Income Taxes (Tables)

12 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The U.S. and foreign components of income before income taxes and the provision for income taxes are as follows:

	Fiscal Year Ended
	April 30, 2022			May 1, 2021			May 2, 2020
(in millions)	(52 Weeks)			(52 Weeks)			(53 Weeks)
Income before income taxes:
U.S.	$	31.2		$	28.3		$	47.3
Foreign		87.3			106.6			101.4
Total income before income taxes	$	118.5		$	134.9		$	148.7
Income tax expense:
Current:
U.S. (federal and state)	$	5.2		$	5.8		$	5.1
Foreign		13.5			15.9			12.8
Total current expense		18.7			21.7			17.9
Deferred:
U.S. (federal and state)		0.2			1.3			6.1
Foreign		(2.6	)		(10.4	)		1.3
Total deferred (benefit) expense		(2.4	)		(9.1	)		7.4
Total income tax expense	$	16.3		$	12.6		$	25.3

Schedule of Reconciliation of Income Tax Expense

A reconciliation of income tax expense to the U.S. statutory federal income tax rate of 21% is as follows:

	Fiscal Year Ended
(in millions)	April 30, 2022			May 1, 2021			May 2, 2020
Income tax at statutory rate	$	24.9		$	28.3		$	31.2
Effect of:
State income taxes, net of federal benefit		0.6			0.1			1.5
Withholding taxes		2.5			2.7			2.3
Non-deductible compensation		2.1			0.5			0.2
Foreign tax differential		(8.1	)		(10.8	)		(8.3	)
U.S. tax on foreign income		(1.7	)		2.8			(1.0	)
Foreign investment tax credit		—			(7.2	)		(0.8	)
Research and development		(2.6	)		(2.2	)		(0.6	)
Change in tax reserve		(0.1	)		0.1			2.2
Change in valuation allowance		(2.0	)		1.8			0.8
Tax rate change, foreign		0.1			(0.1	)		(0.1	)
Other, net		0.6			(3.4	)		(2.1	)
Income tax expense	$	16.3		$	12.6		$	25.3
Effective income tax rate		13.8	%		9.3	%		17.0	%

Schedule of Deferred Income Tax Assets and Liabilities

Significant components of the Company's deferred income tax assets and liabilities were as follows:

(in millions)	April 30, 2022			May 1, 2021
Deferred tax liabilities:
Fixed assets	$	(4.3	)	$	(2.9	)
Amortization		(48.1	)		(49.1	)
Foreign tax		(3.1	)		(2.0	)
Lease assets		(4.5	)		(4.9	)
Derivative financial instruments		(1.1	)		—
Other liabilities		(0.6	)		(0.4	)
Deferred tax liabilities, gross		(61.7	)		(59.3	)
Deferred tax assets:
Deferred compensation and stock award amortization		6.9			6.9
Inventory		3.5			2.7
Lease liabilities		4.7			5.3
Derivative financial instruments		—			1.6
Foreign investment tax credit		29.8			34.7
Net operating loss carryforwards		17.4			15.6
Foreign tax credits		1.3			1.4
Other		3.4			3.3
Deferred tax assets, gross		67.0			71.5
Less valuation allowance		(6.8	)		(9.3	)
Deferred tax assets, net of valuation allowance		60.2			62.2
Net deferred tax (liability) asset	$	(1.5	)	$	2.9
Balance sheet classification:
Long-term asset		36.8			41.2
Long-term liability		(38.3	)		(38.3	)
Net deferred tax (liability) asset	$	(1.5	)	$	2.9

Schedule of Reconciliation of Unrecognized Tax Benefits

The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:

(in millions)	April 30, 2022			May 1, 2021
Balance at beginning of period	$	5.3		$	5.2
Increases for positions related to the current year		—			0.2
Lapsing of statutes of limitations		(0.2	)		(0.1	)
Balance at end of period	$	5.1		$	5.3