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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2017

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax expense consisted of the following:

$ in thousands		2017				2016				2015
Current tax expense:
Federal		$	891			$	974			$	759
State and local			120				117				151
Foreign			1,467				1,122				1,348
Total current tax expense			2,478				2,213				2,258
Deferred tax expense (benefit):
Federal			(108)				(431)				(187)
State and local			24				98				(70)
Foreign			(268)				(18)				(256)
Total deferred tax benefit			(352)				(351)				(513)
Net income tax expense		$	2,126			$	1,862			$	1,745

Schedule of Income Tax Reconciliation

The reasons for the differences between the above net income tax expense and the amounts computed by applying the statutory federal income tax rate to earnings before income taxes are as follows:

$ in thousands		2017				2016				2015
Income tax expense at statutory rate		$	2,294			$	1,952			$	1,831
State and local taxes, net of federal income tax benefit (expense)			100				102				97
Tax credits (state, net of federal benefit)			(110)				(407)				(157)
Effects of differing US and foreign tax rates			(7)				173				47
Increase (decrease) in valuation allowance			82				(10)				(40)
Other items, net			(233)				52				(33)
Net income tax expense		$	2,126			$	1,862			$	1,745

Summary of Deferred Tax Assets and Liabilities

Significant items comprising deferred tax assets and liabilities as of April 30 were as follows:

$ in thousands		2017				2016
Deferred tax assets:
Accrued employee benefit expenses		$	549			$	529
Allowance for doubtful accounts			67				74
Deferred compensation			1,792				1,753
Tax credits			208				224
Unrecognized actuarial loss, defined benefit plans			3,223				3,850
Inventory Reserves			360				118
Net operating loss carryforwards			224				—
Other			113				353
Total deferred tax assets			6,536				6,901
Deferred tax liabilities:
Book basis in excess of tax basis of property, plant and equipment			(1,600)				(1,655)
Prepaid pension			(1,696)				(1,854)
Total deferred tax liabilities			(3,296)				(3,509)
Less: valuation allowance			(82)				—
Net deferred tax assets		$	3,158			$	3,392
Deferred tax assets classified in the balance sheet:
Non-current			3,158				3,392
Net deferred tax assets (liabilities)		$	3,158			$	3,392

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- References

No definition available.

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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=65882285&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=65882285&loc=d3e32537-109319

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- Definition

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=65882285&loc=d3e32687-109319

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