Amortized cost and estimated fair market value of investments classified as available-for-sale, excluding cash equivalents, as of December 31, 2024, and December 31, 2023, were as follows:


	December 31, 2024
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. treasury securities	$	119,199	$	171	$	—	$	119,370
Total	$	119,199	$	171	$	—	$	119,370


	December 31, 2023
(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
U.S. treasury securities	$	98,326	$	128	$	—	$	98,454
Convertible debt		173		—		—		173
Total	$	98,499	$	128	$	—	$	98,627

The contractual maturities on the U.S. treasury securities as of December 31, 2024, are all due within one year. Accrued interest receivable as of December 31, 2024, was $0.8 million and was recorded within Prepaid expenses and other current assets on the consolidated balance sheets.

The Company had no investment classified as available-for-sale in a continuous unrealized loss position for which an allowance for credit losses was not recorded as of December 31, 2024.

In the years ended December 31, 2024, 2023 and 2022, no unrealized losses on available-for-sale securities were recognized in income. The Company does not intend to sell, and it is unlikely that it will be required to sell the investments in an unrealized loss position prior to their anticipated recovery. The investments are high quality U.S. treasury securities and the decline in fair value is largely due to changes in interest rates and other market conditions with the fair value expected to recover as they reach maturity. There were no other-than-temporary impairments for these securities during the years ended December 31, 2024, 2023 and 2022. Refer to Note 12, Fair Value Measurements, for detailed disclosures regarding fair value measurements.

Inventories


(In thousands)	December 31, 2024		December 31, 2023
Raw materials	$	13,439	$	19,955
Finished goods		149,100		228,896
Total	$	162,539	$	248,851

The Company records provisions for excess and obsolete inventory based on assumptions about future demand and the amounts incurred were $6.1 million, $3.2 million and $3.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. While management believes the estimates and assumptions underlying its current forecasts are reasonable, there is risk that additional charges may be necessary if current forecasts are greater than actual demand.

Property and equipment, net


(In thousands)	December 31, 2024			December 31, 2023
Machinery and equipment	$	54,355		$	47,826
Furniture, fixtures, and leasehold improvements		20,028			18,205
Software		24,610			25,760
Computer equipment		5,384			5,458
Total property and equipment, gross		104,377			97,249
Accumulated depreciation		(93,089	)		(88,976	)
Total	$	11,288		$	8,273

Depreciation expense pertaining to property and equipment was $6.5 million, $6.9 million and $9.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Intangibles, net


	December 31, 2024										December 31, 2023
(In thousands)	Gross		Accumulated Amortization			Accumulated Impairment			Net		Gross		Accumulated Amortization			Accumulated Impairment			Net
Technology	$	59,799	$	(58,906	)	$	(893	)	$	—	$	59,799	$	(58,906	)	$	(893	)	$	—
Other		10,345		(10,167	)		(178	)		—		10,345		(10,167	)		(178	)		—
Total	$	70,144	$	(69,073	)	$	(1,071	)	$	—	$	70,144	$	(69,073	)	$	(1,071	)	$	—

Amortization of purchased intangibles in the years ended December 31, 2023 and 2022 was $0.3 million and $0.5 million, respectively.

An intangible asset impairment charge of $1.1 million was recognized for the Connected Home reporting unit in the year ended December 31, 2023, which reduced the intangibles, net to zero. No intangibles impairment was recorded in the years ended December 31, 2024 or 2022.

Each year on the first day of fourth fiscal quarter, the Company assesses its goodwill for potential impairment. This impairment testing is applied more frequently than once a year if the Company is aware of changed conditions or circumstances since the last impairment testing that might call into question whether the current balances are fairly recorded.

The Company completed its annual impairment test of goodwill as of the first day of the fourth fiscal quarter of 2024, or September 30, 2024. The Company identified the reporting units for the purpose of goodwill impairment testing as NETGEAR for Business and Connected Home and performed a qualitative test on the NETGEAR for Business reporting unit. Based upon the results of the qualitative testing, the Company believed that it was more-likely-than-not that the fair value of the NETGEAR for Business reporting unit was greater than its carrying value and therefore performing the next step of impairment test for this reporting unit was unnecessary. No goodwill impairment was recognized for the NETGEAR for Business reporting unit in the years ended December 31, 2024, 2023 or 2022. An interim goodwill impairment test performed in the first fiscal quarter of 2022 resulted in an impairment charge of $44.4 million in respect to the Connected Home reporting unit, which reduced the goodwill of this reporting unit to zero. Accumulated goodwill impairment charges as of December 31, 2024 was $44.4 million for the Connected Home reporting unit and zero for the NETGEAR for Business reporting unit.

Other non-current assets


(In thousands)	December 31, 2024		December 31, 2023
Non-current deferred income taxes	$	2,332	$	3,343
Long-term investments		8,381		8,367
Restricted cash		2,107		—
Other		3,767		5,616
Total	$	16,587	$	17,326

Other accrued liabilities


(In thousands)	December 31, 2024		December 31, 2023
Current operating lease liabilities	$	10,837	$	11,869
Sales and marketing		59,129		75,535
Warranty obligations		5,192		5,738
Sales returns(1)		31,711		34,824
Freight and duty		4,979		2,837
Other		36,230		37,281
Total	$	148,078	$	168,084

_______________________

(1)

Inventory expected to be received from future sales returns amounted to $15.1 million and $16.9 million as of December 31, 2024 and 2023, respectively. Provisions to write down expected returned inventory to net realizable value amounted to $9.0 million and $9.7 million as of December 31, 2024 and December 31, 2023, respectively.