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Income Taxes (Tables) | 12 Months Ended
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Apr. 27, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Provision | The U.S. and foreign components of pre-tax (loss) income and income tax (benefit) expense are as follows:
|  | Fiscal Year Ended |
(in millions) |  | April 27, 2024 |  |  | April 29, 2023 |  |  | April 30, 2022 |
Pre-tax (loss) income: |  |  |  |  |  |  |  |  |
U.S. |  | $ | (199.4 | ) |  | $ | (3.6 | ) |  | $ | 31.2 |
Foreign |  |  | 71.3 |  |  |  | 93.7 |  |  |  | 87.3 |
Total pre-tax (loss) income |  | $ | (128.1 | ) |  | $ | 90.1 |  |  | $ | 118.5 |
Income tax (benefit) expense: |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
U.S. (federal and state) |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 5.2 |
Foreign |  |  | 16.6 |  |  |  | 16.9 |  |  |  | 13.5 |
Total current expense |  |  | 16.7 |  |  |  | 17.0 |  |  |  | 18.7 |
Deferred: |  |  |  |  |  |  |  |  |
U.S. (federal and state) |  |  | (17.9 | ) |  |  | (5.7 | ) |  |  | 0.2 |
Foreign |  |  | (3.6 | ) |  |  | 1.7 |  |  |  | (2.6 | )
Total deferred benefit |  |  | (21.5 | ) |  |  | (4.0 | ) |  |  | (2.4 | )
Total income tax (benefit) expense |  | $ | (4.8 | ) |  | $ | 13.0 |  |  | $ | 16.3 |
Schedule of Reconciliation of Income Tax Expense | A reconciliation of income tax (benefit) expense to the U.S. statutory federal income tax rate of 21% is as follows:
|  | Fiscal Year Ended |
(in millions) |  | April 27, 2024 |  |  | April 29, 2023 |  |  | April 30, 2022 |
Income tax at statutory rate |  | $ | (26.9 | ) |  | $ | 18.9 |  |  | $ | 24.9 |
Effect of: |  |  |  |  |  |  |  |  |
State income taxes, net of federal benefit |  |  | (1.0 | ) |  |  | — |  |  |  | 0.6 |
Reorganization of a foreign owned subsidiary |  |  | — |  |  |  | (7.3 | ) |  |  | — |
Goodwill impairment |  |  | 22.7 |  |  |  | — |  |  |  | — |
Redemption of life insurance |  |  | 1.2 |  |  |  | — |  |  |  | — |
Acquisition costs |  |  | 0.1 |  |  |  | 1.4 |  |  |  | — |
Withholding taxes |  |  | 3.2 |  |  |  | 3.4 |  |  |  | 2.5 |
Non-deductible compensation |  |  | 0.3 |  |  |  | 1.6 |  |  |  | 2.1 |
Foreign tax differential |  |  | (5.1 | ) |  |  | (11.6 | ) |  |  | (8.1 | )
U.S. tax on foreign income |  |  | 3.5 |  |  |  | 2.9 |  |  |  | (1.7 | )
Foreign investment tax credit |  |  | 0.1 |  |  |  | 5.0 |  |  |  | — |
Research and development |  |  | (1.5 | ) |  |  | (1.5 | ) |  |  | (2.6 | )
Change in tax reserve |  |  | — |  |  |  | (0.6 | ) |  |  | (0.1 | )
Change in valuation allowance |  |  | (1.0 | ) |  |  | — |  |  |  | (2.0 | )
Tax rate change, foreign |  |  | — |  |  |  | 0.2 |  |  |  | 0.1 |
Other, net |  |  | (0.4 | ) |  |  | 0.6 |  |  |  | 0.6 |
Income tax (benefit) expense |  | $ | (4.8 | ) |  | $ | 13.0 |  |  | $ | 16.3 |
Effective income tax rate |  |  | 3.7 | % |  |  | 14.4 | % |  |  | 13.8 | %
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 27, 2024 |  |  | April 29, 2023 |
Deferred tax liabilities: |  |  |  |  |  |
Fixed assets |  | $ | — |  |  | $ | (2.7 | )
Amortization |  |  | (56.5 | ) |  |  | (55.4 | )
Foreign tax |  |  | (3.2 | ) |  |  | (4.5 | )
Lease assets |  |  | (5.8 | ) |  |  | (6.8 | )
Derivative financial instruments |  |  | (0.2 | ) |  |  | (0.6 | )
Unrealized foreign exchange gain/loss |  |  | (0.5 | ) |  |  | — |
Deferred tax liabilities, gross |  |  | (66.2 | ) |  |  | (70.0 | )
Deferred tax assets: |  |  |  |  |  |
Deferred compensation and stock award amortization |  |  | 9.0 |  |  |  | 7.9 |
Fixed assets |  |  | 1.3 |  |  |  | — |
Inventory |  |  | 5.9 |  |  |  | 5.1 |
Lease liabilities |  |  | 5.9 |  |  |  | 6.8 |
Foreign investment tax credit |  |  | 24.4 |  |  |  | 25.2 |
Research expenditures |  |  | 6.3 |  |  |  | 2.4 |
Net operating loss carryforwards |  |  | 13.2 |  |  |  | 13.5 |
Foreign tax credits |  |  | 1.7 |  |  |  | 1.2 |
Unrealized foreign exchange gain/loss |  |  | — |  |  |  | 0.8 |
Interest carryforwards |  |  | 7.9 |  |  |  | 2.5 |
Other |  |  | 2.4 |  |  |  | 3.2 |
Deferred tax assets, gross |  |  | 78.0 |  |  |  | 68.6 |
Less valuation allowance |  |  | (5.8 | ) |  |  | (6.8 | )
Deferred tax assets, net of valuation allowance |  |  | 72.2 |  |  |  | 61.8 |
Net deferred tax asset (liability) |  | $ | 6.0 |  |  | $ | (8.2 | )
Balance sheet classification: |  |  |  |  |  |
Long-term asset |  | $ | 34.7 |  |  | $ | 33.6 |
Long-term liability |  |  | (28.7 | ) |  |  | (41.8 | )
Net deferred tax asset (liability) |  | $ | 6.0 |  |  | $ | (8.2 | )
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) |  | April 27, 2024 |  |  | April 29, 2023 |
Balance at beginning of period |  | $ | 4.5 |  |  | $ | 5.1 |
Increases for positions related to the current year |  |  | 0.2 |  |  |  | 0.3 |
Lapsing of statutes of limitations |  |  | (0.3 | ) |  |  | (0.9 | )
Balance at end of period |  | $ | 4.4 |  |  | $ | 4.5 |

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