Goodwill and Intangible Assets

9 Months Ended

Mar. 28, 2020

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 nine months ended March 28, 2020.

No indicators or instances of impairment were identified during the nine months and fiscal year ended March 28, 2020 and June 29, 2019, respectively.

Intangible Assets

Intangible assets consisted of the following:

	March 28, 2020						June 29, 2019
	Original Cost		Accumulated Amortization		Net		Original Cost		Accumulated Amortization		Net
	(in thousands)
Intellectual property	$	490,136	$	454,890	$	35,246	$	487,346	$	445,558	$	41,788
Customer relationships	116,505		107,916		8,589		116,505		105,901		10,604
Trade name	9,974		9,167		807		9,974		8,914		1,060
Patents	2,500		2,500		—		2,500		2,500		—
Total amortizable purchased intangible assets	619,115		574,473		44,642		616,325		562,873		53,452
In-process research & development (IPR&D)	—		—		—		2,790		—		2,790
Total purchased intangible assets	$	619,115	$	574,473	$	44,642	$	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				Nine Months Ended
	March 28, 2020		March 30, 2019		March 28, 2020		March 30, 2019
	(in thousands)
Cost of goods sold	$	3,111	$	5,368	$	9,332	$	19,151
Intangible asset amortization	756		756		2,268		2,285
Total intangible asset amortization expenses	$	3,867	$	6,124	$	11,600	$	21,436

The following table represents the estimated future amortization expense of intangible assets as of March 28, 2020:

	Amount
Fiscal Year	(in thousands)
Remainder of 2020	$	3,866
2021	13,767
2022	8,088
2023	7,604
2024	4,628
Thereafter	6,689
Total intangible assets	$	44,642