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INTANGIBLE ASSETS
12 Months Ended
Jun. 30, 2018
Finite Lived Intangible Assets Net [Abstract]  
INTANGIBLE ASSETS

NOTE 8. INTANGIBLE ASSETS

Intangible assets consisted of the following (in thousands):

 

 

 

June 30,

 

 

 

2018 (1)

 

 

2017

 

Intangible assets

 

 

 

 

 

 

 

 

Customer contracts and related customer relationships

 

$

435,933

 

 

$

635,895

 

Acquired technologies

 

 

13,237

 

 

 

28,503

 

Covenants not to compete

 

 

 

 

 

3,305

 

Other

 

 

804

 

 

 

1,545

 

Intangible assets

 

 

449,974

 

 

 

669,248

 

Less accumulated amortization

 

 

 

 

 

 

 

 

Customer contracts and related customer relationships

 

 

(199,018

)

 

 

(402,934

)

Acquired technologies

 

 

(8,761

)

 

 

(26,542

)

Covenants not to compete

 

 

 

 

 

(3,288

)

Other

 

 

(440

)

 

 

(1,113

)

Accumulated amortization

 

 

(208,219

)

 

 

(433,877

)

Total intangible assets, net

 

$

241,755

 

 

$

235,371

 

 

 

(1)

During FY2018, the Company removed $264.1 million in fully amortized intangible assets.

Intangible assets are primarily amortized on an accelerated basis over periods ranging from one to twenty years. The weighted-average period of amortization for customer contracts and related customer relationships as of June 30, 2018 is 14.7 years, and the weighted-average remaining period of amortization is 11.5 years. The weighted-average period of amortization for acquired technologies as of June 30, 2018 is 7.0 years, and the weighted-average remaining period of amortization is 5.7 years.

Amortization expense for the years ended June 30, 2018, 2017 and 2016 was $38.2 million, $40.7 million and $38.0 million, respectively. Expected amortization expense for each of the fiscal years through June 30, 2022 and for years thereafter is as follows (in thousands):

 

 

 

Amount

 

Year ending June 30, 2019

 

$

36,225

 

Year ending June 30, 2020

 

 

31,566

 

Year ending June 30, 2021

 

 

27,970

 

Year ending June 30, 2022

 

 

24,281

 

Year ending June 30, 2023

 

 

21,686

 

Thereafter

 

 

100,027

 

Total intangible assets, net

 

$

241,755