Goodwill and Intangible Assets

12 Months Ended

Sep. 27, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The Company’s goodwill balance was $1,189.8 million as of September 27, 2019, and September 28, 2018. The Company performed an impairment test of its goodwill as of the first day of the fourth fiscal quarter in accordance with its regularly scheduled testing. The results of this test indicated that the Company’s goodwill was not impaired. There were no other indicators of impairment noted during the fiscal year ended September 27, 2019.

Intangible assets consist of the following (in millions):

		As of							As of
	Weighted average amortization period (years)	September 27, 2019							September 28, 2018
		Gross carrying amount		Accumulated amortization			Net carrying amount		Gross carrying amount		Accumulated amortization			Net carrying amount
Customer relationships	3.8	$	25.6	$	(19.5	)	$	6.1	$	31.7	$	(13.2	)	$	18.5
Developed technology and other	4.2	94.4		(48.9		)	45.5		89.9		(23.5		)	66.4
Trademarks	3.0	1.6		(1.3		)	0.3		1.6		(0.8		)	0.8
Capitalized software	3.0	—		—			—		18.0		(6.0		)	12.0
Technology licenses	2.4	24.9		(4.8		)	20.1		$	—	—			—
IPR&D		35.9		—			35.9		$	46.0	—			46.0
Total intangible assets		$	182.4	$	(74.5	)	$	107.9	$	187.2	$	(43.5	)	$	143.7

The decrease in the gross amount of intangible assets is primarily related to fully amortized intangible assets have been eliminated from both the gross and accumulated amortization amounts, partially offset by current period additions to technology licenses.

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

	2020		2021		2022		2023		2024		Thereafter
Total amortization expense	$	42.2	$	18.8	$	5.1	$	1.1	$	1.1	$	3.7