XML 52 R38.htm IDEA: XBRL DOCUMENT
v3.19.2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Apr. 30, 2019
Income Tax Disclosure [Abstract] |
Schedule Of Income Tax Expense | Income tax expense was comprised of the following:
| FISCAL YEARS ENDED APRIL 30
(in thousands) | 2019 |  | 2018 |  | 2017
CURRENT EXPENSE |  |  |  |  |
Federal | $ | 25,649 |  |  | $ | 8,668 |  |  | $ | 23,638 |
State | 8,231 |  |  | 1,290 |  |  | 4,189 |
Foreign | 1,125 |  |  | 257 |  |  | — |
Total current expense | 35,005 |  |  | 10,215 |  |  | 27,827 |
DEFERRED EXPENSE |  |  |  |  |
Federal | (4,498 | ) |  | 17,833 |  |  | 8,607 |
State | (3,266 | ) |  | 3,642 |  |  | 1,292 |
Foreign | (41 | ) |  | (71 | ) |  | — |
Total deferred expense | (7,805 | ) |  | 21,404 |  |  | 9,899 |
Total expense | 27,200 |  |  | 31,619 |  |  | 37,726 |
Other comprehensive income (loss) | 190 |  |  | 50 |  |  | 4,391 |
Total comprehensive income tax expense | $ | 27,390 |  |  | $ | 31,669 |  |  | $ | 42,117 |
Schedule Of Effective Income Tax Rate Reconciliation | The Company's effective income tax rate varied from the federal statutory rate as follows:
| FISCAL YEARS ENDED APRIL 30
| 2019 |  | 2018 |  | 2017
Federal statutory rate | 21.0 | % |  | 30.4 | % |  | 35.0 | %
Effect of: |  |  |  |  |
Federal income tax credits | (1.4 | )% |  | (0.5 | )% |  | (0.2 | )%
Acquisition and integration costs | — |  |  | 1.2 |  |  | — |
Stock compensation | (0.5 | ) |  | (2.4 | ) |  | (1.3 | )
Meals and entertainment | 0.3 |  |  | 0.3 |  |  | 0.3 |
Effect of Tax Act | (1.1 | ) |  | 1.2 |  |  | — |
Domestic production deduction | — |  |  | (0.8 | ) |  | (2.2 | )
Valuation allowance for deferred taxes | 0.6 |  |  | — |  |  | — |
Foreign | 0.8 |  |  | — |  |  | — |
Other | 1.2 |  |  | 0.4 |  |  | (0.3 | )
Total | (0.1 | )% |  | (0.6 | )% |  | (3.7 | )%
Effective federal income tax rate | 20.9 | % |  | 29.8 | % |  | 31.3 | %
State income taxes, net of federal tax effect | 3.6 |  |  | 3.6 |  |  | 3.3 |
Effective income tax rate | 24.5 | % |  | 33.4 | % |  | 34.6 | %
Schedule Of Significant Components Of Deferred Tax Assets And Liabilities | The significant components of deferred tax assets and liabilities were as follows:
| APRIL 30
(in thousands) | 2019 |  | 2018
Deferred tax assets: |  |  |
Accounts receivable | $ | 1,852 |  |  | $ | 4,772 |
Product liability | 2,133 |  |  | 2,180 |
Employee benefits | 6,192 |  |  | 6,513 |
Tax credit carryforwards | 4,439 |  |  | 3,937 |
Other | 3,272 |  |  | 2,865 |
Gross deferred tax assets, before valuation allowance | 17,888 |  |  | 20,267 |
Valuation allowance | (3,630 | ) |  | (2,467 | )
Gross deferred tax assets, after valuation allowance | 14,258 |  |  | 17,800 |
Deferred tax liabilities: |  |  |
Pension benefits | 119 |  |  | 1,035 |
Inventory | 76 |  |  | 240 |
Depreciation | 23,721 |  |  | 21,076 |
Intangibles | 53,259 |  |  | 65,294 |
Other | 1,059 |  |  | 986 |
Gross deferred tax liabilities | 78,234 |  |  | 88,631 |
Net deferred tax liability | $ | 63,976 |  |  | $ | 70,831 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration