Goodwill is considered impaired when the carrying value of a reporting unit exceeds its estimated fair value. Teradyne performs its annual goodwill impairment test as required under the provisions of Accounting Standards Codification ("ASC") 350-10, “Intangibles—Goodwill and Other” on December 31 of each fiscal year unless there are negative qualitative factors relating to macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and other relevant events and changes during an interim period. The presence of such factors could under certain circumstances be a triggering event that causes

us to perform a goodwill impairment test. In assessing these factors and as a result of deterioration of forecasted 2025 revenues and earnings, which are now expected to be a loss, the Company identified a triggering event for the Robotics reporting unit at June 29, 2025. Teradyne performed an interim quantitative analysis to determine if the fair value of the Robotics reporting unit had fallen below its carrying value using an income and market approach, which were weighted equally. The quantitative analysis performed as of June 29, 2025, required the use of key estimates including forecasted future cash flows and management’s anticipated business outlook for the reporting unit. The result of this analysis indicated the fair value of the reporting unit was substantially higher than its carrying value and no impairment was recorded to goodwill. During the period ended June 29, 2025, there were no triggering events identified at any of the Company’s other reporting units.

As a result of the goodwill triggering event described above, Teradyne also performed an interim impairment test for our long-lived assets, including intangible assets, as of June 29, 2025. The fair value of the long-lived and intangible assets was determined based on the undiscounted cash flows method. No impairment resulted from these interim impairment tests.

The changes in the carrying amount of goodwill by reportable segments for the six months ended June 29, 2025, were as follows:


	Robotics		Semiconductor Test			Product Test			Total
	(in thousands)
Balance at December 31, 2024
Goodwill	$	375,298	$	262,117		$	520,518		$	1,157,933
Accumulated impairment losses		—		(260,540	)		(502,026	)		(762,566	)
Total Goodwill		375,298		1,577			18,492			395,367
AET acquisition		—		1,257			—			1,257
Quantifi acquisition		—		—			83,068			83,068
Foreign currency translation adjustment		40,570		208			—			40,778
Balance at June 29, 2025
Goodwill	$	415,868	$	263,582		$	603,586		$	1,283,036
Accumulated impairment losses		—		(260,540	)		(502,026	)		(762,566	)
Total Goodwill	$	415,868	$	3,042		$	101,560		$	520,470

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 29, 2025
Developed technology	$	308,925	$	(260,597	)	$	(5,342	)	$	42,986
Customer relationships		56,480		(50,715	)		204			5,969
Tradenames and trademarks		63,407		(52,808	)		(1,321	)		9,278
Total intangible assets	$	428,812	$	(364,120	)	$	(6,459	)	$	58,233
Balance at December 31, 2024
Developed technology	$	267,706	$	(255,448	)	$	(5,820	)	$	6,438
Customer relationships		52,109		(49,562	)		204			2,751
Tradenames and trademarks		59,007		(50,805	)		(1,464	)		6,738
Total intangible assets	$	378,822	$	(355,815	)	$	(7,080	)	$	15,927

Aggregate intangible asset amortization expense was $3.7 million and $8.3 million, respectively, for the three and six months ended June 29, 2025, and $4.7 million and $9.4 million, respectively, for the three and six months ended June 30, 2024.

Estimated intangible asset amortization expense for each of the five succeeding fiscal years and thereafter is as follows:


Year	Amortization Expense
	(in thousands)
2025	$	6,476
2026		7,531
2027		6,315
2028		6,234
2029		4,866
Thereafter		26,811