Goodwill and Intangible Assets

6 Months Ended

Dec. 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 during the six months ended December 28, 2019.

No indicators or instances of impairment were identified during the six months and fiscal year ended December 28, 2019 and June 29, 2019, respectively.

Intangible Assets

Intangible assets consisted of the following:

	December 28, 2019						June 29, 2019
	Original Cost		Accumulated Amortization		Net		Original Cost		Accumulated Amortization		Net
	(in thousands)
Intellectual property	$	490,136	$	451,780	$	38,356	$	487,346	$	445,558	$	41,788
Customer relationships	116,505		107,244		9,261		116,505		105,901		10,604
Trade name	9,974		9,082		892		9,974		8,914		1,060
Patents	2,500		2,500		—		2,500		2,500		—
Total amortizable purchased intangible assets	619,115		570,606		48,509		616,325		562,873		53,452
In-process research & development (IPR&D)	—		—		—		2,790		—		2,790
Total purchased intangible assets	$	619,115	$	570,606	$	48,509	$	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				Six Months Ended
	December 28, 2019		December 29, 2018		December 28, 2019		December 29, 2018
	(in thousands)
Cost of goods sold	$	3,111	$	6,868	$	6,221	$	13,783
Intangible asset amortization	756		756		1,512		1,529
Total intangible asset amortization expenses	$	3,867	$	7,624	$	7,733	$	15,312

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

	Amount
Fiscal Year	(in thousands)
Remainder of 2020	$	7,733
2021	13,767
2022	8,088
2023	7,604
2024	4,628
Thereafter	6,689
Total intangible assets	$	48,509