Goodwill and Other Intangible Assets

12 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of the cost over the net tangible and identifiable intangible assets of acquired businesses. Identifiable intangible assets acquired in business combinations are recorded based upon fair value at the date of acquisition.

Changes in the carrying amount of goodwill were as follows ($000):


	Year Ended June 30, 2021						Year Ended June 30, 2020
	Photonic Solutions		Compound Semiconductors		Total		Photonic Solutions		Compound Semiconductors		Total
Balance-beginning of period	$	1,052,494	$	186,515	$	1,239,009	$	134,057	$	185,721	$	319,778
Goodwill acquired	—		54,634		54,634		919,192		—		919,192
Finisar measurement period adjustments	(4,901)		—		(4,901)		—		—		—
Foreign currency translation	5,435		2,550		7,985		(755)		794		39
Balance-end of period	$	1,053,028	$	243,699	$	1,296,727	$	1,052,494	186,515		1,239,009

The gross carrying amount and accumulated amortization of the Company’s intangible assets other than goodwill as of June 30, 2021 and 2020 were as follows ($000):


	June 30, 2021						June 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Technology	$	476,200	$	(106,802)	$	369,398	$	444,315	$	(68,048)	$	376,267
Trade Names	22,660		(6,233)		16,427		22,369		(3,669)		18,700
Customer Lists	469,154		(136,519)		332,635		456,223		(92,822)		363,401
Other	1,576		(1,576)		—		1,570		(1,570)		—
Total	$	969,590	$	(251,130)	$	718,460	$	924,477	$	(166,109)	$	758,368

Amortization expense recorded on the intangible assets for the fiscal years ended June 30, 2021, 2020 and 2019 was $82 million, $64 million, and $17 million, respectively. The technology intangible assets are being amortized over a range of 60 to 240 months with a weighted-average remaining life of approximately 147 months. The customer lists are being amortized over 60 to 240 months with a weighted-average remaining life of approximately 135 months.

In connection with past acquisitions, the Company acquired trade names with indefinite lives. The carrying amount of these trade names of $14 million as of June 30, 2021 is not amortized but tested annually for impairment. The Company completed its impairment test of these trade names with indefinite lives in the fourth quarter of fiscal years 2021 and 2020. Based on the results of these tests, the trade names were not impaired.

The estimated amortization expense for existing intangible assets for each of the five succeeding years is as follows ($000):


Year Ending June 30,
2022	$	83,463
2023	82,558
2024	80,684
2025	79,196
2026	73,466