Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The balance of goodwill was $1.6 billion as of June 30, 2024 and June 25, 2023, respectively. As of June 30, 2024 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. No goodwill impairments were recognized in fiscal years 2024, 2023, or 2022. Refer to Note 20: 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 30, 2024						June 25, 2023
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(in thousands)
Customer relationships	$	644,128	$	(633,740)	$	10,388	$	644,138	$	(631,420)	$	12,718
Existing technology	747,390		(686,460)		60,930		717,331		(674,549)		42,782
Patents and other intangible assets	208,052		(140,825)		67,227		199,532		(116,659)		82,873
Intangible assets subject to amortization	1,599,570		(1,461,025)		138,545		1,561,001		(1,422,628)		138,373
In process research and development	—		—		—		30,081		—		30,081
Total intangible assets	$	1,599,570	$	(1,461,025)	$	138,545	$	1,591,082	$	(1,422,628)	$	168,454

The Company recognized $56.3 million, $51.5 million, and $78.0 million in intangible asset amortization expense during fiscal years 2024, 2023, and 2022, respectively. Intangible asset impairments in fiscal year 2024 were insignificant. No intangible asset impairments were recognized in fiscal years 2023 or 2022.

The estimated future amortization expense of intangible assets as of June 30, 2024, is reflected in the table below. The table excludes $13.2 million of capitalized costs for intangible assets that have not yet been placed into service. 

Fiscal Year	Amount
	(in thousands)
2025	$	42,485
2026	28,010
2027	18,417
2028	14,446
2029	11,673
Thereafter	10,317
	$	125,348

Refer to Note 20: Business Combinations for additional information regarding the Company’s intangible assets.