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Income Taxes | 3 Months Ended
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Jan. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Effective Tax Rate The Company's effective tax rates were an expense of 7.1% and a benefit of 10.0% for the first quarter of fiscal 2020 and fiscal 2019, respectively. The increase in our effective tax rate for the first quarter of fiscal 2020 compared to fiscal 2019 was primarily due to tax benefits for settlement of tax audits and revisions to the provisional tax charges related to the 2017 Tax Cuts and Jobs Act during fiscal 2019. Our effective tax rate for the first quarter of fiscal 2020 was lower than the U.S. statutory tax rate because of discrete tax benefits and a favorable mix of income from our foreign jurisdictions with preferential tax rates. Total discrete tax benefits for the first quarter of fiscal 2020 were $3.8 million primarily relating to excess tax benefits from share-based compensation. Our effective tax rate for the first quarter of fiscal 2019 was lower than the U.S. statutory rate because of discrete tax benefits and favorable mix of income from our foreign jurisdictions with lower tax rates. We recognize the benefit from a tax position only if it is more likely than not that the position would be sustained upon audit based solely on the technical merits of the tax position. As of January 31, 2020, and October 31, 2019, Cooper had unrecognized tax benefits of $54.8 million and $49.7 million, respectively. The increase is primarily related to additions to current and prior period transfer pricing reserves, partially offset by release of reserves due to lapse of the statute of limitations. It is our policy to recognize interest and penalties directly related to income taxes as additional income tax expense. It is reasonably possible that $14.8 million of unrecognized tax benefits could be settled during the next twelve months. The Company is subject to U.S. federal income tax examinations for fiscal 2015 through 2019 and the Internal Revenue Service is currently auditing our U.S. Consolidated Corporation Income Tax Returns for fiscal 2015 and 2016. The Company remains subject to income tax examinations in other significant tax jurisdictions including United Kingdom, Japan, France and Australia for the tax years 2014 through 2019. The Company is currently under audit in the United Kingdom for fiscal 2015 through 2018.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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