Intangible Assets and Goodwill

3 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consist of the following (in millions):


	June 30, 2021
	Gross Amount		Accumulated Amortization		Net Amount
Core and developed technology	$	7,369.5	$	(2,964.3)	$	4,405.2
Customer-related	835.2		(713.8)		121.4


In-process research and development	6.4		—		6.4
Distribution rights and other	106.6		(58.2)		48.4
Total	$	8,317.7	$	(3,736.3)	$	4,581.4


	March 31, 2021
	Gross Amount		Accumulated Amortization		Net Amount
Core and developed technology	$	7,371.3	$	(2,771.0)	$	4,600.3
Customer-related	835.2		(702.6)		132.6


In-process research and development	7.7		—		7.7
Distribution rights and other	130.2		(76.0)		54.2
Total	$	8,344.4	$	(3,549.6)	$	4,794.8

The following is an expected amortization schedule for the intangible assets for the remainder of fiscal 2022 through fiscal 2026, absent any future acquisitions or impairment charges (in millions):


Fiscal Year Ending March 31,	Projected Amortization Expense
2022	$	697.7
2023	$	727.6
2024	$	648.8
2025	$	514.5
2026	$	446.4

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):


	Three Months Ended June 30,
		2021		2020
Amortization expense charged to cost of sales		$	2.7	$	1.9
Amortization expense charged to operating expense		228.3		249.8
Total amortization expense		$	231.0	$	251.7

There were no impairment charges in the three months ended June 30, 2021 or June 30, 2020.

The following shows the goodwill balance as of June 30, 2021 and March 31, 2021 by segment (in millions):


	Semiconductor Products Reporting Unit		Technology Licensing Reporting Unit




Goodwill	$	6,651.4	$	19.2

At March 31, 2021, 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 June 30, 2021, the Company has never recorded an impairment charge.