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v3.24.2

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Apr. 27, 2024 | Apr. 29, 2023
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Deferred tax liabilities: |  |
Fixed assets | $ 0.0 | $ (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 | 0.0
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 | 0.0 | 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 |
Net deferred tax liability |  | (8.2)
Balance sheet classification: |  |
Long-term asset | 34.7 | 33.6
Long-term liability | $ (28.7) | (41.8)
Net deferred tax liability |  | $ (8.2)

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