GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Dec. 23, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The balance of goodwill is approximately $1.5 billion as of December 23, 2018 and June 24, 2018, respectively. As of December 23, 2018, $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:

	December 23, 2018							June 24, 2018
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
	(in thousands)
Customer relationships	$	630,160	$	(458,238	)	$	171,922	$	630,220	$	(433,309	)	$	196,911
Existing technology	669,388		(621,883		)	47,505		669,520		(576,844		)	92,676
Patents and other intangible assets	106,585		(74,114		)	32,471		99,767		(71,518		)	28,249
Total intangible assets	$	1,406,133	$	(1,154,235	)	$	251,898	$	1,399,507	$	(1,081,671	)	$	317,836

The Company recognized $36.3 million and $40.8 million in intangible asset amortization expense during the three months ended December 23, 2018 and December 24, 2017. During the six months ended December 23, 2018 and December 24, 2017, the Company recognized $72.7 million and $80.1 million, respectively, in intangible asset amortization expense.

The estimated future amortization expense of intangible assets as of December 23, 2018, was as follows:

Fiscal Year	Amount
	(in thousands)
2019 (remaining 6 months)	$	54,279
2020	62,774
2021	60,090
2022	55,553
2023	11,146
Thereafter	8,056
	$	251,898