Cash and cash equivalents consist of cash and highly liquid investments with maturities of three months or less. Highly liquid investments include money market funds which are classified within Level 1 of the fair value hierarchy. As of October 29, 2022 and April 30, 2022, the Company had a balance of $33.3 million and $40.0 million, respectively, in money market accounts.

Accounts receivable are customer obligations due under normal trade terms and are presented net of an allowance for doubtful accounts. The Company establishes an allowance for doubtful accounts based on the current expected credit loss impairment model. The Company applies a historical loss rate based on historic write-offs to aging categories. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts of future losses as necessary. The Company may also record a specific reserve for individual accounts when it becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer’s operating results or financial position. The allowance for doubtful accounts balance was $1.3 million and $1.0 million as of October 29, 2022 and April 30, 2022, respectively.

Inventories are stated at the lower-of-cost or net realizable value. Cost is determined using the first-in, first-out method. Finished products and work-in-process inventories include direct material costs and direct and indirect manufacturing costs. The Company records reserves for inventory that may be obsolete or in excess of current and future market demand. A summary of inventories is shown below:


(in millions)	October 29, 2022		April 30, 2022
Finished products	$	36.6	$	31.8
Work in process		15.0		12.9
Raw materials		120.9		113.8
Total inventories	$	172.5	$	158.5

Property, plant and equipment is stated at cost. Maintenance and repair costs are expensed as incurred. Depreciation is calculated using the straight-line method using estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. A summary of property, plant and equipment is shown below:


(in millions)	October 29, 2022			April 30, 2022
Land	$	2.9		$	3.3
Buildings and building improvements		83.9			89.2
Machinery and equipment		397.0			407.5
Construction in progress		32.3			21.5
Total property, plant and equipment, gross		516.1			521.5
Less: accumulated depreciation		(326.5	)		(324.5	)
Property, plant and equipment, net	$	189.6		$	197.0

Depreciation expense was $7.5 million and $8.5 million in the three months ended October 29, 2022 and October 30, 2021, respectively. Depreciation expense was $15.1 million and $16.3 million in the six months ended October 29, 2022 and October 30, 2021, respectively. As of October 29, 2022 and April 30, 2022, capital expenditures recorded in accounts payable totaled $5.1 million and $4.4 million, respectively.

The Company incurs pre-production tooling costs related to products produced for its customers under long-term supply arrangements. Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable by the customer. As of October 29, 2022 and April 30, 2022, the Company had $27.0 million and $27.2 million, respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the customer has provided a non-cancelable right to use the tooling.

Costs for molds, dies and other tools used in products produced for its customers under long-term supply arrangements for which the Company has title are capitalized in property, plant and equipment and amortized over the shorter of the life of the arrangement or the estimated useful life of the assets. As of October 29, 2022 and April 30, 2022, Company-owned tooling was $13.1 million and $14.6 million, respectively.