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Acquisitions, Divestiture and Investment (Tables)

12 Months Ended

Jun. 25, 2022

Display Link Corporation Member

Business Acquisition [Line Items]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the amounts recorded for the estimated fair values of the assets acquired and liabilities assumed as of the DisplayLink Closing Date (in millions):

Cash and cash equivalents		$	40.9
Short-term investments			94.0
Accounts receivable, net			7.1
Inventory			33.1
Prepaid expenses and other current assets			9.1
Property and equipment			6.8
Intangible assets			193.0
Right-of-use lease asset			20.0
Non-current other assets			0.6
Total identifiable assets acquired			404.6
Accounts payable			(5.2	)
Other accrued liabilities			(9.1	)
Short-term lease liabilities			(1.7	)
Long-term lease liabilities			(18.2	)
Other long-term liabilities			(32.8	)
Total liabilities			(67.0	)
Net identifiable assets acquired			337.6
Goodwill			106.4
Net assets acquired		$	444.0

Summary of Estimated Fair Value of Intangible Assets

The following table summarizes the estimated fair value of the intangible assets as of the DisplayLink Closing Date (in millions):

		Estimated Weighted Average Useful Lives in Years				Estimated Fair Value
Developed technology			3.0			$	82.0
Customer contracts and related relationships			3.0				54.0
In process research and development		N/A					51.0
Trade names			4.0				3.0
Licensed technology			2.5				3.0
Estimated fair value of acquired intangibles						$	193.0

Summary of Unaudited Pro Forma Financial Information Presents Combined Results of Operations

The following unaudited pro forma financial information (in millions, except per share data) presents the combined results of operations for us and DisplayLink as if the DisplayLink acquisition had occurred at the beginning of fiscal 2020. The unaudited pro forma financial information has been prepared for comparative purposes only and does not purport to be indicative of the actual operating results that would have been recorded had the DisplayLink acquisition actually taken place at the beginning of fiscal 2020 and should not be taken as indicative of future consolidated operating results. Additionally, the unaudited pro forma financial results do not include any anticipated synergies or other expected benefits from the DisplayLink acquisition.

				2021 (1)
Revenue				$	1,346.9
Net income				$	72.1

(1) Includes results of Broadcom Wireless Connectivity Business

DSPG Member

Business Acquisition [Line Items]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The adjusted purchase price paid for DSPG was $543.3 million. The final purchase price allocation is as follows (in millions):
 

		Final As Adjusted June 25, 2022
Cash and cash equivalents		$	40.5
Short-term investments			71.9
Accounts receivable, net			12.9
Inventory			22.6
Prepaid expenses and other current assets			4.0
Property and equipment			5.9
Intangible assets			212.0
Right-of-use lease asset			9.8
Severance pay fund			16.2
Deferred tax asset			6.7
Non-current other assets			2.3
Total identifiable assets acquired			404.8
Accounts payable			(6.7	)
Other accrued expenses			(19.8	)
Short-term lease liabilities			(1.5	)
Long-term lease liabilities			(8.2	)
Accrued severance			(16.4	)
Deferred tax liability			(39.4	)
Other long-term liabilities			(6.1	)
Total liabilities			(98.1	)
Net identifiable assets acquired			306.7
Goodwill			236.6
Net assets acquired		$	543.3

Summary of Estimated Fair Value of Intangible Assets

The following table summarizes the estimated fair value of the intangible assets as of the DSPG Closing Date (in millions):

		Estimated Weighted Average Useful Lives in Years				Estimated Fair Value
Developed technology			5.2			$	150.0
Customer contracts and related relationships			4.0				45.0
In process research and development		N/A					16.0
Trade names			1.0				1.0
Estimated fair value of acquired intangibles						$	212.0

Summary of Unaudited Pro Forma Financial Information Presents Combined Results of Operations

The unaudited supplemental pro forma financial information for the periods presented is as follows (in millions):

		2022				2021
Revenue		$	1,802.6			$	1,466.0
Net income (loss)		$	263.4			$	(6.7	)

Summary of the final amounts of the fair values recognized for the assets acquired and liabilities

The following table summarizes the final amounts of the fair values recognized for the assets acquired and liabilities assumed for these two acquisitions as of the acquisition date as well as adjustments made during the measurement period:

		Previously Reported December 25, 2021				Measurement Period Adjustments (1)				As Adjusted
Other current assets		$	151.9			$	-			$	151.9
Goodwill			256.6				(20.0	)			236.6
Developed technology and other intangible assets			200.5				11.5				212.0
Deferred tax asset			0.3				6.4				6.7
Other long-term assets			35.6				(1.4	)			34.2
Current liabilities			(26.8	)			(1.2	)			(28.0	)
Deferred tax liability			(38.1	)			(1.3	)			(39.4	)
Other long-term liabilities			(29.1	)			(1.6	)			(30.7	)
Consideration adjustment			-				7.6				-
Net assets acquired		$	550.9			$	-			$	543.3

(1) The measurement period adjustments were based upon information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the measurement of the amounts recognized at that date.

Broadcom Member

Business Acquisition [Line Items]

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the amounts recorded for the estimated fair values of the assets acquired and liabilities assumed as of the Broadcom Business Acquisition Closing Date (in millions):

Property and equipment		$	1.0
Acquired intangible assets			123.0
Total identifiable assets acquired			124.0
Liabilities assumed			(0.2	)
Goodwill			102.8
Net assets acquired		$	226.6

Summary of Estimated Fair Value of Intangible Assets

The following table summarizes the estimate of the intangible assets as of the Broadcom Business Acquisition Closing Date (in millions):

		Estimated Weighted Average Useful Lives in Years				Estimated Fair Value
Developed technology			6.0			$	93.0
Customer contracts and related relationships			6.0				18.0
Order backlog			0.5				12.0
Estimated fair value of acquired intangibles						$	123.0

Summary of Adjusted Purchase Price Paid

The following table summarizes the adjusted purchase price paid for the Broadcom Business Acquisition (in millions):

Cash		$	250.1
Adjustments to consideration transferred, net			1.5
Roadmap products - estimated cost of development			(25.0	)
		$	226.6

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