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Income Taxes (Tables)

12 Months Ended

Oct. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of components of provision for 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

Schedule of significant components of the deferred income tax liabilities and assets

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)

Schedule of reconciliation of the statutory federal income tax rate to the effective tax rate

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		%

Schedule of changes in the unrecognized tax benefits, excluding interest and penalties

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

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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