Goodwill and Intangible Assets

12 Months Ended

Jun. 26, 2022

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 26, 2022 and June 27, 2021. As of June 26, 2022 and June 27, 2021, $62.0 million and $61.1 million, respectively, 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 2022, 2021, or 2020.

Intangible Assets

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

	June 26, 2022						June 27, 2021
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(in thousands)
Customer relationships	$	633,252	$	(627,376)	$	5,876	$	630,303	$	(581,406)	$	48,897
Existing technology	676,924		(664,278)		12,646		669,359		(659,898)		9,461
Patents and other intangible assets	167,821		(84,493)		83,328		132,774		(58,767)		74,007
Total intangible assets	$	1,477,997	$	(1,376,147)	$	101,850	$	1,432,436	$	(1,300,071)	$	132,365

The Company recognized $78.0 million, $70.6 million, and $66.2 million in intangible asset amortization expense during fiscal years 2022, 2021, and 2020, respectively. No intangible asset impairments were recognized in fiscal years 2022, 2021, or 2020.

The estimated future amortization expense of intangible assets as of June 26, 2022, is reflected in the table below. The table excludes $17.8 million of capitalized costs for intangible assets that have not yet been placed into service. 

Fiscal Year	Amount
	(in thousands)
2023	$	36,726
2024	22,983
2025	12,882
2026	5,707
2027	3,343
Thereafter	2,402
	$	84,043