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INCOME TAXES (Tables)

12 Months Ended

Jan. 31, 2021

INCOME TAXES

Schedule of deferred tax assets and liabilities

		Years Ended January 31,
		2021				2020
Deferred tax assets:
Inventories		$	902			$	672
US tax loss carryforwards, including work opportunity credit*			167				3,524
Accounts receivable and accrued rebates			378				247
Accrued compensation and other			302				179
India reserves - US deduction			43				45
Equity based compensation			535				171
Foreign tax credit carry-forward			2,430				1,348
State and local carry-forwards			805				990
Argentina timing difference			(28	)			43
Depreciation and other			(52	)			55
Amortization			(213	)			(206	)
Brazil write-down			220				220
Right-of-use asset			(239	)			549
Operating lease liability			241				(550	)
Deferred tax asset			5,491				7,287
Less valuation allowance			(2,652	)			(1,348	)
Net deferred tax asset		$	2,839			$	5,939

Schedule of components of income tax expense (benefit)

		Years Ended
		January 31,
Domestic and Foreign Pretax Income		2021				2020
Domestic		$	8,414			$	466
Foreign			35,466				5,287
Total		$	43,880			$	5,753

		Years Ended
		January 31,
		2021				2020
Income Tax Expense
Current:
Federal		$	41			$	16
State and other taxes			54				38
Foreign			5,408				1,090
Total Current Tax Expense		$	5,503			$	1,144
Deferred:
Domestic		$	3,271			$	1,328
Total Income Taxes		$	8,774			$	2,472

Schedule of effective income tax rate reconciliation

		Years Ended January 31,
		2021				2020
Statutory rate			21.00	%			21.00	%
State Income Taxes, Net of Federal Tax Benefit			0.90				4.47
Adjustment to Deferred			0.29				0.70
GILTI			4.43				17.96
Permanent Differences			(0.09	)			2.47
Valuation Allowance-Deferred Tax Asset			2.20				—
Foreign Tax Credit			(7.61	)			—
Foreign Dividend & Subpart F			2.14				—
Foreign Rate Differential			(4.01	)			(3.51	)
Rate Change			----				0.20
Other			0.74				(0.32	)
Effective Rate			19.99	%			42.97	%

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- Definition

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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