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Shareholders' Equity (Tables)
 12 Months Ended
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