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Shareholders' Equity (Tables)
 9 Months Ended
Jan. 27, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Buyback Activity Under Share Buyback Program

The following table summarizes the Company’s stock buyback activity under this share buyback program:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(in millions, except share and per share data)

 

January 27, 2024

 

 

January 28, 2023

 

 

January 27, 2024

 

 

January 28, 2023

 

Shares purchased

 

 

130,592

 

 

 

179,700

 

 

 

453,371

 

 

 

1,005,514

 

Average price per share

 

$

22.99

 

 

$

44.54

 

 

$

23.73

 

 

$

39.34

 

Total cost

 

$

3.0

 

 

$

8.0

 

 

$

10.8

 

 

$

39.6

 
Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax A summary of changes in AOCI, net of tax is shown below:

 

 

Three Months Ended January 27, 2024

 

 

Nine Months Ended January 27, 2024

 

(in millions)

 

Currency translation adjustments

 

 

Derivative instruments

 

 

Total

 

 

Currency translation adjustments

 

 

Derivative instruments

 

 

Total

 

Balance at beginning of period

 

$

(42.5

)

 

$

(0.4

)

 

$

(42.9

)

 

$

(19.8

)

 

$

0.8

 

 

$

(19.0

)

Other comprehensive income (loss)

 

 

11.7

 

 

 

(2.8

)

 

 

8.9

 

 

 

(8.6

)

 

 

(4.3

)

 

 

(12.9

)

Tax benefit (expense)

 

 

2.0

 

 

 

0.8

 

 

 

2.8

 

 

 

(0.4

)

 

 

1.1

 

 

 

0.7

 

Net other comprehensive income (loss)

 

 

13.7

 

 

 

(2.0

)

 

 

11.7

 

 

 

(9.0

)

 

 

(3.2

)

 

 

(12.2

)

Balance at the end of period

 

$

(28.8

)

 

$

(2.4

)

 

$

(31.2

)

 

$

(28.8

)

 

$

(2.4

)

 

$

(31.2

)

 

 

Three Months Ended January 28, 2023

 

 

Nine Months Ended January 28, 2023

 

(in millions)

 

Currency translation adjustments

 

 

Derivative instruments

 

 

Total

 

 

Currency translation adjustments

 

 

Derivative instruments

 

 

Total

 

Balance at beginning of period

 

$

(61.1

)

 

$

6.8

 

 

$

(54.3

)

 

$

(30.5

)

 

$

3.7

 

 

$

(26.8

)

Other comprehensive income (loss)

 

 

37.7

 

 

 

(5.8

)

 

 

31.9

 

 

 

6.9

 

 

 

(1.7

)

 

 

5.2

 

Tax (expense) benefit

 

 

(0.6

)

 

 

1.4

 

 

 

0.8

 

 

 

(0.4

)

 

 

0.4

 

 

 

—

 

Net other comprehensive income (loss)

 

 

37.1

 

 

 

(4.4

)

 

 

32.7

 

 

 

6.5

 

 

 

(1.3

)

 

 

5.2

 

Balance at the end of period

 

$

(24.0

)

 

$

2.4

 

 

$

(21.6

)

 

$

(24.0

)

 

$

2.4

 

 

$

(21.6

)

 
Summary of RSA and RSU Activity The following table summarizes RSA activity:

 

 

Restricted
stock
awards

 

 

Weighted
average grant
date fair value

 

Non-vested at April 29, 2023

 

 

933,674

 

 

$

28.73

 

Awarded

 

 

—

 

 

$

—

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

(144,000

)

 

$

28.28

 

Non-vested at January 27, 2024

 

 

789,674

 

 

$

28.81

 
The following table summarizes RSU activity:

 

 

Restricted
stock
units

 

 

Weighted
average grant
date fair value

 

Non-vested at April 29, 2023

 

 

770,667

 

 

$

30.47

 

Awarded

 

 

211,050

 

 

$

22.86

 

Vested

 

 

(1,271

)

 

$

40.84

 

Forfeited

 

 

(182,772

)

 

$

29.65

 

Non-vested at January 27, 2024

 

 

797,674

 

 

$

28.63

 
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 April 29, 2023

 

 

—

 

 

 

45,750

 

 

 

45,750

 

 

$

40.56

 

Awarded

 

 

16,804

 

 

 

30,694

 

 

 

47,498

 

 

$

33.09

 

Issued

 

 

(16,804

)

 

 

—

 

 

 

(16,804

)

 

$

33.32

 

Outstanding at January 27, 2024

 

 

—

 

 

 

76,444

 

 

 

76,444

 

 

$

37.62

 
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 April 29, 2023

 

 

20,000

 

 

$

37.01

 

 

 

1.2

 

 

$

0.1

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Outstanding and exercisable at January 27, 2024

 

 

20,000

 

 

$

37.01

 

 

 

0.4

 

 

$

0.0

 
Summary of Stock-based Compensation Expense Related to Equity Awards The table below summarizes the stock-based compensation expense related to the equity awards:

 

 

Three Months Ended

 

 

Nine Months Ended

 

(in millions)

 

January 27, 2024

 

 

January 28, 2023

 

 

January 27, 2024

 

 

January 28, 2023

 

RSUs

 

$

(2.1

)

 

$

2.7

 

 

$

0.2

 

 

$

7.8

 

Deferred non-employee director awards

 

 

—

 

 

 

—

 

 

 

1.0

 

 

 

1.0

 

Non-employee director awards

 

 

—

 

 

 

—

 

 

 

0.6

 

 

 

0.6

 

Total stock-based compensation expense

 

$

(2.1

)

 

$

2.7

 

 

$

1.8

 

 

$

9.4

 

The net reversal in stock-based compensation expense for RSUs in the three months ended January 27, 2024 was due to forfeitures of $3.6 million accounted for during the period.