Income Tax (Tables)

12 Months Ended

Apr. 25, 2015

Income Taxes

Schedule of income before income taxes for continuing operations

Income before income taxes for continuing operations consists of the following (for the fiscal years ended):

(Amounts in thousands)	4/25/2015		4/26/2014		4/27/2013
United States	$	96,605	$	82,705	$	63,193
Foreign		9,023		8,854		7,492
Total	$	105,628	$	91,559	$	70,685

Components of income tax expense (benefit)

Income tax expense (benefit) applicable to continuing operations consists of the following components (for the fiscal years ended):

(Amounts in thousands)	4/25/2015		4/26/2014			4/27/2013
Federal:
—current	$	28,887	$	24,695		$	17,049
—deferred		406		1,495			1,341
State:
—current		4,573		5,345			2,746
—deferred		637		(2,082	)		464
Foreign:
—current		2,281		1,375			739
—deferred		170		555			1,181
Total income tax expense (benefit)	$	36,954	$	31,383		$	23,520

Reconciliation of effective tax rate

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

(% of pre-tax income)	4/25/2015			4/26/2014			4/27/2013
Statutory tax rate		35.0	%		35.0	%		35.0	%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		3.5			3.1			3.0
U.S. manufacturing benefit		(2.1	)		(1.0	)		(2.0	)
Change in valuation allowance		(0.4	)		(1.2	)		(0.3	)
Gain on sale of marketable securities		—			—			(1.6	)
Miscellaneous items		(1.0	)		(1.6	)		(0.8	)
Effective tax rate		35.0	%		34.3	%		33.3	%

Components of deferred tax assets and (liabilities)

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

(Amounts in thousands)	4/25/2015			4/26/2014
Assets
Deferred and other compensation	$	22,085		$	19,774
Allowance for doubtful accounts		2,255			5,456
State income tax—net operating losses, credits and other		6,032			6,440
Pension		2,828			2,097
Warranty		6,466			6,247
Rent		5,174			4,824
Workers' compensation		4,173			4,068
Employee benefits		3,096			2,838
Other		1,262			3,760
Valuation allowance		(4,322	)		(4,700	)
Total deferred tax assets		49,049			50,804
Liabilities
Property, plant and equipment		(2,722	)		(3,337	)
Net deferred tax assets	$	46,327		$	47,467

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
Various U.S. state net operating losses (excluding federal tax effect)	$	8,678		Fiscal 2016 - 2034
Foreign capital losses		20		Indefinite

Summary of valuation allowance by jurisdiction

During fiscal 2015, we recorded a $0.4 million decrease in our valuation allowance for deferred tax assets that are now considered more likely than not to be realized. This determination was primarily the result of our assessment of our cumulative pre-tax income in certain jurisdictions. A summary of the valuation allowance by jurisdiction is as follows:

Jurisdiction	4/26/2014 Valuation Allowance					4/25/2015 Valuation Allowance
(Amounts in thousands)			Change
U.S. state	$	4,680	$	(377	)	$	4,303
Foreign		20		(1	)		19
Total	$	4,700	$	(378	)	$	4,322

Reconciliation of the beginning and ending balance of unrecognized tax benefits

As of April 25, 2015, we had a gross unrecognized tax benefit of $2.2 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)	4/25/2015			4/26/2014			4/27/2013
Balance at the beginning of the period	$	2,972		$	3,248		$	3,909
Additions:
Positions taken during the current year		94			88			338
Reductions:
Positions taken during the prior year		(702	)		(99	)		(28	)
Decreases related to settlements with taxing authorities		(25	)		(98	)		—
Reductions resulting from the lapse of the statute of limitations		(113	)		(167	)		(971	)
Balance at the end of the period	$	2,226		$	2,972		$	3,248