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Goodwill | 12 Months Ended
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Dec. 31, 2024
Goodwill Disclosure [Abstract] |
Goodwill | Note 8 – Goodwill The changes in the carrying amount of goodwill for the year ended December 31, 2024 are as follows:
(In thousands) |  | Network Solutions |  |  | Services & Support |  |  | Total |
As of December 31, 2023 |  | $ | 297,031 |  |  | $ | 56,384 |  |  | $ | 353,415 |
Goodwill impairment |  |  | (290,528 | ) |  |  | — |  |  |  | (290,528 | )
Foreign currency translation adjustments |  |  | (6,503 | ) |  |  | (3,466 | ) |  |  | (9,969 | )
As of December 31, 2024 |  | $ | — |  |  | $ | 52,918 |  |  | $ | 52,918 |
The Company’s annual impairment test date is October 1, 2024. Based on our analysis, management concluded that there was no impairment of goodwill as of that date. Between the annual impairment date of October 1, 2024 and year-end December 31, 2024, there were no additional triggering events. During the first quarter of 2024, qualitative factors such as a decrease in the Company’s market capitalization, lower service provider spending and delayed holding patterns of inventory with respect to customers caused us to reduce our forecasts, triggering a quantitative impairment assessment for our reporting units. The Company determined the fair value of each reporting unit using a combination of an income approach and a market approach. The significant inputs and assumptions used in the determination of the fair value of our reporting units, based on future cash flows for the reporting units, requires significant judgment and the use of estimates and assumptions related to revenue growth rates, earnings before interest, taxes, depreciation and amortization ("EBITDA") margins, discount rate, peer group determination, revenue and EBITDA market multiple. The Company determined upon its quantitative impairment assessment to recognize a $292.6 million non-cash goodwill impairment charge for the Network Solutions reporting unit. The quantitative impairment analysis indicated there was no impairment of the Services & Support goodwill during the first quarter of 2024. During 2023, the Company experienced decreased market capitalization and long-term projections. Therefore, an interim impairment test over goodwill was performed as of September 30, 2023. The Company determined the fair value of each reporting unit using a combination of an income approach and a market approach. Management’s determination of the fair value of our reporting units, based on future cash flows for the reporting units, requires significant judgment and the use of estimates and assumptions related to cash flow projections, discount rate, peer group determination and market multiple selection. It was determined that the decreases in projected future cash flows, discount rates, overall macroeconomic conditions, as well as the decrease in our market capitalization applied in the valuation, were required to align with market-based assumptions and company-specific risk, which resulted in lower fair values of the Services & Support reporting unit. As a result of the interim assessment, the Company recorded a goodwill impairment charge of $37.9 million as its estimated fair value was less than its book value on that date. No other goodwill impairment charges were recorded during 2023. As of December 31, 2024, accumulated goodwill impairment losses in total were $330.5 million.

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