We conduct our goodwill impairment analysis annually on October 1 or more frequently if changes in facts and circumstances indicate that it is more likely than not that the fair value of a reporting unit may be less than its carrying value.

Due to a change in business strategies, with effect from July 1, 2024, two of our existing reporting units (the Systems reporting unit and the Components reporting unit) within the Gaming Components and Systems segment were combined (refer to as the Component and Systems reporting unit) because they now satisfy the aggregation criteria under the applicable accounting guidance. Since the composition of our other reporting units, the Peripherals reporting unit and the Memory reporting unit did not change, the carrying value of the goodwill for the Component and Systems reporting was determined as the sum of the goodwill carrying value for the Components reporting unit and the Systems reporting unit as of July 1, 2024.

During the three months ended September 30, 2024, the sustained decline in our stock price, combined with a reduction in our revenue forecasts, was considered a triggering event indicating that it was possible that the fair value of our reporting units could be less than their carrying amounts, including goodwill. As a result, we performed an interim quantitative goodwill impairment test as of September 30, 2024 using a combination of the income valuation approach and market approach methodologies. The determination of the fair value of the reporting units using the aforementioned methodologies requires significant estimates and assumptions, including but not limited to, discount rate, terminal growth rates, market multiple data from selected guideline companies, and management's internal forecasts. Management determined that the fair values of the reporting units were not less than their respective carrying amounts. As of September 30, 2024, the indicated fair value was in excess of carrying value for our Component and Systems, Peripherals, and Memory reporting units by approximately 23%, 35% and 194%, respectively.

The following table summarizes the changes in the carrying amount of goodwill by reportable segment (in thousands):


	Gaming Components and Systems			Gamer and Creator Peripherals			Total

Balance as of December 31, 2023	$	148,936		$	205,769		$	354,705
Addition from business acquisition		—			2,151			2,151
Measurement period adjustments		—			(28	)		(28	)
Effect of foreign currency exchange rates		(6	)		698			692
Balance as of September 30, 2024	$	148,930		$	208,590		$	357,520

As a result of the goodwill triggering event described above, we also performed an interim impairment test for our indefinite-lived intangible asset and our finite-lived intangible assets as of September 30, 2024. The fair value of our indefinite-lived intangible assets was determined based on the relief from royalty method and the recoverability of our finite-lived intangible assets was determined based on the undiscounted cash flows method. No impairment resulted from these interim impairment tests.

The following table is a summary of intangible assets, net (in thousands):


	September 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Developed technology	$	51,015	$	27,287	$	23,728	$	47,221	$	21,206	$	26,015
Trade name		45,960		10,976		34,984		34,114		9,060		25,054
Customer relationships		218,464		155,288		63,176		218,453		138,800		79,653
Patent portfolio		36,292		21,445		14,847		34,781		17,031		17,750
Supplier relationships		5,940		2,722		3,218		6,136		2,045		4,091
Total finite-life intangibles		357,671		217,718		139,953		340,705		188,142		152,563
Indefinite life trade name		35,430		—		35,430		35,430		—		35,430
Other		4		—		4		16		—		16
Total intangible assets	$	393,105	$	217,718	$	175,387	$	376,151	$	188,142	$	188,009

In the year when an identified intangible asset becomes fully amortized, the fully amortized balances from the gross asset and accumulated amortization amounts are removed from the table above.