Intangible Assets

3 Months Ended

Jul. 31, 2017

10. Intangible Assets

Intangible assets consisted of the following (in thousands):

	As of July 31,		As of April 30,
	2017	2016	2017
Intangible assets with indefinite lives:
Brands and trademarks	$132,042	$137,339	$135,061
Content and publishing rights	90,113	84,976	84,173
	$222,155	$222,315	$219,234

Net intangible assets with determinable lives:
Content and publishing rights	$424,105	$429,826	$421,597
Customer relationships	168,639	164,900	169,116
Brands and trademarks	17,923	13,679	17,195
Covenants not to compete	854	529	957
	$611,521	$608,934	$608,865
Total	$833,676	$831,249	$828,099

In conjunction with a business review performed in the Publishing segment associated with the restructuring activities disclosed in Note 7, in the first quarter of fiscal year 2018, the Company identified an indefinite lived brand with forecasted cash flows that did not support its carrying value. As a result, an impairment charge of $3.6 million was recorded in the first quarter of fiscal year 2018 to reduce the carrying value of the brand to its fair value of $1.2 million, which will now be amortized over an estimated useful life of 5 years. This impairment charge is included in Operating and Administrative Expenses within the Condensed Consolidated Statements of Income.