Income Taxes (Tables)

12 Months Ended

Apr. 27, 2024

Components of Provision for Income Taxes

The components of income before taxes were as follows:


	Fiscal Year Ended
	April 27, 2024		April 29, 2023		April 30, 2022
Income before taxes
United States	$	211,350	$	233,416	$	225,195
International	31,703		36,745		41,059
Total	$	243,053	$	270,161	$	266,254

Significant components of income tax expense were as follows:


	Fiscal Year Ended
	April 27, 2024		April 29, 2023		April 30, 2022
Current:
Federal	$	51,263	$	46,982	$	46,964
Foreign	8,201		8,280		11,968
State	11,593		10,294		10,326
Total current expense	71,057		65,556		69,258
Deferred:
Federal	(13,403)		(4,217)		(3,918)
Foreign	2,045		2,601		(217)
State	(2,165)		(377)		(583)
Total deferred benefit	(13,523)		(1,993)		(4,718)
Income tax expense	$	57,534	$	63,563	$	64,540

Components of Deferred Tax Assets (Liabilities)

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


	April 27, 2024		April 29, 2023
Deferred tax assets:
Employee compensation and benefits	$	7,674	$	7,519
Inventory related items	7,645		8,228
Foreign intangibles and goodwill	11,767		11,420


Foreign tax credit	7,003		7,003
Lease liability	29,587		19,808
Accrued charitable contributions	427		902
Capitalized research and experimentation costs	12,020		5,172
Other accrued liabilities	6,498		7,744
Other	8,329		7,270
Gross deferred tax assets	90,950		75,066
Less: Valuation allowance	(18,620)		(18,276)
Total net deferred tax assets	72,330		56,790
Deferred tax liabilities
LIFO reserve	(29,593)		(26,010)
Amortizable intangibles	(36,923)		(45,042)
Goodwill	(18,098)		(17,094)
Property, plant, equipment	(32,457)		(36,488)
Lease right-of-use assets	(29,048)		(19,361)
Investments	(26,662)		(26,959)
Other	(4,070)		(3,557)
Total deferred tax liabilities	(176,851)		(174,511)
Deferred net long-term income tax liability	$	(104,521)	$	(117,721)

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, 2024		April 29, 2023		April 30, 2022
Tax at U.S. statutory rate	$	51,038	$	56,732	$	55,912
State tax provision, net of federal benefit	7,630		8,416		9,176
Effect of foreign taxes	3,612		2,853		3,199


ESOP	(1,895)		(2,049)		(2,121)
Other permanent differences	1,308		2,481		944


Other	(4,159)		(4,870)		(2,570)
Income tax expense	$	57,534	$	63,563	$	64,540

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 27, 2024		April 29, 2023
Balance at beginning of period	$	8,291	$	9,898
Additions for tax positions related to the current year	1,156		1,158
Additions for tax positions of prior years	128		142
Reductions for tax positions of prior years	(12)		(1,400)
Statute expirations	(1,514)		(1,507)
Settlements	—		—
Balance at end of period	$	8,049	$	8,291