American Woodmark (AMWD) 10-Q 5 Dec 17 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Oct. 31, 2017	Dec. 04, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Filer Category	Large Accelerated Filer
Entity Registrant Name	AMERICAN WOODMARK CORP
Entity Central Index Key	794,619
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		16,045,712
Trading Symbol	amwd

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Current Assets
Cash and cash equivalents	$ 162,545	$ 176,978
Investments - certificates of deposit	57,500	51,750
Customer receivables, net	66,211	63,115
Inventories	46,723	42,859
Prepaid expenses and other	9,189	4,526
Total Current Assets	342,168	339,228
Property, plant and equipment, net	121,732	107,933
Investments - certificates of deposit	24,250	20,500
Promotional displays, net	4,729	5,745
Deferred income taxes	10,140	18,047
Other assets	10,286	9,820
TOTAL ASSETS	513,305	501,273
Current Liabilities
Accounts payable	38,739	41,312
Current maturities of long-term debt	1,710	1,598
Accrued compensation and related expenses	35,119	36,162
Accrued marketing expenses	12,512	8,655
Other accrued expenses	12,130	13,770
Total Current Liabilities	100,210	101,497
Long-term debt, less current maturities	16,087	15,279
Defined benefit pension liabilities	18,151	28,032
Other long-term liabilities	3,714	4,016
Shareholders' Equity
Preferred stock, $1.00 par value; 2,000,000 shares authorized, none issued	0	0
Common stock, no par value; 40,000,000 shares authorized; issued and outstanding shares at October 31, 2016: 16,266,189; at April 30, 2016: 16,244,041	170,389	168,835
Retained earnings	244,683	224,031
Accumulated other comprehensive loss -
Defined benefit pension plans	(39,929)	(40,417)
Total Shareholders' Equity	375,143	352,449
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 513,305	$ 501,273

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 31, 2017	Apr. 30, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Common stock, no par value (in usd per share)
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	16,104,083	16,232,775
Common stock, shares outstanding	16,104,083	16,232,775

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Income Statement [Abstract]
Net sales	$ 274,769	$ 264,076	$ 551,596	$ 522,226
Cost of sales and distribution	217,434	207,924	435,767	406,757
Gross Profit	57,335	56,152	115,829	115,469
Selling and marketing expenses	18,077	17,146	36,230	33,609
General and administrative expenses	8,443	10,675	17,950	21,607
Operating Income	30,815	28,331	61,649	60,253
Interest expense	24	170	105	329
Other income	(672)	(269)	(1,291)	(466)
Income Before Income Taxes	31,463	28,430	62,835	60,390
Income tax expense	11,708	10,793	20,799	21,092
Net Income	$ 19,755	$ 17,637	$ 42,036	$ 39,298
Weighted Average Shares Outstanding
Basic (in shares)	16,197,088	16,295,948	16,234,746	16,280,164
Diluted (in shares)	16,268,078	16,440,321	16,319,224	16,410,652
Net earnings per share
Basic (in usd per share)	$ 1.22	$ 1.08	$ 2.59	$ 2.41
Diluted (in usd per share)	$ 1.21	$ 1.07	$ 2.58	$ 2.39

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 19,755	$ 17,637	$ 42,036	$ 39,298
Other comprehensive income, net of tax:
Change in pension benefits, net of deferred taxes of $(156) and $(172), and $(312) and $(345), for the three and six months ended October 31, 2017 and 2016, respectively	244	270	488	540
Total Comprehensive Income	$ 19,999	$ 17,907	$ 42,524	$ 39,838

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Statement of Comprehensive Income [Abstract]
Other comprehensive income, deferred tax	$ (156)	$ (172)	$ (312)	$ (345)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Statement of Cash Flows [Abstract]
Payments to Acquire Other Investments	$ 25,000	$ 50,500
OPERATING ACTIVITIES
Net income	42,036	39,298
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,977	8,873
Net loss on disposal of property, plant and equipment	84	174
Stock-based compensation expense	1,609	1,649
Deferred income taxes	7,750	11,250
Pension contributions in excess of expense	(9,081)	(10,732)
Contributions of employer stock to employee benefit plan	3,554	2,926
Other non-cash items	(290)	88
Changes in operating assets and liabilities:
Customer receivables	(2,954)	(12,847)
Inventories	(4,523)	(1,942)
Prepaid expenses and other assets	(6,245)	(2,917)
Accounts payable	(2,573)	2,878
Accrued compensation and related expenses	(1,044)	(1,754)
Other accrued expenses	2,538	3,202
Net cash provided by operating activities	41,838	40,146
INVESTING ACTIVITIES
Payments to acquire property, plant and equipment	(20,660)	(10,354)
Proceeds from sales of property, plant and equipment	2	26
Proceeds from Maturities, Prepayments and Calls of Other Investments	15,500	12,500
Investment in promotional displays	(978)	(2,089)
Net cash used by investing activities	(31,136)	(50,417)
FINANCING ACTIVITIES
Payments of long-term debt	(876)	(854)
Proceeds from long-term debt	734	2,003
Proceeds from issuance of common stock	1,286	2,241
Repurchase of common stock	(23,500)	(10,443)
Notes receivable, net	0	208
Withholding of employee taxes related to stock-based compensation	(2,779)	(1,703)
Net cash used by financing activities	(25,135)	(8,548)
Net decrease in cash and cash equivalents	(14,433)	(18,819)
Cash and cash equivalents, beginning of period	176,978	174,463
Cash and cash equivalents, end of period	$ 162,545	$ 155,644

Basis of Presentation

Basis of Presentation	6 Months Ended
	Oct. 31, 2017
Basis Of Presentation [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six -month period ended October 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2018 . The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2017 filed with the U.S. Securities and Exchange Commission (“SEC”).

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Oct. 31, 2017
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements - In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers: Topic 606.” ASU 2014-09 supersedes the revenue recognition requirements in “Accounting Standard Codification 605 - Revenue Recognition” and most industry-specific guidance. The standard requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date." ASU 2015-14 defers the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that period. The Company does not expect the adoption of ASU 2014-09 and ASU 2015-14 to have a material impact on results of operations, cash flows and financial position. The Company is continuing to evaluate the impact of ASU 2014-09 primarily to determine the transition method to utilize at adoption and the additional disclosures required. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." ASU 2016-02 requires lessees to recognize most leases on-balance sheet, which will increase reported assets and liabilities. Lessor accounting remains substantially similar to current U.S. GAAP. ASU 2016-02 supersedes "Topic 840 - Leases." ASU 2016-02 is effective for public companies for annual and interim periods in fiscal years beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method for all entities. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements, however, if at adoption the Company has similar obligations for leases as it had at October 31, 2017, the Company believes this guidance will not have a material impact on its results of operations, cash flows and financial position. In March 2017, the FASB issued ASU No. 2017-07, "Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." ASU 2017-07 requires an employer to disaggregate the service cost component from the other components of net benefit (income) cost. The other components of net benefit (income) cost are required to be presented in the income statement separately from the service cost component and outside of operating income. The amendments also allow only the service cost component of net benefit (income) cost to be eligible for capitalization. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017. The amendments in this ASU should be applied (1) retrospectively for the presentation of the service cost component and the other components of net periodic pension (income) cost and net periodic postretirement benefit (income) cost on the income statement, and (2) prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension (income) cost and net periodic postretirement benefit (income) cost in assets. The Company believes this guidance will not have a material impact on its results of operations, cash flows and financial position.

Net Earnings Per Share

Net Earnings Per Share	6 Months Ended
	Oct. 31, 2017
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share The following table sets forth the computation of basic and diluted net earnings per share: Three Months Ended Six Months Ended October 31, October 31, (in thousands, except per share amounts) 2017 2016 2017 2016 Numerator used in basic and diluted net earnings per common share: Net income $ 19,755 $ 17,637 $ 42,036 $ 39,298 Denominator: Denominator for basic net earnings per common share - weighted-average shares 16,197 16,296 16,235 16,280 Effect of dilutive securities: Stock options and restricted stock units 71 144 84 131 Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions 16,268 16,440 16,319 16,411 Net earnings per share Basic $ 1.22 $ 1.08 $ 2.59 $ 2.41 Diluted $ 1.21 $ 1.07 $ 2.58 $ 2.39 The Company repurchased a total of 194,541 and 67,400 shares of its common stock during the three-month periods ended October 31, 2017 and 2016 , respectively, and 251,241 and 139,800 shares of its common stock during the six-month periods ended October 31, 2017 and 2016, respectively. There were no potentially dilutive securities for the three- and six-month periods ended October 31, 2017 and 2016, which were excluded from the calculation of net earnings per diluted share.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Oct. 31, 2017
Share-based Compensation [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company has various stock-based compensation plans. During the quarter ended October 31, 2017, the Company approved grants of a total of 4,410 service-based restricted stock units (“RSUs”) to non-employee directors. The service-based RSUs vest daily through the end of the two -year vesting period as long as the recipient continuously remains a member of the Board, and entitle the recipient to receive one share of the Company's common stock per unit granted. During the six-months ended October 31, 2017, the Board of Directors of the Company also approved grants of service-based RSUs and performance-based RSUs to key employees. The employee performance-based RSUs totaled 33,080 units and the employee service-based RSUs totaled 17,840 units. The performance-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if they remain continuously employed with the Company until the units vest. All of the Company’s RSUs granted to employees cliff-vest three years from the grant date. For the three- and six-month periods ended October 31, 2017 and 2016 , stock-based compensation expense was allocated as follows: Three Months Ended Six Months Ended (in thousands) 2017 2016 2017 2016 Cost of sales and distribution $ 277 $ 158 $ 521 $ 308 Selling and marketing (income) expenses (44 ) 250 202 501 General and administrative expenses 431 395 886 840 Stock-based compensation expense $ 664 $ 803 $ 1,609 $ 1,649 During the six months ended October 31, 2017 , the Company also approved grants of 4,496 cash-settled performance-based restricted stock tracking units ("RSTUs") and 2,519 cash-settled service-based RSTUs for more junior level employees. Each performance-based RSTU entitles the recipient to receive a payment in cash equal to the fair market value of a share of the Company's common stock as of the payment date if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSTUs entitle the recipients to receive a payment in cash equal to the fair market value of a share of the Company's common stock as of the payment date if they remain continuously employed with the Company until the units vest. All of the RSTUs cliff-vest three years from the grant date. Since the RSTUs will be settled in cash, the grant date fair value of these awards is recorded as a liability until the date of payment. The fair value of each cash-settled RSTU award is remeasured at the end of each reporting period and the liability is adjusted, and related expense recorded, based on the new fair value. The Company recognized expense of $141 thousand and $152 thousand for the three-month periods ended October 31, 2017 and 2016 , respectively, and $366 thousand and $203 thousand for the six-month periods ended October 31, 2017 and 2016, respectively. A liability for payment of the RSTUs is included in the Company's balance sheets in the amount of $ 1.0 million and $ 1.5 million as of October 31, 2017 and April 30, 2017 , respectively.

Customer Receivables

Customer Receivables	6 Months Ended
	Oct. 31, 2017
Accounts Receivable, Net [Abstract]
Customer Receivables	Customer Receivables The components of customer receivables were: October 31, April 30, (in thousands) 2017 2017 Gross customer receivables $ 69,327 $ 66,373 Less: Allowance for doubtful accounts (156 ) (148 ) Allowance for returns and discounts (2,960 ) (3,110 ) Net customer receivables $ 66,211 $ 63,115

Inventories

Inventories	6 Months Ended
	Oct. 31, 2017
Inventory, Net [Abstract]
Inventories	Inventories The components of inventories were: October 31, April 30, (in thousands) 2017 2017 Raw materials $ 21,989 $ 18,230 Work-in-process 18,605 18,704 Finished goods 19,576 19,372 Total FIFO inventories 60,170 56,306 Reserve to adjust inventories to LIFO value (13,447 ) (13,447 ) Total LIFO inventories $ 46,723 $ 42,859 Interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Since these items are estimated, interim results are subject to the final year-end LIFO inventory valuation.

Product Warranty

Product Warranty	6 Months Ended
	Oct. 31, 2016
Product Warranties Disclosures [Abstract]
Product Warranty	Product Warranty The Company estimates outstanding warranty costs based on the historical relationship between warranty claims and revenues. The warranty accrual is reviewed monthly to verify that it properly reflects the remaining obligation based on the anticipated expenditures over the balance of the obligation period. Adjustments are made when actual warranty claim experience differs from estimates. Warranty claims are generally made within two months of the original shipment date. The following is a reconciliation of the Company’s warranty liability, which is included in other accrued expenses on the balance sheet: Six Months Ended October 31, (in thousands) 2017 2016 Beginning balance at May 1 $ 3,262 $ 2,926 Accrual 10,076 9,314 Settlements (9,791 ) (9,060 ) Ending balance at October 31 $ 3,547 $ 3,180

Cash Flow

Cash Flow	6 Months Ended
	Oct. 31, 2017
Supplemental Cash Flow Information [Abstract]
Cash Flow	Cash Flow Supplemental disclosures of cash flow information: Six Months Ended October 31, (in thousands) 2017 2016 Cash paid during the period for: Interest $ 217 $ 288 Income taxes $ 17,461 $ 11,800

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Oct. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company utilizes the hierarchy of fair value measurements to classify certain of its assets and liabilities based upon the following definitions: Level 1- Investments with quoted prices in active markets for identical assets or liabilities. The Company’s Level 1 investments include money market funds, mutual funds and certificates of deposit. The Company’s mutual fund investment assets represent contributions made and invested on behalf of the Company’s executive officers in a supplementary employee retirement plan. Level 2- Investments with observable inputs other than Level 1 prices, such as: quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company has no Level 2 assets or liabilities. Level 3- Investments with unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no Level 3 assets or liabilities. The Company's financial instruments include cash and equivalents, marketable securities and other investments; accounts receivable and accounts payable; and short- and long-term debt. The carrying values of cash and equivalents, accounts receivable and payable and short- and long-term debt on the Consolidated Balance Sheets approximate their fair value. The following table summarizes the fair values of assets that are recorded in the Company’s unaudited condensed consolidated financial statements as of October 31, 2017 and April 30, 2017 at fair value on a recurring basis (in thousands): Fair Value Measurements As of October 31, 2017 Level 1 Level 2 Level 3 ASSETS: Money market funds $ 50,359 $ — $ — Mutual funds 1,067 — — Certificates of deposit 81,750 — — Total assets at fair value $ 133,176 $ — $ — As of April 30, 2017 Level 1 Level 2 Level 3 ASSETS: Money market funds $ 50,146 $ — $ — Mutual funds 1,038 — — Certificates of deposit 72,250 — — Total assets at fair value $ 123,434 $ — $ — There were no transfers between Level 1, Level 2 or Level 3.

Loans Payable and Long-Term Deb

Loans Payable and Long-Term Debt	6 Months Ended
	Oct. 31, 2017
Debt Disclosure [Abstract]
Loans Payable and Long-Term Debt	Loans Payable and Long-Term Debt The Company's outstanding indebtedness and other obligations to Wells Fargo Bank, N.A. ("Wells Fargo") are unsecured. Under the terms of its revolving credit facility, the Company must (1) maintain at the end of each fiscal quarter a ratio of total liabilities to tangible net worth of not greater than 1.4 to 1.0; (2) maintain at the end of each fiscal quarter a ratio of cash flow to fixed charges of not less than 1.5 to 1.0 measured on a rolling four-quarter basis; and (3) comply with other customary affirmative and negative covenants. The Company was in compliance with all covenants specified in the credit facility as of October 31, 2017 , including as follows: (1) the Company’s ratio of total liabilities to tangible net worth at October 31, 2017 was 0.37 to 1.0; and (2) the Company's ratio of cash flow to fixed charges for its most recent four quarters was 3.6 to 1.0.

Other Information

Other Information	6 Months Ended
	Oct. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Other Information	Other Information The Company is involved in suits and claims in the normal course of business, including without limitation product liability and general liability claims, and claims pending before the Equal Employment Opportunity Commission. On at least a quarterly basis, the Company consults with its legal counsel to ascertain the reasonable likelihood that such claims may result in a loss. As required by FASB Accounting Standards Codification Topic 450, “Contingencies” (ASC 450), the Company categorizes the various suits and claims into three categories according to their likelihood for resulting in potential loss: those that are probable, those that are reasonably possible, and those that are deemed to be remote. Where losses are deemed to be probable and estimable, accruals are made. Where losses are deemed to be reasonably possible, a range of loss estimates is determined and considered for disclosure. In determining these loss range estimates, the Company considers known values of similar claims and consults with outside counsel. The Company believes that the aggregate range of loss stemming from the various suits and asserted and unasserted claims that were deemed to be either probable or reasonably possible was not material as of October 31, 2017 . On November 30, 2017, the Company, RSI Home Products, Inc., a Delaware corporation (“RSI”), Alliance Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and Ronald M. Simon, solely in his capacity as the Stockholder Representative, entered into an Agreement and Plan of Merger (the “Merger Agreement”) providing for, at closing, the merger of Merger Sub with and into RSI, with RSI surviving as a wholly-owned subsidiary of the Company (the “Merger”). Pursuant to the terms and subject to the conditions of the Merger Agreement, as of the effective time of the Merger, the stockholders of RSI will be entitled to receive from the Company, in the aggregate, an amount in net cash equal to approximately $346 million , subject to adjustments and less the aggregate amount paid to the holders of certain RSI options, and approximately 1,457,574 shares of newly issued Company common stock with a market value of approximately $140 million based on the average closing price of the Company’s common stock for the five consecutive trading days immediately preceding the date of the Merger Agreement. The Company will also assume approximately $589 million of RSI indebtedness at closing, consisting largely of RSI’s privately placed 6½% Senior Secured Second Lien Notes due 2023 issued in March 2015. For further information regarding the Merger Agreement and the Merger, please see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Merger Agreement with RSI” below. In connection with the signing of the Merger Agreement, the Company entered into a commitment letter with Wells Fargo and Wells Fargo Securities, LLC providing for a new senior secured credit facility. For further information regarding the commitment letter, please see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations -Liquidity and Capital Resources - Commitment Letter” below.

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	6 Months Ended
	Oct. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted net earnings per share: Three Months Ended Six Months Ended October 31, October 31, (in thousands, except per share amounts) 2017 2016 2017 2016 Numerator used in basic and diluted net earnings per common share: Net income $ 19,755 $ 17,637 $ 42,036 $ 39,298 Denominator: Denominator for basic net earnings per common share - weighted-average shares 16,197 16,296 16,235 16,280 Effect of dilutive securities: Stock options and restricted stock units 71 144 84 131 Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions 16,268 16,440 16,319 16,411 Net earnings per share Basic $ 1.22 $ 1.08 $ 2.59 $ 2.41 Diluted $ 1.21 $ 1.07 $ 2.58 $ 2.39

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Oct. 31, 2017
Share-based Compensation [Abstract]
Stock-Based Compensation Expense Allocated	For the three- and six-month periods ended October 31, 2017 and 2016 , stock-based compensation expense was allocated as follows: Three Months Ended Six Months Ended (in thousands) 2017 2016 2017 2016 Cost of sales and distribution $ 277 $ 158 $ 521 $ 308 Selling and marketing (income) expenses (44 ) 250 202 501 General and administrative expenses 431 395 886 840 Stock-based compensation expense $ 664 $ 803 $ 1,609 $ 1,649

Customer Receivables (Tables)

Customer Receivables (Tables)	6 Months Ended
	Oct. 31, 2017
Accounts Receivable, Net [Abstract]
Components of Customer Receivables	The components of customer receivables were: October 31, April 30, (in thousands) 2017 2017 Gross customer receivables $ 69,327 $ 66,373 Less: Allowance for doubtful accounts (156 ) (148 ) Allowance for returns and discounts (2,960 ) (3,110 ) Net customer receivables $ 66,211 $ 63,115

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Oct. 31, 2017
Inventory, Net [Abstract]
Components of Inventories	The components of inventories were: October 31, April 30, (in thousands) 2017 2017 Raw materials $ 21,989 $ 18,230 Work-in-process 18,605 18,704 Finished goods 19,576 19,372 Total FIFO inventories 60,170 56,306 Reserve to adjust inventories to LIFO value (13,447 ) (13,447 ) Total LIFO inventories $ 46,723 $ 42,859

Product Warranty (Tables)

Product Warranty (Tables)	6 Months Ended
	Oct. 31, 2016
Product Warranties Disclosures [Abstract]
Schedule of Warranty Liability	The following is a reconciliation of the Company’s warranty liability, which is included in other accrued expenses on the balance sheet: Six Months Ended October 31, (in thousands) 2017 2016 Beginning balance at May 1 $ 3,262 $ 2,926 Accrual 10,076 9,314 Settlements (9,791 ) (9,060 ) Ending balance at October 31 $ 3,547 $ 3,180

Cash Flow (Tables)

Cash Flow (Tables)	6 Months Ended
	Oct. 31, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental disclosures of cash flow information: Six Months Ended October 31, (in thousands) 2017 2016 Cash paid during the period for: Interest $ 217 $ 288 Income taxes $ 17,461 $ 11,800

Pension Benefits (Tables)

Pension Benefits (Tables)	6 Months Ended
	Oct. 31, 2017
Pension and Other Postretirement Benefit Expense [Abstract]
Net Periodic Pension (Benefit) Cost	Net periodic pension (benefit) cost consisted of the following for the three- and six-month periods ended October 31, 2017 and 2016 : Three Months Ended Six Months Ended October 31, October 31, (in thousands) 2017 2016 2017 2016 Interest cost $ 1,432 $ 1,443 $ 2,864 $ 2,886 Expected return on plan assets (2,234 ) (2,019 ) (4,468 ) (4,039 ) Recognized net actuarial loss 400 442 800 885 Net periodic pension benefit $ (402 ) $ (134 ) $ (804 ) $ (268 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Oct. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Assets on Recurring Basis	The following table summarizes the fair values of assets that are recorded in the Company’s unaudited condensed consolidated financial statements as of October 31, 2017 and April 30, 2017 at fair value on a recurring basis (in thousands): Fair Value Measurements As of October 31, 2017 Level 1 Level 2 Level 3 ASSETS: Money market funds $ 50,359 $ — $ — Mutual funds 1,067 — — Certificates of deposit 81,750 — — Total assets at fair value $ 133,176 $ — $ — As of April 30, 2017 Level 1 Level 2 Level 3 ASSETS: Money market funds $ 50,146 $ — $ — Mutual funds 1,038 — — Certificates of deposit 72,250 — — Total assets at fair value $ 123,434 $ — $ —

New Accounting Pronouncements (

New Accounting Pronouncements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016	Apr. 30, 2017
Accounting Changes and Error Corrections [Abstract]
Excess tax benefit related to stock-based compensation
New Accounting Pronouncement, Early Adoption [Line Items]
Reclassification from operating activities			$ (41,838)	$ (40,146)
Reclassification to financing activities			$ (25,135)	$ (8,548)
Basic (in usd per share)	$ 1.22	$ 1.08	$ 2.59	$ 2.41
Diluted (in usd per share)	$ 1.21	$ 1.07	$ 2.58	$ 2.39
Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Reclassification to financing activities				$ 2,600
Accounting Standards Update 2015-03 [Member] | Long-term Debt [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of debt issuance costs					$ 300

Net Earnings Per Share (Schedul

Net Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Earnings Per Share [Abstract]
Net income	$ 19,755	$ 17,637	$ 42,036	$ 39,298
Denominator for basic net earnings per common share - weighted-average shares	16,197,088	16,295,948	16,234,746	16,280,164
Effect of dilutive securities:
Stock options and restricted stock units	71,000	144,000	84,000	131,000
Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions	16,268,078	16,440,321	16,319,224	16,410,652
Net earnings per share
Basic (in usd per share)	$ 1.22	$ 1.08	$ 2.59	$ 2.41
Diluted (in usd per share)	$ 1.21	$ 1.07	$ 2.58	$ 2.39

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Earnings Per Share [Abstract]
Shares of its common stock repurchased	194,541	67,400	251,241	139,800
Shares excluded from the calculation of net earnings per share	0	0	0	0

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016	Apr. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 664	$ 803	$ 1,609	$ 1,649
Liability for payment of the RSTUs	$ 35,119		$ 35,119		$ 36,162
Employee Service-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded in period (in shares)			17,840
Employee Performance-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded in period (in shares)			33,080
Common stock issuable per RSU granted (in shares)			1
Employee and Non Employee Director Service-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted non-statutory stock options to key employees (in shares)	4,000
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, years			2 years
Non-Employee Service-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, years
Employee Performance-Based RSTUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units non vested grants (in shares)			4,496
Employee Service-Based RSTUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units non vested grants (in shares)			2,519
RSTUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, years			3 years
Stock-based compensation expense	$ 141	$ 152	$ 366	$ 203
Liability for payment of the RSTUs	$ 1,000		$ 1,000		$ 1,500
Cliff Vest [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, years			3 years

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock-Based Compensation Expense Allocated) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 664	$ 803	$ 1,609	$ 1,649
Cost of Sales and Distribution [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	277	158	521	308
Selling and Marketing Expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	(44)	250	202	501
General and Administrative Expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 431	$ 395	$ 886	$ 840

Customer Receivables (Component

Customer Receivables (Components Of Customer Receivables ) (Details) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Accounts Receivable, Net [Abstract]
Gross customer receivables	$ 69,327	$ 66,373
Less:
Allowance for doubtful accounts	(156)	(148)
Allowance for returns and discounts	(2,960)	(3,110)
Net customer receivables	$ 66,211	$ 63,115

Inventories (Components Of Inve

Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Inventory, Net [Abstract]
Raw materials	$ 21,989	$ 18,230
Work-in-process	18,605	18,704
Finished goods	19,576	19,372
Total FIFO inventories	60,170	56,306
Reserve to adjust inventories to LIFO value	(13,447)	(13,447)
Total LIFO inventories	$ 46,723	$ 42,859

Product Warranty (Schedule Of W

Product Warranty (Schedule Of Warranty Liability) (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Product Warranties Disclosures [Abstract]
Warranty claims period	2 months
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance	$ 3,262	$ 2,926
Accrual	10,076	9,314
Settlements	(9,791)	(9,060)
Ending balance	$ 3,547	$ 3,180

Cash Flow (Supplemental Disclos

Cash Flow (Supplemental Disclosures Of Cash Flow Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Supplemental Cash Flow Information [Abstract]
Cash paid during the period for interest	$ 217	$ 288
Cash paid during the period for income taxes	$ 17,461	$ 11,800

Pension Benefits (Net Periodic

Pension Benefits (Net Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Pension and Other Postretirement Benefit Expense [Abstract]
Interest cost	$ 1,432	$ 1,443	$ 2,864	$ 2,886
Expected return on plan assets	(2,234)	(2,019)	(4,468)	(4,039)
Recognized net actuarial loss	400	442	800	885
Net periodic pension benefit	$ (402)	$ (134)	$ (804)	$ (268)

Pension Benefits (Narrative) (D

Pension Benefits (Narrative) (Details) - USD ($)	Aug. 25, 2016	Oct. 31, 2017	Oct. 31, 2017	Oct. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Expected company contributions to pension plan			$ 19,300,000
Expected company contributions to pension plan, discretionary funding	$ 13,600,000
Pension contribution			$ 8,300,000	$ 27,300,000

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Of Assets On Recurring Basis) (Details) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	$ 133,176	$ 123,434
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Money Market Funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	50,359	50,146
Money Market Funds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Money Market Funds [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Mutual Funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	1,067	1,038
Mutual Funds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Mutual Funds [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Certificates of Deposit [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	81,750	72,250
Certificates of Deposit [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Certificates of Deposit [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	$ 0	$ 0

Loans Payable and Long-Term D39

Loans Payable and Long-Term Debt (Narrative) (Details) $ in Thousands	6 Months Ended
	Oct. 31, 2017USD ($)	Oct. 31, 2016USD ($)
Debt Instrument [Line Items]
Ratio of total liabilities to tangible net worth	0.4
Ratio of cash flow to fixed charges	3.6
Proceeds from long-term debt	$ 734	$ 2,003
Maximum [Member]
Debt Instrument [Line Items]
Ratio of total liabilities to tangible net worth	1.4
Minimum [Member]
Debt Instrument [Line Items]
Ratio of cash flow to fixed charges	1.5

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	37.20%	38.00%	33.10%	34.90%
Excess tax benefit related to stock-based compensation

(Narrative) (Details)

(Narrative) (Details) - Subsequent Event [Member] - Merger Agreement [Member] - Alliance Merger Sub, Inc. [Member] $ in Millions	Nov. 30, 2017USD ($)shares
Business Acquisition, Contingent Consideration [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 346
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Number of Shares | shares	1,457,574
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 140
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	$ 589