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Goodwill and Acquired Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Acquired Intangible Assets | N. GOODWILL AND ACQUIRED INTANGIBLE ASSETS Goodwill Teradyne performs its annual goodwill impairment test as required under the provisions of ASC 350-10, “Intangibles—Goodwill and Other” on December 31 of each fiscal year unless interim indicators of impairment exist. In the six months ended June 30, 2024, there were no interim indicators of impairment. Goodwill is considered impaired when the net book value of a reporting unit exceeds its estimated fair value. The changes in the carrying amount of goodwill by reportable segments for the six months ended June 30, 2024, were as follows:
|  | Robotics |  |  | Wireless Test |  |  | Semiconductor Test |  |  | System Test |  |  | Total |
|  | (in thousands) |
Balance at December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 395,463 |  |  | $ | 361,819 |  |  | $ | 262,237 |  |  | $ | 158,699 |  |  | $ | 1,178,218 |
Accumulated impairment losses |  |  | — |  |  |  | (353,843 | ) |  |  | (260,540 | ) |  |  | (148,183 | ) |  |  | (762,566 | )
Total Goodwill |  |  | 395,463 |  |  |  | 7,976 |  |  |  | 1,697 |  |  |  | 10,516 |  |  |  | 415,652 |
Foreign currency translation adjustment |  |  | (10,433 | ) |  |  | — |  |  |  | (109 | ) |  |  | — |  |  |  | (10,542 | )
Balance at June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 385,031 |  |  | $ | 361,819 |  |  | $ | 262,128 |  |  | $ | 158,699 |  |  |  | 1,167,676 |
Accumulated impairment losses |  |  | — |  |  |  | (353,843 | ) |  |  | (260,540 | ) |  |  | (148,183 | ) |  |  | (762,566 | )
Total Goodwill |  | $ | 385,031 |  |  | $ | 7,976 |  |  | $ | 1,588 |  |  | $ | 10,516 |  |  | $ | 405,110 |
Intangible Assets Teradyne reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Amortizable intangible assets consist of the following and are included in intangible assets, net on the balance sheet:
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Foreign Currency Translation Adjustment |  |  | Net Carrying Amount |
|  | (in thousands) |
Balance at June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Developed technology |  | $ | 267,706 |  |  | $ | (249,298 | ) |  | $ | (5,728 | ) |  | $ | 12,680 |
Customer relationships |  |  | 52,109 |  |  |  | (48,706 | ) |  |  | 197 |  |  |  | 3,600 |
Tradenames and trademarks |  |  | 59,007 |  |  |  | (48,407 | ) |  |  | (1,415 | ) |  |  | 9,185 |
Total intangible assets |  | $ | 378,822 |  |  | $ | (346,411 | ) |  | $ | (6,946 | ) |  | $ | 25,465 |
Balance at December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Developed technology |  | $ | 267,706 |  |  | $ | (243,191 | ) |  | $ | (5,343 | ) |  | $ | 19,172 |
Customer relationships |  |  | 52,109 |  |  |  | (47,850 | ) |  |  | 232 |  |  |  | 4,491 |
Tradenames and trademarks |  |  | 59,007 |  |  |  | (46,021 | ) |  |  | (1,245 | ) |  |  | 11,741 |
Total intangible assets |  | $ | 378,822 |  |  | $ | (337,062 | ) |  | $ | (6,356 | ) |  | $ | 35,404 |
Aggregate intangible asset amortization expense was $4.7 million and $9.4 million, respectively, for the three and six months ended June 30, 2024, and $4.8 million and $9.6 million, respectively, for the three and six months ended July 2, 2023. Estimated intangible asset amortization expense for each of the five succeeding fiscal years and thereafter is as follows:
Year |  | Amortization Expense |
|  | (in thousands) |
2024 |  | $ | 9,303 |
2025 |  |  | 11,254 |
2026 |  |  | 2,356 |
2027 |  |  | 1,140 |
2028 |  |  | 1,059 |
Thereafter |  |  | 353 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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