Income Taxes (Tables)

12 Months Ended

Apr. 24, 2021

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of income (loss) before taxes were as follows:

	Fiscal Year Ended
	April 24, 2021		April 25, 2020		April 27, 2019
Income (loss) before taxes
United States	$	166,251	$	(594,431)	$	76,035
International	33,680		4,024		30,193
Total	$	199,931	$	(590,407)	$	106,228

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

	Fiscal Year Ended
	April 24, 2021		April 25, 2020		April 27, 2019
Current:
Federal	$	36,836	$	18,300	$	(19)
Foreign	9,975		7,501		9,207
State	8,771		4,959		3,402
Total current expense	55,582		30,760		12,590
Deferred:
Federal	(7,529)		(25,918)		9,709
Foreign	(362)		164		(53)
State	(2,869)		(6,046)		1,106
Total deferred (benefit) expense	(10,760)		(31,800)		10,762
Income tax expense (benefit)	$	44,822	$	(1,040)	$	23,352

Components of Deferred Tax Assets (Liabilities)

Significant components of our deferred tax assets (liabilities) were as follows:

	April 24, 2021		April 25, 2020
Deferred tax assets:
Capital accumulation plan	$	1,051	$	2,541
Inventory related items	12,250		10,354
Bad debt allowance	1,416		1,857
Stock-based compensation expense	7,036		7,486
Interest rate swap	1,261		1,580
Foreign tax credit	7,112		7,248
Lease liability	16,153		16,572
Other	242		2,945
Gross deferred tax assets	46,521		50,583
Less: Valuation allowance	(15,960)		(14,886)
Total net deferred tax assets	30,561		35,697
Deferred tax liabilities
LIFO reserve	(25,913)		(32,630)
Amortizable intangibles	(61,023)		(69,254)
Goodwill	(13,902)		(11,848)
Property and equipment, net	(37,967)		(39,999)
Operating lease right-of-use assets, net	(15,547)		(16,195)
Total deferred tax liabilities	(154,352)		(169,926)
Deferred net long-term income tax liability	$	(123,791)	$	(134,229)

Summary of Effective Income Tax Expense Reconciliation

Income tax expense (benefit) 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 24, 2021		April 25, 2020		April 27, 2019
Tax at U.S. statutory rate	$	41,984	$	(123,987)	$	22,306
State tax provision, net of federal benefit	5,400		(466)		3,492
Effect of foreign taxes	2,594		7,277		2,728
Goodwill impairment	—		107,999		—
Legal settlement	—		11,088		—
ESOP	(2,286)		(2,393)		(2,465)
Other permanent differences	808		1,533		1,074
Tax reform	—		—		(2,686)
Other	(3,678)		(2,091)		(1,097)
Income tax expense (benefit)	$	44,822	$	(1,040)	$	23,352

Summary of Changes in Gross Amounts of Unrecognized Tax Benefits

A summary of the changes in the gross amounts of unrecognized tax benefits is shown below.

	April 24, 2021		April 25, 2020
Balance at beginning of period	$	11,740	$	13,035
Additions for tax positions related to the current year	1,264		1,182
Additions for tax positions of prior years	20		218
Reductions for tax positions of prior years	(220)		(37)
Statute expirations	(1,938)		(2,289)
Settlements	—		(369)
Balance at end of period	$	10,866	$	11,740