Basis of Presentation (Tables)

3 Months Ended

Jul. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following tables reflect the effect of the change in accounting method on our current period Condensed Consolidated Financial Statements (in thousands except for per share amounts):

Condensed Consolidated Statement of Income for the three months ended July 31, 2021
	As Computed under previous method		Effect of Change		As Reported under FIFO
Cost of sales and distribution	$	391,342	$	(2,204)	$	389,138
Gross Profit	$	51,239	$	2,204	$	53,443
Operating Income	$	4,252	$	2,204	$	6,456
Income Before Income Taxes	$	2,006	$	2,204	$	4,210
Income tax expense	$	654	$	575	$	1,229
Net Income	$	1,352	$	1,629	$	2,981
Net earnings per share, basic	$	0.08	$	0.10	$	0.18
Net earnings per share, diluted	$	0.08	$	0.10	$	0.18

Condensed Consolidated Balance Sheet as of July 31, 2021
	As Computed under previous method		Effect of Change		As Reported under FIFO
Inventories	$	179,590	$	2,204	$	181,794
Total current assets	$	353,216	$	2,204	$	355,420
Total assets	$	1,587,381	$	2,204	$	1,589,585
Other accrued expenses	$	21,454	$	575	$	22,029
Total current liabilities	$	198,242	$	575	$	198,817
Retained earnings	$	430,508	$	1,629	$	432,137
Total shareholders' equity	$	735,472	$	1,629	$	737,101
Total liabilities and shareholders' equity	$	1,587,381	$	2,204	$	1,589,585

Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2021
	As Computed under previous method		Effect of Change		As Reported under FIFO
Net income	$	1,352	$	1,629	$	2,981
Inventories	$	(21,328)	$	(2,204)	$	(23,532)
Income taxes payable	$	(249)	$	575	$	326

Condensed Consolidated Statement of Stockholders' equity for the three months ended July 31, 2021
	As Computed under previous method		Effect of Change		As Reported under FIFO
Net income	$	1,352	$	1,629	$	2,981
Total shareholders' equity	$	735,472	$	1,629	$	737,101

Condensed Consolidated Statement of Comprehensive income for the three months ended July 31, 2021
	As Computed under previous method		Effect of Change		As Reported under FIFO
Net income	$	1,352	$	1,629	$	2,981
Total Comprehensive Income	$	1,152	$	1,629	$	2,781

As a result of the retrospective application of the change in accounting method, certain line items in our Condensed Consolidated Financial Statements and related notes were adjusted as follows:

Condensed Consolidated Statements of Income for the three months ended July 31, 2020
	As Previously Reported		Effect of Change		As Adjusted
Cost of sales and distribution	$	309,949	$	571	$	310,520
Gross Profit	$	80,138	$	(571)	$	79,567
Operating Income	$	26,797	$	(571)	$	26,226
Income Before Income Taxes	$	22,455	$	(571)	$	21,884
Income tax expense	$	5,970	$	(145)	$	5,825
Net Income	$	16,485	$	(426)	$	16,059
Net earnings per share, basic	$	0.97	$	(0.02)	$	0.95
Net earnings per share, diluted	$	0.97	$	(0.03)	$	0.94

Condensed Consolidated Balance Sheet as of April 30, 2021
	As Previously Reported		Effect of Change		As Adjusted
Inventories	$	140,282	$	17,885	$	158,167
Total current assets	$	392,080	$	17,885	$	409,965
Total assets	$	1,636,514	$	17,885	$	1,654,399
Deferred income taxes	$	38,348	$	4,543	$	42,891
Retained earnings	$	434,940	$	13,342	$	448,282
Total shareholders' equity	$	742,896	$	13,342	$	756,238
Total liabilities and shareholders' equity	$	1,636,514	$	17,885	$	1,654,399

Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2020
	As Previously Reported		Effect of Change		As Adjusted
Net income	$	16,485	$	(426)	$	16,059
Deferred income taxes	$	(2,855)	$	(145)	$	(3,000)
Inventories	$	(15,539)	$	571	$	(14,968)

Condensed Consolidated Statement of Stockholders' equity for the three months ended July 31, 2020
	As Previously Reported		Effect of Change		As Adjusted
Net income	$	16,485	$	(426)	$	16,059
Total shareholders' equity	$	721,520	$	10,486	$	732,006

Condensed Consolidated Statement of Comprehensive income for the three months ended July 31, 2020
	As Previously Reported		Effect of Change		As Adjusted
Net income	$	16,485	$	(426)	$	16,059
Total comprehensive income	$	16,812	$	(426)	$	16,386

Condensed Consolidated Statement of Stockholders' equity for the year ended April 31, 2020
	As Previously Reported		Effect of Change		As Adjusted
Retained earnings as of April 30, 2020	$	392,281	$	10,912	$	403,193
Total shareholders' equity as of April 30,2020	$	700,538	$	10,912	$	711,450