Income Taxes (Tables)

12 Months Ended

Apr. 27, 2024

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)		(53 weeks)
(Amounts in thousands)	4/27/2024		4/29/2023		4/30/2022
United States	$	145,854	$	177,940	$	164,432
Foreign	19,898		27,849		41,059
Total	$	165,752	$	205,789	$	205,491

Schedule of Components of Income Tax Expense (Benefit)

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

	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(53 weeks)
(Amounts in thousands)	4/27/2024		4/29/2023		4/30/2022
Federal
Current	$	29,637	$	31,945	$	30,793
Deferred	(1,529)		4,960		2,303
State
Current	9,823		10,345		9,191
Deferred	(318)		1,537		1,060
Foreign
Current	4,534		7,237		11,632
Deferred	(1,031)		(2,176)		(1,816)
Total income tax expense	$	41,116	$	53,848	$	53,163

Schedule of 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)		(53 weeks)
(% of income before income taxes)	4/27/2024		4/29/2023		4/30/2022
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	%	4.5	%	3.9	%
Losses/(gains) on corporate owned life insurance	(0.6)	%	0.2	%	—	%
Fair value adjustment of contingent consideration liability	—	%	(0.1)	%	(0.3)	%
Miscellaneous items	0.1	%	0.6	%	1.3	%
Effective tax rate	24.8	%	26.2	%	25.9	%

Schedule of Components of Deferred Tax Assets and Liabilities

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

(Amounts in thousands)	4/27/2024		4/29/2023
Assets
Leases	$	121,696	$	110,993
Deferred and other compensation	15,541		19,475
State income tax—net operating losses, credits and other	4,787		5,126
Warranty	6,985		7,213
Workers' compensation	1,823		1,817
Bad debt	1,587		1,475
Employee benefits	3,153		2,159
Federal net operating losses, credits	152		530
Other	1,822		2,198
Valuation allowance	(1,460)		(3,468)
Total deferred tax assets	156,086		147,518
Liabilities
Right of use lease assets	(113,628)		(104,067)
Property, plant and equipment	(13,995)		(19,936)
Inventory	(954)		(1,802)
Goodwill and other intangibles	(16,709)		(14,128)
Tax on undistributed foreign earnings	(1,365)		(1,152)
Net deferred tax assets	$	9,435	$	6,433

Schedule 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	$	152	Fiscal 2039
Various U.S. state net operating losses (excluding federal tax effect)	1,556		Fiscal 2025-2039
Foreign capital losses	146		Indefinite
Foreign net operating losses	184		Indefinite

Schedule of Valuation Allowance by Jurisdiction

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

(Amounts in thousands)	4/27/2024		4/29/2023		Change
U.S. Federal	$	—	$	1,822	$	(1,822)
U.S. State	1,310		1,496		(186)
Foreign	150		150		—
Total	$	1,460	$	3,468	$	(2,008)

Schedule of 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)		(53 weeks)
(Amounts in thousands)	4/27/2024		4/29/2023		4/30/2022
Balance at the beginning of the period	$	1,084	$	1,037	$	1,069
Additions:
Positions taken during the current year	168		109		121
Positions taken during the prior year	50		83		10
Reductions:
Positions taken during the prior year	—		—		(23)
Reductions resulting from the lapse of the statute of limitations	(127)		(145)		(140)
Balance at the end of the period	$	1,175	$	1,084	$	1,037