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Income Taxes (Tables) | 6 Months Ended
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Oct. 29, 2023
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 six-month periods ending October 29, 2023, and October 30, 2022:
|  | October 29, |  |  | October 30, |
|  | 2023 |  |  | 2022 |
U.S. federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
U.S. valuation allowance |  |  | (32.8 | ) |  |  | (36.7 | )
Withholding taxes associated with foreign jurisdictions |  |  | (9.9 | ) |  |  | (3.3 | )
Foreign income tax rate differential |  |  | (5.7 | ) |  |  | 3.2 |
Stock-based compensation |  |  | (4.2 | ) |  |  | (0.6 | )
Tax effects of local currency foreign exchange gains |  |  | 5.1 |  |  |  | 4.7 |
Other |  |  | (0.3 | ) |  |  | (1.2 | )
|  | (26.8%) |  |  | (12.9)% |
Summary of Valuation Allowances Against Net Deferred Income Tax Assets | Based on our assessments as of October 29, 2023, October 30, 2022, and April 30, 2023, valuation allowances against our net deferred income tax assets pertain to the following:
(dollars in thousands) |  | October 29, 2023 |  |  | October 30, 2022 |  |  | April 30, 2023 |
U.S. federal and state net deferred income tax assets |  | $ | 17,839 |  |  | $ | 13,958 |  |  | $ | 16,345 |
U.S. capital loss carryforward |  |  | 2,330 |  |  |  | 2,330 |  |  |  | 2,330 |
|  | $ | 20,169 |  |  | $ | 16,288 |  |  | $ | 18,675 |
Summary of Taxes Paid | The following table sets forth taxes paid by jurisdiction:
|  | Six Months Ended |  |  | Six Months Ended |
|  | October 29, |  |  | October 30, |
(dollars in thousands) |  | 2023 |  |  | 2022 |
United States Transition Tax Payment |  | $ | 499 |  |  | $ | 265 |
China Income Taxes, Net of Refunds |  |  | 1,278 |  |  |  | 1,286 |
Canada Income Taxes, Net of Refunds |  |  | 336 |  |  |  | 161 |
|  | $ | 2,113 |  |  | $ | 1,712 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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- Definition 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 -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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