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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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