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Acquisition | 3 Months Ended
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Jul. 29, 2023
Business Combinations [Abstract] |
Acquisition | Note 3. Acquisition On April 20, 2023, the Company acquired 92.2% of the outstanding shares in Nordic Lights Group Corporation (“Nordic Lights”), a premium provider of high-quality lighting solutions for heavy duty equipment headquartered in Finland, for €121.8 million ($134.2 million) in cash. In the three months ended July 29, 2023, the Company acquired an additional 7.2% of the outstanding shares of Nordic Lights for €9.2 million ($10.2 million), increasing the Company’s ownership to 99.4%. The Company has commenced redemption proceedings in order to obtain ownership of all the remaining issued and outstanding shares in Nordic Lights. The Company expects the redemption proceedings to be completed by October 31, 2023. The acquisition of Nordic Lights complements the Company’s existing LED lighting solution offerings. The acquisition was funded through a combination of borrowings under the Company's revolving credit facility and cash on hand. The results of the operations of Nordic Lights are reported within the Industrial segment from the date of acquisition. The acquisition was accounted for as a business combination. The provisional estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed, including a reconciliation to the total purchase price, are as follows:
(in millions) |  |  |
Cash and cash equivalents |  | $ | 19.6 |
Accounts receivable |  |  | 17.1 |
Inventories |  |  | 9.6 |
Property, plant and equipment |  |  | 12.9 |
Identifiable intangible assets |  |  | 68.1 |
Accounts payable |  |  | (10.8 | )
Long-term debt |  |  | (24.4 | )
Other assets and liabilities, net |  |  | (2.8 | )
Deferred tax liabilities |  |  | (13.4 | )
Total identifiable net assets acquired |  |  | 75.9 |
Goodwill |  |  | 69.6 |
Total fair value of net assets acquired |  |  | 145.5 |
Less: redeemable noncontrolling interest |  |  | (11.3 | )
Total purchase price |  | $ | 134.2 |
The noncontrolling interest was recognized at fair value, which was determined to be the noncontrolling interest’s proportionate share of the fair value of net assets acquired, as of the acquisition date. The noncontrolling interest is classified as a redeemable noncontrolling interest on the condensed consolidated balance sheets as minority shareholders owning less than 10% of the outstanding shares in a company in Finland have the right to require the company to redeem their shares. As noted above, in the three months ended July 29, 2023, the Company acquired $10.2 million of the redeemable noncontrolling interest. As of July 29, 2023, the Company considered these amounts to be provisional because it is still in the process of gathering and reviewing information to support the valuations of the assets acquired, liabilities assumed and related tax positions. Goodwill arising from the acquisition was included in the Industrial segment as of July 29, 2023 and was attributable to potential synergies and an assembled workforce. The Company does no t expect any recognized goodwill from this acquisition to be deductible for income tax purposes. Intangible assets primarily include customer relationships, technology licenses and trademarks. The weighted average amortization period for the acquired intangible assets is approximately 16.4 years. The pro-forma effects of this acquisition would not materially impact the Company’s operating results for the three months ended July 30, 2022, and as a result no pro-forma financial statements are presented. In the three months ended July 29, 2023, additional acquisition costs of $0.5 million were incurred and reported in selling and administrative expenses.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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