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Goodwill and Intangible Assets | 3 Months Ended
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Apr. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The carrying amounts of goodwill by applicable operating segment were as follows:
(in thousands) | Signal Integrity |  | Analog Mixed Signal and Wireless |  | IoT Systems and Connectivity |  |  |  |  |  |  |  |  |  |  |  | Total
Balance at January 28, 2024 | $ | 267,205 |  |  | $ | 83,101 |  |  | $ | 190,921 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 541,227 |
Cumulative translation adjustment | — |  |  | — |  |  | (304) |  |  |  |  |  |  |  |  |  |  |  |  | (304) |
Balance at April 28, 2024 | $ | 267,205 |  |  | $ | 83,101 |  |  | $ | 190,617 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 540,923 |
In the first quarter of fiscal year 2025, as a result of organizational restructuring, the Company combined the IoT Systems operating segment and the IoT Connected Services operating segment into the newly formed IoT Systems and Connectivity operating segment. There was no change to the reporting units. See Note 15, Segment Information, for further discussion of the Company's operating segments. Goodwill is not amortized, but is tested for impairment at the reporting unit level using either a qualitative or quantitative assessment on an annual basis during the fourth quarter of each fiscal year, and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment of goodwill is measured at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair market value of the reporting unit. As of April 28, 2024, there was no indication of impairment of the Company's goodwill balances. Purchased and Other Intangibles The following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions, which are amortized over their estimated useful lives:
|  |  | April 28, 2024
(in thousands, except estimated useful life) | Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Accumulated Impairment |  | Net Carrying Amount
Core technologies | 1-8 years |  | $ | 154,683 |  |  | $ | (37,186) |  |  | $ | (91,792) |  |  | $ | 25,705 |
Customer relationships | 1-10 years |  | 52,061 |  |  | (13,310) |  |  | (34,777) |  |  | 3,974 |
Trade name | 2-10 years |  | 9,000 |  |  | (2,893) |  |  | (4,816) |  |  | 1,291 |
Total finite-lived intangible assets |  |  | $ | 215,744 |  |  | $ | (53,389) |  |  | $ | (131,385) |  |  | $ | 30,970 |
|  |  | January 28, 2024
(in thousands, except estimated useful life) | Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Accumulated Impairment |  | Net Carrying Amount
Core technologies | 1-8 years |  | $ | 154,985 |  |  | $ | (35,130) |  |  | $ | (91,792) |  |  | $ | 28,063 |
Customer relationships | 1-10 years |  | 52,272 |  |  | (13,391) |  |  | (34,777) |  |  | 4,104 |
Trade name | 2-10 years |  | 9,000 |  |  | (2,700) |  |  | (4,816) |  |  | 1,484 |
Total finite-lived intangible assets |  |  | $ | 216,257 |  |  | $ | (51,221) |  |  | $ | (131,385) |  |  | $ | 33,651 |
Amortization expense of finite-lived intangible assets was as follows:
| Three Months Ended |  |
(in thousands) | April 28, 2024 |  | April 30, 2023 |  |  |  |
Core technologies | $ | 2,281 |  |  | $ | 10,855 |  |  |  |  |
Customer relationships | 114 |  |  | 4,090 |  |  |  |  |
Trade name | 193 |  |  | 792 |  |  |  |  |
Total amortization expense | $ | 2,588 |  |  | $ | 15,737 |  |  |  |  |
Amortization expense of finite-lived intangible assets related to core technologies was recorded in "Amortization of acquired technology" within "Total cost of sales" in the Statements of Operations and amortization expense of finite-lived intangible assets related to customer relationships and trade name was recorded in "Intangible amortization" within "Total operating expenses, net" in the Statements of Operations. Future amortization expense of finite-lived intangible assets is expected as follows:
(in thousands) | Core Technologies |  | Customer Relationships |  | Trade Name |  | Total
2025 (remaining nine months) | $ | 6,817 |  |  | $ | 342 |  |  | $ | 233 |  |  | $ | 7,392 |
2026 | 8,594 |  |  | 456 |  |  | 133 |  |  | 9,183 |
2027 | 3,703 |  |  | 456 |  |  | 133 |  |  | 4,292 |
2028 | 3,546 |  |  | 456 |  |  | 133 |  |  | 4,135 |
2029 | 3,045 |  |  | 382 |  |  | 133 |  |  | 3,560 |
Thereafter | — |  |  | 1,882 |  |  | 526 |  |  | 2,408 |
Total expected amortization expense | $ | 25,705 |  |  | $ | 3,974 |  |  | $ | 1,291 |  |  | $ | 30,970 |
Also in "Other intangible assets, net" in the Balance Sheets, are finite-lived intangible assets to be amortized upon placement in service. The following table sets forth the Company’s finite-lived intangible assets not yet placed in service:
(in thousands) |  | Capitalized Development Costs |  | Software Licenses |  | Total
Value at January 28, 2024 |  | $ | 1,000 |  |  | $ | 915 |  |  | $ | 1,915 |
Additions |  | 451 |  |  | 1,750 |  |  | 2,201 |
Value at April 28, 2024 |  | $ | 1,451 |  |  | $ | 2,665 |  |  | $ | 4,116 |

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