Income Taxes (Tables)

12 Months Ended

Apr. 27, 2013

Income Taxes [Abstract]

Income before income taxes

Income before income taxes consists of the following (for the fiscal years ended):

(Amounts in thousands)	4/27/2013		4/28/2012		4/30/2011
United States	$	63,218	$	60,538	$	21,331
Foreign		7,492		6,319		4,635
Total	$	70,710	$	66,857	$	25,966

Components of income tax expense

Income tax expense applicable to continuing operations consists of the following components (for the fiscal years ended):

(Amounts in thousands)	4/27/2013		4/28/2012			4/30/2011
Federal – current	$	16,873	$	14,392		$	5,935
– deferred		1,524		(38,396	)		—
State – current		2,718		3,663			930
– deferred		493		(1,843	)		700
Foreign – current		739		2,040			1,848
– deferred		1,181		(1,907	)		(820	)
Total income tax expense (benefit)	$	23,528	$	(22,051	)	$	8,593

Effective income tax rate reconciliation

Our effective tax rate differs from the U.S. federal income tax rate for the following reasons:

(% of pre-tax income)	4/27/2013			4/28/2012			4/30/2011
Statutory tax rate		35.0	%		35.0	%		35.0	%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		3.0			5.0			4.1
U.S. manufacturing benefit		(2.0	)		(2.3	)		(1.9	)
Change in valuation allowance		(0.3	)		(69.1	)		13.5
Change in value of life insurance contracts		(0.4	)		—			(0.6	)
Tax benefit associated with VIE acquisition		—			—			(17.6	)
Gain on sale of marketable securities		(1.6	)		—			—
Miscellaneous items		(0.4	)		(1.6	)		0.6
Effective tax rate		33.3	%		(33.0	)%		33.1	%

Components of our deferred tax assets and (liabilities)

The primary components of our deferred tax assets and (liabilities) were as follows:

(Amounts in thousands)	4/27/2013			4/28/2012
Assets
Deferred and other compensation	$	19,510		$	15,043
Allowance for doubtful accounts		9,567			9,547
State income tax – net operating losses, credits and other		6,542			5,911
Pension		4,632			11,220
Warranty		5,937			5,436
Rent		4,697			4,590
Workers' compensation		3,804			3,485
Foreign net operating loss		759			914
Capital loss carryover		—			3,202
Other		5,128			4,213
Valuation allowance		(6,619	)		(8,258	)
Total deferred tax assets		53,957			55,303
Liabilities
Property, plant and equipment		(2,745	)		(2,573	)
Net deferred tax assets	$	51,212		$	52,730

Summary of loss carryforwards

The deferred tax assets associated with loss carry forwards and the related expiration dates are as follows:

(Amounts in thousands)	Amount		Expiration
Various U.S. state net operating losses (excluding federal tax effect)	$	10,064	Fiscal 2014 – 2033
Foreign net operating losses		759	Fiscal 2018 – 2029
Foreign capital losses		23	Indefinite

Summary of valuation allowance by jurisdiction

During fiscal 2013, we recorded a $1.6 million decrease in our valuation allowance for deferred tax assets that are now considered more likely than not to be realized. A summary of the valuation allowance by jurisdiction is as follows:

Jurisdiction	4/28/2012					4/27/2013
(Amounts in thousands)	Valuation Allowance		Change			Valuation Allowance
U.S. federal	$	2,114	$	(2,114	)	$	—
U.S. state		6,121		343			6,464
Foreign		23		132			155
Total	$	8,258	$	(1,639	)	$	6,619

Unrecognized tax benefits roll forward

As of April 27, 2013, we had a gross unrecognized tax benefit of $3.2 million related to uncertain tax positions in various jurisdictions. A reconciliation of the beginning and ending balance of these unrecognized tax benefits is as follows:

(Amounts in thousands)	4/27/2013			4/28/2012			4/30/2011
Balance at the beginning of the period	$	3,909		$	4,492		$	4,805
Additions:
Positions taken during the current year		338			147			100
Positions taken during the prior year		—			—			229
Reductions:
Positions taken during the current year		—			—			—
Positions taken during the prior year		(28	)		(202	)		(359	)
Decreases related to settlements with taxing authorities		—			(166	)		(202	)
Reductions resulting from the lapse of the statute of limitations		(971	)		(362	)		(81	)
Balance at the end of the period	$	3,248		$	3,909		$	4,492