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Note 8 - Income Taxes | 12 Months Ended
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Apr. 30, 2022
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
8. | INCOME TAXES
The provision for income taxes consisted of the following:
|  | (In thousands) |
|  | Fiscal |  |  | Fiscal |  |  | Fiscal |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current |  | $ | 42,555 |  |  | $ | 51,520 |  |  | $ | 40,647 |
Deferred |  |  | 6,529 |  |  |  | 2,471 |  |  |  | (1,164 | )
Total |  | $ | 49,084 |  |  | $ | 53,991 |  |  | $ | 39,483 |
Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed more likely than not that the benefit of deferred tax assets will not be realized. Deferred tax assets and liabilities as of April 30, 2022 and May 1, 2021 consisted of the following:
|  | (In thousands) |
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued expenses and other |  | $ | 3,306 |  |  | $ | 3,347 |
Inventory and amortizable assets |  |  | 325 |  |  |  | 544 |
Total deferred tax assets |  |  | 3,631 |  |  |  | 3,891 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property |  |  | 23,863 |  |  |  | 18,814 |
Intangibles and other |  |  | 3,591 |  |  |  | 2,371 |
Total deferred tax liabilities |  |  | 27,454 |  |  |  | 21,185 |
Net deferred tax liabilities |  | $ | 23,823 |  |  | $ | 17,294 |
The reconciliation of the statutory federal income tax rate to our effective tax rate is as follows:
|  | Fiscal |  |  | Fiscal |  |  | Fiscal |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Statutory federal income tax rate |  |  | 21.0% |  |  |  | 21.0% |  |  |  | 21.0% |
State income taxes, net of federal benefit |  |  | 2.9 |  |  |  | 2.9 |  |  |  | 2.9 |
Other differences |  |  | ( .3) |  |  |  | (.2) |  |  |  | (.6) |
Effective income tax rate |  |  | 23.6% |  |  |  | 23.7% |  |  |  | 23.3% |
As of April 30, 2022, the gross amount of unrecognized tax benefits was $2.1 million and $8 thousand was recognized as tax expense in Fiscal 2022. If the Company is to prevail on all uncertain tax positions, the net effect would be to reduce our tax expense by approximately $1.9 million. A reconciliation of the changes in the gross amount of unrecognized tax benefits, which amounts are included in other liabilities in the accompanying consolidated balance sheets, is as follows:
|  | (In thousands) |
|  | Fiscal |  |  | Fiscal |  |  | Fiscal |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Beginning balance |  | $ | 2,055 |  |  | $ | 1,974 |  |  | $ | 1,868 |
Increases due to current period tax positions |  |  | 114 |  |  |  | 150 |  |  |  | 120 |
Decreases due to lapse of statute of limitations and audit resolutions |  |  | (90 | ) |  |  | (69 | ) |  |  | (14 | )
Ending balance |  | $ | 2,079 |  |  | $ | 2,055 |  |  | $ | 1,974 |
Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. As of April 30, 2022, unrecognized tax benefits included accrued interest of $248 thousand of which approximately $10 thousand was recognized as tax expense in Fiscal 2022. Annual income tax returns are filed in the United States and in various state and local jurisdictions. A number of years may elapse before an uncertain tax position, for which the Company has unrecognized tax benefits, are resolved. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax positions, the Company believes that unrecognized tax benefits reflect the most probable outcome. The Company adjusts these unrecognized tax benefits, as well as the related interest, in light of changing facts and circumstances. The resolution of any particular uncertain tax position could require the use of cash and an adjustment to our provision for income taxes in the period of resolution. Federal income tax returns for years subsequent to Fiscal 2016 are subject to examination. Generally, the income tax returns for the various state jurisdictions are subject to examination for years ending after Fiscal 2015.

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