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Goodwill And Intangible Assets | 9 Months Ended
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Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS There were no changes to the carrying amount of goodwill during the three and nine months ended June 28, 2024. The Company tests its goodwill for impairment annually as of the first day of its fourth fiscal quarter and in interim periods if certain events occur indicating the carrying value of goodwill may be impaired. There were no indicators of impairment noted during the three and nine months ended June 28, 2024. Intangible assets consist of the following (in millions):
|  | As of
| Weighted Average Amortization Period (Years) | June 28, 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 |  |  | $ | (500.4) |  |  | $ | 879.2 |  |  | $ | 1,290.4 |  |  | $ | (379.4) |  |  | $ | 911.0 |
Technology licenses | 3.1 | 72.5 |  |  | (42.1) |  |  | 30.4 |  |  | 75.8 |  |  | (36.0) |  |  | 39.8 |
In-process research and development |  | 166.0 |  |  | — |  |  | 166.0 |  |  | 271.3 |  |  | — |  |  | 271.3 |
Total intangible assets |  | $ | 1,618.1 |  |  | $ | (542.5) |  |  | $ | 1,075.6 |  |  | $ | 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 the three months ended June 28, 2024, $33.4 million of IPR&D assets were transferred to definite-lived intangible assets, and are being amortized over their useful lives of 12 years. During the nine months ended June 28, 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. During the nine months ended June 30, 2023, $9.5 million of IPR&D assets were transferred to definite-lived intangible assets, and are being amortized over their useful lives of 12 years. Amortization expense related to definite-lived intangible assets was $46.0 million and $139.6 million for the three and nine months ended June 28, 2024, respectively. Amortization expense related to definite-lived intangible assets was $51.3 million and $174.7 million for the three and nine months ended June 30, 2023, respectively. 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):
| Remaining 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter
Amortization expense | $ | 46.5 |  |  | $ | 167.9 |  |  | $ | 140.0 |  |  | $ | 124.0 |  |  | $ | 100.1 |  |  | $ | 331.1 |

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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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