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Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Jul. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of the Changes in the Carrying Amount of Goodwill by Segment A summary of the changes in the carrying amount of goodwill, by segment, is shown below:

(in millions)

 

Automotive

 

 

Industrial

 

 

Total

 

Balance as of April 29, 2023

 

 

106.2

 

 

 

195.7

 

 

 

301.9

 

Foreign currency translation

 

 

—

 

 

 

0.6

 

 

 

0.6

 

Balance as of July 29, 2023

 

$

106.2

 

 

$

196.3

 

 

$

302.5

 
Schedule of Other Intangible Assets, Net

Details of identifiable intangible assets are shown below:

 

 

As of July 29, 2023

 

(in millions)

 

Gross

 

 

Accumulated
amortization

 

 

Net

 

 

Weighted average remaining useful life (years)

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and agreements

 

$

285.3

 

 

$

(72.3

)

 

$

213.0

 

 

 

14.6

 

Trade names, patents and technology licenses

 

 

73.5

 

 

 

(37.0

)

 

 

36.5

 

 

 

6.9

 

Total amortized intangible assets

 

 

358.8

 

 

 

(109.3

)

 

 

249.5

 

 

 

 

Unamortized trade name

 

 

1.8

 

 

 

—

 

 

 

1.8

 

 

 

 

Total other intangible assets

 

$

360.6

 

 

$

(109.3

)

 

$

251.3

 

 

 

 

 

 

 

As of April 29, 2023

 

(in millions)

 

Gross

 

 

Accumulated
amortization

 

 

Net

 

 

Weighted average remaining useful life (years)

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and agreements

 

$

286.7

 

 

$

(68.2

)

 

$

218.5

 

 

 

14.8

 

Trade names, patents and technology licenses

 

 

71.6

 

 

 

(35.2

)

 

 

36.4

 

 

 

6.0

 

Total amortized intangible assets

 

 

358.3

 

 

 

(103.4

)

 

 

254.9

 

 

 

 

Unamortized trade name

 

 

1.8

 

 

 

—

 

 

 

1.8

 

 

 

 

Total other intangible assets

 

$

360.1

 

 

$

(103.4

)

 

$

256.7

 

 

 

 
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:

 

 

 

Remainder of 2024

 

$

17.2

 

2025

 

 

22.4

 

2026

 

 

21.6

 

2027

 

 

20.9

 

2028

 

 

18.6

 

Thereafter

 

 

148.8

 

Total

 

$

249.5