v3.22.2.2
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Oct. 29, 2022
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 30, 2022

 

$

105.9

 

 

$

127.1

 

 

$

233.0

 

Foreign currency translation

 

 

(0.3

)

 

 

(1.7

)

 

 

(2.0

)

Balance as of October 29, 2022

 

$

105.6

 

 

$

125.4

 

 

$

231.0

 
Schedule of Other Intangible Assets, Net

Details of identifiable intangible assets are shown below:

 

 

As of October 29, 2022

 

(in millions)

 

Gross

 

 

Accumulated
amortization

 

 

Net

 

 

Weighted
average useful
life (years)

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and agreements

 

$

230.4

 

 

$

(61.0

)

 

$

169.4

 

 

 

14.2

 

Trade names, patents and technology licenses

 

 

57.5

 

 

 

(32.0

)

 

 

25.5

 

 

 

5.8

 

Total amortized intangible assets

 

 

287.9

 

 

 

(93.0

)

 

 

194.9

 

 

 

 

Unamortized trade name

 

 

1.8

 

 

 

—

 

 

 

1.8

 

 

 

 

Total other intangible assets

 

$

289.7

 

 

$

(93.0

)

 

$

196.7

 

 

 

 

 

 

 

As of April 30, 2022

 

(in millions)

 

Gross

 

 

Accumulated
amortization

 

 

Net

 

 

Weighted
average useful
life (years)

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and agreements

 

$

232.3

 

 

$

(55.1

)

 

$

177.2

 

 

 

14.7

 

Trade names, patents and technology licenses

 

 

58.0

 

 

 

(29.3

)

 

 

28.7

 

 

 

6.2

 

Total amortized intangible assets

 

 

290.3

 

 

 

(84.4

)

 

 

205.9

 

 

 

 

Unamortized trade name

 

 

1.8

 

 

 

—

 

 

 

1.8

 

 

 

 

Total other intangible assets

 

$

292.1

 

 

$

(84.4

)

 

$

207.7

 

 

 

 
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 2023

 

$

9.3

 

2024

 

 

18.4

 

2025

 

 

17.8

 

2026

 

 

16.9

 

2027

 

 

16.3

 

Thereafter

 

 

116.2

 

Total

 

$

194.9