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Income Taxes (Tables) | 12 Months Ended
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Oct. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Earnings before Income Taxes | Earnings before income taxes were as follows (dollars in millions):
Fiscal Years Ended October 31 |  | 2024 |  | 2023 |  | 2022
Earnings before income taxes: |  |  |  |  |  |
United States |  | $ | 436.6 |  |  | $ | 345.0 |  |  | $ | 491.3 |
Foreign |  | 76.2 |  |  | 55.5 |  |  | 61.2 |
Total earnings before income taxes |  | $ | 512.8 |  |  | $ | 400.5 |  |  | $ | 552.5 |
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 |  | 2024 |  | 2023 |  | 2022
Statutory federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Excess deduction for stock-based compensation |  | (0.6) |  |  | (1.1) |  |  | (0.4) |
State and local income taxes, net of federal benefit |  | 2.2 |  |  | 1.8 |  |  | 2.0 |
Foreign operations |  | (1.2) |  |  | (0.7) |  |  | (0.7) |
Federal research tax credit |  | (1.9) |  |  | (2.3) |  |  | (1.3) |
Foreign-derived intangible income |  | (0.9) |  |  | (1.1) |  |  | (0.7) |
Other, net |  | (0.3) |  |  | 0.1 |  |  | (0.1) |
Effective tax rate |  | 18.3 | % |  | 17.7 | % |  | 19.8 | %
Schedule of Components of the Provision for Income Taxes | Components of the company's provision for income taxes were as follows (dollars in millions):
Fiscal Years Ended October 31 |  | 2024 |  | 2023 |  | 2022
Current provision: |  |  |  |  |  |
Federal |  | $ | 94.9 |  |  | $ | 94.4 |  |  | $ | 94.7 |
State |  | 18.5 |  |  | 17.0 |  |  | 19.1 |
Foreign |  | 8.4 |  |  | 7.3 |  |  | 7.7 |
Total current provision |  | $ | 121.8 |  |  | $ | 118.7 |  |  | $ | 121.5 |
Deferred (benefit) provision: |  |  |  |  |  |
Federal |  | $ | (23.6) |  |  | $ | (37.8) |  |  | $ | (7.4) |
State |  | (4.6) |  |  | (10.3) |  |  | (4.9) |
Foreign |  | 0.3 |  |  | 0.2 |  |  | — |
Total deferred benefit |  | (27.9) |  |  | (47.9) |  |  | (12.3) |
Total provision for income taxes |  | $ | 93.9 |  |  | $ | 70.8 |  |  | $ | 109.2 |
Schedule of Tax Effects of Temporary Differences that Give Rise to the Net Deferred Income Tax Assets | The components of the company's deferred income tax assets and liabilities were as follows (dollars in millions):
Fiscal Years Ended October 31 |  | 2024 |  | 2023
Deferred income tax assets: |  |  |  |
Research and experimentation |  | $ | 64.6 |  |  | $ | 35.4 |
Warranty and insurance |  | 40.0 |  |  | 37.6 |
Compensation and benefits |  | 32.3 |  |  | 32.5 |
Lease liabilities |  | 32.1 |  |  | 35.3 |
Advertising and sales promotions and incentives |  | 19.8 |  |  | 16.5 |
Inventory |  | 6.8 |  |  | 14.4 |
Net operating losses and other carryforwards |  | 5.4 |  |  | 5.3 |
Other 1 |  | 6.9 |  |  | 3.3 |
Valuation allowance |  | (5.1) |  |  | (3.3) |
Deferred income tax assets |  | $ | 202.8 |  |  | $ | 177.0 |
Deferred income tax liabilities: |  |  |  |
Right-of-use assets |  | $ | (31.5) |  |  | $ | (34.8) |
Depreciation |  | (55.1) |  |  | (60.0) |
Amortization |  | (71.7) |  |  | (68.4) |
Deferred income tax liabilities |  | (158.3) |  |  | (163.2) |
Deferred income tax assets, net |  | $ | 44.5 |  |  | $ | 13.8 |
1 Presentation of fiscal 2023 deferred income taxes has been conformed to the current year presentation. There was no change to total deferred income tax assets, deferred income tax liabilities, or deferred income tax liabilities, net.
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 (dollars in millions):
Unrecognized tax benefits as of October 31, 2023 |  | $ | 3.7 |
Increase as a result of tax positions taken during the current period |  | 0.4 |
Reductions as a result of statute of limitations lapses |  | (0.6) |
Unrecognized tax benefits as of October 31, 2024 |  | $ | 3.5 |

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