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BUSINESS ACQUISITIONS & DISPOSITIONS | 3 Months Ended
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Jun. 26, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
BUSINESS ACQUISITIONS & DISPOSITIONS | BUSINESS ACQUISITIONS & DISPOSITIONS On May 1, 2026, the Company completed the acquisition of 100% ownership of Electrical Power Products, Inc. ("EPP"), a U.S. leader in critical power solutions for a total estimated purchase consideration of $1.2 billion in cash. The allocation of the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed is based on their estimated fair values as of the date of acquisition. The business is included in the CPI segment. Additional information which existed as of the acquisition date, may become known to the Company during the remainder of the measurement period, a period which is not to exceed 12 months from the date of the acquisition. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill during the measurement period. The following represents the Company's initial allocation of the total purchase price to the acquired assets and liabilities of the acquired business (in millions):
| Amount ($M)
ASSETS |
Current Assets: |
Cash | $ | 23 |
Accounts receivable | 69 |
Inventory | 99 |
Contract assets | 62 |
Other current assets | 5 |
Total current assets | 258 |
Operating lease right-of-use assets, net | 1 |
Property and equipment | 44 |
Intangible assets | 478 |
Goodwill | 473 |
Total assets | $ | 1,254 |
LIABILITIES AND PURCHASE CONSIDERATION |
Current Liabilities: |
Accounts payable | $ | 10 |
Deferred revenue | 36 |
Accrued liabilities | 11 |
Operating lease liabilities | 1 |
Other current liabilities | 9 |
Total liabilities | 67 |
Total purchase consideration | $ | 1,187 |
The following represents the Company's initial allocation of intangible assets identified in the purchase price allocation of the acquired business (in millions):
| Amount ($M) |  | Estimated Useful Life
Identifiable Intangible Assets |  |  |
Trade Names | $ | 132 |  |  | 15 years
Know-How | 46 |  |  | 10 years
Backlog | 44 |  |  | 2 years
Customer Relationships | 256 |  |  | 20 years
Total | $ | 478 |  |  |
Pro-forma results of operations have not been presented because the acquisition was not material to the Company's condensed consolidated financial results for the period presented. Fiscal Year 2027 Divestitures During the first quarter of fiscal year 2027, the Company sold a non-strategic North American business that was reported in its RMS segment. Gross cash sale proceeds of $90 million were received, generating a gain on sale of $46 million. The gain on sale is reported in other charges (income), net in the condensed consolidated statement of operations. Derecognized assets included $6 million of goodwill allocated on a relative fair value basis from the Automotive reporting unit.

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