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Derivative Instruments and Hedging Activities (Tables)
6 Months Ended
Oct. 28, 2023
Text Block [Abstract]  
Schedule of Fair Value of Derivative Instruments Classified as Level 2 Within Fair Value Recorded in the Balance Sheet

The fair value of derivative instruments are classified as Level 2 within the fair value hierarchy and are recorded in the balance sheets as follows:

 

 

 

 

Asset/(Liability)

 

(in millions)

 

Financial Statement Caption

 

October 28, 2023

 

 

April 29, 2023

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Net investment hedges

 

Other accrued liabilities

 

$

 

 

$

(0.5

)

Interest rate swaps

 

Prepaid expenses and other current assets

 

$

 

 

$

1.6

 

Interest rate swaps

 

Other long-term liabilities

 

$

(1.1

)

 

$

 

Derivatives not designated as hedging instruments:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Prepaid expenses and other current assets

 

$

 

 

$

0.1

 

Foreign currency forward contracts

 

Other accrued liabilities

 

$

(0.1

)

 

$

(0.1

)

Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss)

Gross amounts recorded in other comprehensive income (loss) were as follows:

 

 

Three Months Ended

 

 

Six Months Ended

 

(in millions)

 

October 28, 2023

 

 

October 29, 2022

 

 

October 28, 2023

 

 

October 29, 2022

 

Net investment hedges

 

$

1.1

 

 

$

1.4

 

 

$

1.2

 

 

$

3.4

 

Interest rate swaps

 

 

(0.4

)

 

 

0.7

 

 

 

(2.7

)

 

 

0.7

 

Total

 

$

0.7

 

 

$

2.1

 

 

$

(1.5

)

 

$

4.1