Goodwill and Intangible Assets
 3 Months Ended
Sep. 24, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets [Text Block]
GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company monitors the recoverability of goodwill recorded in connection with acquisitions, by reporting unit, annually, or more often if events or changes in circumstances indicate that the carrying amount may not be recoverable.

Fiscal Year 2017

No indicators or instances of impairment were identified in the three months ended September 24, 2016.

Fiscal Year 2016

The Company performed the annual goodwill impairment analysis during the fourth quarter of fiscal year 2016 and concluded that goodwill was not impaired, as the fair value of each reporting unit exceeded its carrying value. No indicators or instances of impairment were identified during fiscal year 2016.

During the fiscal year ended June 25, 2016, $20.4 million of goodwill from the Micros and Security reporting unit was included in the sale of the energy metering business to Silergy Corp.

Intangible Assets

The useful lives of amortizable intangible assets are as follows:

Asset
 
Life
Intellectual property
 
1-10 years
Customer relationships
 
3-10 years
Trade name
 
1-4 years
Patents
 
5 years


Intangible assets consisted of the following:

 
September 24,
2016
 
June 25,
2016
 
Original
Cost 
 
Accumulated
Amortization 
 
Net
 
Original
Cost 
 
Accumulated
Amortization 
 
Net
 
(in thousands)
Intellectual property
$
451,885

 
$
343,922

 
$
107,963

 
$
420,285

 
$
331,321

 
$
88,964

Customer relationships
115,634

 
94,657

 
20,977

 
115,634

 
92,744

 
22,890

Trade name
8,500

 
6,886

 
1,614

 
8,500

 
6,486

 
2,014

Patents
2,500

 
1,558

 
942

 
2,500

 
1,428

 
1,072

Total amortizable purchased intangible assets
578,519

 
447,023

 
131,496

 
546,919

 
431,979

 
114,940

IPR&D
—

 
—

 
—

 
31,600

 
—

 
31,600

Total purchased intangible assets
$
578,519

 
$
447,023

 
$
131,496

 
$
578,519

 
$
431,979

 
$
146,540




During the three months ended September 24, 2016, $31.6 million of IPR&D was completed and reclassified to amortizable Intellectual Property.

The following table presents the amortization expense of intangible assets and its presentation in the Condensed Consolidated Statements of Income:

 
Three Months Ended
 
September 24,
2016
 
September 26,
2015
 
(in thousands)
Cost of goods sold
$
12,602

 
$
16,638

Intangible asset amortization
2,443

 
3,591

Total intangible asset amortization expenses
$
15,045

 
$
20,229



The following table represents the estimated future amortization expense of intangible assets as of September 24, 2016:

Fiscal Year
 
Amount
 
 
(in thousands)
Remaining nine months of 2017
 
$
40,629

2018
 
48,146

2019
 
19,861

2020
 
9,942

2021
 
8,154

2022
 
2,563

Thereafter
 
2,201

Total intangible assets
 
$
131,496