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Shareholders' Equity (Tables) | 3 Months Ended
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Jul. 27, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Activity under 2021 Buyback Program | The following table summarizes activity under the 2021 Buyback Authorization:
|  | Three Months Ended |
(in millions, except share and per share data) |  | July 27, 2024 |  |  | July 29, 2023 |
Shares purchased |  |  | 136,000 |  |  |  | — |
Average price per share |  | $ | 11.55 |  |  | $ | — |
Total cost |  | $ | 1.6 |  |  | $ | — |
Prior to its expiration,
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 July 27, 2024 |
(in millions) |  | Currency translation adjustments |  |  | Derivative instruments |  |  | Total |
Balance at beginning of period |  | $ | (36.5 | ) |  | $ | (0.2 | ) |  | $ | (36.7 | )
Other comprehensive income (loss) |  |  | 1.1 |  |  |  | (2.2 | ) |  |  | (1.1 | )
Tax benefit |  |  | 1.0 |  |  |  | 0.5 |  |  |  | 1.5 |
Net other comprehensive income (loss) |  |  | 2.1 |  |  |  | (1.7 | ) |  |  | 0.4 |
Balance at the end of period |  | $ | (34.4 | ) |  | $ | (1.9 | ) |  | $ | (36.3 | )
|  | Three Months Ended July 29, 2023 |
(in millions) |  | Currency translation adjustments |  |  | Derivative instruments |  |  | Total |
Balance at beginning of period |  | $ | (19.8 | ) |  | $ | 0.8 |  |  | $ | (19.0 | )
Other comprehensive loss |  |  | (2.7 | ) |  |  | (2.2 | ) |  |  | (4.9 | )
Tax benefit |  |  | 0.2 |  |  |  | 0.6 |  |  |  | 0.8 |
Net other comprehensive loss |  |  | (2.5 | ) |  |  | (1.6 | ) |  |  | (4.1 | )
Balance at the end of period |  | $ | (22.3 | ) |  | $ | (0.8 | ) |  | $ | (23.1 | )
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 27, 2024 |  |  | 789,674 |  |  | $ | 28.81 |
Awarded |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | (79,325 | ) |  | $ | 28.28 |
Non-vested at July 27, 2024 |  |  | 710,349 |  |  | $ | 28.87 |
The following table summarizes RSU activity:
|  | Restricted stock units |  |  | Weighted average grant date fair value |
Non-vested at April 27, 2024 |  |  | 941,640 |  |  | $ | 26.43 |
Awarded |  |  | 129,136 |  |  | $ | 13.65 |
Conversion of cash bonus to RSUs |  |  | 153,376 |  |  | $ | 12.98 |
Vested |  |  | (385,898 | ) |  | $ | 28.44 |
Forfeited |  |  | (165,402 | ) |  | $ | 22.40 |
Non-vested at July 27, 2024 |  |  | 672,852 |  |  | $ | 20.75 |
Summary of the Assumptions for the PSUs | The following table provides a summary of the assumptions for the PSUs:
|  | Assumptions |
Expected volatility |  |  | 51.28 | %
Risk free interest rate |  |  | 4.23 | %
Expected term (in years) |  |  | 2.79 |
Grant date fair value |  | $ | 16.38 |
Summary of PSU Activity | The following table summarizes PSU activity:
|  | Performance stock units |  |  | Weighted average grant date fair value |
Non-vested at April 27, 2024 |  |  | — |  |  | $ | — |
Awarded |  |  | 138,758 |  |  | $ | 16.38 |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | — |  |  | $ | — |
Non-vested at July 27, 2024 |  |  | 138,758 |  |  | $ | 16.38 |
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 27, 2024 |  |  | — |  |  |  | 77,319 |  |  |  | 77,319 |  |  | $ | 37.23 |
Awarded |  |  | 56,680 |  |  |  | 86,786 |  |  |  | 143,466 |  |  | $ | 9.92 |
Issued |  |  | (56,680 | ) |  |  | — |  |  |  | (56,680 | ) |  | $ | 9.88 |
Outstanding at July 27, 2024 |  |  | — |  |  |  | 164,105 |  |  |  | 164,105 |  |  | $ | 22.80 |
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 27, 2024 |  |  | 8,000 |  |  | $ | 37.01 |  |  |  | 0.2 |  |  | $ | 0.0 |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Forfeited |  |  | (8,000 | ) |  | $ | 37.01 |  |  |  |  |  |  |
Outstanding and exercisable at July 27, 2024 |  |  | — |  |  | $ | — |  |  |  | 0.0 |  |  | $ | 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 |
(in millions) |  | July 27, 2024 |  |  | July 29, 2023 |
RSUs |  | $ | 0.7 |  |  | $ | 1.0 |
Deferred non-employee director awards |  |  | 0.9 |  |  |  | 1.0 |
Non-employee director awards |  |  | 0.6 |  |  |  | 0.6 |
Total stock-based compensation expense |  | $ | 2.2 |  |  | $ | 2.6 |

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