XML 41 R29.htm IDEA: XBRL DOCUMENT
v3.22.2

Accounting Policies (Tables) | 12 Months Ended
--- | ---
Apr. 30, 2022
Accounting Policies [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 Consolidated Financial Statements (in thousands except for per share amounts):
Consolidated Statement of Income for the year ended April 30, 2022
| As Computed under previous method |  | Effect of Change |  | As Reported under FIFO
Cost of sales and distribution | $ | 1,633,255 |  |  | $ | (2,513) |  |  | $ | 1,630,742 |
Gross Profit | $ | 223,931 |  |  | $ | 2,513 |  |  | $ | 226,444 |
Operating Income | $ | 33,646 |  |  | $ | 2,513 |  |  | $ | 36,159 |
Income (Loss) Before Income Taxes | $ | (45,492) |  |  | $ | 2,513 |  |  | $ | (42,979) |
Income tax expense (benefit) | $ | (13,913) |  |  | $ | 656 |  |  | $ | (13,257) |
Net Income (Loss) | $ | (31,579) |  |  | $ | 1,857 |  |  | $ | (29,722) |
Net earnings (loss) per share, basic | $ | (1.90) |  |  | $ | 0.11 |  |  | $ | (1.79) |
Net earnings (loss) per share, diluted | $ | (1.90) |  |  | $ | 0.11 |  |  | $ | (1.79) |
Consolidated Balance Sheet as of April 30,2022
| As Computed under previous method |  | Effect of Change |  | As Reported under FIFO
Inventories | $ | 225,746 |  |  | $ | 2,513 |  |  | $ | 228,259 |
Total current assets | $ | 426,144 |  |  | $ | 2,513 |  |  | $ | 428,657 |
Total assets | $ | 1,629,983 |  |  | $ | 2,513 |  |  | $ | 1,632,496 |
Other accrued expenses | $ | 19,584 |  |  | $ | 656 |  |  | $ | 20,240 |
Total current liabilities | $ | 215,572 |  |  | $ | 656 |  |  | $ | 216,228 |
Retained earnings | $ | 397,577 |  |  | $ | 1,857 |  |  | $ | 399,434 |
Total shareholders' equity | $ | 771,026 |  |  | $ | 1,857 |  |  | $ | 772,883 |
Total liabilities and shareholders' equity | $ | 1,629,983 |  |  | $ | 2,513 |  |  | $ | 1,632,496 |
Consolidated Statement of Cash Flows for the year ended April 30, 2022
| As Computed under previous method |  | Effect of Change |  | As Reported under FIFO
Net Income (Loss) | $ | (31,579) |  |  | $ | 1,857 |  |  | $ | (29,722) |
Inventories | $ | (67,873) |  |  | $ | (2,513) |  |  | $ | (70,386) |
Income taxes receivable | $ | (6,862) |  |  | $ | 656 |  |  | $ | (6,206) |
Consolidated Statement of Shareholders' equity for the year ended April 30, 2022
| As Computed under previous method |  | Effect of Change |  | As Reported under FIFO
Net Income (Loss) | $ | (31,579) |  |  | $ | 1,857 |  |  | $ | (29,722) |
Total shareholders' equity | $ | 771,026 |  |  | $ | 1,857 |  |  | $ | 772,883 |
Consolidated Statement of Comprehensive income for the year ended April 30, 2022
| As Computed under previous method |  | Effect of Change |  | As Reported under FIFO
Net Income (Loss) | $ | (31,579) |  |  | $ | 1,857 |  |  | $ | (29,722) |
Total Comprehensive Income | $ | 33,214 |  |  | $ | 1,857 |  |  | $ | 35,071 |
As a result of the retrospective application of the change in accounting method, certain line items in our Consolidated Financial Statements and related notes were adjusted as follows:
Consolidated Statement of Income for the year ended April 30, 2021
| As Previously Reported |  | Effect of Change |  | As Adjusted
Cost of sales and distribution | $ | 1,424,739 |  |  | $ | (2,843) |  |  | $ | 1,421,896 |
Gross Profit | $ | 319,275 |  |  | $ | 2,843 |  |  | $ | 322,118 |
Operating Income | $ | 111,680 |  |  | $ | 3,058 |  |  | $ | 114,738 |
Income Before Income Taxes | $ | 77,435 |  |  | $ | 3,258 |  |  | $ | 80,693 |
Income tax expense | $ | 18,672 |  |  | $ | 828 |  |  | $ | 19,500 |
Net Income | $ | 58,763 |  |  | $ | 2,430 |  |  | $ | 61,193 |
Net earnings per share, basic | $ | 3.46 |  |  | $ | 0.15 |  |  | $ | 3.61 |
Net earnings per share, diluted | $ | 3.45 |  |  | $ | 0.14 |  |  | $ | 3.59 |
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 |
Consolidated Statement of Cash Flows for the year ended April 30, 2021
| As Previously Reported |  | Effect of Change |  | As Adjusted
Net income | $ | 58,763 |  |  | $ | 2,430 |  |  | $ | 61,193 |
Deferred income taxes | $ | (13,668) |  |  | $ | 828 |  |  | $ | (12,840) |
Inventories | $ | (31,196) |  |  | $ | (3,258) |  |  | $ | (34,454) |
Consolidated Statement of Shareholders' equity for the year ended April 30, 2021
| As Previously Reported |  | Effect of Change |  | As Adjusted
Net income | $ | 58,763 |  |  | $ | 2,430 |  |  | $ | 61,193 |
Total shareholders' equity | $ | 742,896 |  |  | $ | 13,342 |  |  | $ | 756,238 |
Consolidated Statement of Comprehensive income for the year ended April 30, 2021
| As Previously Reported |  | Effect of Change |  | As Adjusted
Net income | $ | 58,763 |  |  | $ | 2,430 |  |  | $ | 61,193 |
Total Comprehensive Income | $ | 55,368 |  |  | $ | 2,430 |  |  | $ | 57,798 |
Consolidated Statement of Income for the year ended April 30, 2020
| As Previously Reported |  | Effect of Change |  | As Adjusted
Cost of sales and distribution | $ | 1,321,147 |  |  | $ | 2,624 |  |  | $ | 1,323,771 |
Gross Profit | $ | 329,186 |  |  | $ | (2,624) |  |  | $ | 326,562 |
Operating Income | $ | 132,262 |  |  | $ | (2,127) |  |  | $ | 130,135 |
Income Before Income Taxes | $ | 100,548 |  |  | $ | (1,620) |  |  | $ | 98,928 |
Income tax expense | $ | 25,687 |  |  | $ | (412) |  |  | $ | 25,275 |
Net Income | $ | 74,861 |  |  | $ | (1,208) |  |  | $ | 73,653 |
Net earnings per share, basic | $ | 4.43 |  |  | $ | (0.07) |  |  | $ | 4.36 |
Net earnings per share, diluted | $ | 4.42 |  |  | $ | (0.08) |  |  | $ | 4.34 |
Consolidated Statement of Cash Flows for the year ended April 30, 2020
| As Previously Reported |  | Effect of Change |  | As Adjusted
Net income | $ | 74,861 |  |  | $ | (1,208) |  |  | $ | 73,653 |
Deferred income taxes | $ | (11,499) |  |  | $ | (412) |  |  | $ | (11,911) |
Inventories | $ | (4,486) |  |  | $ | 1,620 |  |  | $ | (2,866) |
Consolidated Statement of Shareholders' equity for the year ended April 30, 2020
| As Previously Reported |  | Effect of Change |  | As Adjusted
Net income | $ | 74,861 |  |  | $ | (1,208) |  |  | $ | 73,653 |
Total shareholders' equity | $ | 700,538 |  |  | $ | 10,912 |  |  | $ | 711,450 |
Consolidated Statement of Comprehensive income for the year ended April 30, 2020
| As Previously Reported |  | Effect of Change |  | As Adjusted
Net income | $ | 74,861 |  |  | $ | (1,208) |  |  | $ | 73,653 |
Total Comprehensive Income | $ | 73,179 |  |  | $ | (1,208) |  |  | $ | 71,971 |
Consolidated Statement of Stockholders' equity for the year ended April 31, 2019
| As Previously Reported |  | Effect of Change |  | As Adjusted
Retained earnings as of April 30, 2019 | $ | 317,420 |  |  | $ | 12,120 |  |  | $ | 329,540 |
Total shareholders' equity as of April 30,2019 | $ | 620,353 |  |  | $ | 12,120 |  |  | $ | 632,473 |

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

X
- 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
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration