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Income Taxes (Tables) | 12 Months Ended
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Apr. 27, 2019
Income Taxes |
Schedule of income before income taxes for continuing operations |
|  | (52 weeks) |  | (52 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/27/2019 |  | 4/28/2018 |  | 4/29/2017
United States |  | $ | 73,058 |  | $ | 111,516 |  | $ | 122,196
Foreign |  |  | 22,269 |  |  | 17,374 |  |  | 8,544
Total |  | $ | 95,327 |  | $ | 128,890 |  | $ | 130,740
Components of income tax expense (benefit) |
|  | (52 weeks) |  | (52 weeks) |  | (53 weeks)
(Amounts in thousands) |  | 4/27/2019 |  | 4/28/2018 |  | 4/29/2017
Federal: |  |  |  |  |  |  |  |  |
– current |  | $ | 17,629 |  | $ | 21,206 |  | $ | 35,606
– deferred |  |  | (2,649) |  |  | 16,401 |  |  | 2,349
State: |  |  |  |  |  |  |  |  |
– current |  |  | 6,199 |  |  | 4,886 |  |  | 5,194
– deferred |  |  | (933) |  |  | 1,075 |  |  | (1,703)
Foreign: |  |  |  |  |  |  |  |  |
– current |  |  | 4,919 |  |  | 3,820 |  |  | 2,388
– deferred |  |  | 21 |  |  | (93) |  |  | (78)
Total income tax expense |  | $ | 25,186 |  | $ | 47,295 |  | $ | 43,756
Reconciliation of effective tax rate |
|  | Fiscal Year Ended |
(% of income before income taxes) |  | 4/27/2019 |  | 4/28/2018 |  | 4/29/2017 |
Statutory tax rate |  | 21.0 | % | 30.4 | % | 35.0 | %
Increase (reduction) in income taxes resulting from: |  |  |  |  |  |  |
Re-measurement of deferred taxes for changes in statutory U.S. tax rate |  | (0.2) |  | 7.8 |  | — |
State income taxes, net of federal benefit |  | 4.1 |  | 3.3 |  | 2.7 |
Tax effect of defined benefit pension plan termination |  | 2.7 |  | — |  | — |
U.S. manufacturing benefit |  | - |  | (1.5) |  | (2.4) |
Change in valuation allowance |  | 0.6 |  | (0.3) |  | (1.0) |
U.S. research tax credits |  | (0.8) |  | (1.9) |  | — |
Miscellaneous items |  | (1.0) |  | (1.1) |  | (0.8) |
Effective tax rate |  | 26.4 | % | 36.7 | % | 33.5 | %
Components of deferred tax assets and (liabilities) |
(Amounts in thousands) |  | 4/27/2019 |  | 4/28/2018
Assets |  |  |  |  |  |
Deferred and other compensation |  | $ | 19,603 |  | $ | 18,326
State income tax - net operating losses, credits and other |  |  | 5,346 |  |  | 5,050
Warranty |  |  | 5,707 |  |  | 5,348
Rent |  |  | 2,714 |  |  | 2,971
Workers’ compensation |  |  | 2,525 |  |  | 2,714
Employee benefits |  |  | 1,479 |  |  | 2,343
Federal net operating losses, credits |  |  | 2,032 |  |  | —
Pension |  |  | 91 |  |  | —
Other |  |  | 2,250 |  |  | —
Valuation allowance |  |  | (2,312) |  |  | (1,224)
Total deferred tax assets |  |  | 39,435 |  |  | 35,528
Liabilities |  |  |  |  |  |
Property, plant and equipment |  |  | (10,523) |  |  | (7,684)
Inventory |  |  | (1,615) |  |  | (1,531)
Goodwill and other intangibles |  |  | (6,627) |  |  | (3,575)
Pension |  |  | — |  |  | (1,230)
Other |  |  | — |  |  | (243)
Net deferred tax assets |  | $ | 20,670 |  | $ | 21,265
Summary of deferred tax assets associated with loss carryforwards | :
(Amounts in thousands) |  | Amount |  | Expiration
Federal net operating losses |  | $ | 2,032 |  | Fiscal 2034 - 2038
Various U.S. state net operating losses (excluding federal tax effect) |  | $ | 5,012 |  | Fiscal 2019 - 2038
Foreign capital losses |  | $ | 17 |  | Indefinite
Summary of valuation allowance by jurisdiction |
|  |  | 4/28/2018 |  |  |  | 4/27/2019
|  | Valuation |  |  |  |  | Valuation
Jurisdiction (Amounts in thousands) |  | Allowance |  | Change |  | Allowance
U.S. Federal |  | $ | — |  | $ | 586 |  | $ | 586
U.S. State |  |  | 1,207 |  |  | 502 |  |  | 1,709
Foreign |  |  | 17 |  |  | — |  |  | 17
Total |  | $ | 1,224 |  | $ | 1,088 |  | $ | 2,312
Reconciliation of the beginning and ending balance of unrecognized tax benefits |
|  | (52 weeks) |  | (52 weeks) |  | (52 weeks)
(Amounts in thousands) |  | 4/27/2019 |  | 4/28/2018 |  | 4/29/2017
Balance at the beginning of the period |  | $ | 1,014 |  | $ | 620 |  | $ | 1,821
Additions: |  |  |  |  |  |  |  |  |
Positions taken during the current year |  |  | 187 |  |  | 464 |  |  | 148
Positions taken during the prior year |  |  | — |  |  | 25 |  |  | —
Reductions: |  |  |  |  |  |  |  |  |
Positions taken during the prior year |  |  | (36) |  |  | — |  |  | (4)
Decreases related to settlements with taxing authorities |  |  | — |  |  | — |  |  | (27)
Reductions resulting from the lapse of the statute of limitations |  |  | (96) |  |  | (95) |  |  | (1,318)
Balance at the end of the period |  | $ | 1,069 |  | $ | 1,014 |  | $ | 620

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