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Goodwill and Intangible Assets | 12 Months Ended
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Jun. 28, 2020
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 2020, the Company performed a quantitative impairment test for both segments and concluded 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 a 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 28, 2020 and June 30, 2019 was as follows:
(in millions of U.S. Dollars) | June 28, 2020 |  | June 30, 2019
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 28, 2020 |  |  |  |  |  | June 30, 2019 |  |  |  |
(in millions of U.S. Dollars) | Gross |  | Accumulated Amortization |  | Net |  | Gross |  | Accumulated Amortization |  | Net
Intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $147.8 |  |  | ($70.0) |  |  | $77.8 |  |  | $147.8 |  |  | ($63.8) |  |  | $84.0 |
Developed technology | 74.9 |  |  | (29.7) |  |  | 45.2 |  |  | 75.9 |  |  | (24.5) |  |  | 51.4 |
Non-compete agreements | 12.2 |  |  | (7.1) |  |  | 5.1 |  |  | 12.2 |  |  | (4.1) |  |  | 8.1 |
Trade names | 0.5 |  |  | (0.5) |  |  | — |  |  | 0.5 |  |  | (0.5) |  |  | — |
Acquisition related intangible assets | 235.4 |  |  | (107.3) |  |  | 128.1 |  |  | 236.4 |  |  | (92.9) |  |  | 143.5 |
Patent and licensing rights | 114.6 |  |  | (63.1) |  |  | 51.5 |  |  | 120.4 |  |  | (66.0) |  |  | 54.4 |
Total intangible assets | 350.0 |  |  | (170.4) |  |  | 179.6 |  |  | 356.8 |  |  | (158.9) |  |  | 197.9 |
Total amortization of acquisition-related intangibles assets was $14.5 million, $15.6 million and $7.2 million and total amortization of patents and licensing rights was $9.1 million, $9.8 million and $9.6 million for the years ended June 28, 2020, June 30, 2019 and June 24, 2018, respectively. In the first quarter of fiscal 2020, $0.9 million of developed technology, net relating to a favorable lease was reclassified as a right-of-use asset in accordance with the Company's adoption of ASC 842, Leases. The Company invested $7.2 million, $6.3 million and $5.6 million for the years ended June 28, 2020, June 30, 2019 and June 24, 2018, respectively, for patent and licensing rights. For the fiscal years ended June 28, 2020, June 30, 2019 and June 24, 2018, the Company recognized $1.4 million, $1.0 million and $0.6 million, respectively, in impairment charges related to its patent portfolio. Total future amortization expense of intangible assets is estimated to be as follows:
(in millions of U.S. Dollars) Fiscal Year Ending | Acquisition Related Intangibles |  | Patents |  | Total
June 27, 2021 | $14.5 |  |  | $8.6 |  |  | $23.1 |
June 26, 2022 | 13.5 |  |  | 7.7 |  |  | 21.2 |
June 25, 2023 | 11.0 |  |  | 6.7 |  |  | 17.7 |
June 30, 2024 | 10.4 |  |  | 5.7 |  |  | 16.1 |
June 29, 2025 | 10.4 |  |  | 4.7 |  |  | 15.1 |
Thereafter | 68.3 |  |  | 18.1 |  |  | 86.4 |
Total future amortization expense | $128.1 |  |  | $51.5 |  |  | $179.6 |

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