GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Oct. 28, 2017

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 ASC No. 350, "Intangibles — Goodwill and Others." 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.

As part of the acquisitions of Procoplast and Pacific Insight in fiscal 2018, the Company recorded estimated goodwill of $15.4 million and $51.2 million, respectively, of which none is expected to be deductible for income taxes. As the valuation process is still ongoing for both Procoplast and Pacific Insight, these amounts are to be considered preliminary and subject to change. The following table shows the roll-forward of goodwill in the financial statements as of October 28, 2017.



	Automotive			Interface		Power Products		Total
Balance as of April 29, 2017	$	—		$	0.6	$	1.0	$	1.6
Goodwill Acquired	66.6			—		—		66.6
Foreign Currency Translation	(1.5		)	0.1		—		(1.4		)
Balance as of October 28, 2017	$	65.1		$	0.7	$	1.0	$	66.8

As part of the acquisition of Procoplast in fiscal 2018, the Company acquired estimated intangible assets of $12.0 million, which are classified as customer relationships and agreements and are being amortized on a straight-line basis over 10 years. As part of the acquisition of Pacific Insight in fiscal 2018, the Company acquired estimated intangible assets of $40.8 million, of which $29.0 million are classified as customer relationships and agreements, $6.1 million as technology licenses and $5.7 million as trade names. All of the intangible assets acquired as part of the Pacific Insight acquisition are being amortized on a straight-line basis over 10 years. The following tables present details of the Company’s intangible assets.



	As of October 28, 2017
	Gross		Accumulated Amortization		Net		Wtd. Avg. Remaining Amortization Periods (Years)
Customer Relationships and Agreements	$	56.5	$	16.2	$	40.3	9.8
Trade Names, Patents and Technology Licenses	37.3		21.0		16.3		7.3
Total	$	93.8	$	37.2	$	56.6



	As of April 29, 2017
	Gross		Accumulated Amortization		Net		Wtd. Avg. Remaining Amortization Periods (Years)
Customer Relationships and Agreements	$	16.3	$	15.6	$	0.7	6.8
Trade Names, Patents and Technology Licenses	25.8		19.9		5.9		1.4
Covenants Not to Compete	0.1		0.1		—		0.4
Total	$	42.2	$	35.6	$	6.6

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



2018	$	5.4
2019	$	7.3
2020	$	5.3
2021	$	5.3
2022	$	5.3

As of October 28, 2017 and April 29, 2017, the trade names, patents and technology licenses include $1.8 million 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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