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Goodwill and Other Intangible Assets | 9 Months Ended
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Jan. 29, 2022
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:
(in millions) |  | Automotive |  |  | Industrial |  |  | Total |
Balance as of May 1, 2021 |  | $ | 106.7 |  |  | $ | 128.9 |  |  | $ | 235.6 |
Foreign currency translation |  |  | (0.5 | ) |  |  | (1.1 | ) |  |  | (1.6 | )
Balance as of January 29, 2022 |  | $ | 106.2 |  |  | $ | 127.8 |  |  | $ | 234.0 |
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 was recognized in the third quarter of fiscal 2022. Other intangible assets, net Details of identifiable intangible assets are shown below:
|  | As of January 29, 2022 |
(in millions) |  | Gross |  |  | Accumulated amortization |  |  | Net |  |  | Weighted average useful life (years) |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships and agreements |  | $ | 233.4 |  |  | $ | (52.1 | ) |  | $ | 181.3 |  |  |  | 14.9 |
Trade names, patents and technology licenses |  |  | 58.2 |  |  |  | (28.0 | ) |  |  | 30.2 |  |  |  | 6.4 |
Total amortized intangible assets |  |  | 291.6 |  |  |  | (80.1 | ) |  |  | 211.5 |  |  |  |  |
Unamortized trade name |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |  |
Total other intangible assets |  | $ | 293.4 |  |  | $ | (80.1 | ) |  | $ | 213.3 |  |  |  |  |
|  | 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 |  | $ | 4.8 |
2023 |  |  | 19.0 |
2024 |  |  | 18.6 |
2025 |  |  | 18.0 |
2026 |  |  | 17.2 |
Thereafter |  |  | 133.9 |
Total |  | $ | 211.5 |

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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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