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Goodwill and Other Intangible Assets | 3 Months Ended
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Aug. 02, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Note 6. Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. A summary of the changes in the carrying amount of goodwill by reportable segment is as follows:
(in millions) |  | Automotive |  |  | Industrial |  |  | Total |
Balance as of May 3, 2025 |  | $ | — |  |  | $ | 172.7 |  |  | $ | 172.7 |
Foreign currency translation |  |  | — |  |  |  | 1.2 |  |  |  | 1.2 |
Gross balance |  |  | 105.9 |  |  |  | 173.9 |  |  |  | 279.8 |
Accumulated impairment |  |  | (105.9 | ) |  |  | — |  |  |  | (105.9 | )
Balance as of August 2, 2025 |  | $ | — |  |  | $ | 173.9 |  |  | $ | 173.9 |
A summary of goodwill by reporting unit is as follows:
(in millions) |  | August 2, 2025 |  |  | May 3, 2025 |
Grakon Industrial |  | $ | 124.7 |  |  | $ | 124.7 |
Nordic Lights |  |  | 47.6 |  |  |  | 46.4 |
Other |  |  | 1.6 |  |  |  | 1.6 |
Total |  | $ | 173.9 |  |  | $ | 172.7 |
The Company tests goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the beginning of the fourth quarter each fiscal year. In addition, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore require interim goodwill impairment testing, including long-term revenue growth projections, profitability, discount rates, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. No impairment indicators were identified in the first quarter of fiscal 2026. Other intangible assets, net Details of identifiable intangible assets are shown below:
|  | August 2, 2025 |
(in millions) |  | Gross |  |  | Accumulated amortization |  |  | Net |  |  | Weighted average remaining useful life (years) |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships and agreements |  | $ | 314.2 |  |  | $ | (107.0 | ) |  | $ | 207.2 |  |  |  | 13.9 |
Trade names, patents and technology licenses |  |  | 77.0 |  |  |  | (51.1 | ) |  |  | 25.9 |  |  |  | 6.3 |
Total amortized intangible assets |  |  | 391.2 |  |  |  | (158.1 | ) |  |  | 233.1 |  |  |  |
Unamortized trade name |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |
Total other intangible assets |  | $ | 393.0 |  |  | $ | (158.1 | ) |  | $ | 234.9 |  |  |  |
|  | May 3, 2025 |
(in millions) |  | Gross |  |  | Accumulated amortization |  |  | Net |  |  | Weighted average remaining useful life (years) |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships and agreements |  | $ | 311.8 |  |  | $ | (102.3 | ) |  | $ | 209.5 |  |  |  | 14.0 |
Trade names, patents and technology licenses |  |  | 76.5 |  |  |  | (49.4 | ) |  |  | 27.1 |  |  |  | 6.4 |
Total amortized intangible assets |  |  | 388.3 |  |  |  | (151.7 | ) |  |  | 236.6 |  |  |  |
Unamortized trade name |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |
Total other intangible assets |  | $ | 390.1 |  |  | $ | (151.7 | ) |  | $ | 238.4 |  |  |  |
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 fiscal 2026 |  | $ | 16.2 |
2027 |  |  | 22.4 |
2028 |  |  | 20.1 |
2029 |  |  | 18.9 |
2030 |  |  | 17.8 |
Thereafter |  |  | 137.7 |
Total |  | $ | 233.1 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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