Acquired Developed Technology and Other Intangibles (Tables)

9 Months Ended

Apr. 01, 2023

Acquired Developed Technology and Other Intangibles

Schedule of Acquired Developed Technology and Other Intangibles

The following tables present details of the Company’s acquired developed technology, customer relationships and other intangibles (in millions):

As of April 1, 2023	Gross Carrying Amount		Accumulated Amortization		Net
Acquired developed technology (1)	$	445.8	$	(394.2)	$	51.6
Customer relationships	193.7		(183.0)		10.7
Other (2)	39.2		(37.5)		1.7
Total intangibles	$	678.7	$	(614.7)	$	64.0

As of July 2, 2022	Gross Carrying Amount		Accumulated Amortization		Net
Acquired developed technology	$	416.6	$	(375.8)	$	40.8
Customer relationships	189.7		(177.8)		11.9
Other (2)	36.0		(34.5)		1.5
Total intangibles	$	642.3	$	(588.1)	$	54.2

(1)     During the third quarter of fiscal 2023, we identified impairment indicators for a developed technology monitoring intangible, resulting in a $0.6 million non-cash impairment charge. This charge has been recorded within SG&A in the Consolidated Statements of Operations.

(2)     Other intangibles consist of customer backlog, non-competition agreements, patents, proprietary know-how and trade secrets, trademarks and trade names.

Finite-lived Intangible Assets Amortization Expense

The following table presents the amortization recorded relating to acquired developed technology, customer relationships and other intangibles (in millions):    

	Three Months Ended				Nine Months Ended
	April 1, 2023		April 2, 2022		April 1, 2023		April 2, 2022
Cost of revenues	$	5.9	$	7.4	$	18.7	$	22.7
Operating expenses	2.1		2.2		6.5		7.5
Total amortization of intangible assets	$	8.0	$	9.6	$	25.2	$	30.2

Schedule of Estimated Future Amortization

Based on the carrying amount of acquired developed technology, customer relationships and other intangibles as of April 1, 2023, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions):

Fiscal Years
Remainder of 2023	$	8.0
2024	19.7
2025	15.3
2026	10.8
2027	7.0
Thereafter	3.2
Total amortization	$	64.0