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Acquired Developed Technology and Other Intangibles
9 Months Ended
Mar. 29, 2014
Acquired Developed Technology and Other Intangibles  
Acquired Developed Technology and Other Intangibles

Note 9. Acquired Developed Technology and Other Intangibles

 

The following tables present details of the Company’s acquired developed technology, customer relationships and other intangibles (in millions)

 

 

 

Gross

 

 

 

 

 

 

 

Carrying

 

Accumulated

 

 

 

As of March 29, 2014

 

Amount

 

Amortization

 

Net

 

Acquired developed technology

 

$

563.6

 

$

(447.9

)

$

115.7

 

Customer relationships

 

204.4

 

(137.3

)

67.1

 

Other

 

45.3

 

(42.8

)

2.5

 

Total intangibles subject to amortization

 

813.3

 

(628.0

)

185.3

 

In-process research and development intangibles

 

7.1

 

 

7.1

 

Total intangibles

 

$

820.4

 

$

(628.0

)

$

192.4

 

 

 

 

Gross

 

 

 

 

 

 

 

Carrying

 

Accumulated

 

 

 

As of June 29, 2013

 

Amount

 

Amortization

 

Net

 

Acquired developed technology

 

$

546.8

 

$

(437.4

)

$

109.4

 

Customer relationships

 

168.5

 

(131.5

)

37.0

 

Other

 

50.3

 

(47.0

)

3.3

 

Total intangibles

 

$

765.6

 

$

(615.9

)

$

149.7

 

 

During the three and nine months ended March 29, 2014, the Company recorded $16.2 million and $43.0 million, respectively, of amortization expense relating to acquired developed technology and other intangibles, including customer relationships.

 

During the three and nine months ended March 30, 2013, the Company recorded $20.1 million and $57.5 million, respectively, of amortization expense relating to acquired developed technology and other intangibles, including customer relationships.

 

During the three months ended September 29, 2012, the Company approved a plan to exit the concentrated photovoltaic (“CPV”) product line within its CCOP segment and accordingly recorded $2.6 million of accelerated amortization.

 

During the three months ended March 30, 2013, the Company approved a strategic plan to exit the low-speed wireline product line within the NSE segment. As a result, during the third quarter of fiscal 2013, the Company incurred a $2.2 million charge for accelerated amortization of related intangibles, of which $1.8 million and $0.4 million is included in Amortization of acquired technologies and in Amortization of other intangibles in the Consolidated Statement of Operations, respectively.

 

Based on the carrying amount of acquired developed technology and other intangibles as of March 29, 2014, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions):

 

Fiscal Years 

 

 

 

Remainder of 2014

 

$

16.0

 

2015

 

59.1

 

2016

 

38.4

 

2017

 

35.2

 

2018

 

22.4

 

Thereafter

 

14.2

 

Total amortization

 

$

185.3

 

 

The acquired developed technology and other intangibles balance are adjusted quarterly to record the effect of currency translation adjustments.