Taxes (Tables)

12 Months Ended

Mar. 31, 2018

Income Before Provision for Income Taxes

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



	Fiscal Years Ended
	March 31, 2018		April 1, 2017		April 2, 2016
U.S.	$	124.1	$	228.4	$	737.5
Non-U.S.	617.7		460.2		434.8
Total income before provision for income taxes	$	741.8	$	688.6	$	1,172.3

Provision for Income Taxes

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



	Fiscal Years Ended
	March 31, 2018			April 1, 2017			April 2, 2016
Current
U.S. Federal	$	47.6		$	131.2		$	268.0
U.S. State	15.6			20.4			14.3
Non-U.S.	77.4			45.8			54.2
Total current	140.6			197.4			336.5
Deferred
U.S. Federal	23.9			(34.1		)	0.3
U.S. State	0.9			(5.0		)	1.0
Non-U.S.	(15.7		)	(21.2		)	(3.2		)
Total deferred	9.1			(60.3		)	(1.9		)
Total provision for income taxes	$	149.7		$	137.1		$	334.6

Significant Differences Between the Statutory Tax Rates and Company's Effective Tax Rate

The Company’s provision for income taxes for the years ended March 31, 2018, April 1, 2017 and April 2, 2016 was different from the amount computed by applying statutory U.K. or U.S. federal income tax rates to the underlying income from continuing operations before income taxes and equity in net income of affiliates as a result of the following:



	Fiscal Years Ended
	March 31, 2018		April 1, 2017		April 2, 2016
Provision for income taxes at the U.K. (2018-2017), U.S. (2016) statutory tax rate	19.0	%	20.0	%	35.0	%
State and local income taxes, net of federal benefit	0.5	%	1.3	%	1.2	%
Effects of global financing arrangements	(15.6	)%	(13.7	)%	(2.8	)%
U.S. tax reform	2.0	%	—	%	—	%
Differences in tax effects on foreign income	6.7	%	11.1	%	(5.1	)%
Foreign tax credit	—	%	0.3	%	(0.2	)%
Liability for uncertain tax positions	6.6	%	—	%	—	%
Effect of changes in valuation allowances on deferred tax assets	0.3	%	0.5	%	(0.2	)%
Withholding tax	1.2	%	—	%	—	%
Other	(0.5	)%	0.4	%	0.6	%
Effective tax rate	20.2	%	19.9	%	28.5	%

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
	March 31, 2018			April 1, 2017
Deferred tax assets
Inventories	$	3.8		$	9.0
Payroll related accruals	1.6			2.2
Deferred rent	24.5			39.5
Net operating loss carryforwards	30.6			17.7
Stock compensation	16.8			26.2
Sales allowances	6.0			10.0
Other	27.0			14.7
	110.3			119.3
Valuation allowance	(13.8		)	(7.2		)
Total deferred tax assets	96.5			112.1

Deferred tax liabilities
Goodwill and intangibles	(240.6		)	(112.3		)
Depreciation	14.0			(2.7		)
Other	—			(3.8		)
Total deferred tax liabilities	(226.6		)	(118.8		)
Net deferred tax liabilities	$	(130.1	)	$	(6.7	)

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 2018, Fiscal 2017 and Fiscal 2016, are presented below (in millions):



	Fiscal Years Ended
	March 31, 2018					April 1, 2017			April 2, 2016
Unrecognized tax benefits beginning balance	$	26.5				$	16.8		$	19.9
Additions related to prior period tax positions	30.4			⁽¹	⁾	1.7			—
Additions related to current period tax positions	45.0					10.3			5.8
Decreases in prior period positions due to lapses in statute of limitations	(0.7		)			(2.3		)	(5.7		)
Decreases related to audit settlements	(0.4		)			—			(3.2		)
Unrecognized tax benefits ending balance	$	100.8				$	26.5		$	16.8


⁽¹⁾	Primarily relates to the Jimmy Choo acquisition.