0001437749-22-016173 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Apr. 30, 2022	Jun. 28, 2022	Oct. 31, 2021
Document Information [Line Items]
Entity Central Index Key	0000069891
Entity Registrant Name	National Beverage Corp.
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Document Type	10-K
Document Annual Report	true
Document Period End Date	Apr. 30, 2022
Document Transition Report	false
Entity File Number	1-14170
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	59-2605822
Entity Address, Address Line One	8100 SW Tenth Street, Suite 4000
Entity Address, City or Town	Fort Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33324
City Area Code	954
Local Phone Number	581-0922
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	FIZZ
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,300,000,000
Entity Common Stock, Shares Outstanding		93,338,246
Auditor Name	RSM US LLP
Auditor Location	Fort Lauderdale, Florida
Auditor Firm ID	49

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2022	May 01, 2021
Assets
Cash and equivalents	$ 48,050	$ 193,589
Trade receivables - net	93,592	86,442
Inventory	103,318	71,480
Prepaid and other assets	29,560	13,431
Total current assets	274,520	364,942
Property, plant and equipment - net	144,258	131,027
Right of use assets- net	29,251	41,676
Goodwill	13,145	13,145
Intangible assets	1,615	1,615
Other assets	5,015	4,832
Total assets	467,804	557,237
Liabilities and Shareholders' Equity
Accounts payable	95,299	88,754
Accrued liabilities	39,090	43,551
Short-term lease obligations	10,543	14,800
Income taxes payable	387	89
Total current liabilities	145,319	147,194
Long-term debt	30,000	0
Deferred income taxes net	23,823	17,294
Operating lease liability - non current	20,703	28,837
Other liabilities	8,521	7,915
Total liabilities	228,366	201,240
Commitments and contingencies
Shareholders' equity:
Preferred stock, $1 par value - 1,000,000 shares authorized Series C - 150,000 shares issued	150	150
Common stock, $.01 par value - 200,000,000 shares authorized; 101,712,358 and 101,675,858 shares issued, respectively	1,017	1,016
Additional paid-in capital	39,405	38,375
Retained earnings	216,181	337,672
Accumulated other comprehensive income	6,918	3,017
Total shareholders' equity	239,438	355,997
Total liabilities and shareholders' equity	467,804	557,237
Series C Preferred Stock [Member]
Shareholders' equity:
Treasury stock, value	(5,100)	(5,100)
Common Stock [Member]
Shareholders' equity:
Treasury stock, value	$ (19,133)	$ (19,133)

Consolidated Balance Sheets (Parentheticals) - $ / shares	Apr. 30, 2022	May 01, 2021
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	150,000	150,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	101,712,358	101,675,858
Series C Preferred Stock [Member]
Treasury stock, shares (in shares)	150,000	150,000
Common Stock [Member]
Treasury stock, shares (in shares)	8,374,112	8,374,112

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Apr. 30, 2022	May 01, 2021	May 02, 2020
Net sales	$ 1,138,013	$ 1,072,210	$ 1,000,394
Cost of sales	720,208	650,594	630,254
Gross profit	417,805	421,616	370,140
Selling, general and administrative expenses	209,949	193,791	204,394
Operating income	207,856	227,825	165,746
Other (expense) income - net	(260)	312	3,709
Income before income taxes	207,596	228,137	169,455
Provision for income taxes	49,084	53,991	39,483
Net income	$ 158,512	$ 174,146	$ 129,972
Earnings per common share:
Basic (in dollars per share)	$ 1.70	$ 1.87	$ 1.39
Diluted (in dollars per share)	$ 1.69	$ 1.86	$ 1.39
Weighted average common shares outstanding:
Basic (in shares)	93,323	93,280	93,256
Diluted (in shares)	93,599	93,620	93,656

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	May 01, 2021	May 02, 2020
Net income	$ 158,512	$ 174,146	$ 129,972
Cash flow hedges	3,882	7,930	(3,673)
Other	19	507	(204)
Total	3,901	8,437	(3,877)
Comprehensive income	$ 162,413	$ 182,583	$ 126,095

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member] Series C Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Preferred [Member] Series C Preferred Stock [Member]	Treasury Stock, Common [Member]
Balance (in shares) at Apr. 27, 2019		150,000	101,356,000				150,000	8,065,000
Balance at Apr. 27, 2019		$ 150	$ 1,014	$ 36,557	$ 313,430	$ (1,543)	$ (5,100)	$ (12,900)
Stock options exercised (in shares)			250,000
Stock options exercised			$ 2	740
Stock-based compensation				125
End of year				37,422
Net income	$ 129,972				129,972
Cash flow hedges	(3,673)					(3,673)
Other	(204)					(204)
Repurchase of common stock (in shares)								309,000
Repurchase of common stock								$ (6,233)
Balance (in shares) at May. 02, 2020		150,000	101,606,000				150,000	8,374,000
Balance at May. 02, 2020	452,337	$ 150	$ 1,016	37,422	443,402	(5,420)	$ (5,100)	$ (19,133)
Stock options exercised (in shares)			70,000
Stock options exercised				491
Stock-based compensation				462
End of year				38,375
Net income	174,146				174,146
Common stock cash dividend					(279,876)
Cash flow hedges	7,930					7,930
Other	507					507
Balance (in shares) at May. 01, 2021		150,000	101,676,000				150,000	8,374,000
Balance at May. 01, 2021	$ 355,997	$ 150	$ 1,016	38,375	337,672	3,017	$ (5,100)	$ (19,133)
Stock options exercised (in shares)	36,500		36,000
Stock options exercised			$ 1	335
Stock-based compensation				695
End of year				$ 39,405
Net income	$ 158,512				158,512
Common stock cash dividend					(280,003)
Cash flow hedges	3,882					3,882
Other	19					19
Balance (in shares) at Apr. 30, 2022			101,712,000					8,374,000
Balance at Apr. 30, 2022	$ 239,438		$ 1,017		$ 216,181	$ 6,918		$ (19,133)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Apr. 30, 2022	May 01, 2021	May 02, 2020
Operating Activities:
Net income	$ 158,512,000	$ 174,146,000	$ 129,972,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,544,000	18,097,000	17,234,000
Deferred income tax provision (benefit)	5,326,000	(132,000)	11,000
Loss on disposal of property, net	(7,000)	114,000	206,000
Stock-based compensation	695,000	462,000	125,000
Amortization of operating right of use assets	13,258,000	13,060,000	13,351,000
Changes in assets and liabilities:
Trade receivables	(7,150,000)	(1,521,000)	(80,000)
Inventories	(31,838,000)	(7,998,000)	7,220,000
Operating lease right of use assets	(6,054,000)	(11,092,000)	(5,368,000)
Prepaid and other assets	(5,084,000)	35,000	(5,633,000)
Accounts payable	6,545,000	14,385,000	8,168,000
Accrued and other liabilities	(12,444,000)	(4,524,000)	19,215,000
Operating lease liabilities	(7,170,000)	(1,262,000)	(6,729,000)
Net cash provided by operating activities	133,133,000	193,770,000	177,692,000
Investing Activities:
Additions to property, plant and equipment	(29,015,000)	(25,308,000)	(23,890,000)
Proceeds from sale of property, plant and equipment	11,000	6,000	9,000
Proceeds from sale of property, plant and equipment	(11,000)	(6,000)	(9,000)
Net cash used in investing activities	(29,004,000)	(25,314,000)	(23,881,000)
Financing Activities:
Borrowing under loan facility	50,000,000	0	0
Repayments under loan facility	(20,000,000)	0	0
Dividends paid on common stock	(280,003,000)	(279,876,000)	0
Proceeds from stock options exercised	335,000	491,000	740,000
Repurchase of common stock	0	0	(6,233,000)
Net cash used in financing activities	(249,668,000)	(279,385,000)	(5,493,000)
Net (Decrease) Increase in Cash and Equivalents	(145,539,000)	(110,929,000)	148,318,000
Cash and Equivalents - Beginning of Year	193,589,000	304,518,000	156,200,000
Cash and Equivalents - End of Year	48,050,000	193,589,000	304,518,000
Other Cash Flow Information:
Interest paid	371,000	148,000	51,000
Income taxes paid	$ 51,958,000	$ 63,357,000	$ 29,364,000

Note 1 - Significant Accounting Policies

12 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1.	SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) and rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts of National Beverage Corp. and all subsidiaries. All significant intercompany transactions and accounts have been eliminated. Our fiscal year ends the Saturday closest to April 30 and, as a result, an additional week is added every five or six years. The fiscal year ended April 30, 2022 (Fiscal 2022) and fiscal year ended May 1, 2021 (Fiscal 2021) consisted of 52 weeks. The fiscal year ended May 2, 2020 (Fiscal 2020) consisted of 53 weeks.

Cash and Equivalents

Cash and equivalents are comprised of cash and highly liquid securities (consisting primarily of bank deposits and short-term government money-market investments).

Derivative Financial Instruments

Derivative financial instruments which are used to partially mitigate our exposure to changes in certain raw material costs are recorded at fair value. Derivative financial instruments are not used for trading or speculative purposes. Credit risk related to derivative financial instruments is managed by requiring high credit standards for counterparties and frequent cash settlements. The estimated fair values of derivative financial instruments are calculated based on market rates to settle the instruments.

Earnings Per Common Share

Basic earnings per common share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options amounting to 276,000 shares in Fiscal 2022, 340,000 shares in Fiscal 2021, and 400,000 shares in Fiscal 2020.

Impairment of Long-Lived Assets

All long-lived assets, excluding goodwill and intangible assets not subject to amortization, are evaluated for impairment on the basis of undiscounted cash flows whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Goodwill and intangible assets not subject to amortization are evaluated for impairment annually or sooner if management believes such assets may be impaired. An impaired asset is written down to its estimated fair market value based on discounted future cash flows.

Income Taxes

The Company’s effective income tax rate is based on estimates of taxes which will ultimately be payable. Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed, more likely than not, that the benefit of deferred tax assets will not be realized.

Insurance Programs

The Company maintains self-insured and deductible programs for certain liability, medical and workers’ compensation exposures. Accordingly, the Company accrues for known claims and estimated incurred but not reported claims not otherwise covered by insurance based on actuarial assumptions and historical claims experience. At April 30, 2022, and May 1, 2021, other liabilities included accruals of $5.9 million, for estimated non-current risk retention exposures, of which $4.6 million, was covered by insurance at both dates and included as a component of non-current other assets.

Intangible Assets

Intangible assets at April 30, 2022 and May 1, 2021 consisted of non-amortizable acquired trademarks.

Inventories

Inventories are stated at the lower of first-in, first-out cost or market. Adjustments, if required, to reduce the cost of inventory to market (net realizable value) are made for estimated excess, obsolete or impaired balances. Inventories at April 30, 2022 were comprised of finished goods of $58.6 million and raw materials of $44.7 million. Inventories at May 1, 2021 were comprised of finished goods of $43.3 million and raw materials of $28.2 million.

Marketing Costs

The Company utilizes a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote our products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs, which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $47.6 million in Fiscal 2022, $43.4 million in Fiscal 2021 and $54.8 million in Fiscal 2020.

Property, Plant and Equipment

Property, plant and equipment is recorded at cost. Additions, replacements and betterments are capitalized, while maintenance and repairs that do not extend the useful life of an asset are expensed as incurred. Depreciation is recorded using the straight-line method over estimated useful lives of 5 to 30 years for buildings and improvements and 3 to 15 years for machinery and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the improvement. When assets are retired or otherwise disposed, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss is recognized.

Revenue Recognition

Revenue is recognized upon delivery to our customers, based on written sales terms that do not allow a right of return except in rare instances. Our products are typically sold on credit; however smaller direct store delivery accounts may be sold on a cash basis. Our credit terms normally require payment within 30 days of delivery and may allow discounts for early payment. The Company estimates and reserves for bad debt exposure based on our experience with past due accounts, collectability and our analysis of customer data.

Various sales incentive arrangements are offered to our customers that require customer performance or achievement of certain sales volume targets. Sales incentives are accrued over the period of benefit or expected sales. When the incentive is paid in advance, the aggregate incentive is recorded as a prepaid and amortized over the period of benefit. The recognition of these incentives involves the use of judgment related to performance and sales volume estimates that are made based on historical experience and other factors. Sales incentives are accounted for as a reduction of sales and actual amounts ultimately realized may vary from accrued amounts. Such differences are recorded once determined and have historically not been significant.

Segment Reporting

The Company operates as a single operating segment for purposes of presenting financial information and evaluating performance. As such, the accompanying consolidated financial statements present financial information in a format that is consistent with the internal financial information used by management.

Shipping and Handling Costs

Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying consolidated statements of income. Such costs aggregated $87.7 million in Fiscal 2022, $75.5 million in Fiscal 2021 and $69.8 million in Fiscal 2020. Although our classification is consistent with many beverage companies, our gross margin may not be comparable to companies that include shipping and handling costs in cost of sales.

Trade Receivables

Trade receivables are recorded at net realizable value, which includes an estimated allowance for doubtful accounts. The Company extends credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to credit losses varies by customer principally due to the financial condition of each customer. The Company continually monitors our exposure to credit losses and maintains allowances for anticipated losses based on our experience with past due accounts, collectability and our analysis of customer data. Actual future losses from uncollectible accounts could differ from the Company’s estimate. Changes in the allowance for doubtful accounts were as follows:

(In thousands)

Fiscal 2022

Fiscal 2021

Fiscal 2020

Balance at beginning of year
$ 1,140 $ 1,350 $ 516

Net (credit) charge to expense
(581 ) (138 ) 893

Net charge-off
- (72 ) (59 )

Balance at end of year
$ 559 $ 1,140 $ 1,350

At April 30, 2022 and May 1, 2021, the Company had no customer that comprised more than 10% of trade receivables. No customer accounted for more than 10% of net sales during any of the last three fiscal years.

Use of Estimates

The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and anticipated future actions, actual results may vary from reported amounts.

Note 2 - Property, Plant and Equipment

12 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

2.	PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment at April 30, 2022 and May 1, 2021 consisted of the following:

	(In thousands)
	2022				20201
Land	$	9,835		$	9,835
Buildings and improvements		65,697			62,346
Machinery and equipment		277,163			257,119
Total		352,695			329,300
Less accumulated depreciation		(208,437	)		(198,273	)
Property, plant and equipment – net	$	144,258		$	131,027

Depreciation expense was $15.8 million for Fiscal 2022, $14.8 million for Fiscal 2021 and $14.4 million for Fiscal 2020.

Note 3 - Accrued Liabilities

12 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

3.	ACCRUED LIABILITIES

Accrued liabilities at April 30, 2022 and May 1, 2021 consisted of the following:

	(In thousands)
	2022		2021
Accrued compensation	$	12,079	$	11,826
Accrued promotions		10,826		13,361
Accrued freight		3,729		3,653
Accrued insurance		2,778		2,519
Recycling deposits		5,497		7,522
Other		4,181		4,670
Total	$	39,090	$	43,551

Note 4 - Leases

12 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

4.	LEASES

The Company has entered into various non-cancelable operating lease agreements for certain of our offices, buildings, machinery and equipment expiring at various dates through January 2029. The Company does not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Lease agreements generally do not contain material residual value guarantees or material restrictive covenants. Operating lease cost was $14.5 million in Fiscal 2022 and $13.1 million in Fiscal 2021. The weighted-average remaining lease term and weighted average discount rate of operating leases was 4.0 years and 3.08%, respectively as of April 30, 2022 and 3.06 years and 3.38%, respectively as of May 1, 2021. Net cash provided by operations was impacted by $6.0 million for operating leases for the year ended April 30, 2022 and $11.1 million for the year ended May 1, 2021.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of April 30, 2022:

	(In thousands)
Fiscal 2023	$	11,315
Fiscal 2024		8,300
Fiscal 2025		5,346
Fiscal 2026		3,397
Fiscal 2027		2,325
Thereafter		2,524
Total minimum lease payments including interest		33,207
Less: Amounts representing interest		(1,961	)
Present value of minimum lease payments		31,246
Less: Current portion of lease liabilities		(10,543	)
Non-Current portion of operating lease liabilities	$	20,703

Note 5 - Debt

12 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

DEBT

At April 30, 2022, a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating $100 million (the Credit Facilities). The Credit Facilities expire from April 30, 2023 to October 28, 2024 and any borrowings would currently bear interest at 1.05% above the Secured Overnight Financing Rate (SOFR). There were no borrowings outstanding under the Credit Facilities at April 30, 2022 or May 1, 2021. At April 30, 2022, $2.5 million of the Credit Facilities was reserved for standby letters of credit and $97.5 million was available for borrowings.

On December 21, 2021, a subsidiary of the Company entered into an unsecured revolving term loan facility with a national bank aggregating $50 million (the “Loan Facility”). The Loan Facility expires December 31, 2023 and borrowings bear interest at .95% above the adjusted daily SOFR. Since closing the Loan Facility, $50 million was borrowed and $30 million remains outstanding at April 30, 2022. At April 30, 2022, the interest rate was 1.35%.

The Credit Facilities and Loan Facility require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the Credit Facilities), and contain other restrictions, none of which are expected to have a material effect on our operations or financial position. At April 30, 2022, the Company was in compliance with all loan covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Note 6 - Capital Stock and Transactions With Related Parties

12 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

6.	CAPITAL STOCK AND TRANSACTIONS WITH RELATED PARTIES

The Company paid a special cash dividend on Common Stock of approximately $280 million on each of December 29, 2021 and January 29, 2021 at $3.00 per share.

The Company is a party to a management agreement with Corporate Management Advisors, Inc. (CMA), a corporation owned by our Chairman and Chief Executive Officer. This agreement was originated in 1991 for the efficient use of management of two public companies at the time. In 1994, one of those public entities, through a merger, no longer was managed in this manner.

Under the terms of the agreement, CMA provides, subject to the direction and supervision of the Board of Directors of the Company, (i) senior corporate functions (including supervision of the Company’s financial, legal, executive recruitment, internal audit and information systems departments) as well as the services of a Chief Executive Officer and Chief Financial Officer, and (ii) services in connection with acquisitions, dispositions and financings by the Company, including identifying and profiling acquisition candidates, negotiating and structuring potential transactions and arranging financing for any such transaction. CMA, through its personnel, also provides, to the extent possible, the stimulus and creativity to develop an innovative and dynamic persona for the Company, its products and corporate image. In order to fulfill its obligations under the management agreement, CMA employs numerous individuals, who, acting as a unit, provide management, administrative and creative functions for the Company.

CMA and the Company are joint owners of a corporate aircraft and pursuant to a joint ownership agreement, each party agreed to pay certain expenses associated with the use of the aircraft. During the past three years, the joint operating costs have averaged approximately $970 thousand per year and the Company’s lease payments for its ownership interest have averaged approximately $550 thousand per year.

The management agreement provides that the Company will pay CMA an annual base fee equal to one percent of the consolidated net sales of the Company, and further provides that the Compensation and Stock Option Committee and the Board of Directors may from time to time award additional incentive compensation to CMA or its personnel. The Board of Directors on various occasions contemplated incentive compensation to CMA, however, since the inception of this agreement, no incentive compensation has been paid. We incurred management fees to CMA of $11.4 million for Fiscal 2022, $10.7 million for Fiscal 2021 and $10.0 million for Fiscal 2020. Included in current liabilities were amounts due CMA of $4.0 million at April 30, 2022 and $3.8 million at May 1, 2021.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Note 7 - Derivative Financial Instruments

12 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

7.	DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, the Company enters into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum cans. Such financial instruments are designated and accounted for as cash flow hedges. Accordingly, gains or losses are reported in accumulated other comprehensive income (loss) (AOCI) and reclassified into cost of sales in the period in which the hedged transaction affects earnings. The following summarizes the gains (losses) recognized in the consolidated statements of income and AOCI:

	(In thousands)
	Fiscal		Fiscal		Fiscal
	2022		2021		2020
Recognized in AOCI-
Gain (loss) before income taxes	$	15,105	$	12,973	$	(9,613	)
Less income tax provision (benefit)		3,613		3,103		(2,299	)
Net		11,492		9,870		(7,314	)
Reclassified from AOCI to cost of sales-
Gain (loss) before income taxes		10,001		2,550		(4,786	)
Less income tax provision (benefit)		2,391		610		(1,145	)
Net		7,610		1,940		(3,641	)
Net change to AOCI	$	3,882	$	7,930	$	(3,673	)

As of April 30, 2022, the notional amount of our outstanding aluminum swap contracts was $57.7 million and, assuming no change in the commodity prices, $8.7 million of unrealized gain before tax will be reclassified from AOCI and recognized as a reduction of cost of sales over the next 12 months.

As of April 30, 2022, the fair value of the derivative asset was $8.8 million, which was included in prepaid and other assets. As of May 1, 2021, the fair value of the derivative asset was $3.6 million, which was included in prepaid and other assets. Such valuation does not entail a significant amount of judgment and the inputs that are significant to the fair value measurement are Level 2 as defined by the fair value hierarchy as they are observable market based inputs or unobservable inputs that are corroborated by market data.

Note 8 - Income Taxes

12 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

8.	INCOME TAXES

The provision for income taxes consisted of the following:

	(In thousands)
	Fiscal		Fiscal		Fiscal
	2022		2021		2020
Current	$	42,555	$	51,520	$	40,647
Deferred		6,529		2,471		(1,164	)
Total	$	49,084	$	53,991	$	39,483

Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed more likely than not that the benefit of deferred tax assets will not be realized. Deferred tax assets and liabilities as of April 30, 2022 and May 1, 2021 consisted of the following:

	(In thousands)
	2022		2021
Deferred tax assets:
Accrued expenses and other	$	3,306	$	3,347
Inventory and amortizable assets		325		544
Total deferred tax assets		3,631		3,891
Deferred tax liabilities:
Property		23,863		18,814
Intangibles and other		3,591		2,371
Total deferred tax liabilities		27,454		21,185
Net deferred tax liabilities	$	23,823	$	17,294

The reconciliation of the statutory federal income tax rate to our effective tax rate is as follows:

	Fiscal		Fiscal		Fiscal
	2022		2021		2020
Statutory federal income tax rate		21.0%		21.0%		21.0%
State income taxes, net of federal benefit		2.9		2.9		2.9
Other differences		( .3)		(.2)		(.6)
Effective income tax rate		23.6%		23.7%		23.3%

As of April 30, 2022, the gross amount of unrecognized tax benefits was $2.1 million and $8 thousand was recognized as tax expense in Fiscal 2022. If the Company is to prevail on all uncertain tax positions, the net effect would be to reduce our tax expense by approximately $1.9 million. A reconciliation of the changes in the gross amount of unrecognized tax benefits, which amounts are included in other liabilities in the accompanying consolidated balance sheets, is as follows:

	(In thousands)
	Fiscal			Fiscal			Fiscal
	2022			2021			2020
Beginning balance	$	2,055		$	1,974		$	1,868
Increases due to current period tax positions		114			150			120
Decreases due to lapse of statute of limitations and audit resolutions		(90	)		(69	)		(14	)
Ending balance	$	2,079		$	2,055		$	1,974

Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. As of April 30, 2022, unrecognized tax benefits included accrued interest of $248 thousand of which approximately $10 thousand was recognized as tax expense in Fiscal 2022.

Annual income tax returns are filed in the United States and in various state and local jurisdictions. A number of years may elapse before an uncertain tax position, for which the Company has unrecognized tax benefits, are resolved. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax positions, the Company believes that unrecognized tax benefits reflect the most probable outcome. The Company adjusts these unrecognized tax benefits, as well as the related interest, in light of changing facts and circumstances. The resolution of any particular uncertain tax position could require the use of cash and an adjustment to our provision for income taxes in the period of resolution. Federal income tax returns for years subsequent to Fiscal 2016 are subject to examination. Generally, the income tax returns for the various state jurisdictions are subject to examination for years ending after Fiscal 2015.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Note 9 - Legal Proceedings

12 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

9.	LEGAL PROCEEDINGS

The Company has been named in certain legal proceedings, including those containing derivative and class action allegations. The Company is vigorously defending all legal proceedings and believes litigation will not have a material adverse effect on the Company’s financial position, cash flows or results of operations.

Note 10 - Stock-based Compensation

12 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

10.

STOCK-BASED COMPENSATION

Our stock-based compensation program is a broad-based program designed to attract and retain personnel while also aligning participants’ interests with the interests of the shareholders.

The 1991 Omnibus Incentive Plan (the Omnibus Plan) provides for compensatory awards consisting of (i) stock options or stock awards for up to 9,600,000 shares of common stock, (ii) stock appreciation rights, dividend equivalents, other stock-based awards in amounts up to 9,600,000 shares of common stock and (iii) performance awards consisting of any combination of the above. The Omnibus Plan is designed to provide an incentive to officers and certain other key employees and consultants by making available to them an opportunity to acquire a proprietary interest or to increase such interest in National Beverage. The number of shares or options which may be issued under stock-based awards to an individual is limited to 3,360,000 during any year. Awards may be granted for no cash consideration or such minimal cash consideration as may be required by law. Options generally have an exercise price equal to the fair market value of our common stock on the date of grant, vest over a five-year period and expire after ten years.

The Special Stock Option Plan provides for the issuance of stock options to purchase up to an aggregate of 3,600,000 shares of common stock. Options may be granted for such consideration as determined by the Board of Directors. The vesting schedule and exercise price of these options are tied to the recipient’s ownership level of common stock and the terms generally allow for the reduction in exercise price upon each vesting period. Also, the Board of Directors authorized the issuance of options to purchase up to 100,000 shares of common stock to be issued at the direction of the Chairman.

The Key Employee Equity Partnership Program (KEEP Program) provides for the granting of stock options to purchase up to 480,000 shares of common stock to key employees, consultants, directors and officers. Participants who purchase shares of stock in the open market receive grants of stock options equal to 50% of the number of shares purchased, up to a maximum of 12,000 shares in any two-year period. Options under the KEEP Program are forfeited in the event of the sale of shares used to acquire such options. Options are granted at an initial exercise price of 60% of the purchase price paid for the shares acquired and the exercise price reduces to the stock par value at the end of the six-year vesting period.

Stock options are accounted for under the fair value method of accounting using a Black-Scholes valuation model to estimate the stock option fair value at date of grant. The fair value of stock options is amortized to expense over the vesting period. Stock options for 30,000 shares were granted in Fiscal 2022 and 266,500 shares in Fiscal 2021. No stock options were issued in Fiscal 2020. The weighted average Black-Scholes fair value assumptions for stock options granted were as follows: weighted average expected life of 6.5 years for Fiscal 2022 and 7.2 years for Fiscal 2021; weighted average expected volatility of 20.74% for Fiscal 2022 and 19.36% for Fiscal 2021; weighted average risk free interest rates of 1.22% for Fiscal 2022 and 3.85% for Fiscal 2021; and expected dividend yield of 2.48% for Fiscal 2022 and 1.3% for Fiscal 2021. The expected life of stock options was estimated based on historical experience. The expected volatility was estimated based on historical stock prices for a period consistent with the expected life of stock options. The risk free interest rate was based on the U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of stock options.

The following is a summary of stock option activity for Fiscal 2022:

	Number of Shares			Price _^(a)
Options outstanding, beginning of year		561,100		$	17.74
Granted		30,000			44.73
Exercised		(36,500	)		9.19
Cancelled		(18,000	)		33.01
Options outstanding, end of year		536,600			18.97
Options exercisable, end of year		303,740			4.46

_^(a) Weighted average exercise price.

Stock-based compensation expense was $695,000 for Fiscal 2022, $462,000 for Fiscal 2021 and $126,000 for Fiscal 2020.

The total intrinsic value for stock options exercised was $1.4 million for Fiscal 2022, $1.9 million for Fiscal 2021 and $4.9 million for Fiscal 2020. Net cash proceeds from the exercise of stock options were $335,000 for Fiscal 2022, $491,000 for Fiscal 2021 and $740,000 for Fiscal 2020. Stock based income tax benefits aggregated $283,000 for Fiscal 2022, $382,000 for Fiscal 2021, and $974,000 for Fiscal 2020. The weighted average fair value for stock options granted was $44.73 for Fiscal 2022.

As of April 30, 2022, unrecognized compensation expense related to the unvested portion of stock options was $3.0 million, which is expected to be recognized over a remaining weighted average period of 6.2 years. The weighted average remaining contractual term and the aggregate intrinsic value for options outstanding as of April 30, 2022 was 4.2 years and $10.8 million, respectively. The weighted average remaining contractual term and the aggregate intrinsic value for options exercisable as of May 1, 2021 was 4.9 years and $16.9 million, respectively.

Note 11 - Pension Plans

12 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

11.

PENSION PLANS

The Company contributes to certain pension plans under collective bargaining agreements and to a discretionary profit sharing plan. Annual contributions (including contributions to multi-employer plans reflected below) were $4.0 million for Fiscal 2022, $3.7 million for Fiscal 2021 and $3.6 million for Fiscal 2020.

The Company participates in three multi-employer defined benefit pension plans with respect to certain collective bargaining agreements. If the Company chooses to stop participating in the multi-employer plan or if other employers choose to withdraw to the extent that a mass withdrawal occurs, the Company could be required to pay the plan a withdrawal liability based on the underfunded status of the plan.

Summarized below is certain information regarding the Company’s participation in significant multi-employer pension plans including the financial improvement plan or rehabilitation plan status (“FIP/RP Status”) and the zone status under the Pension Protection Act (“PPA”). The most recent PPA zone status available in Fiscal 2022 and Fiscal 2021 is for the plans’ years ending December 31, 2020 and 2019, respectively.

PPA Zone Status

Pension Fund

Fiscal

2022

Fiscal

2021

FIP/RP Status

Surcharge

Imposed

Central States, Southeast and Southwest Areas Pension Plan (EIN no. 36-6044243) (the “CSSS Fund”)

Red

Implemented

Yes

Western Conference of Teamsters Pension Trust Fund (EIN no. 91-6145047) (the “WCT Fund”)

Green

Not applicable

For the plan years ended December 31, 2020 and December 31, 2019, the Company was not listed in the Form 5500 Annual Returns as providing more than 5% of the total contributions for the above plans. The collective bargaining agreements for employees in the CSSS Fund and the WCT Fund expire on October 18, 2026 and May 14, 2024, respectively.

The Company’s contributions for all multi-employer pension plans for the last three fiscal years are as follow:

	(In thousands)
	Fiscal		Fiscal		Fiscal
Pension Fund	2022		2021		2020
CSSS Fund	$	1,462	$	1,469	$	1,424
WCT Fund		817		746		799
Other multi-employer pension funds		181		166		185
Total	$	2,460	$	2,381	$	2,408

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 12 - Commitments and Contingencies

12 Months Ended

Apr. 30, 2022

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

12.

COMMITMENTS AND CONTINGENCIES

The Company enters into various agreements with suppliers for the purchase of raw materials, the terms of which may include variable or fixed pricing and minimum purchase quantities. As of April 30, 2022, the Company had purchase commitments for raw materials of $19.7 million through 2025.

As of April 30, 2022, the Company had purchase commitments for plant and equipment of $4.1 million anticipated to be completed in Fiscal 2024.

Significant Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2022

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Equivalents

Cash and equivalents are comprised of cash and highly liquid securities (consisting primarily of bank deposits and short-term government money-market investments).

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments

Derivative financial instruments which are used to partially mitigate our exposure to changes in certain raw material costs are recorded at fair value. Derivative financial instruments are not used for trading or speculative purposes. Credit risk related to derivative financial instruments is managed by requiring high credit standards for counterparties and frequent cash settlements. The estimated fair values of derivative financial instruments are calculated based on market rates to settle the instruments.

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Common Share

Basic earnings per common share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated in a similar manner, but includes the dilutive effect of stock options amounting to 276,000 shares in Fiscal 2022, 340,000 shares in Fiscal 2021, and 400,000 shares in Fiscal 2020.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets

All long-lived assets, excluding goodwill and intangible assets not subject to amortization, are evaluated for impairment on the basis of undiscounted cash flows whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Goodwill and intangible assets not subject to amortization are evaluated for impairment annually or sooner if management believes such assets may be impaired. An impaired asset is written down to its estimated fair market value based on discounted future cash flows.

Income Tax, Policy [Policy Text Block]

Income Taxes

The Company’s effective income tax rate is based on estimates of taxes which will ultimately be payable. Deferred taxes are recorded to give recognition to temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements. Valuation allowances are established to reduce the carrying amounts of deferred tax assets when it is deemed, more likely than not, that the benefit of deferred tax assets will not be realized.

Liability Reserve Estimate, Policy [Policy Text Block]

Insurance Programs

The Company maintains self-insured and deductible programs for certain liability, medical and workers’ compensation exposures. Accordingly, the Company accrues for known claims and estimated incurred but not reported claims not otherwise covered by insurance based on actuarial assumptions and historical claims experience. At April 30, 2022, and May 1, 2021, other liabilities included accruals of $5.9 million, for estimated non-current risk retention exposures, of which $4.6 million, was covered by insurance at both dates and included as a component of non-current other assets.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Intangible Assets

Intangible assets at April 30, 2022 and May 1, 2021 consisted of non-amortizable acquired trademarks.

Inventory, Policy [Policy Text Block]

Inventories

Inventories are stated at the lower of first-in, first-out cost or market. Adjustments, if required, to reduce the cost of inventory to market (net realizable value) are made for estimated excess, obsolete or impaired balances. Inventories at April 30, 2022 were comprised of finished goods of $58.6 million and raw materials of $44.7 million. Inventories at May 1, 2021 were comprised of finished goods of $43.3 million and raw materials of $28.2 million.

Advertising Cost [Policy Text Block]

Marketing Costs

The Company utilizes a variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote our products to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs, which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, totaled $47.6 million in Fiscal 2022, $43.4 million in Fiscal 2021 and $54.8 million in Fiscal 2020.

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment

Property, plant and equipment is recorded at cost. Additions, replacements and betterments are capitalized, while maintenance and repairs that do not extend the useful life of an asset are expensed as incurred. Depreciation is recorded using the straight-line method over estimated useful lives of 5 to 30 years for buildings and improvements and 3 to 15 years for machinery and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the improvement. When assets are retired or otherwise disposed, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss is recognized.

Revenue [Policy Text Block]

Revenue Recognition

Revenue is recognized upon delivery to our customers, based on written sales terms that do not allow a right of return except in rare instances. Our products are typically sold on credit; however smaller direct store delivery accounts may be sold on a cash basis. Our credit terms normally require payment within 30 days of delivery and may allow discounts for early payment. The Company estimates and reserves for bad debt exposure based on our experience with past due accounts, collectability and our analysis of customer data.

Various sales incentive arrangements are offered to our customers that require customer performance or achievement of certain sales volume targets. Sales incentives are accrued over the period of benefit or expected sales. When the incentive is paid in advance, the aggregate incentive is recorded as a prepaid and amortized over the period of benefit. The recognition of these incentives involves the use of judgment related to performance and sales volume estimates that are made based on historical experience and other factors. Sales incentives are accounted for as a reduction of sales and actual amounts ultimately realized may vary from accrued amounts. Such differences are recorded once determined and have historically not been significant.

Segment Reporting, Policy [Policy Text Block]

Segment Reporting

The Company operates as a single operating segment for purposes of presenting financial information and evaluating performance. As such, the accompanying consolidated financial statements present financial information in a format that is consistent with the internal financial information used by management.

Shipping and Handling Cost, Policy [Policy Text Block]

Shipping and Handling Costs

Shipping and handling costs are reported in selling, general and administrative expenses in the accompanying consolidated statements of income. Such costs aggregated $87.7 million in Fiscal 2022, $75.5 million in Fiscal 2021 and $69.8 million in Fiscal 2020. Although our classification is consistent with many beverage companies, our gross margin may not be comparable to companies that include shipping and handling costs in cost of sales.

Receivable [Policy Text Block]

Trade Receivables

Trade receivables are recorded at net realizable value, which includes an estimated allowance for doubtful accounts. The Company extends credit based on an evaluation of each customer’s financial condition, generally without requiring collateral. Exposure to credit losses varies by customer principally due to the financial condition of each customer. The Company continually monitors our exposure to credit losses and maintains allowances for anticipated losses based on our experience with past due accounts, collectability and our analysis of customer data. Actual future losses from uncollectible accounts could differ from the Company’s estimate. Changes in the allowance for doubtful accounts were as follows:

	(In thousands)
	Fiscal 2022			Fiscal 2021			Fiscal 2020
Balance at beginning of year	$	1,140		$	1,350		$	516
Net (credit) charge to expense		(581	)		(138	)		893
Net charge-off		-			(72	)		(59	)
Balance at end of year	$	559		$	1,140		$	1,350

At April 30, 2022 and May 1, 2021, the Company had no customer that comprised more than 10% of trade receivables. No customer accounted for more than 10% of net sales during any of the last three fiscal years.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and anticipated future actions, actual results may vary from reported amounts.

Note 1 - Significant Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2022

Notes Tables

Financing Receivable, Allowance for Credit Loss [Table Text Block]

	(In thousands)
	Fiscal 2022			Fiscal 2021			Fiscal 2020
Balance at beginning of year	$	1,140		$	1,350		$	516
Net (credit) charge to expense		(581	)		(138	)		893
Net charge-off		-			(72	)		(59	)
Balance at end of year	$	559		$	1,140		$	1,350

Note 2 - Property, Plant and Equipment (Tables)

12 Months Ended

Apr. 30, 2022

Notes Tables

Property, Plant and Equipment [Table Text Block]

	(In thousands)
	2022				20201
Land	$	9,835		$	9,835
Buildings and improvements		65,697			62,346
Machinery and equipment		277,163			257,119
Total		352,695			329,300
Less accumulated depreciation		(208,437	)		(198,273	)
Property, plant and equipment – net	$	144,258		$	131,027

Note 3 - Accrued Liabilities (Tables)

12 Months Ended

Apr. 30, 2022

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	(In thousands)
	2022		2021
Accrued compensation	$	12,079	$	11,826
Accrued promotions		10,826		13,361
Accrued freight		3,729		3,653
Accrued insurance		2,778		2,519
Recycling deposits		5,497		7,522
Other		4,181		4,670
Total	$	39,090	$	43,551

Note 4 - Leases (Tables)

12 Months Ended

Apr. 30, 2022

Notes Tables

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

	(In thousands)
Fiscal 2023	$	11,315
Fiscal 2024		8,300
Fiscal 2025		5,346
Fiscal 2026		3,397
Fiscal 2027		2,325
Thereafter		2,524
Total minimum lease payments including interest		33,207
Less: Amounts representing interest		(1,961	)
Present value of minimum lease payments		31,246
Less: Current portion of lease liabilities		(10,543	)
Non-Current portion of operating lease liabilities	$	20,703

Note 7 - Derivative Financial Instruments (Tables)

12 Months Ended

Apr. 30, 2022

Notes Tables

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

	(In thousands)
	Fiscal		Fiscal		Fiscal
	2022		2021		2020
Recognized in AOCI-
Gain (loss) before income taxes	$	15,105	$	12,973	$	(9,613	)
Less income tax provision (benefit)		3,613		3,103		(2,299	)
Net		11,492		9,870		(7,314	)
Reclassified from AOCI to cost of sales-
Gain (loss) before income taxes		10,001		2,550		(4,786	)
Less income tax provision (benefit)		2,391		610		(1,145	)
Net		7,610		1,940		(3,641	)
Net change to AOCI	$	3,882	$	7,930	$	(3,673	)

Note 8 - Income Taxes (Tables)

12 Months Ended

Apr. 30, 2022

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	(In thousands)
	Fiscal		Fiscal		Fiscal
	2022		2021		2020
Current	$	42,555	$	51,520	$	40,647
Deferred		6,529		2,471		(1,164	)
Total	$	49,084	$	53,991	$	39,483

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	(In thousands)
	2022		2021
Deferred tax assets:
Accrued expenses and other	$	3,306	$	3,347
Inventory and amortizable assets		325		544
Total deferred tax assets		3,631		3,891
Deferred tax liabilities:
Property		23,863		18,814
Intangibles and other		3,591		2,371
Total deferred tax liabilities		27,454		21,185
Net deferred tax liabilities	$	23,823	$	17,294

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Fiscal		Fiscal		Fiscal
	2022		2021		2020
Statutory federal income tax rate		21.0%		21.0%		21.0%
State income taxes, net of federal benefit		2.9		2.9		2.9
Other differences		( .3)		(.2)		(.6)
Effective income tax rate		23.6%		23.7%		23.3%

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	(In thousands)
	Fiscal			Fiscal			Fiscal
	2022			2021			2020
Beginning balance	$	2,055		$	1,974		$	1,868
Increases due to current period tax positions		114			150			120
Decreases due to lapse of statute of limitations and audit resolutions		(90	)		(69	)		(14	)
Ending balance	$	2,079		$	2,055		$	1,974

Note 10 - Stock-based Compensation (Tables)

12 Months Ended

Apr. 30, 2022

Notes Tables

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	Number of Shares			Price _^(a)
Options outstanding, beginning of year		561,100		$	17.74
Granted		30,000			44.73
Exercised		(36,500	)		9.19
Cancelled		(18,000	)		33.01
Options outstanding, end of year		536,600			18.97
Options exercisable, end of year		303,740			4.46

Note 11 - Pension Plans (Tables)

12 Months Ended

Apr. 30, 2022

Notes Tables

Multiemployer Plan [Table Text Block]

	(In thousands)
	Fiscal		Fiscal		Fiscal
Pension Fund	2022		2021		2020
CSSS Fund	$	1,462	$	1,469	$	1,424
WCT Fund		817		746		799
Other multi-employer pension funds		181		166		185
Total	$	2,460	$	2,381	$	2,408

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=35742348&loc=SL14450788-114948

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450691-114947

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (e)(2)
-URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450691-114947

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

+ Details

Note 1 - Significant Accounting Policies (Details Textual) Pure in Thousands, $ in Millions	12 Months Ended
	Apr. 30, 2022 USD ($) shares	May 01, 2021 USD ($) shares	May 02, 2020 USD ($) shares
Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements (in shares) \| shares	276,000	340,000	400,000
Self Insurance Reserve and Coverage by Insurance, Noncurrent	$ 5.9	$ 5.9
Self Insurance Reserve, Noncurrent, Covered by Insurance	4.6	4.6
Inventory, Finished Goods, Gross	58.6	43.3
Inventory, Raw Materials, Gross	44.7	28.2
Marketing Expense	47.6	43.4	$ 54.8
Shipping and Handling Costs	$ 87.7	$ 75.5	$ 69.8
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Number of Major Customers	0	0
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Number of Major Customers	0	0	0
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	30 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years

Note 1 - Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	May 01, 2021	May 02, 2020
Balance at beginning of year	$ 1,140	$ 1,350	$ 516
Net (credit) charge to expense	(581)	(138)	893
Net charge-off	0	(72)	(59)
Balance at end of year	$ 559	$ 1,140	$ 1,350

Note 2 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2022	May 01, 2021	May 02, 2020
Depreciation, Total	$ 15.8	$ 14.8	$ 14.4

Note 2 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Apr. 30, 2022	May 01, 2021
Land	$ 9,835	$ 9,835
Buildings and improvements	65,697	62,346
Machinery and equipment	277,163	257,119
Total	352,695	329,300
Less accumulated depreciation	(208,437)	(198,273)
Property, plant and equipment – net	$ 144,258	$ 131,027

Note 3 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2022	May 01, 2021
Accrued compensation	$ 12,079	$ 11,826
Accrued promotions	10,826	13,361
Accrued freight	3,729	3,653
Accrued insurance	2,778	2,519
Recycling deposits	5,497	7,522
Other	4,181	4,670
Total	$ 39,090	$ 43,551

Note 4 - Leases (Details Textual) - USD ($) $ in Millions	12 Months Ended
Note 4 - Leases (Details Textual) - USD ($) $ in Millions	Apr. 30, 2022	May 01, 2021
Operating Lease, Cost	$ 14.5	$ 13.1
Operating Lease, Weighted Average Remaining Lease Term (Year)	4 years	3 years 21 days
Operating Lease, Weighted Average Discount Rate, Percent	3.08%	3.38%
Operating Lease, Payments	$ 6.0	$ 11.1

Note 4 - Leases - Future Minimum Lease Payments and Related Liabilities for Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	Apr. 30, 2022	May 01, 2021
Fiscal 2023	$ 11,315
Fiscal 2024	8,300
Fiscal 2025	5,346
Fiscal 2026	3,397
Fiscal 2027	2,325
Thereafter	2,524
Total minimum lease payments including interest	33,207
Less: Amounts representing interest	(1,961)
Present value of minimum lease payments	31,246
Less: Current portion of lease liabilities	(10,543)	$ (14,800)
Operating lease liability - non current	$ 20,703	$ 28,837

Note 5 - Debt (Details Textual) - USD ($) $ in Thousands		12 Months Ended
Note 5 - Debt (Details Textual) - USD ($) $ in Thousands	Dec. 21, 2021	Apr. 30, 2022	May 01, 2021
Term Loan Facility [Member]
Debt Instrument, Face Amount	$ 50,000
Long-term Debt, Total		$ 50,000
Long-Term Debt, Gross		$ 30,000
Long-Term Debt, Weighted Average Interest Rate, over Time		1.35%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Term Loan Facility [Member]
Debt Instrument, Basis Spread on Variable Rate	0.95%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 100,000
Long-term Line of Credit, Total		0	$ 0
Letters of Credit Outstanding, Amount		2,500
Line of Credit Facility, Remaining Borrowing Capacity		$ 97,500
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.05%

Note 6 - Capital Stock and Transactions With Related Parties (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Dec. 29, 2021	Jan. 29, 2021	Apr. 30, 2022	May 01, 2021	May 02, 2020
Payments of Ordinary Dividends, Common Stock	$ 280,000	$ 280,000	$ 280,003	$ 279,876	$ (0)
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 3.00	$ 3.00
CMA [Member]
Averaged Operating Costs			970
Averaged Lease Buy-down Payments and Financing Costs			550
Related Party Transaction, Amounts of Transaction			11,400	10,700	$ 10,000
Accounts Payable, Total			$ 4,000	$ 3,800

Note 7 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	Apr. 30, 2022	May 01, 2021
Derivative, Notional Amount	$ 57.7
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	8.7
Prepaid Expenses and Other Current Assets [Member]
Derivative Asset, Current	$ 8.8	$ 3.6

Note 7 - Derivative Financial Instruments - Derivatives Instruments, Statements of Financial Performance and Financial Position (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	May 01, 2021	May 02, 2020
Gain (loss) before income taxes	$ 15,105	$ 12,973	$ (9,613)
Less income tax provision (benefit)	3,613	3,103	(2,299)
Net	11,492	9,870	(7,314)
Gain (loss) before income taxes	10,001	2,550	(4,786)
Less income tax provision (benefit)	2,391	610	(1,145)
Net	7,610	1,940	(3,641)
Net change to AOCI	$ 3,882	$ 7,930	$ (3,673)

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	May 01, 2021	May 02, 2020	Apr. 30, 2020	Apr. 27, 2019
Unrecognized Tax Benefits, Ending Balance	$ 2,079	$ 2,055	$ 1,974	$ 2,100	$ 1,868
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions	8
Changes in Income Tax if All Uncertain Tax Positions Prevail	1,900
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	248
Unrecognized Tax Benefits, Period Increase (Decrease), Total	$ (10)
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Open Tax Year	2016 2017 2018 2019 2020 2021

Note 8 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	May 01, 2021	May 02, 2020
Current	$ 42,555	$ 51,520	$ 40,647
Deferred	6,529	2,471	(1,164)
Total	$ 49,084	$ 53,991	$ 39,483

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2022	May 01, 2021
Deferred tax assets:
Accrued expenses and other	$ 3,306	$ 3,347
Inventory and amortizable assets	325	544
Total deferred tax assets	3,631	3,891
Deferred tax liabilities:
Property	23,863	18,814
Intangibles and other	3,591	2,371
Total deferred tax liabilities	27,454	21,185
Net deferred tax liabilities	$ 23,823	$ 17,294

Note 8 - Income Taxes - Reconciliation of Income Tax Rate (Details)	12 Months Ended
	Apr. 30, 2022	May 01, 2021	May 02, 2020
Statutory federal income tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	2.90%	2.90%	2.90%
Other differences	(3.00%)	(2.00%)	(6.00%)
Effective income tax rate	23.60%	23.70%	23.30%

Note 8 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	May 01, 2021	May 02, 2020
Beginning balance	$ 2,055	$ 1,974	$ 1,868
Increases due to current period tax positions	114	150	120
Decreases due to lapse of statute of limitations and audit resolutions	(90)	(69)	(14)
Ending balance	$ 2,079	$ 2,055	$ 1,974

Note 10 - Stock-based Compensation (Details Textual) - USD ($)

12 Months Ended

Apr. 30, 2022

May 01, 2021

May 02, 2020

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)

30,000

266,500

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year)

6 years 6 months

7 years 2 months 12 days

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate

20.74%

19.36%

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate

1.22%

3.85%

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate

2.48%

1.30%

Share-Based Payment Arrangement, Expense

$ 695,000

$ 462,000

$ 126,000

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value

1,400,000

1,900,000

4,900,000

Proceeds from Stock Options Exercised

335,000

491,000

740,000

Share-Based Payment Arrangement, Expense, Tax Benefit

$ 283,000

$ 382,000

$ 974,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)

^[1]

$ 44.73

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total

$ 3,000,000.0

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

6 years 2 months 12 days

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year)

4 years 2 months 12 days

4 years 10 months 24 days

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value

$ 10,800,000

$ 16,900,000

Omnibus Plan [Member]

Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Authorized Per Individual (in shares)

3,360,000

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

5 years

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)

10 years

Omnibus Plan [Member] | Stock Options or Stock Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

9,600,000

Omnibus Plan [Member] | SARS Dividend Equivalents and Other Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

9,600,000

Special Stock Option Plan [Member] | Determined by Board of Directors [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

3,600,000

Special Stock Option Plan [Member] | Determined By Chairman Member

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

100,000

KEEP Program [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)

480,000

Share Based Compensation Arrangement by Share Based Payment Award Number of Shares Authorized Per Individual (in shares)

12,000

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

6 years

Share Based Compensation Arrangement by Share Based Payment Award Percentage of Purchased Shares Matched

50.00%

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants, Period (Year)

2 years

Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent

60.00%

[1]	Weighted average exercise price.

Note 10 - Stock-based Compensation - Summary of Stock Option Activity (Details) - $ / shares

12 Months Ended

Apr. 30, 2022

May 01, 2021

May 02, 2020

Options outstanding, beginning of year (in shares)

561,100

Options outstanding, beginning of year (in dollars per share)

^[1]

$ 17.74

Granted (in shares)

30,000

266,500

Granted (in dollars per share)

^[1]

$ 44.73

Exercised (in shares)

(36,500)

Exercised (in dollars per share)

^[1]

$ 9.19

Cancelled (in shares)

(18,000)

Cancelled (in dollars per share)

^[1]

$ 33.01

Options outstanding, end of year (in shares)

536,600

561,100

Options outstanding, end of year (in dollars per share)

^[1]

$ 18.97

$ 17.74

Options exercisable, end of year (in shares)

303,740

Options exercisable, end of year (in dollars per share)

^[1]

$ 4.46

[1]	Weighted average exercise price.

Note 11 - Pension Plans (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2022	May 01, 2021	May 02, 2020
Payment for Pension Benefits	$ 4.0	$ 3.7	$ 3.6

Note 11 - Pension Plans - Contributions for All Multi-employer Pension Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2022	May 01, 2021	May 02, 2020
Fund	$ (2,460)	$ (2,381)	$ (2,408)
Fund	2,460	2,381	2,408
CSSS Fund [Member]
Fund	(1,462)	(1,469)	(1,424)
Fund	1,462	1,469	1,424
WCT Fund [Member]
Fund	(817)	(746)	(799)
Fund	817	746	799
Other Multi-employer Pension Funds [Member]
Fund	(181)	(166)	(185)
Fund	$ 181	$ 166	$ 185

Note 12 - Commitments and Contingencies (Details Textual) $ in Millions	Apr. 30, 2022 USD ($)
Raw Material [Member]
Purchase Obligation, to be Paid, Year One	$ 19.7
Plant and Equipment [Member]
Purchase Obligation, to be Paid, Year One	$ 4.1