XML 26 R17.htm IDEA: XBRL DOCUMENT
v3.20.4

Goodwill and Intangible Assets | 12 Months Ended
--- | ---
Jun. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Due to the pending LED Divestiture, the Company’s continuing operations consist of the Wolfspeed business. Goodwill for Wolfspeed as of June 28, 2020 and June 30, 2019 was $349.7 million. Goodwill for the former LED Products segment as of June 28, 2020 and June 30, 2019 was $180.3 million, which is classified as long-term assets of discontinued operations on the consolidated balance sheets. 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 | $96.8 |  |  | ($19.0) |  |  | $77.8 |  |  | $96.8 |  |  | ($12.8) |  |  | $84.0 |
Developed technology | 68.0 |  |  | (22.8) |  |  | 45.2 |  |  | 69.0 |  |  | (17.6) |  |  | 51.4 |
Non-compete agreements | 12.2 |  |  | (7.1) |  |  | 5.1 |  |  | 12.2 |  |  | (4.1) |  |  | 8.1 |
Acquisition related intangible assets | 177.0 |  |  | (48.9) |  |  | 128.1 |  |  | 178.0 |  |  | (34.5) |  |  | 143.5 |
Patent and licensing rights | 69.3 |  |  | (40.5) |  |  | 28.8 |  |  | 77.7 |  |  | (47.1) |  |  | 30.6 |
Total intangible assets | 246.3 |  |  | (89.4) |  |  | 156.9 |  |  | 255.7 |  |  | (81.6) |  |  | 174.1 |
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 $5.9 million, $5.7 million and $4.8 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 $4.4 million, $3.3 million and $2.5 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 $1.2 million, $0.6 million and $0.5 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 |  |  | $4.8 |  |  | $19.3 |
June 26, 2022 | 13.5 |  |  | 4.1 |  |  | 17.6 |
June 25, 2023 | 11.0 |  |  | 3.5 |  |  | 14.5 |
June 30, 2024 | 10.4 |  |  | 2.9 |  |  | 13.3 |
June 29, 2025 | 10.4 |  |  | 2.3 |  |  | 12.7 |
Thereafter | 68.3 |  |  | 11.2 |  |  | 79.5 |
Total future amortization expense | $128.1 |  |  | $28.8 |  |  | $156.9 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration