Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The carrying value of goodwill as of May 4, 2024 and February 3, 2024 was $11.6 billion.

As of May 4, 2024 and February 3, 2024, net carrying amounts excluding fully amortized intangible assets were as follows (in millions, except for weighted-average remaining amortization period):


	May 4, 2024
	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amounts		Weighted-Average Remaining Amortization Period (Years)
Developed technologies	$	5,019.0	$	(2,794.0)	$	2,225.0	3.6
Customer contracts and related relationships	2,179.0		(1,273.4)		905.6		3.1

Trade names	50.0		(30.4)		19.6		2.0
Total acquired amortizable intangible assets	$	7,248.0	$	(4,097.8)	$	3,150.2	3.5
IPR&D	589.0		—		589.0		n/a
Total acquired intangible assets	$	7,837.0	$	(4,097.8)	$	3,739.2


	February 3, 2024
	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amounts		Weighted-Average Remaining Amortization Period (Years)
Developed technologies	$	4,989.0	$	(2,613.5)	$	2,375.5	3.8
Customer contracts and related relationships	2,179.0		(1,191.5)		987.5		3.3
Trade names	50.0		(27.9)		22.1		2.2

Total acquired amortizable intangible assets	$	7,218.0	$	(3,832.9)	$	3,385.1	3.6
IPR&D	619.0		—		619.0		n/a
Total acquired intangible assets	$	7,837.0	$	(3,832.9)	$	4,004.1

The intangible assets are amortized on a straight-line basis over the estimated useful lives, except for certain Cavium customer contracts and related relationships, which are amortized using an accelerated method of amortization over the expected customer lives, which more closely align with the pattern of realization of economic benefits expected to be obtained. The IPR&D will be accounted for as an indefinite-lived intangible asset and will not be amortized until the underlying projects reach technological feasibility and commercial production at which point the IPR&D will be amortized over the estimated useful life. Useful lives for these IPR&D projects are expected to range between 7 to 10 years. In the event the IPR&D is abandoned, the related assets will be written off.

Amortization expense for acquired intangible assets for the three months ended May 4, 2024 and April 29, 2023 was $264.9 million and $270.0 million, respectively.