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Derivative Financial Instruments and Hedging Activities (Tables)
12 Months Ended
Apr. 27, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments Classified as Level 2 Within Fair Value Recorded in the Consolidated Balance Sheet

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

 

 

 

 

Asset/(Liability)

 

(in millions)

 

Financial Statement Caption

 

April 27, 2024

 

 

April 29, 2023

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

Net investment hedges

 

Other accrued liabilities

 

$

 

 

$

(0.5

)

Net investment hedges

 

Prepaid expenses and other current assets

 

$

1.3

 

 

$

 

Interest rate swaps

 

Other long-term liabilities

 

$

(2.1

)

 

$

 

Interest rate swaps

 

Prepaid expenses and other current assets

 

$

 

 

$

1.6

 

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

 

$

(0.2

)

 

$

(0.1

)

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

The pre-tax effects of derivative financial instruments recorded in other comprehensive income (loss) were as follows:

 

 

 

Fiscal Year Ended

 

(in millions)

 

April 27, 2024

 

 

April 29, 2023

 

 

April 30, 2022

 

Net investment hedges

 

$

2.4

 

 

$

(2.4

)

 

$

8.7

 

Interest rate swaps

 

 

(3.7

)

 

 

(1.4

)

 

 

3.2

 

Total

 

$

(1.3

)

 

$

(3.8

)

 

$

11.9