Taxes (Tables)

12 Months Ended

Apr. 02, 2016

Income Tax Disclosure [Abstract]

Income Before Provision for Income Taxes

Income before provision for income taxes consisted of the following (in millions):

	Fiscal Years Ended
	April 2, 2016		March 28, 2015		March 29, 2014
U.S.	$	737.5	$	814.3	$	792.9
Non-U.S.	434.8		441.5		214.8
Total income before provision for income taxes	$	1,172.3	$	1,255.8	$	1,007.7

Provision for Income Taxes

The provision for income taxes was as follows (in millions):

	Fiscal Years Ended
	April 2, 2016			March 28, 2015		March 29, 2014
Current
U.S. Federal	$	268.0		$	277.0	$	295.2
U.S. State	14.3			49.7		50.3
Non-U.S.	54.2			41.9		30.6
Total current	336.5			368.6		376.1
Deferred
U.S. Federal	0.3			5.0		(24.8		)
U.S. State	1.0			0.3		(3.6		)
Non-U.S.	(3.2		)	0.9		(1.5		)
Total deferred	(1.9		)	6.2		(29.9		)
Total provision for income taxes	$	334.6		$	374.8	$	346.2

Significant Differences Between United States Federal Statutory Tax Rate and Company's Effective Tax Rate

The following table summarizes the significant differences between the U.S. federal statutory tax rate and the Company’s effective tax rate for financial statement purposes:

	Fiscal Years Ended
	April 2, 2016		March 28, 2015		March 29, 2014
Federal tax at 35% statutory rate	35.0	%	35.0	%	35.0	%
State and local income taxes, net of federal benefit	1.2	%	2.4	%	2.3	%
Differences in tax effects on foreign income	(7.9	)%	(8.2	)%	(3.9	)%
Foreign tax credit	(0.2	)%	(0.4	)%	(0.2	)%
Liability for uncertain tax positions	—	%	0.2	%	0.8	%
Effect of changes in valuation allowances on deferred tax assets	(0.2	)%	(0.1	)%	(0.2	)%
Other	0.6	%	0.9	%	0.6	%
Effective tax rate	28.5	%	29.8	%	34.4	%

Significant Components of Deferred Tax Assets (Liabilities)

Significant components of the Company’s deferred tax assets (liabilities) consist of the following (in millions):

	Fiscal Years Ended
	April 2, 2016			March 28, 2015
Deferred tax assets
Inventories	$	10.5		$	11.2
Payroll related accruals	2.2			0.4
Deferred rent	37.1			30.4
Net operating loss carryforwards	3.4			5.9
Stock compensation	30.0			23.8
Sales allowances	13.4			10.1
Other	12.1			11.1
	108.7			92.9
Valuation allowance	(3.4		)	(5.7		)
Total deferred tax assets	105.3			87.2
Deferred tax liabilities
Goodwill and intangibles	(32.9		)	(32.7		)
Depreciation	(48.0		)	(34.6		)
Other	(3.4		)	(3.9		)
Total deferred tax liabilities	(84.3		)	(71.2		)
Net deferred tax assets	$	21.0		$	16.0

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits Excluding Accrued Interest

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding accrued interest, for Fiscal 2016, Fiscal 2015, and Fiscal 2014, are presented below (in millions):

	Fiscal Years Ended
	April 2, 2016			March 28, 2015			March 29, 2014
Unrecognized tax benefits beginning balance	$	19.9		$	18.1		$	6.6
Additions related to prior period tax positions	—			0.4			2.5
Additions related to current period tax positions	5.8			5.2			9.3
Decreases from prior period positions	(5.7		)	(3.8		)	(0.3		)
Decreases related to audit settlements	(3.2		)	—			—
Unrecognized tax benefits ending balance	$	16.8		$	19.9		$	18.1