|
INCOME TAXES (Tables)
|
12 Months Ended |
|
Oct. 31, 2012
|
| INCOME TAXES |
|
| 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 consolidated effective tax rate is summarized as follows:
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| |
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Fiscal years ended October 31 |
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|
2012 |
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|
2011 |
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|
2010 |
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| |
|
|
Statutory federal income tax rate |
|
|
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
|
Increase (reduction) in income taxes resulting from: |
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|
|
|
|
|
|
|
|
|
|
Domestic manufacturer's deduction |
|
|
(2.0 |
) |
|
(1.8 |
) |
|
(1.1 |
) |
|
State and local income taxes, net of federal income tax benefit |
|
|
1.5 |
|
|
1.4 |
|
|
1.4 |
|
|
Effect of foreign source income |
|
|
0.2 |
|
|
0.2 |
|
|
0.2 |
|
|
Domestic research tax credit |
|
|
(0.2 |
) |
|
(2.4 |
) |
|
(0.2 |
) |
|
Other, net |
|
|
(0.5 |
) |
|
0.3 |
|
|
(1.3 |
) |
| |
|
|
Consolidated effective tax rate |
|
|
34.0 |
% |
|
32.7 |
% |
|
34.0 |
% |
| |
|
|
| Schedule of components of the provision for income taxes |
Components of the provision for income taxes were as follows:
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| |
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Fiscal years ended October 31 |
|
|
2012 |
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2011 |
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2010 |
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| |
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Provision for income taxes: |
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|
|
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Current – |
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
59,405 |
|
$ |
47,922 |
|
$ |
34,582 |
|
|
State |
|
|
4,609 |
|
|
3,963 |
|
|
2,918 |
|
|
Non-U.S. |
|
|
3,854 |
|
|
7,103 |
|
|
4,436 |
|
| |
|
|
Current provision |
|
$ |
67,868 |
|
$ |
58,988 |
|
$ |
41,936 |
|
| |
|
|
Deferred – |
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
(685 |
) |
$ |
(31 |
) |
$ |
5,305 |
|
|
State |
|
|
(132 |
) |
|
(211 |
) |
|
198 |
|
|
Non-U.S. |
|
|
(330 |
) |
|
(1,578 |
) |
|
592 |
|
| |
|
|
Deferred benefit |
|
|
(1,147 |
) |
|
(1,820 |
) |
|
6,095 |
|
| |
|
|
Total provision for income taxes |
|
$ |
66,721 |
|
$ |
57,168 |
|
$ |
48,031 |
|
| |
|
|
| Schedule of earnings before income taxes |
Earnings before income taxes were as follows:
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Fiscal years ended October 31 |
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
| |
|
|
Earnings before income taxes: |
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
189,206 |
|
$ |
160,444 |
|
$ |
127,508 |
|
|
Non-U.S. |
|
|
7,056 |
|
|
14,382 |
|
|
13,760 |
|
| |
|
|
Total |
|
$ |
196,262 |
|
$ |
174,826 |
|
$ |
141,268 |
|
| |
|
|
| Schedule of tax effects of temporary differences that give rise to the net deferred income tax assets |
The tax effects of temporary differences that give rise to the net deferred income tax assets are presented below:
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|
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| |
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October 31 |
|
|
2012 |
|
|
2011 |
|
| |
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|
Deferred tax assets (liabilities): |
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|
|
|
|
|
|
|
Allowance for doubtful accounts |
|
$ |
1,959 |
|
$ |
1,156 |
|
|
Inventory items |
|
|
4,595 |
|
|
5,121 |
|
|
Warranty reserves and other accruals |
|
|
39,559 |
|
|
38,370 |
|
|
Employee benefits |
|
|
16,466 |
|
|
16,831 |
|
|
Depreciation |
|
|
(4,389 |
) |
|
(3,909 |
) |
|
Other |
|
|
9,625 |
|
|
8,514 |
|
| |
|
|
Deferred tax assets |
|
$ |
67,815 |
|
$ |
66,083 |
|
|
Valuation allowance |
|
|
(6,781 |
) |
|
(4,928 |
) |
| |
|
|
Net deferred tax assets |
|
$ |
61,034 |
|
$ |
61,155 |
|
| |
|
|
| 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:
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|
|
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| |
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|
Balance as of October 31, 2011 |
|
$ |
5,329 |
|
|
Decrease as a result of tax positions taken during a prior period |
|
|
(52 |
) |
|
Increase as a result of tax positions taken during the current period |
|
|
753 |
|
|
Decrease relating to settlements with taxing authorities |
|
|
(261 |
) |
|
Reduction as a result of a lapse of the applicable statute of limitations |
|
|
(1,348 |
) |
| |
|
|
Balance as of October 31, 2012 |
|
$ |
4,421 |
|
| |
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