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Income Taxes (Tables) | 3 Months Ended
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Jul. 28, 2024
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 28, 2024, and July 30, 2023:
|  | July 28, |  |  | July 30, |
|  | 2024 |  |  | 2023 |
U.S. federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
U.S. valuation allowance |  |  | (23.5 | ) |  |  | (34.1 | )
Withholding taxes associated with foreign jurisdictions |  |  | (1.0 | ) |  |  | (9.7 | )
Foreign income tax rate differential |  |  | 0.7 |  |  |  | (6.0 | )
Stock-based compensation |  |  | (0.9 | ) |  |  | — |
Tax effects of local currency foreign exchange gains |  |  | (0.4 | ) |  |  | 2.3 |
Uncertain income tax positions |  |  | 1.2 |  |  |  | (0.1 | )
Other |  |  | (0.5 | ) |  |  | 0.1 |
|  | (3.4)% |  |  | (26.5)% |
Summary of Valuation Allowances Against Net Deferred Income Tax Assets | Based on our assessments as of July 28, 2024, July 30, 2023, and April 28, 2024, valuation allowances against our net deferred income tax assets pertain to the following:
(dollars in thousands) |  | July 28, 2024 |  |  | July 30, 2023 |  |  | April 28, 2024 |
U.S. federal and state net deferred income tax assets |  | $ | 21,326 |  |  | $ | 17,246 |  |  | $ | 19,674 |
U.S. capital loss carryforward |  |  | 2,330 |  |  |  | 2,330 |  |  |  | 2,330 |
|  | $ | 23,656 |  |  | $ | 19,576 |  |  | $ | 22,004 |
Summary of Taxes Paid | The following table sets forth taxes paid by jurisdiction:
|  | Three Months |  |  | Three Months |
|  | Ended |  |  | Ended |
|  | July 28, |  |  | July 30, |
(dollars in thousands) |  | 2024 |  |  | 2023 |
China Income Taxes, Net of Refunds |  |  | 561 |  |  |  | 915 |
Canada - Income Taxes, Net of Refunds |  |  | — |  |  |  | 197 |
|  | $ | 561 |  |  | $ | 1,112 |

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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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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