Goodwill and Intangible Assets

12 Months Ended

Apr. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill related to each reportable segment for the fiscal year ended April 27, 2024 were as follows:


	Commercial		Transportation		Total
Balance as of April 29, 2023:	$	3,198	$	41	$	3,239
Foreign currency translation	(10)		(3)		(13)
Goodwill impairment	—		—		—
Balance as of April 27, 2024:	$	3,188	$	38	$	3,226

We perform an analysis of goodwill on an annual basis, and it is tested 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 29, 2023 and concluded no goodwill impairment existed for fiscal year 2024.

The annual impairment test for fiscal year 2023 concluded that the carrying value of the Live Events and International reporting units exceeded their respective fair values and consequently recorded an a $4,576 impairment charge. 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 during fiscal 2024. As a result, the present value of our future cash flows was lower, which caused the 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. The annual impairment test for fiscal year 2022 concluded no goodwill impairment existed.

Accumulated impairments to goodwill as of April 27, 2024 was $4,576.

Intangible Assets

The following table summarizes intangible assets, net, as of April 27, 2024 and April 29, 2023:


	April 27, 2024
	Weighted Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Registered trademarks	20.0	$	636	$	296	$	340

Customer relationships	10.3	2,549		2,049		500

Total	12.2	$	3,185	$	2,345	$	840


	April 29, 2023
	Weighted Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Registered trademarks	20.0	$	650	$	270	$	380

Customer relationships	10.3	2,563		1,807		756

Total	12.2	$	3,213	$	2,077	$	1,136

In the fiscal years 2024, 2023, and 2022, amortization expense was $287, $290, and $504, respectively. Amortization expenses are included primarily in product design and development and selling expense in the consolidated statements of operations. Intangible assets are written off when fully amortized.

As of April 27, 2024, amortization expenses for future periods were estimated to be as follows:


Fiscal years ending	Amount
2025	$	283
2026	252
2027	36
2028	36
2029	36
Thereafter	197
Total expected amortization expense	$	840