Intangible Assets

9 Months Ended

Mar. 25, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

The following table presents the components of intangible assets, net (in thousands):



	March 25, 2018							June 25, 2017
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Intangible assets with finite lives:
Customer relationships		$233,420		($89,679	)		$143,741		$141,420		($84,673	)		$56,747
Developed technology	226,728		(148,569		)	78,159		181,728		(132,747		)	48,981
Non-compete agreements	22,475		(10,617		)	11,858		10,475		(10,398		)	77
Trade names, finite-lived	520		(520		)	—		520		(520		)	—
Patent and licensing rights	158,054		(70,656		)	87,398		151,985		(63,155		)	88,830
Total intangible assets with finite lives	641,197		(320,041		)	321,156		486,128		(291,493		)	194,635
Trade names, indefinite-lived	79,680		—			79,680		79,680		—			79,680
Total intangible assets		$720,877		($320,041	)		$400,836		$565,808		($291,493	)		$274,315

For the three and nine months ended March 25, 2018, total amortization of finite-lived intangible assets was $10.6 million and $30.4 million, respectively. For the three and nine months ended March 26, 2017, total amortization of finite-lived intangible assets was $13.0 million and $29.9 million, respectively.

Total future amortization expense of finite-lived intangible assets is estimated to be as follows (in thousands):



Fiscal Year Ending
June 24, 2018 (remainder of fiscal 2018)		$13,588
June 30, 2019	38,032
June 28, 2020	32,591
June 27, 2021	31,153
June 26, 2022	27,831
Thereafter	177,961
Total future amortization expense		$321,156

Goodwill by reportable segment as March 25, 2018 was as follows (in thousands):



	Wolfspeed		LED Products		Lighting Products			Consolidated Total
Balance at June 25, 2017		$100,769		$180,278		$337,781			$618,828
Acquisition	246,278		—		—			246,278
Goodwill impairment charges	—		—		(247,455		)	(247,455		)
Balance at March 25, 2018		$347,047		$180,278		$90,326			$617,651

The goodwill impairment charges in the Lighting Products segment resulted from updating the Company's long range business strategy as described in Note 1.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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