Income Taxes (Tables)

12 Months Ended

Apr. 29, 2023

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of income before taxes were as follows:

	Fiscal Year Ended
	April 29, 2023		April 30, 2022		April 24, 2021
Income before taxes
United States	$	233,416	$	225,195	$	166,251
International	36,745		41,059		33,680
Total	$	270,161	$	266,254	$	199,931

Significant components of income tax expense were as follows:

	Fiscal Year Ended
	April 29, 2023		April 30, 2022		April 24, 2021
Current:
Federal	$	46,982	$	46,964	$	36,836
Foreign	8,280		11,968		9,975
State	10,294		10,326		8,771
Total current expense	65,556		69,258		55,582
Deferred:
Federal	(4,217)		(3,918)		(7,529)
Foreign	2,601		(217)		(362)
State	(377)		(583)		(2,869)
Total deferred benefit	(1,993)		(4,718)		(10,760)
Income tax expense	$	63,563	$	64,540	$	44,822

Components of Deferred Tax Assets (Liabilities)

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

	April 29, 2023		April 30, 2022
Deferred tax assets:
Employee compensation and benefits	$	7,519	$	9,352
Inventory related items	8,228		9,985
Foreign deferred assets, net	9,551		11,812
Foreign tax credit	7,003		7,037
Lease liability	16,243		14,416
Accrued charitable contributions	902		6,559
Capitalized research and experimentation costs	5,172		—
Other accrued liabilities	7,744		6,642
Other	5,475		5,190
Gross deferred tax assets	67,837		70,993
Less: Valuation allowance	(18,276)		(18,615)
Total net deferred tax assets	49,561		52,378
Deferred tax liabilities
LIFO reserve	(26,010)		(20,965)
Amortizable intangibles	(45,042)		(52,952)
Goodwill	(17,094)		(15,727)
Property, plant, equipment	(33,161)		(38,175)
Lease right-of-use assets	(15,793)		(14,103)
Investments	(26,959)		(26,449)
Other	(3,223)		(3,401)
Total deferred tax liabilities	(167,282)		(171,772)
Deferred net long-term income tax liability	$	(117,721)	$	(119,394)

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 29, 2023		April 30, 2022		April 24, 2021
Tax at U.S. statutory rate	$	56,732	$	55,912	$	41,984
State tax provision, net of federal benefit	8,416		9,176		5,400
Effect of foreign taxes	2,853		3,199		2,594
ESOP	(2,049)		(2,121)		(2,286)
Other permanent differences	2,481		944		808
Other	(4,870)		(2,570)		(3,678)
Income tax expense	$	63,563	$	64,540	$	44,822

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 29, 2023		April 30, 2022
Balance at beginning of period	$	9,898	$	10,866
Additions for tax positions related to the current year	1,158		1,001
Additions for tax positions of prior years	142		42
Reductions for tax positions of prior years	(1,400)		(77)
Statute expirations	(1,507)		(1,527)
Settlements	—		(407)
Balance at end of period	$	8,291	$	9,898