Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 74

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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1 million and $0.9 million for the three months ended March 31, 2025 and 2024, respectively, of which $0.6 million and $0.5 million, respectively, was included in cost of product and service revenue and $0.5 million and $0.4 million, respectively, was included in depreciation and amortization on the accompanying condensed consolidated statements of operations. 

5.    Goodwill and Other Intangible Assets, Net 

Goodwill Changes in the carrying amount of goodwill by operating segment during the three months ended March 31, 2025, consisted of the following (in thousands):Array Legacy Operations STI OperationsTotal Beginning balance$69,727 $90,462 $160,189 Foreign currency translation— 4,032 4,032 Ending balance (1)$69,727 $94,494 $164,221 (1) Goodwill attributable to Array Legacy Operations is net of cumulative impairments of $51.9 million. Goodwill attributable to STI Operations is net of cumulative impairments of $236.0 million.The Company tests goodwill for impairment annually or more frequently if facts and circumstances indicate that it is more likely than not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test. There were no indicators of impairment as of March 31, 2025.Long Lived AssetsThe Company assesses long-lived assets classified as “held and used,” including property, plant and equipment, lease assets and intangible assets for impairment whenever events or changes in circumstances arise, including consideration of technological obsolescence, that may indicate that the carrying amount of such assets may not be recoverable.

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As of March 31, 2025, no events or circumstances were noted that would indicate the carrying amount of any of Array Legacy’s Operations and STI Operations assets may not be recoverable. Other Intangible Assets, NetOther intangible assets consisted of the following (in thousands, except useful lives): Estimated Useful Lives (Years)March 31, 2025December 31, 2024Amortizable:Developed technology14$203,800 $203,800 Computer software315,904 15,826 Customer relationships10183,167 179,166 Backlog117,630 16,877 Trade name2015,791 15,117 Total amortizable