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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2018

Income Tax Disclosure [Abstract]

Income Tax (Benefit)/Expense from Continuing Operations

Income tax (benefit)/expense from continuing operations consists of the following (in thousands):

	For the Year Ended April 30,
	2018					2017					2016
Current:
Federal	$		5,081			$		61,943			$		48,961
State			1,184					9,349					6,622
Total current			6,265					71,292					55,583
Deferred:
Deferred federal			(9,081	)				(6,969	)				(4,187	)
Deferred state			305					(871	)				(261	)
Total deferred			(8,776	)				(7,840	)				(4,448	)
Total income tax (benefit)/expense	$		(2,511	)		$		63,452			$		51,135

Reconciliation of Provision for Income Taxes from Continuing Operations

The following table presents a reconciliation of the provision for income taxes from continuing operations at statutory rates to the provision (benefit) in the consolidated financial statements (in thousands):

	For the Year Ended April 30,
	2018					2017					2016
Federal income taxes expected at the statutory rate (a)	$		5,355			$		66,957			$		50,783
State income taxes, less federal income tax benefit			1,460					5,310					4,349
Stock compensation			(322	)				(3,092	)				108
Business meals and entertainment			302					296					233
Domestic production activity deduction			(335	)				(5,728	)				(4,414	)
Research and development tax credit			(426	)				(453	)				(215	)
Change in uncertain tax positions			—					—					(91	)
Other			(403	)				162					382
Federal tax rate change on deferred taxes			(8,142	)				—					—
Total income tax (benefit)/expense	$		(2,511	)		$		63,452			$		51,135

(a) We had a blended statutory rate of 30.4% in fiscal 2018 because of Tax Reform and a statutory rate of 35% in fiscal 2017 and 2016, respectively.

Deferred Tax Assets (Liabilities) Related to Temporary Differences

Deferred tax assets (liabilities) related to temporary differences are the following (in thousands):

		For the Years Ended April 30,
		2018				2017
Non-current tax assets (liabilities):
Net operating loss carryforwards and tax credits		$	3,372			$	2,902
Inventories			6,204				9,325
Accrued expenses, including compensation			3,037				8,194
Environmental reserves			258				279
Product liability			353				515
Accrued promotions			1,061				4,193
Workers' compensation			485				796
Warranty reserve			1,843				2,114
Stock-based compensation			3,576				4,734
State bonus depreciation			1,117				1,049
Property taxes			(160	)			(189	)
Property, plant, and equipment			(18,434	)			(30,017	)
Intangible assets			(12,510	)			(27,032	)
Pension			218				179
Other			21				130
Less valuation allowance			(3,336	)			(2,792	)
Net deferred tax asset/(liability) — total		$	(12,895	)		$	(25,620	)

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- 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://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=84230637&loc=d3e32639-109319

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- 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://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=84230637&loc=d3e32537-109319

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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://www.xbrl.org/2003/role/presentationRef
-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

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