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Income Taxes (Tables)
12 Months Ended
Oct. 31, 2020
Income Tax Disclosure [Abstract]  
Income Tax Expense During the periods presented, income tax expense (benefit) consisted of the following:
Years Ended October 31,
202020192018
(In thousands)
Current expense (benefit):
Federal$(114,734)$(735)$(600)
State2,609 (51)(1,169)
(112,125)(786)(1,769)
Deferred expense (benefit):
Federal71,214 13,966 (28,845)
State(489)2,753 2,146 
Change in valuation allowance(3,185)(5,380)(2,406)
67,540 11,339 (29,105)
Income tax expense (benefit)$(44,585)$10,553 $(30,874)
Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and liabilities are outlined below.
October 31,
20202019
(In thousands)
Deferred tax liabilities:
Property, plant and equipment$167,257 $148,505 
Prepaid and other assets2,299 1,911 
Total deferred tax liabilities169,556 150,416 
Deferred tax assets:
Accrued expenses and accounts receivable8,311 8,172 
Inventory1,441 1,155 
Compensation on restricted stock4,543 7,528 
State income tax credits8,576 9,333 
Federal credits3,184 600 
Other1,004 672 
Valuation allowance(2,452)(5,637)
Net operating loss3,277 54,461 
Total deferred tax assets27,884 76,284 
Net deferred tax liabilities$141,672 $74,132 
Differences Between Consolidated Effective Income Tax Rate and Federal Statutory Rate
The differences between the consolidated effective income tax rate and the federal statutory rate effective during the applicable year presented are as follows:
Years Ended October 31,
202020192018
(In thousands)
Income taxes at statutory rate$(3,425)$13,408 $7,132 
Discrete benefit resulting from CARES Act(39,086)— — 
Discrete benefit resulting from TCJA— — (37,505)
State income taxes1,188 1,189 1,014 
State income tax credits(3,926)(2,139)(804)
Expiration of state income tax credits4,858 4,121 4,117 
Federal income tax credits(1,904)(474)(460)
Excess tax benefits(1,284)(1,388)(1,638)
Nondeductible expenses2,303 1,786 1,890 
Change in valuation allowance(3,185)(5,380)(5,297)
Other(124)(570)677 
Income tax expense (benefit)$(44,585)$10,553 $(30,874)