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Acquisition (Tables) | 6 Months Ended
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Oct. 26, 2019
Business Combinations [Abstract] |
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 were:
(Dollars in Millions) |  |
Cash |  | $ | 6.9 |
Accounts Receivable |  | 36.1 |
Inventory |  | 30.8 |
Prepaid Expenses and Other Current Assets |  | 1.6 |
Other Intangible Assets |  | 221.9 |
Goodwill |  | 175.1 |
Pre-production Costs |  | 1.5 |
Property, Plant and Equipment |  | 16.2 |
Accounts Payable |  | (19.4 | )
Accrued Employee Liabilities |  | (4.4 | )
Other Accrued Expenses |  | (7.6 | )
Income Tax Payable |  | (0.3 | )
Deferred Income Tax Liability |  | (29.4 | )
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 |  | $ | 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 |  |  |
Unaudited Pro Forma Results | The following table presents unaudited supplemental pro forma results for the three and six months ended October 27, 2018 as if the Grakon acquisition had occurred as of the beginning of fiscal 2018. 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 acquisition had taken place at such time. 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.
|  | (Unaudited)
(Dollars in Millions) |  | Three Months Ended October 27, 2018 |  | Six Months Ended October 27, 2018
Net Sales |  | $ | 285.5 |  |  | $ | 556.2 |
Net Income |  | $ | 26.1 |  |  | $ | 55.8 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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