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Income Taxes
6 Months Ended
Apr. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's effective tax rates for the three months ended April 30, 2021 and April 30, 2020 were 13.8% and (27.7)%, respectively. The increase was primarily due to changes in the geographical composition of pre-tax earnings. The Company's effective tax rate for the second quarter of fiscal 2021 was lower than the U.S. federal statutory tax rate primarily due to earnings in foreign jurisdictions with lower tax rates and excess tax benefits from share-based compensation.

The Company's effective tax rates for the six months ended April 30, 2021 and April 30, 2020 were (704.2)% and 4.2%, respectively. The decrease was primarily due to an intra-group transfer of intellectual property, as discussed below. The Company's effective tax rate for the six months ended April 30, 2021 was lower than the U.S. federal statutory tax rate primarily due to the intra-group transfer. The Company's effective tax rates for the six months ended April 30, 2021 and April 30, 2020 were otherwise lower than the U.S. federal statutory tax rate primarily due to earnings in foreign jurisdictions with lower tax rates and excess tax benefits from share-based compensation.

In November 2020, the Company completed an intra-group transfer of certain intellectual property and related assets to a UK subsidiary as part of a group restructuring to establish headquarters operations in the UK. Income before income taxes resulting from this transfer is eliminated upon consolidation. The transfer resulted in a step-up of the UK tax-deductible basis in the intellectual property and goodwill, creating a temporary difference between the book basis and the tax basis of these assets. As a result, the Company recognized a deferred tax asset of $1,987.9 million, with a corresponding income tax benefit, during the three months ended January 31, 2021.