Income Taxes (Tables)
|
12 Months Ended |
Apr. 30, 2013
|
Provision (Benefit) For Domestic And Foreign Income Taxes |
The provision
(benefit) for domestic and foreign income taxes was as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
April 30, |
|
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
|
(in thousands) |
|
Current income
taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$ |
4,100 |
|
|
$ |
4,173 |
|
|
$ |
7,606 |
|
State
|
|
|
1,237 |
|
|
|
1,609 |
|
|
|
5,714 |
|
Foreign
|
|
|
8,759 |
|
|
|
12,670 |
|
|
|
11,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current provision for
income taxes
|
|
|
14,096 |
|
|
|
18,452 |
|
|
|
25,146 |
|
Deferred income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
(423 |
) |
|
|
7,281 |
|
|
|
(2,442 |
) |
State
|
|
|
1,895 |
|
|
|
3,508 |
|
|
|
830 |
|
Foreign
|
|
|
1,069 |
|
|
|
(890 |
) |
|
|
9,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred provision for
income taxes
|
|
|
2,541 |
|
|
|
9,899 |
|
|
|
7,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total provision for income
taxes
|
|
$ |
16,637 |
|
|
$ |
28,351 |
|
|
$ |
32,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic And Foreign Components Of Income (Loss) From Continuing Operations Before Domestic And Foreign Income And Other Taxes And Equity In Earnings |
The domestic and foreign
components of income from continuing operations before domestic and
foreign income and other taxes and equity in earnings of
unconsolidated subsidiaries were as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
April 30, |
|
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
|
(in thousands) |
|
Domestic
|
|
$ |
15,915 |
|
|
$ |
42,375 |
|
|
$ |
56,741 |
|
Foreign
|
|
|
31,905 |
|
|
|
38,429 |
|
|
|
32,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes and
equity in earnings of unconsolidated subsidiaries
|
|
$ |
47,820 |
|
|
$ |
80,804 |
|
|
$ |
89,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation Of The Statutory Federal Income Tax Rate To The Effective Consolidated Tax Rate |
The
reconciliation of the statutory federal income tax rate to the
effective consolidated tax rate is as follows:
|
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|
|
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|
|
|
|
|
Year Ended
April 30, |
|
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
U.S. federal statutory
income tax rate
|
|
|
35.0 |
% |
|
|
35.0 |
% |
|
|
35.0 |
% |
Foreign source income, net
of credits generated
|
|
|
0.6 |
|
|
|
3.0 |
|
|
|
1.9 |
|
Foreign tax rates
differential
|
|
|
(3.7 |
) |
|
|
(2.9 |
) |
|
|
(3.8 |
) |
COLI increase,
net
|
|
|
(4.8 |
) |
|
|
(2.7 |
) |
|
|
(2.8 |
) |
Repatriation of foreign
earnings
|
|
|
(3.2 |
) |
|
|
(1.7 |
) |
|
|
0.1 |
|
State income taxes, net of
federal benefit
|
|
|
5.7 |
|
|
|
4.0 |
|
|
|
4.6 |
|
Adjustments for valuation
allowance
|
|
|
(0.4 |
) |
|
|
(0.7 |
) |
|
|
4.8 |
|
Non-deductible business
acquisition transaction costs
|
|
|
1.3 |
|
|
|
— |
|
|
|
— |
|
Expense
disallowances
|
|
|
1.1 |
|
|
|
0.8 |
|
|
|
0.5 |
|
Change in uncertain tax
positions
|
|
|
1.9 |
|
|
|
— |
|
|
|
(2.3 |
) |
Other
|
|
|
1.3 |
|
|
|
0.3 |
|
|
|
(1.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
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|
Effective income tax
rate
|
|
|
34.8 |
% |
|
|
35.1 |
% |
|
|
36.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components Of Deferred Tax Assets And Liabilities |
Components of
deferred tax assets and liabilities are as follows:
|
|
|
|
|
|
|
|
|
|
|
April 30, |
|
|
|
2013 |
|
|
2012 |
|
|
|
(in thousands) |
|
Deferred tax
assets:
|
|
|
|
|
Deferred
compensation
|
|
$ |
64,791 |
|
|
$ |
63,133 |
|
Loss and credit
carryforwards
|
|
|
42,984 |
|
|
|
33,355 |
|
Allowance for doubtful
accounts
|
|
|
1,804 |
|
|
|
1,388 |
|
Deferred rent
|
|
|
6,366 |
|
|
|
6,901 |
|
Deferred revenue
|
|
|
1,646 |
|
|
|
— |
|
Reserves and
accruals
|
|
|
7,613 |
|
|
|
3,773 |
|
Other
|
|
|
4,556 |
|
|
|
4,284 |
|
|
|
|
|
|
|
|
|
|
Gross deferred tax
assets
|
|
|
129,760 |
|
|
|
112,834 |
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities:
|
|
|
|
|
|
|
|
|
Intangibles
|
|
|
(21,560 |
) |
|
|
(11,103 |
) |
Property and
equipment
|
|
|
(6,747 |
) |
|
|
(4,527 |
) |
Prepaid expenses
|
|
|
(4,184 |
) |
|
|
— |
|
Other
|
|
|
(2,824 |
) |
|
|
(3,995 |
) |
|
|
|
|
|
|
|
|
|
Gross deferred tax
liabilities
|
|
|
(35,315 |
) |
|
|
(19,625 |
) |
|
|
|
|
|
|
|
|
|
Valuation
allowances
|
|
|
(27,731 |
) |
|
|
(25,089 |
) |
|
|
|
|
|
|
|
|
|
Net deferred tax
asset
|
|
$ |
66,714 |
|
|
$ |
68,120 |
|
|
|
|
|
|
|
|
|
|
|
Deferred Tax Amounts |
The deferred
tax amounts have been classified in the consolidated balance sheets
as follows:
|
|
|
|
|
|
|
|
|
|
|
April 30, |
|
|
|
2013 |
|
|
2012 |
|
|
|
(in thousands) |
|
Current:
|
|
|
|
|
Deferred tax
assets
|
|
$ |
12,561 |
|
|
$ |
15,868 |
|
Deferred tax
liabilities
|
|
|
(9,050 |
) |
|
|
(5,038 |
) |
|
|
|
|
|
|
|
|
|
Current deferred tax
asset
|
|
|
3,511 |
|
|
|
10,830 |
|
|
|
|
|
|
|
|
|
|
Non-current:
|
|
|
|
|
|
|
|
|
Deferred tax
asset
|
|
|
117,199 |
|
|
|
96,966 |
|
Deferred tax
liabilities
|
|
|
(26,265 |
) |
|
|
(14,587 |
) |
|
|
|
|
|
|
|
|
|
Valuation
allowance
|
|
|
(27,731 |
) |
|
|
(25,089 |
) |
|
|
|
|
|
|
|
|
|
Non-current deferred tax
asset, net
|
|
|
63,203 |
|
|
|
57,290 |
|
|
|
|
|
|
|
|
|
|
Net deferred tax
assets
|
|
$ |
66,714 |
|
|
$ |
68,120 |
|
|
|
|
|
|
|
|
|
|
|
Changes In Unrecognized Tax Benefits |
Company had a
liability of $2.0 million for unrecognized tax benefits. A
reconciliation of the beginning and ending balances of the gross
unrecognized tax benefits is as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
April 30, |
|
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
|
(in thousands) |
|
Unrecognized tax benefits,
beginning of year
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,532 |
|
Settlement with tax
authority
|
|
|
— |
|
|
|
— |
|
|
|
(1,473 |
) |
Additions based on tax
positions related to the current year
|
|
|
1,454 |
|
|
|
— |
|
|
|
— |
|
Additions based on tax
positions related to prior years
|
|
|
569 |
|
|
|
— |
|
|
|
72 |
|
Reductions due to lapse of
statute of limitations
|
|
|
— |
|
|
|
— |
|
|
|
(2,131 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized tax benefits,
end of year
|
|
$ |
2,023 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
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|