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Goodwill and intangible assets
3 Months Ended
Oct. 03, 2020
Goodwill and intangible assets  
Goodwill and intangible assets

5. Goodwill and intangible assets

Goodwill

The following table presents the change in goodwill by reportable segment for the three months ended October 3, 2020.

  

Electronic

  

  

Components

Farnell

Total

(Thousands)

Carrying value at June 27, 2020 (1)

$

297,836

$

475,898

$

773,734

Foreign currency translation

 

6,606

 

18,525

 

25,131

Carrying value at October 3, 2020 (1)

$

304,442

$

494,423

$

798,865

(1)Includes accumulated impairment of $1,045,110 from fiscal 2009, $181,440 from fiscal 2018, $137,396 from fiscal 2019 and $118,731 from fiscal 2020.

The Company evaluates each quarter if facts and circumstances indicate that it is more likely than not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test. Indicators the Company evaluates to determine whether an interim goodwill impairment test is necessary include, but are not limited to, (i) a sustained decrease in share price or market capitalization as of any fiscal quarter end, (ii) changes in macroeconomic or industry environments, (iii) the results of and the amount of time passed since the last goodwill impairment test and (iv) the long-term expected financial performance of its reporting units. During the first quarter of fiscal 2021, the Company concluded that an interim goodwill impairment test was not required.

Intangible Assets

The following table presents the Company’s acquired intangible assets at October 3, 2020 and June 27, 2020, respectively.

October 3, 2020

June 27, 2020

 

Acquired

Accumulated

Net Book

 Acquired 

 Accumulated 

 Net Book 

 

    

Amount

    

Amortization

    

Value

    

Amount(1)

    

Amortization

    

Value

 

(Thousands)

 

Customer related

$

311,121

$

(291,936)

$

19,185

$

300,937

$

(266,759)

$

34,178

Trade name

 

53,729

 

(35,914)

 

17,815

 

51,698

 

(32,493)

 

19,205

Technology and other

 

55,666

 

(45,218)

 

10,448

 

53,641

 

(41,587)

 

12,054

$

420,516

$

(373,068)

$

47,448

$

406,276

$

(340,839)

$

65,437

(1)Acquired amount reduced by impairment of $17,473 from fiscal 2020.

Intangible asset amortization expense was $20.1 million and $19.9 million for the first quarters of fiscal 2021 and 2020, respectively. Intangible assets have a weighted average remaining useful life of approximately 3 years. The following table presents the estimated future amortization expense for the remainder of fiscal 2021 and the next five fiscal years (in thousands):

Fiscal Year

    

Remainder of fiscal 2021

$

20,058

2022

14,668

2023

 

6,415

2024

 

2,995

2025

 

1,472

2026

 

1,472

Thereafter

 

368

Total

$

47,448