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Income Taxes (Tables)

12 Months Ended

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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