Income Taxes

6 Months Ended

Oct. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective income tax rates for the three- and six-month periods ended October 31, 2024 was 21.9% and 23.5%, respectively, compared with 25.0% and 23.3% in the comparable periods in the prior fiscal year. The effective rates were higher than the 21.0% U.S. statutory rate for all periods presented primarily due to state income taxes. The effective rate for the three-month period ended October 31, 2024 was lower than the comparable prior year period primarily due to the benefit recognized from the purchase of third party federal tax credits and stock compensation deductions booked in the current period.