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Note 7 - Income Taxes | 12 Months Ended
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May. 02, 2015
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
7. | INCOME TAXES
The provision for income taxes consisted of the following:
|  | (In thousands) |
|  | Fiscal |  |  | Fiscal |  |  | Fiscal |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Current |  | $ | 24,326 |  |  | $ | 19,395 |  |  | $ | 23,359 |
Deferred |  |  | 1,076 |  |  |  | 79 |  |  |  | 172 |
Total |  | $ | 25,402 |  |  | $ | 19,474 |  |  | $ | 23,531 |
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 May 2, 2015 and May 3, 2014 consisted of the following:
|  | (In thousands) |
|  | 2015 |  |  | 2014 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued expenses and other |  | $ | 5,281 |  |  | $ | 4,126 |
Inventory and amortizable assets |  |  | 417 |  |  |  | 400 |
Total deferred tax assets |  |  | 5,698 |  |  |  | 4,526 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property |  |  | 16,497 |  |  |  | 15,616 |
Intangibles and other |  |  | 98 |  |  |  | 98 |
Total deferred tax liabilities |  |  | 16,595 |  |  |  | 15,714 |
Net deferred tax liabilities |  | $ | 10,897 |  |  | $ | 11,188 |
Current deferred tax assets – net |  | $ | 4,348 |  |  | $ | 2,685 |
Noncurrent deferred tax liabilities – net |  | $ | 15,245 |  |  | $ | 13,873 |
The reconciliation of the statutory federal income tax rate to our effective tax rate is as follows:
|  | Fiscal |  |  | Fiscal |  |  | Fiscal |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Statutory federal income tax rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State income taxes, net of federal benefit |  |  | 2.3 |  |  |  | 2.3 |  |  |  | 1.6 |
Manufacturing deduction benefit |  |  | (3.0 | ) |  |  | (3.0 | ) |  |  | (3.1 | )
Adjustment of unrecognized tax benefit |  |  | (.2 | ) |  |  | (3.3 | ) |  |  | (.2 | )
Other differences |  |  | (.1 | ) |  |  | (.1 | ) |  |  | .1 |
Effective income tax rate |  |  | 34.0 | % |  |  | 30.9 | % |  |  | 33.4 | %
During April 2014, the Company reached an agreement with the Internal Revenue Service with respect to its review of the Company’s federal income tax returns for the three years ended April 2013. No material adjustments were proposed and, accordingly, the Company adjusted the related unrecognized tax benefits during the fourth quarter of Fiscal 2014. As of May 2, 2015, the gross amount of unrecognized tax benefits was $1.8 million and $191,000 was recognized as a tax benefit in Fiscal 2015. If we were to prevail on all uncertain tax positions, the net effect would be to reduce our tax expense by approximately $1.2 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 |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Beginning balance |  | $ | 2,123 |  |  | $ | 4,349 |  |  | $ | 4,548 |
Increases due to current period tax positions |  |  | 122 |  |  |  | 268 |  |  |  | 415 |
Decreases due to lapse of statute of limitations and audit resolutions |  |  | (444 | ) |  |  | (2,494 | )* |  |  | (614 | )
Ending balance |  | $ | 1,801 |  |  | $ | 2,123 |  |  | $ | 4,349 |
_______________________________ * Includes $1,907 related to the Internal Revenue Service review of the Company’s federal income tax returns for the three years ended April 2013 noted above. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of May 2, 2015, unrecognized tax benefits included accrued interest of $269,000, of which approximately $82,000 was recognized as a tax benefit in Fiscal 2015. We file annual income tax returns in the United States and in various state and local jurisdictions. A number of years may elapse before an uncertain tax position, for which we have unrecognized tax benefits, is resolved. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe that our unrecognized tax benefits reflect the most probable outcome. We adjust 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 fiscal years subsequent to 2013 are subject to examination. Generally, the income tax returns for the various state jurisdictions are subject to examination for fiscal years ending after fiscal 2010.

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- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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