Intangibles, net and Goodwill

12 Months Ended

Mar. 25, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

In the fourth quarter of fiscal 2023, due to the prolonged weakness in the China smartphone market, which has had an adverse effect on sales of our general market battery and power products associated with the acquisition of Lion Semiconductor, Inc. ("Lion") (the "Acquisition"), the Company was prompted to assess the recoverability and fair value of the acquired intangible assets recorded in purchase accounting. The Company determined that a replacement cost approach was the most appropriate method to evaluate remaining fair value of the technology. As a result, the Company recorded an intangibles impairment charge of $85.8 million in fiscal year 2023.

The following information details the gross carrying amount, accumulated amortization, and net carrying value of our intangible assets subject to amortization (in thousands):


	March 25, 2023						March 26, 2022
Intangible Category / Weighted-Average Remaining Amortization Period (in years)	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value


Existing technology (5.3)	146,146		(110,792)		35,354		255,995		(124,127)		131,868
In-process research & development (a)	70,936		(70,936)		—		70,936		(67,486)		3,450
Trademarks and tradename (0.5)	3,037		(2,973)		64		3,037		(2,845)		192
Customer relationships (1.4)	15,381		(13,422)		1,959		34,091		(14,379)		19,712


Technology licenses (1.7)	23,490		(21,991)		1,499		22,376		(19,453)		2,923
Total	$	258,990	$	(220,114)	$	38,876	$	386,435	$	(228,290)	$	158,145

(a)Intangible assets are fully amortized as of March 25, 2023.

Amortization expense for intangibles in fiscal years 2023, 2022, and 2021 was $33.7 million, $29.0 million, and $14.5 million, respectively. The following table details the estimated aggregate amortization expense for all intangibles owned as of March 25, 2023, for each of the five succeeding fiscal years and in the aggregate thereafter (in thousands):


Fiscal Year
2024	$	9,221
2025	$	7,600
2026	$	6,681
2027	$	6,589
2028	$	6,589
Thereafter	$	2,196

The goodwill balance included on the consolidated balance sheet was $435.9 million and $435.8 million at March 25, 2023 and March 26, 2022, respectively.