GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The balance of goodwill is approximately $1.6 billion as of March 31, 2024 and June 25, 2023. As of March 31, 2024 and June 25, 2023, $65.4 million of the goodwill balance is tax deductible and the remaining balance is not tax deductible due to purchase accounting and applicable foreign law.

Intangible Assets

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


	March 31, 2024						June 25, 2023
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(in thousands)
Customer relationships	$	644,126	$	(633,260)	$	10,866	$	644,138	$	(631,420)	$	12,718
Existing technology	747,386		(683,380)		64,006		717,331		(674,549)		42,782
Patents and other intangible assets	202,456		(134,849)		67,607		199,532		(116,659)		82,873
Intangible assets subject to amortization	1,593,968		(1,451,489)		142,479		1,561,001		(1,422,628)		138,373
In process research and development	—		—		—		30,081		—		30,081
Total intangible assets	$	1,593,968	$	(1,451,489)	$	142,479	$	1,591,082	$	(1,422,628)	$	168,454

The Company recognized $15.2 million and $13.8 million in intangible asset amortization expense during the three months ended March 31, 2024 and March 26, 2023, respectively. The Company recognized $42.0 million and $37.4 million in intangible asset amortization expense during the nine months ended March 31, 2024 and March 26, 2023, respectively.

The estimated future amortization expense of intangible assets as of March 31, 2024, is reflected in the table below. The table excludes $8.2 million of capitalized costs for intangible assets that have not been placed into service.


Fiscal Year	Amount
	(in thousands)
2024 (remaining 3 months)	$	13,945
2025	40,461
2026	25,770
2027	18,454
2028	14,695
Thereafter	20,955
	$	134,280