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Income Taxes - Differences Between Income Tax Expense from Continuing Operations at Federal Income Tax Rate and Effective Income Tax Rate (Detail)
12 Months Ended
Apr. 28, 2024
Apr. 30, 2023
May 01, 2022
Income Tax Disclosure [Abstract]      
U.S. federal income tax rate 21.00% 21.00% 21.00%
valuation allowance (30.90%) (24.00%) (56.30%)
global intangible low taxed income tax (GILTI) (1) [1] 0.00% 0.00% (540.90%)
foreign tax rate differential (4.70%) (4.00%) (206.20%)
income tax effects of Chinese foreign exchange gains and losses (3.60%) (0.90%) (20.60%)
withholding taxes associated with foreign tax jurisdictions (6.50%) (2.40%) (172.80%)
uncertain income tax positions (0.70%) (0.30%) 105.40%
U.S. state income taxes 0.80% 0.60% 21.50%
stock-based compensation (1.80%) (0.30%) (3.30%)
other (4) [2] (1.90%) (0.70%) (35.80%)
consolidated effective income tax rate (1) (2) (3) [3],[4],[5] (28.30%) (11.00%) (888.00%)
[1] See the below section titled "GILTI" for further details for the GILTI tax incurred during fiscal 2022.
[2] “Other” for all periods presented represents miscellaneous adjustments that pertain to U.S. permanent differences such as meals and entertainment and income tax provision to return adjustments.
[3] During fiscal 2023, we incurred a significantly higher consolidated pre-tax loss totaling $(28.4) million, compared with a much lower consolidated pre-tax loss totaling $(325,000) during fiscal 2022. As a result, 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 were more pronounced for fiscal 2022, compared with fiscal 2023.
[4] During fiscal 2024, we incurred a significantly lower consolidated pre-tax loss of $(10.8) million, compared with a significantly higher pre-tax loss of $(28.4) million incurred during fiscal 2023. As a result, 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 were more pronounced during fiscal 2024 compared with fiscal 2023.
[5] Our negative consolidated effective income tax rates during fiscal 2024, 2023, and 2022, were caused by the mix of earnings between our U.S. operations and foreign subsidiaries, as our taxable income stems from our operations located in China and Canada, which have higher income tax rates than the U.S. In addition, we applied a full valuation allowance against our U.S. deferred income tax assets during fiscal 2024, 2023, and 2022, respectively. Consequently, an income tax benefit was not recognized for the pre-tax losses associated with our U.S. operations totaling $(18.6) million, $(33.5) million, and $(7.6) million that were incurred during fiscal 2024, 2023, and 2022, respectively.