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Income Taxes
 12 Months Ended
Apr. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense was comprised of the following:
 FISCAL YEARS ENDED APRIL 30,
(in thousands)202420232022
CURRENT    
Federal$34,525 $39,180 $8,748 
State9,828 12,937 3,295 
Foreign964 998 417 
Total current expense45,317 53,115 12,460 
DEFERRED   
Federal(7,156)(20,195)(21,316)
State(1,866)(3,869)(4,049)
Foreign(543)(88)(352)
Total deferred benefit (9,565)(24,152)(25,717)
Total expense (benefit)35,752 28,963 (13,257)
Tax (benefit) or loss included in other comprehensive income(1,020)(50)21,944 
Total comprehensive income tax expense$34,732 $28,913 $8,687 

The Company's effective income tax rate varied from the federal statutory rate as follows: 
 FISCAL YEARS ENDED APRIL 30,
 202420232022
Federal statutory rate21.0 %21.0 %21.0 %
Effect of:
Federal income tax credits(3.1)(2.7)5.4 
Stock compensation(0.2)0.2 (0.3)
Uncertain tax positions— (0.2)1.7 
Meals and entertainment0.3 0.2 (0.4)
Foreign0.1 0.3 0.6 
Other1.5 (0.4)(0.6)
State income taxes, net of federal tax effect3.9 5.2 3.4 
Effective income tax rate23.5 %23.6 %30.8 %
The significant components of deferred tax assets and liabilities were as follows:
 APRIL 30,
(in thousands)20242023
Deferred tax assets:  
Accounts receivable$1,737 $2,755 
Inventory3,009 1,902 
Product liability1,395 2,031 
Employee benefits6,112 6,824 
Tax credit carryforwards6,087 5,920 
Operating leases liabilities33,454 26,884 
Section 174 research and development9,542 5,258 
Other4,038 1,892 
Gross deferred tax assets, before valuation allowance65,374 53,466 
Valuation allowance(5,878)(5,573)
Gross deferred tax assets, after valuation allowance59,496 47,893 
Deferred tax liabilities:  
Pension benefits235 227 
Depreciation25,059 22,464 
Intangibles— 6,830 
Operating leases right-of-use assets30,981 24,681 
Interest rate swaps2,448 3,518 
Other647 634 
Gross deferred tax liabilities59,370 58,354 
Net deferred tax (asset) liability$(126)$10,461 

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, 2024.

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 $0.2 million related to FTCs.

The gross amount of state tax credit carryforwards related to state ITCs as of April 30, 2024 and 2023 was $3.7 million and $3.6 million, respectively. These credits expire in various years beginning in fiscal 2028. Net of the federal impact and related valuation allowance, the Company recorded $0.2 million and $0.3 million of deferred tax assets related to these credits as of April 30, 2024 and 2023, 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, 2024 and 2023, a deferred credit balance of $0.2 million and $0.3 million, respectively, is included in other long-term liabilities on the consolidated balance sheets. 

The gross amount of FTC carryforwards as of April 30, 2024 and 2023 is $2.4 million and $2.2 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)20242023
 Balance at beginning of year$2,892 $2,070 
 Additions based on tax positions of prior years— 1,568 
 Reductions for tax positions of prior years settlements— (746)
 Balance at end of year$2,892 $2,892 
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 will accrue 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. An estimate of the range of the amounts of unrecognized tax benefits that will increase or decrease income tax expense in the next 12 months cannot be made. As of April 30, 2024, federal tax years 2020 through 2023 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.