The Company tests goodwill for impairment on an annual basis as of the beginning of the fourth quarter each year, or more frequently if indicators of potential impairment exist. Goodwill impairment testing is conducted at the reporting unit level, which is generally defined as an operating segment or one level below an operating segment (also known as a reporting unit), for which discrete financial information is available and segment management regularly reviews the operating results of that reporting unit.

At the beginning of the fourth quarter of fiscal 2023, the annual goodwill impairment assessment was completed. The Company performed a qualitative assessment for two reporting units within the Industrial segment and a quantitative assessment for one reporting unit within the Industrial segment and two reporting units within the Automotive segment. The qualitative assessments indicated that it was more likely than not that the fair value of each reporting unit exceeded its respective carrying value.

For the quantitative assessment, the Company utilized the income approach to estimate the fair value of the reporting units. Cash flow projections were based on management’s estimates of revenue growth rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) margins, taking into consideration business and market conditions for the countries and markets in which the reporting unit operates. The Company calculates the discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry specific rates of return on debt and equity capital for a target industry capital structure, adjusted for risks associated with business size, geography and other factors specific to the reporting unit.

The quantitative assessment of the reporting units indicated that the fair value exceeded the carrying value. The Company will continue to assess its goodwill for impairment as events and circumstances change. Any deterioration in the Company’s forecasted revenue and EBITDA margins, could result in an impairment of a portion or all of its goodwill. The amount of such impairment would be recognized as an expense in the period the goodwill is impaired.

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


(in millions)	Automotive			Industrial			Total
Balance as of May 2, 2020	$	106.2		$	125.4		$	231.6
Foreign currency translation		0.5			3.5			4.0
Balance as of May 1, 2021		106.7			128.9			235.6
Foreign currency translation		(0.8	)		(1.8	)		(2.6	)
Balance as of April 30, 2022		105.9			127.1			233.0
Acquisitions		—			69.6			69.6
Foreign currency translation		0.3			(1.0	)		(0.7	)
Balance as of April 29, 2023	$	106.2		$	195.7		$	301.9

A summary of goodwill by reporting unit is as follows:


(in millions)	April 29, 2023		April 30, 2022
Grakon Industrial	$	124.5	$	125.5
North American Automotive		99.8		99.8
Nordic Lights		69.6		—
European Automotive		6.4		6.1
Other		1.6		1.6
Total	$	301.9	$	233.0

Details of identifiable intangible assets are shown below:


	As of April 29, 2023
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining useful life (years)
Amortized intangible assets:
Customer relationships and agreements	$	286.7	$	(68.2	)	$	218.5		14.8
Trade names, patents and technology licenses		71.6		(35.2	)		36.4		6.0
Total amortized intangible assets		358.3		(103.4	)		254.9
Unamortized trade name		1.8		—			1.8
Total other intangible assets	$	360.1	$	(103.4	)	$	256.7


	As of April 30, 2022
(in millions)	Gross		Accumulated amortization			Net		Weighted average remaining 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

The Company performed an impairment test for its indefinite-lived trade name intangible asset and determined that no impairment existed as of April 29, 2023. 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: