Goodwill and Intangible Assets

3 Months Ended

Sep. 28, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets [Text Block]

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.

There were no changes to goodwill for the three months ended September 28, 2019.

No indicators or instances of impairment were identified in the three months and fiscal year ended September 28, 2019 and June 29, 2019, respectively.

Intangible Assets

Intangible assets consisted of the following:

	September 28, 2019						June 29, 2019
	Original Cost		Accumulated Amortization		Net		Original Cost		Accumulated Amortization		Net
	(in thousands)
Intellectual property	$	490,136	$	448,668	$	41,468	$	487,346	$	445,558	$	41,788
Customer relationships	116,505		106,573		9,932		116,505		105,901		10,604
Trade name	9,974		8,998		976		9,974		8,914		1,060
Patents	2,500		2,500		—		2,500		2,500		—
Total amortizable purchased intangible assets	619,115		566,739		52,376		616,325		562,873		53,452
In-process research & development (IPR&D)	—		—		—		2,790		—		2,790
Total purchased intangible assets	$	619,115	$	566,739	$	52,376	$	619,115	$	562,873	$	56,242

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

	Three Months Ended
	September 28, 2019		September 29, 2018
	(in thousands)
Cost of goods sold	$	3,111	$	6,915
Intangible asset amortization	756		773
Total intangible asset amortization expenses	$	3,867	$	7,688

The following table represents the estimated future amortization expense of intangible assets as of September 28, 2019:

	Amount
Fiscal Year	(in thousands)
Remaining nine months of 2020	$	11,600
2021	13,767
2022	8,088
2023	7,604
2024	4,628
Thereafter	6,689
Total intangible assets	$	52,376