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Income Taxes (Tables) | 12 Months Ended
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Oct. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of earnings before income taxes | Earnings before income taxes were as follows (in thousands):
Fiscal Years Ended October 31 |  | 2020 |  | 2019 |  | 2018
Earnings before income taxes: |  |  |  |  |  |
U.S. |  | $ | 369,016 |  |  | $ | 283,730 |  |  | $ | 333,136 |
Foreign |  | 38,054 |  |  | 38,403 |  |  | 39,261 |
Total earnings before income taxes |  | $ | 407,070 |  |  | $ | 322,133 |  |  | $ | 372,397 |
Schedule of reconciliation of the statutory federal income tax rate to the company's consolidated effective tax rate | A reconciliation of the statutory federal income tax rate to the company's effective tax rate is summarized as follows:
Fiscal Years Ended October 31 |  | 2020 |  | 2019 |  | 2018
Statutory federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 23.3 | %
Excess deduction for stock compensation |  | (1.7) |  |  | (3.7) |  |  | (3.5) |
Domestic manufacturer's deduction |  | — |  |  | 0.1 |  |  | (0.9) |
State and local income taxes, net of federal benefit |  | 2.4 |  |  | 1.1 |  |  | 1.3 |
Foreign operations |  | (0.6) |  |  | (0.3) |  |  | (0.5) |
Federal research tax credit |  | (1.7) |  |  | (1.5) |  |  | (1.2) |
Foreign-derived intangible income |  | — |  |  | (1.3) |  |  | — |
Remeasurement of deferred tax assets and liabilities |  | — |  |  | (0.1) |  |  | 5.2 |
Deemed repatriation tax |  | — |  |  | (0.2) |  |  | 3.6 |
Other, net |  | (0.4) |  |  | (0.2) |  |  | (0.3) |
Effective tax rate |  | 19.0 | % |  | 14.9 | % |  | 27.0 | %
Schedule of components of the provision for income taxes | Components of the company's provision for income taxes were as follows (in thousands):
Fiscal Years Ended October 31 |  | 2020 |  | 2019 |  | 2018
Current provision: |  |  |  |  |  |
Federal |  | $ | 58,243 |  |  | $ | 37,415 |  |  | $ | 64,375 |
State |  | 11,322 |  |  | 7,495 |  |  | 6,192 |
Foreign |  | 5,534 |  |  | 6,846 |  |  | 7,087 |
Total current provision |  | $ | 75,099 |  |  | $ | 51,756 |  |  | $ | 77,654 |
Deferred provision (benefit): |  |  |  |  |  |
Federal |  | $ | 1,710 |  |  | $ | (37) |  |  | $ | 22,074 |
State |  | 634 |  |  | (3,205) |  |  | 308 |
Foreign |  | (74) |  |  | (364) |  |  | 422 |
Total deferred provision (benefit) |  | 2,270 |  |  | (3,606) |  |  | 22,804 |
Total provision for income taxes |  | $ | 77,369 |  |  | $ | 48,150 |  |  | $ | 100,458 |
Schedule of tax effects of temporary differences that give rise to the net deferred income tax assets | The following table presents the tax effects of temporary differences that give rise to deferred income tax assets (liabilities), net (in thousands):
October 31 |  | 2020 |  | 2019
Deferred income tax assets: |  |  |  |
Compensation and benefits |  | $ | 30,363 |  |  | $ | 27,969 |
Warranty and insurance |  | 28,480 |  |  | 25,788 |
Lease liabilities |  | 20,843 |  |  | — |
Advertising and sales allowance |  | 6,937 |  |  | 8,866 |
Inventory |  | 4,937 |  |  | 4,005 |
Deferred revenue |  | 2,910 |  |  | 4,373 |
Other |  | 9,643 |  |  | 4,372 |
Valuation allowance |  | (3,570) |  |  | (3,199) |
Total deferred income tax assets |  | $ | 100,543 |  |  | $ | 72,174 |
Deferred income tax liabilities: |  |  |  |
Right-of-use assets |  | $ | (20,179) |  |  | $ | — |
Depreciation |  | (49,018) |  |  | (40,964) |
Amortization |  | (95,315) |  |  | (75,538) |
Total deferred income tax liabilities |  | (164,512) |  |  | (116,502) |
Deferred income tax liabilities, net |  | $ | (63,969) |  |  | $ | (44,328) |
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
Unrecognized tax benefits as of October 31, 2019 |  | $ | 2,673 |
Increase as a result of tax positions taken during a prior period |  | 166 |
Decrease as a result of tax positions taken during the current period |  | (183) |
Increase as a result of tax positions taken during the current period |  | 291 |
Reductions as a result of statute of limitations lapses |  | (87) |
Unrecognized tax benefits as of October 31, 2020 |  | $ | 2,860 |

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