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INCOME TAXES | 9 Months Ended
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Jul. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Our quarterly tax provision is calculated using an estimated annual effective tax rate that is adjusted for discrete items occurring during the period to arrive at our effective tax rate. During the three and nine months ended July 31, 2024, we had effective tax rates of 74.0% and 30.7%, respectively, resulting in provisions for taxes of $13.3 million and $41.3 million, respectively. During the three and nine months ended July 31, 2023, we had effective tax rates of 17.7% and 22.8%, respectively, resulting in provisions for taxes of $21.2 million and $55.7 million respectively. The difference between the estimated annual effective tax rate before discrete items and statutory rate is primarily related to state income taxes, non-deductible compensation, and tax credits. Our effective tax rate for the three months ended July 31, 2024, was impacted by discrete items related to energy efficiency incentives, and the non-taxable change in the fair value of the contingent consideration related to the RavenVolt Acquisition. Our effective tax rate for the three months ended July 31, 2023, was impacted by discrete items related to ERC refunds received from the IRS, and the non-taxable change in the fair value of the contingent consideration related to the RavenVolt Acquisition. Our effective tax rate for the nine months ended July 31, 2024, was impacted by discrete items, primarily from a change in uncertain tax positions, energy efficiency incentives, a return to provision adjustment related to our non-U.S. operations, a benefit for share-based compensation, and the non-taxable change in the fair value of the contingent consideration related to the RavenVolt Acquisition. Our effective tax rate for the nine months ended July 31, 2023 was impacted by discrete items, primarily from share-based compensation, ERC refunds received from the IRS, and the non-taxable change in the fair value of the contingent consideration related to the RavenVolt Acquisition We plan 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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