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Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
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May 02, 2020
Goodwill And Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | A summary of the changes in goodwill by reportable segment is as follows:
(Dollars in Millions) |  | Automotive |  |  | Industrial |  |  | Total |
Balance as of April 29, 2017 |  | $ | — |  |  | $ | 1.6 |  |  | $ | 1.6 |
Acquisitions |  |  | 57.2 |  |  |  | — |  |  |  | 57.2 |
Foreign Currency Translation |  |  | 0.3 |  |  |  | 0.1 |  |  |  | 0.4 |
Balance as of April 28, 2018 |  |  | 57.5 |  |  |  | 1.7 |  |  |  | 59.2 |
Acquisitions |  |  | 49.4 |  |  |  | 125.9 |  |  |  | 175.3 |
Foreign Currency Translation |  |  | (0.6 | ) |  |  | (0.6 | ) |  |  | (1.2 | )
Balance as of April 27, 2019 |  |  | 106.3 |  |  |  | 127.0 |  |  |  | 233.3 |
Acquisitions |  |  | — |  |  |  | (0.2 | ) |  |  | (0.2 | )
Foreign Currency Translation |  |  | (0.1 | ) |  |  | (1.4 | ) |  |  | (1.5 | )
Balance as of May 2, 2020 |  | $ | 106.2 |  |  | $ | 125.4 |  |  | $ | 231.6 |
Summary of Goodwill by Reporting Unit | A summary of goodwill by reporting unit is as follows:
(Dollars in Millions) |  | May 2, 2020 |  |  | April 27, 2019 |
Grakon Industrial |  | $ | 123.8 |  |  | $ | 125.4 |
North American Automotive |  |  | 99.8 |  |  |  | 99.8 |
European Automotive |  |  | 6.4 |  |  |  | 6.5 |
Other |  |  | 1.6 |  |  |  | 1.6 |
Total |  | $ | 231.6 |  |  | $ | 233.3 |
Schedule of Other Intangible Assets, Net | The following tables present details of the Company's identifiable intangible assets:
|  | As of May 2, 2020 |
(Dollars in Millions) |  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Wtd. Avg. Remaining Amortization Periods (Years) |
Definite-lived Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer Relationships and Agreements |  | $ | 243.5 |  |  | $ | (40.8 | ) |  | $ | 202.7 |  |  |  | 16.5 |
Trade Names, Patents and Technology Licenses |  |  | 75.3 |  |  |  | (35.0 | ) |  |  | 40.3 |  |  |  | 7.8 |
Total Definite-lived Intangible Assets |  |  | 318.8 |  |  |  | (75.8 | ) |  |  | 243.0 |  |  |  |  |
Indefinite-lived Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade Names, Patents and Technology Licenses |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |  |
Total Indefinite-lived Intangible Assets |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |  |
Total Other Intangible Assets |  | $ | 320.6 |  |  | $ | (75.8 | ) |  | $ | 244.8 |  |  |  |  |
|  | As of April 27, 2019
(Dollars in Millions) |  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Wtd. Avg. Remaining Amortization Periods (Years)
Definite-lived Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer Relationships and Agreements |  | $ | 244.5 |  |  | $ | (27.7 | ) |  | $ | 216.8 |  |  | 17.4
Trade Names, Patents and Technology Licenses |  |  | 75.5 |  |  |  | (29.2 | ) |  |  | 46.3 |  |  | 8.4
Total Definite-lived Intangible Assets |  |  | 320.0 |  |  |  | (56.9 | ) |  |  | 263.1 |  |  |
Indefinite-lived Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade Names, Patents and Technology Licenses |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |
Total Indefinite-lived Intangible Assets |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |
Total Other Intangible Assets |  | $ | 321.8 |  |  | $ | (56.9 | ) |  | $ | 264.9 |  |  |
Schedule of Estimated Aggregate Amortization Expense of Intangible Assets | Based on the current amount of intangible assets subject to amortization, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows:
(Dollars in Millions) |  |  |  |
Fiscal Year: |  |  |  |
2021 |  | $ | 18.9 |
2022 |  |  | 18.9 |
2023 |  |  | 18.9 |
2024 |  |  | 18.5 |
2025 |  |  | 17.9 |
Thereafter |  |  | 149.9 |
Total |  | $ | 243.0 |

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