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Income Taxes (Tables)

12 Months Ended

Apr. 27, 2019

Income Tax Disclosure [Abstract]

Schedule of income tax provision

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

		Fiscal Year Ended
(Dollars in Millions)		April 27, 2019				April 28, 2018				April 29, 2017
Income (Loss) before Income Taxes:
Domestic Source		$	(0.6	)		$	11.4			$	21.6
Foreign Source		104.2				112.4				94.3
Income before Income Taxes		$	103.6			$	123.8			$	115.9
Current Tax Provision (Benefit):
U.S. (Federal and State)		$	(5.7	)		$	46.8			$	9.9
Foreign		21.5				18.8				17.0
Subtotal		15.8				65.6				26.9
Deferred Tax Provision (Benefit):
U.S. (Federal and State)		2.5				11.6				(1.2		)
Foreign		(6.3		)		(10.6		)		(2.7		)
Subtotal		(3.8		)		1.0				(3.9		)
Total Income Tax Expense		$	12.0			$	66.6			$	23.0

Schedule of income tax provision

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

		Fiscal Year Ended
(Dollars in Millions)		April 27, 2019				April 28, 2018				April 29, 2017
Income (Loss) before Income Taxes:
Domestic Source		$	(0.6	)		$	11.4			$	21.6
Foreign Source		104.2				112.4				94.3
Income before Income Taxes		$	103.6			$	123.8			$	115.9
Current Tax Provision (Benefit):
U.S. (Federal and State)		$	(5.7	)		$	46.8			$	9.9
Foreign		21.5				18.8				17.0
Subtotal		15.8				65.6				26.9
Deferred Tax Provision (Benefit):
U.S. (Federal and State)		2.5				11.6				(1.2		)
Foreign		(6.3		)		(10.6		)		(2.7		)
Subtotal		(3.8		)		1.0				(3.9		)
Total Income Tax Expense		$	12.0			$	66.6			$	23.0

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 2019, 30.5% for 2018 and 35.0% for 2017) to pre-tax earnings is as follows: 

		Fiscal Year Ended
(Dollars in Millions)		April 27, 2019				April 28, 2018				April 29, 2017
Income Tax at Statutory Rate		$	21.8			$	37.7			$	40.5
Effect of:
State Income Taxes, Net of Federal Benefit		(0.8		)		0.1				0.9
Dividends		1.8				—				—
U.S. Tax Reform Transition Tax		(4.8		)		48.5				—
Foreign Operations with Lower Statutory Rates		(9.6		)		(15.3		)		(14.5		)
Current Taxation of Foreign Income		3.4				—				—
Foreign Investment Tax Credit		(2.0		)		(9.8		)		(4.7		)
Change in Tax Reserve		(0.1		)		0.1				0.1
Change in Valuation Allowance		—				0.4				0.3
Tax Rate Change, Foreign		—				(1.5		)		—
U.S. Tax Reform Re-measurements		—				5.2				—
Other, Net		2.3				1.2				0.4
Income Tax Expense		$	12.0			$	66.6			$	23.0
Effective Income Tax Rate		11.6		%		53.8		%		19.9		%

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)		April 27, 2019				April 28, 2018
Deferred Tax Liabilities:
Depreciation		$	9.0			$	6.3
Amortization		43.9				11.4
Foreign Tax Withheld		2.0				4.8
Deferred Income		0.1				0.2
Deferred Tax Liabilities, Gross		55.0				22.7
Deferred Tax Assets:
Deferred Compensation and Stock Award Amortization		8.6				7.5
Inventory Valuation Differences		1.9				1.8
Property Valuation Differences		1.6				2.0
Environmental Reserves		0.3				0.2
Bad Debt Reserves		0.1				0.1
Vacation Accruals		0.4				1.0
Foreign Investment Tax Credit		28.2				29.3
Net Operating Loss Carryovers		13.8				5.8
Foreign Tax Credits		1.1				—
Other Accruals		3.2				1.5
Deferred Tax Assets, Gross		59.2				49.2
Less Valuation Allowance		6.3				2.5
Deferred Tax Assets, Net of Valuation Allowance		52.9				46.7
Net Deferred Tax Assets (Liabilities)		$	(2.1	)		$	24.0
Balance Sheet Classification:
Non-current Asset		34.3				42.3
Non-current Liability		(36.4		)		(18.3		)
Net Deferred Tax Assets (Liabilities)		$	(2.1	)		$	24.0

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)		April 27, 2019				April 28, 2018
Balance at Beginning of Fiscal Year		$	1.4			$	1.3
Increases for Positions Related to the Prior Years		1.8				—
Increases for Positions Related to the Current Year		0.9				0.1
Decreases for Positions Related to the Prior Years		—				—
Lapsing of Statutes of Limitations		(1.0		)		—
Balance at End of Fiscal Year		$	3.1			$	1.4

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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