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v3.22.2

Income Taxes (Tables) | 12 Months Ended
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Apr. 30, 2022
Income Taxes [Abstract] |
Provision for Income Taxes | The provisions for income taxes were as follows:
|  | For the Years Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current Provision |  |  |  |  |  |  |  |  |
US – Federal |  | $ | (324 | ) |  | $ | (6,631 | ) |  | $ | 1,145 |
International |  |  | 57,905 |  |  |  | 43,269 |  |  |  | 37,494 |
State and local |  |  | 221 |  |  |  | 1,359 |  |  |  | 172 |
Total current provision |  | $ | 57,802 |  |  | $ | 37,997 |  |  | $ | 38,811 |
Deferred provision (benefit) |  |  |  |  |  |  |  |  |  |  |  |
US – Federal |  | $ | (9,793 | ) |  | $ | (11,996 | ) |  | $ | (8,476 | )
International |  |  | 15,882 |  |  |  | 1,175 |  |  |  | (15,022 | )
State and local |  |  | (2,539 | ) |  |  | 480 |  |  |  | (4,118 | )
Total deferred provision (benefit) |  | $ | 3,550 |  |  | $ | (10,341 | ) |  | $ | (27,616 | )
Total provision |  | $ | 61,352 |  |  | $ | 27,656 |  |  | $ | 11,195 |
International and United States Pretax Income (Loss) | International and United States pretax income (loss) were as follows:
|  | For the Years Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
International |  | $ | 256,456 |  |  | $ | 202,490 |  |  | $ | 104,185 |
United States |  |  | (46,795 | ) |  |  | (26,578 | ) |  |  | (167,277 | )
Total |  | $ | 209,661 |  |  | $ | 175,912 |  |  | $ | (63,092 | )
Effective Income Tax Rate | Our effective income tax rate as a percentage of pretax income differed from the US federal statutory rate as shown below:
|  | For the Years Ended April 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
US federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Cost of higher taxes on non-US income |  |  | 9.7 | % |  |  | 1.1 | % |  |  | 4.8 | %
Foreign tax credits related to CARES Act carryback and audit |  |  | (11.9 | )% |  |  | 12.3 | % |  |  | — |
Change in valuation allowance |  |  | 11.9 | % |  |  | (12.3 | )% |  |  | — |
State income taxes, net of US federal tax benefit |  |  | (1.0 | )% |  |  | 0.8 | % |  |  | 3.3 | %
US NOL carryback under CARES Act |  |  | — |  |  |  | (8.0 | )% |  |  | — |
Tax credits and related net benefits |  |  | (0.5 | )% |  |  | (0.5 | )% |  |  | (1.1 | )%
Impairment of goodwill and intangibles |  |  | — |  |  |  | — |  |  |  | (42.3 | )%
Other |  |  | 0.1 | % |  |  | 1.3 | % |  |  | (3.4 | )%
Effective income tax rate (benefit) |  |  | 29.3 | % |  |  | 15.7 | % |  |  | (17.7 | )%
Unrecognized Tax Benefits | A reconciliation of the unrecognized tax benefits included within the Other long-term liabilities line item on the Consolidated Statements of Financial Position is as follows:
|  | 2022 |  |  | 2021 |
Balance at May 1 |  | $ | 9,144 |  |  | $ | 6,194 |
Additions for current year tax positions |  |  | 947 |  |  |  | 3,626 |
Additions for prior year tax positions |  |  | 16 |  |  |  | 511 |
Reductions for prior year tax positions |  |  | — |  |  |  | (163 | )
Foreign translation adjustment |  |  | (55 | ) |  |  | 57 |
Payments and settlements |  |  | — |  |  |  | (215 | )
Reductions for lapse of statute of limitations |  |  | (1,460 | ) |  |  | (866 | )
Balance at April 30 |  | $ | 8,592 |  |  | $ | 9,144 |
Deferred Tax Assets and Liabilities | We believe that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. The significant components of deferred tax assets and liabilities at April 30 were as follows:
|  | 2022 |  |  | 2021 |
Net operating losses |  | $ | 20,847 |  |  | $ | 19,433 |
Reserve for sales returns and doubtful accounts |  |  | 3,771 |  |  |  | 3,838 |
Accrued employee compensation |  |  | 26,722 |  |  |  | 32,835 |
Foreign and federal credits |  |  | 34,537 |  |  |  | 5,129 |
Other accrued expenses |  |  | 11,636 |  |  |  | 16,092 |
Retirement and post-employment benefits |  |  | 15,769 |  |  |  | 30,039 |
Total gross deferred tax assets |  | $ | 113,282 |  |  | $ | 107,366 |
Less valuation allowance |  |  | (30,000 | ) |  |  | (4,855 | )
Total deferred tax assets |  | $ | 83,282 |  |  | $ | 102,511 |
Prepaid expenses and other current assets |  | $ | (2,684 | ) |  | $ | (459 | )
Unremitted foreign earnings |  |  | (2,685 | ) |  |  | (2,485 | )
Intangible and fixed assets |  |  | (249,215 | ) |  |  | (260,559 | )
Total deferred tax liabilities |  | $ | (254,584 | ) |  | $ | (263,503 | )
Net deferred tax liabilities |  | $ | (171,302 | ) |  | $ | (160,992 | )
Reported As |  |  |  |  |  |  |  |
Deferred tax assets |  | $ | 8,763 |  |  | $ | 11,911 |
Deferred tax liabilities |  |  | (180,065 | ) |  |  | (172,903 | )
Net Deferred Tax Liabilities |  | $ | (171,302 | ) |  | $ | (160,992 | )

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