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Income Taxes (Tables)

12 Months Ended

Apr. 25, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes for Continuing Operations

Income before income taxes consists of the following:

		Fiscal Year Ended
		(52 weeks)				(52 weeks)				(52 weeks)
(Amounts in thousands)		4/25/20				4/27/19				4/28/18
United States		$	102,125			$	73,058			$	111,516
Foreign		13,048				22,269				17,374
Total		$	115,173			$	95,327			$	128,890

Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following components:

		Fiscal Year Ended
		(52 weeks)				(52 weeks)				(52 weeks)
(Amounts in thousands)		4/25/20				4/27/19				4/28/18
Federal
Current		$	25,026			$	17,629			$	21,206
Deferred		1,440				(2,649		)		16,401
State
Current		7,901				6,199				4,886
Deferred		(1,409		)		(933		)		1,075
Foreign
Current		3,025				4,919				3,820
Deferred		206				21				(93		)
Total income tax expense		$	36,189			$	25,186			$	47,295

Reconciliation of Effective Tax Rate

Our effective tax rate differs from the U.S. federal income tax rate for the following reasons:

		Fiscal Year Ended
		(52 weeks)			(52 weeks)			(52 weeks)
(% of income before income taxes)		4/25/20			4/27/19			4/28/18
Statutory tax rate		21.0	%		21.0	%		30.4	%
Increase (reduction) in income taxes resulting from:
Remeasurement of deferred taxes for changes in statutory U.S. tax rate		—	%		(0.2	)%		7.8	%
State income taxes, net of federal benefit		4.2	%		4.1	%		3.3	%
Tax effect of defined benefit pension plan termination		—	%		2.7	%		—	%
U.S. manufacturing benefit		—	%		—	%		(1.5	)%
Change in valuation allowance		0.7	%		0.6	%		(0.3	)%
U.S. research tax credits		(0.6	)%		(0.8	)%		(1.9	)%
Non-deductible asset impairment		4.9	%		—	%		—	%
Fair value adjustment of contingent liability		(1.4	)%		—	%		—	%
Tax on undistributed foreign earnings		1.1	%		—	%		—	%
Miscellaneous items		1.5	%		(1.0	)%		(1.1	)%
Effective tax rate		31.4	%		26.4	%		36.7	%

Components of Deferred Tax Assets and Liabilities

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

(Amounts in thousands)		4/25/20				4/27/19
Assets
Leases		$	81,537			$	—
Deferred and other compensation		20,821				19,603
State income tax—net operating losses, credits and other		5,536				5,346
Warranty		5,797				5,707
Rent		—				2,714
Workers' compensation		2,567				2,525
Bad debt		2,061				—
Employee benefits		3,441				1,479
Federal net operating losses, credits		1,663				2,032
Pension		—				91
Other		2,354				2,250
Valuation allowance		(2,137		)		(2,312		)
Total deferred tax assets		123,640				39,435
Liabilities
Right of use lease assets		(77,479		)		—
Property, plant and equipment		(14,893		)		(10,523		)
Inventory		(827		)		(1,615		)
Goodwill and other intangibles		(8,286		)		(6,627		)
Tax on undistributed foreign earnings		(1,316		)		—
Net deferred tax assets		$	20,839			$	20,670

Summary of Deferred Tax Assets Associated with Loss Carryforwards

The deferred tax assets associated with loss carry forwards and the related expiration dates are as follows:

(Amounts in thousands)		Amount				Expiration
Federal net operating losses		$	1,663			Fiscal 2034 - 2038
Various U.S. state net operating losses (excluding federal tax effect)		3,892				Fiscal 2020 - 2038
Foreign capital losses		17				Indefinite

Summary of Valuation Allowance by Jurisdiction

A summary of the valuation allowance by jurisdiction is as follows:

(Amounts in thousands)		4/25/2020				4/27/19				Change
U.S. Federal		$	1,172			$	586			$	586
U.S. State		948				1,709				(761		)
Foreign		17				17				—
Total		$	2,137			$	2,312			$	(175	)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of these unrecognized tax benefits is as follows:

		Fiscal Year Ended
		(52 weeks)				(52 weeks)				(52 weeks)
(Amounts in thousands)		4/25/20				4/27/19				4/28/18
Balance at the beginning of the period		$	1,069			$	1,014			$	620
Additions:
Positions taken during the current year		174				187				464
Positions taken during the prior year		106				—				25
Reductions:
Positions taken during the prior year		—				(36		)		—
Decreases related to settlements with taxing authorities		(211		)		—				—
Reductions resulting from the lapse of the statute of limitations		(108		)		(96		)		(95		)
Balance at the end of the period		$	1,030			$	1,069			$	1,014

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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