Income Taxes (Tables)

12 Months Ended

Apr. 30, 2018

Income tax expense was comprised of the following:



	FISCAL YEARS ENDED APRIL 30
(in thousands)	2018			2017		2016

CURRENT EXPENSE
Federal	$	8,668		$	23,638	$	18,239
State	1,290			4,189		3,195
Foreign	257			—		—
Total current expense	10,215			27,827		21,434

DEFERRED EXPENSE
Federal	17,833			8,607		10,179
State	3,642			1,292		1,450
Foreign	(71		)	—		—
Total deferred expense	21,404			9,899		11,629
Total expense	31,619			37,726		33,063
Other comprehensive income (loss)	50			4,391		(4,110		)
Total comprehensive income tax expense	$	31,669		$	42,117	$	28,953

The Company's effective income tax rate varied from the federal statutory rate as follows:



	FISCAL YEARS ENDED APRIL 30
	2018		2017		2016
Federal statutory rate	30.4	%	35.0	%	35.0	%
Effect of:
Federal income tax credits	(0.5	)%	(0.2	)%	—	%
Acquisition and integration costs	1.2		—		—
Stock compensation	(2.4	)	(1.3	)	—
Meals and entertainment	0.3		0.3		0.3
Effect of Tax Act	1.2		—		—
Domestic production deduction	(0.8	)	(2.2	)	(2.5	)
Other	0.4		(0.3	)	(0.1	)
Total	(0.6	)%	(3.7	)%	(2.3	)%

Effective federal income tax rate	29.8	%	31.3	%	32.7	%
State income taxes, net of federal tax effect	3.6		3.3		3.3
Effective income tax rate	33.4	%	34.6	%	36.0	%

The significant components of deferred tax assets and liabilities were as follows:



	APRIL 30
(in thousands)	2018			2017
Deferred tax assets:
Pension benefits	$	—		$	8,852
Accounts receivable	4,772			6,938
Product liability	2,180			1,272
Employee benefits	6,513			7,914
State tax credit carryforwards	3,937			4,083
Other	2,865			862
Gross deferred tax assets, before valuation allowance	20,267			29,921
Valuation allowance	(2,467		)	(2,446		)
Gross deferred tax assets, after valuation allowance	17,800			27,475

Deferred tax liabilities:
Pension benefits	1,035			—
Inventory	240			297
Depreciation	21,076			9,131
Intangibles	65,294			—
Other	986			—
	88,631			9,428

Net deferred tax (liability) asset	$	(70,831	)	$	18,047