The U.S. and foreign components of income before income taxes and the provision for income taxes are as follows:

	Fiscal Year Ended
	May 1, 2021			May 2, 2020		April 27, 2019
(in millions)	(52 Weeks)			(53 Weeks)		(52 Weeks)
Income (loss) before income taxes:
U.S.	$	28.3		$	47.3	$	(0.6	)
Foreign		106.6			101.4		104.2
Total income before income taxes	$	134.9		$	148.7	$	103.6
Income tax expense:
Current:
U.S. (federal and state)	$	5.8		$	5.1	$	(5.7	)
Foreign		15.9			12.8		21.5
Total current expense		21.7			17.9		15.8
Deferred:
U.S. (federal and state)		1.3			6.1		2.5
Foreign		(10.4	)		1.3		(6.3	)
Total deferred (benefit) expense		(9.1	)		7.4		(3.8	)
Total income tax expense	$	12.6		$	25.3	$	12.0

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)	May 1, 2021			May 2, 2020			April 27, 2019
Income tax at statutory rate	$	28.3		$	31.2		$	21.8
Effect of:
State income taxes, net of federal benefit		0.1			1.5			(0.8	)
Withholding taxes		2.7			2.3			1.8
U.S. Tax Reform transition tax		—			—			(4.8	)
Foreign tax differential		(12.9	)		(8.3	)		(9.6	)
U.S. tax on foreign income		2.8			(1.0	)		3.4
Foreign investment tax credit		(7.2	)		(0.8	)		(2.0	)
Change in tax reserve		0.1			2.2			(0.1	)
Change in valuation allowance		1.8			0.8			—
Tax rate change, foreign		(0.1	)		(0.1	)		—
Other, net		(3.0	)		(2.5	)		2.3
Income tax expense	$	12.6		$	25.3		$	12.0
Effective income tax rate		9.3	%		17.0	%		11.6	%

In fiscal 2021, the effective income tax rate was favorably impacted by the amount of income earned in foreign jurisdictions with lower tax rates, tax credits and various deductions allowed in foreign jurisdictions. The Company received a benefit of approximately $7.2 million related to a favorable tax ruling in a foreign jurisdiction.

In fiscal 2020, the effective income tax rate was primarily affected by the amount of income earned in foreign jurisdictions with lower tax rates, the amount of tax credits earned, withholding taxes, tax reserves, and the current taxation of foreign earnings. The Company had a favorable impact from operations in foreign countries with tax rates lower than the U.S. statutory tax rate. The Company earned $0.8 million in investment tax credits primarily related to an investment in qualified expenditures. This was offset by a change in tax reserves of $2.2 million and foreign withholding taxes of $2.3 million.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, includes various income and payroll tax provisions, modifications to federal net operating loss rules, business interest deduction limitations, and bonus depreciation eligibility for qualified improvement property. The CARES Act did not significantly impact the fiscal 2021 consolidated financial statements.

In fiscal 2019, the effective income tax rate was favorably impacted by the amount of income earned in foreign jurisdictions with lower tax rates and a beneficial adjustment related to the finalization of The Tax Cuts and Jobs Act (“U.S. Tax Reform”) of $4.8 million. This adjustment under SAB 118 primarily consists of changes in interpretations and assumptions the Company made, additional regulatory guidance that was issued, and actions the Company took as a result of U.S. Tax Reform.

U.S. Tax Reform includes a new global intangible low-taxed income (“GILTI”) provision which requires the Company to include foreign subsidiary earnings in its U.S. tax return starting in fiscal 2019. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred.

Significant components of the Company's deferred income tax assets and liabilities were as follows:

(in millions)	May 1, 2021			May 2, 2020
Deferred tax liabilities:
Fixed Assets	$	(2.9	)	$	(3.7	)
Amortization		(49.1	)		(47.8	)
Foreign tax		(2.0	)		(1.8	)
Lease assets		(4.9	)		(5.2	)
Other liabilities		(0.4	)		(1.3	)
Deferred tax liabilities, gross		(59.3	)		(59.8	)
Deferred tax assets:
Deferred compensation and stock award amortization		6.9			7.0
Inventory		2.7			2.7
Lease liabilities		5.3			5.7
Derivative financial instruments		1.6			0.3
Foreign investment tax credit		34.7			25.9
Net operating loss carryforwards		15.6			14.1
Foreign tax credits		1.4			—
Other		3.3			1.4
Deferred tax assets, gross		71.5			57.1
Less valuation allowance		(9.3	)		(7.5	)
Deferred tax assets, net of valuation allowance		62.2			49.6
Net deferred tax liabilities	$	2.9		$	(10.2	)
Balance sheet classification:
Long-term asset		41.2			31.4
Long-term liability		(38.3	)		(41.6	)
Net deferred tax asset (liability)	$	2.9		$	(10.2	)

The Company recorded a net deferred tax asset for U.S. and foreign income taxes of $2.9 million for fiscal 2021 and recorded a net deferred tax liability of $10.2 million for fiscal 2020. In assessing the realizability of the deferred tax assets, the Company considers whether it is more likely than not that some portion or the entire deferred tax asset will be realized. Ultimately, the realization of the deferred tax asset is dependent upon the generation of sufficient earnings in future periods in which these temporary items can be utilized. In that regard, the Company has a valuation allowance of $9.3 million related to certain state, federal, and foreign net operating loss carryovers and other credits and determined that these deferred tax assets did not reach the more likely than not realizable standard.

As of May 1, 2021, the Company had available $38.4 million of federal, $68.9 million of state and $6.8 million of foreign gross operating loss carryforwards with a valuation allowance of $25.2 million for federal, $47.2 million for state and $0 for foreign. If unused, the U.S. federal net operating loss carryforwards will expire in the years 2021 through 2034. The state net operating loss carryforwards will expire in the years 2021 through 2037.

Total unused credits are $36.1 million as of May 1, 2021, all of which can be carried forward indefinitely.

The Company has not provided for deferred income taxes on the undistributed earnings of foreign subsidiaries except for certain identified amounts. The amount the Company expects to repatriate is based on a variety of factors including current year earnings of the foreign subsidiaries, foreign investment needs, and U.S. cash flow considerations. The Company considers the remaining undistributed foreign earnings that are not specifically identified to be indefinitely reinvested of $376.2 million. It is not practicable to determine the amount of deferred tax liability on such foreign earnings as the actual tax liability is dependent on circumstances that exist when the remittance occurs.

The Company operates in multiple jurisdictions throughout the world and the income tax returns of its subsidiaries in various jurisdictions are subject to periodic examination by the tax authorities. The Company regularly assesses the status of these examinations and the various outcomes to determine the adequacy of its provision for income taxes. The amount of gross unrecognized tax benefits totaled $5.3 million and $5.2 million as of May 1, 2021 and May 2, 2020, respectively. These amounts represent the amount of unrecognized benefits that, if recognized, would favorably impact the effective tax rate if resolved in the Company’s favor. The Company recognizes interest and penalties related to income tax uncertainties in income tax expense. Accrued interest and penalties as of May 1, 2021 and May 2, 2020 were $0.2 million and $0.1 million, respectively.

The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:

(in millions)	May 1, 2021			May 2, 2020
Balance at beginning of period	$	5.2		$	3.1
Increases for positions related to the prior years		—			1.9
Increases for positions related to the current year		0.2			0.3
Lapsing of statutes of limitations		(0.1	)		(0.1	)
Balance at end of period	$	5.3		$	5.2

At May 1, 2021, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next twelve months.

The U.S. federal statute of limitations remains open for fiscal years ended on or after 2018 and for state tax purposes on or after fiscal year 2012. Tax authorities may have the ability to review and adjust net operating losses or tax credits that were generated prior to these fiscal years. In the major foreign jurisdictions, fiscal 2015 and subsequent periods remain open and subject to examination by taxing authorities.