Acquisition and Disposition (Tables)

12 Months Ended

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