Income Taxes (Tables)

12 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

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

	Fiscal Year Ended
	April 30, 2022		April 24, 2021		April 25, 2020
Income (loss) before taxes
United States	$	225,195	$	166,251	$	(594,431)
International	41,059		33,680		4,024
Total	$	266,254	$	199,931	$	(590,407)

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

	Fiscal Year Ended
	April 30, 2022		April 24, 2021		April 25, 2020
Current:
Federal	$	46,964	$	36,836	$	18,300
Foreign	11,968		9,975		7,501
State	10,326		8,771		4,959
Total current expense	69,258		55,582		30,760
Deferred:
Federal	(3,918)		(7,529)		(25,918)
Foreign	(217)		(362)		164
State	(583)		(2,869)		(6,046)
Total deferred benefit	(4,718)		(10,760)		(31,800)
Income tax expense (benefit)	$	64,540	$	44,822	$	(1,040)

Components of Deferred Tax Assets (Liabilities)

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

	April 30, 2022		April 24, 2021 1
Deferred tax assets:
Employee compensation and benefits	$	9,352	$	12,223
Inventory related items	9,985		12,250
Foreign deferred assets, net	11,812		9,510
Foreign tax credit	7,037		7,112
Lease liability	14,416		16,153
Accrued charitable contributions	6,559		—
Other accrued liabilities	6,642		7,331
Other	5,190		5,372
Gross deferred tax assets	70,993		69,951
Less: Valuation allowance	(18,615)		(15,960)
Total net deferred tax assets	52,378		53,991
Deferred tax liabilities
LIFO reserve	(20,965)		(25,913)
Amortizable intangibles	(52,952)		(61,023)
Goodwill	(15,727)		(13,902)
Property, plant, equipment	(38,175)		(39,454)
Lease right-of-use assets	(14,103)		(15,547)
Investments	(26,449)		(16,353)
Other	(3,401)		(5,590)
Total deferred tax liabilities	(171,772)		(177,782)
Deferred net long-term income tax liability	$	(119,394)	$	(123,791)

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 30, 2022		April 24, 2021		April 25, 2020
Tax at U.S. statutory rate	$	55,912	$	41,984	$	(123,987)
State tax provision, net of federal benefit	9,176		5,400		(466)
Effect of foreign taxes	3,199		2,594		7,277
Goodwill impairment	—		—		107,999
Legal settlement	—		—		11,088
ESOP	(2,121)		(2,286)		(2,393)
Other permanent differences	944		808		1,533
Other	(2,570)		(3,678)		(2,091)
Income tax expense (benefit)	$	64,540	$	44,822	$	(1,040)

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 30, 2022		April 24, 2021
Balance at beginning of period	$	10,866	$	11,740
Additions for tax positions related to the current year	1,001		1,264
Additions for tax positions of prior years	42		20
Reductions for tax positions of prior years	(77)		(220)
Statute expirations	(1,527)		(1,938)
Settlements	(407)		—
Balance at end of period	$	9,898	$	10,866