Contract Assets and Liabilities |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contractors [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Contracts or Programs Disclosure [Text Block] | 3. Contract Assets and Liabilities
At April 30, 2026, 2025, and 2024, contract assets, contract liabilities, and accounts receivable, net consisted of the following (in thousands):
Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed at the reporting date on contracts with customers. Contract assets are transferred to accounts receivable when the rights become unconditional. Contract liabilities primarily relate to contracts where advance payments or deposits have been received, but performance obligations have not yet been satisfied, and therefore, revenue has not been recognized. Contract assets and liabilities arise from timing differences between the satisfaction of performance obligations which primarily occur over time as costs are incurred on the contract and billing which are dictated by the terms of the contract with the customer. Contract assets decreased $0.6 million in fiscal year 2026, as a result of reclassifications to accounts receivable when the right to consideration becomes unconditional, net of additional rights to consideration for work completed but not billed to customers at the reporting date. Contract liabilities decreased $4.2 million during fiscal year 2026, primarily due to the satisfaction of the related performance obligations, net of advance payments received where the related performance obligations have not been satisfied at the reporting date. In fiscal year 2026, we recognized $9.3 million of our contract liabilities at April 30, 2025, as revenue. In fiscal year 2025, we recognized $18.3 million of our contract liabilities at April 30, 2024, as revenue. If contract losses are anticipated, a loss provision is recorded for the full amount of such losses when they are determinable. The liability for contract losses is presented as loss provision accrual within the consolidated balance sheets. |
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