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Income Taxes (Tables)

12 Months Ended

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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