Acquisitions (Tables)

12 Months Ended

Apr. 27, 2019

Schedule of assets acquired and liabilities assumed

The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed was:



(Dollars in Millions)
Cash	$	1.3
Accounts Receivable	7.4
Inventory	3.5
Intangible Assets	19.2
Goodwill	6.8
Pre-production Costs	2.3
Property, Plant and Equipment	23.8
Accounts Payable	(4.9		)
Accrued Employee Liabilities	(0.8		)
Other Accrued Expenses	(0.7		)
Income Taxes Payable	(0.6		)
Short-term Debt	(3.2		)
Other Long-term Liabilities	(2.1		)
Long-term Debt	(20.6		)
Deferred Income Tax Liability	(7.9		)
Total Purchase Price	$	23.5

The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed was:



(Dollars in Millions)
Cash	$	4.9
Accounts Receivable	18.3
Inventory	13.0
Prepaid Expenses and Other Current Assets	0.3
Income Taxes Receivable	1.2
Intangible Assets	40.1
Goodwill	50.4
Pre-production Costs	0.8
Property, Plant and Equipment	13.2
Accounts Payable	(7.9		)
Accrued Employee Liabilities	(0.8		)
Other Accrued Expenses	(2.9		)
Short-term Debt	(0.8		)
Long-term Debt	(3.4		)
Deferred Income Tax Liability	(12.8		)
Total Purchase Price	$	113.6

The revised preliminary allocation of the purchase price to the fair values of the assets acquired and liabilities assumed were:



(Dollars in Millions)
Cash	$	6.9
Accounts Receivable	36.1
Inventory	30.8
Prepaid Expenses and Other Current Assets	1.6
Intangible Assets	221.9
Goodwill	175.3
Pre-production Costs	1.5
Property, Plant and Equipment	16.2
Accounts Payable	(19.4		)
Accrued Employee Liabilities	(4.4		)
Other Accrued Expenses	(7.5		)
Income Tax Payable	(0.7		)
Deferred Income Tax Liability	(29.3		)
Total Purchase Price	$	429.0

Schedule of intangible assets acquired

The following table presents details of the intangible assets acquired:



(Dollars in Millions)	Fair Value at Date of Acquisition		Amortization Period
Customer Relationships and Agreements - Significant Customer	$	12.3	17.0 years
Customer Relationships and Agreements - All Other Customers	2.8		11.5 years
Technology Licenses	2.1		8.5 years
Trade Names	2.0		8.5 years
Total	$	19.2

The following table presents details of the intangible assets acquired:



(Dollars in Millions)	Fair Value at Date of Acquisition		Amortization Period
Customer Relationships and Agreements - Automotive	$	22.6	11.0 years
Customer Relationships and Agreements - Commercial	9.6		13.0 years
Trade Names	6.2		7.5 years
Technology Licenses	1.7		5.5 years
Total	$	40.1

The following table presents details of the intangible assets acquired:



(Dollars in Millions)	Fair Value at Date of Acquisition		Amortization Period
Customer Relationships and Agreements - Significant Customer	$	57.0	19.5 years
Customer Relationships and Agreements - All Other Customers	125.0		19.5 years
Technology Licenses	17.7		11.7 years
Trade Names	22.2		8.5 years
Total	$	221.9

Schedule of pr forma information

The following table presents unaudited supplemental pro forma results for fiscal 2019 and 2018 as if both the Grakon acquisition had occurred as of the beginning of fiscal 2018 and the Pacific Insight acquisition had occurred as of the beginning of fiscal 2017. The unaudited pro forma information is presented for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place at such times. The unaudited pro forma results presented below primarily include amortization charges for acquired intangible assets, depreciation adjustments for property, plant and equipment that has been revalued, interest expense adjustments due to an increased debt level, adjustments for certain acquisition-related charges and related tax effects.



	Fiscal Year Ended
(Dollars in Millions)	April 27, 2019		April 28, 2018
Revenues	$	1,073.3	$	1,095.0
Net Income	$	106.4	$	70.5