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Goodwill and Intangible Assets | 12 Months Ended
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Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 7. GOODWILL AND INTANGIBLE ASSETS The Company’s goodwill balance was $2,176.7 million as of each of September 27, 2024, and September 29, 2023. In fiscal 2024, the Company performed an impairment test of its goodwill and its indefinite-lived intangible assets as of the first day of the fourth fiscal quarter in accordance with its regularly scheduled testing. The results of these tests indicated that the Company’s goodwill was not impaired. Refer to Note 4 for a discussion of IPR&D impairments of $146.7 million and $20.7 million in fiscal 2024 and fiscal 2022, respectively. There was no IPR&D impairment in fiscal 2023. Intangible assets consist of the following (in millions):
|  |  | As of
| Weighted Average Amortization Period (Years) |  | September 27, 2024 |  | September 29, 2023
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Developed technology and other | 6.3 |  | $ | 1,379.6 |  |  | $ | (540.7) |  |  | $ | 838.9 |  |  | $ | 1,290.4 |  |  | $ | (379.4) |  |  | $ | 911.0 |
Technology licenses | 3.1 |  | 75.0 |  |  | (48.8) |  |  | 26.2 |  |  | 75.8 |  |  | (36.0) |  |  | 39.8 |
In-process research and development |  |  | 35.4 |  |  | — |  |  | 35.4 |  |  | 271.3 |  |  | — |  |  | 271.3 |
Total intangible assets |  |  | $ | 1,490.0 |  |  | $ | (589.5) |  |  | $ | 900.5 |  |  | $ | 1,637.5 |  |  | $ | (415.4) |  |  | $ | 1,222.1 |
Fully amortized intangible assets are eliminated from both the gross and accumulated amortization amounts in the first quarter of each fiscal year. During fiscal 2024, $89.1 million of IPR&D assets were transferred to definite-lived intangible assets, of which $33.4 million is being amortized over their useful lives of 12 years and $55.7 million is being amortized over their useful lives of 8 years. Amortization expense related to definite-lived intangible assets was $186.5 million, $225.9 million, and $288.4 million during fiscal 2024, fiscal 2023, and fiscal 2022, respectively, primarily recorded within cost of goods sold. Annual amortization expense for the next five fiscal years related to definite-lived intangible assets, excluding IPR&D, is expected to be as follows (in millions):
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
Amortization expense | $ | 168.7 |  |  | $ | 140.4 |  |  | $ | 124.4 |  |  | $ | 100.2 |  |  | $ | 86.9 |  |  | $ | 244.5 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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