Income Tax (Tables)

12 Months Ended

Oct. 31, 2025

Components of Income Tax Expense (Benefit)

The following table summarizes the components of income tax expense for the years ended October 31, 2025, 2024 and 2023 (in thousands):


	Year Ended October 31,
	2025		2024		2023
Current
Federal	$	9,396	$	12,453	$	2,631
State and local	2,950		3,326		1,860
Non-United States	14,402		8,580		4,907
Total current	26,748		24,359		9,398
Deferred
Federal	(19,091)		(2,371)		4,637
State and local	(2,997)		(154)		1,015
Non-United States	3,553		(12,811)		(505)
Total deferred	(18,535)		(15,336)		5,147
Total income tax expense	$	8,213	$	9,023	$	14,545

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

For financial reporting purposes, income before income taxes for the years ended October 31, 2025, 2024 and 2023 includes the following components (in thousands):


	Year Ended October 31,
	2025		2024		2023
Domestic	$	(221,468)	$	34,315	$	42,586
Foreign	(21,125)		7,767		54,460
Total (loss) income before income taxes	$	(242,593)	$	42,082	$	97,046

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table reconciles our effective income tax rate to the federal statutory rate for the years ended October 31, 2025, 2024 and 2023:


	Year Ended October 31,
	2025		2024		2023
United States tax at statutory rate	21.0	%	21.0	%	21.0	%
Goodwill impairment	(22.4)	%	—	%	—	%
Deferred true up	(3.3)	%	—	%	—	%
State and local income taxes net of federal tax benefit	0.5	%	5.9	%	1.8	%
Foreign tax rate differential	(0.7)	%	(1.4)	%	1.1	%
U.K. patent box benefit	1.8	%	(12.5)	%	(5.9)	%
Non-deductible transaction costs	—	%	8.4	%	—	%
U.S. income tax credits	2.3	%	(8.4)	%	(4.9)	%
Foreign inclusions (including global intangible low-taxed income)	(2.6)	%	8.4	%	4.6	%
Permanent differences	(0.7)	%	(1.3)	%	1.3	%
Tax return to accrual adjustments	0.7	%	3.5	%	(2.3)	%

Change in valuation allowance	—	%	(3.1)	%	—	%


Change in uncertain tax position	(0.3)	%	0.1	%	(1.1)	%




Other	0.3	%	0.8	%	(0.6)	%
Effective tax rate	(3.4)	%	21.4	%	15.0	%

Deferred Tax Assets and Liabilities

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


	October 31,
	2025		2024
Deferred tax assets:
Employee benefit obligations	$	4,179	$	6,830
Accrued liabilities and reserves	2,836		4,132
Pension and other benefit obligations	36		125
Inventory	8,502		2,368
Right of use liability	32,470		31,399

Research and development	5,894		5,810
Loss and tax credit carry forwards	11,311		9,637
Other	—		24
Total gross deferred tax assets	65,228		60,325
Less: Valuation allowance	4,408		4,395
Total deferred tax assets, net of valuation allowance	60,820		55,930
Deferred tax liabilities:
Property, plant and equipment	39,305		45,554

Goodwill and intangibles	123,596		138,396
Investments in foreign subsidiaries	700		500
Right of use asset	30,193		29,939
Other	313		—
Total deferred tax liabilities	194,107		214,389
Net deferred tax liabilities	$	133,287	$	158,459

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, 2025, 2024 and 2023 (in thousands):


	Unrecognized Income Tax Benefits




Balance at October 31, 2022	$	1,361


Reassessment of position	(1,111)
Balance at October 31, 2023	$	250


Reversal	(250)
Balance at October 31, 2024	$	—


Reassessment of position	710
Balance at October 31, 2025	$	710