Goodwill and Intangible Assets

Goodwill

The Company evaluates goodwill for impairment on an annual basis as of the beginning of the fourth quarter each year and at an interim date, if indicators of potential impairment exist. Goodwill impairment testing is conducted at the reporting unit level, which is generally defined as an operating segment or one level below an operating segment (also known as a component), for which discrete financial information is available and segment management regularly reviews the operating results of that reporting unit.

At the beginning of the fourth quarter of fiscal 2019, the Company performed a quantitative goodwill impairment test on its reporting units. The Company utilizes a combination of an income and market value approach to estimate the fair value of each of its reporting units. Cash flow projections are based on management’s estimates of revenue growth rates and earnings before interest, taxes, depreciation and amortization ("EBITDA") margins, taking into consideration business and market conditions for the countries and markets in which the reporting unit operates. The Company calculates the discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry specific rates of return on debt and equity capital for a target industry capital structure, adjusted for risks associated with business size, geography and other factors specific to the reporting unit. The market value approach is based on appropriate valuation multiples observed for the reporting unit’s guideline public companies.

The goodwill impairment assessment indicated that it was more likely than not that the fair value of each of the reporting units exceeded its respective carrying value. The Company does not believe that any of its reporting units are at risk for impairment.

A summary of the changes in goodwill by reportable segment is as follows:



(Dollars in Millions)	Automotive			Industrial			Total
Balance as of April 30, 2016	$	—		$	1.7		$	1.7
Foreign Currency Translation	—			(0.1		)	(0.1		)
Balance as of April 29, 2017	—			1.6			1.6
Acquisitions	57.2			—			57.2
Foreign Currency Translation	0.3			0.1			0.4
Balance as of April 28, 2018	57.5			1.7			59.2
Acquisitions	49.4			125.9			175.3
Foreign Currency Translation	(0.6		)	(0.6		)	(1.2		)
Balance as of April 27, 2019	$	106.3		$	127.0		$	233.3

Intangible Assets

The following tables present details of the Company's identifiable intangible assets:



	As of April 27, 2019
(Dollars in Millions)	Gross		Accumulated Amortization		Net		Wtd. Avg. Remaining Amortization Periods (Years)
Definite-lived Intangible Assets:
Customer Relationships and Agreements	$	244.5	$	27.7	$	216.8	17.4
Trade Names, Patents and Technology Licenses	75.5		29.2		46.3		8.4
Total Definite-lived Intangible Assets	320.0		56.9		263.1
Indefinite-lived Intangible Assets:
Trade Names, Patents and Technology Licenses	1.8		—		1.8
Total Indefinite-lived Intangible Assets	1.8		—		1.8
Total Intangible Assets	$	321.8	$	56.9	$	264.9



	As of April 28, 2018
(Dollars in Millions)	Gross		Accumulated Amortization		Net		Wtd. Avg. Remaining Amortization Periods (Years)
Definite-lived Intangible Assets:
Customer Relationships and Agreements	$	64.4	$	18.1	$	46.3	12.3
Trade Names, Patents and Technology Licenses	35.9		23.0		12.9		5.3
Total Definite-lived Intangible Assets	100.3		41.1		59.2
Indefinite-lived Intangible Assets:
Trade Names, Patents and Technology Licenses	1.8		—		1.8
Total Indefinite-lived Intangible Assets	1.8		—		1.8
Total Intangible Assets	$	102.1	$	41.1	$	61.0

The Company performed an impairment test for its indefinite-lived intangible asset and determined that no impairment existed at April 27, 2019 and April 28, 2018. Based on the current amount of intangible assets subject to amortization, the estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows:



(Dollars in Millions)
Fiscal Year:
2020	$	19.1
2021	19.0
2022	19.0
2023	18.9
2024	18.6
Thereafter	168.5
Total	$	263.1