Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Aug. 02, 2025

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 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

Summary of Goodwill by Reporting Unit

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

Schedule of 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

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 fiscal 2026	$	16.2
2027		22.4
2028		20.1
2029		18.9
2030		17.8
Thereafter		137.7
Total	$	233.1