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Income Taxes (Tables)

12 Months Ended

Oct. 31, 2020

Income Taxes

Summary of Income Tax Provision

The income tax provision (benefit) consists of the following for the years ended October 31, (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
​	​	​	​		​	​	​	​	​	​
Current:	​	​	​	​	​	​	​	​	​	​
Federal	​	$	(5,684)	​	$	9,146	​	$	7,115	​
State	​		(214)	​		2,516	​		1,582	​
Foreign	​		645	​		290	​		(844)	​
Total current	​		(5,253)	​		11,952	​		7,853	​
​	​	​	​	​	​	​	​	​	​	​
Deferred:	​	​	​	​	​	​	​	​	​	​
Federal	​		575	​		516	​		3,328	​
State	​		(505)	​		209	​		690	​
Foreign	​		260	​		205	​		848	​
Total deferred	​		330	​		930	​		4,866	​
Change in valuation allowance	​	​	631	​	​	—	​	​	—	​
Total income tax provision (benefit)	​	$	(4,292)	​	$	12,882	​	$	12,719	​

​

Significant Components of Deferred Taxes Assets (Liabilities)

Significant components of our deferred taxes assets (liabilities) as of October 31, are as follows (in thousands):

​

​	​	​	​	​	​	​	​
​		2020			2019
​	​	​	​	​	​	​	​
Property, plant, and equipment	​		(11,552)	​		(10,407)	​
Intangible assets	​		6,861	​		11,805	​
Unrealized gain, Limoneira investment	​		(116)	​		(2,352)	​
Investment in FreshRealm	​		1,096	​		(1,513)	​
Stock-based compensation	​		812	​		857	​
State taxes	​		(592)	​		(437)	​
Credits and incentives	​		1,345	​		1,109	​
Allowance for accounts receivable	​	​	1,165	​	​	834	​
Inventories	​	​	864	​	​	445	​
Accrued liabilities	​	​	2,119	​	​	3,423	​
Operating lease - Right of use assets	​	​	(15,732)	​	​	—	​
Operating lease liabilities	​	​	16,895	​	​	—	​
Net operating loss	​	​	369	​	​	—	​
Valuation allowance	​	​	(631)	​	​	—	​
Other	​		(417)	​		(317)	​
Long-term deferred income taxes	​	$	2,486	​	$	3,447	​

​

As of October 31, 2020, the Company has gross federal net operating losses of $8 million that are expected to be carried back to one of the five preceding tax years and do not expire, and gross state net operating loss carryforwards of approximately $7.2 million with carryforward periods primarily ranging from 20 years to indefinite.

​

The Company records a valuation allowance against deferred tax assets when determined that all or a portion of the deferred tax assets are not more likely than not to be realized based on all available evidence. As of October 31, 2020, the Company recorded an approximate $0.6 million valuation allowance against the deferred tax assets for state tax credit carryforwards that are more likely than not to expire unutilized between 2022 and 2028.

Reconciliation of Significant Differences Between Federal Statutory Income Tax Rate and Effective Income Tax Rate

As of October 31, 2020, the Company has gross federal net operating losses of $8 million that are expected to be carried back to one of the five preceding tax years and do not expire, and gross state net operating loss carryforwards of approximately $7.2 million with carryforward periods primarily ranging from 20 years to indefinite.

​

The Company records a valuation allowance against deferred tax assets when determined that all or a portion of the deferred tax assets are not more likely than not to be realized based on all available evidence. As of October 31, 2020, the Company recorded an approximate $0.6 million valuation allowance against the deferred tax assets for state tax credit carryforwards that are more likely than not to expire unutilized between 2022 and 2028.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-SubTopic 10
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Publisher FASB
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-SubTopic 10
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-Paragraph 12
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