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Income Taxes | 12 Months Ended
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Apr. 30, 2014
Income Taxes [Abstract] |
Income Taxes | Note I -- Income Taxes Income tax expense was comprised of the following:
|  | FISCAL YEARS ENDED APRIL 30
(in thousands) |  | 2014 |  |  | 2013 |  |  | 2012
CURRENT EXPENSE (BENEFIT) |  |  |  |  |  |  |  |
Federal | $ | 4,825 |  | $ | 1,031 |  | $ | (36)
State |  | 406 |  |  | 162 |  |  | (176)
Total current expense (benefit) |  | 5,231 |  |  | 1,193 |  |  | (212)
DEFERRED EXPENSE (BENEFIT) |  |  |  |  |  |  |  |
Federal |  | 6,076 |  |  | 4,859 |  |  | (10,115)
State |  | 1,902 |  |  | 930 |  |  | (2,175)
Total deferred expense (benefit) |  | 7,978 |  |  | 5,789 |  |  | (12,290)
Total expense (benefit) |  | 13,209 |  |  | 6,982 |  |  | (12,502)
Other comprehensive income (loss) |  | 3,944 |  |  | (2,905) |  |  | (3,624)
Total comprehensive income tax expense (benefit) | $ | 17,153 |  | $ | 4,077 |  | $ | (16,126)
The Company's effective income tax rate varied from the federal statutory rate as follows:
| FISCAL YEARS ENDED APRIL 30 |
| 2014 |  | 2013 |  | 2012 |
Federal statutory rate | 35.0 | % | 35.0 | % | 35.0 | %
Effect of: |  |  |  |  |  |
Tax basis adjustment | 0.0 | % | 0.0 | % | (1.7) | %
Meals and entertainment | 0.8 |  | 1.5 |  | (0.8) |
Domestic production deduction | (1.8) |  | (0.3) |  | 0.0 |
Other | 0.7 |  | 1.4 |  | 0.0 |
Total | (0.3) | % | 2.6 | % | (2.5) | %
Effective federal income tax rate | 34.7 | % | 37.6 | % | 32.5 | %
State income taxes, net of federal tax effect | 4.5 |  | 4.1 |  | 5.1 |
Effective income tax rate | 39.2 | % | 41.7 | % | 37.6 | %
Income taxes paid were $4,334,000, $1,219,000 and $229,000 for fiscal years 201 4, 201 3 and 201 2, respectively. The significant components of deferred tax assets and liabilities were as follows:
|  | APRIL 30
(in thousands) |  | 2014 |  |  | 2013
Deferred tax assets: |  |  |  |  |
Pension benefits | $ | 15,381 |  | $ | 20,563
Accounts receivable |  | 4,603 |  |  | 3,983
Product liability |  | 745 |  |  | 700
Employee benefits |  | 8,523 |  |  | 11,243
Net operating loss carryforward |  | 469 |  |  | 1,099
Income tax credits |  | 0 |  |  | 1,088
Depreciation |  | 0 |  |  | 73
Other |  | 199 |  |  | 496
Total |  | 29,920 |  |  | 39,245
Deferred tax liabilities: |  |  |  |  |
Inventory |  | 496 |  |  | 502
Depreciation |  | 2,374 |  |  | 0
|  | 2,870 |  |  | 502
Net deferred tax asset | $ | 27,050 |  | $ | 38,743
The net operating loss carryforward value for April 30, 201 4 and 2013 contained in the above table includes amounts pertaining to various state net operating loss carryforwards with various expiration dates. Management believes it is more likely than not that the Company will realize its gross deferred tax assets due to expected future taxable income and the reversal of taxable temporary differences.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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