Income Taxes (Tables)

12 Months Ended

May 02, 2020

Details of the Company’s income tax provision are as follows:

	Fiscal Year Ended
	May 2, 2020		April 27, 2019			April 28, 2018
(Dollars in Millions)	(53 Weeks)		(52 Weeks)			(52 Weeks)
Income (Loss) before Income Taxes:
Domestic Source	$	47.3	$	(0.6	)	$	11.4
Foreign Source		101.4		104.2			112.4
Income before Income Taxes	$	148.7	$	103.6		$	123.8
Current Tax Provision (Benefit):
U.S. (Federal and State)	$	5.1	$	(5.7	)	$	46.8
Foreign		12.8		21.5			18.8
Subtotal		17.9		15.8			65.6
Deferred Tax Provision (Benefit):
U.S. (Federal and State)		6.1		2.5			11.6
Foreign		1.3		(6.3	)		(10.6	)
Subtotal		7.4		(3.8	)		1.0
Total Income Tax Expense	$	25.3	$	12.0		$	66.6

Schedule of Reconciliation of Income Tax Expense

A reconciliation of the income tax expense to the prevailing statutory federal income tax rate (21.0% for 2020, 21.0% for 2019 and 30.5% for 2018) to pre-tax earnings is as follows:

	Fiscal Year Ended
(Dollars in Millions)	May 2, 2020			April 27, 2019			April 28, 2018
Income Tax at Statutory Rate	$	31.2		$	21.8		$	37.7
Effect of:
State Income Taxes, Net of Federal Benefit		1.5			(0.8	)		0.1
Withholding Taxes		2.3			1.8			—
U.S. Tax Reform Transition Tax		—			(4.8	)		48.5
Foreign Tax Differential		(8.3	)		(9.6	)		(15.3	)
U.S. Tax on Foreign Income		(1.0	)		3.4			—
Foreign Investment Tax Credit		(0.8	)		(2.0	)		(9.8	)
Change in Tax Reserve		2.2			(0.1	)		0.1
Change in Valuation Allowance		0.8			—			0.4
Tax Rate Change, Foreign		(0.1	)		—			(1.5	)
U.S. Tax Reform Re-measurements		—			—			5.2
Other, Net		(2.5	)		2.3			1.2
Income Tax Expense	$	25.3		$	12.0		$	66.6
Effective Income Tax Rate		17.0	%		11.6	%		53.8	%

Schedule of Deferred Income Tax Assets and Liabilities

Significant components of the Company's deferred income tax assets and liabilities were as follows:

(Dollars in Millions)	May 2, 2020			April 27, 2019
Deferred Tax Liabilities:
Depreciation	$	(4.5	)	$	(9.0	)
Amortization		(47.8	)		(43.9	)
Foreign Tax		(1.8	)		(2.0	)
Lease Liabilities		(5.2	)		—
Other Liabilities		(1.0	)		(0.1	)
Deferred Tax Liabilities, Gross		(60.3	)		(55.0	)
Deferred Tax Assets:
Deferred Compensation and Stock Award Amortization		7.0			8.6
Inventory Valuation Differences		2.7			1.9
Property Valuation Differences		0.8			1.6
Environmental Reserves		0.2			0.3
Lease Assets		5.7			—
Vacation Accruals		—			0.4
Foreign Investment Tax Credit		25.9			28.2
Net Operating Loss Carryovers		12.9			13.8
Foreign Tax Credits		—			1.1
Other		1.9			3.3
Deferred Tax Assets, Gross		57.1			59.2
Less Valuation Allowance		(7.0	)		(6.3	)
Deferred Tax Assets, Net of Valuation Allowance		50.1			52.9
Net Deferred Tax Liabilities	$	(10.2	)	$	(2.1	)
Balance Sheet Classification:
Long-term Asset		31.4			34.3
Long-term Liability		(41.6	)		(36.4	)
Net Deferred Tax Liabilities	$	(10.2	)	$	(2.1	)

Schedule of Reconciliation of Unrecognized Tax Benefits

The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:

(Dollars in Millions)	May 2, 2020			April 27, 2019
Balance at Beginning of Fiscal Year	$	3.1		$	1.4
Increases for Positions Related to the Prior Years		1.9			1.8
Increases for Positions Related to the Current Year		0.3			0.9
Lapsing of Statutes of Limitations		(0.1	)		(1.0	)
Balance at End of Fiscal Year	$	5.2		$	3.1