Goodwill and Intangible Assets

12 Months Ended

Mar. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for fiscal 2024 are as follows (in thousands):


	HPA		CSG		ACG		Total
Balance as of April 1, 2023 (1)	$	501,602	$	525,351	$	1,733,860	$	2,760,813
Goodwill impairment	—		(221,414)		—		(221,414)
Goodwill resulting from Anokiwave acquisition (2)	16,140		—		—		16,140
Effect of changes in foreign currency exchange rates	—		1,062		—		1,062
Goodwill reclassified to "Assets of disposal group held for sale" (3)	(200)		(4,700)		(17,100)		(22,000)
Balance as of March 30, 2024 (1)	$	517,542	$	300,299	$	1,716,760	$	2,534,601

(1) The Company’s goodwill balance is presented net of accumulated impairment losses and write-offs totaling $903.4 million and $682.0 million as of March 30, 2024 and April 1, 2023, respectively, which were recognized in fiscal years 2009, 2013, 2014, 2022, 2023 and 2024.

(2) Refer to Note 6 for additional information.

(3) Refer to Note 4 for additional information.

The Company operates under three segments with a total of seven reporting units as of March 30, 2024. During fiscal 2024, the Company completed the sale of its non-core biotechnology business, which was a stand-alone reporting unit.

During the second quarter of fiscal 2024, the Company completed an interim test for goodwill impairment as management determined, based on revisions to long-term forecasts, it was more likely than not that the fair value of a reporting unit within the CSG segment was below its carrying amount. The quantitative analysis, which considered the income approach and the market approach to estimate the reporting unit's fair value, resulted in a goodwill impairment charge of approximately $48.0 million. In the third quarter of fiscal 2024, the Company concluded that an impairment triggering event occurred for this same reporting unit as new information was received regarding slower than expected market adoption for one of CSG's new technologies and lower attach rates for a second CSG technology (resulting in further revisions to the long-term forecasts of this reporting unit). The Company concluded that it was more likely than not that the fair value of this reporting unit was below its carrying amount and a quantitative analysis was performed. The quantitative analysis, which considered the income approach and the market approach to estimate the reporting unit's fair value, resulted in a goodwill impairment charge of approximately $173.4 million.

In fiscal 2023, the Company recorded a goodwill impairment charge of $12.4 million related to its biotechnology business. In fiscal 2022, the Company recorded a goodwill impairment charge of $48.0 million related to its NextInput business.

The following summarizes information regarding the gross carrying amounts and accumulated amortization of intangible assets (in thousands):


	March 30, 2024				April 1, 2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Developed technology	$	903,089	$	484,347	$	872,106	$	382,448
Customer relationships	100,040		67,999		104,616		67,485
Technology licenses	54,869		6,525		1,664		513
Trade names	1,610		939		910		789
IPRD	9,585		N/A		9,642		N/A
Total (1)	$	1,069,193	$	559,810	$	988,938	$	451,235

(1) Amounts include the impact of foreign currency translation.

At the beginning of each fiscal year, the Company removes the gross asset and accumulated amortization amounts of intangible assets that have reached the end of their useful lives and have been fully amortized. Useful lives are estimated based on the expected economic benefit to be derived from the intangible assets. In connection with completing the Company's fiscal 2024 goodwill impairment assessments, the Company also evaluated its long-lived intangible assets and determined that the forecasted undiscounted cash flows related to these assets were in excess of their carrying values. No definite-lived intangible asset impairment charges were recorded for fiscal years 2024, 2023 or 2022.

Total intangible assets amortization expense was $127.9 million, $132.4 million and $150.5 million in fiscal years 2024, 2023 and 2022, respectively.

The following table provides the Company's estimated amortization expense for intangible assets for the periods indicated (in thousands):


Fiscal Year	Estimated Amortization Expense
2025	$	134,000
2026	123,000
2027	99,000
2028	58,000
2029	36,000