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Income Taxes | 12 Months Ended
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Apr. 30, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | 16. Income Taxes Income tax expense from continuing operations consists of the following (in thousands):
| For the Year Ended April 30, |  |
| 2017 |  |  | 2016 |  |  | 2015 |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal | $ |  | 61,943 |  |  | $ |  | 48,961 |  |  | $ |  | 22,471 |  |
State |  |  | 9,349 |  |  |  |  | 6,622 |  |  |  |  | 4,188 |  |
Total current |  |  | 71,292 |  |  |  |  | 55,583 |  |  |  |  | 26,659 |  |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred federal |  |  | (6,969 | ) |  |  |  | (4,187 | ) |  |  |  | 2,274 |  |
Deferred state |  |  | (871 | ) |  |  |  | (261 | ) |  |  |  | (28 | ) |
Total deferred |  |  | (7,840 | ) |  |  |  | (4,448 | ) |  |  |  | 2,246 |  |
Total income tax expense | $ |  | 63,452 |  |  | $ |  | 51,135 |  |  | $ |  | 28,905 |  |
The following table presents a reconciliation of the provision for income taxes from continuing operations at statutory rates to the provision in the consolidated financial statements (in thousands):
| For the Year Ended April 30, |  |
| 2017 |  |  | 2016 |  |  | 2015 |  |
Federal income taxes expected at 35% statutory rate | $ |  | 66,957 |  |  | $ |  | 50,783 |  |  | $ |  | 27,556 |  |
State income taxes, less federal income tax benefit |  |  | 5,310 |  |  |  |  | 4,349 |  |  |  |  | 3,015 |  |
Stock compensation |  |  | (3,092 | ) |  |  |  | 108 |  |  |  |  | 82 |  |
Business meals and entertainment |  |  | 296 |  |  |  |  | 233 |  |  |  |  | 205 |  |
Domestic production activity deduction |  |  | (5,728 | ) |  |  |  | (4,414 | ) |  |  |  | (2,462 | ) |
Research and development tax credit |  |  | (453 | ) |  |  |  | (215 | ) |  |  |  | (100 | ) |
Change in uncertain tax positions |  |  | — |  |  |  |  | (91 | ) |  |  |  | — |  |
Other |  |  | 162 |  |  |  |  | 382 |  |  |  |  | 609 |  |
Total income tax expense | $ |  | 63,452 |  |  | $ |  | 51,135 |  |  | $ |  | 28,905 |  |
Deferred tax assets (deferred tax liabilities) related to temporary differences are the following (in thousands):
|  | For the Years Ended April 30, |  |
|  | 2017 |  |  | 2016 |  |
Non-current tax assets/(liabilities): |  |  |  |  |  |  |  |  |
Net operating loss carryforwards and tax credits |  | $ | 2,902 |  |  | $ | 2,712 |  |
Inventories |  |  | 9,325 |  |  |  | 8,789 |  |
Accrued expenses, including compensation |  |  | 8,194 |  |  |  | 7,255 |  |
Environmental reserves |  |  | 279 |  |  |  | 264 |  |
Product liability |  |  | 515 |  |  |  | 748 |  |
Accrued promotions |  |  | 4,193 |  |  |  | 2,463 |  |
Workers' compensation |  |  | 796 |  |  |  | 1,082 |  |
Warranty reserve |  |  | 2,114 |  |  |  | 3,194 |  |
Stock-based compensation |  |  | 4,734 |  |  |  | 3,295 |  |
State bonus depreciation |  |  | 1,049 |  |  |  | 937 |  |
Property taxes |  |  | (189 | ) |  |  | (140 | ) |
Property, plant, and equipment |  |  | (30,017 | ) |  |  | (27,006 | ) |
Intangible assets |  |  | (27,032 | ) |  |  | (14,289 | ) |
Pension |  |  | 179 |  |  |  | 123 |  |
Other |  |  | 130 |  |  |  | 973 |  |
Less valuation allowance |  |  | (2,792 | ) |  |  | (2,561 | ) |
Net deferred tax asset/(liability) — total |  | $ | (25,620 | ) |  | $ | (12,161 | ) |
We had federal net operating loss carryforwards amounting to $324,000 as of April 30, 2017, which expire in fiscal 2020. We obtained $8.2 million in additional loss carryforwards through our acquisition of SWSS on July 20, 2009, the majority of which was utilized in fiscal 2010. Utilization of the remaining losses is limited by Section 382 of the Internal Revenue Code to $108,000 in fiscal 2016 and for each taxable year thereafter. It is possible that future substantial changes in our ownership could occur that could result in additional ownership changes pursuant to Section 382 of the Internal Revenue Code. If such an ownership change were to occur, there could be an annual limitation on the remaining tax loss carryforward. There were $17.1 million and $16.8 million in state net operating loss carryforwards as of April 30, 2017 and 2016, respectively. The state net operating loss carryforwards will expire between April 30, 2025 and April 30, 2036. There were $3.2 million and $2.9 million of state tax credit carryforwards as of April 30, 2017 and 2016, respectively. The state tax credit carryforwards will expire between April 30, 2020 and April 30, 2025 or have no expiration date. As of April 30, 2017, valuation allowances of $720,000 and $2.1 million were provided on our deferred tax assets for those state net operating loss carryforwards, and state tax credits, respectively, that we do not anticipate using prior to their expiration. As of April 30, 2016, valuation allowances of $708,000 and $1.9 million were provided on our deferred tax assets for those state net operating loss carryforwards and state tax credits, respectively, that we do not anticipate using prior to their expiration. The increase in the valuation allowance on our deferred tax assets for state net operating losses and credits and other state deferred tax assets related mainly to Massachusetts Investment Tax Credits. No valuation allowances were provided on our deferred federal income tax assets as of April 30, 2017 or 2016, as we believe that it is more likely than not that all such assets will be realized. Recording a valuation allowance or reversing a valuation allowance could have an effect on our future results of operations and financial position. We are unaware of any recent or expected future changes in tax laws that would have a material impact on our financial statements. At April 30, 2017 and 2016, we did not have any gross tax-effected unrecognized tax benefits. With limited exception, we are subject to U.S. federal, state, and local, or non-U.S. income tax audits by tax authorities for fiscal years subsequent to April 30, 2013.

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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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