Income Taxes (Tables)

12 Months Ended

Apr. 29, 2012

Income Tax Expense Benefit Continuing Operations

The following table summarizes the provision/(benefit) for U.S. federal, state and foreign taxes on income from continuing operations.



	2012			2011			2010
	(In thousands)
Current:
U.S. federal	$	110,354		$	38,686		$	(24,446	)
State	12,048			14,507			(809		)
Foreign	215,949			161,303			163,241
	338,351			214,496			137,986
Deferred:
U.S. federal	(16,262		)	123,601			165,141
State	4,186			(4,318		)	8,141
Foreign	(82,740		)	34,442			47,246
	(94,816		)	153,725			220,528
Provision for income taxes	$	243,535		$	368,221		$	358,514

Components of Income From Continuing Operations Before Income Taxes

The components of income from continuing operations before income taxes consist of the following:



	2012		2011		2010
	(In thousands)
Domestic	$	312,197	$	463,142	$	499,059
Foreign	871,246		911,027		791,395
From continuing operations	$	1,183,443	$	1,374,169	$	1,290,454

U S Federal Statuatory Tax Rate Reconciliation To Effective Tax Rate

The differences between the U.S. federal statutory tax rate and the Company’s consolidated effective tax rate on continuing operations are as follows:



	2012		2011		2010
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
Tax on income of foreign subsidiaries	(8.7	)	(5.6	)	(4.3	)
Changes in valuation allowances	2.6		(0.2	)	0.2
Earnings repatriation	2.1		3.0		1.2
Tax free interest	(5.6	)	(4.2	)	(4.6	)
Effects of revaluation of tax basis of foreign assets	(3.3	)	(1.6	)	(0.5	)
Audit settlements and changes in uncertain tax positions	(2.1	)	—		(1.3	)
Other	0.6		0.4		2.1
Effective tax rate	20.6	%	26.8	%	27.8	%

Deferred Tax Assets And Liabilities

The following table and note summarize deferred tax (assets) and deferred tax liabilities as of April 29, 2012 and April 27, 2011.



	2012			2011
	(In thousands)
Depreciation/amortization	$	910,987		$	916,716
Benefit plans	59,647			93,916
Deferred income	96,472			126,917
Financing costs	117,670			118,118
Other	48,371			48,839
Deferred tax liabilities	1,233,147			1,304,506
Operating loss carryforwards	(141,358		)	(120,261		)
Benefit plans	(195,697		)	(168,001		)
Depreciation/amortization	(147,745		)	(86,044		)
Tax credit carryforwards	(81,703		)	(46,452		)
Deferred income	(20,286		)	(24,235		)
Other	(96,502		)	(105,327		)
Deferred tax assets	(683,291		)	(550,320		)
Valuation allowance	90,553			64,386
Net deferred tax liabilities	$	640,409		$	818,572

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:



	2012			2011			2010
	(In millions)
Balance at the beginning of the fiscal year	$	70.7		$	57.1		$	86.6
Increases for tax positions of prior years	5.2			13.5			3.7
Decreases for tax positions of prior years	(18.0		)	(26.0		)	(35.4		)
Increases based on tax positions related to the current year	3.7			10.8			10.4
Increases due to business combinations	—			26.9			—
Decreases due to settlements with taxing authorities	(2.2		)	(5.4		)	(0.8		)
Decreases due to lapse of statute of limitations	(6.7		)	(6.2		)	(7.4		)
Balance at the end of the fiscal year	$	52.7		$	70.7		$	57.1