Income Taxes (Tables)

12 Months Ended

Apr. 29, 2023

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
(in millions)	April 29, 2023			April 30, 2022			May 1, 2021
Pre-tax income:
U.S.	$	(3.6	)	$	31.2		$	28.3
Foreign		93.7			87.3			106.6
Total pre-tax income	$	90.1		$	118.5		$	134.9
Income tax expense:
Current:
U.S. (federal and state)	$	0.1		$	5.2		$	5.8
Foreign		16.9			13.5			15.9
Total current expense		17.0			18.7			21.7
Deferred:
U.S. (federal and state)		(5.7	)		0.2			1.3
Foreign		1.7			(2.6	)		(10.4	)
Total deferred benefit		(4.0	)		(2.4	)		(9.1	)
Total income tax expense	$	13.0		$	16.3		$	12.6

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 29, 2023			April 30, 2022			May 1, 2021
Income tax at statutory rate	$	18.9		$	24.9		$	28.3
Effect of:
State income taxes, net of federal benefit		—			0.6			0.1
Reorganization of a foreign owned subsidiary		(7.3	)		—			—
Acquisition costs		1.4			—			—
Withholding taxes		3.4			2.5			2.7
Non-deductible compensation		1.6			2.1			0.5
Foreign tax differential		(11.6	)		(8.1	)		(10.8	)
U.S. tax on foreign income		2.9			(1.7	)		2.8
Foreign investment tax credit		5.0			—			(7.2	)
Research and development		(1.5	)		(2.6	)		(2.2	)
Change in tax reserve		(0.6	)		(0.1	)		0.1
Change in valuation allowance		—			(2.0	)		1.8
Tax rate change, foreign		0.2			0.1			(0.1	)
Other, net		0.6			0.6			(3.4	)
Income tax expense	$	13.0		$	16.3		$	12.6
Effective income tax rate		14.4	%		13.8	%		9.3	%

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 29, 2023			April 30, 2022
Deferred tax liabilities:
Fixed assets	$	(2.7	)	$	(4.3	)
Amortization		(55.4	)		(48.1	)
Foreign tax		(4.5	)		(3.1	)
Lease assets		(6.8	)		(4.5	)
Derivative financial instruments		(0.6	)		(1.1	)
Other liabilities		—			(0.6	)
Deferred tax liabilities, gross		(70.0	)		(61.7	)
Deferred tax assets:
Deferred compensation and stock award amortization		7.9			6.9
Inventory		5.1			3.5
Lease liabilities		6.8			4.7
Foreign investment tax credit		25.2			29.8
Research expenditures		2.4			—
Net operating loss carryforwards		13.5			17.4
Foreign tax credits		1.2			1.3
Unrealized foreign exchange gain/loss		0.8			—
Interest carryforwards		2.5			—
Other		3.2			3.4
Deferred tax assets, gross		68.6			67.0
Less valuation allowance		(6.8	)		(6.8	)
Deferred tax assets, net of valuation allowance		61.8			60.2
Net deferred tax liability	$	(8.2	)	$	(1.5	)
Balance sheet classification:
Long-term asset	$	33.6		$	36.8
Long-term liability		(41.8	)		(38.3	)
Net deferred tax liability	$	(8.2	)	$	(1.5	)

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 29, 2023			April 30, 2022
Balance at beginning of period	$	5.1		$	5.3
Increases for positions related to the current year		0.3			—
Lapsing of statutes of limitations		(0.9	)		(0.2	)
Balance at end of period	$	4.5		$	5.1