Income Taxes (Tables)

12 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Schedule Of Income Tax Expense

Income tax expense was comprised of the following:

	FISCAL YEARS ENDED APRIL 30
(in thousands)	2022		2021		2020
CURRENT
Federal	$	8,748	$	25,683	$	29,072
State	3,295		5,639		7,581
Foreign	417		1,018		533
Total current expense	12,460		32,340		37,186
DEFERRED
Federal	(21,316)		(10,741)		(7,508)
State	(4,049)		(1,896)		(4,261)
Foreign	(352)		(203)		(142)
Total deferred benefit	(25,717)		(12,840)		(11,911)
Total expense (benefit)	(13,257)		19,500		25,275
Other comprehensive income (loss)	21,944		(1,156)		(573)
Total comprehensive income tax expense	$	8,687	$	18,344	$	24,702

Schedule Of Effective Income Tax Rate Reconciliation

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

	FISCAL YEARS ENDED APRIL 30
	2022		2021		2020
Federal statutory rate	21.0	%	21.0	%	21.0	%
Effect of:
Federal income tax credits	5.4	%	(1.2)	%	(0.9)	%
Stock compensation	(0.3)		0.2		(0.1)
Uncertain tax positions	1.7		—		—
Meals and entertainment	(0.4)		0.1		0.3
Valuation allowance for deferred taxes	—		—		0.7
Foreign	0.6		0.6		0.4
Other	(0.6)		0.2		0.7
State income taxes, net of federal tax effect	3.4		3.2		3.4
Effective income tax rate	30.8	%	24.1	%	25.5	%

Schedule Of Significant Components Of Deferred Tax Assets And Liabilities

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

	APRIL 30
(in thousands)	2022		2021
Deferred tax assets:
Accounts receivable	$	1,941	$	1,781
Pension benefits	—		815
Product liability	1,739		1,321
Employee benefits	5,604		5,746
Tax credit carryforwards	5,542		5,433
Operating leases liabilities	29,255		32,975
Other	1,862		2,086
Gross deferred tax assets, before valuation allowance	45,943		50,157
Valuation allowance	(5,122)		(4,914)
Gross deferred tax assets, after valuation allowance	40,821		45,243
Deferred tax liabilities:
Pension benefits	194		—
Inventory	1,095		3,851
Depreciation	27,178		22,116
Intangibles	18,085		29,123
Operating leases right-of-use assets	26,980		31,320
Interest rate swaps	3,457		—
Other	703		606
Gross deferred tax liabilities	77,692		87,016
Net deferred tax liability	$	36,871	$	41,773

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions:

	APRIL 30
(in thousands)	2022		2021
Change in Unrecognized Tax Benefits
Balance at beginning of year	$	1,491	$	2,305
Additions based on tax positions related to the current year	49		115
Additions based on tax positions of prior years	1,286		—
Statute of limitations lapses	(756)		—
Reductions for tax positions of prior years settlements	—		(929)
Balance at end of year	$	2,070	$	1,491