GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company monitors the recoverability of goodwill recorded in connection with acquisitions, by reporting unit, annually, or more often if events or changes in circumstances indicate that the carrying amount may not be recoverable.

In fiscal years 2019 and 2018, the Company elected to perform a qualitative analysis to assess impairment of goodwill rather than to perform the quantitative goodwill impairment test. The key qualitative factors considered in the assessment included the change in the industry and competitive environment, market capitalization, and overall financial performance. Based on the results of this qualitative analysis, the Company determined that it was more likely than not that the fair value of each reporting unit exceeded its carrying value. The Company concluded that goodwill was not impaired in fiscal years 2019 and 2018.

Activity and goodwill balances for the fiscal years ended June 29, 2019 and June 30, 2018 were as follows:



	Goodwill
	(in thousands)
Balance, June 24, 2017	$	491,015
Acquisitions	41,889
Adjustments	(653		)
Balance, June 30, 2018	532,251
Acquisitions	—
Adjustments	—
Balance, June 29, 2019	$	532,251

During the fiscal years ended June 29, 2019 and June 30, 2018, the Company recorded $0 and $41.9 million, respectively, of goodwill in connection with acquisitions. Please refer to Note 9: "Acquisitions".

Intangible Assets

The useful lives of amortizing intangible assets are as follows:



Asset		Life
Intellectual property		1-10 years
Customer relationships		3-10 years
Trade name		1-4 years
Patents		5 years

Intangible assets consisted of the following:



	June 29, 2019						June 30, 2018
	Original Cost		Accumulated Amortization		Net		Original Cost		Accumulated Amortization		Net
	(in thousands)
Intellectual property	$	487,346	$	445,558	$	41,788	$	485,465	$	423,869	$	61,596
Customer relationships	116,505		105,901		10,604		116,294		103,217		13,077
Trade name	9,974		8,914		1,060		9,340		8,588		752
Patent	2,500		2,500		—		2,500		2,469		31
Total amortizable intangible assets	616,325		562,873		53,452		613,599		538,143		75,456
In-process Research and Development (IPR&D)	2,790		—		2,790		2,790		—		2,790
Total intangible assets	$	619,115	$	562,873	$	56,242	$	616,389	$	538,143	$	78,246

During the fiscal year ended June 30, 2018, $5.8 million of IPR&D, that was acquired during the fiscal year, was completed and reclassified to amortizable Intellectual Property.

The following table presents the amortization expense of intangible assets and its presentation in the Consolidated Statements of Income:



	For the Year Ended
	June 29, 2019		June 30, 2018		June 24, 2017
	(in thousands)
Cost of goods sold	$	21,689	$	46,063	$	46,484
Intangible asset amortization	3,041		4,467		9,189
Total intangible asset amortization expenses	$	24,730	$	50,530	$	55,673

The following table represents the estimated future amortization expense of intangible assets as of June 29, 2019:



	Amount
Fiscal Year	(in thousands)
2020	$	15,068
2021	13,368
2022	7,689
2023	7,205
2024	4,229
Thereafter	5,893
Total amortizable intangible assets	$	53,452