Note 12 - Income Taxes |
3 Months Ended |
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Jan. 31, 2022 | |
| Notes to Financial Statements | |
| Income Tax Disclosure [Text Block] |
Note 12. Income Taxes
For the first fiscal quarter ended January 31, 2022, the Company recorded an income tax benefit of $0.0 million on pretax income of $1.2 million. For the same quarter a year ago, the Company recorded income tax benefit of $2.6 million on a pretax loss of $14.9 million. The effective tax rate for the three-month period ended January 31, 2022 was impacted by (1) the excess tax benefit from vestings and exercises of stock-based awards of $0.1 million and (2) a change in unremitted earnings deferred tax liability due to foreign rate fluctuations of $0.2 million.
At January 31, 2022 and October 31, 2021, the Company had deferred tax liabilities, net of deferred tax assets, of $70.2 million and $70.6 million, respectively. Included in deferred tax assets at January 31, 2022 and October 31, 2021 were net operating loss carryforwards of $17.8 million. The Company has a valuation allowance of $0.1 million as of both January 31, 2022 and October 31, 2021 related to foreign tax credit carryforwards where realization is more uncertain at this time due to the limited carryforward periods that exist. |
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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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