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Income Taxes (Tables) | 12 Months Ended
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Apr. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule Of Income Tax Expense | Income tax expense was comprised of the following:
| FISCAL YEARS ENDED APRIL 30,
(in thousands) | 2024 |  | 2023 |  | 2022
CURRENT |  |  |  |  |
Federal | $ | 34,525 |  |  | $ | 39,180 |  |  | $ | 8,748 |
State | 9,828 |  |  | 12,937 |  |  | 3,295 |
Foreign | 964 |  |  | 998 |  |  | 417 |
Total current expense | 45,317 |  |  | 53,115 |  |  | 12,460 |
DEFERRED |  |  |  |  |
Federal | (7,156) |  |  | (20,195) |  |  | (21,316) |
State | (1,866) |  |  | (3,869) |  |  | (4,049) |
Foreign | (543) |  |  | (88) |  |  | (352) |
Total deferred benefit | (9,565) |  |  | (24,152) |  |  | (25,717) |
Total expense (benefit) | 35,752 |  |  | 28,963 |  |  | (13,257) |
Tax (benefit) or loss included in other comprehensive income | (1,020) |  |  | (50) |  |  | 21,944 |
Total comprehensive income tax expense | $ | 34,732 |  |  | $ | 28,913 |  |  | $ | 8,687 |
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,
| 2024 |  | 2023 |  | 2022
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effect of: |  |  |  |  |
Federal income tax credits | (3.1) |  |  | (2.7) |  |  | 5.4 |
Stock compensation | (0.2) |  |  | 0.2 |  |  | (0.3) |
Uncertain tax positions | — |  |  | (0.2) |  |  | 1.7 |
Meals and entertainment | 0.3 |  |  | 0.2 |  |  | (0.4) |
Foreign | 0.1 |  |  | 0.3 |  |  | 0.6 |
Other | 1.5 |  |  | (0.4) |  |  | (0.6) |
State income taxes, net of federal tax effect | 3.9 |  |  | 5.2 |  |  | 3.4 |
Effective income tax rate | 23.5 | % |  | 23.6 | % |  | 30.8 | %
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) | 2024 |  | 2023
Deferred tax assets: |  |  |
Accounts receivable | $ | 1,737 |  |  | $ | 2,755 |
Inventory | 3,009 |  |  | 1,902 |
Product liability | 1,395 |  |  | 2,031 |
Employee benefits | 6,112 |  |  | 6,824 |
Tax credit carryforwards | 6,087 |  |  | 5,920 |
Operating leases liabilities | 33,454 |  |  | 26,884 |
Section 174 research and development | 9,542 |  |  | 5,258 |
Other | 4,038 |  |  | 1,892 |
Gross deferred tax assets, before valuation allowance | 65,374 |  |  | 53,466 |
Valuation allowance | (5,878) |  |  | (5,573) |
Gross deferred tax assets, after valuation allowance | 59,496 |  |  | 47,893 |
Deferred tax liabilities: |  |  |
Pension benefits | 235 |  |  | 227 |
Depreciation | 25,059 |  |  | 22,464 |
Intangibles | — |  |  | 6,830 |
Operating leases right-of-use assets | 30,981 |  |  | 24,681 |
Interest rate swaps | 2,448 |  |  | 3,518 |
Other | 647 |  |  | 634 |
Gross deferred tax liabilities | 59,370 |  |  | 58,354 |
Net deferred tax (asset) liability | $ | (126) |  |  | $ | 10,461 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions:
| APRIL 30,
(in thousands) | 2024 |  | 2023
Balance at beginning of year | $ | 2,892 |  |  | $ | 2,070 |
Additions based on tax positions of prior years | — |  |  | 1,568 |
Reductions for tax positions of prior years settlements | — |  |  | (746) |
Balance at end of year | $ | 2,892 |  |  | $ | 2,892 |

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