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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