GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Mar. 26, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The balance of goodwill is approximately $1.4 billion as of March 26, 2017 and June 26, 2016. As of March 26, 2017, $61.1 million of the goodwill balance is tax deductible and the remaining balance is not tax deductible due to purchase accounting and applicable foreign law.

Intangible Assets

The following table provides the Company’s intangible assets as of March 26, 2017:



	Gross		Accumulated Amortization			Net
	(in thousands)
Customer relationships	$	615,141	$	(349,991	)	$	265,150
Existing technology	643,145		(465,516		)	177,629
Patents	36,553		(30,604		)	5,949
Other intangible assets	36,515		(35,638		)	877
Total intangible assets	$	1,331,354	$	(881,749	)	$	449,605

The following table provides the Company’s intangible assets as of June 26, 2016:



	Gross		Accumulated Amortization			Net
	(in thousands)
Customer relationships	$	615,272	$	(300,711	)	$	314,561
Existing technology	643,433		(401,036		)	242,397
Patents	36,053		(28,701		)	7,352
Other intangible assets	36,114		(35,503		)	611
Total intangible assets	$	1,330,872	$	(765,951	)	$	564,921

The Company recognized $38.6 million and $39.1 million in intangible asset amortization expense during the three months ended March 26, 2017 and March 27, 2016, respectively. The Company recognized $115.9 million and $117.4 million in intangible asset amortization expense during the nine months ended March 26, 2017 and March 27, 2016, respectively.

The estimated future amortization expense of intangible assets, excluding those with indefinite lives, as of March 26, 2017 was as follows:



Fiscal Year	Amount
	(in thousands)
2017 (remaining 3 months)	$	38,654
2018	153,515
2019	115,221
2020	50,447
2021	47,763
Thereafter	44,005
	$	449,605

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details