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Goodwill and Intangible Assets

12 Months Ended

Jun. 27, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The following table summarizes changes in goodwill during the fiscal year ended June 27, 2021:

(in millions of U.S. Dollars)
Balance at June 28, 2020			$349.7
Transfer in connection with LED Business Divestiture (1)			9.5
Balance at June 27, 2021			$359.2

(1) In the second quarter of fiscal 2021, the Company determined that as part of its goodwill impairment analysis on held for sale assets related to the LED Business Divestiture, it was necessary to transfer a portion of goodwill from the former LED Products segment, then classified as discontinued operations, to goodwill associated with continuing operations.

As of the first day of its fourth quarter of fiscal 2021, the Company performed a qualitative impairment test on the goodwill balance and concluded there was no impairment.

Intangible Assets

Intangible assets, net included the following:

			June 27, 2021																		June 28, 2020
(in millions of U.S. Dollars)			Gross						Accumulated Amortization						Net						Gross						Accumulated Amortization						Net
Intangible assets:
Customer relationships			$96.8						($25.1)						$71.7						$96.8						($19.0)						$77.8
Developed technology			68.0						(28.2)						39.8						68.0						(22.8)						45.2
Non-compete agreements			12.2						(10.1)						2.1						12.2						(7.1)						5.1
Acquisition related intangible assets			177.0						(63.4)						113.6						177.0						(48.9)						128.1
Patent and licensing rights			67.1						(40.2)						26.9						69.3						(40.5)						28.8
Total intangible assets			244.1						(103.6)						140.5						246.3						(89.4)						156.9

Total amortization of acquisition-related intangibles assets was $14.5 million, $14.5 million and $15.6 million and total amortization of patents and licensing rights was $5.9 million, $5.9 million and $5.7 million for the years ended June 27, 2021, June 28, 2020 and June 30, 2019, respectively.

The Company invested $5.9 million, $4.4 million and $3.3 million for the years ended June 27, 2021, June 28, 2020 and June 30, 2019, respectively, for patent and licensing rights. For the fiscal years ended June 27, 2021, June 28, 2020 and June 30, 2019, the Company recognized $0.7 million, $1.2 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 26, 2022			$13.5						$4.9						$18.4
June 25, 2023			11.0						4.0						15.0
June 30, 2024			10.4						3.4						13.8
June 29, 2025			10.4						2.6						13.0
June 28, 2026			9.3						1.9						11.2
Thereafter			59.0						10.1						69.1
Total future amortization expense			$113.6						$26.9						$140.5

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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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