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Income Taxes (Tables) | 12 Months Ended
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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 |

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