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GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2025

4.GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by segment for fiscal 2024 and 2025 are as follows (in thousands):


			Optoelectronics
			and
	Security		Manufacturing		Healthcare
	Division		Division		Division		Consolidated
Balance as of June 30, 2023	$	230,662	$	70,388	$	48,455	$	349,505
Goodwill acquired or adjusted during the period		1,628		827		—		2,455
Foreign currency translation adjustment		(75)		(408)		3		(480)
Balance as of June 30, 2024	$	232,215	$	70,807	$	48,458	$	351,480
Goodwill acquired or adjusted during the period		33,804		—		—		33,804
Foreign currency translation adjustment		346		1,516		247		2,109
Balance as of June 30, 2025	$	266,365	$	72,323	$	48,705	$	387,393

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


		June 30, 2024						June 30, 2025
	Weighted	Gross						Gross
	Average	Carrying		Accumulated		Intangibles		Carrying		Accumulated		Intangibles
	Lives	Value		Amortization		Net		Value		Amortization		Net
Amortizable assets:
Software development costs	7 years	$	79,228	$	(10,646)	$	68,582	$	91,386	$	(8,941)	$	82,445
Patents	20 years		9,116		(3,861)		5,255		9,617		(4,353)		5,264
Developed technology	9 years		70,186		(45,740)		24,446		99,937		(55,865)		44,072
Customer relationships	7 years		51,113		(41,421)		9,692		20,991		(9,380)		11,611
Total amortizable assets			209,643		(101,668)		107,975		221,931		(78,539)		143,392
Non-amortizable assets:
Trademarks			31,554		—		31,554		39,898		—		39,898
Total intangible assets		$	241,197	$	(101,668)	$	139,529	$	261,829	$	(78,539)	$	183,290

Amortization expense related to intangible assets was $19.0 million, $22.8 million and $21.6 million for fiscal 2023, 2024 and 2025, respectively.

At June 30, 2025, the estimated future amortization expense was as follows (in thousands):


2026	$	17,994
2027		18,117
2028		17,216
2029		14,653
2030		13,724
Thereafter		61,688
Total	$	143,392

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 2023, 2024 and 2025, we capitalized software development costs in the amounts of $16.2 million, $16.6 million and $16.9 million, respectively.