Goodwill and Other Intangible Assets (Tables)

12 Months Ended

May 01, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

A summary of the changes in goodwill by reportable segment is as follows:

(in millions)	Automotive			Industrial			Total
Balance as of April 28, 2018	$	57.5		$	1.7		$	59.2
Acquisitions		49.4			125.9			175.3
Foreign currency translation		(0.6	)		(0.6	)		(1.2	)
Balance as of April 27, 2019		106.3			127.0			233.3
Acquisitions		—			(0.2	)		(0.2	)
Foreign currency translation		(0.1	)		(1.4	)		(1.5	)
Balance as of May 2, 2020		106.2			125.4			231.6
Foreign currency translation		0.5			3.5			4.0
Balance as of May 1, 2021	$	106.7		$	128.9		$	235.6

Summary of Goodwill by Reporting Unit

A summary of goodwill by reporting unit is as follows:

(in millions)	May 1, 2021		May 2, 2020
Grakon Industrial	$	127.2	$	123.8
North American Automotive		99.8		99.8
European Automotive		6.9		6.4
Other		1.7		1.6
Total	$	235.6	$	231.6

Schedule of Other Intangible Assets, Net

The following tables present details of the Company’s identifiable intangible assets:

	As of May 1, 2021
(in millions)	Gross		Accumulated amortization			Net		Weighted average useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	235.3	$	(42.7	)	$	192.6		15.6
Trade names, patents and technology licenses		58.7		(23.7	)		35.0		7.0
Total amortized intangible assets		294.0		(66.4	)		227.6
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	295.8	$	(66.4	)	$	229.4

	As of May 2, 2020
(in millions)	Gross		Accumulated amortization			Net		Weighted average useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	243.5	$	(40.8	)	$	202.7		16.5
Trade names, patents and technology licenses		75.3		(35.0	)		40.3		7.8
Total amortized intangible assets		318.8		(75.8	)		243.0
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	320.6	$	(75.8	)	$	244.8

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:
2022	$	19.2
2023		19.1
2024		18.8
2025		18.2
2026		17.3
Thereafter		135.0
Total	$	227.6