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Goodwill and Intangible Assets
 12 Months Ended
Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following table presents changes in the carrying amount of goodwill:
GrossAccumulatedNet
Carrying AmountImpairment LossCarrying Amount
(in thousands)
Balance as of April 30, 2021$645,377 $(69,047)$576,330 
Goodwill recognized from acquisitions125,842 — 125,842 
Acquisition accounting adjustments(476)— (476)
Translation adjustment(8,319)2,520 (5,799)
Balance as of April 30, 2022$762,424 $(66,527)$695,897 
Goodwill recognized from acquisitions includes $107.9 million assigned to the Company's other segment. All other goodwill relates to the Company's geographic divisions reportable segment.
In connection with the Company's annual goodwill impairment test during the fourth quarter of fiscal 2022, the Company performed a qualitative assessment of the carrying value of its goodwill. This assessment took into consideration changes in the broader economy, the Company's industry and the Company's business since the last quantitative impairment test. Based on the Company's assessment, the Company concluded there was no impairment of goodwill. The Company identified nine reporting units for evaluating goodwill for the fiscal 2022 annual impairment test, which were Central, Midwest, Northeast, Southern, Southeast, Southwest, Western, Canada and Ames. 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.
When the Company performs a quantitative test, the Company estimates the fair values of its reporting units based on weighting of the income and market approaches. These models use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under the income approach, the Company calculates the fair value of the reporting unit based on the present value of estimated cash flows using a discounted cash flow method. The significant assumptions used in the discounted cash flow method include 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, the fair value is estimated using the guideline company method. The Company selects guideline companies in the industry in which each reporting unit operates. The Company primarily uses revenue and EBITDA multiples based on the multiples of the selected guideline companies.
The Company recognized a $63.1 million non-cash impairment charge to write off goodwill related to its Canada reporting unit in conjunction with its annual goodwill impairment test performed in the fourth quarter of fiscal 2020. This charge was included in impairment of goodwill in the Consolidated Statement of Operations and Comprehensive Income (Loss) for the year ended April 30, 2020. The Company’s annual impairment test during the fourth quarter of fiscal 2020 indicated the estimated fair values of its other reporting units exceeded their carrying values. The primary factors contributing to the impairment was an increase in the discount rate and a decrease in market multiples, combined with a decrease in the reporting unit’s forecasted near-term cash flows, primarily resulting from COVID-19 driven economic uncertainty. The impairment charge was equal to the excess of the reporting unit’s carrying value over its fair value. The Company's annual impairment tests during the fourth quarters of fiscal 2022 and 2021 indicated that the fair value of the Company’s reporting units exceeded their carrying values. As of April 30, 2022, the Company had $138.3 million of remaining goodwill related to its Canada reporting unit. 
Intangible Assets
The following tables present the components of the Company’s definite-lived intangible assets:
Estimated
Useful
Lives
(years)		Weighted
Average
Amortization
Period		April 30, 2022
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Value
(dollars in thousands)
Customer relationships
5 - 16
12.5$669,018 $(381,650)$287,368 
Definite-lived tradenames
5 - 20
15.697,453 (19,496)77,957 
Vendor agreements
8 - 10
10.01,000 (475)525 
Developed technology
5 - 10
6.88,471 (4,462)4,009 
Other
3 - 5
3.61,761 (1,240)521 
Definite-lived intangible assets$777,703 $(407,323)$370,380 
Indefinite-lived intangible assets84,367 
Total intangible assets, net$454,747 

Estimated
Useful
Lives
(years)		Weighted
Average
Amortization
Period		April 30, 2021
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Value
(dollars in thousands)
Customer relationships
5 - 16
13.3$569,255 $(330,880)$238,375 
Definite-lived tradenames
5 - 20
16.862,084 (14,842)47,242 
Vendor agreements
8 - 10
8.36,644 (5,372)1,272 
Developed technology54.95,699 (3,381)2,318 
Other
3 - 5
3.34,291 (3,996)295 
Definite-lived intangible assets$647,973 $(358,471)$289,502 
Indefinite-lived intangible assets61,367 
Total intangible assets, net$350,869 
The Company’s indefinite-lived intangible assets, other than goodwill, consist of tradenames that had a carrying amount of $84.4 million and $61.4 million as of April 30, 2022 and 2021, respectively. In connection with the Company's annual impairment test during the fourth quarter of fiscal 2022, the Company performed a qualitative assessment of the carrying value of its indefinite-lived intangible assets similar to the goodwill assessment described above. Based on the Company's assessment, the Company concluded there was no impairment of its indefinite-lived intangible assets.
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 $63.8 million, $57.6 million and $65.2 million during the years ended April 30, 2022, 2021 and 2020, respectively, and is recorded in depreciation and amortization expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).
The following table summarizes the estimated future amortization expense for definite-lived intangible assets. Actual amortization expense to be reported in future periods could differ materially from these estimates as a result of acquisitions, changes in useful lives, foreign currency exchange rate fluctuations and other relevant factors.
Year Ending April 30,(in thousands)
2023$66,574 
202455,679 
202546,644 
202639,412 
202734,300 
Thereafter127,771 
Total$370,380