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INCOME TAXES (Tables) | 12 Months Ended
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Oct. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following:
| Year Ended October 31,
(in millions) | 2021 |  | 2020 |  | 2019
Current |  |  |  |  |
Federal | $ | 45.0 |  |  | $ | (9.7) |  |  | $ | 26.6 |
State and local | 15.5 |  |  | 3.3 |  |  | 6.1 |
Non-U.S. | 56.3 |  |  | 53.0 |  |  | 35.9 |
Total Current | 116.8 |  |  | 46.6 |  |  | 68.6 |
Deferred |  |  |  |  |
Federal | (33.0) |  |  | 7.9 |  |  | 2.1 |
State and local | (9.9) |  |  | 10.2 |  |  | 0.9 |
Non-U.S. | (4.3) |  |  | (1.4) |  |  | (0.9) |
Total Deferred | (47.2) |  |  | 16.7 |  |  | 2.1 |
Tax expense | $ | 69.6 |  |  | $ | 63.3 |  |  | $ | 70.7 |
Schedule of Reconciliation of Effective Income Tax Rate | The following is a reconciliation of the provision for income taxes based on the federal statutory rate to the Company’s effective income tax rate:
| Year Ended October 31,
| 2021 |  | 2020 |  | 2019
Federal statutory rate | 21.00 | % |  | 21.00 | % |  | 21.00 | %
Impact of foreign tax rate differential | 0.70 | % |  | 0.49 | % |  | 0.10 | %
State and local taxes, net of federal tax benefit | 0.93 | % |  | 5.71 | % |  | 1.99 | %
Net impact of changes in valuation allowances | (2.57) | % |  | (15.23) | % |  | 2.41 | %
Non-deductible write-off and impairment of goodwill and other intangible assets | — | % |  | 4.02 | % |  | 0.29 | %
Return to provision | (2.73) | % |  | (1.85) | % |  | (1.27) | %
Permanent book-tax differences | 0.86 | % |  | 16.56 | % |  | (0.87) | %
Withholding taxes | 2.86 | % |  | 5.28 | % |  | 2.43 | %
Tax credits | (1.56) | % |  | (2.60) | % |  | (3.33) | %
Capital losses | (5.70) | % |  | (6.34) | % |  | — | %
Other items, net | 0.73 | % |  | 6.97 | % |  | 4.23 | %
Company's effective income tax rate | 14.52 | % |  | 34.01 | % |  | 26.98 | %
Schedule of Significant Components of Company's Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities as of October 31 for the years indicated were as follows:
(in millions) | 2021 |  | 2020
Deferred tax assets |  |  |
Net operating loss and other carryforwards | $ | 149.0 |  |  | $ | 179.3 |
Pension liabilities | — |  |  | 12.9 |
Incentive liabilities | 16.2 |  |  | 8.2 |
Workers compensation accruals | 10.5 |  |  | 10.0 |
Inventories | 6.4 |  |  | 7.8 |
Operating lease liabilities | 74.4 |  |  | 76.9 |
State income taxes | 11.6 |  |  | 10.2 |
Other reserves | 18.4 |  |  | 21.0 |
Deferred compensation | 2.2 |  |  | 2.4 |
Other | 36.1 |  |  | 28.5 |
Total deferred tax assets | 324.8 |  |  | 357.2 |
Valuation allowance | (132.7) |  |  | (146.4) |
Net deferred tax assets | $ | 192.1 |  |  | $ | 210.8 |
Deferred tax liabilities |  |  |
Properties, plants and equipment | $ | 134.9 |  |  | $ | 158.1 |
Operating lease assets | 74.4 |  |  | 76.9 |
Timberland transactions | 51.0 |  |  | 74.2 |
Goodwill and other intangible assets | 190.2 |  |  | 200.2 |
Pension liabilities | 4.5 |  |  | — |
Other | 38.4 |  |  | 29.3 |
Total deferred tax liabilities | 493.4 |  |  | 538.7 |
Net deferred tax liability | $ | 301.3 |  |  | $ | 327.9 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in millions) | 2021 |  | 2020 |  | 2019
Balance of unrecognized tax benefit at November 1 | $ | 36.0 |  |  | $ | 38.8 |  |  | $ | 36.2 |
Increases in tax positions for prior years | 1.2 |  |  | 10.1 |  |  | 5.1 |
Decreases in tax positions for prior years | — |  |  | (10.5) |  |  | (0.7) |
Increases in tax positions for current years | 1.7 |  |  | 2.6 |  |  | 4.3 |
Settlements with taxing authorities | — |  |  | — |  |  | (3.6) |
Lapse in statute of limitations | (8.0) |  |  | (5.5) |  |  | (2.0) |
Currency translation | 0.1 |  |  | 0.5 |  |  | (0.5) |
Balance at October 31 | $ | 31.0 |  |  | $ | 36.0 |  |  | $ | 38.8 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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