Income Taxes (Tables)

12 Months Ended

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