GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Oct. 27, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

We review our goodwill and other intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable, and at least annually in accordance with Accounting Standards Codification ("ASC"), No. 350, “Intangibles — Goodwill and Other”. The values assigned to goodwill and intangible assets are normally based on estimates and judgments regarding expectations for the success and life cycle of products and technologies acquired. A severe decline in expectations could result in significant impairment charges, which could have a material adverse effect on our financial condition and results of operations.

The following tables show the roll-forward of goodwill activity in the financial statements for the three months and six months ended October 27, 2012 and October 29, 2011.



	Three Months Ended October 27, 2012						Six Months Ended October 27, 2012
	Interconnect		Power Products		Total		Interconnect		Power Products		Total
Balance as of April 28, 2012	$	11,146	$	5,276	$	16,422	$	11,146	$	5,276	$	16,422
Attributable to acquisitions	794		—		794		794		—		794
Balance as of October 27, 2012	$	11,940	$	5,276	$	17,216	$	11,940	$	5,276	$	17,216



	Three Months Ended October 29, 2011						Six Months Ended October 29, 2011
	Interconnect		Power Products		Total		Interconnect		Power Products		Total
Balance as of April 30, 2011	$	11,146	$	5,276	$	16,422	$	11,146	$	5,276	$	16,422
Attributable to acquisitions	—		—		—		—		—		—
Balance as of October 29, 2011	$	11,146	$	5,276	$	16,422	$	11,146	$	5,276	$	16,422

Goodwill increased in the three and six months ended October 27, 2012 due to the acquisition of the Hetronic Italy business in September 2012. See note 12 for more information regarding the transaction.

The Company wrote-off fully amortized covenants not to compete of $480 in the second quarter of fiscal 2013. The following tables present details of the Company’s intangible assets:



	As of October 27, 2012
							Wtd. Avg.
							Remaining
			Accumulated				Amortization
	Gross		Amortization		Net		Periods (Years)
Customer relationships and agreements	$	16,522	$	13,853	$	2,669	11.6
Trade names, patents and technology licenses	25,774		11,079		14,695		11.3
Covenants not to compete	118		—		118		5.0
Total	$	42,414	$	24,932	$	17,482



	As of April 28, 2012
							Wtd. Avg.
							Remaining
			Accumulated				Amortization
	Gross		Amortization		Net		Periods (Years)
Customer relationships and agreements	$	14,995	$	13,720	$	1,275	11.7
Trade names, patents and technology licenses	25,774		10,429		15,345		11.8
Covenants not to compete	480		480		—
Total	$	41,249	$	24,629	$	16,620

The estimated aggregate amortization expense for the current fiscal year and each of the four succeeding fiscal years is as follows:



2013		$1,738
2014		1,815
2015		1,747
2016		1,538
2017		1,474

As of October 27, 2012 and April 28, 2012, the trade names, patents and technology licenses include $1,800 of trade names that are not subject to amortization.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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