XML 46 R25.htm IDEA: XBRL DOCUMENT v3.19.2

Income Taxes (Tables)

12 Months Ended

Apr. 30, 2019

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax expense consisted of the following:

$ in thousands		2019				2018
Current tax expense (benefit):
Federal		$	(571	)		$	1,719
State and local		(75		)		311
Foreign		1,065				1,414
Total current tax expense		419				3,444
Deferred tax expense (benefit):
Federal		30				442
State and local		59				33
Foreign		(62		)		242
Total deferred tax expense (benefit)		27				717
Net income tax expense		$	446			$	4,161

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		2019				2018
Income tax expense at statutory rate		$	547			$	2,864
State and local taxes, net of federal income tax benefit (expense)		(29		)		162
Tax credits (state, net of federal benefit)		(546		)		(370		)
Effects of differing US and foreign tax rates		190				(97		)
Rate reduction impact on deferred tax assets		75				680
Federal and state transition tax on unrepatriated foreign earnings		—				649
Effects of stock options exercised		(49		)		—
Effect of prior year true ups		(105		)		—
Impact of foreign subsidiary income to parent		317				—
Increase (decrease) in valuation allowance		7				175
Other items, net		39				98
Net income tax expense		$	446			$	4,161

Summary of Deferred Tax Assets and Liabilities

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

$ in thousands		2019				2018
Deferred tax assets:
Accrued employee benefit expenses		$	466			$	418
Allowance for doubtful accounts		28				41
Deferred compensation		922				1,205
Tax credits (state, net of federal benefits)		434				221
Foreign tax credit carryforwards		638				—
Unrecognized actuarial loss, defined benefit plans		1,772				1,825
Inventory reserves		290				378
Net operating loss carryforwards		257				261
Revenue recognition change (See Note 2)		(31		)		—
LIFO change (See Note 3)		(156		)		(162		)
Other		183				79
Total deferred tax assets		4,803				4,266
Deferred tax liabilities:
Book basis in excess of tax basis of property, plant and equipment		(850		)		(1,043		)
Prepaid pension		(1,218		)		(1,093		)
Total deferred tax liabilities		(2,068		)		(2,136		)
Less: valuation allowance		(906		)		(261		)
Net deferred tax assets		$	1,829			$	1,869
Deferred tax assets classified in the balance sheet:
Non-current		1,829				1,869
Net deferred tax assets		$	1,829			$	1,869

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

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

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

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

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration