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INTANGIBLE ASSETS | 12 Months Ended
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Jun. 30, 2021
Finite Lived Intangible Assets Net [Abstract] |
INTANGIBLE ASSETS | NOTE 7. INTANGIBLE ASSETS Intangible assets consisted of the following (in thousands):
|  | June 30, |
|  | 2021 (1) |  |  | 2020 |
Intangible assets |  |  |  |  |  |  |  |
Customer contracts and related customer relationships |  | $ | 601,509 |  |  | $ | 570,562 |
Acquired technologies |  |  | 198,273 |  |  |  | 129,925 |
Other |  |  | 7 |  |  |  | 8 |
Intangible assets |  |  | 799,789 |  |  |  | 700,495 |
Less accumulated amortization |  |  |  |  |  |  |  |
Customer contracts and related customer relationships |  |  | (276,496 | ) |  |  | (271,708 | )
Acquired technologies |  |  | (47,185 | ) |  |  | (21,900 | )
Other |  |  | (2 | ) |  |  | (2 | )
Accumulated amortization |  |  | (323,683 | ) |  |  | (293,610 | )
Total intangible assets, net |  | $ | 476,106 |  |  | $ | 406,885 |
| (1) | During FY2021, the Company removed $38.2 million in fully amortized intangible assets.
Intangible assets are primarily amortized on an accelerated basis over periods ranging from one to twenty years. The weighted-average period of amortization for customer contracts and related customer relationships as of June 30, 2021 is 17.8 years, and the weighted-average remaining period of amortization is 14.2 years. The weighted-average period of amortization for acquired technologies as of June 30, 2021 is 10.6 years, and the weighted-average remaining period of amortization is 8.8 years. Amortization expense for the years ended June 30, 2021, 2020 and 2019 was $67.5 million, $59.3 million and $45.8 million, respectively. Expected amortization expense for each of the fiscal years through June 30, 2026 and for years thereafter is as follows (in thousands):
|  | Amount |
Year ending June 30, 2022 |  | $ | 68,594 |
Year ending June 30, 2023 |  |  | 65,164 |
Year ending June 30, 2024 |  |  | 57,811 |
Year ending June 30, 2025 |  |  | 50,551 |
Year ending June 30, 2026 |  |  | 42,939 |
Thereafter |  |  | 191,047 |
Total intangible assets, net |  | $ | 476,106 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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