Goodwill and Intangible Assets

12 Months Ended

Jun. 27, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The balance of goodwill was $1.5 billion as of June 27, 2021 and June 28, 2020, respectively. As of June 27, 2021 and June 28, 2020, $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. No goodwill impairments were recognized in fiscal years 2021, 2020, or 2019.

Intangible Assets

The following table provides details of the Company’s intangible assets, other than goodwill: 

	June 27, 2021						June 28, 2020
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(in thousands)
Customer relationships	$	630,303	$	(581,406)	$	48,897	$	630,137	$	(532,550)	$	97,587
Existing technology	669,359		(659,898)		9,461		668,992		(654,382)		14,610
Patents and other intangible assets	132,774		(58,767)		74,007		98,342		(42,007)		56,335
Total intangible assets	$	1,432,436	$	(1,300,071)	$	132,365	$	1,397,471	$	(1,228,939)	$	168,532

The Company recognized $70.6 million, $66.2 million, and $127.3 million in intangible asset amortization expense during fiscal years 2021, 2020, and 2019, respectively. No intangible asset impairments were recognized in fiscal years 2021, 2020, or 2019.

The estimated future amortization expense of intangible assets as of June 27, 2021, is reflected in the table below. The table excludes $14.1 million of capitalized costs for intangible assets that have not yet been placed into service. 

Fiscal Year	Amount
	(in thousands)
2022	$	70,190
2023	24,228
2024	13,647
2025	7,431
2026	2,034
Thereafter	711
	$	118,241