Income Taxes (Tables)

12 Months Ended

Apr. 27, 2019

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of income from continuing operations before taxes are as follows:

	Fiscal Year Ended
	April 27, 2019		April 28, 2018		April 29, 2017
Income from continuing operations before taxes
United States	$	76,035	$	144,278	$	217,529
International	30,193		34,985		33,352
Total	$	106,228	$	179,263	$	250,881

Significant components of income tax expense (benefit) are as follows:

	Fiscal Year Ended
	April 27, 2019			April 28, 2018			April 29, 2017
Current:
Federal	$	(19	)	$	5,876		$	72,339
Foreign	9,207			11,228			9,100
State	3,402			2,243			9,367
Total current expense	12,590			19,347			90,806
Deferred:
Federal	9,709			(45,177		)	(11,802		)
Foreign	(53		)	(743		)	(28		)
State	1,106			4,862			(1,883		)
Total deferred expense (benefit)	10,762			(41,058		)	(13,713		)
Income tax expense (benefit)	$	23,352		$	(21,711	)	$	77,093

Components of Deferred Tax Assets (Liabilities)

Significant components of our deferred tax assets (liabilities) as of April 27, 2019 and April 28, 2018 are as follows:

	April 27, 2019			April 28, 2018
Deferred tax assets:
Capital accumulation plan	$	3,988		$	4,862
Inventory related items	4,887			4,407
Bad debt allowance	1,888			1,052
Stock based compensation expense	6,918			6,514
Interest rate swap	4,041			4,712
Foreign tax credit	7,358			8,472
Other	5,053			11,748
Gross deferred tax assets	34,133			41,767
Less: Valuation allowance	(11,237		)	(13,830		)
Total net deferred tax assets	22,896			27,937
Deferred tax liabilities
LIFO reserve	(24,098		)	(19,727		)
Amortizable intangibles	(77,126		)	(84,778		)
Goodwill	(43,903		)	(41,635		)
Property, plant, equipment	(40,793		)	(33,376		)
Total deferred tax liabilities	(185,920		)	(179,516		)
Deferred net long-term income tax liability	$	(163,024	)	$	(151,579	)

Summary of Effective Income Tax Expense Reconciliation

Income tax expense varies from the amount computed using the U.S. statutory rate. The reasons for this difference and the related tax effects are shown below:

	Fiscal Year Ended
	April 27, 2019			April 28, 2018			April 29, 2017
Tax at U.S. statutory rate	$	22,306		$	54,674		$	87,807
State tax provision, net of federal benefit	3,492			4,650			5,217
Effect of foreign taxes	2,728			(186		)	(2,602		)
ESOP	(2,465		)	(4,036		)	(4,198		)
Other permanent differences	1,074			(728		)	(2,663		)
Tax on dividends, net of foreign tax credit	—			—			(2,406		)
Tax reform	(2,686		)	(76,648		)	—
Other	(1,097		)	563			(4,062		)
Income tax expense (benefit)	$	23,352		$	(21,711	)	$	77,093

Summary of Changes in Gross Amounts of Unrecognized Tax Benefits

A summary of the changes in the gross amounts of unrecognized tax benefits for the years ended April 27, 2019 and April 28, 2018 is shown below:

	April 27, 2019			April 28, 2018
Balance at beginning of period	$	14,227		$	14,211
Additions for tax positions related to the current year	972			1,713
Additions for tax positions of prior years	50			232
Reductions for tax positions of prior years	(228		)	(475		)
Statute expirations	(1,984		)	(1,284		)
Settlements	(2		)	(170		)
Balance at end of period	$	13,035		$	14,227