Goodwill and Intangible Assets
Goodwill
The changes in the carrying amount of goodwill related to each reportable segment for the fiscal year ended April 26, 2025 were as follows:
| | | | | | | | | | | | | | | | | | | | | |
| | | Commercial | | Transportation | | | | Total |
Balance as of April 27, 2024: | | | $ | 3,188 | | | $ | 38 | | | | | $ | 3,226 | |
| Foreign currency translation | | | (29) | | | (9) | | | | | (38) | |
| | | | | | | | | |
Balance as of April 26, 2025: | | | $ | 3,159 | | | $ | 29 | | | | | $ | 3,188 | |
We perform an analysis of goodwill on an annual basis, and it is tested for impairment more frequently if events or changes in circumstances indicate that an asset might be impaired. Our annual analysis is performed during our third quarter of each fiscal year based on the goodwill amount as of the first business day of our third fiscal quarter.
We performed our annual impairment test on October 27, 2024 and concluded no goodwill impairment existed for fiscal year 2025. The annual impairment test for fiscal year 2024 concluded no goodwill impairment existed.
The amount of accumulated impairments to goodwill as of April 26, 2025 and April 27, 2024 was $4,576.
Intangible Assets
The following table summarizes intangible assets, net, as of April 26, 2025 and April 27, 2024:
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| April 26, 2025 |
| Weighted Average Life (in years) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
| Registered trademarks | 20.0 | | $ | 662 | | | $ | 342 | | | $ | 320 | |
| | | | | | | |
| Customer relationships | 10.3 | | 2,521 | | | 2,273 | | | 248 | |
| | | | | | | |
| Total | 12.2 | | $ | 3,183 | | | $ | 2,615 | | | $ | 568 | |
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| April 27, 2024 |
| Weighted Average Life (in years) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
| Registered trademarks | 20.0 | | $ | 636 | | | $ | 296 | | | $ | 340 | |
| | | | | | | |
| Customer relationships | 10.3 | | 2,549 | | | 2,049 | | | 500 | |
| | | | | | | |
| Total | 12.2 | | $ | 3,185 | | | $ | 2,345 | | | $ | 840 | |
In the fiscal years 2025, 2024, and 2023, amortization expense was $278, $287, and $290, respectively. Amortization expenses are included primarily in product design and development and selling expense in the Consolidated Statements of Operations. Intangible assets are written off when fully amortized.
As of April 26, 2025, amortization expenses for future periods were estimated to be as follows:
| | | | | | | | |
| Fiscal years ending | | Amount |
| 2026 | | $ | 251 | |
| 2027 | | 38 | |
| 2028 | | 38 | |
| 2029 | | 38 | |
| 2030 | | 38 | |
| Thereafter | | 165 | |
| Total expected amortization expense | | $ | 568 | |