Intangible Assets and Goodwill

3 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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


	June 30, 2023
	Gross Amount		Accumulated Amortization		Net Amount
Core and developed technology	$	7,310.0	$	(4,253.4)	$	3,056.6
Customer-related	199.8		(131.9)		67.9



Software licenses	220.8		(92.5)		128.3

Total	$	7,730.6	$	(4,477.8)	$	3,252.8


	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

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


Fiscal Year Ending March 31,	Amortization Expense
2024	$	517.0
2025	$	555.6
2026	$	485.0
2027	$	383.0
2028	$	297.1

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):


	Three Months Ended June 30,
		2023		2022
Amortization expense charged to cost of sales		$	3.0	$	3.3
Amortization expense charged to operating expense		169.4		184.4
Total amortization expense		$	172.4	$	187.7

There were no material impairment charges in the three months ended June 30, 2023 or June 30, 2022.

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


	Semiconductor Products Reporting Unit		Technology Licensing Reporting Unit


Balance at March 31, 2023	$	6,654.4	$	19.2
Additions	1.8		—
Balance at June 30, 2023	$	6,656.2	$	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 June 30, 2023, the Company has never recorded a goodwill impairment charge.