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Acquisitions (Tables) | 12 Months Ended
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May 02, 2020
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 |
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 purchase price allocations were finalized at the end of fiscal 2018 and are summarized as follows:
(Dollars in Millions) |  | Procoplast |  |  | Pacific Insight |  |  | Total |
Cash |  | $ | 1.3 |  |  | $ | 4.9 |  |  | $ | 6.2 |
Accounts Receivable |  |  | 7.4 |  |  |  | 18.3 |  |  |  | 25.7 |
Inventory |  |  | 3.5 |  |  |  | 13.0 |  |  |  | 16.5 |
Intangible Assets |  |  | 19.2 |  |  |  | 40.1 |  |  |  | 59.3 |
Goodwill |  |  | 6.8 |  |  |  | 50.4 |  |  |  | 57.2 |
Other Assets |  |  | 2.3 |  |  |  | 2.3 |  |  |  | 4.6 |
Property, Plant and Equipment |  |  | 23.8 |  |  |  | 13.2 |  |  |  | 37.0 |
Accounts Payable |  |  | (4.9 | ) |  |  | (7.9 | ) |  |  | (12.8 | )
Other Accrued Expenses |  |  | (2.1 | ) |  |  | (3.7 | ) |  |  | (5.8 | )
Short-term Debt |  |  | (3.2 | ) |  |  | (0.8 | ) |  |  | (4.0 | )
Other Long-term Liabilities |  |  | (2.1 | ) |  |  | — |  |  |  | (2.1 | )
Long-term Debt |  |  | (20.6 | ) |  |  | (3.4 | ) |  |  | (24.0 | )
Deferred Income Tax Liability |  |  | (7.9 | ) |  |  | (12.8 | ) |  |  | (20.7 | )
Total Purchase Price |  | $ | 23.5 |  |  | $ | 113.6 |  |  | $ | 137.1 |
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 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 |

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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=116869197&loc=d3e4845-128472 + Details
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