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Acquisition and Disposition (Tables) | 12 Months Ended
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Apr. 27, 2024
Business Combinations [Abstract] |
Summary of Fair Value and Subsequent Measurement Period Adjustments of Assets Acquired and Liabilities Assumed, Including Reconciliation to Total Purchase Price | The following table summarizes the fair value and subsequent measurement period adjustments of the assets acquired and liabilities assumed, including a reconciliation to the total purchase price. Measurement period adjustments recognized in the period resulted from the receipt of incremental data utilized in the determination of fair value, including valuation assumptions.
|  | As reported as of April 29, 2023 |  |  | Measurement period adjustments |  |  | As of April 27, 2024 |
(in millions) |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 19.6 |  |  | $ | — |  |  | $ | 19.6 |
Accounts receivable |  |  | 17.1 |  |  |  | — |  |  |  | 17.1 |
Inventories |  |  | 9.6 |  |  |  | (0.2 | ) |  |  | 9.4 |
Property, plant and equipment |  |  | 12.9 |  |  |  | 3.9 |  |  |  | 16.8 |
Identifiable intangible assets |  |  | 68.1 |  |  |  | 27.2 |  |  |  | 95.3 |
Accounts payable |  |  | (10.8 | ) |  |  | — |  |  |  | (10.8 | )
Long-term debt |  |  | (24.4 | ) |  |  | — |  |  |  | (24.4 | )
Other assets and liabilities, net |  |  | (2.8 | ) |  |  | (0.5 | ) |  |  | (3.3 | )
Deferred tax liabilities |  |  | (13.4 | ) |  |  | (6.1 | ) |  |  | (19.5 | )
Total identifiable net assets acquired |  |  | 75.9 |  |  |  | 24.3 |  |  |  | 100.2 |
Goodwill |  |  | 69.6 |  |  |  | (24.3 | ) |  |  | 45.3 |
Total fair value of net assets acquired |  |  | 145.5 |  |  |  | — |  |  |  | 145.5 |
Less: redeemable noncontrolling interest |  |  | (11.3 | ) |  |  | — |  |  |  | (11.3 | )
Total purchase price |  | $ | 134.2 |  |  | $ | — |  |  | $ | 134.2 |
Schedule of Intangible Assets Acquired | The following table presents details of the intangible assets acquired:
|  | Fair value ($m) |  |  | Weighted average useful life (Years) |
Customer relationships |  | $ | 77.3 |  |  |  | 20.0 |
Trade Name |  |  | 11.5 |  |  |  | 10.0 |
Technology |  |  | 6.5 |  |  |  | 10.0 |
Total |  | $ | 95.3 |  |  |  |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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