Goodwill And Intangible Assets

9 Months Ended

Jun. 30, 2023

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 nine months ended June 30, 2023.

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 nine months ended June 30, 2023.

Intangible assets consist of the following (in millions):


		As of						As of
	Weighted Average Amortization Period (Years)	June 30, 2023						September 30, 2022
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships and backlog	2.3	$	154.6	$	(151.0)	$	3.6	$	154.6	$	(122.3)	$	32.3
Developed technology and other	6.1	1,290.4		(337.5)		952.9		1,280.9		(209.2)		1,071.7
Technology licenses	2.7	72.1		(30.3)		41.8		105.1		(45.2)		59.9
In-process research and development		271.3		—		271.3		280.8		—		280.8
Total intangible assets		$	1,788.4	$	(518.8)	$	1,269.6	$	1,821.4	$	(376.7)	$	1,444.7

Fully amortized intangible assets are eliminated from both the gross and accumulated amortization amounts in the first quarter of each fiscal year. During the nine months ended June 30, 2023, $9.5 million of in-process research and development (“IPR&D”) assets were transferred to definite-lived intangible assets, and are being amortized over their useful lives of 12.0 years. Amortization expense related to definite-lived intangible assets was $51.3 million and $174.7 million for the three and nine months ended June 30, 2023, respectively. Amortization expense related to definite-lived intangible assets was $65.9 million and $211.8 million for the three and nine months ended July 1, 2022, 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 2023		2024		2025		2026		2027		Thereafter


Amortization expense	$	51.2	$	178.1	$	154.9	$	127.1	$	111.8	$	375.2