v3.26.1
Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Aug. 01, 2026
Intangible Asset, Goodwill and Other [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 reportable segment is as follows:

(in millions)

 

Automotive

 

 

Industrial

 

 

Total

 

Balance as of May 2, 2026

 

$

—

 

 

$

174.9

 

 

$

174.9

 

 

 

 

 

 

 

 

 

 

 

Gross carrying value as of May 2, 2026

 

 

105.9

 

 

$

174.9

 

 

$

280.8

 

Foreign currency translation

 

 

—

 

 

 

(1.4

)

 

 

(1.4

)

Gross carrying value as of August 1, 2026

 

 

105.9

 

 

 

173.5

 

 

 

279.4

 

 

 

 

 

 

 

 

 

 

 

Accumulated impairment loss as of May 2, 2026

 

 

(105.9

)

 

 

—

 

 

 

(105.9

)

Foreign currency translation

 

 

—

 

 

 

—

 

 

 

—

 

Accumulated impairment loss as of August 1, 2026

 

 

(105.9

)

 

 

—

 

 

 

(105.9

)

 

 

 

 

 

 

 

 

 

 

Net Carrying value as of August 1, 2026

 

$

—

 

 

$

173.5

 

 

$

173.5

 
Summary of Goodwill by Reporting Unit

A summary of goodwill by reporting unit is as follows:

(in millions)

 

August 1, 2026

 

 

May 2, 2026

 

Grakon Industrial

 

$

124.5

 

 

$

125.1

 

Nordic Lights

 

 

47.4

 

 

 

48.2

 

Other

 

 

1.6

 

 

 

1.6

 

Total

 

$

173.5

 

 

$

174.9

 
Schedule of Other Intangible Assets, Net

Details of identifiable intangible assets are shown below:

 

 

August 1, 2026

 

(in millions)

 

Gross

 

 

Accumulated
amortization

 

 

Net

 

 

Weighted average remaining useful life (years)

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships and agreements

 

$

313.6

 

 

$

(124.0

)

 

$

189.6

 

 

 

13.0

 

Trade names, patents and technology licenses

 

 

76.9

 

 

 

(56.9

)

 

 

20.0

 

 

 

5.8

 

Total amortized intangible assets

 

 

390.5

 

 

 

(180.9

)

 

 

209.6

 

 

 

 

Unamortized trade name

 

 

1.8

 

 

 

—

 

 

 

1.8

 

 

 

 

Total other intangible assets

 

$

392.3

 

 

$

(180.9

)

 

$

211.4

 

 

 

 

 

 

 

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

 

 

 

 

 
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 fiscal 2027

 

$

16.7

 

2028

 

 

18.6

 

2029

 

 

17.3

 

2030

 

 

16.3

 

2031

 

 

15.9

 

Thereafter

 

 

124.8

 

Total

 

$

209.6