Intangible Assets and Goodwill

12 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Net amounts excluding fully amortized intangible assets, consist of the following (in millions):


	March 31, 2023
	Gross Amount		Accumulated Amortization		Net Amount
Core and developed technology	$	7,296.2	$	(4,103.4)	$	3,192.8
Customer-related	199.8		(128.0)		71.8


In-process research and development	5.7		—		5.7
Software licenses	211.7		(113.0)		98.7
Distribution rights and other	0.3		(0.3)		—
Total	$	7,713.7	$	(4,344.7)	$	3,369.0


	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

The following is an expected amortization schedule for the intangible assets for fiscal 2024 through fiscal 2028, absent any future acquisitions or impairment charges (in millions):


Fiscal Year Ending March 31,	Amortization Expense
2024	$	674.9
2025	$	540.6
2026	$	469.9
2027	$	380.8
2028	$	296.0

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,
	2023		2022		2021
Amortization expense charged to cost of sales	$	15.8	$	12.4	$	9.4
Amortization expense charged to operating expense	737.9		922.0		983.3
Total amortization expense	$	753.7	$	934.4	$	992.7

The Company recognized impairment charges of $1.8 million in fiscal 2023 and $3.0 million in fiscal 2022. 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, 2021	$	6,651.4	$	19.2
Additions	3.0		—
Balance at March 31, 2022	$	6,654.4	$	19.2
Additions	—		—
Balance at March 31, 2023	$	6,654.4	$	19.2

At March 31, 2023, 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, 2023, the Company has never recorded a goodwill impairment charge.