Goodwill

9 Months Ended

Jan. 28, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill related to each reportable segment for the nine months ended January 28, 2023 were as follows:


	Live Events		Commercial		Transportation		International		Total
Balance as of April 30, 2022	$	2,296	$	3,349	$	68	$	2,214	$	7,927
Foreign currency translation	(15)		(109)		(15)		81		(58)
Goodwill impairment	(2,281)		—		—		(2,295)		(4,576)
Balance as of January 28, 2023	$	—	$	3,240	$	53	$	—	$	3,293

We perform an analysis of goodwill on an annual basis and test for impairment more frequently if events or changes in circumstances indicate that an asset might be impaired. Our annual analysis is performed during our third quarter of each fiscal year based on the goodwill amount as of the first business day of our third fiscal quarter.

We performed our annual impairment test on October 30, 2022 and concluded that the carrying value of the Live Events and International reporting units exceeded their respective fair values and consequently recorded an impairment charge as noted in the above table. We determined the fair value of the reporting units based on an income approach, using the present value of future discounted cash flows. Significant estimates used to determine fair value include the weighted average cost of capital and financial forecasts. The recognized impairment was primarily a result of our weighted average cost of capital being notably higher, which was driven by strains on our liquidity caused by disrupted supply chains and geopolitical conditions that have given ongoing logistics challenges to certain large projects. As a result the present value of our future cash flows was lower, which caused the $4,576 impairment charge. Based on our annual impairment test, we concluded that the fair value of the Commercial and Transportation reporting units exceeded their respective carrying values and concluded no goodwill impairment existed for those reporting units.