Income Taxes (Tables)

12 Months Ended

Apr. 27, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The U.S. and foreign components of pre-tax (loss) income and income tax (benefit) expense are as follows:

	Fiscal Year Ended
(in millions)	April 27, 2024			April 29, 2023			April 30, 2022
Pre-tax (loss) income:
U.S.	$	(199.4	)	$	(3.6	)	$	31.2
Foreign		71.3			93.7			87.3
Total pre-tax (loss) income	$	(128.1	)	$	90.1		$	118.5
Income tax (benefit) expense:
Current:
U.S. (federal and state)	$	0.1		$	0.1		$	5.2
Foreign		16.6			16.9			13.5
Total current expense		16.7			17.0			18.7
Deferred:
U.S. (federal and state)		(17.9	)		(5.7	)		0.2
Foreign		(3.6	)		1.7			(2.6	)
Total deferred benefit		(21.5	)		(4.0	)		(2.4	)
Total income tax (benefit) expense	$	(4.8	)	$	13.0		$	16.3

Schedule of Reconciliation of Income Tax Expense

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

	Fiscal Year Ended
(in millions)	April 27, 2024			April 29, 2023			April 30, 2022
Income tax at statutory rate	$	(26.9	)	$	18.9		$	24.9
Effect of:
State income taxes, net of federal benefit		(1.0	)		—			0.6
Reorganization of a foreign owned subsidiary		—			(7.3	)		—
Goodwill impairment		22.7			—			—
Redemption of life insurance		1.2			—			—
Acquisition costs		0.1			1.4			—
Withholding taxes		3.2			3.4			2.5
Non-deductible compensation		0.3			1.6			2.1
Foreign tax differential		(5.1	)		(11.6	)		(8.1	)
U.S. tax on foreign income		3.5			2.9			(1.7	)
Foreign investment tax credit		0.1			5.0			—
Research and development		(1.5	)		(1.5	)		(2.6	)
Change in tax reserve		—			(0.6	)		(0.1	)
Change in valuation allowance		(1.0	)		—			(2.0	)
Tax rate change, foreign		—			0.2			0.1
Other, net		(0.4	)		0.6			0.6
Income tax (benefit) expense	$	(4.8	)	$	13.0		$	16.3
Effective income tax rate		3.7	%		14.4	%		13.8	%

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 27, 2024			April 29, 2023
Deferred tax liabilities:
Fixed assets	$	—		$	(2.7	)
Amortization		(56.5	)		(55.4	)
Foreign tax		(3.2	)		(4.5	)
Lease assets		(5.8	)		(6.8	)
Derivative financial instruments		(0.2	)		(0.6	)
Unrealized foreign exchange gain/loss		(0.5	)		—
Deferred tax liabilities, gross		(66.2	)		(70.0	)
Deferred tax assets:
Deferred compensation and stock award amortization		9.0			7.9
Fixed assets		1.3			—
Inventory		5.9			5.1
Lease liabilities		5.9			6.8
Foreign investment tax credit		24.4			25.2
Research expenditures		6.3			2.4
Net operating loss carryforwards		13.2			13.5
Foreign tax credits		1.7			1.2
Unrealized foreign exchange gain/loss		—			0.8
Interest carryforwards		7.9			2.5
Other		2.4			3.2
Deferred tax assets, gross		78.0			68.6
Less valuation allowance		(5.8	)		(6.8	)
Deferred tax assets, net of valuation allowance		72.2			61.8
Net deferred tax asset (liability)	$	6.0		$	(8.2	)
Balance sheet classification:
Long-term asset	$	34.7		$	33.6
Long-term liability		(28.7	)		(41.8	)
Net deferred tax asset (liability)	$	6.0		$	(8.2	)

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 27, 2024			April 29, 2023
Balance at beginning of period	$	4.5		$	5.1
Increases for positions related to the current year		0.2			0.3
Lapsing of statutes of limitations		(0.3	)		(0.9	)
Balance at end of period	$	4.4		$	4.5