Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Oct. 28, 2023

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 segment, is shown below:

(in millions)	Automotive			Industrial			Total
Balance as of April 29, 2023	$	106.2		$	195.7		$	301.9
Acquisition (Note 3)		—			(21.8	)		(21.8	)
Impairment		(56.5	)		—			(56.5	)
Foreign currency translation		(0.3	)		(2.6	)		(2.9	)
Balance as of October 28, 2023	$	49.4		$	171.3		$	220.7

Summary of Goodwill by Reporting Unit

A summary of goodwill by reporting unit is as follows:

(in millions)	October 28, 2023		April 29, 2023
Grakon Industrial	$	123.9	$	124.5
North American Automotive		49.4		99.8
Nordic Lights		45.8		69.6
European Automotive		—		6.4
Other		1.6		1.6
Total	$	220.7	$	301.9

Schedule of Other Intangible Assets, Net

Details of identifiable intangible assets are shown below:

	As of October 28, 2023
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	303.6	$	(76.1	)	$	227.5		15.2
Trade names, patents and technology licenses		74.0		(38.6	)		35.4		7.1
Total amortized intangible assets		377.6		(114.7	)		262.9
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	379.4	$	(114.7	)	$	264.7

	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

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 2024	$	11.8
2025		23.1
2026		22.2
2027		21.6
2028		19.3
Thereafter		164.9
Total	$	262.9