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Income Taxes | 6 Months Ended
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Apr. 30, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Our quarterly tax provision is calculated using an estimated annual tax rate that is adjusted for discrete items occurring during the period to arrive at our effective tax rate. During the three and six months ended April 30, 2020, we had effective tax rates of (8.4)% and (21.4)%, respectively, resulting in provisions for taxes of $10.6 million and $19.2 million, respectively. During the three and six months ended April 30, 2019, we had effective tax rates of 29.6% and 28.7%, respectively, resulting in provisions for taxes of $12.6 million and $17.3 million, respectively. Our effective tax rate for the three months ended April 30, 2020 was impacted by the impairment of non-deductible goodwill. Our effective tax rate for the three months ended April 30, 2019 was impacted by a $1.3 million provision related to hiring credits, including the Work Opportunity Tax Credit (“WOTC”). Our effective tax rate for the six months ended April 30, 2020 was impacted by the impairment of non-deductible goodwill and a $1.5 million tax provision related to WOTC. Our effective tax rate for the six months ended April 30, 2019 was impacted by the following discrete items: a $1.4 million provision related to hiring credits, including WOTC, and a $1.4 million provision related to certain reserves. In response to COVID-19, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) on March 27, 2020. The CARES Act provides various stimulus measures, including several tax provisions. Among the business tax provisions is the creation of a refundable credit for employee retention and the deferral of certain payroll tax remittances through December 31, 2020 to future years (with 50% of the deferred amount due by December 31, 2021 and the remaining 50% due by December 31, 2022). We evaluated the impact of the CARES Act and determined that as of and for the three and six months ended April 30, 2020, the CARES Act did not have a material impact on our unaudited consolidated financial statements. However, the deferral of certain payroll tax remittances may have a material impact on our financial statements in future periods. We continue planning to reinvest our foreign earnings to fund future non-U.S. growth and expansion, and we do not anticipate remitting such earnings to the United States. While U.S. federal tax expense has been recognized as a result of the Tax Cuts and Jobs Act of 2017, no deferred tax liabilities with respect to federal and state income taxes or foreign withholding taxes have been recognized.

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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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