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Acquisitions
 12 Months Ended
Mar. 26, 2016
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]

7.     Acquisitions

In the second quarter of fiscal year 2016, the Company acquired 100 percent of the outstanding equity of a small technology company as well as the assets of another small technology company for approximately $36.8 million, net of cash obtained, with the goal of broadening its software capabilities.  The acquisitions were recorded using the acquisition method of accounting. 

  The consolidated statements of income presented include the results of operations of each acquired company since the date of the acquisition.  Pro forma information related to these acquisitions has not been presented because it would not be materially different from amounts reported.  See Note 4 – Fair Value of Financial Instruments above, for additional information related to contingent consideration reported in relation to one of the acquisitions.

Goodwill was recorded in relation to the acquisitions, as the purchase price was in excess of the fair value of the net assets acquired.  None of the goodwill is expected to be deductible for income tax purposes.  The combined final purchase price as of March 26, 2016 was allocated as follows (in thousands):







 

 



 

Amount



 

 

Cash and cash equivalents

$

 241 

Accounts receivable

 

 80 

Other current assets

 

 178 

Property, plant and equipment

 

 27 

Intangible assets

 

 20,020 

Other assets

 

 35 

Deferred tax asset

 

 1,972 

Total identifiable assets acquired

$

 22,553 



 

 

Contingent consideration

 

 (9,068)

Other accrued liabilities

 

 (85)

Deferred tax liability

 

 (576)

Total identifiable liabilities assumed

$

 (9,729)

Net identifiable assets acquired

$

 12,824 

Goodwill

 

 23,935 

Total purchase price

$

 36,759 



The acquired intangible assets and related weighted average amortization periods are detailed below (in thousands):



 

 

 

 



 

   

 

 

Intangible assets

 

Amount

 

Weighted-average Amortization Period (years)

Developed technology

$

 19,330 

 

3.6

Backlog

 

 220 

 

1.0

Non-compete agreements

 

 470 

 

1.5

Total

$

 20,020