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Income Taxes | 9 Months Ended
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Jul. 31, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes We recorded income tax provisions of $126.8 million and $100.3 million for the nine months ended July 31, 2019 and 2018, respectively. The effective tax rate was 24.6% for the nine months ended July 31, 2019, compared to 18.7% for the nine months ended July 31, 2018. For the three months ended July 31, 2019 and 2018, we recorded income tax provisions of $40.6 million and $59.8 million, respectively. The effective tax rate was 21.7% for the three months ended July 31, 2019, compared to 23.6% for the three months ended July 31, 2018. The income tax provisions for all periods included the provision for state income taxes, interest accrued on anticipated tax assessments, and other permanent differences, offset, in part, by excess tax benefits related to stock-based compensation. The income tax provisions for the fiscal 2019 periods benefited from the reversal of previously accrued tax provisions on uncertain tax positions that were no longer necessary due to the expiration of the statute of limitations and the recognition of the benefit for energy tax credits claimed on our fiscal 2018 federal tax return. The income tax provisions for the nine months and three months ended July 31, 2018 benefited by $36.2 million and $5.0 million, respectively, from the remeasurement of the Company’s net deferred tax liability as a result of the Tax Cuts and Jobs Act (the “Tax Act”), which was enacted into law on December 22, 2017. The income tax provisions for the fiscal 2018 periods also benefited from the domestic activities deduction. The Tax Act repealed the domestic production activities deduction effective for the fiscal 2019 period. The Tax Act, among other changes, reduced the corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017. For companies with a fiscal year that does not end on December 31, the change in law required the application of a blended tax rate for the year of the change. Our blended tax rate for the fiscal 2018 periods was 23.3%. For the fiscal 2019 periods and thereafter, the applicable statutory rate is 21%. We are subject to state tax in the jurisdictions in which we operate. We estimate our state tax liability based upon the individual taxing authorities’ regulations, estimates of income by taxing jurisdiction, and our ability to utilize certain tax-saving strategies. Based on our estimate of the allocation of income or loss among the various taxing jurisdictions and changes in tax regulations and their impact on our tax strategies, we estimate that our state income tax rate for the full fiscal year 2019 will be approximately 6.5%. Our state income tax rate for the full fiscal year 2018 was 6.6%. At July 31, 2019, we had $7.1 million of gross unrecognized tax benefits, including interest and penalties. If these unrecognized tax benefits were to reverse in the future, they would have a beneficial impact on our effective tax rate at that time. During the next 12 months, it is reasonably possible that our unrecognized tax benefits will change, but we are not able to provide a range of such change. The possible changes would be principally due to the expiration of tax statutes, settlements with taxing jurisdictions, increases due to new tax positions taken, and the accrual of estimated interest and penalties.

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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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