Income Taxes

6 Months Ended

Oct. 31, 2019

Income Taxes [Abstract]

Income Taxes

Note 13 — Income Taxes

The effective tax rate for the three months ended October 31, 2019 was 20.9%, compared with 22.3% for the three months ended October 31, 2018. The effective tax rate for the six months ended October 31, 2019 was 20.1% compared with 22.5% for the six months ended October 31, 2018. The rates for the three and six months ended October 31, 2019 were lower than the rates for the three and six months ended October 31, 2018 primarily due to a more favorable earnings mix, as well as certain net discrete items, including a tax-free life insurance recovery.  Excluding the effects of these discrete items, the rates would have been 21.5% and 21.6% for the three and six months ended October 31, 2019, respectively.