Rendering

Component: (Network and Table)
Network
2314301 - Disclosure - Income Taxes (Tables)
(http://smuckers.com/role/IncomeTaxesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Income Tax Disclosure [Abstract]Period [Axis]
2015-05-01 - 2016-04-30
Income Tax Disclosure [Abstract]
 
Income (loss) before income taxes
Income before income taxes is as follows:
 
Year Ended April 30,
  
2016

 
2015

 
2014

Domestic
$
959.3

 
$
500.7

 
$
827.4

Foreign
18.6

 
22.3

 
22.3

Income before income taxes
$
977.9

 
$
523.0

 
$
849.7

 
 
Components of the provision for income taxes
The components of the provision for income taxes are as follows:
  
Year Ended April 30,
  
2016

 
2015

 
2014

Current:
 
 
 
 
 
Federal
$
342.5

 
$
147.8

 
$
265.4

Foreign
4.8

 
4.7

 
4.2

State and local
37.1

 
17.9

 
22.9

Deferred:
 
 
 
 
 
Federal
(32.1
)
 
2.3

 
(13.9
)
Foreign
1.3

 
0.5

 
2.4

State and local
(64.4
)
 
4.9

 
3.5

Total income tax expense
$
289.2

 
$
178.1

 
$
284.5

 
 
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 Pretax Income
2016
 
2015
 
2014
Statutory federal income tax rate
35.0
 %
 
 
35.0
 %
 
 
35.0
 %
 
State and local income taxes
2.5

 
 
2.4

 
 
1.9

 
Domestic manufacturing deduction
(3.5
)
 
 
(2.9
)
 
 
(3.0
)
 
Deferred tax benefit from integration
(5.2
)
 
 

 
 

 
Other items – net
0.8

 
 
(0.4
)
 
 
(0.4
)
 
Effective income tax rate
29.6
 %
 
 
34.1
 %
 
 
33.5
 %
 
Income taxes paid
$
290.5

 
 
$
199.3

 
 
$
294.4

 
 
 
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,
  
2016

 
2015

Deferred tax liabilities:
 
 
 
Intangible assets
$
2,330.8

 
$
2,499.4

Property, plant, and equipment
140.5

 
158.0

Other
11.9

 
9.6

Total deferred tax liabilities
$
2,483.2

 
$
2,667.0

Deferred tax assets:
 
 
 
Post-employment and other employee benefits
$
171.8

 
$
143.4

Tax credit and loss carryforwards
3.7

 
44.8

Intangible assets
23.2

 
22.1

Inventory
8.0

 
11.6

Property, plant, and equipment
5.1

 
19.4

Other
47.3

 
32.9

Total deferred tax assets
$
259.1

 
$
274.2

Valuation allowance
(6.2
)
 
(4.2
)
Total deferred tax assets, less allowance
$
252.9

 
$
270.0

Net deferred tax liability
$
2,230.3

 
$
2,397.0

 
 
Summary of operating loss and tax credit carryforwards
The following table summarizes domestic loss and credit carryforwards at April 30, 2016.
 
Related Tax
Deduction
 
Deferred
Tax Asset
 
Valuation
Allowance
 
 
Expiration
Date     
Tax carryforwards:
 
 
 
 
 
 
 
 
Federal loss carryforwards
 
$

 
$
3.3

 
$
3.3

 
2021
State loss carryforwards
 
2.7

 
0.1

 

 
2021 to 2036
State tax credit carryforwards
 

 
0.3

 

 
2022
Total tax carryforwards
 
$
2.7

 
$
3.7

 
$
3.3

 
 
 
 
Reconciliation of unrecognized tax benefits
A reconciliation of our unrecognized tax benefits is as follows:
 
2016

 
2015

 
2014

Balance at May 1,
$
45.0

 
$
29.1

 
$
29.7

Increases:
 
 
 
 
 
Current year tax positions
3.3

 
2.4

 
5.1

Prior year tax positions
0.2

 
1.2

 
0.1

Acquired businesses
3.3

 
13.4

 

Decreases:
 
 
 
 
 
Prior year tax positions
0.9

 
0.4

 
1.6

Settlement with tax authorities
2.5

 

 
1.5

Expiration of statute of limitations periods
2.1

 
0.7

 
2.7

Balance at April 30,
$
46.3

 
$
45.0

 
$
29.1