Income Tax Disclosure [Abstract] | Period [Axis] |
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2015-05-01 - 2016-04-30 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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