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Intangible Assets | 6 Months Ended
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Dec. 31, 2021
Finite Lived Intangible Assets Net [Abstract] |
Intangible Assets |
Note 4. | Intangible Assets
Intangible assets, net including those allocated on a preliminary basis, consisted of the following (in thousands):
|  | December 31, |  |  | June 30, |
|  | 2021 (1) |  |  | 2021 |
Intangible assets: |  |  |  |  |  |  |  |
Customer contracts and related customer relationships |  | $ | 660,842 |  |  | $ | 601,516 |
Acquired technologies |  |  | 280,420 |  |  |  | 198,273 |
Intangible assets |  |  | 941,262 |  |  |  | 799,789 |
Less accumulated amortization: |  |  |  |  |  |  |  |
Customer contracts and related customer relationships |  |  | (258,104 | ) |  |  | (276,498 | )
Acquired technologies |  |  | (62,470 | ) |  |  | (47,185 | )
Less accumulated amortization |  |  | (320,574 | ) |  |  | (323,683 | )
Total intangible assets, net |  | $ | 620,688 |  |  | $ | 476,106 |
| (1) | During the six months ended December 31, 2021, the Company removed $38.5 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 all customer contracts and related customer relationships as of December 31, 2021 is 18.3 years, and the weighted-average remaining period of amortization is 15.3 years. The weighted-average period of amortization for acquired technologies as of December 31, 2021 is 10.1 years, and the weighted-average remaining period of amortization is 8.7 years. Amortization expense was $18.1 million and $35.6 million for the three and six months ended December 31, 2021, respectively, and $17.5 million and $33.6 million for the three and six months ended December 31, 2020, respectively. The estimated annual amortization expense as of December 31, 2021 was as follows (in thousands):
Fiscal year ending June 30, |  | Amount |
2022 (remainder of year) |  | $ | 38,514 |
2023 |  |  | 75,525 |
2024 |  |  | 72,050 |
2025 |  |  | 67,882 |
2026 |  |  | 60,244 |
2027 and thereafter |  |  | 306,473 |
|  | $ | 620,688 |

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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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