Note 11 - Income Taxes |
6 Months Ended |
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Apr. 30, 2021 | |
| Notes to Financial Statements | |
| Income Tax Disclosure [Text Block] |
Note 11. Income Taxes
For the second fiscal quarter ended April 30, 2021, the Company recorded an income tax expense of $0.2 million on a pretax loss of $10.7 million. For the same quarter a year ago, the Company recorded an income tax benefit of $2.2 million on a pretax loss of $57.9 million. For the first six months of 2021, the Company recorded an income tax benefit of $2.5 million on a pretax loss of $25.6 million. For the same period a year ago, the Company recorded an income tax benefit of $3.4 million on a pretax loss of $62.2 million.
At April 30, 2021 and October 31, 2020, we had deferred tax liabilities, net of deferred tax assets, of $65.6 million and $68.0 million, respectively. The decrease in our net deferred tax liability is primarily due to current year operating results and reversal of existing deferred tax assets and liabilities during the period ended April 30, 2021. The Company has a valuation allowance of $0.1 million as of both April 30, 2021 and October 31, 2020 related to foreign tax credit carryforwards where realization is more uncertain at this time due to the limited carryforward periods that exist.
The Company had unrecognized tax benefits of $1.5 million and $1.6 million as of April 30, 2021 and October 31, 2020, respectively. If recognized, none of these benefits would favorably impact the Company's income tax expense.
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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