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Income Tax (Tables)

12 Months Ended

Apr. 28, 2018

Income Taxes

Schedule of income before income taxes for continuing operations

(Amounts in thousands)		(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
United States		$	111,516		$	122,196		$	115,750
Foreign		17,374			8,544			9,293
Total		$	128,890		$	130,740		$	125,043

Components of income tax expense (benefit)

(Amounts in thousands)		(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
Federal:
– current		$	21,206		$	35,606		$	32,403
– deferred		16,401			2,349			3,559
State:
– current		4,886			5,194			4,750
– deferred		1,075			(1,703		)	859
Foreign:
– current		3,820			2,388			2,345
– deferred		(93		)	(78		)	164
Total income tax expense		$	47,295		$	43,756		$	44,080

Reconciliation of effective tax rate

		Fiscal Year Ended
(% of income before income taxes)		4/28/2018		4/29/2017		4/30/2016
Statutory tax rate		30.4	%	35.0	%	35.0	%
Increase (reduction) in income taxes resulting from:
Re-measurement of deferred taxes for changes in statutory U.S. tax rate		7.8		—		—
State income taxes, net of federal benefit		3.3		2.7		3.4
U.S. manufacturing benefit		(1.5	)	(2.4	)	(2.5	)
Change in valuation allowance		(0.3	)	(1.0	)	(0.3	)
U.S. research tax credits		(1.9	)	—		—
Miscellaneous items		(1.1	)	(0.8	)	(0.3	)
Effective tax rate		36.7	%	33.5	%	35.3	%

Components of deferred tax assets and (liabilities)

(Amounts in thousands)		4/28/2018			4/29/2017
Assets
Deferred and other compensation		$	18,326		$	26,689
State income tax — net operating losses, credits and other		5,050			4,927
Warranty		5,348			8,261
Rent		2,971			4,768
Workers’ compensation		2,714			3,707
Employee benefits		2,343			3,752
Pension		—			1,299
Other		—			3,364
Valuation allowance		(1,224		)	(1,786		)
Total deferred tax assets		35,528			54,981
Liabilities
Property, plant and equipment		(7,684		)	(8,453		)
Inventory		(1,531		)	(3,052		)
Goodwill and other intangibles		(3,575		)	(3,345		)
Pension		(1,230		)	—
Other		(243		)	—
Net deferred tax assets		$	21,265		$	40,131

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)		$	4,804		Fiscal 2019 – 2036
Foreign capital losses		17			Indefinite

Summary of valuation allowance by jurisdiction

Jurisdiction (Amounts in thousands)		4/29/2017 Valuation  Allowance			Change			4/28/2018 Valuation  Allowance
U.S. state		$	1,769		$	(562	)	$	1,207
Foreign		17			—			17
Total		$	1,786		$	(562	)	$	1,224

Reconciliation of the beginning and ending balance of unrecognized tax benefits

(Amounts in thousands)		(52 weeks) 4/28/2018			(52 weeks) 4/29/2017			(53 weeks) 4/30/2016
Balance at the beginning of the period		$	620		$	1,821		$	2,226
Additions:
Positions taken during the current year		464			148			87
Positions taken during the prior year		25			—			—
Reductions:
Positions taken during the prior year		—			(4		)	(321		)
Decreases related to settlements with taxing authorities		—			(27		)	—
Reductions resulting from the lapse of the statute of limitations		(95		)	(1,318		)	(171		)
Balance at the end of the period		$	1,014		$	620		$	1,821

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Tabular disclosure of the change in unrecognized tax benefits.

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