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Shareholders' Equity (Tables) | 12 Months Ended
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Apr. 27, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Activity under 2021 Buyback Program | The following table summarizes the activity under the 2021 Buyback Program:
|  | Fiscal Year Ended |
|  | April 27, 2024 |  |  | April 29, 2023 |
Shares purchased |  |  | 627,586 |  |  |  | 1,197,236 |
Average price per share |  | $ | 21.93 |  |  | $ | 40.14 |
Total cost (in millions) |  | $ | 13.8 |  |  | $ | 48.1 |
Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | A summary of changes in accumulated other comprehensive income (loss), net of tax is shown below:
(in millions) |  | Currency translation adjustments (1) |  |  | Derivative instruments |  |  | Total |
Balance as of May 1, 2021 |  | $ | 11.5 |  |  | $ | (5.4 | ) |  | $ | 6.1 |
Other comprehensive income (loss) |  |  | (42.4 | ) |  |  | 11.9 |  |  |  | (30.5 | )
Tax benefit (expense) |  |  | 0.4 |  |  |  | (2.8 | ) |  |  | (2.4 | )
Net current period other comprehensive income (loss) |  |  | (42.0 | ) |  |  | 9.1 |  |  |  | (32.9 | )
Balance as of April 30, 2022 |  |  | (30.5 | ) |  |  | 3.7 |  |  |  | (26.8 | )
Other comprehensive income (loss) before reclassifications |  |  | 12.9 |  |  |  | (3.8 | ) |  |  | 9.1 |
Amounts reclassified from accumulated other comprehensive income (loss) |  |  | (2.1 | ) |  |  | — |  |  |  | (2.1 | )
Tax (expense) benefit |  |  | (0.1 | ) |  |  | 0.9 |  |  |  | 0.8 |
Net current period other comprehensive income (loss) |  |  | 10.7 |  |  |  | (2.9 | ) |  |  | 7.8 |
Balance as of April 29, 2023 |  |  | (19.8 | ) |  |  | 0.8 |  |  |  | (19.0 | )
Other comprehensive income (loss) |  |  | (18.1 | ) |  |  | (1.3 | ) |  |  | (19.4 | )
Tax benefit |  |  | 1.4 |  |  |  | 0.3 |  |  |  | 1.7 |
Net current period other comprehensive loss |  |  | (16.7 | ) |  |  | (1.0 | ) |  |  | (17.7 | )
Balance as of April 27, 2024 |  | $ | (36.5 | ) |  | $ | (0.2 | ) |  | $ | (36.7 | )
(1) Includes foreign currency gains and losses related to debt designated as a net investment hedge. See Note 8, "Derivative Financial Instruments and Hedging Activities" for additional information. |
Summary of Stock-based Compensation Expense Related to Equity Awards | The table below summarizes the stock-based compensation expense related to the equity awards:
|  | Fiscal Year Ended |
(in millions) |  | April 27, 2024 |  |  | April 29, 2023 |  |  | April 30, 2022 |
RSUs |  | $ | 2.0 |  |  | $ | 9.9 |  |  | $ | 10.3 |
Deferred non-employee director awards |  |  | 1.0 |  |  |  | 1.0 |  |  |  | 0.8 |
Non-employee director awards |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 0.7 |
Total stock-based compensation expense |  | $ | 3.6 |  |  | $ | 11.5 |  |  | $ | 11.8 |
Summary of RSA and RSU Activity | The following table summarizes the RSA activity:
|  | Restricted stock awards |  |  | Weighted average grant date fair value |
Non-vested at May 1, 2021 |  |  | 928,412 |  |  | $ | 28.50 |
Awarded |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | — |  |  | $ | — |
Non-vested at April 30, 2022 |  |  | 928,412 |  |  | $ | 28.50 |
Awarded |  |  | 21,262 |  |  | $ | 38.41 |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | (16,000 | ) |  | $ | 28.28 |
Non-vested at April 29, 2023 |  |  | 933,674 |  |  | $ | 28.73 |
Awarded |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | (144,000 | ) |  | $ | 28.28 |
Non-vested at April 27, 2024 |  |  | 789,674 |  |  | $ | 28.81 |
The following table summarizes RSU activity:
|  | Restricted stock units |  |  | Weighted average grant date fair value |
Non-vested at May 1, 2021 |  |  | 927,611 |  |  | $ | 28.50 |
Awarded |  |  | 46,300 |  |  | $ | 48.41 |
Vested |  |  | (37,520 | ) |  | $ | 36.55 |
Forfeited |  |  | — |  |  | $ | — |
Non-vested at April 30, 2022 |  |  | 936,391 |  |  | $ | 29.16 |
Awarded |  |  | 127,277 |  |  | $ | 40.11 |
Vested |  |  | (264,133 | ) |  | $ | 30.14 |
Forfeited |  |  | (28,868 | ) |  | $ | 33.53 |
Non-vested at April 29, 2023 |  |  | 770,667 |  |  | $ | 30.47 |
Awarded |  |  | 389,966 |  |  | $ | 21.48 |
Vested |  |  | (36,221 | ) |  | $ | 42.72 |
Forfeited |  |  | (182,772 | ) |  | $ | 29.65 |
Non-vested at April 27, 2024 |  |  | 941,640 |  |  | $ | 26.43 |
Summary of Awards Granted to Non-employee Directors | The following table summarizes awards granted to non-employee directors:
|  | Non-employee director awards |  |  | Deferred non-employee director awards |  |  | Total |  |  | Weighted average grant date fair value |
Outstanding at May 1, 2021 |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | — |
Awarded |  |  | 14,775 |  |  |  | 17,956 |  |  |  | 32,731 |  |  | $ | 47.37 |
Issued |  |  | (14,775 | ) |  |  | — |  |  |  | (14,775 | ) |  | $ | 47.39 |
Non-vested at April 30, 2022 |  |  | — |  |  |  | 17,956 |  |  |  | 17,956 |  |  | $ | 47.35 |
Awarded |  |  | 15,540 |  |  |  | 27,794 |  |  |  | 43,334 |  |  | $ | 36.13 |
Issued |  |  | (15,540 | ) |  |  | — |  |  |  | (15,540 | ) |  | $ | 36.04 |
Outstanding at April 29, 2023 |  |  | — |  |  |  | 45,750 |  |  |  | 45,750 |  |  | $ | 40.56 |
Awarded |  |  | 16,804 |  |  |  | 31,569 |  |  |  | 48,373 |  |  | $ | 32.72 |
Issued |  |  | (16,804 | ) |  |  | — |  |  |  | (16,804 | ) |  | $ | 33.33 |
Outstanding at April 27, 2024 |  |  | — |  |  |  | 77,319 |  |  |  | 77,319 |  |  | $ | 37.23 |
Summary of combined stock option activity and related information for stock options granted | The following table summarizes stock option activity:
|  | Stock options |  |  | Weighted average exercise price |  |  | Weighted- average life (years) |  |  | Aggregate intrinsic value (in millions) |
Outstanding and exercisable at May 1, 2021 |  |  | 73,000 |  |  | $ | 37.01 |  |  |  | 3.2 |  |  | $ | 0.6 |
Exercised |  |  | (13,000 | ) |  | $ | 37.01 |  |  |  |  |  |  |
Forfeited |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Outstanding and exercisable at April 30, 2022 |  |  | 60,000 |  |  | $ | 37.01 |  |  |  | 2.2 |  |  | $ | 0.5 |
Exercised |  |  | (40,000 | ) |  | $ | 37.01 |  |  |  |  |  |  |
Forfeited |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Outstanding and exercisable at April 29, 2023 |  |  | 20,000 |  |  | $ | 37.01 |  |  |  | 1.2 |  |  | $ | 0.1 |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Forfeited |  |  | (12,000 | ) |  | $ | 37.01 |  |  |  |  |  |  |
Outstanding and exercisable at April 27, 2024 |  |  | 8,000 |  |  | $ | 37.01 |  |  |  | 0.2 |  |  | $ | 0.0 |

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