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Income Taxes (Tables) | 12 Months Ended
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Apr. 30, 2022
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes for Continuing Operations | Income before income taxes consists of the following:
|  | Fiscal Year Ended
|  | (53 weeks) |  | (52 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/30/2022 |  | 4/24/2021 |  | 4/25/2020
United States |  | $ | 164,432 |  |  | $ | 124,547 |  |  | $ | 102,125 |
Foreign |  | 41,059 |  |  | 21,366 |  |  | 13,048 |
Total |  | $ | 205,491 |  |  | $ | 145,913 |  |  | $ | 115,173 |
Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following components:
|  | Fiscal Year Ended
|  | (53 weeks) |  | (52 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/30/2022 |  | 4/24/2021 |  | 4/25/2020
Federal |  |  |  |  |  |
Current |  | $ | 30,793 |  |  | $ | 18,327 |  |  | $ | 25,026 |
Deferred |  | 2,303 |  |  | 6,771 |  |  | 1,440 |
State |  |  |  |  |  |
Current |  | 9,191 |  |  | 6,475 |  |  | 7,901 |
Deferred |  | 1,060 |  |  | 2,339 |  |  | (1,409) |
Foreign |  |  |  |  |  |
Current |  | 11,632 |  |  | 4,451 |  |  | 3,025 |
Deferred |  | (1,816) |  |  | 21 |  |  | 206 |
Total income tax expense |  | $ | 53,163 |  |  | $ | 38,384 |  |  | $ | 36,189 |
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
|  | (53 weeks) |  | (52 weeks) |  | (52 weeks)
(% of income before income taxes) |  | 4/30/2022 |  | 4/24/2021 |  | 4/25/2020
Statutory tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (reduction) in income taxes resulting from: |  |  |  |  |  |
State income taxes, net of federal benefit |  | 3.9 | % |  | 4.3 | % |  | 4.2 | %
Losses/(gains) on corporate owned life insurance |  | — | % |  | (1.2) | % |  | 0.5 | %
Change in valuation allowance |  | 0.1 | % |  | 0.7 | % |  | 0.7 | %
U.S. research tax credits |  | (0.2) | % |  | (0.5) | % |  | (0.6) | %
Non-deductible asset impairment |  | — | % |  | — | % |  | 4.9 | %
Fair value adjustment of contingent consideration liability |  | (0.3) | % |  | 2.0 | % |  | (1.4) | %
Tax on undistributed foreign earnings |  | 0.2 | % |  | — | % |  | 1.1 | %
Miscellaneous items |  | 1.2 | % |  | — | % |  | 1.0 | %
Effective tax rate |  | 25.9 | % |  | 26.3 | % |  | 31.4 | %
Components of Deferred Tax Assets and Liabilities | The primary components of our deferred tax assets and (liabilities) were as follows:
(Amounts in thousands) |  | 4/30/2022 |  | 4/24/2021 |  |
Assets |  |  |  |  |  |
Leases |  | $ | 108,108 |  |  | $ | 88,536 |  |  |
Deferred and other compensation |  | 21,309 |  |  | 21,361 |  |  |
State income tax—net operating losses, credits and other |  | 5,795 |  |  | 6,222 |  |  |
Warranty |  | 6,402 |  |  | 5,709 |  |  |
Inventory |  | 2,274 |  |  | 530 |  |  |
Workers' compensation |  | 2,292 |  |  | 2,559 |  |  |
Bad debt |  | 1,216 |  |  | 1,326 |  |  |
Employee benefits |  | 2,170 |  |  | 1,904 |  |  |
Federal net operating losses, credits |  | 908 |  |  | 1,286 |  |  |
Other |  | 81 |  |  | — |  |  |
Valuation allowance |  | (3,517) |  |  | (3,495) |  |  |
Total deferred tax assets |  | 147,038 |  |  | 125,938 |  |  |
Liabilities |  |  |  |  |  |
Right of use lease assets |  | (102,978) |  |  | (84,440) |  |  |
Property, plant and equipment |  | (20,412) |  |  | (17,837) |  |  |
Goodwill and other intangibles |  | (11,914) |  |  | (10,084) |  |  |
Tax on undistributed foreign earnings |  | (1,102) |  |  | (752) |  |  |
Other |  | — |  |  | (910) |  |  |
Net deferred tax assets |  | $ | 10,632 |  |  | $ | 11,915 |  |  |
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 |  | $ | 908 |  |  | Fiscal 2037 - 2039
Various U.S. state net operating losses (excluding federal tax effect) |  | 2,297 |  |  | Fiscal 2023 - 2037
Foreign capital losses |  | 147 |  |  | Indefinite
Foreign net operating losses |  | 92 |  |  | Indefinite
Summary of Valuation Allowance by Jurisdiction | A summary of the valuation allowance by jurisdiction is as follows:
(Amounts in thousands) |  | 4/30/2022 |  | 4/24/2021 |  | Change
U.S. Federal |  | $ | 1,460 |  |  | $ | 1,391 |  |  | $ | 69 |
U.S. State |  | 1,907 |  |  | 2,087 |  |  | (180) |
Foreign |  | 150 |  |  | 17 |  |  | 133 |
Total |  | $ | 3,517 |  |  | $ | 3,495 |  |  | $ | 22 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of these unrecognized tax benefits is as follows:
|  | Fiscal Year Ended
|  | (53 weeks) |  | (52 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/30/2022 |  | 4/24/2021 |  | 4/25/2020
Balance at the beginning of the period |  | $ | 1,069 |  |  | $ | 1,030 |  |  | $ | 1,069 |
Additions: |  |  |  |  |  |
Positions taken during the current year |  | 121 |  |  | 176 |  |  | 174 |
Positions taken during the prior year |  | 10 |  |  | 35 |  |  | 106 |
Reductions: |  |  |  |  |  |
Positions taken during the prior year |  | (23) |  |  | (19) |  |  | — |
Decreases related to settlements with taxing authorities |  | — |  |  | — |  |  | (211) |
Reductions resulting from the lapse of the statute of limitations |  | (140) |  |  | (153) |  |  | (108) |
Balance at the end of the period |  | $ | 1,037 |  |  | $ | 1,069 |  |  | $ | 1,030 |

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