Goodwill and Intangible Assets

3 Months Ended

Jul. 31, 2017

3. Goodwill and Intangible Assets

The following table represents the activity of “Goodwill” from May 1, 2017 to July 31, 2017:


	Carrying
	Amount
Balance at May 1, 2017	$	423,644
Working capital adjustments		129
Balance at July 31, 2017	$	423,773

The Company’s definite lived intangible assets as of July 31, 2017 and April 30, 2017 consist of the following:


	Estimated	Weighted	July 31, 2017
	useful	average	Gross				Net
	lives	amortization	carrying		Accumulated		carrying
	(years)	period	amount		amortization		value
Amortizable intangible assets:
Customer relationships	5 - 13	10.9	$	273,196	$	121,011	$	152,185
Definite lived tradenames	5 - 20	18.3		25,250		2,097		23,153
Vendor agreement	8	—		5,644		2,352		3,292
Leasehold interests	7 - 13	8.2		2,516		576		1,940
Totals			$	306,606	$	126,036	$	180,570


	Estimated	Weighted	April 30, 2017
	useful	average	Gross				Net
	lives	amortization	carrying		Accumulated		carrying
	(years)	period	amount		amortization		value
Amortizable intangible assets:
Customer relationships	5 - 13	10.9	$	273,196	$	111,291	$	161,905
Definite lived tradenames	5 - 20	18.3		25,250		1,718		23,532
Vendor agreement	8	—		5,644		2,176		3,468
Leasehold interests	7 - 13	8.2		2,516		496		2,020
Totals			$	306,606	$	115,681	$	190,925

The Company’s indefinite lived intangible assets consist of tradenames which have a carrying amount of $61,368 as of July 31, 2017 and April 30, 2017.

Amortization expense related to intangible assets was $10,355 and $9,413 for the three months ended July 31, 2017 and 2016, respectively. Amortization expense is recorded in “Depreciation and amortization” expense in the Condensed Consolidated Statements of Operations and Comprehensive Income.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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