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Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
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Apr. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | A summary of the changes in goodwill by reportable segment is as follows:
(in millions) |  | Automotive |  |  | Industrial |  |  | Total |
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 |
Foreign currency translation |  |  | 0.5 |  |  |  | 3.5 |  |  |  | 4.0 |
Balance as of May 1, 2021 |  |  | 106.7 |  |  |  | 128.9 |  |  |  | 235.6 |
Foreign currency translation |  |  | (0.8 | ) |  |  | (1.8 | ) |  |  | (2.6 | )
Balance as of April 30, 2022 |  | $ | 105.9 |  |  | $ | 127.1 |  |  | $ | 233.0 |
Summary of Goodwill by Reporting Unit | A summary of goodwill by reporting unit is as follows:
(in millions) |  | April 30, 2022 |  |  | May 1, 2021 |
Grakon Industrial |  | $ | 125.5 |  |  | $ | 127.2 |
North American Automotive |  |  | 99.8 |  |  |  | 99.8 |
European Automotive |  |  | 6.1 |  |  |  | 6.9 |
Other |  |  | 1.6 |  |  |  | 1.7 |
Total |  | $ | 233.0 |  |  | $ | 235.6 |
Schedule of Other Intangible Assets, Net | Details of identifiable intangible assets are shown below:
|  | As of April 30, 2022 |
(in millions) |  | Gross |  |  | Accumulated amortization |  |  | Net |  |  | Weighted average useful life (years) |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships and agreements |  | $ | 232.3 |  |  | $ | (55.1 | ) |  | $ | 177.2 |  |  |  | 14.7 |
Trade names, patents and technology licenses |  |  | 58.0 |  |  |  | (29.3 | ) |  |  | 28.7 |  |  |  | 6.2 |
Total amortized intangible assets |  |  | 290.3 |  |  |  | (84.4 | ) |  |  | 205.9 |  |  |  |
Unamortized trade name |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |
Total other intangible assets |  | $ | 292.1 |  |  | $ | (84.4 | ) |  | $ | 207.7 |  |  |  |
|  | As of May 1, 2021 |
(in millions) |  | Gross |  |  | Accumulated amortization |  |  | Net |  |  | Weighted average useful life (years) |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships and agreements |  | $ | 235.3 |  |  | $ | (42.7 | ) |  | $ | 192.6 |  |  |  | 15.6 |
Trade names, patents and technology licenses |  |  | 58.7 |  |  |  | (23.7 | ) |  |  | 35.0 |  |  |  | 7.0 |
Total amortized intangible assets |  |  | 294.0 |  |  |  | (66.4 | ) |  |  | 227.6 |  |  |  |
Unamortized trade name |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |
Total other intangible assets |  | $ | 295.8 |  |  | $ | (66.4 | ) |  | $ | 229.4 |  |  |  |
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:
(in millions) |  |  |
Fiscal Year: |  |  |
2023 |  | $ | 18.9 |
2024 |  |  | 18.5 |
2025 |  |  | 17.9 |
2026 |  |  | 17.1 |
2027 |  |  | 16.4 |
Thereafter |  |  | 117.1 |
Total |  | $ | 205.9 |

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