Intangible Assets and Goodwill

12 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consist of the following (in millions):



	March 31, 2020
	Gross Amount		Accumulated Amortization			Net Amount
Core and developed technology	$	7,331.9	$	(1,924.6	)	$	5,407.3
Customer-related	903.6		(674.7		)	228.9
In-process research and development	8.8		—			8.8
Distribution rights and other	126.0		(68.7		)	57.3
Total	$	8,370.3	$	(2,668.0	)	$	5,702.3



	March 31, 2019
	Gross Amount		Accumulated Amortization			Net Amount
Core and developed technology	$	7,339.2	$	(1,102.2	)	$	6,237.0
Customer-related	917.1		(544.0		)	373.1
In-process research and development	7.7		—			7.7
Distribution rights and other	81.4		(13.6		)	67.8
Total	$	8,345.4	$	(1,659.8	)	$	6,685.6

The following is an expected amortization schedule for the intangible assets for fiscal 2021 through fiscal 2025, absent any future acquisitions or impairment charges (in millions):



Fiscal Year Ending March 31,	Projected Amortization Expense
2021	$	985.8
2022	$	903.3
2023	$	693.1
2024	$	617.6
2025	$	501.4

The Company amortizes intangible assets over their expected useful lives, which range between 1 and 15 years. Amortization expense attributed to intangible assets are assigned to cost of sales and operating expenses as follows (in millions):



	Year Ended March 31,
	2020		2019		2018
Amortization expense charged to cost of sales	$	8.9	$	9.6	$	6.1
Amortization expense charged to operating expense	1,037.8		686.2		486.1
Total amortization expense	$	1,046.7	$	695.8	$	492.2

The Company recognized impairment charges of $2.2 million, $3.1 million and $0.5 million in fiscal 2020, 2019 and 2018, respectively. The impairment charges of $3.1 million in fiscal 2019 were recognized as a result of writing off intangible assets purchased from Microsemi prior to the close of the acquisition and as a result of the changes in the combined product roadmaps after the acquisition of Microsemi that affected the use and life of these assets.

Goodwill activity for fiscal 2020 and fiscal 2019 was as follows (amounts in millions):



	Semiconductor Products Reporting Unit		Technology Licensing Reporting Unit
Balance at March 31, 2018	$	2,279.8	$	19.2
Additions due to the acquisition of Microsemi	4,364.9		—
Balance at March 31, 2019	$	6,644.7	$	19.2
Additions	0.9		—
Balance at March 31, 2020	$	6,645.6	$	19.2

At March 31, 2020, the Company applied a qualitative goodwill impairment test to its two reporting units, concluding it was not more likely than not that goodwill was impaired. Through March 31, 2020, the Company has never recorded an impairment charge against its goodwill balance.