Goodwill and Other Intangible Assets

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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


	Year Ended June 30, 2024
	Networking		Materials		Lasers		Total
Balance at beginning of period	$	1,036,204	$	247,695	$	3,228,801	$	4,512,700

Foreign currency translation and other	388		(1,712)		(47,047)		(48,371)
Balance-end of period	$	1,036,592	$	245,983	$	3,181,754	$	4,464,329


	Year Ended June 30, 2023
	Networking		Materials		Lasers		Total
Balance-beginning of period	$	1,013,277	$	272,482	$	—	$	1,285,759
Goodwill acquired	—		—		3,174,984		3,174,984
Foreign currency translation and other	22,927		(24,787)		53,817		51,957
Balance-end of period	$	1,036,204	$	247,695	$	3,228,801	$	4,512,700

The gross carrying amount and accumulated amortization of our intangible assets other than goodwill as of June 30, 2024 and 2023 were as follows ($000):


	June 30, 2024						June 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Technology	$	1,653,289	$	(394,040)	$	1,259,249	$	1,661,263	$	(270,786)	$	1,390,477
Trade Names	438,470		(8,470)		430,000		438,470		(8,279)		430,191
Customer Lists	2,310,550		(498,252)		1,812,298		2,333,360		(339,344)		1,994,016
Backlog and Other	88,792		(87,092)		1,700		88,834		(88,834)		—
Total	$	4,491,101	$	(987,854)	$	3,503,247	$	4,521,927	$	(707,243)	$	3,814,684

Amortization expense recorded on the intangible assets for the fiscal years ended June 30, 2024, 2023 and 2022 was $288 million, $414 million, and $80 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 155 months, and the amortization is recorded in Cost of goods sold in our Consolidated Statements of Earnings (Loss). The customer lists are being amortized over 72 to 192 months with a weighted-average remaining life of approximately 148 months, and the amortization is recorded in SG&A in our Consolidated Statements of Earnings (Loss).

Amortization expense in the fiscal year ended June 30, 2023 includes a total of $39 million of impairment charges, with $33 million in the Materials segment and $7 million in the Networking segment. $25 million of the impairment charges related to the abandonment of certain purchased technology and customer lists, with $8 million recorded in Cost of goods sold and $18 million recorded in SG&A in our Consolidated Statement of Earnings (Loss). $14 million of impairment charges, recorded in SG&A, related to the abandonment of indefinite-lived trade names primarily due to the fiscal 2023 rebranding of the Company as Coherent Corp. There were no impairment charges included in amortization expense in the fiscal years ended June 30, 2024 and 2022.

In the fourth quarter of fiscal year 2024, we completed our impairment test of our $430 million indefinite-lived Coherent trade name acquired in the Merger, concluding it was 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,
2025	$	270,150
2026	269,041
2027	267,928
2028	266,238
2029	260,394