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Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
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Apr. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of the Changes in Goodwill by Reportable Segment | A summary of the changes in goodwill by reportable segment is as follows:
(in millions) |  | Automotive |  |  | Industrial |  |  | Total |
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 |
Acquisition (Note 3) |  |  | — |  |  |  | 69.6 |  |  |  | 69.6 |
Foreign currency translation |  |  | 0.3 |  |  |  | (1.0 | ) |  |  | (0.7 | )
Balance as of April 29, 2023 |  |  | 106.2 |  |  |  | 195.7 |  |  |  | 301.9 |
Purchase accounting adjustments (Note 3) |  |  | — |  |  |  | (24.3 | ) |  |  | (24.3 | )
Impairment |  |  | (105.9 | ) |  |  | — |  |  |  | (105.9 | )
Foreign currency translation |  |  | (0.3 | ) |  |  | (1.5 | ) |  |  | (1.8 | )
Balance as of April 27, 2024 |  | $ | — |  |  | $ | 169.9 |  |  | $ | 169.9 |
Summary of Goodwill by Reporting Unit | A summary of goodwill by reporting unit is as follows:
(in millions) |  | April 27, 2024 |  |  | April 29, 2023 |
Grakon Industrial |  | $ | 124.4 |  |  | $ | 124.5 |
North American Automotive |  |  | — |  |  |  | 99.8 |
Nordic Lights |  |  | 43.9 |  |  |  | 69.6 |
European Automotive |  |  | — |  |  |  | 6.4 |
Other |  |  | 1.6 |  |  |  | 1.6 |
Total |  | $ | 169.9 |  |  | $ | 301.9 |
Schedule of Other Intangible Assets, Net | Details of identifiable intangible assets are shown below:
|  | As of April 27, 2024 |
(in millions) |  | Gross |  |  | Accumulated amortization |  |  | Net |  |  | Weighted average remaining useful life (years) |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships and agreements |  | $ | 306.6 |  |  | $ | (84.7 | ) |  | $ | 221.9 |  |  |  | 14.8 |
Trade names, patents and technology licenses |  |  | 75.3 |  |  |  | (42.3 | ) |  |  | 33.0 |  |  |  | 6.9 |
Total amortized intangible assets |  |  | 381.9 |  |  |  | (127.0 | ) |  |  | 254.9 |  |  |  |
Unamortized trade name |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |
Total other intangible assets |  | $ | 383.7 |  |  | $ | (127.0 | ) |  | $ | 256.7 |  |  |  |
|  | 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: |  |  |
2025 |  | $ | 23.4 |
2026 |  |  | 22.5 |
2027 |  |  | 21.9 |
2028 |  |  | 19.6 |
2029 |  |  | 18.3 |
Thereafter |  |  | 149.2 |
Total |  | $ | 254.9 |

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