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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2018

Income Tax Disclosure [Abstract]

Income (loss) before income taxes

Income before income taxes is as follows:

	Year Ended April 30,
	2018				2017				2016
Domestic	$	828.6			$	836.8			$	959.3
Foreign	32.4				41.6				18.6
Income before income taxes	$	861.0			$	878.4			$	977.9

Components of the provision for income taxes resulting from the enactment of the Act

Accordingly, our income tax provision as of April 30, 2018, reflects the current year impacts of the Act and the following provisional estimates of our adjustments resulting directly from the enactment of the Act based on information available, prepared, or analyzed to date in reasonable detail.

(Provisional amounts recorded)	Year Ended April 30, 2018
Net impact on U.S. deferred tax assets and liabilities		$	(791.9	)
Transition tax		26.1
Net impact of adjustments		$	(765.8	)

Components of the provision for income taxes

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

	Year Ended April 30,
	2018				2017				2016
Current:
Federal	$	277.9			$	325.1			$	342.5
Foreign	7.9				11.0				4.8
State and local	40.0				29.4				37.1
Deferred:
Federal	(802.3		)		(78.3		)		(32.1		)
Foreign	0.5				1.6				1.3
State and local	(1.6		)		(2.7		)		(64.4		)
Total income tax expense (benefit)	$	(477.6	)		$	286.1			$	289.2

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 Pre-tax Income)	2018					2017					2016
Statutory federal income tax rate	30.4		%			35.0		%			35.0		%
Tax reform – net impact on U.S. deferred tax assets and liabilities (provisional)	(92.0		)			—					—
Tax reform – transition tax (provisional)	3.0					—					—
Goodwill impairment	5.5					—					—
State and local income taxes	1.9					2.1					2.5
Domestic manufacturing deduction	(3.0		)			(3.7		)			(3.5		)
Deferred tax benefit from integration	—					—					(5.2		)
Other items – net	(1.3		)			(0.8		)			0.8
Effective income tax rate	(55.5		)%			32.6		%			29.6		%
Income taxes paid	$	336.8				$	367.2				$	290.5

Deferred tax assets and liabilities

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 our deferred tax assets and liabilities are

as follows:

	April 30,
	2018				2017
Deferred tax liabilities:
Intangible assets	$	1,393.6			$	2,248.0
Property, plant, and equipment	98.5				129.8
Other	14.2				16.5
Total deferred tax liabilities	$	1,506.3			$	2,394.3
Deferred tax assets:
Post-employment and other employee benefits	$	75.5			$	146.3
Tax credit and loss carryforwards	0.2				1.8
Intangible assets	18.8				25.4
Inventory	5.9				10.5
Property, plant, and equipment	6.4				3.1
Other	25.2				43.8
Total deferred tax assets	$	132.0			$	230.9
Valuation allowance	(2.9		)		(3.6		)
Total deferred tax assets, less allowance	$	129.1			$	227.3
Net deferred tax liability	$	1,377.2			$	2,167.0

Reconciliation of unrecognized tax benefits

A reconciliation of our unrecognized tax benefits is as follows:

	2018				2017				2016
Balance at May 1,	$	40.4			$	46.3			$	45.0
Increases:
Current year tax positions	1.1				0.7				3.3
Prior year tax positions	0.5				1.2				0.2
Acquired businesses	—				—				3.3
Decreases:
Prior year tax positions	—				0.9				0.9
Settlement with tax authorities	3.0				1.1				2.5
Expiration of statute of limitations periods	6.7				5.8				2.1
Balance at April 30,	$	32.3			$	40.4			$	46.3

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years that resulted from the Tax Cuts and Jobs Act of 2018.

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Tabular disclosure of the change in unrecognized tax benefits, excluding amounts pertaining to examined tax returns.

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