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Note 8 - Income Taxes | 12 Months Ended
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May 03, 2025
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
8. | INCOME TAXES
The provision (benefit) for income taxes consisted of the following:
|  | (In thousands) |
|  | Fiscal |  |  | Fiscal |  |  | Fiscal |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Current |  | $ | 58,192 |  |  | $ | 49,683 |  |  | $ | 48,287 |
Deferred |  |  | (449 | ) |  |  | 3,433 |  |  |  | (4,009 | )
Total |  | $ | 57,743 |  |  | $ | 53,116 |  |  | $ | 44,278 |
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. A valuation allowance would be provided against deferred tax assets if the Company determines it is more likely than not such assets will not ultimately be realized. Deferred tax assets and liabilities at May 3, 2025 and April 27, 2024 consisted of the following:
|  | (In thousands) |
|  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued expenses and other |  | $ | 3,944 |  |  | $ | 3,923 |
Inventory and amortizable assets |  |  | 532 |  |  |  | 575 |
Total deferred tax assets |  |  | 4,476 |  |  |  | 4,498 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant, and equipment |  |  | 24,468 |  |  |  | 25,002 |
Intangibles and other |  |  | 3,018 |  |  |  | 2,743 |
Total deferred tax liabilities |  |  | 27,486 |  |  |  | 27,745 |
Deferred tax liabilities, net |  | $ | 23,010 |  |  | $ | 23,247 |
The reconciliation of the statutory federal income tax rate to the effective tax rate is as follows:
|  | Fiscal |  |  | Fiscal |  |  | Fiscal |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Statutory federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal benefit |  |  | 2.8 |  |  |  | 2.8 |  |  |  | 2.9 |
Other differences |  |  | (.2 | ) |  |  | (.7 | ) |  |  | (.2 | )
Effective income tax rate |  |  | 23.6 | % |  |  | 23.1 | % |  |  | 23.7 | %
At May 3, 2025, the gross amount of unrecognized tax benefits was $2.2 million. During Fiscal 2025, the income tax expense recognized related to uncertain tax positions was immaterial. If the Company were to prevail on all uncertain tax positions, the net effect would be to reduce its income tax expense by approximately $1.7 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) |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Beginning balance |  | $ | 2,130 |  |  | $ | 2,096 |  |  | $ | 2,079 |
Increases due to current period tax positions |  |  | 77 |  |  |  | 60 |  |  |  | 75 |
Decreases due to lapse of statute of limitations and audit resolutions |  |  | (22 | ) |  |  | (26 | ) |  |  | (58 | )
Ending balance |  | $ | 2,185 |  |  | $ | 2,130 |  |  | $ | 2,096 |
Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. At May 3, 2025, unrecognized tax benefits included accrued interest of $0.3 million. During Fiscal 2025, interest and penalties related to uncertain tax positions recognized in income tax expense were immaterial. 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 position, 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 its provision for income taxes in the period of resolution. Federal income tax returns for years subsequent to Fiscal 2019 are subject to examination. Generally, the income tax returns for the various state jurisdictions for years subsequent to Fiscal 2018 are subject to examination.

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