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GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2022

4. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by segment for fiscal 2021 and 2022 are as follows (in thousands):


					Optoelectronics
					and
	Security		Healthcare		Manufacturing
	Division		Division		Division		Consolidated
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
Goodwill acquired or adjusted during the period		19,436		—		—		19,436
Foreign currency translation adjustment		(307)		(397)		(2,679)		(3,383)
Balance as of June 30, 2022	$	225,555	$	43,187	$	67,615	$	336,357

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


		June 30, 2021						June 30, 2022
	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	$	49,183	$	(15,679)	$	33,504	$	64,096	$	(18,934)	$	45,162
Patents	19 years		8,753		(2,597)		6,156		8,541		(2,987)		5,554
Developed technology	10 years		60,665		(25,923)		34,742		66,901		(31,071)		35,830
Customer relationships	7 years		50,676		(26,588)		24,088		53,736		(32,785)		20,951
Total amortizable assets			169,277		(70,787)		98,490		193,274		(85,777)		107,497
Non-amortizable assets:
In-process R&D			533		—		533		533		—		533
Trademarks			28,585		—		28,585		30,340		—		30,340
Total intangible assets		$	198,395	$	(70,787)	$	127,608	$	224,147	$	(85,777)	$	138,370

Amortization expense related to intangible assets was $20.7 million, $21.5 million and $17.7 million for fiscal 2020, 2021 and 2022, respectively.

At June 30, 2022, the estimated future amortization expense was as follows (in thousands):


2023	$	18,581
2024		17,617
2025		16,781
2026		15,174
2027		12,005
Thereafter		27,339
Total	$	107,497

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 2020, 2021 and 2022, we capitalized software development costs in the amounts of $11.9 million, $12.9 million and $15.2 million, respectively.