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Goodwill | 9 Months Ended
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Jan. 27, 2024
Goodwill. |
Goodwill | ​ 8. Goodwill ​ The following table presents the changes in the Company’s goodwill balance by segment (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | UMS | ​ | LMS | ​ | MW | ​ | Total
Balance at April 30, 2023 | ​ | $ | 161,547 | ​ | $ | — | ​ | $ | 19,254 | ​ | $ | 180,801
Additions to goodwill | ​ | ​ | 94,676 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 94,676
Change to goodwill | ​ | ​ | (288) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (288)
Balance at January 27, 2024 | ​ | $ | 255,935 | ​ | $ | — | ​ | $ | 19,254 | ​ | $ | 275,189
​ Effective May 1, 2023, the reporting segments for goodwill are UMS, LMS and MW. The UMS segment includes goodwill from the acquisitions of Pulse Aerospace, LLC (“Pulse”), Arcturus UAV, Inc. (“Arcturus”), Telerob, Planck and Tomahawk acquisitions. The Tomahawk acquisition is included in the additions to goodwill. Refer to Note 16—Business Acquisitions for further details. The goodwill change to UMS is attributable to the Telerob acquisition recorded in Euros and translated to dollars at each reporting date. The MW segment includes goodwill from the purchase of certain assets of Intelligent Systems Group business segment (“ISG”) of Progeny Systems Corporation. The MUAS reporting unit, the renamed Arcturus acquisition included in the UMS reportable segment, has a goodwill balance of $134,140,000 as of January 27, 2024. ​ The estimated fair value of the MUAS reporting unit does not substantially exceed its carrying value due to the impairment recorded during the most recent annual goodwill impairment test performed during the fourth quarter ended April 30, 2023, resulting in carrying value being equal to estimated fair value. Fair value determinations utilized in the quantitative goodwill impairment test require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of individual reporting units requires the Company to make assumptions and estimates regarding future plans, as well as industry, economic, and regulatory conditions. These assumptions and estimates include estimated future annual net cash flows, income tax rates, discount rates, growth rates, and other market factors. Estimated future annual net cash flows based in part upon the Company’s ability to obtain contracts from the U.S. Department of Defense and foreign allied nations and negotiate the estimated pricing are considered the most significant, sensitive assumptions. If current expectations of future growth rates and margins are not met, if market factors outside of the Company’s control, such as discount rates, income tax rates, or inflation, change, or if management’s expectations or plans otherwise change, including updates to long-term operating plans, then MUAS may become impaired in the future. Accordingly, the MUAS reporting unit is considered at an increased risk of failing future quantitative goodwill impairment tests. During the most recent annual impairment test during the fourth quarter of fiscal year 2023 the estimated fair value of all reporting units, other than MUAS, substantially exceeded their carrying value. ​ As of January 27, 2024, the company has not identified any events or circumstances that could trigger an impairment review prior to the Company’s annual impairment test. The annual impairment test for the fiscal year ending April 30, 2024 will be performed during the fourth quarter. The intangibles included in the MUAS reporting unit of $14,636,000 as of January 27, 2024 will also be evaluated for potential impairment during the fourth quarter.

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