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Goodwill and Other Intangible Assets | 6 Months Ended
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Oct. 29, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Note 5. Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. A summary of the changes in the carrying amount of goodwill, by segment, is shown below:
(in millions) |  | Automotive |  |  | Industrial |  |  | Total |
Balance as of April 30, 2022 |  | $ | 105.9 |  |  | $ | 127.1 |  |  | $ | 233.0 |
Foreign currency translation |  |  | (0.3 | ) |  |  | (1.7 | ) |  |  | (2.0 | )
Balance as of October 29, 2022 |  | $ | 105.6 |  |  | $ | 125.4 |  |  | $ | 231.0 |
The Company tests goodwill and indefinite-lived intangible assets for impairment on an annual basis as of the beginning of the fourth quarter each fiscal year. In addition, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore require interim goodwill impairment testing, including long-term revenue growth projections, profitability, discount rates, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. No impairment indicators were identified in the six months ended October 29, 2022. Other intangible assets, net Details of identifiable intangible assets are shown below:
|  | As of October 29, 2022 |
(in millions) |  | Gross |  |  | Accumulated amortization |  |  | Net |  |  | Weighted average useful life (years) |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships and agreements |  | $ | 230.4 |  |  | $ | (61.0 | ) |  | $ | 169.4 |  |  |  | 14.2 |
Trade names, patents and technology licenses |  |  | 57.5 |  |  |  | (32.0 | ) |  |  | 25.5 |  |  |  | 5.8 |
Total amortized intangible assets |  |  | 287.9 |  |  |  | (93.0 | ) |  |  | 194.9 |  |  |  |
Unamortized trade name |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |
Total other intangible assets |  | $ | 289.7 |  |  | $ | (93.0 | ) |  | $ | 196.7 |  |  |  |
|  | As of April 30, 2022 |
(in millions) |  | Gross |  |  | Accumulated amortization |  |  | Net |  |  | Weighted average useful life (years) |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships and agreements |  | $ | 232.3 |  |  | $ | (55.1 | ) |  | $ | 177.2 |  |  |  | 14.7 |
Trade names, patents and technology licenses |  |  | 58.0 |  |  |  | (29.3 | ) |  |  | 28.7 |  |  |  | 6.2 |
Total amortized intangible assets |  |  | 290.3 |  |  |  | (84.4 | ) |  |  | 205.9 |  |  |  |
Unamortized trade name |  |  | 1.8 |  |  |  | — |  |  |  | 1.8 |  |  |  |
Total other intangible assets |  | $ | 292.1 |  |  | $ | (84.4 | ) |  | $ | 207.7 |  |  |  |
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 2023 |  | $ | 9.3 |
2024 |  |  | 18.4 |
2025 |  |  | 17.8 |
2026 |  |  | 16.9 |
2027 |  |  | 16.3 |
Thereafter |  |  | 116.2 |
Total |  | $ | 194.9 |

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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 https://asc.fasb.org/topic&trid=2144416 + Details
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