Qorvo, Inc.QRVO
Qorvo, Inc. Goodwill & Intangibles Disclosure
7. GOODWILL AND INTANGIBLE ASSETS
The changes in the carrying amount of goodwill for fiscal 2026 are as follows (in thousands):
| HPA | CSG | ACG | Total | ||||||||||||||||||||
Balance as of March 29, 2025 (1) | $ | 421,464 | $ | 252,317 | $ | 1,715,960 | $ | 2,389,741 | |||||||||||||||
| Goodwill impairment | — | (36,515) | — | (36,515) | |||||||||||||||||||
Balance as of March 28, 2026 (1) | $ | 421,464 | $ | 215,802 | $ | 1,715,960 | $ | 2,353,226 | |||||||||||||||
(1) The Company’s goodwill balance is presented net of accumulated impairment losses totaling $1,084.1 million and $1,047.6 million as of March 28, 2026 and March 29, 2025, respectively.
The Company operates under three segments with a total of five reporting units as of March 28, 2026.
In the second quarter of fiscal 2026, the Company consolidated its CSG organizational structure and realigned reporting units within CSG in order to align resources, improve efficiency and narrow its focus on a higher margin portfolio. The Company performed a goodwill impairment assessment for CSG's reporting units immediately before and after the realignment and concluded that goodwill was not impaired.
In March 2026, due to slower than expected market adoption for certain technologies, the Company revised its forecasts for a reporting unit within the CSG segment and determined it was more likely than not that the fair value of the reporting unit was below its carrying amount, and impairment testing was triggered. The impairment testing resulted in impairments of goodwill and (developed technology) of approximately $36.5 million and $45.9 million, respectively. The estimated fair values of the intangible assets and the reporting unit were determined using the income approach, and the significant inputs related to valuing these assets are classified as Level 3 in the fair value hierarchy.
In fiscal 2025, the Company recorded goodwill and intangible asset impairment charges of approximately $96.5 million and $16.6 million, respectively, as a result of the expected divestiture of its SiC power device business, which constituted a reporting unit within the HPA segment. Additionally, the Company recorded goodwill and intangible asset impairment charges of approximately $47.8 million and $31.7 million, respectively, as a result of the expected divestiture of its MEMS-based sensing solutions business, which constituted a reporting unit within the CSG segment. In fiscal 2024, the Company recorded goodwill impairment charges totaling $221.4 million for a reporting unit within the CSG segment as a result of the Company's interim goodwill impairment assessments. These impairment charges are recorded in "" in the Consolidated Statements of Operations.
The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands):
| March 28, 2026 | March 29, 2025 | ||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
| Developed technology | $ | 330,939 | $ | 239,563 | $ | 627,038 | $ | 427,366 | |||||||||||||||
| Customer relationships | 39,900 | 29,588 | 80,800 | 62,111 | |||||||||||||||||||
| Technology licenses | 75,475 | 55,861 | 74,976 | 29,876 | |||||||||||||||||||
| Trade names | 700 | 496 | 700 | 262 | |||||||||||||||||||
| IPRD | — | — | 9,579 | N/A | |||||||||||||||||||
Total (1) | $ | 447,014 | $ | 325,508 | $ | 793,093 | $ | 519,615 | |||||||||||||||
(1) Amounts include the impact of foreign currency translation.
At the beginning of each fiscal year, the Company removes the gross asset and accumulated amortization amounts of intangible assets that have reached the end of their useful lives and have been fully amortized. Useful lives are estimated based on the expected economic benefit to be derived from the intangible assets. The gross carrying amounts and accumulated amortization of fully impaired intangible assets are written off at the time of impairment.
Total intangible assets amortization expense was $111.1 million, $133.6 million and $127.9 million in fiscal years 2026, 2025 and 2024, respectively.
The following table provides the Company's estimated amortization expense for intangible assets for the periods indicated (in thousands):
| Fiscal Year | Estimated Amortization Expense | ||||
| 2027 | $ | 53,000 | |||
| 2028 | 33,000 | ||||
| 2029 | 21,000 | ||||
| 2030 | 9,000 | ||||
| 2031 | 6,000 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 8, 2026 | Showing above |
| 2025 | May 19, 2025 | |
| 2024 | May 20, 2024 | |
| 2023 | May 19, 2023 | |
| 2022 | May 20, 2022 | |
| 2021 | May 24, 2021 | |
| 2020 | May 20, 2020 | |
| 2019 | May 17, 2019 | |
| 2018 | May 21, 2018 | |
| 2017 | May 23, 2017 | |
| 2016 | May 31, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.