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Income Taxes (Tables)

3 Months Ended

Jul. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Differences in Income Tax Expense at Federal Income Tax Rate and Effective Income Tax Rate

The following schedule summarizes the principal differences between income tax expense at the U.S. federal income tax rate and the effective income tax rate reflected in the consolidated financial statements for the three-month periods ending July 31, 2022, and August 1, 2021:

		July 31,				August 1,
		2022				2021
U.S. federal income tax rate			21.0	%			21.0	%
U.S. valuation allowance			(35.4	)			(3.9	)
Withholding taxes associated with foreign jurisdictions			(5.0	)			4.7
Foreign income tax rate differential			2.7				2.8
Stock-based compensation			(2.1	)			0.2
Global Intangible Low Taxed Income Tax ("GILTI")			—				3.4
Other			0.1				0.5
		(18.7%)					28.7	%

Summary of Valuation Allowances Against Net Deferred Income Tax Assets

Based on our assessments as of July 31, 2022, August 1, 2021, and May 1, 2022, valuation allowances against our net deferred income tax assets pertain to the following:

(dollars in thousands)		July 31, 2022				August 1, 2021				May 1, 2022
U.S. federal and state net deferred income tax assets		$	11,006				9,221				9,527
U.S. capital loss carryforward			2,330				2,330				2,330
		$	13,336				11,551				11,857

Summary of Taxes Paid

The following table sets forth taxes paid by jurisdiction:

					Three Months Ended
		July 31,				August 1,
(dollars in thousands)		2022				2021
China - Income Taxes		$	548			$	921
China - Withholding Taxes Associated With      Earnings and Profits Distributed to the U.S.			—				487
Canada - Income Taxes			82				280
		$	630			$	1,688

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Summary of income taxes paid (refunded) by jurisdiction.

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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