Income Taxes (Tables)

12 Months Ended

Apr. 30, 2023

Income Tax Disclosure [Abstract]

Schedule Of Income Tax Expense

Income tax expense was comprised of the following:

	FISCAL YEARS ENDED APRIL 30,
(in thousands)	2023		2022		2021
CURRENT
Federal	$	39,180	$	8,748	$	25,683
State	12,937		3,295		5,639
Foreign	998		417		1,018
Total current expense	53,115		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

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,
	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
Effect of:
Federal income tax credits	(2.7)		5.4		(1.2)
Stock compensation	0.2		(0.3)		0.2
Uncertain tax positions	(0.2)		1.7		—
Meals and entertainment	0.2		(0.4)		0.1
Valuation allowance for deferred taxes	—		—		—
Foreign	0.3		0.6		0.6
Other	(0.4)		(0.6)		0.2
State income taxes, net of federal tax effect	5.2		3.4		3.2
Effective income tax rate	23.6	%	30.8	%	24.1	%

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)	2023		2022
Deferred tax assets:
Accounts receivable	$	2,755	$	1,941
Inventory	900		—
Product liability	2,031		1,739
Employee benefits	6,824		5,604
Tax credit carryforwards	5,920		5,542
Operating leases liabilities	26,884		29,255
Section 174 research and development	5,258		—
Section 263A costs	1,002		386
Other	1,892		1,476
Gross deferred tax assets, before valuation allowance	53,466		45,943
Valuation allowance	(5,573)		(5,122)
Gross deferred tax assets, after valuation allowance	47,893		40,821
Deferred tax liabilities:
Pension benefits	227		194
Inventory	—		1,095
Depreciation	22,464		27,178
Intangibles	6,830		18,085
Operating leases right-of-use assets	24,681		26,980
Interest rate swaps	3,518		3,457
Other	634		703
Gross deferred tax liabilities	58,354		77,692
Net deferred tax liability	$	10,461	$	36,871

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)	2023		2022
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 years	1,568		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