GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Mar. 26, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The balance of goodwill is approximately $1.6 billion and $1.5 billion as of March 26, 2023 and June 26, 2022, respectively. As of March 26, 2023 and June 26, 2022, $62.0 million of the goodwill balance is tax deductible and the remaining balance is not tax deductible due to purchase accounting and applicable foreign law. Refer to Note 17 - Business Combinations for additional information regarding the Company’s goodwill balance.

Intangible Assets

The following table provides the Company’s intangible assets, other than goodwill:

	March 26, 2023						June 26, 2022
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(in thousands)
Customer relationships	$	644,083	$	(630,262)	$	13,821	$	633,252	$	(627,376)	$	5,876
Existing technology	717,210		(671,335)		45,875		676,924		(664,278)		12,646
Patents and other intangible assets	197,612		(107,742)		89,870		167,821		(84,493)		83,328
Intangible assets subject to amortization	1,558,905		(1,409,339)		149,566		1,477,997		(1,376,147)		101,850
In process research and development	30,081		—		30,081		—		—		—
Total intangible assets	$	1,588,986	$	(1,409,339)	$	179,647	$	1,477,997	$	(1,376,147)	$	101,850

The Company recognized $13.8 million and $20.4 million in intangible asset amortization expense during the three months ended March 26, 2023 and March 27, 2022, respectively. The Company recognized $37.4 million and $58.9 million in intangible asset amortization expense during the nine months ended March 26, 2023 and March 27, 2022, respectively.

The estimated future amortization expense of intangible assets as of March 26, 2023, is reflected in the table below. The table excludes $20.7 million of capitalized costs for internal-use software, included in Patents and other intangible assets in the table above, that have not been placed into service.

Fiscal Year	Amount
	(in thousands)
2023 (remaining 3 months)	$	13,014
2024	40,799
2025	26,696
2026	16,575
2027	12,262
Thereafter	19,570
	$	128,916

Refer to Note 17 - Business Combinations for additional information regarding the Company’s intangible assets.