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Acquired Developed Technology and Other Intangibles (Tables)

6 Months Ended

Dec. 30, 2023

Acquired Developed Technology and Other Intangibles

Schedule of Acquired Developed Technology and Other Intangibles

The following tables present details of the Company’s acquired developed technology, customer relationships and other intangibles (in millions):

As of December 30, 2023									Gross Carrying Amount						Accumulated Amortization						Net
Acquired developed technology									$	438.9					$	(397.5)					$	41.4
Customer relationships									195.5						(189.0)						6.5
Other (1)									39.8						(39.5)						0.3
Total intangibles									$	674.2					$	(626.0)					$	48.2

As of July 1, 2023									Gross Carrying Amount						Accumulated Amortization						Net
Acquired developed technology									$	438.5					$	(390.2)					$	48.3
Customer relationships									195.2						(185.9)						9.3
Other (1)									39.8						(38.8)						1.0
Total intangibles									$	673.5					$	(614.9)					$	58.6

(1)Other intangibles consist of customer backlog, patents, proprietary know-how and trade secrets, trademarks and trade names.

Finite-lived Intangible Assets Amortization Expense

The following table presents the amortization recorded relating to acquired developed technology, customer relationships and other intangibles (in millions):    

			Three Months Ended												Six Months Ended
			December 30, 2023						December 31, 2022						December 30, 2023						December 31, 2022
Cost of revenues			$	3.4					$	5.7					$	6.9					$	12.8
Operating expenses			1.4						2.2						3.5						4.4
Total amortization of intangible assets			$	4.8					$	7.9					$	10.4					$	17.2

Schedule of Estimated Future Amortization

Based on the carrying amount of acquired developed technology, customer relationships and other intangibles as of December 30, 2023, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions):

Fiscal Years
Remainder of 2024			$	9.6
2025			15.9
2026			11.4
2027			7.6
2028			3.0
Thereafter			0.7
Total amortization			$	48.2

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
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-Section 50
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-Subparagraph (a)
-Publisher FASB
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