v3.24.1.1.u2
Goodwill and Intangible Assets
12 Months Ended
Mar. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
9.
Goodwill and Intangible Assets

The table below summarizes the changes in the carrying amount of goodwill as follows:

 

 

Total

 

Balance at March 25, 2022

 

$

20,009

 

Acquisition

 

 

7,096

 

Foreign currency translation

 

 

586

 

Balance at March 31, 2023

 

$

27,691

 

Acquisition

 

 

174,519

 

Adjustments

 

 

280

 

Foreign currency translation

 

 

(65

)

Balance at March 29, 2024

 

$

202,425

 

 

Intangible assets, net were as follows:

 

March 29,
2024

Description

 

Gross

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Weighted-Average Lives

Patents

 

$

44,894

 

 

$

(22,016

)

 

$

22,878

 

 

4 years

Customer relationships

 

 

14,977

 

 

 

(3,315

)

 

 

11,662

 

 

15 years

Completed technologies

 

 

249,758

 

 

 

(9,719

)

 

 

240,039

 

 

12 years

Indefinite-lived process technology and trademarks

 

 

2,275

 

 

 

 

 

 

2,275

 

 

 

Trademarks and other

 

 

87

 

 

 

(87

)

 

 

 

 

 

Total

 

$

311,991

 

 

$

(35,137

)

 

$

276,854

 

 

 

 

 

March 31,
2023

Description

 

Gross

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Weighted-Average Lives

Patents

 

$

40,213

 

 

$

(18,335

)

 

$

21,878

 

 

10 years

Customer relationships

 

 

3,281

 

 

 

(3,115

)

 

 

166

 

 

9 years

Completed technologies

 

 

28,508

 

 

 

(2,963

)

 

 

25,545

 

 

12 years

Indefinite-lived process technology and trademarks

 

 

4,696

 

 

 

 

 

 

4,696

 

 

 

Trademarks and other

 

 

287

 

 

 

(194

)

 

 

93

 

 

5 years

Total

 

$

76,985

 

 

$

(24,607

)

 

$

52,378

 

 

 

 

Intangible assets amortization expense was $14,587, $5,209 and $4,219 for the fiscal years ended March 29, 2024, March 31, 2023 and March 25, 2022, respectively.

In February 2024, the Company initiated a realignment of resources associated with our photonics and advanced 3D imaging solutions business to refocus spending on other technologies. As a result of the change in strategy, the Company recorded impairment charges of $11.6 million in the fourth quarter of fiscal year 2024 related to intangible assets, net, and long-lived assets from our 2021 acquisition of Voxtel, Inc. The results of the annual impairment test did not indicate any impairments of any other long-lived intangible assets for fiscal years 2024, 2023 and 2022.

As of March 29, 2024, amortization expense of intangible assets is expected to be as follows:

2025

 

$

24,827

 

2026

 

 

24,481

 

2027

 

 

24,106

 

2028

 

 

23,812

 

2029

 

 

23,495

 

Thereafter

 

 

153,858

 

Total

 

$

274,579