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Mergers and Acquisitions | 6 Months Ended
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Dec. 30, 2017
Business Combinations [Abstract] |
Mergers and Acquisitions | Note 5. Mergers and Acquisitions On August 9, 2017, the Company completed the acquisition of Trilithic, Inc. (“Trilithic”), a privately-held provider of electronic test and measurement equipment for telecommunications service providers. The Company acquired all outstanding shares of Trilithic for $55.5 million in cash, subject to working capital adjustments. The Company finalized working capital adjustments in the second quarter of fiscal 2018 and made an additional $0.9 million cash payment. The Trilithic acquisition is being integrated into the Company’s Network Enablement (“NE”) segment. The Company accounted for the transaction in accordance with the authoritative guidance on business combinations. Therefore, the tangible and intangible assets acquired and liabilities assumed were recorded at fair value on the acquisition date, and acquisition-related costs totaling $0.9 million were included in selling, general, and administrative expenses in the Company’s Consolidated Statement of Operations during the six months ended December 30, 2017. The purchase price was allocated as follows (in millions) :
Net tangible assets acquired |  | $ | 11.8 |
Intangible assets acquired: |  |
Developed technology |  | 15.5 |
Customer relationships |  | 11.0 |
Other |  | 0.3 |
Goodwill |  | 17.8 |
Total purchase price |  | $ | 56.4 |
. The following table summarizes the components of the tangible assets acquired at fair value (in millions):
Cash |  | $ | 0.2 |
Accounts receivable |  | 3.2 |
Inventory |  | 10.1 |
Property and equipment |  | 1.2 |
Accounts payable |  | (1.7 | )
Other liabilities, net of other assets |  | (1.2 | )
Net tangible assets acquired |  | $ | 11.8 |
Acquired intangible assets are classified as Level 3 assets for which fair value is derived from valuation based on inputs that are unobservable and significant to the overall fair value measurement. The fair value of acquired developed technology, customer relationships, and other intangible assets was determined based on an income approach using the discounted cash flow method. The intangible assets are being amortized over their estimated useful lives that range from three to five years for the acquired developed technology and customer relationships. The goodwill arising from this acquisition is primarily attributed to sales of future products and services and the assembled workforce of Trilithic. Goodwill has been assigned to the NE segment and is not deductible for tax purposes. Goodwill is not being amortized but is reviewed annually for impairment or more frequently if impairment indicators arise, in accordance with authoritative guidance. Trilithic’s results of operations have been included in the Company’s consolidated financial statements subsequent to the date of acquisition. Pro forma results of operations have not been presented because the effect of the acquisition was not material to prior period financial statements.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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