Shareholders' Equity (Tables)

3 Months Ended

Jul. 27, 2024

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Activity under 2021 Buyback Program

The following table summarizes activity under the 2021 Buyback Authorization:

	Three Months Ended
(in millions, except share and per share data)	July 27, 2024		July 29, 2023
Shares purchased		136,000		—
Average price per share	$	11.55	$	—
Total cost	$	1.6	$	—

Prior to its expiration,

Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax

A summary of changes in AOCI, net of tax is shown below:

	Three Months Ended July 27, 2024
(in millions)	Currency translation adjustments			Derivative instruments			Total
Balance at beginning of period	$	(36.5	)	$	(0.2	)	$	(36.7	)
Other comprehensive income (loss)		1.1			(2.2	)		(1.1	)
Tax benefit		1.0			0.5			1.5
Net other comprehensive income (loss)		2.1			(1.7	)		0.4
Balance at the end of period	$	(34.4	)	$	(1.9	)	$	(36.3	)

	Three Months Ended July 29, 2023
(in millions)	Currency translation adjustments			Derivative instruments			Total
Balance at beginning of period	$	(19.8	)	$	0.8		$	(19.0	)
Other comprehensive loss		(2.7	)		(2.2	)		(4.9	)
Tax benefit		0.2			0.6			0.8
Net other comprehensive loss		(2.5	)		(1.6	)		(4.1	)
Balance at the end of period	$	(22.3	)	$	(0.8	)	$	(23.1	)

Summary of RSA and RSU Activity

The following table summarizes RSA activity:

	Restricted stock awards			Weighted average grant date fair value
Non-vested at April 27, 2024		789,674		$	28.81
Awarded		—		$	—
Vested		—		$	—
Forfeited		(79,325	)	$	28.28
Non-vested at July 27, 2024		710,349		$	28.87

The following table summarizes RSU activity:

	Restricted stock units			Weighted average grant date fair value
Non-vested at April 27, 2024		941,640		$	26.43
Awarded		129,136		$	13.65
Conversion of cash bonus to RSUs		153,376		$	12.98
Vested		(385,898	)	$	28.44
Forfeited		(165,402	)	$	22.40
Non-vested at July 27, 2024		672,852		$	20.75

Summary of the Assumptions for the PSUs

The following table provides a summary of the assumptions for the PSUs:

	Assumptions
Expected volatility		51.28	%
Risk free interest rate		4.23	%
Expected term (in years)		2.79
Grant date fair value	$	16.38

Summary of PSU Activity

The following table summarizes PSU activity:

	Performance stock units		Weighted average grant date fair value
Non-vested at April 27, 2024		—	$	—
Awarded		138,758	$	16.38
Vested		—	$	—
Forfeited		—	$	—
Non-vested at July 27, 2024		138,758	$	16.38

Summary of Awards Granted to Non-employee Directors

The following table summarizes awards granted to non-employee directors:

	Non-employee director awards			Deferred non-employee director awards		Total			Weighted average grant date fair value
Outstanding at April 27, 2024		—			77,319		77,319		$	37.23
Awarded		56,680			86,786		143,466		$	9.92
Issued		(56,680	)		—		(56,680	)	$	9.88
Outstanding at July 27, 2024		—			164,105		164,105		$	22.80

Summary of combined stock option activity and related information for stock options granted

The following table summarizes stock option activity:

	Stock options			Weighted average exercise price		Weighted- average life (years)		Aggregate intrinsic value (in millions)
Outstanding and exercisable at April 27, 2024		8,000		$	37.01		0.2	$	0.0
Exercised		—		$	—
Forfeited		(8,000	)	$	37.01
Outstanding and exercisable at July 27, 2024		—		$	—		0.0	$	0.0

Summary of Stock-based Compensation Expense Related to Equity Awards

The table below summarizes the stock-based compensation expense related to the equity awards:

	Three Months Ended
(in millions)	July 27, 2024		July 29, 2023
RSUs	$	0.7	$	1.0
Deferred non-employee director awards		0.9		1.0
Non-employee director awards		0.6		0.6
Total stock-based compensation expense	$	2.2	$	2.6