Goodwill

We recognized $14.2 million in goodwill as the result of the business combination with BNED on June 10, 2024, as further described in Note 2. Business Combination. The carrying value of goodwill as of October 31, 2024 and April 30, 2024, were $14.2 million and $0, respectively.

In accordance with ASC Topic 350, Intangibles - Goodwill and Other, the Company did not record any goodwill impairment losses during the three and six months ended October 31, 2024. Goodwill represents the future economic benefit attributable to the Barnes & Noble Education's assembled workforce, which is not individually and separately recognized as an intangible asset. As such, the carrying value of goodwill has been allocated to the Barnes & Noble Education Segment and none of the goodwill has been allocated to the Immersion Segment.

Intangible Assets, net

The following is a summary of intangible assets excluding goodwill recorded as intangible assets on our Condensed Consolidated Balance Sheets as of October 31, 2024 (in thousands):

		As of October 31, 2024
		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount	Weighted-average remaining life (Years)
Trade name	$	45,000	$	—		$	45,000	Infinite
Customer relationships		50,000		(1,496	)		48,504	12.6
Total	$	95,000	$	(1,496	)	$	93,504

Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. Trade name is determined to have an indefinite useful life and is not subject to amortization.

Amortization expense was $0.3 million for the month ended July 31, 2024. Amortization expense was $1.0 million for the three months ended October 31, 2024. Amortization expense was $1.5 million for the period from June 10, 2024, to October 31, 2024.

Estimated amortization expense of the intangible assets to be recognized by the Company are as follows (in thousands):

Year ended April 30,
Remainder of 2025	$	1,923
2026		3,846
2027		3,846
2028		3,846
2029		3,846
Thereafter		31,197
Total	$	48,504