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Goodwill and Intangible Assets
 12 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The Company’s reporting units for goodwill impairment testing are:
•
Wolfspeed
•
LED Products
As of the first day of the fourth quarter of fiscal 2019, the Company performed a qualitative impairment test for the Wolfspeed segment and concluded that it is more likely than not that the fair value of Wolfspeed exceeds its carrying amount and a quantitative impairment test was not required. The Company performed a quantitative impairment test for the LED Products segment and concluded that there was no impairment.
The Company derived each reporting unit's fair value through a combination of the market approach (guideline transaction method and guideline public company method) and the income approach (a discounted cash flow analysis). The Company utilized a discount rate from the capital asset pricing model for the discounted cash flow analysis. Once the reporting unit fair values were calculated, the Company reconciled the reporting units' relative fair values to the Company's market capitalization as of the testing date.
Goodwill by reporting unit as of June 30, 2019 and June 24, 2018 was as follows:
(in millions of U.S. Dollars)
June 30, 2019
 
June 24, 2018
Wolfspeed

$349.7

 

$349.7

LED Products
180.3

 

$180.3

Consolidated total

$530.0

 

$530.0


Intangible Assets
Intangible assets, net included the following:
 
June 30, 2019
 
June 24, 2018
(in millions of U.S. Dollars)
Gross
 
Accumulated Amortization
 
Net
 
Gross
 
Accumulated Amortization
 
Net
Intangible assets:
 
 
 
 
 
 
 
 
 
 
 
Customer relationships

$147.8

 

($63.8
)
 

$84.0

 

$147.8

 

($56.6
)
 

$91.2

Developed technology
75.9

 
(24.5
)
 
51.4

 
75.9

 
(19.0
)
 
56.9

Non-compete agreements
12.2

 
(4.1
)
 
8.1

 
12.2

 
(1.1
)
 
11.1

Trade names
0.5

 
(0.5
)
 
—

 
0.5

 
(0.5
)
 
—

Patent and licensing rights
120.4

 
(66.0
)
 
54.4

 
119.2

 
(62.6
)
 
56.6

Total intangible assets

$356.8

 

($158.9
)
 

$197.9

 

$355.6

 

($139.8
)
 

$215.8


Total amortization of intangible assets was $25.4 million, $16.8 million and $13.6 million for the years ended June 30, 2019, June 24, 2018 and June 25, 2017, respectively.
The Company invested $8.0 million, $5.6 million and $7.7 million for the years ended June 30, 2019, June 24, 2018 and June 25, 2017, respectively, for patent and licensing rights. For the fiscal years ended June 30, 2019, June 24, 2018 and June 25, 2017, the Company recognized $1.0 million, $0.6 million and $0.8 million, respectively, in impairment charges related to its patent portfolio.
Total future amortization expense of intangible assets is estimated to be as follows:
Fiscal Year Ending
(in millions of U.S. Dollars)

June 28, 2020

$20.7

June 27, 2021
20.4

June 26, 2022
19.0

June 25, 2023
16.1

June 30, 2024
15.2

Thereafter
106.5

Total future amortization expense

$197.9