Income Taxes (Tables)

12 Months Ended

May 01, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

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

Schedule of Reconciliation of Income Tax Expense

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	%

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)	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	)

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)	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