Goodwill and Intangible Assets

12 Months Ended

Oct. 03, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

7. GOODWILL AND INTANGIBLE ASSETS

The Company’s goodwill balance was $2,176.7 million as of each of October 3, 2025, and September 27, 2024. In fiscal 2025, the Company performed an impairment test of its goodwill and its indefinite-lived intangible assets as of the first day of the fourth fiscal quarter in accordance with its regularly scheduled testing. The results of these tests indicated that the Company’s goodwill was not impaired. There were no indicators of IPR&D impairment noted in fiscal 2025 and fiscal 2023. Refer to Note 4 for a discussion of IPR&D impairments of $146.7 million in fiscal 2024.

Intangible assets consist of the following (in millions):


		As of
	Weighted Average Amortization Period (Years)	October 3, 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	$	1,396.5	$	(678.5)	$	718.0	$	1,379.6	$	(540.7)	$	838.9
Technology licenses	3.1	167.0		(78.8)		88.2		75.0		(48.8)		26.2
In-process research and development		2.8		—		2.8		35.4		—		35.4
Total intangible assets		$	1,566.3	$	(757.3)	$	809.0	$	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 fiscal 2025, $32.6 million of IPR&D assets were transferred to definite-lived intangible assets and are being amortized over their useful lives of 8 years. During fiscal 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

$184.3 million, $186.5 million, and $225.9 million during fiscal 2025, fiscal 2024, and fiscal 2023, 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):


	2026		2027		2028		2029		2030		Thereafter
Amortization expense	$	173.1	$	159.2	$	124.6	$	91.0	$	83.2	$	175.1