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 29, 2023		106.2		195.7		301.9
Foreign currency translation		—		0.6		0.6
Balance as of July 29, 2023	$	106.2	$	196.3	$	302.5

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.

During the three months ended July 29, 2023, the Company concluded that a triggering event had occurred for goodwill at a reporting unit in its Automotive segment. The triggering event was a result of an earlier than expected sunsetting of a significant program for a major electric vehicle customer, which led to a downward revision of forecasted cash flows. As a result, the Company performed a quantitative impairment assessment of the fair value for this reporting unit.

The Company engaged a third-party valuation specialist to assist management in performing the interim goodwill impairment assessment. The fair value of the reporting unit was estimated using a combination of the income approach and market approach. The income approach uses a discounted cash flow method and the market approach uses appropriate valuation multiples observed for the reporting unit’s guideline public companies. The determination of discounted cash flows 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. Long-range forecasting involves uncertainty which increases with each successive period. Revenue growth rates and profitability assumptions, especially in the outer years, involve a greater degree of uncertainty.

Based upon the quantitative impairment assessment, the Company determined the fair value exceeded the carrying amount for this reporting unit, and thus no impairment was recorded. However, further changes to the assumptions regarding future performance, an adverse change to macroeconomic conditions, or a change to other assumptions could result in impairment losses in the future, which could be significant.

Details of identifiable intangible assets are shown below:


	As of July 29, 2023
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	285.3	$	(72.3	)	$	213.0		14.6
Trade names, patents and technology licenses		73.5		(37.0	)		36.5		6.9
Total amortized intangible assets		358.8		(109.3	)		249.5
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	360.6	$	(109.3	)	$	251.3


	As of April 29, 2023
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	286.7	$	(68.2	)	$	218.5		14.8
Trade names, patents and technology licenses		71.6		(35.2	)		36.4		6.0
Total amortized intangible assets		358.3		(103.4	)		254.9
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	360.1	$	(103.4	)	$	256.7

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 2024	$	17.2
2025		22.4
2026		21.6
2027		20.9
2028		18.6
Thereafter		148.8
Total	$	249.5