Goodwill And Intangible Assets

9 Months Ended

Jun. 27, 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 nine months ended June 27, 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 nine months ended June 27, 2025. Refer to Note 4 for a discussion of an IPR&D impairment of $16.1 million during the nine months ended June 28, 2024. There were no indicators of IPR&D impairment noted during the three months ended June 28, 2024.

Intangible assets consist of the following (in millions):

		As of
	Weighted Average Amortization Period (Years)	June 27, 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	$	(640.6)	$	748.0	$	1,379.6	$	(540.7)	$	838.9
Technology licenses	3.1	165.7		(72.2)		93.5		75.0		(48.8)		26.2
In-process research and development		10.7		—		10.7		35.4		—		35.4
Total intangible assets		$	1,565.0	$	(712.8)	$	852.2	$	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 the nine months ended June 27, 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 the three months ended June 28, 2024, $33.4 million of IPR&D assets were transferred to definite-lived intangible assets, and are being amortized over their useful lives

of 12 years. During the nine months ended June 28, 2024, $89.1 million of IPR&D assets were transferred to definite-lived intangible assets, of which $33.4 million is being amortized over their useful lives of 12 years and $55.7 million is being amortized over their useful lives of 8 years. Amortization expense related to definite-lived intangible assets was $45.8 million and $139.8 million for the three and nine months ended June 27, 2025, respectively, primarily recorded within cost of goods sold. Amortization expense related to definite-lived intangible assets was $46.0 million and $139.6 million for the three and nine months ended June 28, 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	$	44.2	$	171.7	$	157.7	$	123.4	$	90.0	$	254.5