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GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2021

4. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by segment for fiscal 2020 and 2021 are as follows (in thousands):


					Optoelectronics
					and
	Security		Healthcare		Manufacturing
	Division		Division		Division		Consolidated
Balance as of June 30, 2019	$	200,079	$	40,064	$	66,965	$	307,108
Goodwill acquired or adjusted during the period		3,973		—		1,033		5,006
Foreign currency translation adjustment		(425)		(81)		(981)		(1,487)
Balance as of June 30, 2020	$	203,627	$	39,983	$	67,017	$	310,627
Goodwill acquired or adjusted during the period		2,322		3,244		—		5,566
Foreign currency translation adjustment		477		357		3,277		4,111
Balance as of June 30, 2021	$	206,426	$	43,584	$	70,294	$	320,304

Intangible assets consisted of the following (amounts in thousands):


		June 30, 2020						June 30, 2021
	Weighted	Gross						Gross
	Average	Carrying		Accumulated		Intangibles		Carrying		Accumulated		Intangibles
	Lives	Value		Amortization		Net		Value		Amortization		Net
Amortizable assets:
Software development costs	8-9 years	$	41,332	$	(16,295)	$	25,037	$	49,183	$	(15,679)	$	33,504
Patents	19 years		9,962		(2,584)		7,378		8,753		(2,597)		6,156
Developed technology	10 years		55,719		(19,556)		36,163		60,665		(25,923)		34,742
Customer relationships/backlog	7 years		64,128		(32,110)		32,018		50,676		(26,588)		24,088
Total amortizable assets			171,141		(70,545)		100,596		169,277		(70,787)		98,490
Non-amortizable assets:
In-process R&D			533		—		533		533		—		533
Trademarks			27,150		—		27,150		28,585		—		28,585
Total intangible assets		$	198,824	$	(70,545)	$	128,279	$	198,395	$	(70,787)	$	127,608

Amortization expense related to intangible assets was $21.4 million, $20.7 million and $21.5 million for fiscal 2019, 2020 and 2021, respectively.

At June 30, 2021, the estimated future amortization expense was as follows (in thousands):


2022	$	16,594
2023		16,199
2024		15,658
2025		12,316
2026		8,390
Thereafter		29,333
Total	$	98,490

Software development costs for software products incurred before establishing technological feasibility are charged to operations. Software development costs incurred after establishing technological feasibility are capitalized on a product-by-product basis until the product is available for general release to customers at which time amortization begins. Annual amortization, charged to cost of goods sold, is the amount computed using the ratio that current revenues for a product bear to the total current and anticipated future revenues for that product. In the event that future revenues are not estimable, such costs are amortized on a straight-line basis over the remaining estimated economic life of the product. Amortizable assets that have not yet begun to be amortized are included in Thereafter in the table above. During fiscal 2019, 2020 and 2021, we capitalized software development costs in the amounts of $2.7 million, $11.9 million and $12.9 million, respectively.