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Taxes (Tables)

12 Months Ended

Apr. 01, 2017

Income Tax Disclosure [Abstract]

Income Before Provision for Income Taxes

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

	Fiscal Years Ended
	April 1, 2017				April 2, 2016				March 28, 2015
U.S.	$	228.4			$	737.5			$	814.3
Non-U.S.	460.2				434.8				441.5
Total income before provision for income taxes	$	688.6			$	1,172.3			$	1,255.8

Provision for Income Taxes

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

	Fiscal Years Ended
	April 1, 2017				April 2, 2016				March 28, 2015
Current
U.S. Federal	$	131.2			$	268.0			$	277.0
U.S. State	20.4				14.3				49.7
Non-U.S.	45.8				54.2				41.9
Total current	197.4				336.5				368.6
Deferred
U.S. Federal	(34.1		)		0.3				5.0
U.S. State	(5.0		)		1.0				0.3
Non-U.S.	(21.2		)		(3.2		)		0.9
Total deferred	(60.3		)		(1.9		)		6.2
Total provision for income taxes	$	137.1			$	334.6			$	374.8

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

The Company's provision for income taxes for the years ended April 1, 2017, April 2, 2016 and March 28, 2015 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
	April 1, 2017			April 2, 2016			March 28, 2015
Provision for income taxes at the U.K. (2017), U.S. (2015-2016) statutory tax rate	20.0	%		35.0	%		35.0	%
State and local income taxes, net of federal benefit	1.3	%		1.2	%		2.4	%
Effects of global financing arrangements	(13.7	)%		(2.8	)%		(2.8	)%
Differences in tax effects on foreign income	11.1	%		(5.1	)%		(5.4	)%
Foreign tax credit	0.3	%		(0.2	)%		(0.4	)%
Liability for uncertain tax positions	—	%		—	%		0.2	%
Effect of changes in valuation allowances on deferred tax assets	0.5	%		(0.2	)%		(0.1	)%
Other	0.4	%		0.6	%		0.9	%
Effective tax rate	19.9	%		28.5	%		29.8	%

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
	April 1, 2017				April 2, 2016
Deferred tax assets
Inventories	$	9.0			$	10.5
Payroll related accruals	2.2				2.2
Deferred rent	39.5				37.1
Net operating loss carryforwards	17.7				3.4
Stock compensation	26.2				30.0
Sales allowances	10.0				13.4
Other	14.7				12.1
	119.3				108.7
Valuation allowance	(7.2		)		(3.4		)
Total deferred tax assets	112.1				105.3
Deferred tax liabilities
Goodwill and intangibles	(112.3		)		(32.9		)
Depreciation	(2.7		)		(48.0		)
Other	(3.8		)		(3.4		)
Total deferred tax liabilities	(118.8		)		(84.3		)
Net deferred tax assets (liabilities)	$	(6.7	)		$	21.0

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 2017, Fiscal 2016 and Fiscal 2015, are presented below (in millions):

	Fiscal Years Ended
	April 1, 2017				April 2, 2016				March 28, 2015
Unrecognized tax benefits beginning balance	$	16.8			$	19.9			$	18.1
Additions related to prior period tax positions	1.7				—				0.4
Additions related to current period tax positions	10.3				5.8				5.2
Decreases from prior period positions	(2.3		)		(5.7		)		(3.8		)
Decreases related to audit settlements	—				(3.2		)		—
Unrecognized tax benefits ending balance	$	26.5			$	16.8			$	19.9

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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