v3.26.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
May 02, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of the Changes in Goodwill by Reportable Segment

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

(in millions)

 

Automotive

 

 

Industrial

 

 

Total

 

Balance as of April 29, 2023

 

$

106.2

 

 

$

195.7

 

 

$

301.9

 

Acquisition

 

 

—

 

 

 

(24.3

)

 

 

(24.3

)

Impairment

 

 

(105.9

)

 

 

—

 

 

 

(105.9

)

Foreign currency translation

 

 

(0.3

)

 

 

(1.5

)

 

 

(1.8

)

Gross balance

 

 

105.9

 

 

 

169.9

 

 

 

275.8

 

Accumulated impairment

 

 

(105.9

)

 

 

—

 

 

 

(105.9

)

Balance as of April 27, 2024

 

 

—

 

 

 

169.9

 

 

 

169.9

 

Foreign currency translation

 

 

—

 

 

 

2.8

 

 

 

2.8

 

Gross balance

 

 

105.9

 

 

 

172.7

 

 

 

278.6

 

Accumulated impairment

 

 

(105.9

)

 

 

—

 

 

 

(105.9

)

Balance as of May 3, 2025

 

 

—

 

 

 

172.7

 

 

 

172.7

 

Foreign currency translation

 

 

—

 

 

 

2.2

 

 

 

2.2

 

Gross balance

 

 

105.9

 

 

 

174.9

 

 

 

280.8

 

Accumulated impairment

 

 

(105.9

)

 

 

—

 

 

 

(105.9

)

Balance as of May 2, 2026

 

$

—

 

 

$

174.9

 

 

$

174.9

 

 
Summary of Goodwill by Reporting Unit

A summary of goodwill by reporting unit is as follows:

(in millions)

 

May 2, 2026

 

 

May 3, 2025

 

Grakon Industrial

 

$

125.1

 

 

$

124.7

 

Nordic Lights

 

 

48.2

 

 

 

46.4

 

Other

 

 

1.6

 

 

 

1.6

 

Total

 

$

174.9

 

 

$

172.7

 
Schedule of Other Intangible Assets, Net

Details of identifiable intangible assets are shown below:

 

 

May 2, 2026

 

(in millions)

 

Gross

 

 

Accumulated
amortization

 

 

Net

 

 

Weighted average remaining useful life (years)

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and agreements

 

$

315.6

 

 

$

(120.2

)

 

$

195.4

 

 

 

13.2

 

Trade names, patents and technology licenses

 

 

77.4

 

 

 

(55.7

)

 

 

21.7

 

 

 

5.9

 

Total amortized intangible assets

 

 

393.0

 

 

 

(175.9

)

 

 

217.1

 

 

 

 

Unamortized trade name

 

 

1.8

 

 

 

—

 

 

 

1.8

 

 

 

 

Total other intangible assets

 

$

394.8

 

 

$

(175.9

)

 

$

218.9

 

 

 

 

 

 

 

May 3, 2025

 

(in millions)

 

Gross

 

 

Accumulated
amortization

 

 

Net

 

 

Weighted average remaining useful life (years)

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and agreements

 

$

311.8

 

 

$

(102.3

)

 

$

209.5

 

 

 

14.0

 

Trade names, patents and technology licenses

 

 

76.5

 

 

 

(49.4

)

 

 

27.1

 

 

 

6.4

 

Total amortized intangible assets

 

 

388.3

 

 

 

(151.7

)

 

 

236.6

 

 

 

 

Unamortized trade name

 

 

1.8

 

 

 

—

 

 

 

1.8

 

 

 

 

Total other intangible assets

 

$

390.1

 

 

$

(151.7

)

 

$

238.4

 

 

 

 
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:

 

 

 

2027

 

$

22.4

 

2028

 

 

20.2

 

2029

 

 

19.0

 

2030

 

 

17.9

 

2031

 

 

17.5

 

Thereafter

 

 

120.1

 

Total

 

$

217.1