INCOME TAXES Income Taxes (Tables)

12 Months Ended

Apr. 29, 2012

INCOME TAXES [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense (benefit) consists of the following: 

	Fiscal Years
	2012			2011		2010
	(in millions)
Current income tax expense (benefit):
Federal	$	72.7		$	57.6	$	(150.2	)
State	8.4			17.2		2.5
Foreign	1.1			3.1		(0.8		)
	82.2			77.9		(148.5		)
Deferred income tax expense (benefit):
Federal	82.1			128.3		55.0
State	11.2			24.2		(23.1		)
Foreign	(3.1		)	5.7		3.4
	90.2			158.2		35.3
Total income tax expense (benefit)	$	172.4		$	236.1	$	(113.2	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of taxes computed at the federal statutory rate to the provision for income taxes is as follows: 

	Fiscal Years
	2012		2011		2010
Federal income taxes at statutory rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit	2.1		3.4		6.5
Foreign income taxes	(0.2	)	(1.2	)	9.6
Unremitted earnings	2.6		—		—
Net change in uncertain tax positions	(2.4	)	(0.3	)	(1.3	)
Net change in valuation allowance	(0.9	)	(3.4	)	(0.4	)
Tax credits	(1.0	)	(1.1	)	2.3
Manufacturer's deduction	(1.7	)	(1.8	)	—
Adjustment to goodwill	—		2.0		1.0
Other	(1.2	)	(1.4	)	—
Effective tax rate	32.3	%	31.2	%	52.7	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences consist of the following: 

	April 29, 2012			May 1, 2011
	(in millions)
Deferred tax assets:
Pension liabilities	$	256.4		$	138.6
Tax credits, carryforwards and net operating losses	85.6			96.8
Accrued expenses	53.2			41.7
Employee benefits	—			11.1
Other	30.8			39.6
	426.0			327.8
Valuation allowance	(54.6		)	(66.8		)
Total deferred tax assets	$	371.4		$	261.0
Deferred tax liabilities:
Property, plant and equipment	$	385.6		$	337.4
Intangible assets	125.8			108.5
Derivatives	31.9			44.7
Employee benefits	13.7			—
Investments in subsidiaries	44.6			53.5
Total deferred tax liabilities	$	601.6		$	544.1

Schedule of Classification of Deferred Taxes on Balance Sheet [Table Text Block]

The following table presents the classification of deferred taxes in our balance sheets as of April 29, 2012 and May 1, 2011: 

	April 29, 2012		May 1, 2011
	(in millions)
Other current assets	$	57.4	$	39.3
Other assets	3.2		5.6
Accrued expenses and other current liabilities	—		3.9
Other liabilities	290.8		324.1

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending liability for unrecognized tax benefits is as follows:

	(in millions)
Balance, May 2, 2010	$	43.2
Additions for tax positions taken in the current year	4.9
Additions for tax positions taken in prior years	0.9
Settlements with taxing authorities	(7.3		)
Lapse of statute of limitations	(8.1		)
Balance, May 1, 2011	33.6
Additions for tax positions taken in the current year	2.4
Reduction for tax positions taken in prior years	(10.8		)
Settlements with taxing authorities	(9.3		)
Lapse of statute of limitations	(0.6		)
Balance, April 29, 2012	$	15.3