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Acquisition | 6 Months Ended
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Oct. 26, 2019
Business Combinations [Abstract] |
Acquisition | Acquisition Acquisition of Grakon On September 12, 2018, the Company acquired 100% of the stock of Grakon Parent, Inc. ("Grakon") for $422.1 million in cash, net of cash acquired. The business, headquartered in Seattle, Washington, is a manufacturer of custom designed lighting solutions and highly styled engineered components. Grakon’s manufacturing capabilities and products help diversify the Company's product offerings and expand the Industrial segment, which is a key component of the Company's strategic direction. The accounts and transactions of Grakon have been included in the Automotive and Industrial segments in the condensed consolidated financial statements from the effective date of the acquisition. During the second quarter of fiscal 2020, the Company completed the allocation of the purchase price to the assets acquired and liabilities assumed. Based on the final allocation, goodwill decreased $0.2 million from the preliminary amount reported in the Company's consolidated financial statements as of April 27, 2019. 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 |
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 |  |  |
Acquisition-related costs of $10.9 million and $11.5 million were incurred in relation to the acquisition of Grakon in the three and six months ended October 27, 2018, respectively. Acquisition-related costs for the three months ended October 27, 2018 included $8.3 million of costs which have been reported in selling and administrative expenses and $2.6 million of costs which have been reported in costs of products sold on the condensed consolidated statements of income. Acquisition-related costs for the six months ended October 27, 2018 included $8.9 million of costs which have been reported in selling and administrative expenses and $2.6 million of costs which have been reported in costs of products sold on the condensed consolidated statements of income. 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 The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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