Income Taxes (Tables)

12 Months Ended

Apr. 30, 2018

Income Taxes

Schedule of components of income tax expense (benefit)

	Year Ended April 30,
	2018		2017		2016
	(in thousands)
Current federal	$	30,827	$	37,164	$	28,043
Current state		6,409		5,875		5,162
Total current		37,236		43,039		33,205
Deferred federal		(14,796)		(19,011)		(19,993)
Deferred state		(1,557)		(1,374)		(628)
Total deferred		(16,353)		(20,385)		(20,621)
Total provision for income taxes	$	20,883	$	22,654	$	12,584

Schedule of effective tax rate for financial statement

	Year Ended April 30,
	2018		2017		2016
	(in thousands)
Federal income taxes at statutory rate	$	25,492	$	25,039	$	8,802
State income taxes, net of federal income tax benefit		1,900		2,236		2,336
Net change in valuation allowance		151		214		(60)
Nondeductible meals & entertainment		822		761		627
338(h)(10) election		—		(6,936)		—
Redeemable noncontrolling interests		—		1,053		291
Nondeductible transaction costs		2		109		253
Net Deferred Benefit due to Tax Cuts and Jobs Act		(6,763)		—		—
Other		(721)		178		335
Total provision for income taxes	$	20,883	$	22,654	$	12,584

Schedule of tax effects of temporary differences which give rise to deferred income taxes

	April 30,
	2018		2017
Deferred income tax assets:	(in thousands)
Allowances on accounts and notes receivable	$	3,540	$	5,792
Accrued payroll and related costs		1,138		1,651
Insurance reserves		1,734		1,139
Inventory costs		2,013		2,430
Deferred compensation		6,662		9,293
Equity compensation		2,361		3,424
Derivative instrument		561		1,488
Acquisition related costs		1,955		1,732
Net operating loss carry-forwards		1,965		2,949
Deferred rent		488		996
Noncompete agreements		681		819
Other deferred tax assets, net		946		2,576
Total deferred income tax assets		24,044		34,289
Less: Valuation allowance		(448)		(297)
Total deferred income tax assets, net of valuation allowance		23,596		33,992
Deferred income tax liabilities:
Amortization of intangible assets		(28,641)		(53,345)
Rebates		(253)		(1,007)
Depreciation		(3,596)		(3,808)
Deferred financing costs		(1,848)		(2,652)
Total deferred income tax liabilities		(34,338)		(60,812)
Deferred income tax liabilities, net	$	(10,742)	$	(26,820)