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Income Taxes (Tables)
12 Months Ended
Apr. 30, 2019
Income Tax Disclosure [Abstract]  
Income (loss) before income taxes
Income before income taxes is as follows:
 
Year Ended April 30,
  
2019
 
2018
 
2017
Domestic
$
659.2

 
$
828.6

 
$
836.8

Foreign
42.4

 
32.4

 
41.6

Income before income taxes
$
701.6

 
$
861.0

 
$
878.4

Components of the provision for income taxes
The components of the provision for income taxes are as follows:
  
Year Ended April 30,
  
2019
 
2018
 
2017
Current:
 
 
 
 
 
Federal
$
227.9

 
$
277.9

 
$
325.1

Foreign
16.0

 
7.9

 
11.0

State and local
36.8

 
40.0

 
29.4

Deferred:
 
 
 
 
 
Federal
(73.6
)
 
(802.3
)
 
(78.3
)
Foreign
(0.1
)
 
0.5

 
1.6

State and local
(19.8
)
 
(1.6
)
 
(2.7
)
Total income tax expense (benefit)
$
187.2

 
$
(477.6
)
 
$
286.1

Reconciliation of the statutory federal income tax rate and the effective income tax rate
A reconciliation of the statutory federal income tax rate and the effective income tax rate is as follows:
  
Year Ended April 30,
(Percent of Pre-tax Income)
2019
 
2018
 
2017
Statutory federal income tax rate
21.0
 %
 
30.4
 %
 
35.0
 %
Tax reform – net impact on U.S. deferred tax assets and liabilities

 
(92.0
)
 

Tax reform – transition tax
(0.5
)
 
3.0

 

Goodwill impairment charges
2.9

 
5.5

 

Sale of the U.S. baking business
2.4

 

 

State and local income taxes
2.7

 
1.9

 
2.1

Domestic manufacturing deduction

 
(3.0
)
 
(3.7
)
Deferred tax benefit from integration
(2.4
)
 

 

Other items – net
0.6

 
(1.3
)
 
(0.8
)
Effective income tax rate
26.7
 %
 
(55.5
)%
 
32.6
 %
Income taxes paid
$
250.9

 
$
336.8

 
$
367.2

Deferred tax assets and liabilities
Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. Significant components of our deferred tax assets and liabilities are as follows:
  
April 30,
  
2019
 
2018
Deferred tax liabilities:
 
 
 
Intangible assets
$
1,428.3

 
$
1,393.6

Property, plant, and equipment
120.5

 
98.5

Other
13.4

 
14.2

Total deferred tax liabilities
$
1,562.2

 
$
1,506.3

Deferred tax assets:
 
 
 
Post-employment and other employee benefits
$
84.9

 
$
75.5

Tax credit and loss carryforwards
10.0

 
0.2

Intangible assets
17.2

 
18.8

Inventory
7.6

 
5.9

Property, plant, and equipment
7.0

 
6.4

Hedging transactions
15.6

 
0.9

Other
24.8

 
24.3

Total deferred tax assets
$
167.1

 
$
132.0

Valuation allowance
(3.5
)
 
(2.9
)
Total deferred tax assets, less allowance
$
163.6

 
$
129.1

Net deferred tax liability
$
1,398.6

 
$
1,377.2

Reconciliation of unrecognized tax benefits
A reconciliation of our unrecognized tax benefits is as follows:
 
2019
 
2018
 
2017
Balance at May 1,
$
32.3

 
$
40.4

 
$
46.3

Increases:
 
 
 
 
 
Current year tax positions
0.9

 
1.1

 
0.7

Prior year tax positions
0.3

 
0.5

 
1.2

Acquired businesses

 

 

Decreases:
 
 
 
 
 
Prior year tax positions

 

 
0.9

Settlement with tax authorities
9.0

 
3.0

 
1.1

Expiration of statute of limitations periods
9.5

 
6.7

 
5.8

Balance at April 30,
$
15.0

 
$
32.3

 
$
40.4