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Income Taxes | 6 Months Ended
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Oct. 31, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income tax expense of $2,003,000 and $388,000 was recorded for the three months ended October 31, 2019 and 2018, respectively. Income tax expense of $2,172,000 and $783,000 was recorded for the six months ended October 31, 2019 and 2018, respectively. The effective tax rates were 1,267.7% and 22.0% for the three months ended October 31, 2019 and 2018, respectively. The effective tax rates were 428.4% and 21.4% for the six months ended October 31, 2019 and 2018, respectively. The increase in the effective tax rate for the three-month and six-month periods is primarily due to the change in the Company’s assertion regarding the reinvestment of foreign unremitted earnings and the impact of foreign earnings which are taxed at different tax rates than the US tax rate of 21%, and additional Global Intangible Low-Taxed Income ("GILTI") inclusion in the US. Effective August 1, 2019, the Company elected to amend the indefinite reinvestment of foreign unremitted earnings position set forth by ASC 740-30-25-17 and dissolve the indefinite reinvestment of unremitted earnings assertion for the Singapore, China, and Kewaunee Labway India Pvt. Ltd. international subsidiaries. The Company included a Dividend Distribution Tax withholding expense, imposed by the India Income Tax Department, at a rate of 20.6% for the three and six months ended October 31, 2019. This expense was comprised of $353,000 of taxes paid for the Kewaunee Labway India Pvt. Ltd. dividend distribution that was paid to the parent company and a $1,730,000 deferred tax liability for the global tax exposure related to all remaining historical unremitted earnings of these international subsidiaries as of October 31, 2019. The Company recorded all deferred tax assets and liabilities related to its outside basis differences in its foreign subsidiaries consistent with ASC 740.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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