of the examinations, it is not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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