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Income Taxes
 9 Months Ended
Jan. 31, 2022
Income Taxes [Abstract]  
Income Taxes
Note 13 — Income Taxes

The effective tax rate for the three and nine months ended January 31, 2022 was 18.2% and 33.4%, respectively, compared with 19.1% and 14.9% for the three and nine months ended January 31, 2021, respectively.

The rate for the three months ended January 31, 2022 was lower than the US statutory rate, as well as the rate for the three months ended January 31, 2021 primarily due to the mix of income at lower rates as well as certain discrete items realized during the three months ended January 31, 2022. The rate for the nine months ended January 31, 2022, was greater than the US statutory rate as well as the rate for the nine months ended January 31, 2021 due to an increase in the UK statutory rate, resulting in a noncash deferred tax expense from the re-measurement of our applicable UK net deferred tax liabilities.

The increase in the UK statutory rate during the nine months ended January 31, 2022 was larger than the increase during the nine months ended January 31, 2021.  In addition, during the nine months ended January 31, 2021, as a result of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and certain regulations issued in late July 2020, we carried back certain US net operating losses (NOLs) to a year with a higher statutory tax rate, decreasing the rate for the nine months ended January 31, 2021.

During the nine months ended January 31, 2022, the UK enacted legislation that increased its statutory rate from 19% to 25% effective April 1, 2023, resulting in a $20.7 million non-cash deferred tax expense. During the nine months ended January 31, 2021, the UK officially enacted legislation that increased its statutory rate from 17% to 19%, resulting in a $6.7 million non-cash deferred tax expense.