Goodwill and Other Intangible Assets

3 Months Ended

Jul. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Note 6. Goodwill and Other Intangible Assets

Goodwill

A summary of the changes in the carrying amount of goodwill, by segment, is shown below:

(in millions)	Automotive			Industrial			Total
Balance as of May 1, 2021	$	106.7		$	128.9		$	235.6
Foreign currency translation		(0.1	)		(0.3	)		(0.4	)
Balance as of July 31, 2021	$	106.6		$	128.6		$	235.2

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. No impairment indicators were identified in the first quarter of fiscal 2022.

Other intangible assets, net

Details of identifiable intangible assets are shown below:

	As of July 31, 2021
(in millions)	Gross		Accumulated amortization			Net		Weighted average useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	234.9	$	(46.0	)	$	188.9		15.4
Trade names, patents and technology licenses		58.6		(25.2	)		33.4		6.8
Total amortized intangible assets		293.5		(71.2	)		222.3
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	295.3	$	(71.2	)	$	224.1

	As of May 1, 2021
(in millions)	Gross		Accumulated amortization			Net		Weighted average useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	235.3	$	(42.7	)	$	192.6		15.6
Trade names, patents and technology licenses		58.7		(23.7	)		35.0		7.0
Total amortized intangible assets		294.0		(66.4	)		227.6
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	295.8	$	(66.4	)	$	229.4

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:

(in millions)
Fiscal Year:
Remainder of 2022	$	14.3
2023		19.1
2024		18.7
2025		18.2
2026		17.3
Thereafter		134.7
Total	$	222.3