Income Taxes (Tables)

12 Months Ended

Apr. 30, 2011

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. Significant components of the Company’s deferred tax assets and liabilities are as follows:


	April 30,
	2011			2010
Deferred tax liabilities:
Intangible assets	$	1,025,301		$	1,042,375
Property, plant, and equipment		111,537			121,950
Other		10,016			22,042

Total deferred tax liability	$	1,146,854		$	1,186,367

Deferred tax assets:
Post-employment and other employee benefits	$	84,723		$	69,887
Tax credit and loss carryforwards		4,583			5,049
Intangible assets		3,279			3,984
Other		27,668			21,247

Total deferred tax assets	$	120,253		$	100,167
Valuation allowance for deferred tax assets		(3,324	)		(3,470	)

Total deferred tax assets, less allowance	$	116,929		$	96,697

Net deferred tax liability	$	1,029,925		$	1,089,670

Domestic and foreign loss and credit carryforwards

The following table summarizes domestic and foreign loss and credit carryforwards at April 30, 2011.


	Related Tax		Deferred		Valuation		Expiration
	Deduction		Tax Asset		Allowance		Date
Tax carryforwards:
State loss carryforwards	$	68,869	$	3,407	$	3,187		2012 to 2030
State tax credit carryforwards		—		1,160		—		2018
Foreign jurisdictional tax credit carryforwards		—		16		—		2014

Total tax carryforwards	$	68,869	$	4,583	$	3,187

Income (loss) before income taxes

Income (loss) before income taxes is as follows:


	Year Ended April 30,
	2011			2010		2009
Domestic	$	729,654		$	712,226	$	378,293
Foreign		(12,490	)		18,527		17,772

Income before income taxes	$	717,164		$	730,753	$	396,065

Components of the provision for income taxes

The components of the provision for income taxes are as follows:


	Year Ended April 30,
	2011			2010			2009
Current:
Federal	$	271,361		$	256,444		$	97,182
Foreign		4,554			6,584			1,688
State and local		21,568			12,907			5,717
Deferred:
Federal		(51,011	)		(21,362	)		27,158
Foreign		(7,338	)		(4,386	)		(831	)
State and local		(1,452	)		(13,572	)		(802	)

Total income tax expense	$	237,682		$	236,615		$	130,112

Reconciliation of the statutory federal income tax rate and the effective income tax rate

A reconciliation of the statutory federal income tax rate and the effective income tax rate is as follows:


	Year Ended April 30,
Percent of Pretax Income	2011			2010			2009
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal income tax benefit		2.2			1.2			0.6
Domestic manufacturing deduction		(3.8	)		(1.9	)		(1.5	)
Other items — net		(0.3	)		(1.9	)		(1.2	)

Effective income tax rate		33.1	%		32.4	%		32.9	%

Income taxes paid	$	365,994		$	212,981		$	69,107

Reconciliation of unrecognized tax benefits

A reconciliation of the Company’s unrecognized tax benefits is as follows:


	2011		2010
Balance at May 1,	$	15,322	$	13,794
Increases:
Current year tax positions		5,237		3,977
Prior year tax positions		4,106		2,353
Foreign currency translation		—		686
Decreases:
Prior year tax positions		271		—
Settlement with tax authorities		31		—
Expiration of statute of limitations periods		3,985		5,488
Foreign currency translation		117		—

Balance at April 30,	$	20,261	$	15,322