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Income Taxes (Tables)

12 Months Ended

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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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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