Goodwill And Intangible Assets

6 Months Ended

Mar. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

7.     GOODWILL AND INTANGIBLE ASSETS

There were no changes to the carrying amount of goodwill during the three and six months ended March 28, 2025.

The Company tests its goodwill and its indefinite-lived intangible assets 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 may be impaired. There were no indicators of goodwill and IPR&D impairment noted during the three and six months ended March 28, 2025. Refer to Note 4 for a discussion of an IPR&D impairment of $16.1 million during the six months ended March 29, 2024. There were no indicators of IPR&D impairment noted during the three months ended March 29, 2024.

Intangible assets consist of the following (in millions):

		As of
	Weighted Average Amortization Period (Years)	March 28, 2025						September 27, 2024
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology and other	6.4	$	1,388.6	$	(602.7)	$	785.9	$	1,379.6	$	(540.7)	$	838.9
Technology licenses	3.2	106.6		(64.4)		42.2		75.0		(48.8)		26.2
In-process research and development		10.7		—		10.7		35.4		—		35.4
Total intangible assets		$	1,505.9	$	(667.1)	$	838.8	$	1,490.0	$	(589.5)	$	900.5

Fully amortized intangible assets are eliminated from both the gross and accumulated amortization amounts in the first quarter of each fiscal year. During each of the three and six months ended March 28, 2025, $24.7 million of IPR&D assets were transferred to definite-lived intangible assets, and are being amortized over their useful lives of 8 years. During each of the three and six months ended March 29, 2024, $55.7 million of IPR&D assets were transferred to definite-lived intangible assets, and are being

amortized over their useful lives of 8 years. Amortization expense related to definite-lived intangible assets was $45.6 million and $94.0 million for the three and six months ended March 28, 2025, respectively, primarily recorded within cost of goods sold. Amortization expense related to definite-lived intangible assets was $45.5 million and $93.6 million for the three and six months ended March 29, 2024, respectively, primarily recorded within cost of goods sold.

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 2025		2026		2027		2028		2029		Thereafter
Amortization expense	$	86.8	$	152.7	$	136.6	$	107.5	$	90.0	$	254.5