Income Tax (Tables)

12 Months Ended

Apr. 30, 2016

Income Taxes

Schedule of income before income taxes for continuing operations

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

(Amounts in thousands)	4/30/2016		4/25/2015		4/26/2014
United States	$	115,750	$	96,605	$	82,705
Foreign		9,293		9,023		8,854
Total	$	125,043	$	105,628	$	91,559

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)	4/30/2016		4/25/2015		4/26/2014
Federal:
—current	$	32,403	$	28,887	$	24,695
—deferred		3,559		406		1,495
State:
—current		4,750		4,573		5,345
—deferred		859		637		(2,082	)
Foreign:
—current		2,345		2,281		1,375
—deferred		164		170		555
Total income tax expense	$	44,080	$	36,954	$	31,383

Reconciliation of effective tax rate

	Year Ended
(% of income from continuing operations before income taxes)
	4/30/2016			4/25/2015			4/26/2014
Statutory tax rate		35.0	%		35.0	%		35.0	%
Increase (reduction) in income taxes resulting from:
State income taxes, net of federal benefit		3.4			3.5			3.1
U.S. manufacturing benefit		(2.5	)		(2.1	)		(1.0	)
Change in valuation allowance		(0.3	)		(0.4	)		(1.2	)
Miscellaneous items		(0.3	)		(1.0	)		(1.6	)
Effective tax rate		35.3	%		35.0	%		34.3	%

Components of deferred tax assets and (liabilities)

	As of
(Amounts in thousands)	4/30/2016			4/25/2015
Assets
Deferred and other compensation	$	25,032		$	22,085
Allowance for doubtful accounts		1,560			2,255
State income tax—net operating losses, credits and other		5,571			6,032
Pension		1,542			2,828
Warranty		7,817			6,466
Rent		4,184			5,174
Workers' compensation		3,870			4,173
Employee benefits		3,212			3,096
Other		—			1,262
Valuation allowance		(3,625	)		(4,322	)
Total deferred tax assets		49,163			49,049
Liabilities
Property, plant and equipment		(7,089	)		(2,722	)
Other		(391	)		—
Net deferred tax assets	$	41,683		$	46,327

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)	$	8,909		Fiscal 2017 - 2035
Foreign net operating losses		100		Indefinite
Foreign capital losses		19		Indefinite

Summary of valuation allowance by jurisdiction

Jurisdiction (Amounts in thousands)	4/25/2015 Valuation Allowance		Change			4/30/2016 Valuation Allowance
U.S. state	$	4,303	$	(697	)	$	3,606
Foreign		19		—			19
Total	$	4,322	$	(697	)	$	3,625

Reconciliation of the beginning and ending balance of unrecognized tax benefits

(Amounts in thousands)	4/30/2016			4/25/2015			4/26/2014
Balance at the beginning of the period	$	2,226		$	2,972		$	3,248
Additions:
Positions taken during the current year		87			94			88
Reductions:
Positions taken during the prior year		(321	)		(702	)		(99	)
Decreases related to settlements with taxing authorities		—			(25	)		(98	)
Reductions resulting from the lapse of the statute of limitations		(171	)		(113	)		(167	)
Balance at the end of the period	$	1,821		$	2,226		$	2,972