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Income Taxes
 12 Months Ended
Apr. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense was comprised of the following:
 FISCAL YEARS ENDED APRIL 30,
(in thousands)202520242023
CURRENT    
Federal$25,153 $34,525 $39,180 
State9,836 9,828 12,937 
Foreign1,150 964 998 
Total current expense36,139 45,317 53,115 
DEFERRED   
Federal(7,425)(7,156)(20,195)
State(1,436)(1,866)(3,869)
Foreign(196)(543)(88)
Total deferred benefit (9,057)(9,565)(24,152)
Total expense27,082 35,752 28,963 
Tax benefit included in other comprehensive income(2,303)(1,020)(50)
Total comprehensive income tax expense$24,779 $34,732 $28,913 

Cash paid for income taxes was $43.7 millions and $62.9 millions for fiscal years 2025 and 2024, respectively. Included in the cash paid for fiscal 2025 were payments of $36.2 million to a third party for renewable energy credits, of which $18.9 million had been refunded to the Company as of April 30, 2025, and the remaining credits were utilized to offset fiscal 2025 estimated income tax payments. There were no payments to a third party for renewable energy credits in fiscal 2024.

The Company's effective income tax rate varied from the federal statutory rate as follows: 
 FISCAL YEARS ENDED APRIL 30,
 202520242023
Federal statutory rate21.0 %21.0 %21.0 %
Effect of:
Federal income tax credits(3.4)(3.1)(2.7)
Stock compensation(0.2)(0.2)0.2 
Uncertain tax positions(1.0)— (0.2)
Meals and entertainment0.3 0.3 0.2 
Foreign0.1 0.1 0.3 
Other(0.4)1.5 (0.4)
State income taxes, net of federal tax effect5.0 3.9 5.2 
Effective income tax rate21.4 %23.5 %23.6 %
The significant components of deferred tax assets and liabilities were as follows:
 APRIL 30,
(in thousands)20252024
Deferred tax assets:  
Accounts receivable$1,326 $1,737 
Inventory2,294 3,009 
Product liability1,044 1,395 
Employee benefits6,196 6,112 
Tax credit carryforwards6,371 6,087 
Operating leases liabilities34,201 33,454 
Section 174 research and development19,102 9,542 
Other4,630 4,038 
Gross deferred tax assets, before valuation allowance75,164 65,374 
Valuation allowance(6,289)(5,878)
Gross deferred tax assets, after valuation allowance68,875 59,496 
Deferred tax liabilities:  
Pension benefits241 235 
Depreciation23,181 25,059 
Operating leases right-of-use assets31,715 30,981 
Interest rate swaps155 2,448 
Other2,097 647 
Gross deferred tax liabilities57,389 59,370 
Net deferred tax (asset) liability$(11,486)$(126)

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, 2025.

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, 2025 and 2024 was $3.7 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 $0.1 million and $0.2 million of deferred tax assets related to these credits as of April 30, 2025 and 2024, respectively. The Company accounts for ITCs using 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, 2025 and 2024, a deferred credit balance of $0.1 million and $0.2 million, respectively, is included in other long-term liabilities on the consolidated balance sheets. 

The gross amount of FTC carryforwards as of April 30, 2025 and 2024 is $2.6 million and $2.4 million, respectively, which begin to expire in fiscal 2030.

The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions:
 APRIL 30,
(in thousands)20252024
 Balance at beginning of year$2,892 $2,892 
 Reductions for tax positions of prior years' settlements(1,286)— 
 Balance at end of year$1,606 $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 it is not more likely than not that it will realize the benefits of tax positions it has taken or for the amount of any tax benefit exceeding 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, 2025, federal tax years 2021 through 2024 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.