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Goodwill and Intangible Assets

6 Months Ended

Dec. 29, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

Goodwill by reporting unit as of December 29, 2019 was as follows:

(in millions of U.S. Dollars)			December 29, 2019
Wolfspeed			$349.7
LED Products			180.3
Total			$530.0

There were no changes in goodwill during the six months ended December 29, 2019.

Intangible Assets, net

The following table presents the components of intangible assets, net:

			December 29, 2019																														June 30, 2019
(in millions of U.S. Dollars)			Gross						Accumulated Amortization						Net						Gross						Accumulated Amortization						Net
Customer relationships			$147.8						($66.9)						$80.9						$147.8						($63.8)						$84.0
Developed technology			74.9						(27.0)						47.9						75.9						(24.5)						51.4
Non-compete agreements			12.2						(5.6)						6.6						12.2						(4.1)						8.1
Trade names, finite-lived			0.5						(0.5)						—						0.5						(0.5)						—
Acquisition related intangible assets			235.4						(100.0)						135.4						236.4						(92.9)						143.5
Patent and licensing rights			112.8						(60.5)						52.3						120.4						(66.0)						54.4
Total intangible assets			$348.2						($160.5)						$187.7						$356.8						($158.9)						$197.9

Total amortization of acquisition-related intangibles assets was $3.6 million and $7.2 million for the three and six months ended December 29, 2019 and $3.9 million and $7.8 million for the three and six months ended December 30, 2018, respectively. Total amortization of patents and licensing rights was $2.3 million and $4.5 million for the three and six months ended December 29, 2019 and $2.5 million and $4.9 million for the three and six months ended December 30, 2018.

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.

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 28, 2020 (remainder of fiscal 2020)			$7.2						$4.4						$11.6
June 27, 2021			14.5						8.1						22.6
June 26, 2022			13.5						7.3						20.8
June 25, 2023			11.0						6.3						17.3
June 30, 2024			10.4						5.4						15.8
Thereafter			78.8						20.8						99.6
Total future amortization expense			$135.4						$52.3						$187.7

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416

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