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Goodwill and intangible assets | 12 Months Ended
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Jun. 27, 2020
Goodwill and intangible assets |
Goodwill and intangible assets | 6. Goodwill, intangible assets and impairments The following table presents the change in goodwill balances by reportable segment for fiscal year 2020. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Electronic |  | ​ |  | ​ | ​
​ | ​ | Components | ​ | Farnell | ​ | Total
​ | ​ | (Thousands)
Carrying value at June 29, 2019 (1) | ​ | $ | 390,896 | ​ | $ | 485,832 | ​ | $ | 876,728
Additions from acquisitions | ​ |  | 28,819 | ​ |  | — | ​ |  | 28,819
Impairment of goodwill | ​ |  | (118,731) | ​ |  | — | ​ |  | (118,731)
Foreign currency translation | ​ |  | (3,148) | ​ |  | (9,934) | ​ |  | (13,082)
Carrying value at June 27, 2020 (2) | ​ | $ | 297,836 | ​ | $ | 475,898 | ​ | $ | 773,734
(1) | Includes accumulated impairment of $1,045,110 from fiscal 2009, $181,440 from fiscal 2018 and $137,396 from fiscal 2019.
(2) | 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. The following table presents the Company’s acquired identifiable intangible assets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 27, 2020 | ​ | June 29, 2019 |
​ | ​ | Acquired | ​ | Accumulated | ​ | Net Book | ​ | Acquired | ​ | Accumulated | ​ | Net Book |
​ |  | Amount (1) |  | Amortization |  | Value |  | Amount |  | Amortization |  | Value |
​ | ​ | (Thousands) |
Customer related | ​ | $ | 300,937 | ​ | $ | (266,759) | ​ | $ | 34,178 | ​ | $ | 292,266 | ​ | $ | (208,329) | ​ | $ | 83,937 | ​
Trade name | ​ |  | 51,698 | ​ |  | (32,493) | ​ |  | 19,205 | ​ |  | 52,760 | ​ |  | (24,752) | ​ |  | 28,008 | ​
Technology and other | ​ |  | 53,641 | ​ |  | (41,587) | ​ |  | 12,054 | ​ |  | 63,753 | ​ |  | (32,178) | ​ |  | 31,575 | ​
​ | ​ | $ | 406,276 | ​ | $ | (340,839) | ​ | $ | 65,437 | ​ | $ | 408,779 | ​ | $ | (265,259) | ​ | $ | 143,520 | ​
(1) | Acquired amount in fiscal 2020 reduced by $17,473 related to the impairment of intangible asset in the third quarter of fiscal 2020.
Intangible asset amortization expense was $81.1 million, $83.7 million and $91.5 million for fiscal 2020, 2019 and 2018, respectively. Intangible assets have a weighted average remaining useful life of approximately 2 years as of June 27, 2020. The following table presents the estimated future amortization expense for the next five fiscal years and thereafter (in thousands):
​ | ​ | ​ | ​
Fiscal Year |  | ​
2021 | ​ | $ | 38,528
2022 | ​ |  | 14,219
2023 | ​ |  | 6,275
2024 | ​ |  | 3,103
2025 | ​ |  | 1,472
Thereafter | ​ |  | 1,840
Total | ​ | $ | 65,437
​ Goodwill and long-lived asset impairment expense During the third quarter of fiscal 2020, an interim goodwill impairment test was performed as of March 28, 2020. The macroeconomic impacts of the COVID-19 pandemic and the corresponding decline in the Company’s share price below tangible book value, were indicators in the third quarter of fiscal 2020, that goodwill was potentially not recoverable. The Company recorded non-cash goodwill impairment expense of $120.5 million in the third quarter of fiscal 2020, and $118.7 million in fiscal 2020, related to reporting units in the Electronic Components (EC) reportable segment including goodwill in the Americas and goodwill associated with recent acquisitions. The impairment of goodwill in such reporting units was primarily the result of COVID-19 related impacts, including the significant decline in market capitalization during the quarter, as well as a reduction in expected future operating results. In assessing goodwill for impairment in the third quarter of fiscal 2020, the Company was required to make significant judgments related to the fair value of its reporting units. The Company used a combination of an income approach, specifically a discounted cash flow methodology, and a market approach to estimate the fair value of its reporting units. The discounted cash flow methodology includes market participant assumptions for, among other factors, forecasted sales, gross profit margins, operating expenses, cash flows, perpetual growth rates and long-term discount rates, all of which required judgments and estimates by management that are inherently uncertain. The market approach methodology required significant assumptions related to comparable transactions, market multiples, capital structure and control premiums. The interim goodwill impairment testing results were also reconciled with the Company’s market capitalization on and around March 28, 2020, as the final step in the impairment testing. The Company also performed asset impairment testing over long-lived assets, including intangible assets and property, plant and equipment, as of March 28, 2020 due primarily to the same indicators that led to the interim goodwill impairment testing. As a result of such long-lived asset impairment testing, the Company recorded $25.4 million in impairment expense substantially all related to intangible assets. Other impairment expense During the third quarter of fiscal 2020, the Company also recorded $15.3 million of equity investment impairment expense classified within other (expense) income, net in the consolidated statements of operations.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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