Income Taxes (Tables)

12 Months Ended

Apr. 30, 2017

The provisions for income taxes for the years ended April 30 were as follows (in thousands):

	2017	2016	2015
Current Provision
US – Federal	$912	$(5,365)	$27,137
International	105,228	31,958	27,613
State and Local	100	1,657	1,007
Total Current Provision	$106,240	$28,250	$55,757
Deferred Provision (Benefit)
US – Federal	$(13,852)	$6,625	$(7,554)
International	(15,330)	(6,459)	606
State and Local	415	595	(216)
Total Deferred (Benefit)	$(28,767)	$761	$(7,164)
Total Provision	$77,473	$29,011	$48,593

International and United States Pretax Income

International and United States pretax income for the years ended April 30 were as follows (in thousands):

	2017	2016	2015
International	$192,910	$159,152	$165,085
United States	(1,794)	15,641	60,376
Total	$191,116	$174,793	$225,461

Reconciliation of Effective Income Tax Rate

The Company’s effective income tax rate as a percentage of pretax income differed from the U.S. federal statutory rate as shown below:

	2017	2016	2015
U.S. Federal Statutory Rate	35.0%	35.0%	35.0%
German Tax Litigation Expense	25.7	-	-
Benefit from Lower Taxes on Non-U.S. Income	(12.7)	(14.6)	(11.9)
State Income Taxes, Net of U.S. Federal Tax Benefit	0.1	0.8	0.3
Deferred Tax Benefit From Statutory Tax Rate Change	(1.3)	(3.4)	-
Tax Credits and Related Benefits	(6.2)	(1.6)	(0.3)
Tax Adjustments and Other	(0.1)	0.4	(1.5)
Effective Income Tax Rate	40.5%	16.6%	21.6%

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits included within the Other Long-Term Liabilities line item in the Consolidated Statements of Financial Position follows (in thousands):

	2017	2016
Balance at May 1st	$19,863	$19,349
Additions for Current Year Tax Positions	2,566	1,077
Additions for Prior Year Tax Positions	31,802	533
Reductions for Prior Year Tax Positions	-	(214)
Foreign Translation Adjustment	(419)	569
Payments and Settlements	(47,688)	(132)
Reductions for Lapse of Statute of Limitations	-	(1,319)
Balance at April 30th	$6,124	$19,863

Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities at April 30 were as follows (in thousands):

	2017	2016
Net Operating Losses	$5,453	$3,148
Reserve for Sales Returns and Doubtful Accounts	8,331	6,075
Accrued Employee Compensation	34,305	29,550
Foreign and Federal Credits	15,472	-
Other Accrued Expenses	14,303	14,842
Retirement and Post-Employment Benefits	56,633	64,438
Total Gross Deferred Tax Assets	$134,497	$118,053
Less Valuation Allowance	(1,300)	-
Total Deferred Tax Assets	$133,197	$118,053

Prepaid Expenses and Other Current Assets	$(16,385)	$(5,349)
Intangible and Fixed Assets	(272,008)	(288,769)
Total Deferred Tax Liabilities	$(288,393)	$(294,118)

Net Deferred Tax Liabilities	$(155,196)	$(176,065)

Reported As
Current Deferred Tax Assets	$-	$11,126
Non-current Deferred Tax Assets	5,295	2,677
Non-current Deferred Tax Liabilities	160,491	189,868
Net Deferred Tax Liabilities	$155,196	$176,065