Goodwill and Intangible Assets

12 Months Ended

Jun. 25, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The balance of goodwill was $1.6 billion and $1.5 billion as of June 25, 2023 and June 26, 2022, respectively. As of June 25, 2023 and June 26, 2022, $65.4 million and $62.0 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 2023, 2022, or 2021. Refer to Note 21: Business Combinations for additional information regarding the Company’s goodwill balance.

Intangible Assets

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

	June 25, 2023						June 26, 2022
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(in thousands)
Customer relationships	$	644,138	$	(631,420)	$	12,718	$	633,252	$	(627,376)	$	5,876
Existing technology	717,331		(674,549)		42,782		676,924		(664,278)		12,646
Patents and other intangible assets	199,532		(116,659)		82,873		167,821		(84,493)		83,328
Intangible assets subject to amortization	1,561,001		(1,422,628)		138,373		1,477,997		(1,376,147)		101,850
In process research and development	30,081		—		30,081		—		—		—
Total intangible assets	$	1,591,082	$	(1,422,628)	$	168,454	$	1,477,997	$	(1,376,147)	$	101,850

The Company recognized $51.5 million, $78.0 million, and $70.6 million in intangible asset amortization expense during fiscal years 2023, 2022, and 2021, respectively. No intangible asset impairments were recognized in fiscal years 2023, 2022, or 2021.

The estimated future amortization expense of intangible assets as of June 25, 2023, is reflected in the table below. The table excludes $18.9 million of capitalized costs for intangible assets that have not yet been placed into service. 

Fiscal Year	Amount
	(in thousands)
2024	$	42,007
2025	27,423
2026	17,307
2027	12,797
2028	9,259
Thereafter	10,678
	$	119,471

Refer to Note 21: Business Combinations for additional information regarding the Company’s intangible assets.