Goodwill and Acquired Intangible Assets

12 Months Ended

Jun. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill was as follows:


	2025		2024
Beginning balance	$	816.4	$	816.4
Acquisition activity	55.9		—
Ending balance	$	872.3	$	816.4

The gross carrying value and related accumulated amortization of acquired intangible assets were as follows:


	Weighted Average Life in Years	2025						2024
		Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Audio and video technology	5.6	$	231.9	$	(198.4)	$	33.5	$	231.9	$	(175.5)	$	56.4
Customer relationships	4.7	187.1		(150.7)		36.4		158.2		(134.1)		24.1
Wireless connectivity technology	5.3	271.9		(139.6)		132.3		245.5		(90.1)		155.4
Video interface technology	3.4	133.0		(97.9)		35.1		133.0		(85.2)		47.8
Other	2.9	52.1		(34.0)		18.1		26.1		(21.4)		4.7
IPR&D	Not applicable	6.8		—		6.8		—		—		—
	4.9	$	882.8	$	(620.6)	$	262.2	$	794.7	$	(506.3)	$	288.4

Amortization expense is calculated using the straight-line method over the estimated useful lives of the acquired intangibles. IPR&D will be accounted for as an indefinite-lived intangible asset and will not be amortized until the underlying project reaches technological feasibility and commercial production, at which point the IPR&D will be amortized over the estimated useful life. Useful lives for these IPR&D projects are expected to range between 3 to 10 years. In the event the IPR&D is abandoned, the related assets will be written off. The total amortization expense for acquired intangible assets was $114.2 million in fiscal 2025, $81.6 million in fiscal 2024 and $130.4 million in fiscal 2023. This amortization expense was included in the accompanying consolidated statements of operations as acquired intangibles amortization and cost of revenue.

Expected annual aggregate amortization expense in future fiscal years are as follows:


2026	$	112.5
2027	62.2
2028	42.5
2029	19.4
2030	9.8
Thereafter	9.0
To be determined	6.8
Future amortization	$	262.2

Impairment of indefinite-lived intangible assets

During fiscal 2025, we recorded an intangible asset impairment charge of $13.8 million related to a license of certain technology we acquired in fiscal 2024. We recorded the impairment charge due to a lack of potential customers, no alternative uses for the acquired technology and no further development or investment planned for this project. The impairment charge was presented as an operating expense in our consolidated statement of operations.

During fiscal 2024, we recorded an indefinite-lived intangible asset impairment charge of $16.0 million of IPR&D from our December 2021 acquisition of DSP Group, Inc. (“DSPG”). We recorded the impairment charge as a result of a lack of commitment from certain key customers, no anticipated customer migration to the IPR&D technologies acquired from DSPG and no further development or investment planned for this project. The impairment charge was presented as an operating expense in our consolidated statement of operations.