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Income Tax (Tables)

12 Months Ended

Oct. 31, 2020

Components of Income Tax Expense (Benefit)

The following table summarizes the components of income tax expense (benefit) for the years ended October 31, 2020, 2019 and 2018 (in thousands):


	Year Ended October 31,
	2020		2019		2018
Current
Federal	$	6,043	$	3,338	$	983
State and local	1,505		299		417
Non-United States	4,445		3,879		3,356
Total current	11,993		7,516		4,756
Deferred
Federal	(64)		1,497		(5,828)
State and local	(315)		1,087		670
Non-United States	190		676		(398)
Total deferred	(189)		3,260		(5,556)
Total income tax expense (benefit)	$	11,804	$	10,776	$	(800)

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

For financial reporting purposes, income (loss) before income taxes for the years ended October 31, 2020, 2019 and 2018 includes the following components (in thousands):


	Year Ended October 31,
	2020		2019		2018
Domestic	$	26,229	$	(58,247)	$	9,721
Foreign	24,071		22,293		16,032
Total income (loss) before income taxes	$	50,300	$	(35,954)	$	25,753

Effective Income Tax Rate

The following table reconciles our effective income tax rate to the federal statutory rate for the years ended October 31, 2020, 2019 and 2018:


	Year Ended October 31,
	2020		2019		2018
United States tax at statutory rate	21.0	%	21.0	%	23.3	%
State and local income tax	1.7	%	1.6	%	3.3	%
Non-United States income tax	(0.8)	%	(0.5)	%	(1.6)	%
General business credits	(2.3)	%	(4.7)	%	(0.4)	%

Other permanent differences	1.7	%	3.0	%	—	%
Deferred rate impact of enactment of tax reform	—	%	—	%	(30.5)	%
Foreign tax positions under the Act (GILTI and FDII)	2.5	%	3.3	%	—	%

Impact of deemed repatriation	—	%	(1.1)	%	4.8	%
Asset impairment charges	—	%	(50.7)	%	(1.5)	%
Return to actual adjustments	(0.3)	%	(1.9)	%	(0.5)	%
Effective tax rate	23.5	%	(30.0)	%	(3.1)	%

Deferred Tax Assets and Liabilities

Significant components of our net deferred tax liabilities and assets were as follows (in thousands):


	October 31,
	2020		2019
Deferred tax assets:
Employee benefit obligations	$	6,634	$	7,227
Accrued liabilities and reserves	1,471		1,646
Pension and other benefit obligations	3,303		4,365
Inventory	471		632
Loss and tax credit carry forwards	2,331		2,915
Other	103		110
Total gross deferred tax assets	14,313		16,895
Less: Valuation allowance	1,493		1,560
Total deferred tax assets, net of valuation allowance	12,820		15,335
Deferred tax liabilities:
Property, plant and equipment	10,465		11,075
Goodwill and intangibles	21,471		23,623
Total deferred tax liabilities	31,936		34,698
Net deferred tax liabilities	$	19,116	$	19,363

Unrecognized Tax Benefits

The following table shows the change in the unrecognized income tax benefit associated with uncertain tax positions for the years ended October 31, 2020, 2019 and 2018 (in thousands):


	Unrecognized Income Tax Benefits




Balance at October 31, 2017	$	591
Additions for tax positions related to the current year	—
Additions for tax positions related to the prior year	15

Balance at October 31, 2018	$	606
Additions for tax positions related to the current year	—
Additions for tax positions related to the prior year	16
Reassessment of position	(66)
Balance at October 31, 2019	$	556
Additions for tax positions related to the current year	—
Additions for tax positions related to the prior year	15
Reassessment of position	(49)
Balance at October 31, 2020	$	522