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Goodwill and Other Intangible Assets (Tables) | 6 Months Ended
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Nov. 02, 2024
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 is shown below:
(in millions) |  | Total |
Balance as of April 27, 2024 |  | $ | 169.9 |
Foreign currency translation |  |  | 0.5 |
Balance as of November 2, 2024 |  | $ | 170.4 |
Summary of Goodwill by Reporting Unit | A summary of goodwill by reporting unit is as follows:
(in millions) |  | November 2, 2024 |  |  | April 27, 2024 |
Grakon Industrial |  | $ | 124.2 |  |  | $ | 124.4 |
Nordic Lights |  |  | 44.5 |  |  |  | 43.9 |
Other |  |  | 1.7 |  |  |  | 1.6 |
Total |  | $ | 170.4 |  |  | $ | 169.9 |
Schedule of Other Intangible Assets, Net | Details of identifiable intangible assets are shown below:
|  | As of November 2, 2024 |
(in millions) |  | Gross |  |  | Accumulated amortization |  |  | Net |  |  | Weighted average remaining useful life (years) |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships and agreements |  | $ | 307.6 |  |  | $ | (93.2 | ) |  | $ | 214.4 |  |  |  | 14.4 |
Trade names, patents and technology licenses |  |  | 75.5 |  |  |  | (45.7 | ) |  |  | 29.8 |  |  |  | 6.6 |
Total amortized intangible assets |  |  | 383.1 |  |  |  | (138.9 | ) |  |  | 244.2 |  |  |  |
Unamortized trade name |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |
Total other intangible assets |  | $ | 384.9 |  |  | $ | (138.9 | ) |  | $ | 246.0 |  |  |  |
|  | 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 |  |  |  |
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 2025 |  | $ | 11.7 |
2026 |  |  | 22.6 |
2027 |  |  | 21.9 |
2028 |  |  | 19.7 |
2029 |  |  | 18.4 |
Thereafter |  |  | 149.9 |
Total |  | $ | 244.2 |

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