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Income Taxes | 12 Months Ended
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Apr. 30, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income tax expense was comprised of the following:
| FISCAL YEARS ENDED APRIL 30
(in thousands) | 2017 |  | 2016 |  | 2015
CURRENT EXPENSE |  |  |  |  |
Federal | $ | 23,638 |  |  | $ | 18,239 |  |  | $ | 12,663 |
State | 4,189 |  |  | 3,195 |  |  | 1,890 |
Total current expense | 27,827 |  |  | 21,434 |  |  | 14,553 |
DEFERRED EXPENSE |  |  |  |  |
Federal | 8,607 |  |  | 10,179 |  |  | 3,024 |
State | 1,292 |  |  | 1,450 |  |  | 1,311 |
Total deferred expense | 9,899 |  |  | 11,629 |  |  | 4,335 |
Total expense | 37,726 |  |  | 33,063 |  |  | 18,888 |
Other comprehensive income (loss) | 4,391 |  |  | (4,110 | ) |  | (9,510 | )
Total comprehensive income tax expense | $ | 42,117 |  |  | $ | 28,953 |  |  | $ | 9,378 |
The Company's effective income tax rate varied from the federal statutory rate as follows:
| FISCAL YEARS ENDED APRIL 30
| 2017 |  | 2016 |  | 2015
Federal statutory rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Effect of: |  |  |  |  |
Research and experimentation tax credit | (0.2 | )% |  | — | % |  | (2.3 | )%
Stock Compensation | (1.3 | ) |  | — |  |  | — |
Meals and entertainment | 0.3 |  |  | 0.3 |  |  | 0.5 |
Domestic production deduction | (2.2 | ) |  | (2.5 | ) |  | (2.4 | )
Other | (0.3 | ) |  | (0.1 | ) |  | 0.1 |
Total | (3.7 | )% |  | (2.3 | )% |  | (4.1 | )%
Effective federal income tax rate | 31.3 | % |  | 32.7 | % |  | 30.9 | %
State income taxes, net of federal tax effect | 3.3 |  |  | 3.3 |  |  | 3.8 |
Effective income tax rate | 34.6 | % |  | 36.0 | % |  | 34.7 | %
Included in the fiscal year 2015 effective income tax rate are research and experimentation tax credits for fiscal years 2011 through 2014. The research and experimentation tax credits for fiscal years 2017 and 2016 are not estimated to be significant. Due to the adoption of ASU 2016-09 in fiscal year 2017, excess tax benefits of stock compensation were recorded in tax expense while in previous years excess benefits were recorded in additional paid-in-capital and therefore, did not impact the effective tax rate. Income taxes paid were $27.3 million, $24.5 million and $13.3 million for fiscal years 2017, 2016 and 2015, respectively. The significant components of deferred tax assets and liabilities were as follows:
| APRIL 30
(in thousands) | 2017 |  | 2016
Deferred tax assets: |  |  |
Pension benefits | $ | 8,852 |  |  | $ | 24,930 |
Accounts receivable | 6,938 |  |  | 5,981 |
Product liability | 1,272 |  |  | 1,141 |
Employee benefits | 7,914 |  |  | 7,101 |
State tax credit carryforwards | 4,083 |  |  | 4,867 |
Other | 862 |  |  | 353 |
Gross deferred tax assets, before valuation allowance | 29,921 |  |  | 44,373 |
Valuation allowance | (2,446 | ) |  | (3,061 | )
Gross deferred tax assets, after valuation allowance | 27,475 |  |  | 41,312 |
Deferred tax liabilities: |  |  |
Inventory | 297 |  |  | 440 |
Depreciation | 9,131 |  |  | 8,298 |
| 9,428 |  |  | 8,738 |
Net deferred tax asset | $ | 18,047 |  |  | $ | 32,574 |
The Company has recorded a valuation allowance related to deferred tax assets for certain state investment tax credit (ITC) carryforwards. Deferred tax assets are reduced by a valuation allowance when, after considering all positive and negative evidence, it is determined that it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. In fiscal 2017, the Company reassessed the valuation allowance related to ITCs and released $0.6 million of the valuation allowance recorded in the prior year. The gross amount of state tax credit carryforwards related to state ITCs as of April 30, 2017 and 2016 was $6.1 million and $5.8 million, respectively. These credits expire in various years beginning in fiscal 2020. Net of the federal impact and related valuation allowance, the Company recorded $1.6 million and $1.8 million of deferred tax assets related to these credits, as of April 30, 2017 and 2016, respectively. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized into income tax expense over the book life of the related property. As of April 30, 2017 and 2016, a deferred credit balance of $1.5 million and $1.8 million, respectively, is included in other liabilities on the balance sheet.

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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 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 2: 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=65882285&loc=d3e32559-109319 Reference 3: 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=65882285&loc=d3e32718-109319 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=65882285&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=65882285&loc=d3e32537-109319 + Details
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