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v3.25.2

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | May 03, 2025 | Apr. 27, 2024
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Deferred tax liabilities: |  |
Amortization | $ (51.9) | $ (56.5)
Foreign tax | (2.9) | (3.2)
Lease assets | (5.7) | (5.8)
Derivative financial instruments |  | (0.2)
Unrealized foreign exchange gain/loss | (1.9) | (0.5)
Deferred tax liabilities, gross | (62.4) | (66.2)
Deferred tax assets: |  |
Deferred compensation and stock award amortization | 6.9 | 9.0
Fixed assets | 1.6 | 1.3
Inventory | 8.6 | 5.9
Lease liabilities | 6.4 | 5.9
Derivative financial instruments | 0.9 |
Foreign investment tax credit | 25.6 | 24.4
Research expenditures | 8.3 | 6.3
Net operating loss carryforwards | 14.8 | 13.2
Foreign tax credits | 3.4 | 1.7
Interest carryforwards | 12.3 | 7.9
Other | 5.3 | 2.4
Deferred tax assets, gross | 94.1 | 78.0
Less valuation allowance | (20.7) | (5.8)
Deferred tax assets, net of valuation allowance | 73.4 | 72.2
Net deferred tax asset | 11.0 | 6.0
Balance sheet classification: |  |
Long-term asset | 37.8 | 34.7
Long-term liability | (26.8) | (28.7)
Net deferred tax asset | $ 11.0 | $ 6.0

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