Income Taxes (Tables)

12 Months Ended

Apr. 26, 2014

Income Taxes [Abstract]

Income before income taxes

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

(Amounts in thousands)	4/26/2014		4/27/2013		4/28/2012
United States	$	82,705	$	63,193	$	52,631
Foreign		8,854		7,492		6,319
Total	$	91,559	$	70,685	$	58,950

Components of income tax expense

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

(Amounts in thousands)	4/26/2014			4/27/2013		4/28/2012
Federal:
– current	$	24,695		$	17,049	$	11,830
– deferred		1,495			1,341		(38,597	)
State:
– current		5,345			2,746		3,446
– deferred		( 2,082	)		464		(1,864	)
Foreign:
– current		1,375			739		2,040
– deferred		555			1,181		(1,907	)
Total income tax expense (benefit)	$	31,383		$	23,520	$	(25,052	)

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)	4/26/2014			4/27/2013			4/28/2012
Statutory tax rate		35.0	%		35.0	%		35.0	%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		3.1			3.0			5.0
U.S. manufacturing benefit		(1.0	)		(2.0	)		(2.3	)
Change in valuation allowance		(1.2	)		(0.3	)		(78.3	)
Gain on sale of marketable securities		—			(1.6	)		—
Miscellaneous items		(1.6	)		(0.8	)		(1.9	)
Effective tax rate		34.3	%		33.3	%		(42.5	%)

Components of our deferred tax assets and (liabilities)

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

(Amounts in thousands)	4/26/2014			4/27/2013
Assets
Deferred and other compensation	$	19,774		$	19,510
Allowance for doubtful accounts		5,456			9,567
State income tax – net operating losses, credits and other		6,440			6,542
Pension		2,097			4,632
Warranty		6,247			5,937
Rent		4,824			4,697
Workers’ compensation		4,068			3,804
Foreign net operating loss		—			759
Other		6,598			5,128
Valuation allowance		(4,700	)		(6,619	)
Total deferred tax assets		50,804			53,957
Liabilities
Property, plant and equipment		(3,337	)		(2,745	)
Net deferred tax assets	$	47,467		$	51,212

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)	$	9,215	Fiscal 2015 – 2033
Foreign capital losses		20	Indefinite

Summary of valuation allowance by jurisdiction

During fiscal 2014, we recorded a $1.9 million decrease in our valuation allowance for deferred tax assets that are now considered more likely than not to be realized. This determination was primarily the result of our assessment of our cumulative pre-tax income in certain jurisdictions. A summary of the valuation allowance by jurisdiction is as follows:

Jurisdiction (Amounts in thousands)	4/27/2013 Valuation Allowance		Change			4/26/2014 Valuation Allowance
U.S. state		6,464		(1,784	)		4,680
Foreign		155		(135	)		20
Total	$	6,619	$	(1,919	)	$	4,700

Unrecognized tax benefits roll forward

As of April 26, 2014, we had a gross unrecognized tax benefit of $3.0 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)	4/26/2014			4/27/2013			4/28/2012
Balance at the beginning of the period	$	3,248		$	3,909		$	4,492
Additions:
Positions taken during the current year		88			338			147
Positions taken during the prior year		—			—			—
Reductions:
Positions taken during the current year		—			—			—
Positions taken during the prior year		(99	)		(28	)		(202	)
Decreases related to settlements with taxing authorities		(98	)		—			(166	)
Reductions resulting from the lapse of the statute of limitations		(167	)		(971	)		(362	)
Balance at the end of the period	$	2,972		$	3,248		$	3,909