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Income Taxes (Tables)

12 Months Ended

May. 02, 2015

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities were as follows: 

	May 2, 2015				May 3, 2014
Deferred tax liabilities:
Accelerated tax depreciation	$	2.0			$	2.9
Foreign tax withheld	1.7				1.3
Deferred income	0.9				1.3
	4.6				5.5
Deferred tax assets:
Deferred compensation and stock award amortization	7.6				8.4
Inventory valuation differences	2.1				2.2
Property valuation differences	2.0				2.0
Accelerated book amortization	10.1				7.6
Environmental reserves	1.1				1.0
Bad debt reserves	0.1				0.2
Vacation accruals	1.0				0.9
Restructuring accruals	—				0.1
Foreign investment tax credit	16.1				22.9
Net operating loss carryovers	5.2				8.1
Foreign tax credits	3.7				11.0
Research tax credits	—				0.6
Other accruals	3.0				1.9
	52.0				66.9
Less valuation allowance	2.0				14.0
Total deferred tax assets	50.0				52.9
Net deferred tax assets	$	45.4			$	47.4
Balance sheet classification:
Current asset	$	15.0			$	8.7
Non-current asset	32.1				40.0
Current liability	(1.7		)		(1.3		)
	$	45.4			$	47.4

Schedule of Components of Income before Income Taxes

Components of income before income taxes are as follows:

	Fiscal Year Ended
	May 2, 2015				May 3, 2014				April 27, 2013
Domestic source	$	39.9			$	21.0			$	(1.2	)
Foreign source	80.9				54.9				39.1
Income/(loss) before income tax	$	120.8			$	75.9			$	37.9

Schedule of Income Taxes

Income taxes consisted of the following: 

	Fiscal Year Ended
	May 2, 2015				May 3, 2014				April 27, 2013
Current
Federal	$	5.4			$	0.2			$	—
Foreign	13.8				8.0				4.6
State	0.9				0.7				0.1
Subtotal	20.1				8.9				4.7
Deferred
Federal and state	6.0				(31.7		)		—
Foreign	(6.3		)		2.5				(7.2		)
Subtotal	(0.3		)		(29.2		)		(7.2		)
Total income tax/(benefit)	$	19.8			$	(20.3	)		$	(2.5	)

Schedule of Reconciliation of Consolidated Provisions for Income Taxes from Continuing Operations

A reconciliation of the consolidated provisions for income taxes from continuing operations to amounts determined by applying the prevailing statutory federal income tax rate to pre-tax earnings is as follows:

	Fiscal Year Ended
	May 2, 2015							May 3, 2014							April 27, 2013
Income tax at statutory rate	$	42.2			35.0	%		$	26.5			35.0	%		$	13.3			35.0	%
Effect of:
State income taxes, net of federal benefit	0.8				0.6	%		0.4				0.5	%		0.1				0.3	%
Foreign operations with lower statutory rates	(11.5		)		(9.5	)%		(13.2		)		(17.4	)%		(11.4		)		(30.1	)%
Foreign losses with no tax benefit	0.1				0.1	%		1.0				1.3	%		1.9				5.0	%
Foreign investment tax credit	(8.3		)		(6.9	)%		1.6				2.1	%		(7.5		)		(19.8	)%
Change in tax contingency reserve	0.2				0.2	%		0.2				0.3	%		(0.1		)		(0.1	)%
Change in permanent reinvestment assertion	0.3				0.2	%		(2.8		)		(3.7	)%		—				—	%
Change in valuation allowance	(3.6		)		(3.0	)%		(32.6		)		(43.0	)%		(1.2		)		(3.3	)%
Other, net	(0.4		)		(0.3	)%		(1.4		)		(1.8	)%		2.4				6.4	%
Income tax provision/(benefit)	$	19.8			16.4	%		$	(20.3	)		(26.7	)%		$	(2.5	)		(6.6	)%

Schedule of Reconciliation of Unrecognized Tax Benefits

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

Balance at May 3, 2014	$	0.6
Increases for positions related to the prior years	0.1
Increases for positions related to the current year	0.2
Decreases for positions related to the prior years	—
Lapsing of statutes of limitations	—
Balance at May 2, 2015	$	0.9

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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