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Basis of Presentation (Tables) | 3 Months Ended
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Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The following tables reflect the effect of the change in accounting method on our current period Condensed Consolidated Financial Statements (in thousands except for per share amounts):
Condensed Consolidated Statement of Income for the three months ended July 31, 2021
|  |  | As Computed under previous method |  | Effect of Change |  | As Reported under FIFO
Cost of sales and distribution |  |  |  |  | $ | 391,342 |  |  | $ | (2,204) |  |  | $ | 389,138 |
Gross Profit |  |  |  |  | $ | 51,239 |  |  | $ | 2,204 |  |  | $ | 53,443 |
Operating Income |  |  |  |  | $ | 4,252 |  |  | $ | 2,204 |  |  | $ | 6,456 |
Income Before Income Taxes |  |  |  |  | $ | 2,006 |  |  | $ | 2,204 |  |  | $ | 4,210 |
Income tax expense |  |  |  |  | $ | 654 |  |  | $ | 575 |  |  | $ | 1,229 |
Net Income |  |  |  |  | $ | 1,352 |  |  | $ | 1,629 |  |  | $ | 2,981 |
Net earnings per share, basic |  |  |  |  | $ | 0.08 |  |  | $ | 0.10 |  |  | $ | 0.18 |
Net earnings per share, diluted |  |  |  |  | $ | 0.08 |  |  | $ | 0.10 |  |  | $ | 0.18 |
Condensed Consolidated Balance Sheet as of July 31, 2021
| As Computed under previous method |  | Effect of Change |  | As Reported under FIFO
Inventories | $ | 179,590 |  |  | $ | 2,204 |  |  | $ | 181,794 |
Total current assets | $ | 353,216 |  |  | $ | 2,204 |  |  | $ | 355,420 |
Total assets | $ | 1,587,381 |  |  | $ | 2,204 |  |  | $ | 1,589,585 |
Other accrued expenses | $ | 21,454 |  |  | $ | 575 |  |  | $ | 22,029 |
Total current liabilities | $ | 198,242 |  |  | $ | 575 |  |  | $ | 198,817 |
Retained earnings | $ | 430,508 |  |  | $ | 1,629 |  |  | $ | 432,137 |
Total shareholders' equity | $ | 735,472 |  |  | $ | 1,629 |  |  | $ | 737,101 |
Total liabilities and shareholders' equity | $ | 1,587,381 |  |  | $ | 2,204 |  |  | $ | 1,589,585 |
Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2021
| As Computed under previous method |  | Effect of Change |  | As Reported under FIFO
Net income | $ | 1,352 |  |  | $ | 1,629 |  |  | $ | 2,981 |
Inventories | $ | (21,328) |  |  | $ | (2,204) |  |  | $ | (23,532) |
Income taxes payable | $ | (249) |  |  | $ | 575 |  |  | $ | 326 |
Condensed Consolidated Statement of Stockholders' equity for the three months ended July 31, 2021
| As Computed under previous method |  | Effect of Change |  | As Reported under FIFO
Net income | $ | 1,352 |  |  | $ | 1,629 |  |  | $ | 2,981 |
Total shareholders' equity | $ | 735,472 |  |  | $ | 1,629 |  |  | $ | 737,101 |
Condensed Consolidated Statement of Comprehensive income for the three months ended July 31, 2021
| As Computed under previous method |  | Effect of Change |  | As Reported under FIFO
Net income | $ | 1,352 |  |  | $ | 1,629 |  |  | $ | 2,981 |
Total Comprehensive Income | $ | 1,152 |  |  | $ | 1,629 |  |  | $ | 2,781 |
As a result of the retrospective application of the change in accounting method, certain line items in our Condensed Consolidated Financial Statements and related notes were adjusted as follows:
Condensed Consolidated Statements of Income for the three months ended July 31, 2020
|  |  | As Previously Reported |  | Effect of Change |  | As Adjusted
Cost of sales and distribution |  |  |  |  | $ | 309,949 |  |  | $ | 571 |  |  | $ | 310,520 |
Gross Profit |  |  |  |  | $ | 80,138 |  |  | $ | (571) |  |  | $ | 79,567 |
Operating Income |  |  |  |  | $ | 26,797 |  |  | $ | (571) |  |  | $ | 26,226 |
Income Before Income Taxes |  |  |  |  | $ | 22,455 |  |  | $ | (571) |  |  | $ | 21,884 |
Income tax expense |  |  |  |  | $ | 5,970 |  |  | $ | (145) |  |  | $ | 5,825 |
Net Income |  |  |  |  | $ | 16,485 |  |  | $ | (426) |  |  | $ | 16,059 |
Net earnings per share, basic |  |  |  |  | $ | 0.97 |  |  | $ | (0.02) |  |  | $ | 0.95 |
Net earnings per share, diluted |  |  |  |  | $ | 0.97 |  |  | $ | (0.03) |  |  | $ | 0.94 |
Condensed Consolidated Balance Sheet as of April 30, 2021
| As Previously Reported |  | Effect of Change |  | As Adjusted
Inventories | $ | 140,282 |  |  | $ | 17,885 |  |  | $ | 158,167 |
Total current assets | $ | 392,080 |  |  | $ | 17,885 |  |  | $ | 409,965 |
Total assets | $ | 1,636,514 |  |  | $ | 17,885 |  |  | $ | 1,654,399 |
Deferred income taxes | $ | 38,348 |  |  | $ | 4,543 |  |  | $ | 42,891 |
Retained earnings | $ | 434,940 |  |  | $ | 13,342 |  |  | $ | 448,282 |
Total shareholders' equity | $ | 742,896 |  |  | $ | 13,342 |  |  | $ | 756,238 |
Total liabilities and shareholders' equity | $ | 1,636,514 |  |  | $ | 17,885 |  |  | $ | 1,654,399 |
Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2020
| As Previously Reported |  | Effect of Change |  | As Adjusted
Net income | $ | 16,485 |  |  | $ | (426) |  |  | $ | 16,059 |
Deferred income taxes | $ | (2,855) |  |  | $ | (145) |  |  | $ | (3,000) |
Inventories | $ | (15,539) |  |  | $ | 571 |  |  | $ | (14,968) |
Condensed Consolidated Statement of Stockholders' equity for the three months ended July 31, 2020
| As Previously Reported |  | Effect of Change |  | As Adjusted
Net income | $ | 16,485 |  |  | $ | (426) |  |  | $ | 16,059 |
Total shareholders' equity | $ | 721,520 |  |  | $ | 10,486 |  |  | $ | 732,006 |
Condensed Consolidated Statement of Comprehensive income for the three months ended July 31, 2020
| As Previously Reported |  | Effect of Change |  | As Adjusted
Net income | $ | 16,485 |  |  | $ | (426) |  |  | $ | 16,059 |
Total comprehensive income | $ | 16,812 |  |  | $ | (426) |  |  | $ | 16,386 |
Condensed Consolidated Statement of Stockholders' equity for the year ended April 31, 2020
| As Previously Reported |  | Effect of Change |  | As Adjusted
Retained earnings as of April 30, 2020 | $ | 392,281 |  |  | $ | 10,912 |  |  | $ | 403,193 |
Total shareholders' equity as of April 30,2020 | $ | 700,538 |  |  | $ | 10,912 |  |  | $ | 711,450 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
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