GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Dec. 24, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The balance of goodwill is approximately $1.6 billion as of December 24, 2023 and June 25, 2023. As of December 24, 2023 and June 25, 2023, $65.4 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, other than goodwill:

	December 24, 2023						June 25, 2023
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(in thousands)
Customer relationships	$	644,126	$	(632,781)	$	11,345	$	644,138	$	(631,420)	$	12,718
Existing technology	734,937		(680,302)		54,635		717,331		(674,549)		42,782
Patents and other intangible assets	200,063		(127,409)		72,654		199,532		(116,659)		82,873
Intangible assets subject to amortization	1,579,126		(1,440,492)		138,634		1,561,001		(1,422,628)		138,373
In process research and development	12,447		—		12,447		30,081		—		30,081
Total intangible assets	$	1,591,573	$	(1,440,492)	$	151,081	$	1,591,082	$	(1,422,628)	$	168,454

The Company recognized $12.8 million and $12.2 million in intangible asset amortization expense during the three months ended December 24, 2023 and December 25, 2022, respectively. The Company recognized $26.8 million and $23.8 million in intangible asset amortization expense during the six months ended December 24, 2023 and December 25, 2022, respectively.

The estimated future amortization expense of intangible assets as of December 24, 2023, is reflected in the table below. The table excludes $22.4 million of capitalized costs for intangible assets that have not been placed into service.

Fiscal Year	Amount
	(in thousands)
2024 (remaining 6 months)	$	22,082
2025	30,938
2026	20,098
2027	15,200
2028	11,951
Thereafter	15,985
	$	116,254