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Income Taxes (Tables) | 12 Months Ended
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Oct. 31, 2022
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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 2,012 | ​ | $ | (3,449) | ​ | $ | (5,684) | ​
State | ​ |  | 147 | ​ |  | 323 | ​ |  | (214) | ​
Foreign | ​ |  | 1,209 | ​ |  | 16,703 | ​ |  | 645 | ​
Total current | ​ |  | 3,368 | ​ |  | 13,577 | ​ |  | (5,253) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (162) | ​ |  | 790 | ​ |  | 576 | ​
State | ​ |  | 746 | ​ |  | (343) | ​ |  | (505) | ​
Foreign | ​ |  | (701) | ​ |  | (3,934) | ​ |  | 260 | ​
Total deferred | ​ |  | (117) | ​ |  | (3,487) | ​ |  | 331 | ​
Change in valuation allowance | ​ | ​ | — | ​ | ​ | 657 | ​ | ​ | 630 | ​
Total income tax provision (benefit) | ​ | $ | 3,251 | ​ | $ | 10,747 | ​ | $ | (4,292) | ​
​
Significant Components of Deferred Taxes Assets (Liabilities) | Significant components of our deferred taxes assets (liabilities) as of October 31, are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property, plant, and equipment | ​ |  | (2,002) | ​ |  | (4,764) | ​
Intangible assets | ​ |  | 2,828 | ​ |  | 5,051 | ​
Unrealized gain, Limoneira investment | ​ |  | — | ​ |  | (1,138) | ​
Stock-based compensation | ​ |  | 715 | ​ |  | 511 | ​
State taxes | ​ |  | 6 | ​ |  | (498) | ​
Credits and incentives | ​ |  | 1,194 | ​ |  | 1,808 | ​
Allowance for accounts receivable | ​ | ​ | 936 | ​ | ​ | 1,259 | ​
Inventories | ​ | ​ | 442 | ​ | ​ | 507 | ​
Accrued liabilities | ​ | ​ | 1,143 | ​ | ​ | 2,067 | ​
Operating lease - Right of use assets | ​ | ​ | (13,723) | ​ | ​ | (15,839) | ​
Operating lease liabilities | ​ | ​ | 14,861 | ​ | ​ | 17,040 | ​
Net operating loss | ​ | ​ | 549 | ​ | ​ | 1,093 | ​
Valuation allowance | ​ | ​ | (1,830) | ​ | ​ | (1,291) | ​
Capital loss carryover | ​ | ​ | 804 | ​ | ​ | — | ​
Other | ​ |  | (490) | ​ |  | (490) | ​
Long-term deferred income taxes | ​ | $ | 5,433 | ​ | $ | 5,316 | ​
Reconciliation of effective tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal statutory tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State taxes, net of federal effects |  | (1.3) | ​ | 11.6 | ​ | 4.4 | ​
Rate differential on NOL carryback | ​ | — | ​ | 125.8 | ​ | 6.2 | ​
Foreign income taxes greater than U.S. |  | 5.2 | ​ | 16.1 | ​ | (2.3) | ​
Uncertain tax positions |  | 5.1 | ​ | (1,059.9) | ​ | — | ​
Stock based compensation |  | (6.1) | ​ | (16.7) | ​ | — | ​
Provision to return | ​ | (59.9) | ​ | 39.2 | ​ | (2.5) | ​
State rate change |  | (2.5) | ​ | 9.2 | ​ | (0.1) | ​
Valuation allowance | ​ | (24.2) | ​ | (44.1) | ​ | (2.7) | ​
Other permanent differences | ​ | (33.8) | ​ | — | ​ | — | ​
Other |  | (0.5) | ​ | (15.5) | ​ | (0.3) | ​
​ |  | (97.0) | % | (913.3) | % | 23.7 | %
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,
​ | ​ | 2022 | ​ | 2021
Beginning balance | ​ | $ | 11,303 | ​ | $ | 72
Reductions based on tax positions related to prior periods | ​ | ​ | (172) | ​ | ​ | —
Gross increase - Tax positions in prior periods | ​ |  | — | ​ |  | 131
Gross increase - Tax positions in current period | ​ |  | — | ​ |  | 11,100
Ending balance | ​ | $ | 11,131 | ​ | $ | 11,303

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