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Income Taxes (Tables)

12 Months Ended

May 03, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The U.S. and foreign components of pre-tax (loss) income and income tax expense (benefit) are as follows:

		Fiscal Year Ended
		May 3, 2025				April 27, 2024				April 29, 2023
(in millions)		(53 Weeks)				(52 Weeks)				(52 Weeks)
Pre-tax (loss) income:
U.S.		$	(118.3	)		$	(199.4	)		$	(3.6	)
Foreign			68.2				71.3				93.7
Total pre-tax (loss) income		$	(50.1	)		$	(128.1	)		$	90.1
Income tax expense (benefit):
Current:
U.S. (federal and state)		$	(4.0	)		$	0.1			$	0.1
Foreign			22.0				16.6				16.9
Total current expense			18.0				16.7				17.0
Deferred:
U.S. (federal and state)			(0.9	)			(17.9	)			(5.7	)
Foreign			(4.6	)			(3.6	)			1.7
Total deferred benefit			(5.5	)			(21.5	)			(4.0	)
Total income tax expense (benefit)		$	12.5			$	(4.8	)		$	13.0

Schedule of Reconciliation of Income Tax Expense

A reconciliation of income tax expense (benefit) to the U.S. statutory federal income tax rate of 21% is as follows:

		Fiscal Year Ended
		May 3, 2025				April 27, 2024				April 29, 2023
(in millions)		(53 Weeks)				(52 Weeks)				(52 Weeks)
Income tax at statutory rate		$	(10.5	)		$	(26.9	)		$	18.9
Effect of:
State income taxes, net of federal benefit			(2.0	)			(1.0	)			—
Reorganization of a foreign owned subsidiary			—				—				(7.3	)
Goodwill impairment			—				22.7				—
Interest			2.3				—				0.2
Withholding taxes			2.0				3.2				3.4
Non-deductible compensation			3.7				0.3				1.6
Foreign tax differential			(2.6	)			(5.1	)			(11.6	)
U.S. tax on foreign income			11.5				3.5				2.9
Foreign investment tax credit			—				0.1				5.0
Research and development			(1.4	)			(1.5	)			(1.5	)
Change in tax reserve			(4.0	)			—				(0.6	)
Change in valuation allowance			13.5				(1.0	)			—
Tax rate change, foreign			—				—				0.2
Other, net			—				0.9				1.8
Income tax expense (benefit)		$	12.5			$	(4.8	)		$	13.0
Effective income tax rate			(25.0	)%			3.7	%			14.4	%

Schedule of Deferred Income Tax Assets and Liabilities

Significant components of the Company’s deferred income tax assets and liabilities were as follows:

(in millions)		May 3, 2025				April 27, 2024
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

Schedule of Reconciliation of Unrecognized Tax Benefits

The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:

(in millions)		May 3, 2025				April 27, 2024
Balance at beginning of period		$	4.4			$	4.5
Increases for positions related to the current year			0.3				0.2
Lapsing of statutes of limitations			(3.9	)			(0.3	)
Balance at end of period		$	0.8			$	4.4

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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