Acquired Intangibles and Goodwill

6 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

8. Acquired Intangibles and Goodwill

Goodwill

The following table represents the change in our goodwill balance for the six and twelve month periods ended December 2023 and June 2023, respectively (in millions):


	December		June
	2023		2023
Beginning balance	$	816.4	$	806.6
Acquisition activity		—		9.8
Ending balance	$	816.4	$	816.4

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 2023							June 2023
	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	$	(164.0	)	$	67.9	$	231.9	$	(150.7	)	$	81.2
Customer relationships		4.1		158.2		(126.7	)		31.5		158.2		(117.8	)		40.4
Wireless connectivity technology		5.6		171.5		(73.6	)		97.9		158.0		(58.0	)		100.0
Video interface technology		3.0		82.0		(82.0	)		—		82.0		(79.7	)		2.3
Human presence detection technology		5.0		5.2		(1.2	)		4.0		5.2		(0.7	)		4.5
Licensed technology and other		4.4		10.7		(9.2	)		1.5		10.8		(8.9	)		1.9
Patents		8.0		4.4		(4.4	)		—		4.4		(4.3	)		0.1
Tradename		4.4		5.8		(5.2	)		0.6		5.8		(4.7	)		1.1
In process research and development	Not applicable			67.0		—			67.0		67.0		—			67.0
Acquired intangibles totals		4.9	$	736.7	$	(466.3	)	$	270.4	$	723.3	$	(424.8	)	$	298.5

The total amortization expense for the acquired intangible assets was $18.3 million and $32.2 million for the three months ended December 2023 and December 2022, respectively. The total amortization expense for the acquired intangible assets was $41.6 million and $65.2 million for the six months ended December 2023 and December 2022, respectively.

During the three months ended December 2023 and December 2022, $14.4 million and $23.3 million, respectively, and $32.2 million and $46.8 million for the six months ended December 2023 and December 2022, respectively, of amortization expense was included in our condensed consolidated statements of operations in cost of revenue; the remainder was included in acquired intangibles amortization.

The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of December 2023 (in millions):


Fiscal Year	Operating Lease Payments
Remainder of 2024	$	36.3
2025		71.4
2026		58.3
2027		23.5
2028		10.6
Thereafter		3.3
To be determined		67.0
Future amortization	$	270.4