Goodwill and Acquired Intangible Assets

12 Months Ended

Jun. 24, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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