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Income Taxes (Tables)

12 Months Ended

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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