Income Taxes (Tables)

12 Months Ended

Apr. 28, 2013

Income Tax Disclosure [Abstract]

Income Tax Expense Benefit Continuing Operations

The following table summarizes the provision/(benefit) for U.S. federal, state and foreign taxes on income from continuing operations.

	2013			2012			2011
	(In thousands)
Current:
U.S. federal	$	126,878		$	112,064		$	41,673
State	14,622			12,326			14,992
Foreign	187,363			216,076			161,355
	328,863			340,466			218,020
Deferred:
U.S. federal	(13,589		)	(16,884		)	122,757
State	894			4,124			(4,402		)
Foreign	(74,570		)	(82,740		)	34,442
	(87,265		)	(95,500		)	152,797
Provision for income taxes	$	241,598		$	244,966		$	370,817

Components of Income From Continuing Operations Before Income Taxes

The components of income from continuing operations before income taxes consist of the following:

	2013		2012		2011
	(In thousands)
Domestic	$	378,283	$	315,741	$	470,646
Foreign	965,360		920,348		945,676
From continuing operations	$	1,343,643	$	1,236,089	$	1,416,322

U S Federal Statuatory Tax Rate Reconciliation To Effective Tax Rate

The differences between the U.S. federal statutory tax rate and the Company’s consolidated effective tax rate on continuing operations are as follows:

	2013		2012		2011
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
Tax on income of foreign subsidiaries	(7.7	)	(8.7	)	(5.6	)
Changes in valuation allowances	0.9		1.5		(0.8	)
Earnings repatriation	0.9		2.0		2.9
Tax free interest	(4.7	)	(5.4	)	(4.1	)
Effects of revaluation of tax basis of foreign assets	(6.2	)	(3.2	)	(1.6	)
Audit settlements and changes in uncertain tax positions	(0.3	)	(2.0	)	—
Other	0.1		0.6		0.4
Effective tax rate	18.0	%	19.8	%	26.2	%

Deferred Tax Assets And Liabilities

The following table and note summarize deferred tax (assets) and deferred tax liabilities as of April 28, 2013 and April 29, 2012.

	2013			2012
	(In thousands)
Depreciation/amortization	$	833,008		$	910,987
Benefit plans	41,354			59,647
Deferred income	97,482			96,472
Financing costs	117,161			117,670
Other	46,510			48,371
Deferred tax liabilities	1,135,515			1,233,147
Operating loss carryforwards	(90,790		)	(141,358		)
Benefit plans	(211,658		)	(195,697		)
Depreciation/amortization	(158,194		)	(147,745		)
Tax credit carryforwards	(111,431		)	(81,703		)
Deferred income	(18,596		)	(20,286		)
Other	(97,894		)	(96,502		)
Deferred tax assets	(688,563		)	(683,291		)
Valuation allowance	46,069			90,553
Net deferred tax liabilities	$	493,021		$	640,409

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

	2013			2012			2011
	(In millions)
Balance at the beginning of the fiscal year	$	52.7		$	70.7		$	57.1
Increases for tax positions of prior years	1.9			5.2			13.5
Decreases for tax positions of prior years	(8.6		)	(18.0		)	(26.0		)
Increases based on tax positions related to the current year	13.9			3.7			10.8
Increases due to business combinations	—			—			26.9
Decreases due to settlements with taxing authorities	(4.1		)	(2.2		)	(5.4		)
Decreases due to lapse of statute of limitations	(10.4		)	(6.7		)	(6.2		)
Balance at the end of the fiscal year	$	45.4		$	52.7		$	70.7