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Intangible Assets | 12 Months Ended
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Jan. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Note 3—Intangible Assets Intangible assets are as follows:
|  | January 31, 2022 |  |  | January 31, 2021 |
(In thousands) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Currency Translation Adjustment |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Currency Translation Adjustment |  |  | Net Carrying Amount |
Miltope: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer Contract Relationships |  | $ | 3,100 |  |  | $ | (2,515 | ) |  | $ | — |  |  | $ | 585 |  |  | $ | 3,100 |  |  | $ | (2,284 | ) |  | $ | — |  |  | $ | 816 |
RITEC: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer Contract Relationships |  |  | 2,830 |  |  |  | (1,557 | ) |  |  | — |  |  |  | 1,273 |  |  |  | 2,830 |  |  |  | (1,423 | ) |  |  | — |  |  |  | 1,407 |
TrojanLabel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Existing Technology |  |  | 2,327 |  |  |  | (1,767 | ) |  |  | 127 |  |  |  | 687 |  |  |  | 2,327 |  |  |  | (1,405 | ) |  |  | 196 |  |  |  | 1,118 |
Distributor Relations |  |  | 937 |  |  |  | (498 | ) |  |  | 46 |  |  |  | 485 |  |  |  | 937 |  |  |  | (396 | ) |  |  | 89 |  |  |  | 630 |
Honeywell: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer Contract Relationships |  |  | 27,243 |  |  |  | (11,073 | ) |  |  | — |  |  |  | 16,170 |  |  |  | 27,243 |  |  |  | (9,712 | ) |  |  | — |  |  |  | 17,531 |
Intangible Assets, net |  | $ | 36,437 |  |  | $ | (17,410 | ) |  | $ | 173 |  |  | $ | 19,200 |  |  | $ | 36,437 |  |  | $ | (15,220 | ) |  | $ | 285 |  |  | $ | 21,502 |
In the second quarter of the current year, we extended the remaining useful life of the customer contract relationship intangibles for Honeywell International, Inc. (“Honeywell”) from 6 years to 20 years and for the RITEC intangibles we changed the amortization method which was based on revenue with a remaining life of 4 years to the straight-line method with a 20-year remaining life. We believe these changes, based on the life of the aircraft related to these intangibles, appropriately reflects a more systematic and rational approach to distributing the cost of these intangibles over their useful lives. The change in the amortization of the Honeywell customer contract relationship intangibles is being treated as a change in accounting estimate and the change in the amortization of the RITEC customer contract relationship intangibles is being treated as a change in accounting estimate that is effected by a change in accounting principle. The changes in amortization resulted in a $1.8 million decrease in amortization expense and a $1.8 million increase to net income for the period ended January 31, 2022 . There were no impairments to intangible assets during the periods ended January 31, 2022 and 2021. Amortization expense of $2.2 million , $4.1 million and $4.2 million with regard to acquired intangibles has been included in the consolidated statements of income for the years ended January 31, 2022, 2021 and 2020, respectively. Estimated amortization expense for the next five fiscal years is as follows:
(In thousands) |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |
Estimated amortization expense |  | $ | 1,632 |  |  | $ | 1,693 |  |  | $ | 1,008 |  |  | $ | 1,008 |  |  | $ | 1,008 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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