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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2018

Provision (Benefit) for Domestic and Foreign Income Taxes

The provision (benefit) for domestic and foreign income taxes was as follows:

		Year Ended April 30,
		2018				2017				2016
		(in thousands)
Current income taxes:
Federal		$	29,400			$	(2,026	)		$	13,087
State			2,863				1,207				3,271
Foreign			44,434				23,334				16,394
Current provision for income taxes			76,697				22,515				32,752
Deferred income taxes:
Federal			(3,530	)			3,341				(5,334	)
State			(317	)			341				(1,838	)
Foreign			(2,717	)			2,907				(6,620	)
Deferred (benefit) provision for income taxes			(6,564	)			6,589				(13,792	)
Total provision for income taxes		$	70,133			$	29,104			$	18,960

Domestic and Foreign Components Of Income from Continuing Operations before Domestic and Foreign Income and Other Taxes and Equity in Earnings

The domestic and foreign components of income from continuing operations before domestic and foreign income and other taxes and equity in earnings of unconsolidated subsidiaries were as follows:

		Year Ended April 30,
		2018				2017				2016
		(in thousands)
Domestic		$	46,867			$	5,539			$	22,228
Foreign			158,866				110,470				26,534
Income before provision for income taxes and equity in earnings of unconsolidated subsidiaries		$	205,733			$	116,009			$	48,762

Reconciliation of Statutory Federal Income Tax Rate to Effective Consolidated Tax Rate

The reconciliation of the statutory federal income tax rate to the effective consolidated tax rate is as follows:

		Year Ended April 30,
		2018				2017				2016
U.S. federal statutory income tax rate			30.4	%			35.0	%			35.0	%
Non-deductible transaction costs			—				—				5.8
Foreign tax rates differential			(2.3	)			(9.1	)			(2.8	)
COLI increase, net			(1.2	)			(1.5	)			(2.9	)
Conclusion of U.S. federal tax audit			—				—				(4.4	)
Transition tax			9.0				—				—
Deferred tax remeasurement			(2.4	)			—				—
Non-deductible operating expenses			0.3				0.6				1.5
Devaluation of Venezuelan currency			—				—				7.4
Change in valuation allowance			(2.3	)			(3.1	)			(6.2	)
Change in uncertain tax positions			0.9				—				1.3
Foreign source income, net of credits generated			(0.1	)			(0.1	)			0.5
Other			1.8				3.3				3.7
Effective income tax rate			34.1	%			25.1	%			38.9	%

Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities are as follows:

		April 30,
		2018				2017
		(in thousands)
Deferred tax assets:
Deferred compensation		$	67,852			$	92,043
Loss and credit carryforwards			22,297				32,854
Reserves and accruals			13,945				14,095
Deferred rent			6,827				9,797
Deferred revenue			1,793				2,434
Allowance for doubtful accounts			2,296				1,705
Other			982				3,041
Gross deferred tax assets			115,992				155,969
Deferred tax liabilities:
Intangibles			(57,046	)			(90,214	)
Property and equipment			(5,000	)			(11,507	)
Prepaid expenses			(19,123	)			(17,324	)
Other			(2,726	)			(2,485	)
Gross deferred tax liabilities			(83,895	)			(121,530	)
Valuation allowances			(15,682	)			(21,278	)
Net deferred tax asset		$	16,415			$	13,161

Changes in Unrecognized Tax Benefits

Company had a liability of $3.7 million for unrecognized tax benefits. A reconciliation of the beginning and ending balances of the unrecognized tax benefits is as follows:

		Year Ended April 30,
		2018				2017				2016
		(in thousands)
Unrecognized tax benefits, beginning of year		$	2,478			$	2,095			$	2,423
Settlement with tax authority			(708	)			—				(1,963	)
Additions based on tax positions related to the current year			1,116				383				1,305
Additions based on tax positions related to prior years			788				—				330
Unrecognized tax benefits, end of year		$	3,674			$	2,478			$	2,095

X

- 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
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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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