Intangible Assets and Goodwill

9 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Net amounts excluding fully amortized intangible assets, consist of the following (in millions):

	December 31, 2023
	Gross Amount		Accumulated Amortization		Net Amount
Core and developed technology	$	7,295.0	$	(4,517.8)	$	2,777.2
Customer-related	196.7		(136.8)		59.9
Software licenses	223.2		(123.8)		99.4
Total	$	7,714.9	$	(4,778.4)	$	2,936.5

	March 31, 2023
	Gross Amount		Accumulated Amortization		Net Amount
Core and developed technology	$	7,296.2	$	(4,103.4)	$	3,192.8
Customer-related	199.8		(128.0)		71.8
In-process research and development	5.7		—		5.7
Software licenses	211.7		(113.0)		98.7
Distribution rights and other	0.3		(0.3)		—
Total	$	7,713.7	$	(4,344.7)	$	3,369.0

The following is an expected amortization schedule for the intangible assets for the remainder of fiscal 2024 through fiscal 2028, absent any future acquisitions or impairment charges (in millions):

Fiscal Year Ending March 31,	Amortization Expense
2024	$	173.0
2025	$	557.3
2026	$	486.6
2027	$	385.7
2028	$	300.3

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 December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Amortization expense charged to cost of sales	$	3.0	$	4.3	$	9.0	$	11.5
Amortization expense charged to operating expense	169.3		184.4		507.7		553.1
Total amortization expense	$	172.3	$	188.7	$	516.7	$	564.6

The Company recognized impairment charges of $0.2 million and $1.3 million in the three and nine months ended December 31, 2023, respectively, compared to $1.4 million in the three and nine months ended December 31, 2022.

Goodwill activity by segment was as follows (in millions):

	Semiconductor Products Reporting Unit		Technology Licensing Reporting Unit
Balance at March 31, 2023	$	6,654.4	$	19.2
Additions	1.8		—
Balance at December 31, 2023	$	6,656.2	$	19.2

At March 31, 2023, the Company applied a qualitative goodwill impairment test to its two reporting units, and concluded that goodwill was not impaired. Through December 31, 2023, the Company has never recorded a goodwill impairment charge.