v3.25.3

Income Taxes (Tables)

12 Months Ended

Oct. 31, 2025

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						2025						2024						2023
Earnings before income taxes:
United States						$	278.6					$	436.6					$	345.0
Foreign						99.0						76.2						55.5
Total earnings before income taxes						$	377.6					$	512.8					$	400.5

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						2025						2024						2023
Statutory federal income tax rate						21.0		%				21.0		%				21.0		%
Excess deduction for stock-based compensation						(0.1)						(0.6)						(1.1)
State and local income taxes, net of federal benefit						1.6						2.2						1.8
Foreign operations						(2.2)						(1.2)						(0.7)
Federal research tax credit						(2.5)						(1.9)						(2.3)
Foreign-derived intangible income						(1.2)						(0.9)						(1.1)
Other, net						(0.3)						(0.3)						0.1
Effective tax rate						16.3		%				18.3		%				17.7		%

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						2025						2024						2023
Current provision:
Federal						$	91.6					$	94.9					$	94.4
State						15.6						18.5						17.0
Foreign						13.0						8.4						7.3
Total current provision						$	120.2					$	121.8					$	118.7
Deferred (benefit) provision:
Federal						$	(48.6)					$	(23.6)					$	(37.8)
State						(8.2)						(4.6)						(10.3)
Foreign						(1.9)						0.3						0.2
Total deferred benefit						(58.7)						(27.9)						(47.9)
Total provision for income taxes						$	61.5					$	93.9					$	70.8

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						2025						2024
Deferred income tax assets:
Research and experimentation						$	86.0					$	64.6
Warranty and insurance						40.1						40.0
Compensation and benefits						35.5						32.3
Lease liabilities						31.6						32.1
Advertising and sales promotions and incentives						19.6						19.8
Inventory						16.1						6.8
Net operating losses and other carryforwards						6.9						5.4
Other						10.5						6.9
Valuation allowance						(5.5)						(5.1)
Deferred income tax assets						$	240.8					$	202.8
Deferred income tax liabilities:
Right-of-use assets						$	(31.1)					$	(31.5)
Depreciation						(50.1)						(55.1)
Amortization						(54.7)						(71.7)
Deferred income tax liabilities						(135.9)						(158.3)
Deferred income tax assets, net						$	104.9					$	44.5

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, 2024						$	3.5
Increase as a result of tax positions taken during the current period						0.4
Reductions as a result of statute of limitations lapses						(0.7)
Unrecognized tax benefits as of October 31, 2025						$	3.2

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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