v3.26.1
BUSINESS ACQUISITIONS & DISPOSITIONS
 3 Months Ended
Jun. 26, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS ACQUISITIONS & DISPOSITIONS BUSINESS ACQUISITIONS & DISPOSITIONS
On May 1, 2026, the Company completed the acquisition of 100% ownership of Electrical Power Products, Inc. ("EPP"), a U.S. leader in critical power solutions for a total estimated purchase consideration of $1.2 billion in cash. The allocation of the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed is based on their estimated fair values as of the date of acquisition. The business is included in the CPI segment. Additional information which existed as of the acquisition date, may become known to the Company during the remainder of the measurement period, a period which is not to exceed 12 months from the date of the acquisition. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill during the measurement period.
The following represents the Company's initial allocation of the total purchase price to the acquired assets and liabilities of the acquired business (in millions):
Amount ($M)
ASSETS
Current Assets:
Cash$23 
Accounts receivable69 
Inventory99 
Contract assets62 
Other current assets5 
        Total current assets258 
Operating lease right-of-use assets, net1 
Property and equipment44 
Intangible assets 478 
Goodwill473 
        Total assets$1,254 
LIABILITIES AND PURCHASE CONSIDERATION
Current Liabilities:
Accounts payable$10 
Deferred revenue36 
Accrued liabilities11 
Operating lease liabilities1 
Other current liabilities9 
        Total liabilities67 
        Total purchase consideration$1,187 
The following represents the Company's initial allocation of intangible assets identified in the purchase price allocation of the acquired business (in millions):
Amount ($M)Estimated Useful Life
Identifiable Intangible Assets
Trade Names$132   15 years
Know-How46 10 years
Backlog44 2 years
Customer Relationships 256 20 years
        Total $478 
Pro-forma results of operations have not been presented because the acquisition was not material to the Company's condensed consolidated financial results for the period presented.
Fiscal Year 2027 Divestitures
During the first quarter of fiscal year 2027, the Company sold a non-strategic North American business that was reported in its RMS segment. Gross cash sale proceeds of $90 million were received, generating a gain on sale of $46 million. The gain on sale is reported in other charges (income), net in the condensed consolidated statement of operations. Derecognized assets included $6 million of goodwill allocated on a relative fair value basis from the Automotive reporting unit.