5. Goodwill and Intangible Assets

Goodwill

The following table presents changes in the carrying amount of goodwill during the years ended April 30, 2019 and 2018:


	Carrying
	Amount
	(in thousands)
Balance as of April 30, 2017	$	423,644
Goodwill acquired		4,145
Purchase price adjustments		(144)
Balance as of April 30, 2018		427,645
Goodwill acquired		196,267
Purchase price adjustments from prior periods		8
Translation adjustment		(6,593)
Balance as of April 30, 2019	$	617,327

All goodwill relates to our geographic divisions reportable segment.

The annual impairment tests during the fourth quarters of fiscal 2019, 2018 and 2017 indicated that the fair value of the Company’s reporting units exceeded their carrying values. The Company identified seven reporting units for evaluating goodwill for the fiscal 2019 annual impairment test, which were Central, Midwest, Northeast, Southern, Southeast, Western and Canada. Each of these reporting units constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results. The Company evaluates its reporting units on an annual basis.

The Company estimated the fair values of its reporting units based on weighting of a discounted cash flow analysis, a market comparable method and a market transaction approach. These models use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. The significant assumptions used in the discounted cash flow method included internal forecasts and projections developed by management for planning purposes, available industry/market data, discount rates and the growth rate to calculate the terminal value. Under the market approach and market transaction approach, the fair value was estimated using the guideline company method. The Company selected guideline companies in the industry in which each reporting unit operates.

Intangible Assets

The following tables present the components of the Company’s definite-lived intangible assets as of April 30, 2019 and 2018:


	Estimated	Weighted	April 30, 2019
	Useful	Average	Gross				Net
	Lives	Amortization	Carrying		Accumulated		Carrying
	(years)	Period	Amount		Amortization		Value
	(dollars in thousands)
Customer relationships	5 - 16	12.8	$	520,703	$	214,044	$	306,659
Definite-lived tradenames	5 - 20	16.3		56,018		6,993		49,025
Vendor agreements	8 - 10	8.3		6,644		3,761		2,883
Developed technology	5	4.9		5,209		971		4,238
Leasehold interests	1 - 15	7.6		3,707		1,502		2,205
Other	3 - 5	3.4		4,118		1,182		2,936
Totals			$	596,399	$	228,453	$	367,946


	Estimated	Weighted	April 30, 2018
	Useful	Average	Gross				Net
	Lives	Amortization	Carrying		Accumulated		Carrying
	(years)	Period	Amount		Amortization		Value
	(dollars in thousands)
Customer relationships	5 - 13	10.9	$	282,547	$	150,081	$	132,466
Definite-lived tradenames	5 - 20	18.0		26,250		3,578		22,672
Vendor agreement	8 - 10	8.3		6,644		2,956		3,688
Leasehold interests	7 - 15	9.0		2,866		832		2,034
Other	5	5.0		521		66		455
Totals			$	318,828	$	157,513	$	161,315

Definite-lived intangible assets are amortized over their estimated useful lives. The Company amortizes its customer relationships using an accelerated method to match the estimated cash flow generated by such assets, and amortizes its other definite-lived intangibles using the straight-line method because a pattern to which the expected benefits will be consumed or otherwise used up could not be reliably determined. Amortization expense related to definite-lived intangible assets was $71.0 million, $41.5 million and $43.7 million during the years ended April 30, 2019, 2018 and 2017, respectively, and is recorded in depreciation and amortization expense in the Consolidated Statements of Operations and Comprehensive Income.

Based on the current amount of definite-lived intangible assets, the Company expects to record amortization expense of $65.3 million, $55.2 million, $46.1 million, $38.4 million, $31.3 million and $131.6 million during the years ending April 30, 2020, 2021, 2022, 2023, 2024 and thereafter, respectively. Actual amortization expense to be reported in future periods could differ materially from these estimates as a result of acquisitions, changes in useful lives and other relevant factors.

The Company’s indefinite-lived intangible assets, other than goodwill, consist of tradenames that had a carrying amount of $61.4 million as of April 30, 2019 and 2018.