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Goodwill and Other Intangible Assets | 9 Months Ended
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Jan. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Note 6.Goodwill and Other Intangible Assets Goodwill A summary of the changes in the carrying amount of goodwill, by segment, is shown below:
(Dollars in Millions) |  | Automotive |  |  | Industrial |  |  | Total |
Balance as of May 2, 2020 |  | $ | 106.2 |  |  | $ | 125.4 |  |  | $ | 231.6 |
Foreign Currency Translation |  |  | 0.6 |  |  |  | 2.6 |  |  |  | 3.2 |
Balance as of January 30, 2021 |  | $ | 106.8 |  |  | $ | 128.0 |  |  | $ | 234.8 |
The Company tests indefinite-lived intangible assets and goodwill for impairment by either performing a qualitative evaluation or a quantitative test at least annually, or more frequently if an indication of impairment arises. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit or asset is less than its carrying amount. During the third quarter of fiscal 2021, the Company evaluated the effects of the COVID-19 pandemic and its negative impact on the global economy on each of the Company’s reporting units and indefinite-lived intangible assets. Management reviewed key assumptions, including revisions of projected future revenues for reporting units and the results of the previous annual impairment testing performed during the fourth quarter of fiscal 2020. The Company did not identify an indication of impairment for any of its reporting units or indefinite-lived intangible assets. Although it was determined that a triggering event had not occurred as of January 30, 2021, management will continue to monitor the impacts of the COVID-19 pandemic on the Company and significant changes in key assumptions that could result in future period impairment charges. Other Intangible Assets, Net Details of identifiable intangible assets are shown below:
|  | As of January 30, 2021 |
(Dollars in Millions) |  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Wtd. Avg. Remaining Amortization Periods (Years) |
Definite-lived Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer Relationships and Agreements |  | $ | 246.7 |  |  | $ | (51.2 | ) |  | $ | 195.5 |  |  |  | 15.8 |
Trade Names, Patents and Technology Licenses |  |  | 76.1 |  |  |  | (39.7 | ) |  |  | 36.4 |  |  |  | 7.2 |
Total Definite-lived Intangible Assets |  |  | 322.8 |  |  |  | (90.9 | ) |  |  | 231.9 |  |  |  |  |
Indefinite-lived Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade Names, Patents and Technology Licenses |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |  |
Total Indefinite-lived Intangible Assets |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |  |
Total Other Intangible Assets |  | $ | 324.6 |  |  | $ | (90.9 | ) |  | $ | 233.7 |  |  |  |  |
|  | As of May 2, 2020 |
(Dollars in Millions) |  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Wtd. Avg. Remaining Amortization Periods (Years) |
Definite-lived Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer Relationships and Agreements |  | $ | 243.5 |  |  | $ | (40.8 | ) |  | $ | 202.7 |  |  |  | 16.5 |
Trade Names, Patents and Technology Licenses |  |  | 75.3 |  |  |  | (35.0 | ) |  |  | 40.3 |  |  |  | 7.8 |
Total Definite-lived Intangible Assets |  |  | 318.8 |  |  |  | (75.8 | ) |  |  | 243.0 |  |  |  |  |
Indefinite-lived Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade Names, Patents and Technology Licenses |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |  |
Total Indefinite-lived Intangible Assets |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |  |
Total Other Intangible Assets |  | $ | 320.6 |  |  | $ | (75.8 | ) |  | $ | 244.8 |  |  |  |  |
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: |  |  |  |
Remainder of 2021 |  | $ | 4.8 |
2022 |  |  | 19.2 |
2023 |  |  | 19.1 |
2024 |  |  | 18.7 |
2025 |  |  | 18.2 |
Thereafter |  |  | 151.9 |
Total |  | $ | 231.9 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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