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Income Taxes (Tables)

12 Months Ended

Oct. 31, 2021

Income Taxes

Summary of Income Tax Provision (Benefit)

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

​

​	​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
​	​	​	​		​	​	​	​	​	​
Current:	​	​	​	​	​	​	​	​	​	​
Federal	​	$	(3,449)	​	$	(5,684)	​	$	9,146	​
State	​		323	​		(214)	​		2,516	​
Foreign	​		16,703	​		645	​		290	​
Total current	​		13,577	​		(5,253)	​		11,952	​
​	​	​	​	​	​	​	​	​	​	​
Deferred:	​	​	​	​	​	​	​	​	​	​
Federal	​		790	​		576	​		516	​
State	​		(343)	​		(505)	​		209	​
Foreign	​		(3,934)	​		260	​		205	​
Total deferred	​		(3,487)	​		331	​		930	​
Change in valuation allowance	​	​	657	​	​	630	​	​	—	​
Total income tax provision (benefit)	​	$	10,747	​	$	(4,292)	​	$	12,882	​

​

Significant Components of Deferred Taxes Assets (Liabilities)

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

​

​	​	​	​	​	​	​	​
​		2021			2020
​	​	​	​	​	​	​	​
Property, plant, and equipment	​		(4,764)	​		(11,552)	​
Intangible assets	​		5,051	​		6,861	​
Unrealized gain, Limoneira investment	​		(1,138)	​		(116)	​
Investment in FreshRealm	​		—	​		1,096	​
Stock-based compensation	​		511	​		812	​
State taxes	​		(498)	​		(592)	​
Credits and incentives	​		1,808	​		1,345	​
Allowance for accounts receivable	​	​	1,259	​	​	1,165	​
Inventories	​	​	507	​	​	864	​
Accrued liabilities	​	​	2,067	​	​	2,119	​
Operating lease - Right of use assets	​	​	(15,839)	​	​	(15,732)	​
Operating lease liabilities	​	​	17,040	​	​	16,895	​
Net operating loss	​	​	1,093	​	​	369	​
Valuation allowance	​	​	(1,291)	​	​	(631)	​
Other	​		(490)	​		(417)	​
Long-term deferred income taxes	​	$	5,316	​	$	2,486	​

Reconciliation of effective tax rate

​

​	​	​	​	​	​	​	​
​		2021		2020		2019
​	​	​	​	​	​	​	​
Federal statutory tax rate		21.0	%	21.0	%	21.0	%
State taxes, net of federal effects		11.6	​	4.4	​	3.7	​
Rate differential on NOL carryback	​	125.8	​	6.2	​	—	​
Foreign income tax rate differential		16.1	​	(2.3)	​	0.4	​
Mexican tax assessments		(1,059.9)	​	—	​	—	​
Stock based compensation		(16.7)	​	—	​	—	​
Provision to return	​	39.2	​	(2.5)	​	0.7	​
State rate change		9.2	​	(0.1)	​	(0.2)	​
Valuation allowance	​	(44.1)	​	(2.7)	​	—	​
Other		(15.5)	​	(0.3)	​	0.4	​
​		(913.3)	%	23.7	%	26.0	%

Reconciliation of unrecognized taxes

A reconciliation of the beginning and ending amount of gross unrecognized taxes (exclusive of interest and penalties) was as follows (in thousands):

​

​	​	​	​	​	​	​
​		Year Ended October 31,
​	​	2021		​	2020
Beginning balance	​	$	72	​	$	72
Gross increase - Tax positions in prior periods	​		131	​		—
Gross increase - Tax positions in current period	​		11,100	​		—
Ending balance	​	$	11,303	​	$	72

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