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Income Taxes | 12 Months Ended
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Apr. 30, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | 16. Income Taxes 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 |
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 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 | )
We had no federal net operating loss carryforwards in fiscal 2021. There were $17.7 million and $17.7 million in state net operating loss carryforwards as of April 30, 2021 and 2020, respectively. The state net operating loss carryforwards will expire between April 30, 2027 and April 30, 2040. There were $2.9 million of state tax credit carryforwards as of April 30, 2021 and 2020. The state tax credit carryforwards will expire between April 30, 2023 and April 30, 2025 or have no expiration date. As of both April 30, 2021 and 2020, valuation allowances of $904,000 and $2.3 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. Additional valuation allowances of $79,000 were provided on our deferred income tax assets as of April 30, 2021, as we believe that it is more likely than not that all such assets will not be realized. These allowances related to IRC Section 162(m) limitations on the deductibility of certain executive compensation. Recording a valuation allowance or reversing a valuation allowance could have an effect on our future results of operations and financial position. The income tax provisions represent effective tax rates of 23.4% and 29.4% for the fiscal year ended April 30, 2021 and 2020, respectively. At April 30, 2021 and 2020, 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, 2017.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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