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Income Taxes
 3 Months Ended
Jul. 31, 2022
Income Taxes [Abstract]  
Income Taxes
Note 13 — Income Taxes

Our effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes. The effective tax rate for the three months ended July 31, 2022 was 23.7% compared to 68.6% for the three months ended July 31, 2021.

The rate for the three months ended July 31, 2022 was greater than the US statutory rate primarily due to the mix of foreign earnings, the impact of US state taxes, the tax impact of the restructuring programs described in Note 9, “Restructuring and Related Charges (Credits),” and a discrete item relating to restricted stock compensation.

The rate for the three months ended July 31, 2022 was lower than the rate for the three months ended July 31, 2021 primarily due to an increase in the UK statutory rate announced during the first three months of fiscal 2022 and reflected in the effective tax rate for the three months ended July 31, 2021. On June 10, 2021, 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.

Each year we file many tax returns given the number of national, state, and local tax jurisdictions in which we operate. These tax returns are subject to examination and possible challenge by the tax authorities, and positions challenged by the tax authorities may be settled or appealed by us. As a result, there is an uncertainty in income taxes recognized in our financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties, however, is not expected to have a material impact on the results of our operations.

On August 16, 2022, the Inflation Reduction Act of 2022 (IRA) was signed into law, enacting a book-minimum tax for certain US corporations, an excise tax on repurchases of stock by certain publicly traded corporations, and certain clean energy tax provisions.  Based on our currently anticipated operations, we believe that these new provisions would not result in material additional tax liabilities, and do not anticipate that the IRA will have a material adverse impact on our operations. Nonetheless, we will continue to review as regulations and interpretations are adopted by the Internal Revenue Service to implement the IRA.