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Income Taxes
6 Months Ended
Apr. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

The Company’s estimated annual effective blended rate for fiscal year 2020 excluding discrete items is approximately 29.3%. As such, a 35.2% estimated effective blended tax rate, after discrete items primarily related to the CARES Act, was utilized by the Company in the six months ended April 30, 2020 to calculate it income tax provision. The effective tax rate for the six months ended April 30, 2020 was higher than the federal statutory tax rate of 21% mainly due to a $1,380,000 discrete benefit recorded as a result of the carryback of federal net operating losses to previous years when the federal income tax rate was 34%.

The Company has no material uncertain tax positions as of April 30, 2020. The Company recognizes interest expense and penalties related to income tax matters as a component of income tax expense. There was no accrued interest or penalties associated with uncertain tax positions as of April 30, 2020.