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Income Taxes (Tables) | 12 Months Ended
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Apr. 29, 2023
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) |  | (53 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/29/2023 |  | 4/30/2022 |  | 4/24/2021
United States |  | $ | 177,940 |  |  | $ | 164,432 |  |  | $ | 124,547 |
Foreign |  | 27,849 |  |  | 41,059 |  |  | 21,366 |
Total |  | $ | 205,789 |  |  | $ | 205,491 |  |  | $ | 145,913 |
Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following components:
|  | Fiscal Year Ended
|  | (52 weeks) |  | (53 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/29/2023 |  | 4/30/2022 |  | 4/24/2021
Federal |  |  |  |  |  |
Current |  | $ | 31,945 |  |  | $ | 30,793 |  |  | $ | 18,327 |
Deferred |  | 4,960 |  |  | 2,303 |  |  | 6,771 |
State |  |  |  |  |  |
Current |  | 10,345 |  |  | 9,191 |  |  | 6,475 |
Deferred |  | 1,537 |  |  | 1,060 |  |  | 2,339 |
Foreign |  |  |  |  |  |
Current |  | 7,237 |  |  | 11,632 |  |  | 4,451 |
Deferred |  | (2,176) |  |  | (1,816) |  |  | 21 |
Total income tax expense |  | $ | 53,848 |  |  | $ | 53,163 |  |  | $ | 38,384 |
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) |  | (53 weeks) |  | (52 weeks)
(% of income before income taxes) |  | 4/29/2023 |  | 4/30/2022 |  | 4/24/2021
Statutory tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (reduction) in income taxes resulting from: |  |  |  |  |  |
State income taxes, net of federal benefit |  | 4.5 | % |  | 3.9 | % |  | 4.3 | %
Losses/(gains) on corporate owned life insurance |  | 0.2 | % |  | — | % |  | (1.2) | %
Fair value adjustment of contingent consideration liability |  | (0.1) | % |  | (0.3) | % |  | 2.0 | %
Miscellaneous items |  | 0.6 | % |  | 1.3 | % |  | 0.2 | %
Effective tax rate |  | 26.2 | % |  | 25.9 | % |  | 26.3 | %
Components of Deferred Tax Assets and Liabilities | The primary components of our deferred tax assets and (liabilities) were as follows:
(Amounts in thousands) |  | 4/29/2023 |  | 4/30/2022 |  |
Assets |  |  |  |  |  |
Leases |  | $ | 110,993 |  |  | $ | 108,108 |  |  |
Deferred and other compensation |  | 19,475 |  |  | 21,309 |  |  |
State income tax—net operating losses, credits and other |  | 5,126 |  |  | 5,795 |  |  |
Warranty |  | 7,213 |  |  | 6,402 |  |  |
Inventory |  | — |  |  | 2,274 |  |  |
Workers' compensation |  | 1,817 |  |  | 2,292 |  |  |
Bad debt |  | 1,475 |  |  | 1,216 |  |  |
Employee benefits |  | 2,159 |  |  | 2,170 |  |  |
Federal net operating losses, credits |  | 530 |  |  | 908 |  |  |
Other |  | 2,198 |  |  | 81 |  |  |
Valuation allowance |  | (3,468) |  |  | (3,517) |  |  |
Total deferred tax assets |  | 147,518 |  |  | 147,038 |  |  |
Liabilities |  |  |  |  |  |
Right of use lease assets |  | (104,067) |  |  | (102,978) |  |  |
Property, plant and equipment |  | (19,936) |  |  | (20,412) |  |  |
Inventory |  | (1,802) |  |  | — |  |  |
Goodwill and other intangibles |  | (14,128) |  |  | (11,914) |  |  |
Tax on undistributed foreign earnings |  | (1,152) |  |  | (1,102) |  |  |
Net deferred tax assets |  | $ | 6,433 |  |  | $ | 10,632 |  |  |
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 |  | $ | 530 |  |  | Fiscal 2039
Various U.S. state net operating losses (excluding federal tax effect) |  | 2,074 |  |  | Fiscal 2024 - 2038
Foreign capital losses |  | 147 |  |  | Indefinite
Foreign net operating losses |  | 131 |  |  | Indefinite
Summary of Valuation Allowance by Jurisdiction | A summary of the valuation allowance by jurisdiction is as follows:
(Amounts in thousands) |  | 4/29/2023 |  | 4/30/2022 |  | Change
U.S. Federal |  | $ | 1,822 |  |  | $ | 1,460 |  |  | $ | 362 |
U.S. State |  | 1,496 |  |  | 1,907 |  |  | (411) |
Foreign |  | 150 |  |  | 150 |  |  | — |
Total |  | $ | 3,468 |  |  | $ | 3,517 |  |  | $ | (49) |
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) |  | (53 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/29/2023 |  | 4/30/2022 |  | 4/24/2021
Balance at the beginning of the period |  | $ | 1,037 |  |  | $ | 1,069 |  |  | $ | 1,030 |
Additions: |  |  |  |  |  |
Positions taken during the current year |  | 109 |  |  | 121 |  |  | 176 |
Positions taken during the prior year |  | 83 |  |  | 10 |  |  | 35 |
Reductions: |  |  |  |  |  |
Positions taken during the prior year |  | — |  |  | (23) |  |  | (19) |
Decreases related to settlements with taxing authorities |  | — |  |  | — |  |  | — |
Reductions resulting from the lapse of the statute of limitations |  | (145) |  |  | (140) |  |  | (153) |
Balance at the end of the period |  | $ | 1,084 |  |  | $ | 1,037 |  |  | $ | 1,069 |

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