Goodwill and Acquired Intangible Assets

12 Months Ended

Jun. 25, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

7. Goodwill and Acquired Intangible Assets

The following table presents our goodwill balance as of June 25, 2022 and June 26, 2021 (in millions):


	2022		2021
Beginning balance	$	570.0	$	360.8
Acquisition activity		236.6		209.2
Ending balance	$	806.6	$	570.0

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 2022 and 2021 (in millions):


			2022							2021
	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		5.6	$	232.1	$	(109.3	)	$	122.8	$	138.6	$	(97.6	)	$	41.0
Customer relationships		4.1		170.5		(99.7	)		70.8		125.5		(63.8	)		61.7
Wireless connectivity technology		5.7		128.0		(33.8	)		94.2		93.0		(14.2	)		78.8
Video interface technology		3.0		82.0		(52.4	)		29.6		82.0		(25.1	)		56.9
Display driver technology		7.0		20.4		(20.4	)		—		20.4		(17.5	)		2.9
Backlog	Not applicable			—		—			—		12.0		(12.0	)		—
Licensed technology and other		4.5		9.9		(7.5	)		2.4		13.0		(8.1	)		4.9
Patents		8.0		4.4		(3.7	)		0.7		4.4		(3.2	)		1.2
Tradename		4.4		5.8		(3.3	)		2.5		4.8		(1.7	)		3.1
In process research and development	Not applicable			67.0		—			67.0		51.0		—			51.0
Acquired intangibles, gross		5.0	$	720.1	$	(330.1	)	$	390.0	$	544.7	$	(243.2	)	$	301.5

During fiscal 2022, we retired fully amortized intangible assets of $21.5 million of audio and video developed technology, $12.0 million in backlog and $3.1 million in licensed technology and other. During fiscal 2021, we retired fully amortized intangible assets of $143.6 million of display driver developed technology and $28.3 million of customer relationships.

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 $123.5 million in fiscal 2022, $110.1 million in fiscal 2021, and $51.4 million in fiscal 2020. 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):


2023	$	127.5
2024		66.9
2025		60.0
2026		47.0
2027		16.6
Thereafter		5.0
To be determined		67.0
Future amortization	$	390.0