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Income Taxes (Tables)

12 Months Ended

Apr. 24, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes for Continuing Operations

Income before income taxes consists of the following:

						Fiscal Year Ended
						(52 weeks)						(52 weeks)						(52 weeks)
(Amounts in thousands)						4/24/2021						4/25/2020						4/27/2019
United States						$	124,547					$	102,125					$	73,058
Foreign						21,366						13,048						22,269
Total						$	145,913					$	115,173					$	95,327

Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following components:

						Fiscal Year Ended
						(52 weeks)						(52 weeks)						(52 weeks)
(Amounts in thousands)						4/24/2021						4/25/2020						4/27/2019
Federal
Current						$	18,327					$	25,026					$	17,629
Deferred						6,771						1,440						(2,649)
State
Current						6,475						7,901						6,199
Deferred						2,339						(1,409)						(933)
Foreign
Current						4,451						3,025						4,919
Deferred						21						206						21
Total income tax expense						$	38,384					$	36,189					$	25,186

Reconciliation of Effective Tax Rate

Our effective tax rate differs from the U.S. federal income tax rate for the following reasons:

						Fiscal Year Ended
						(52 weeks)						(52 weeks)						(52 weeks)
(% of income before income taxes)						4/24/2021						4/25/2020						4/27/2019
Statutory tax rate						21.0		%				21.0		%				21.0		%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit						4.3		%				4.2		%				4.1		%
Tax effect of defined benefit pension plan termination						—		%				—		%				2.7		%
Gains and losses on corporate owned life insurance						(1.2)		%				0.5		%				(0.2)		%
Change in valuation allowance						0.7		%				0.7		%				0.6		%
U.S. research tax credits						(0.5)		%				(0.6)		%				(0.8)		%
Non-deductible asset impairment						—		%				4.9		%				—		%
Fair value adjustment of contingent consideration liability						2.0		%				(1.4)		%				—		%
Tax on undistributed foreign earnings						—		%				1.1		%				—		%
Miscellaneous items						—		%				1.0		%				(1.0)		%
Effective tax rate						26.3		%				31.4		%				26.4		%

Components of Deferred Tax Assets and Liabilities

The primary components of our deferred tax assets and (liabilities) were as follows:

(Amounts in thousands)						4/24/2021						4/25/2020
Assets
Leases						$	88,536					$	81,537
Deferred and other compensation						21,361						20,821
State income tax—net operating losses, credits and other						6,222						5,536
Warranty						5,709						5,797
Inventory						530						—
Workers' compensation						2,559						2,567
Bad debt						1,326						2,061
Employee benefits						1,904						3,441
Federal net operating losses, credits						1,286						1,663
Other						—						2,354
Valuation allowance						(3,495)						(2,137)
Total deferred tax assets						125,938						123,640
Liabilities
Right of use lease assets						(84,440)						(77,479)
Property, plant and equipment						(17,837)						(14,893)
Inventory						—						(827)
Goodwill and other intangibles						(10,084)						(8,286)
Tax on undistributed foreign earnings						(752)						(1,316)
Other						(910)						—
Net deferred tax assets						$	11,915					$	20,839

Summary of Deferred Tax Assets Associated with Loss Carryforwards

The deferred tax assets associated with loss carry forwards and the related expiration dates are as follows:

(Amounts in thousands)

Amount

Expiration

Federal net operating losses

$

1,286

Fiscal 2038 - 2039

Various U.S. state net operating losses (excluding federal tax effect)

2,698

Fiscal 2022 - 2037

Foreign capital losses

17

Indefinite

Summary of Valuation Allowance by Jurisdiction

A summary of the valuation allowance by jurisdiction is as follows:

(Amounts in thousands)						4/24/2021						4/25/2020						Change
U.S. Federal						$	1,391					$	1,172					$	219
U.S. State						2,087						948						1,139
Foreign						17						17						—
Total						$	3,495					$	2,137					$	1,358

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of these unrecognized tax benefits is as follows:

						Fiscal Year Ended
						(52 weeks)						(52 weeks)						(52 weeks)
(Amounts in thousands)						4/24/2021						4/25/2020						4/27/2019
Balance at the beginning of the period						$	1,030					$	1,069					$	1,014
Additions:
Positions taken during the current year						176						174						187
Positions taken during the prior year						35						106						—
Reductions:
Positions taken during the prior year						(19)						—						(36)
Decreases related to settlements with taxing authorities						—						(211)						—
Reductions resulting from the lapse of the statute of limitations						(153)						(108)						(96)
Balance at the end of the period						$	1,069					$	1,030					$	1,069

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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