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Acquired Intangibles and Goodwill
 6 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Acquired Intangibles and Goodwill

7. Acquired Intangibles and Goodwill

Acquired Intangibles

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

 

 

 

 

 

 

 

December 2020

 

 

June 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

 

 

5.4

 

 

$

138.6

 

 

$

(87.7

)

 

$

50.9

 

 

$

138.6

 

 

$

(76.5

)

 

$

62.1

 

Customer relationships

 

 

4.2

 

 

 

125.5

 

 

 

(47.6

)

 

 

77.9

 

 

 

81.8

 

 

 

(61.4

)

 

 

20.4

 

Wireless connectivity technology

 

 

6.0

 

 

 

93.0

 

 

 

(6.5

)

 

 

86.5

 

 

 

—

 

 

 

—

 

 

 

—

 

Video interface technology

 

 

3.0

 

 

 

82.0

 

 

 

(11.4

)

 

 

70.6

 

 

 

—

 

 

 

—

 

 

 

—

 

Display driver technology

 

 

7.0

 

 

 

20.4

 

 

 

(16.0

)

 

 

4.4

 

 

 

164.0

 

 

 

(158.2

)

 

 

5.8

 

Backlog

 

 

0.5

 

 

 

12.0

 

 

 

(10.0

)

 

 

2.0

 

 

 

—

 

 

 

—

 

 

 

—

 

Licensed technology

   and other

 

 

4.1

 

 

 

13.0

 

 

 

(6.8

)

 

 

6.2

 

 

 

7.7

 

 

 

(5.5

)

 

 

2.2

 

Patents

 

 

8.0

 

 

 

4.4

 

 

 

(2.9

)

 

 

1.5

 

 

 

4.4

 

 

 

(2.6

)

 

 

1.8

 

Tradename

 

 

5.1

 

 

 

4.8

 

 

 

(1.2

)

 

 

3.6

 

 

 

1.8

 

 

 

(0.7

)

 

 

1.1

 

In process research and development

 

N/A

 

 

 

51.0

 

 

 

—

 

 

 

51.0

 

 

 

—

 

 

 

—

 

 

 

—

 

Acquired intangibles totals

 

 

5.1

 

 

$

544.7

 

 

$

(190.1

)

 

$

354.6

 

 

$

398.3

 

 

$

(304.9

)

 

$

93.4

 

 

The total amortization expense for the acquired intangible assets was $31.6 million and $11.1 million for the three months ended December 26, 2020 and December 28, 2019, respectively, and $57.0 million and $29.3 million for the six months ended December 26, 2020 and December 28, 2019, respectively. During the three months ended December 26, 2020 and December 28, 2019, $22.9 million and $8.2 million, respectively, and $41.6 million and $23.5 million for the six months ended December 26, 2020 and December 28, 2019, respectively, of amortization expense was included in our condensed consolidated statements of comprehensive income in cost of revenue; the remainder was included in acquired intangibles amortization.

 

The following table presents expected annual fiscal year aggregate amortization expense as of December 26, 2020 (in millions):

 

Remainder of 2021

 

$

53.1

 

2022

 

 

99.0

 

2023

 

 

86.1

 

2024

 

 

25.9

 

2025

 

 

19.0

 

Thereafter

 

 

20.5

 

To be determined

 

 

51.0

 

Future amortization

 

$

354.6

 

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired.  Changes in our goodwill balance for the six months ended December 26, 2020 were as follows (in millions):

 

Beginning balance

 

$

360.8

 

Acquisition activity

 

 

207.8

 

Ending balance

 

$

568.6