Income Taxes (Tables)

12 Months Ended

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