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Income Taxes | 12 Months Ended
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Oct. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes A reconciliation of income (loss) before income taxes for domestic and foreign locations for the fiscal years ended October 31 are as follows (in thousands):
| 2023 |  | 2022 |  | 2021
United States | $ | 14,395 |  |  | $ | 1,911 |  |  | $ | (1,459) |
Foreign | (1,031) |  |  | (1,562) |  |  | (2,704) |
Income (loss) before income taxes | $ | 13,364 |  |  | $ | 349 |  |  | $ | (4,163) |
The components of the (provision) benefit for income taxes for the fiscal years ended October 31 are as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | (5,696) |  |  | $ | (178) |  |  | $ | 37 |
State | (498) |  |  | (93) |  |  | 40 |
Foreign | — |  |  | (4) |  |  | — |
Total current tax (provision) benefit | (6,194) |  |  | (275) |  |  | 77 |
Deferred: |  |  |  |  |
Federal | 2,665 |  |  | (477) |  |  | (17) |
State | (717) |  |  | (127) |  |  | 127 |
Foreign | (1) |  |  | 56 |  |  | 79 |
Total deferred tax (provision) benefit | 1,947 |  |  | (548) |  |  | 189 |
Total income tax (provision) benefit | $ | (4,247) |  |  | $ | (823) |  |  | $ | 266 |
16. Income Taxes (continued) Deferred income taxes reflect the net of temporary differences between the carrying amount of the assets and liabilities for financial reporting and income tax purposes. The components of deferred income tax assets as of October 31 are as follows (in thousands):
| 2023 |  | 2022
Deferred income tax assets: |  |  |
Reserves and other accruals | $ | 698 |  |  | $ | 752 |
Net operating losses | 1,970 |  |  | 5,917 |
Lease liabilities | 951 |  |  | 1,672 |
Minimum pension liability adjustment | — |  |  | 621 |
Other assets | 43 |  |  | 151 |
Stock-based compensation | 1,320 |  |  | 604 |
Total deferred income tax assets | 4,982 |  |  | 9,717 |
Valuation allowance | (2,299) |  |  | (1,536) |
Total net deferred income tax assets | 2,683 |  |  | 8,181 |
Deferred income tax liabilities: |  |  |
Property taxes | (19) |  |  | (135) |
Depreciation | (13,335) |  |  | (18,343) |
Amortization | (107) |  |  | (175) |
Land and other indefinite life assets | (4,138) |  |  | (6,592) |
Investment in joint ventures and other basis adjustments | (6,119) |  |  | (4,449) |
Right-of-use assets | (935) |  |  | (1,660) |
Prepaids and receivables | (178) |  |  | (298) |
Other | (24) |  |  | (26) |
Total deferred income tax liabilities | (24,855) |  |  | (31,678) |
Net deferred income tax liabilities | $ | (22,172) |  |  | $ | (23,497) |
Deferred income taxes — noncurrent assets | $ | — |  |  | $ | — |
Deferred income taxes — noncurrent liabilities | $ | (22,172) |  |  | $ | (23,497) |
The Company periodically evaluates the recoverability of the deferred tax assets. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. The Company has recorded a valuation allowance of $2,299,000 on the net deferred tax assets of its subsidiaries in Argentina, Chile and Holland as of October 31, 2023 as the Company does not believe it is more likely than not that these deferred tax assets will be realized due to the recent history of cumulative pre-tax book losses and lack of objectively verifiable future sources of taxable income. 16. Income Taxes (continued) As of October 31, 2023, the Company has recorded a deferred tax asset of $1,970,000 related to its state and foreign net operating loss carryforwards. The net operating losses begin to expire as follows (in thousands):
Jurisdiction | Gross Amount |  | Begin to Expire
State | 1,195 |  |  | 10/31/2040
Chile | 3,232 |  |  | Indefinite
Holland | 144 |  |  | 10/31/2025
Argentina | 4,043 |  |  | 10/31/2025
The provision for income taxes differs from the amount of income tax determined by applying the U.S. statutory federal income tax rate to pretax income as a result of the following differences for the fiscal years ended October 31 (in thousands):
| 2023 |  | 2022 |  | 2021
| Amount |  | % |  | Amount |  | % |  | Amount |  | %
(Provision) benefit at statutory rates | $ | (2,806) |  |  | (21.0) | % |  | $ | (73) |  |  | (21.0) | % |  | $ | 874 |  |  | (21.0) | %
State income tax, net of federal benefit | (814) |  |  | (6.2) | % |  | (74) |  |  | (21.1) | % |  | 224 |  |  | (5.4) | %
Share-based compensation | 20 |  |  | 0.2 | % |  | (110) |  |  | (31.2) | % |  | (217) |  |  | 5.2 | %
Executive compensation | (395) |  |  | (3.0) | % |  | (98) |  |  | (27.9) | % |  | (45) |  |  | 1.1 | %
Tax law change | 137 |  |  | 1.0 | % |  | — |  |  | — | % |  | 57 |  |  | (1.4) | %
State rate adjustment | (95) |  |  | (0.7) | % |  | (59) |  |  | (16.9) | % |  | (78) |  |  | 1.9 | %
Valuation allowance | (436) |  |  | (3.3) | % |  | (357) |  |  | (101.8) | % |  | (831) |  |  | 20.0 | %
Foreign rate differential | 66 |  |  | 0.5 | % |  | 74 |  |  | 21.1 | % |  | 130 |  |  | (3.1) | %
Noncontrolling interest | (48) |  |  | (0.4) | % |  | (41) |  |  | (11.8) | % |  | (83) |  |  | 2.0 | %
Other permanent items | 247 |  |  | 1.9 | % |  | (12) |  |  | (3.5) | % |  | 235 |  |  | (5.7) | %
Tax credit and others | (123) |  |  | (0.8) | % |  | (73) |  |  | (20.7) | % |  | — |  |  | — | %
Total income tax (provision) benefit | $ | (4,247) |  |  | (31.8) | % |  | $ | (823) |  |  | (234.8) | % |  | $ | 266 |  |  | (6.4) | %
As of October 31, 2023 and 2022, the Company had no unrecognized tax benefits. The Company files income tax returns in the U.S., California, Arizona, Chile, Argentina and Holland. The Company is no longer subject to significant U.S., state and Chilean income tax examinations for years prior to the statutory periods of three years for federal, four years for state and three years for Chilean tax jurisdictions. 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 October 31, 2023.

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