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Intangible Assets and Goodwill | 12 Months Ended
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May. 02, 2015
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Prior to our annual goodwill impairment testing at the end of fiscal 2015, we had goodwill of $11.8 million for two reporting units in the Interface segment and goodwill of $1.0 million for one reporting unit in the Power Products segment, for a total of $13.0 million. We performed a qualitative goodwill screening test of goodwill impairment on our Power Systems Group in the Power Products segment and Hetronic in our Interface segment. We considered the qualitative factors and weighed the evidence obtained and we determined that it is more likely than not that the fair value of the two reporting units is greater than the carrying value, and therefore concluded that the assets were not impaired. We completed "step two" of the goodwill test for our TouchSensor reporting unit which had a fair value less than the carrying value and concluded that goodwill was impaired, and recorded a goodwill impairment charge of $11.1 million in our Interface segment related to these assets. The assumptions used in the valuation of these reporting units were made using management's most recent projections which are considered level 3 inputs in the fair value hierarchy. We continue to monitor the operating results and cash flows of our reporting units on a quarterly basis for signs of possible declines in estimated fair value and goodwill impairment. Intangible assets subject to amortization are evaluated for impairment if events or changes in circumstances indicate that the carrying value of an asset might be impaired. Due to changes in market conditions in fiscal 2014, management performed an impairment analysis on our Eetrex reporting unit in our Power Products segment and determined that the asset was impaired. The Company recorded an impairment charge of $1.7 million related to these assets. Prior to our annual goodwill impairment testing at the end of fiscal 2013, we had goodwill of $12.0 million for two reporting units in the Interface segment and goodwill of $5.2 million for two reporting units in the Power Products segment, for a total of $17.2 million. We performed "step one" of the goodwill test on the four reporting units. Based on this test, we determined that the fair value for three of the reporting units exceeded their carrying values by approximately 16% to 75%, and one reporting unit was less than the carrying value of the net assets. We completed "step two" of the goodwill test for our Eetrex reporting unit which had a fair value less than the carrying value and concluded that goodwill was impaired, and recorded a goodwill impairment charge of $4.3 million in our Power Products segment related to these assets. The assumptions used in the valuation of these reporting units were made using management's most recent projections which are considered level 3 inputs in the fair value hierarchy. The fair value of our trademarks are estimated and compared to the carrying value. We estimate the fair value of the intangible assets using the relief-from-royalty method, which requires assumptions related to projected revenues from our annual operating budgets; assumed royalty rates that could be payable if we did not own the trademarks; and a discount rate which are considered level 3 inputs in the fair value hierarchy. An impairment loss would be recognized if the estimated fair value of the indefinite-lived intangible asset is less than its carrying value. Based on results of our impairment test performed on one reporting unit in the Interface segment as of May 2, 2015 and May 3, 2014, no impairment was determined to exist. The fair values of the trademarks tested exceeded their carrying value by approximately 64% and 117% for fiscal 2015 and 2014, respectively. Goodwill increased $0.8 million in fiscal 2013 related to the purchase of the Hetronic Italy business. See Note 2 for more information. The following table shows the roll-forward of goodwill.
| Interface |  | Power Products |  | Total
Balance as of April 28, 2012 | $ | 11.1 |  |  | $ | 5.3 |  |  | $ | 16.4 |
Impairment | — |  |  | (4.3 | ) |  | (4.3 | )
Acquisitions | 0.8 |  |  | — |  |  | 0.8 |
Foreign currency translation | — |  |  | — |  |  | — |
Balance as of April 27, 2013 | 11.9 |  |  | 1.0 |  |  | 12.9 |
Impairment | — |  |  | — |  |  | — |
Acquisitions | — |  |  | — |  |  | — |
Foreign currency translation | 0.1 |  |  | — |  |  | 0.1 |
Balance as of May 3, 2014 | 12.0 |  |  | 1.0 |  |  | 13.0 |
Impairment | (11.1 | ) |  | — |  |  | (11.1 | )
Foreign currency translation | (0.2 | ) |  | — |  |  | (0.2 | )
Balance as of May 2, 2015 | $ | 0.7 |  |  | $ | 1.0 |  |  | $ | 1.7 |
Intangible Assets The following tables present details of our remaining identifiable intangible assets:
| As of May 2, 2015
| Gross |  | Accumulated Amortization |  | Net |  | Wtd. Avg. Remaining Amortization Periods (Years)
Customer relationships and agreements | $ | 16.3 |  |  | $ | 15.0 |  |  | $ | 1.3 |  |  | 8.8
Trade names, patents and technology licenses | 25.8 |  |  | 15.8 |  |  | 10.0 |  |  | 3.3
Covenants not to compete | 0.1 |  |  | 0.1 |  |  | — |  |  | 2.4
Total | $ | 42.2 |  |  | $ | 30.9 |  |  | $ | 11.3 |  |  |
| As of May 3, 2014
| Gross |  | Accumulated Amortization |  | Net |  | Wtd. Avg. Remaining Amortization Periods (Years)
Customer relationships and agreements | $ | 16.6 |  |  | $ | 14.7 |  |  | $ | 1.9 |  |  | 9.9
Trade names, patents and technology licenses | 25.8 |  |  | 14.8 |  |  | 11.0 |  |  | 9.8
Covenants not to compete | 0.1 |  |  | — |  |  | 0.1 |  |  | 3.4
Total | $ | 42.5 |  |  | $ | 29.5 |  |  | $ | 13.0 |  |  |
The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows:
2016 |  | $ | 2.4 |
2017 |  | $ | 2.3 |
2018 |  | $ | 2.2 |
2019 |  | $ | 2.1 |
2020 |  | $ | 0.2 |
At the end of fiscal 2015 the Company reviewed the estimated useful lives of some of the patents due to current business conditions and shift in strategic direction changed the remaining useful lives of these assets from 12.0 years to 4.0 years. As of May 2, 2015 and May 3, 2014, the trade names, patents and technology licenses include $1.8 million of trade names that are not subject to amortization.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13854-109267 + Details
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