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Acquisitions (Tables)
3 Months Ended
Sep. 25, 2011
Business Combinations [Abstract] 
Schedule of business acquisition total purchase price


The total purchase price for this acquisition is as follows (in thousands):
Cash consideration paid to stockholders
$
372,235


Fair value of common stock issued by the Company (1)
211,040


Fair value of debt paid on behalf of stockholders
84,991


Total purchase price
$
668,266


(1) Represents 6,074,833 shares of the Company's common stock at $34.74 per share, the closing share price on August 17, 2011. The shares are subject to certain transfer restrictions under the Stock Purchase Agreement that will generally lapse with respect to 25% of the shares held (i) at the completion of the consecutive six-month period following the date of the closing of the transaction; and, (ii) at the completion of each of the following three successive six-month periods, such that all restrictions will lapse by the second anniversary of the closing.
Schedule of purchase price preliminary allocation
The purchase price for this acquisition has been preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values as follows (in thousands):


Tangible assets:


Cash and cash equivalents
$
3,081


Accounts receivable
25,698


Inventories
39,330


Property and equipment
45,946


Other assets
4,727


Total tangible assets
$
118,782


Intangible assets:


Developed technology
$
96,300


Customer relationships
84,820


Trade names
82,950


In-process research & development
15,050


Non-compete agreements
9,800


Goodwill
287,431


Total intangible assets
$
576,351


Liabilities assumed:


Accounts payable
$
12,943


Accrued expenses and liabilities
10,116


Warranty liabilities
2,600


Other long-term liabilities
1,208


Total liabilities assumed
$
26,867


Net assets acquired
668,266


Schedule of identfiable assets acquired


The identifiable assets acquired as a result of the acquisition will be amortized over their respective estimated useful lives as follows (in thousands, except for years):


Asset Amount
Estimated Life in Years
Developed technology
$
96,300


7 to 10
Customer relationships
84,820


7 to 20
Trade names (indefinite lived)
81,520


-
Trade names (definite lived)
1,430


3
In-process research and development (1)
15,050


6 to 7
Non-compete agreements
9,800


5
Total identifiable assets
$
288,920




(1) Initially, in-process research and development ("IPR&D") is classified as indefinite-lived assets until completion or abandonment. Therefore, amortization of IPR&D does not begin until the technological and market risk(s) no longer exist. During the interim, IPR&D intangibles are subject to annual testing for impairment or when there are indicators of impairment.


Schedule of revenue and net income of acquired company in parent's company consolidated statements of income
The amounts of revenue and net income of Ruud Lighting in the Company's Consolidated Statements of Income from and including August 17, 2011 to September 25, 2011 are as follows (in thousands, except per share data):


 
Amounts
Revenue
$
22,343


Loss from operations
(522
)
Net loss
(664
)
Basic net loss per share
$
(0.01
)
Diluted net loss per share
$
(0.01
)




Schedule of pro forma information of parent company consolidated results of operations


The following unaudited pro forma information presents a summary of the Company's consolidated results of operations as if the Ruud Lighting transaction occurred at the beginning of the fiscal year for the period presented (in thousands, except per share data):


Three Months Ended


September 25,

2011
September 26,

2010
Revenue
$
299,312


$
310,296


Income from operations
8,788


68,146


Net income
8,853


53,602


Earnings per share, basic
$
0.08


$
0.47


Earnings per share, diluted
$
0.08


$
0.46