GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Mar. 31, 2019

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 March 31, 2019 and June 24, 2018, respectively. As of March 31, 2019, $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:

	March 31, 2019							June 24, 2018
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
	(in thousands)
Customer relationships	$	630,220	$	(470,760	)	$	159,460	$	630,220	$	(433,309	)	$	196,911
Existing technology	669,521		(644,423		)	25,098		669,520		(576,844		)	92,676
Patents and other intangible assets	114,335		(75,871		)	38,464		99,767		(71,518		)	28,249
Total intangible assets	$	1,414,076	$	(1,191,054	)	$	223,022	$	1,399,507	$	(1,081,671	)	$	317,836

The Company recognized $36.6 million and $40.8 million in intangible asset amortization expense during the three months ended March 31, 2019 and March 25, 2018. During the nine months ended March 31, 2019 and March 25, 2018, the Company recognized $109.4 million and $120.9 million, respectively, in intangible asset amortization expense.

The estimated future amortization expense of intangible assets as of March 31, 2019, was as follows:

Fiscal Year	Amount
	(in thousands)
2019 (remaining 3 months)	$	17,910
2020	64,302
2021	61,612
2022	57,352
2023	12,805
Thereafter	9,041
	$	223,022