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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2021

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax expense consisted of the following:

$ in thousands						2021						2020
Current tax expense (benefit):
Federal						$	(396)					$	(2,289)
State and local						8						49
Foreign						1,136						1,567
Total current tax expense (benefit)						748						(673)
Deferred tax expense (benefit):
Federal						449						1,233
State and local						(135)						438
Foreign						(72)						760
Total deferred tax expense						242						2,431
Net income tax expense						$	990					$	1,758

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						2021						2020
Income tax benefit at statutory rate						$	(470)					$	(567)
State and local taxes, net of federal income tax benefit						(129)						(115)
Tax credits (state, net of federal benefit)						(415)						(477)
Effects of differing US and foreign tax rates						17						3
Rate reduction impact on deferred tax assets						—						(47)
Tax on unrepatriated and repatriated foreign earnings						226						1,964
Net operating loss carryback						118						(939)
Effect of prior year true ups						(42)						38
Impact of foreign subsidiary income (loss) to parent						67						(5)
Increase in valuation allowance						1,538						1,707
Other items, net						80						196
Net income tax expense						$	990					$	1,758

Summary of Deferred Tax Assets and Liabilities

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

$ in thousands						2021						2020
Deferred tax assets:
Accrued employee benefit expenses						$	296					$	402
Allowance for doubtful accounts						154						150
Deferred compensation						1,283						890
Tax credits (state, net of federal benefits)						978						532
Foreign tax credit carryforwards						638						638
Unrecognized actuarial loss, defined benefit plans						1,196						2,616
Inventory reserves						69						102
Net operating loss carryforwards						572						457
Other						568						506
Total deferred tax assets						5,754						6,293
Deferred tax liabilities:
Book basis in excess of tax basis of property, plant and equipment						(1,596)						(1,545)
Prepaid pension						(847)						(1,111)
APB 23 Assertion						(765)						(786)
Other						(122)						(304)
Total deferred tax liabilities						(3,330)						(3,746)
Valuation allowance						(2,731)						(2,612)
Net deferred tax liabilities						$	(307)					$	(65)
Deferred tax assets (liabilities) classified in the balance sheet:
Current						$	—					$	336
Non-current						(307)						(401)
Net deferred tax liabilities						$	(307)					$	(65)

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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://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

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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://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

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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://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

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