Goodwill and Other Intangible Assets

3 Months Ended

Jul. 30, 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		(0.2	)		(0.1	)		(0.3	)
Balance as of July 30, 2022	$	105.7		$	127.0		$	232.7

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 first quarter of fiscal 2023.

Other intangible assets, net

Details of identifiable intangible assets are shown below:

	As of July 30, 2022
(in millions)	Gross		Accumulated amortization			Net		Weighted average useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	231.8	$	(58.1	)	$	173.7		14.5
Trade names, patents and technology licenses		57.9		(30.8	)		27.1		6.0
Total amortized intangible assets		289.7		(88.9	)		200.8
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	291.5	$	(88.9	)	$	202.6

	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	$	14.1
2024		18.5
2025		17.9
2026		17.0
2027		16.4
Thereafter		116.9
Total	$	200.8