Company: CRUS
Filing Date: 2025-05-23
Form Type: 10-K
Source: 0000772406-25-000014
Chunk: 85

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-05-23
Form: 10-K
Item: Item 8
Chunk 85
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 2024.Property, plant and equipment was comprised of the following (in thousands):March 29, 2025March 30, 2024Land$23,853 $23,853 Buildings64,148 64,056 Furniture and fixtures29,875 30,462 Leasehold improvements80,683 81,118 Machinery and equipment208,567 200,999 Capitalized software21,709 23,092 Construction in progress and other734 9 Total property, plant and equipment429,569 423,589 Less: Accumulated depreciation and amortization(269,669)(253,414)Property, plant and equipment, net$159,900 $170,175 Depreciation and amortization expense on property, plant, and equipment for fiscal years 2025, 2024, and 2023 was $31.1 million, $28.1 million, and $27.1 million, respectively.Goodwill Goodwill is recorded at the time of an acquisition and is calculated as the difference between the aggregate consideration paid for an acquisition and the fair value of the net tangible and intangible assets acquired.  The Company tests goodwill for impairment on an annual basis or more frequently if the Company believes indicators of impairment exist.  Impairment evaluations involve management’s assessment of qualitative factors to determine whether it is more likely than not that goodwill is impaired.  If management concludes from its assessment of qualitative factors that it is more likely than not that impairment exists, then a quantitative impairment test will be performed involving management estimates of future cash flows.  Significant management judgment is required in the forecasts of future operating results that are used in these evaluations.  Following the quantitative test, an impairment charge would be recorded for the amount the carrying value exceeds the calculated fair value.  We elected to perform the qualitative assessment of impairment for fiscal year 2025, and based on this assessment, we concluded it was not more likely than not that the fair value of the reporting unit was less than its carrying amount.  The Company has recorded no goodwill impairment in fiscal years 2025, 2024, and 2023.  

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Long-Lived AssetsIntangible assets include purchased technology licenses and patents that are reported at cost and are amortized on a straight-line basis over their useful lives, generally ranging from 1 to 5 years.  Acquired intangibles include existing technology, core technology or patents, license agreements, in