Income Tax (Tables)

12 Months Ended

Apr. 29, 2017

Income Taxes

Schedule of income before income taxes for continuing operations

(Amounts in thousands)	4/29/2017		4/30/2016		4/25/2015
United States	$	122,196	$	115,750	$	96,605
Foreign		8,544		9,293		9,023
Total	$	130,740	$	125,043	$	105,628

Components of income tax expense (benefit)

(Amounts in thousands)	4/29/2017			4/30/2016		4/25/2015
Federal:
—current	$	35,606		$	32,403	$	28,887
—deferred		2,349			3,559		406
State:
—current		5,194			4,750		4,573
—deferred		(1,703	)		859		637
Foreign:
—current		2,388			2,345		2,281
—deferred		(78	)		164		170
Total income tax expense	$	43,756		$	44,080	$	36,954

Reconciliation of effective tax rate

	Fiscal Year Ended
(% of income from continuing operations before income taxes)
	4/29/2017			4/30/2016			4/25/2015
Statutory tax rate		35.0	%		35.0	%		35.0	%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		2.7			3.4			3.5
U.S. manufacturing benefit		(2.4	)		(2.5	)		(2.1	)
Change in valuation allowance		(1.0	)		(0.3	)		(0.4	)
Miscellaneous items		(0.8	)		(0.3	)		(1.0	)
Effective tax rate		33.5	%		35.3	%		35.0	%

Components of deferred tax assets and (liabilities)

(Amounts in thousands)	4/29/2017			4/30/2016
Assets
Deferred and other compensation	$	26,689		$	25,032
State income tax—net operating losses, credits and other		4,927			5,571
Warranty		8,261			7,817
Rent		4,768			4,184
Workers' compensation		3,707			3,870
Employee benefits		3,752			3,212
Other		4,663			5,026
Valuation allowance		(1,786	)		(3,625	)
Total deferred tax assets		54,981			51,087
Liabilities
Property, plant and equipment		(8,453	)		(7,089	)
Inventory		(3,052	)		(983	)
Goodwill and other intangibles		(3,345	)		(1,332	)
Net deferred tax assets	$	40,131		$	41,683

Summary of deferred tax assets associated with loss carryforwards

(Amounts in thousands)	Amount		Expiration
Various U.S. state net operating losses (excluding federal tax effect)	$	5,668		Fiscal 2018 - 2036
Foreign net operating losses		58		Indefinite
Foreign capital losses		17		Indefinite

Summary of valuation allowance by jurisdiction

Jurisdiction	4/30/2016 Valuation Allowance					4/29/2017 Valuation Allowance
(Amounts in thousands)			Change
U.S. state	$	3,606	$	(1,837	)	$	1,769
Foreign		19		(2	)		17
Total	$	3,625	$	(1,839	)	$	1,786

Reconciliation of the beginning and ending balance of unrecognized tax benefits

(Amounts in thousands)	4/29/2017			4/30/2016			4/25/2015
Balance at the beginning of the period	$	1,821		$	2,226		$	2,972
Additions:
Positions taken during the current year		148			87			94
Reductions:
Positions taken during the prior year		(4	)		(321	)		(702	)
Decreases related to settlements with taxing authorities		(27	)		—			(25	)
Reductions resulting from the lapse of the statute of limitations		(1,318	)		(171	)		(113	)
Balance at the end of the period	$	620		$	1,821		$	2,226