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Income Taxes (Tables) | 12 Months Ended
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Apr. 30, 2021
Income Tax Disclosure [Abstract] |
Income Tax Expense/(Benefit) from Continuing Operations | Income tax expense/(benefit) from continuing operations consisted of the following (in thousands):
|  | For the Year Ended April 30, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ |  | 64,417 |  |  | $ |  | 9,877 |  |  | $ |  | 5,567 |
State |  |  |  | 9,530 |  |  |  |  | 1,841 |  |  |  |  | 1,918 |
Total current |  |  |  | 73,947 |  |  |  |  | 11,718 |  |  |  |  | 7,485 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred federal |  |  |  | 358 |  |  |  |  | (164 | ) |  |  |  | 1,665 |
Deferred state |  |  |  | 89 |  |  |  |  | (32 | ) |  |  |  | 134 |
Total deferred |  |  |  | 447 |  |  |  |  | (196 | ) |  |  |  | 1,799 |
Total income tax expense/(benefit) |  | $ |  | 74,394 |  |  | $ |  | 11,522 |  |  | $ |  | 9,284 |
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, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Federal income taxes expected at the statutory rate (a) |  | $ |  | 66,773 |  |  | $ |  | 8,233 |  |  | $ |  | 7,183 |
State income taxes, less federal income tax benefit |  |  |  | 7,685 |  |  |  |  | 1,628 |  |  |  |  | 1,737 |
Stock compensation |  |  |  | (578 | ) |  |  |  | 1,077 |  |  |  |  | 646 |
Business meals and entertainment |  |  |  | 115 |  |  |  |  | 257 |  |  |  |  | 144 |
Research and development tax credit |  |  |  | (297 | ) |  |  |  | (496 | ) |  |  |  | (460 | )
Non-deductible Separation expenses |  |  |  | 195 |  |  |  |  | 688 |  |  |  |  | — |
Other |  |  |  | 501 |  |  |  |  | 135 |  |  |  |  | 105 |
Federal tax rate change on deferred taxes |  |  |  | — |  |  |  |  | — |  |  |  |  | (71 | )
Total income tax expense/(benefit) |  | $ |  | 74,394 |  |  | $ |  | 11,522 |  |  | $ |  | 9,284 |
(a) | We had a statutory rate of 21% in fiscal 2021, 2020 and 2019.
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, |
|  | 2021 |  |  | 2020 |
Non-current tax assets (liabilities): |  |  |  |  |  |  |  |
Net operating loss carryforwards and tax credits |  | $ | 3,189 |  |  | $ | 3,158 |
Inventories |  |  | 4,508 |  |  |  | 6,082 |
Accrued expenses, including compensation |  |  | 4,952 |  |  |  | 4,063 |
Product liability |  |  | 263 |  |  |  | 434 |
Accrued promotions |  |  | 139 |  |  |  | 69 |
Workers' compensation |  |  | 497 |  |  |  | 486 |
Warranty reserve |  |  | 1,303 |  |  |  | 987 |
Stock-based compensation |  |  | 1,517 |  |  |  | 2,319 |
State bonus depreciation |  |  | 888 |  |  |  | 1,287 |
Property taxes |  |  | (250 | ) |  |  | (254 | )
Property, plant, and equipment |  |  | (13,994 | ) |  |  | (15,889 | )
Intangible assets |  |  | (914 | ) |  |  | (633 | )
Right-of-use assets |  |  | (1,091 | ) |  |  | (1,685 | )
Right-of-use liabilities |  |  | 1,131 |  |  |  | 1,734 |
Pension |  |  | 293 |  |  |  | 241 |
Other |  |  | (38 | ) |  |  | 331 |
Less valuation allowance |  |  | (3,297 | ) |  |  | (3,187 | )
Net deferred tax asset/(liability) — total |  | $ | (904 | ) |  | $ | (457 | )

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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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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