(1) On March 17, 2026, we acquired a manufacturing facility in Greensboro, North Carolina. The acquired business mainly included land and building, machinery and equipment and an assembled workforce, offset by the liabilities assumed. The goodwill of $5.4 million arising from this acquisition is attributed to the value of the assembled workforce and the strategic benefits associated with acquiring an operational fabrication facility to expand our capacity. Refer to “Note 4. Business Combinations” for details.

We review goodwill for impairment during the fourth quarter of each fiscal year or more frequently if events or circumstances indicate that an impairment loss may have occurred. In the fourth quarter of fiscal 2025, we completed the annual impairment test of goodwill, which indicated there was no goodwill impairment.

During the quarter ended March 28, 2026, the Company completed a reorganization of its business units, which resulted in changes to its reporting unit structure. As a result of this reorganization, the Company performed an interim qualitative assessment of goodwill for its reporting units. In performing the assessment, the Company evaluated relevant events and circumstances, including changes in the composition of reporting units, financial performance, and other entity-specific and macroeconomic factors. Based on this assessment, it was not more likely than not that the fair value of any of the reporting units was less than its carrying amount. Accordingly, no goodwill impairment charge was recognized during the three and nine months ended March 28, 2026. We will continue to monitor for events or changes in circumstances that could indicate a potential impairment of goodwill in future periods.

Our intangible assets are amortized on a straight-line basis over the estimated useful lives, except for certain customer relationships, which are amortized using an accelerated method of amortization over the expected customer lives, more accurately reflecting the pattern of realization of economic benefits we expect to derive. Acquired developed technologies are amortized to cost of sales and research and development expenses. Acquired customer relationships are amortized to selling, general and administrative expenses in the consolidated statement of operations.

In-process research and development (“IPR&D”) is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When an IPR&D project is completed, the IPR&D is reclassified to acquired developed technologies intangible asset and amortized over the asset’s estimated useful life.

During the annual impairment testing performed in the fourth quarter of fiscal year 2025, we concluded that our intangible and other long-lived assets were not impaired at the asset group level. We review our intangible and other long-lived assets for impairment at least annually in the fourth quarter of each fiscal year, absent any interim indicators of impairment. There were no indicators of impairment at the asset group level during the three and nine months ended March 28, 2026.


March 28, 2026	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amounts		Weighted Average Remaining Amortization Period (Years)
Acquired developed technologies	$	828.4	$	(619.1)	$	209.3	3.6
Customer relationships	419.5		(268.4)		151.1		3.5
In-process research and development	2.5		—		2.5		n/a
Order backlog	14.0		(14.0)		—		—
Trade name and trademarks	3.0		(3.0)		—		—
Total intangible assets	$	1,267.4	$	(904.5)	$	362.9


June 28, 2025	Gross Carrying Amounts		Accumulated Amortization		Net Carrying Amounts		Weighted Average Remaining Amortization Period (Years)
Acquired developed technologies	$	822.4	$	(559.0)	$	263.4	4.1
Customer relationships	419.8		(226.6)		193.2		4.1
In-process research and development	8.5		—		8.5		n/a
Order backlog	14.0		(14.0)		—		—
Trade name and trademarks	3.0		(3.0)		—		—
Total intangible assets	$	1,267.7	$	(802.6)	$	465.1


	Three Months Ended				Nine Months Ended
	March 28, 2026		March 29, 2025		March 28, 2026		March 29, 2025
Cost of sales	$	19.3	$	19.0	$	58.4	$	62.9
Research and development	0.5		0.4		1.3		1.2
Selling, general and administrative	14.0		15.0		42.5		51.0
Total amortization of intangibles	$	33.8	$	34.4	$	102.2	$	115.1

Based on the carrying amount of our acquired intangible assets except in-process research and development as of March 28, 2026, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions):