Intangible Assets and Goodwill

12 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consist of the following (in millions):


	March 31, 2022
	Gross Amount		Accumulated Amortization		Net Amount
Core and developed technology	$	7,390.2	$	(3,571.5)	$	3,818.7
Customer-related	200.3		(112.4)		87.9


In-process research and development	6.4		—		6.4
Software licenses	191.2		(61.2)		130.0
Distribution rights and other	0.4		(0.3)		0.1
Total	$	7,788.5	$	(3,745.4)	$	4,043.1


	March 31, 2021
	Gross Amount		Accumulated Amortization		Net Amount
Core and developed technology	$	7,371.3	$	(2,771.0)	$	4,600.3
Customer-related	835.2		(702.6)		132.6


In-process research and development	7.7		—		7.7
Software licenses	124.6		(70.9)		53.7
Distribution rights and other	5.6		(5.1)		0.5
Total	$	8,344.4	$	(3,549.6)	$	4,794.8

The following is an expected amortization schedule for the intangible assets for fiscal 2023 through fiscal 2027, absent any future acquisitions or impairment charges (in millions):


Fiscal Year Ending March 31,	Amortization Expense
2023	$	746.1
2024	$	667.1
2025	$	533.1
2026	$	462.6
2027	$	377.2

The Company amortizes intangible assets over their expected useful lives, which range between 1 and 15 years. Amortization expense attributed to intangible assets are assigned to cost of sales and operating expenses as follows (in millions):


	Fiscal Year Ended March 31,
	2022		2021		2020
Amortization expense charged to cost of sales	$	12.4	$	9.4	$	8.9
Amortization expense charged to operating expense	922.0		983.3		1,037.8
Total amortization expense	$	934.4	$	992.7	$	1,046.7

The Company recognized impairment charges of $3.0 million in fiscal 2022 and $2.2 million in fiscal 2020. There were no impairment charges in fiscal 2021.

Goodwill activity by segment was as follows (in millions):


	Semiconductor Products Reporting Unit		Technology Licensing Reporting Unit
Balance at March 31, 2020	$	6,645.6	$	19.2
Additions	5.8		—
Balance at March 31, 2021	$	6,651.4	$	19.2
Additions	3.0		—
Balance at March 31, 2022	$	6,654.4	$	19.2

At March 31, 2022, the Company applied a qualitative goodwill impairment test to its two reporting units, concluding it was not more likely than not that goodwill was impaired. Through March 31, 2022, the Company has never recorded an impairment charge.