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Goodwill and Acquired Intangible Assets | 12 Months Ended
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Jun. 24, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Acquired Intangible Assets | 7. Goodwill and Acquired Intangible Assets The following table presents our goodwill balance as of June 2023 and June 2022 (in millions):
|  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 806.6 |  |  | $ | 570.0 |
Acquisition activity |  |  | 9.8 |  |  |  | 236.6 |
Ending balance |  | $ | 816.4 |  |  | $ | 806.6 |
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 2023 and 2022 (in millions):
|  |  |  |  | 2023 |  |  | 2022 |
|  | 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 |  |  | $ | 231.9 |  |  | $ | (150.7 | ) |  | $ | 81.2 |  |  | $ | 232.1 |  |  | $ | (109.3 | ) |  | $ | 122.8 |
Customer relationships |  |  | 4.1 |  |  |  | 158.2 |  |  |  | (117.8 | ) |  |  | 40.4 |  |  |  | 170.5 |  |  |  | (99.7 | ) |  |  | 70.8 |
Wireless connectivity technology |  |  | 5.8 |  |  |  | 158.0 |  |  |  | (58.0 | ) |  |  | 100.0 |  |  |  | 128.0 |  |  |  | (33.8 | ) |  |  | 94.2 |
Video interface technology |  |  | 3.0 |  |  |  | 82.0 |  |  |  | (79.7 | ) |  |  | 2.3 |  |  |  | 82.0 |  |  |  | (52.4 | ) |  |  | 29.6 |
Human presence detection technology |  |  | 5.0 |  |  |  | 5.2 |  |  |  | (0.7 | ) |  |  | 4.5 |  |  |  | — |  |  |  | — |  |  |  | — |
Licensed technology and other |  |  | 4.4 |  |  |  | 10.8 |  |  |  | (8.9 | ) |  |  | 1.9 |  |  |  | 9.9 |  |  |  | (7.5 | ) |  |  | 2.4 |
Patents |  |  | 8.0 |  |  |  | 4.4 |  |  |  | (4.3 | ) |  |  | 0.1 |  |  |  | 4.4 |  |  |  | (3.7 | ) |  |  | 0.7 |
Tradename |  |  | 4.4 |  |  |  | 5.8 |  |  |  | (4.7 | ) |  |  | 1.1 |  |  |  | 5.8 |  |  |  | (3.3 | ) |  |  | 2.5 |
In process research and development |  | Not applicable |  |  |  | 67.0 |  |  |  | — |  |  |  | 67.0 |  |  |  | 67.0 |  |  |  | — |  |  |  | 67.0 |
Acquired intangibles, gross |  |  | 4.9 |  |  | $ | 723.3 |  |  | $ | (424.8 | ) |  | $ | 298.5 |  |  | $ | 699.7 |  |  | $ | (309.7 | ) |  | $ | 390.0 |
During fiscal 2023, we retired fully amortized intangible assets of $20.4 million of display driver technology. 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. 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 $130.4 million in fiscal 2023, $123.5 million in fiscal 2022, and $110.1 million in fiscal 2021. 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):
2024 |  | $ | 73.8 |
2025 |  |  | 66.9 |
2026 |  |  | 53.8 |
2027 |  |  | 23.2 |
2028 |  |  | 10.6 |
Thereafter |  |  | 3.2 |
To be determined |  |  | 67.0 |
Future amortization |  | $ | 298.5 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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