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Acquired Intangibles
 12 Months Ended
Jun. 26, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Acquired Intangibles

5.

Acquired Intangibles

The following table summarizes the life, the gross carrying value of our acquired intangible assets, and the related accumulated amortization as of the end of fiscal 2021 and 2020 (in millions):

 

 

 

 

 

 

 

2021

 

 

2020

 

 

 

Weighted

Average

Life in

Years

 

 

Gross

Carrying

Value

 

Accumulated

Amortization

 

Net Carrying

Value

 

 

Gross

Carrying

Value

 

Accumulated

Amortization

 

Net Carrying

Value

 

Audio and video technology

 

 

5.0

 

 

$

138.6

 

$

(97.6

)

$

41.0

 

 

$

138.6

 

$

(76.5

)

$

62.1

 

Customer relationships

 

 

4.2

 

 

 

125.5

 

 

(63.8

)

 

61.7

 

 

 

81.8

 

 

(61.4

)

 

20.4

 

Wireless connectivity technology

 

 

6.0

 

 

 

93.0

 

 

(14.2

)

 

78.8

 

 

 

—

 

 

—

 

 

—

 

Video interface technology

 

 

3.0

 

 

 

82.0

 

 

(25.1

)

 

56.9

 

 

 

—

 

 

—

 

 

—

 

Display driver technology

 

 

7.0

 

 

 

20.4

 

 

(17.5

)

 

2.9

 

 

 

164.0

 

 

(158.2

)

 

5.8

 

Backlog

 

Not applicable

 

 

 

12.0

 

 

(12.0

)

 

—

 

 

 

—

 

 

—

 

 

—

 

Licensed technology and other

 

 

4.1

 

 

 

13.0

 

 

(8.1

)

 

4.9

 

 

 

7.7

 

 

(5.5

)

 

2.2

 

Patents

 

 

8.0

 

 

 

4.4

 

 

(3.2

)

 

1.2

 

 

 

4.4

 

 

(2.6

)

 

1.8

 

Tradename

 

 

5.1

 

 

 

4.8

 

 

(1.7

)

 

3.1

 

 

 

1.8

 

 

(0.7

)

 

1.1

 

In process research and development

 

Not applicable

 

 

 

51.0

 

 

—

 

 

51.0

 

 

 

—

 

 

—

 

 

—

 

Acquired intangibles, gross

 

 

5.5

 

 

$

544.7

 

$

(243.2

)

$

301.5

 

 

$

398.3

 

$

(304.9

)

$

93.4

 

 

 

In fiscal 2021, there was $143.6 million of display driver developed technology and $28.3 million of customer relationships retired which were fully amortized.  In fiscal 2020, there was $47.2 million of fingerprint authentication technology retired which was fully amortized.

 

Amortization expense is calculated using the straight-line method over the estimated useful lives of the acquired intangibles.  The total amortization expense for the acquired intangible assets was $110.1 million in fiscal 2021, $51.4 million in fiscal 2020, and $74.4 million in fiscal 2019.  This amortization expense was included in our consolidated statements of operations as acquired intangibles amortization and cost of revenue.

The following table presents expected annual aggregate amortization expense in future fiscal years (in millions):

 

2022

 

$

99.0

 

2023

 

 

86.1

 

2024

 

 

25.9

 

2025

 

 

19.0

 

2026

 

 

18.9

 

Thereafter

 

 

1.6

 

To be determined

 

 

51.0

 

Future amortization

 

$

301.5