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Income Taxes (Tables) | 12 Months Ended
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May 02, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Provision | Details of the Company’s income tax provision are as follows:
|  | Fiscal Year Ended |
|  | May 2, 2020 |  |  | April 27, 2019 |  |  | April 28, 2018 |
(Dollars in Millions) |  | (53 Weeks) |  |  | (52 Weeks) |  |  | (52 Weeks) |
Income (Loss) before Income Taxes: |  |  |  |  |  |  |  |  |  |  |  |
Domestic Source |  | $ | 47.3 |  |  | $ | (0.6 | ) |  | $ | 11.4 |
Foreign Source |  |  | 101.4 |  |  |  | 104.2 |  |  |  | 112.4 |
Income before Income Taxes |  | $ | 148.7 |  |  | $ | 103.6 |  |  | $ | 123.8 |
Current Tax Provision (Benefit): |  |  |  |  |  |  |  |  |  |  |  |
U.S. (Federal and State) |  | $ | 5.1 |  |  | $ | (5.7 | ) |  | $ | 46.8 |
Foreign |  |  | 12.8 |  |  |  | 21.5 |  |  |  | 18.8 |
Subtotal |  |  | 17.9 |  |  |  | 15.8 |  |  |  | 65.6 |
Deferred Tax Provision (Benefit): |  |  |  |  |  |  |  |  |  |  |  |
U.S. (Federal and State) |  |  | 6.1 |  |  |  | 2.5 |  |  |  | 11.6 |
Foreign |  |  | 1.3 |  |  |  | (6.3 | ) |  |  | (10.6 | )
Subtotal |  |  | 7.4 |  |  |  | (3.8 | ) |  |  | 1.0 |
Total Income Tax Expense |  | $ | 25.3 |  |  | $ | 12.0 |  |  | $ | 66.6 |
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 2020, 21.0% for 2019 and 30.5% for 2018) to pre-tax earnings is as follows:
|  | Fiscal Year Ended |
(Dollars in Millions) |  | May 2, 2020 |  |  | April 27, 2019 |  |  | April 28, 2018 |
Income Tax at Statutory Rate |  | $ | 31.2 |  |  | $ | 21.8 |  |  | $ | 37.7 |
Effect of: |  |  |  |  |  |  |  |  |  |  |  |
State Income Taxes, Net of Federal Benefit |  |  | 1.5 |  |  |  | (0.8 | ) |  |  | 0.1 |
Withholding Taxes |  |  | 2.3 |  |  |  | 1.8 |  |  |  | — |
U.S. Tax Reform Transition Tax |  |  | — |  |  |  | (4.8 | ) |  |  | 48.5 |
Foreign Tax Differential |  |  | (8.3 | ) |  |  | (9.6 | ) |  |  | (15.3 | )
U.S. Tax on Foreign Income |  |  | (1.0 | ) |  |  | 3.4 |  |  |  | — |
Foreign Investment Tax Credit |  |  | (0.8 | ) |  |  | (2.0 | ) |  |  | (9.8 | )
Change in Tax Reserve |  |  | 2.2 |  |  |  | (0.1 | ) |  |  | 0.1 |
Change in Valuation Allowance |  |  | 0.8 |  |  |  | — |  |  |  | 0.4 |
Tax Rate Change, Foreign |  |  | (0.1 | ) |  |  | — |  |  |  | (1.5 | )
U.S. Tax Reform Re-measurements |  |  | — |  |  |  | — |  |  |  | 5.2 |
Other, Net |  |  | (2.5 | ) |  |  | 2.3 |  |  |  | 1.2 |
Income Tax Expense |  | $ | 25.3 |  |  | $ | 12.0 |  |  | $ | 66.6 |
Effective Income Tax Rate |  |  | 17.0 | % |  |  | 11.6 | % |  |  | 53.8 | %
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) |  | May 2, 2020 |  |  | April 27, 2019 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Depreciation |  | $ | (4.5 | ) |  | $ | (9.0 | )
Amortization |  |  | (47.8 | ) |  |  | (43.9 | )
Foreign Tax |  |  | (1.8 | ) |  |  | (2.0 | )
Lease Liabilities |  |  | (5.2 | ) |  |  | — |
Other Liabilities |  |  | (1.0 | ) |  |  | (0.1 | )
Deferred Tax Liabilities, Gross |  |  | (60.3 | ) |  |  | (55.0 | )
Deferred Tax Assets: |  |  |  |  |  |  |  |
Deferred Compensation and Stock Award Amortization |  |  | 7.0 |  |  |  | 8.6 |
Inventory Valuation Differences |  |  | 2.7 |  |  |  | 1.9 |
Property Valuation Differences |  |  | 0.8 |  |  |  | 1.6 |
Environmental Reserves |  |  | 0.2 |  |  |  | 0.3 |
Lease Assets |  |  | 5.7 |  |  |  | — |
Vacation Accruals |  |  | — |  |  |  | 0.4 |
Foreign Investment Tax Credit |  |  | 25.9 |  |  |  | 28.2 |
Net Operating Loss Carryovers |  |  | 12.9 |  |  |  | 13.8 |
Foreign Tax Credits |  |  | — |  |  |  | 1.1 |
Other |  |  | 1.9 |  |  |  | 3.3 |
Deferred Tax Assets, Gross |  |  | 57.1 |  |  |  | 59.2 |
Less Valuation Allowance |  |  | (7.0 | ) |  |  | (6.3 | )
Deferred Tax Assets, Net of Valuation Allowance |  |  | 50.1 |  |  |  | 52.9 |
Net Deferred Tax Liabilities |  | $ | (10.2 | ) |  | $ | (2.1 | )
Balance Sheet Classification: |  |  |  |  |  |  |  |
Long-term Asset |  |  | 31.4 |  |  |  | 34.3 |
Long-term Liability |  |  | (41.6 | ) |  |  | (36.4 | )
Net Deferred Tax Liabilities |  | $ | (10.2 | ) |  | $ | (2.1 | )
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) |  | May 2, 2020 |  |  | April 27, 2019 |
Balance at Beginning of Fiscal Year |  | $ | 3.1 |  |  | $ | 1.4 |
Increases for Positions Related to the Prior Years |  |  | 1.9 |  |  |  | 1.8 |
Increases for Positions Related to the Current Year |  |  | 0.3 |  |  |  | 0.9 |
Lapsing of Statutes of Limitations |  |  | (0.1 | ) |  |  | (1.0 | )
Balance at End of Fiscal Year |  | $ | 5.2 |  |  | $ | 3.1 |

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