Goodwill And Intangible Assets

6 Months Ended

Apr. 01, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

7. GOODWILL AND INTANGIBLE ASSETS

There were no changes to the carrying amount of goodwill during the three and six months ended April 1, 2022.

The Company tests its goodwill for impairment annually as of the first day of its fourth fiscal quarter and in interim periods if certain events occur indicating the carrying value of goodwill may be impaired. There were no indicators of impairment noted during the three and six months ended April 1, 2022.

Intangible assets consist of the following (in millions):


		As of						As of
	Weighted Average Amortization Period (Years)	April 1, 2022						October 1, 2021
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships and backlog	2.3	154.6		(79.0)		75.6		174.3		(44.0)		130.3
Developed technology and other	4.1	1,154.6		(120.9)		1,033.7		1,036.9		(88.0)		948.9
Technology licenses	2.6	61.4		(32.7)		28.7		48.4		(23.9)		24.5
In-process research and development		427.7		—		427.7		594.9		—		594.9
Total intangible assets		$	1,798.3	$	(232.6)	$	1,565.7	$	1,854.5	$	(155.9)	$	1,698.6

Fully amortized intangible assets are eliminated from both the gross and accumulated amortization amounts in the first quarter of each fiscal year. During the three and six months ended April 1, 2022, $167.2 million of in-process research and development (“IPR&D”) assets were transferred to definite-lived intangible assets, and are being amortized over their weighted-average useful lives of 6.6 years. Amortization expense related to definite-lived intangible assets was $65.9 million and $145.9 million for the three and six months ended April 1, 2022, respectively. Amortization expense related to definite-lived intangible assets was $9.5 million and $17.5 million for the three and six months ended April 2, 2021, respectively.

Annual amortization expense for the next five fiscal years related to definite-lived intangible assets, excluding IPR&D, is expected to be as follows (in millions):


	Remaining 2022		2023		2024		2025		2026		Thereafter


Amortization expense	$	130.7	$	198.2	$	150.7	$	133.4	$	119.8	$	405.2