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Income Taxes
 12 Months Ended
Apr. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense was comprised of the following:
 FISCAL YEARS ENDED APRIL 30,
(in thousands)202320222021
CURRENT    
Federal$39,180 $8,748 $25,683 
State12,937 3,295 5,639 
Foreign998 417 1,018 
Total current expense53,115 12,460 32,340 
DEFERRED   
Federal(20,195)(21,316)(10,741)
State(3,869)(4,049)(1,896)
Foreign(88)(352)(203)
Total deferred benefit (24,152)(25,717)(12,840)
Total expense (benefit)28,963 (13,257)19,500 
Other comprehensive income (loss)(50)21,944 (1,156)
Total comprehensive income tax expense$28,913 $8,687 $18,344 

The Company's effective income tax rate varied from the federal statutory rate as follows: 
 FISCAL YEARS ENDED APRIL 30,
 202320222021
Federal statutory rate21.0 %21.0 %21.0 %
Effect of:
Federal income tax credits(2.7)5.4 (1.2)
Stock compensation0.2 (0.3)0.2 
Uncertain tax positions(0.2)1.7 — 
Meals and entertainment0.2 (0.4)0.1 
Valuation allowance for deferred taxes— — — 
Foreign0.3 0.6 0.6 
Other(0.4)(0.6)0.2 
State income taxes, net of federal tax effect5.2 3.4 3.2 
Effective income tax rate23.6 %30.8 %24.1 %
The significant components of deferred tax assets and liabilities were as follows:
 APRIL 30,
(in thousands)20232022
Deferred tax assets:  
Accounts receivable$2,755 $1,941 
Inventory900 — 
Product liability2,031 1,739 
Employee benefits6,824 5,604 
Tax credit carryforwards5,920 5,542 
Operating leases liabilities26,884 29,255 
Section 174 research and development5,258 — 
Section 263A costs1,002 386 
Other1,892 1,476 
Gross deferred tax assets, before valuation allowance53,466 45,943 
Valuation allowance(5,573)(5,122)
Gross deferred tax assets, after valuation allowance47,893 40,821 
Deferred tax liabilities:  
Pension benefits227 194 
Inventory— 1,095 
Depreciation22,464 27,178 
Intangibles6,830 18,085 
Operating leases right-of-use assets24,681 26,980 
Interest rate swaps3,518 3,457 
Other634 703 
Gross deferred tax liabilities58,354 77,692 
Net deferred tax liability$10,461 $36,871 

We have not recorded deferred income taxes applicable to undistributed earnings of foreign subsidiaries that are indefinitely reinvested in foreign operations. Undistributed earnings that are indefinitely reinvested in foreign operations are not significant as of April 30, 2023.

The Company recorded a valuation allowance related to deferred tax assets for certain state investment tax credit ("ITC") carryforwards and foreign tax credit ("FTC") carryforwards. Deferred tax assets are reduced by a valuation allowance when, after considering all positive and negative evidence, it is determined that it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. The Company determined that there will not be sufficient foreign source income to fully utilize the current year and carry forward FTCs. Therefore, the Company updated the valuation allowance for the current year activity of $0.3 million related to FTCs.

The gross amount of state tax credit carryforwards related to state ITCs as of April 30, 2023 and 2022 was $3.6 million and $3.7 million, respectively. These credits expire in various years beginning in fiscal 2028. Net of the federal impact and related valuation allowance, the Company recorded $0.3 million and $0.4 million of deferred tax assets related to these credits as of April 30, 2023 and 2022, respectively. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized into income tax expense over the book life of the related property. As of April 30, 2023 and 2022, a deferred credit balance of $0.3 million and $0.4 million, respectively, is included in other liabilities on the consolidated balance sheets. 

The gross amount of FTC carryforwards as of April 30, 2023 and 2022 is $2.2 million and $1.9 million, respectively, which begin to expire in fiscal 2029.
The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions:
 APRIL 30,
(in thousands)20232022
 Change in Unrecognized Tax Benefits  
 Balance at beginning of year$2,070 $1,491 
 Additions based on tax positions related to the current year — 49 
 Additions based on tax positions of prior years1,568 1,286 
 Statute of limitations lapses— (756)
 Reductions for tax positions of prior years settlements(746)— 
 Balance at end of year$2,892 $2,070 
The Company operates in multiple tax jurisdictions and, in the normal course of business, its tax returns are subject to examination by various taxing authorities. Such examinations may result in future assessments by these taxing authorities, and the Company has accrued a liability when it believes that it is not more likely than not that it will realize the benefits of tax positions that it has taken or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with accounting standards. As of April 30, 2023, federal tax years 2019 through 2022 remain subject to examination. The Company believes that adequate provisions have been made for all tax returns subject to examination. The Company is currently not under federal audit. If the liability for uncertain tax positions is released the entire amount would impact the Company's effective tax rate.