XML 38 R23.htm IDEA: XBRL DOCUMENT
v3.23.3

Income Taxes | 12 Months Ended
--- | ---
Oct. 29, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of the Provision for Income Taxes are as follows:
| Fiscal Year Ended
In thousands |  | October 29, 2023 |  | October 30, 2022 |  | October 31, 2021
Current |  |  |  |  |  |
U.S. Federal |  | $ | 161,016 |  |  | $ | 67,638 |  |  | $ | 171,732 |
State |  | 20,166 |  |  | 20,054 |  |  | 7,541 |
Foreign |  | 7,576 |  |  | 13,185 |  |  | 9,079 |
Total Current |  | 188,758 |  |  | 100,877 |  |  | 188,352 |
Deferred |  |  |  |  |  |
U.S. Federal |  | 23,221 |  |  | 164,091 |  |  | 23,507 |
State |  | 8,602 |  |  | 13,638 |  |  | 2,220 |
Foreign |  | (29) |  |  | (729) |  |  | 2,950 |
Total Deferred |  | 31,794 |  |  | 177,000 |  |  | 28,677 |
Total Provision for Income Taxes |  | $ | 220,552 |  |  | $ | 277,877 |  |  | $ | 217,029 |
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 29, 2023 |  | October 30, 2022
Deferred Tax Liabilities |  |  |  |
Goodwill and Intangible Assets |  | $ | (477,282) |  |  | $ | (404,295) |
Tax over Book Depreciation and Basis Differences |  | (233,802) |  |  | (246,411) |
Other, net |  | (33,105) |  |  | (21,467) |
Deferred Tax Assets |  |  |  |
Pension and Other Post-retirement Benefits |  | 42,952 |  |  | 42,794 |
Employee Compensation Related Liabilities |  | 65,958 |  |  | 65,461 |
Marketing and Promotional Accruals |  | 16,972 |  |  | 29,045 |
Inventory |  | 46,856 |  |  | 10,368 |
Other, net |  | 75,562 |  |  | 51,966 |
Net Deferred Tax (Liabilities) Assets |  | $ | (495,889) |  |  | $ | (472,539) |
Reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:
| Fiscal Year Ended
|  | October 29, 2023 |  | October 30, 2022 |  | October 31, 2021
U.S. Statutory Rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State Taxes on Income, Net of Federal Tax Benefit |  | 2.5 |  |  | 2.4 |  |  | 0.8 |
Stock-based Compensation |  | (0.1) |  |  | (1.5) |  |  | (1.6) |
Foreign-derived Intangible Income Deduction |  | (1.3) |  |  | (0.4) |  |  | (0.4) |
All Other, net |  | (0.3) |  |  | 0.2 |  |  | (0.5) |
Effective Tax Rate |  | 21.8 | % |  | 21.7 | % |  | 19.3 | %
As of October 29, 2023, the Company had $299.3 million of undistributed earnings from non-U.S. subsidiaries. The Company maintains all earnings as 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 2023, 2022, and 2021 were $205.0 million, $93.1 million, and $167.0 million, respectively. The following table sets forth changes in the unrecognized tax benefits, excluding interest and penalties, for fiscal years 2023 and 2022.
In thousands |  |
Balance as of October 31, 2021 |  | $ | 22,092 |
Tax Positions Related to the Current Period |  |
Increases |  | 3,618 |
Tax Positions Related to Prior Periods |  |
Increases |  | 1,890 |
Decreases |  | (1,789) |
Settlements |  | (2,509) |
Decreases Related to a Lapse of Applicable Statute of Limitations |  | (3,782) |
Balance as of October 30, 2022 |  | $ | 19,520 |
Tax Positions Related to the Current Period |  |
Increases |  | 3,876 |
Tax Positions Related to Prior Periods |  |
Increases |  | 2,131 |
Decreases |  | (1,708) |
Settlements |  | (811) |
Decreases Related to a Lapse of Applicable Statute of Limitations |  | (3,881) |
Balance as of October 29, 2023 |  | $ | 19,127 |
Unrecognized tax benefits, including interest and penalties, are recorded in Other Long-term Liabilities. If recognized as of October 29, 2023 and October 30, 2022, $17.0 million, and $17.2 million, respectively, would impact the Company’s effective tax rate. The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial losses included during fiscal 2023, 2022 and 2021. The amount of accrued interest and penalties at October 29, 2023 and October 30, 2022, associated with unrecognized tax benefits was $2.4 million and $2.3 million, respectively. The Company is regularly audited by federal and state taxing authorities. The IRS concluded its examination of fiscal 2021 in the second quarter of fiscal 2023. Previously, the IRS placed the Company in the Bridge phase of the Compliance Assurance Process (CAP) for fiscal 2020. In this phase, the IRS will not accept any disclosures, conduct any reviews, or provide any assurances. The Company has elected to participate in CAP for fiscal years through 2023. The objective of CAP is to contemporaneously work with the IRS 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. The Inflation Reduction Act of 2022 was signed into law on August 16, 2022. The 15% corporate minimum tax will apply to the Company in fiscal year 2024.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration