Intangible assets are as follows:


	January 31, 2025										January 31, 2024
(In thousands)	Gross Carrying Amount		Accumulated Amortization			Currency Translation Adjustment			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Currency Translation Adjustment		Net Carrying Amount
RITEC:
Customer Contract Relationships		2,830		(1,755	)		—			1,075		2,830		(1,689	)		—		1,141
TrojanLabel:
Distributor Relations		937		(774	)		16			179		937		(686	)		30		281
Honeywell:
Customer Contract Relationships		27,773		(13,661	)		—			14,112		27,773		(12,795	)		—		14,978
Astro Machine:
Customer Contract Relationships		3,060		(1,530	)		—			1,530		3,060		(918	)		—		2,142
Trademarks		420		(210	)		—			210		420		(126	)		—		294
MTEX:
Customer Contract Relationships		2,603		(194	)		(104	)		2,305		—		—			—		—
Internally Developed Technology		4,719		(586	)		(181	)		3,952		—		—			—		—
Trademarks		217		(54	)		(7	)		156		—		—			—		—
Intangible Assets, net	$	42,559	$	(18,764	)	$	(276	)	$	23,519	$	35,020	$	(16,214	)	$	30	$	18,836

There were no impairments to intangible assets during the periods ended January 31, 2025 and 2024. Amortization expense of $2.6 million, $2.4 million, and $1.9 million, with regard to acquired intangibles has been included in the consolidated statements of income for the years ended January 31, 2025, 2024, and 2023, respectively.

We assess recoverability of goodwill on an annual basis or when events or changes in circumstances indicate that the carrying value may not be recoverable, such as a deterioration in macroeconomic conditions and a sustained decrease in stock price. Due to the actual and expected future underperformance of a unit within our Product Identification segment, MTEX, relative to management’s original expectations, we performed a strategic review of the MTEX operation which resulted in a restructuring plan including cutting approximately 70% of the MTEX product portfolio and integrating MTEX’s sales, marketing and customer support functions into our global teams. We then performed a quantitative test as of January 31, 2025 of the carrying value of the Product Identification segment which included $14.3 million of goodwill recognized as part of the May 2024 acquisition of MTEX by applying a combination of an income approach, which utilizes discounted cash flows for each reporting unit, and a market approach. The income approach uses a reporting unit’s projection of estimated operating results and cash flows that are discounted using a weighted-average cost of capital that reflects current market conditions appropriate to the reporting unit. The discounted cash flow model uses management’s best estimates of economic and market conditions over the projected period using the best information available, including growth rates in revenues, costs and estimates of future expected changes in operating margins and cash expenditures. The market approach considers a benchmark of our market multiples and comparable transactions occurring within the last two years. Other estimates and assumptions include terminal value growth rates, weighted average cost of capital and changes in future working capital requirements. Determining fair value requires the exercise of significant assumptions and judgments, which are considered Level 3 inputs under the fair value hierarchy, including the amount and timing of expected future cash flows, long term growth rates, and the discount rates.

In connection with the valuation, we also performed a reconciliation of the aggregate fair value of the two reporting units to the Company’s market capitalization as of January 31, 2025. The reconciliation considered the Company’s publicly traded market capitalization, adjusted for a reasonable control premium, as well as other market-based factors such as observed premiums in comparable market transactions. Based on the results of the impairment test, we concluded that the carrying value of our PI reporting unit exceeded the fair value by $13.4 million and, accordingly, we recorded an impairment charge of that amount. The fair value of our T&M segment exceeded the carrying value therefore there was no goodwill impairment charge to this segment.