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Income Taxes (Tables) | 12 Months Ended
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Apr. 30, 2022
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 |
|  | April 30, 2022 |  |  | May 1, 2021 |  |  | May 2, 2020 |
(in millions) |  | (52 Weeks) |  |  | (52 Weeks) |  |  | (53 Weeks) |
Income before income taxes: |  |  |  |  |  |  |  |  |
U.S. |  | $ | 31.2 |  |  | $ | 28.3 |  |  | $ | 47.3 |
Foreign |  |  | 87.3 |  |  |  | 106.6 |  |  |  | 101.4 |
Total income before income taxes |  | $ | 118.5 |  |  | $ | 134.9 |  |  | $ | 148.7 |
Income tax expense: |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
U.S. (federal and state) |  | $ | 5.2 |  |  | $ | 5.8 |  |  | $ | 5.1 |
Foreign |  |  | 13.5 |  |  |  | 15.9 |  |  |  | 12.8 |
Total current expense |  |  | 18.7 |  |  |  | 21.7 |  |  |  | 17.9 |
Deferred: |  |  |  |  |  |  |  |  |
U.S. (federal and state) |  |  | 0.2 |  |  |  | 1.3 |  |  |  | 6.1 |
Foreign |  |  | (2.6 | ) |  |  | (10.4 | ) |  |  | 1.3 |
Total deferred (benefit) expense |  |  | (2.4 | ) |  |  | (9.1 | ) |  |  | 7.4 |
Total income tax expense |  | $ | 16.3 |  |  | $ | 12.6 |  |  | $ | 25.3 |
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) |  | April 30, 2022 |  |  | May 1, 2021 |  |  | May 2, 2020 |
Income tax at statutory rate |  | $ | 24.9 |  |  | $ | 28.3 |  |  | $ | 31.2 |
Effect of: |  |  |  |  |  |  |  |  |
State income taxes, net of federal benefit |  |  | 0.6 |  |  |  | 0.1 |  |  |  | 1.5 |
Withholding taxes |  |  | 2.5 |  |  |  | 2.7 |  |  |  | 2.3 |
Non-deductible compensation |  |  | 2.1 |  |  |  | 0.5 |  |  |  | 0.2 |
Foreign tax differential |  |  | (8.1 | ) |  |  | (10.8 | ) |  |  | (8.3 | )
U.S. tax on foreign income |  |  | (1.7 | ) |  |  | 2.8 |  |  |  | (1.0 | )
Foreign investment tax credit |  |  | — |  |  |  | (7.2 | ) |  |  | (0.8 | )
Research and development |  |  | (2.6 | ) |  |  | (2.2 | ) |  |  | (0.6 | )
Change in tax reserve |  |  | (0.1 | ) |  |  | 0.1 |  |  |  | 2.2 |
Change in valuation allowance |  |  | (2.0 | ) |  |  | 1.8 |  |  |  | 0.8 |
Tax rate change, foreign |  |  | 0.1 |  |  |  | (0.1 | ) |  |  | (0.1 | )
Other, net |  |  | 0.6 |  |  |  | (3.4 | ) |  |  | (2.1 | )
Income tax expense |  | $ | 16.3 |  |  | $ | 12.6 |  |  | $ | 25.3 |
Effective income tax rate |  |  | 13.8 | % |  |  | 9.3 | % |  |  | 17.0 | %
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 30, 2022 |  |  | May 1, 2021 |
Deferred tax liabilities: |  |  |  |  |  |
Fixed assets |  | $ | (4.3 | ) |  | $ | (2.9 | )
Amortization |  |  | (48.1 | ) |  |  | (49.1 | )
Foreign tax |  |  | (3.1 | ) |  |  | (2.0 | )
Lease assets |  |  | (4.5 | ) |  |  | (4.9 | )
Derivative financial instruments |  |  | (1.1 | ) |  |  | — |
Other liabilities |  |  | (0.6 | ) |  |  | (0.4 | )
Deferred tax liabilities, gross |  |  | (61.7 | ) |  |  | (59.3 | )
Deferred tax assets: |  |  |  |  |  |
Deferred compensation and stock award amortization |  |  | 6.9 |  |  |  | 6.9 |
Inventory |  |  | 3.5 |  |  |  | 2.7 |
Lease liabilities |  |  | 4.7 |  |  |  | 5.3 |
Derivative financial instruments |  |  | — |  |  |  | 1.6 |
Foreign investment tax credit |  |  | 29.8 |  |  |  | 34.7 |
Net operating loss carryforwards |  |  | 17.4 |  |  |  | 15.6 |
Foreign tax credits |  |  | 1.3 |  |  |  | 1.4 |
Other |  |  | 3.4 |  |  |  | 3.3 |
Deferred tax assets, gross |  |  | 67.0 |  |  |  | 71.5 |
Less valuation allowance |  |  | (6.8 | ) |  |  | (9.3 | )
Deferred tax assets, net of valuation allowance |  |  | 60.2 |  |  |  | 62.2 |
Net deferred tax (liability) asset |  | $ | (1.5 | ) |  | $ | 2.9 |
Balance sheet classification: |  |  |  |  |  |
Long-term asset |  |  | 36.8 |  |  |  | 41.2 |
Long-term liability |  |  | (38.3 | ) |  |  | (38.3 | )
Net deferred tax (liability) asset |  | $ | (1.5 | ) |  | $ | 2.9 |
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 30, 2022 |  |  | May 1, 2021 |
Balance at beginning of period |  | $ | 5.3 |  |  | $ | 5.2 |
Increases for positions related to the current year |  |  | — |  |  |  | 0.2 |
Lapsing of statutes of limitations |  |  | (0.2 | ) |  |  | (0.1 | )
Balance at end of period |  | $ | 5.1 |  |  | $ | 5.3 |

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