Income Taxes (Tables)

12 Months Ended

Apr. 30, 2024

Income Tax Disclosure [Abstract]

Schedule Of Income Tax Expense

Income tax expense was comprised of the following:

	FISCAL YEARS ENDED APRIL 30,
(in thousands)	2024		2023		2022
CURRENT
Federal	$	34,525	$	39,180	$	8,748
State	9,828		12,937		3,295
Foreign	964		998		417
Total current expense	45,317		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

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,
	2024		2023		2022
Federal statutory rate	21.0	%	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 entertainment	0.3		0.2		(0.4)
Foreign	0.1		0.3		0.6
Other	1.5		(0.4)		(0.6)
State income taxes, net of federal tax effect	3.9		5.2		3.4
Effective income tax rate	23.5	%	23.6	%	30.8	%

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)	2024		2023
Deferred tax assets:
Accounts receivable	$	1,737	$	2,755
Inventory	3,009		1,902
Product liability	1,395		2,031
Employee benefits	6,112		6,824
Tax credit carryforwards	6,087		5,920
Operating leases liabilities	33,454		26,884
Section 174 research and development	9,542		5,258
Other	4,038		1,892
Gross deferred tax assets, before valuation allowance	65,374		53,466
Valuation allowance	(5,878)		(5,573)
Gross deferred tax assets, after valuation allowance	59,496		47,893
Deferred tax liabilities:
Pension benefits	235		227
Depreciation	25,059		22,464
Intangibles	—		6,830
Operating leases right-of-use assets	30,981		24,681
Interest rate swaps	2,448		3,518
Other	647		634
Gross deferred tax liabilities	59,370		58,354
Net deferred tax (asset) liability	$	(126)	$	10,461

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)	2024		2023
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