A summary of the changes in goodwill by reportable segment is as follows:


(in millions)	Automotive			Industrial			Total
Balance as of April 29, 2023	$	106.2		$	195.7		$	301.9
Acquisition		—			(24.3	)		(24.3	)
Impairment		(105.9	)		—			(105.9	)
Foreign currency translation		(0.3	)		(1.5	)		(1.8	)
Gross balance		105.9			169.9			275.8
Accumulated impairment		(105.9	)		—			(105.9	)
Balance as of April 27, 2024		—			169.9			169.9
Foreign currency translation		—			2.8			2.8
Gross balance		105.9			172.7			278.6
Accumulated impairment		(105.9	)		—			(105.9	)
Balance as of May 3, 2025		—			172.7			172.7
Foreign currency translation		—			2.2			2.2
Gross balance		105.9			174.9			280.8
Accumulated impairment		(105.9	)		—			(105.9	)
Balance as of May 2, 2026	$	—		$	174.9		$	174.9

At the beginning of the fourth quarter of fiscal 2026, the annual goodwill impairment assessment was completed. Based upon the results of the analyses, the estimated fair value of all reporting units with goodwill exceeded their carrying values. Refer to Note 8, “Derivative Financial Instruments and Fair Value” for further discussion of the valuation methodologies and related inputs, which are Company-specific, as observable inputs are not available (level 3).

At the beginning of the fourth quarter of fiscal 2025, the annual goodwill impairment assessment was completed. Based upon the results of the quantitative impairment test, the Company determined that the fair value exceeded its carrying value for both Grakon Industrial and Nordic Lights. However, the fair value of the Nordic Lights reporting unit exceeded its carrying value by less than 10%. For the Nordic Lights reporting unit, if all other assumptions are held constant, a hypothetical increase of more than 100 basis points in the discount rate could have resulted in a partial goodwill impairment.

During the three months ended October 28, 2023, the Company identified an impairment triggering event associated with a sustained decrease in the Company’s publicly quoted share price, market capitalization, and lower than expected operating results. These factors suggested that the fair value of one or more of the Company’s reporting units may have fallen below their carrying amounts, and accordingly the Company performed a quantitative assessment. The reporting units that were quantitatively assessed were North American Automotive (“NAA”) and European Automotive (“EA”).

Based upon the results of the quantitative impairment test, the Company determined the carrying value of the NAA and EA reporting units each exceeded their fair value at October 28, 2023. As a result, the Company recognized a non-cash goodwill impairment charge of $56.5 million ($50.4 million for NAA and $6.1 million for EA) in the three months ended October 28, 2023, which was determined as the excess carrying value over fair value of the respective reporting unit up to the carrying value of the goodwill immediately prior to the impairment.

In March and April 2024, subsequent to the annual goodwill impairment assessment, there was a further decline in the Company’s publicly quoted share price and market capitalization. In addition, operating results for NAA were lower than expected and future cash flow projections were lowered. As a result, the Company determined that a triggering event occurred requiring another quantitative impairment test for NAA as of April 27, 2024. Based upon the results of the quantitative impairment test, the Company determined the carrying value of the NAA reporting unit exceeded its fair value at April 27, 2024. As a result, the Company recognized a non-cash goodwill impairment charge of $49.4 million in the three months ended April 27, 2024, which was determined as the excess carrying value over fair value of the NAA reporting unit up to the carrying value of the goodwill immediately prior to the impairment. As of April 27, 2024, the NAA reporting unit had no remaining goodwill.

Details of identifiable intangible assets are shown below:


	May 2, 2026
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	315.6	$	(120.2	)	$	195.4		13.2
Trade names, patents and technology licenses		77.4		(55.7	)		21.7		5.9
Total amortized intangible assets		393.0		(175.9	)		217.1
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	394.8	$	(175.9	)	$	218.9


	May 3, 2025
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	311.8	$	(102.3	)	$	209.5		14.0
Trade names, patents and technology licenses		76.5		(49.4	)		27.1		6.4
Total amortized intangible assets		388.3		(151.7	)		236.6
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	390.1	$	(151.7	)	$	238.4

For the annual impairment test performed in the fourth quarter of 2026, the estimated fair value of the indefinite-lived trade name intangible asset exceeded its carrying value.

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:
2027	$	22.4
2028		20.2
2029		19.0
2030		17.9
2031		17.5
Thereafter		120.1
Total	$	217.1