Acquisitions (Tables)

12 Months Ended

May 02, 2020

Business Combinations [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The final allocation of the purchase price to the fair values of the assets acquired and liabilities assumed were:

(Dollars in Millions)
Cash	$	6.9
Accounts Receivable		36.1
Inventory		30.8
Prepaid Expenses and Other Current Assets		1.6
Intangible Assets		221.9
Goodwill		175.1
Pre-production Costs		1.5
Property, Plant and Equipment		16.2
Accounts Payable		(19.4	)
Accrued Employee Liabilities		(4.4	)
Other Accrued Expenses		(7.6	)
Income Tax Payable		(0.3	)
Deferred Income Tax Liability		(29.4	)
Total Purchase Price	$	429.0

The purchase price allocations were finalized at the end of fiscal 2018 and are summarized as follows:

(Dollars in Millions)	Procoplast			Pacific Insight			Total
Cash	$	1.3		$	4.9		$	6.2
Accounts Receivable		7.4			18.3			25.7
Inventory		3.5			13.0			16.5
Intangible Assets		19.2			40.1			59.3
Goodwill		6.8			50.4			57.2
Other Assets		2.3			2.3			4.6
Property, Plant and Equipment		23.8			13.2			37.0
Accounts Payable		(4.9	)		(7.9	)		(12.8	)
Other Accrued Expenses		(2.1	)		(3.7	)		(5.8	)
Short-term Debt		(3.2	)		(0.8	)		(4.0	)
Other Long-term Liabilities		(2.1	)		—			(2.1	)
Long-term Debt		(20.6	)		(3.4	)		(24.0	)
Deferred Income Tax Liability		(7.9	)		(12.8	)		(20.7	)
Total Purchase Price	$	23.5		$	113.6		$	137.1

Schedule of Intangible Assets Acquired

The following table presents details of the intangible assets acquired:

(Dollars in Millions)	Fair Value at Date of Acquisition		Amortization Period
Customer Relationships and Agreements - Significant Customer	$	57.0	19.5 years
Customer Relationships and Agreements - All Other Customers		125.0	19.5 years
Technology Licenses		17.7	11.7 years
Trade Names		22.2	8.5 years
Total	$	221.9

Unaudited Pro Forma Results

The following table presents unaudited supplemental pro forma results for fiscal 2019 and 2018 as if both the Grakon acquisition had occurred as of the beginning of fiscal 2018 and the Pacific Insight acquisition had occurred as of the beginning of fiscal 2017. The unaudited pro forma information is presented for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place at such times. The unaudited pro forma

results presented below primarily include amortization charges for acquired intangible assets, depreciation adjustments for property, plant and equipment that has been revalued, interest expense adjustments due to an increased debt level, adjustments for certain acquisition-related charges and related tax effects.

	Fiscal Year Ended
(Dollars in Millions)	April 27, 2019		April 28, 2018
Revenues	$	1,073.3	$	1,095.0
Net Income	$	106.4	$	70.5