Goodwill And Intangible Assets

3 Months Ended

Dec. 29, 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 months ended December 29, 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 months ended December 29, 2023.

Intangible assets consist of the following (in millions):


		As of
	Weighted Average Amortization Period (Years)	December 29, 2023						September 29, 2023
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Developed technology and other	6.1	$	1,290.4	$	(421.3)	$	869.1	$	1,290.4	$	(379.4)	$	911.0
Technology licenses	3.0	80.4		(42.2)		38.2		75.8		(36.0)		39.8
In-process research and development		255.1		—		255.1		271.3		—		271.3
Total intangible assets		$	1,625.9	$	(463.5)	$	1,162.4	$	1,792.1	$	(570.0)	$	1,222.1

Fully amortized intangible assets are eliminated from both the gross and accumulated amortization amounts in the first quarter of each fiscal year. Amortization expense related to definite-lived intangible assets was $48.1 million and $72.0 million for the three months ended December 29, 2023 and December 30, 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 2024		2025		2026		2027		2028		Thereafter


Amortization expense	$	131.7	$	156.6	$	128.7	$	113.5	$	90.3	$	286.5