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Income Taxes
6 Months Ended
Apr. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 11 — INCOME TAXES

Income tax expense was $9.6 million and $19.5 million for the three months ended April 30, 2015 and 2014, respectively. The effective tax rate was 31.6 percent and 34.5 percent for the three months ended April 30, 2015 and 2014, respectively. The lower effective tax rate for the three months ended April 30, 2015 reflects the impact of the divestitures of businesses and the associated discrete tax benefits of $8.1 million. The lower effective tax rate for the three months ended April 30, 2015 also includes discrete tax benefits related to a reduction in uncertain tax positions resulting from the conclusion of certain tax examinations and expiring statutes of limitations with non-U.S. jurisdictions in the amount of $2.1 million. Income tax expense was $27.1 million and $36.0 million for the six months ended April 30, 2015 and 2014, respectively. The effective tax rate was 35.6 percent and 34.4 percent for the six months ended April 30, 2015 and 2014, respectively.

As of April 30, 2015, the Company had not recognized U.S. deferred income taxes on the undistributed earnings of our non-U.S. subsidiaries. It is the Company’s belief that as of April 30, 2015 such earnings are indefinitely reinvested outside of the U.S. and determining the unrecognized deferred tax liability related to investments in these non-U.S. subsidiaries that are indefinitely reinvested is not practicable.