Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Apr. 29, 2023

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 2, 2020	$	106.2		$	125.4		$	231.6
Foreign currency translation		0.5			3.5			4.0
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
Acquisitions		—			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

Summary of Goodwill by Reporting Unit

A summary of goodwill by reporting unit is as follows:

(in millions)	April 29, 2023		April 30, 2022
Grakon Industrial	$	124.5	$	125.5
North American Automotive		99.8		99.8
Nordic Lights		69.6		—
European Automotive		6.4		6.1
Other		1.6		1.6
Total	$	301.9	$	233.0

Schedule of Other Intangible Assets, Net

Details of identifiable intangible assets are shown below:

	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

	As of April 30, 2022
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	232.3	$	(55.1	)	$	177.2		14.7
Trade names, patents and technology licenses		58.0		(29.3	)		28.7		6.2
Total amortized intangible assets		290.3		(84.4	)		205.9
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	292.1	$	(84.4	)	$	207.7

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:
2024	$	23.0
2025		22.4
2026		21.6
2027		20.9
2028		18.6
Thereafter		148.4
Total	$	254.9