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Income Taxes (Tables) | 12 Months Ended
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Apr. 28, 2018
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were as follows:
|  | April 28, 2018 |  | April 29, 2017
Deferred Tax Liabilities: |  |  |  |  |  |
Accelerated Tax Depreciation |  | $ | 6.3 |  |  | $ | 2.0 |
Accelerated Book Amortization |  | 11.4 |  |  | — |
Foreign Tax Withheld |  | 4.8 |  |  | 4.2 |
Deferred Income |  | 0.2 |  |  | 0.4 |
Deferred Tax Liabilities, Gross |  | 22.7 |  |  | 6.6 |
Deferred Tax Assets: |  |  |  |  |  |
Deferred Compensation and Stock Award Amortization |  | 7.5 |  |  | 10.1 |
Inventory Valuation Differences |  | 1.8 |  |  | 2.9 |
Property Valuation Differences |  | 2.0 |  |  | 1.9 |
Accelerated Book Amortization |  | — |  |  | 7.2 |
Environmental Reserves |  | 0.2 |  |  | 0.5 |
Bad Debt Reserves |  | 0.1 |  |  | 0.1 |
Vacation Accruals |  | 1.0 |  |  | 1.0 |
Foreign Investment Tax Credit |  | 29.3 |  |  | 17.9 |
Net Operating Loss Carryovers |  | 5.8 |  |  | 4.7 |
Other Accruals |  | 1.5 |  |  | 2.6 |
Deferred Tax Assets, Gross |  | 49.2 |  |  | 48.9 |
Less Valuation Allowance |  | 2.5 |  |  | 1.9 |
Deferred Tax Assets, Net of Valuation Allowance |  | 46.7 |  |  | 47.0 |
Net Deferred Tax Assets |  | $ | 24.0 |  |  | $ | 40.4 |
Balance Sheet Classification: |  |  |  |  |  |
Non-current Asset |  | 42.3 |  |  | 40.4 |
Non-current Liability |  | (18.3 | ) |  | — |
Net Deferred Tax Assets |  | $ | 24.0 |  |  | $ | 40.4 |
Schedule of Components of Income before Income Taxes | Components of income before income taxes are as follows:
|  | Fiscal Year Ended
|  | April 28, 2018 |  | April 29, 2017 |  | April 30, 2016
Domestic Source |  | $ | 11.4 |  |  | $ | 21.6 |  |  | $ | 25.3 |
Foreign Source |  | 112.4 |  |  | 94.3 |  |  | 85.6 |
Income before Income Tax |  | $ | 123.8 |  |  | $ | 115.9 |  |  | $ | 110.9 |
Schedule of Income Taxes | Income taxes consisted of the following:
|  | Fiscal Year Ended
|  | April 28, 2018 |  | April 29, 2017 |  | April 30, 2016
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 46.5 |  |  | $ | 9.2 |  |  | $ | 2.8 |
Foreign |  | 18.8 |  |  | 17.0 |  |  | 14.7 |
State |  | 0.3 |  |  | 0.7 |  |  | 0.6 |
Subtotal |  | 65.6 |  |  | 26.9 |  |  | 18.1 |
Deferred |  |  |  |  |  |
Federal and State |  | 11.6 |  |  | (1.2 | ) |  | 5.5 |
Foreign |  | (10.6 | ) |  | (2.7 | ) |  | 2.7 |
Subtotal |  | 1.0 |  |  | (3.9 | ) |  | 8.2 |
Total Income Tax Expense |  | $ | 66.6 |  |  | $ | 23.0 |  |  | $ | 26.3 |
Schedule of Reconciliation of Consolidated Provisions for Income Taxes from Continuing Operations | A reconciliation of the consolidated provisions for income taxes from continuing operations to amounts determined by applying the prevailing statutory federal income tax rate to pre-tax earnings is as follows:
|  | Fiscal Year Ended
|  | April 28, 2018 |  | April 29, 2017 |  | April 30, 2016
Income Tax at Statutory Rate |  | $ | 37.7 |  |  | 30.5 | % |  | $ | 40.5 |  |  | 35.0 | % |  | $ | 38.9 |  |  | 35.0 | %
Effect of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State Income Taxes, Net of Federal Benefit |  | 0.1 |  |  | 0.1 | % |  | 0.9 |  |  | 0.8 | % |  | 0.4 |  |  | 0.4 | %
U.S. Tax Reform Repatriation |  | 48.5 |  |  | 39.2 | % |  | — |  |  | — | % |  | — |  |  | — | %
Foreign Operations with Lower Statutory Rates |  | (15.3 | ) |  | (12.4 | )% |  | (14.5 | ) |  | (12.5 | )% |  | (11.9 | ) |  | (10.7 | )%
Foreign Investment Tax Credit |  | (9.8 | ) |  | (7.9 | )% |  | (4.7 | ) |  | (4.1 | )% |  | (2.1 | ) |  | (1.9 | )%
Change in Tax Reserve |  | 0.1 |  |  | — | % |  | 0.1 |  |  | 0.1 | % |  | 0.1 |  |  | 0.1 | %
Change in Valuation Allowance |  | 0.4 |  |  | 0.3 | % |  | 0.3 |  |  | 0.3 | % |  | 0.1 |  |  | 0.1 | %
Tax Rate Change, Foreign |  | (1.5 | ) |  | (1.2 | )% |  | — |  |  | — | % |  | — |  |  | — | %
U.S. Tax Reform Re-measurements |  | 5.2 |  |  | 4.2 | % |  | — |  |  | — | % |  | — |  |  | — | %
Other, Net |  | 1.2 |  |  | 1.0 | % |  | 0.4 |  |  | 0.3 | % |  | 0.8 |  |  | 0.8 | %
Income Tax Provision (Benefit) |  | $ | 66.6 |  |  | 53.8 | % |  | $ | 23.0 |  |  | 19.9 | % |  | $ | 26.3 |  |  | 23.8 | %
Schedule of Reconciliation of Unrecognized Tax Benefits | The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:
Balance as of April 29, 2017 |  | $ | 1.3 |
Increases for Positions Related to the Prior Years |  | — |
Increases for Positions Related to the Current Year |  | 0.1 |
Decreases for Positions Related to the Prior Years |  | — |
Lapsing of Statutes of Limitations |  | — |
Balance as of April 28, 2018 |  | $ | 1.4 |

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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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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