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Goodwill and Intangible Assets

12 Months Ended

Jun. 26, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

There were no changes to goodwill during the fiscal year ended June 26, 2022.

As of the first day of its fourth quarter of fiscal 2022, 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 26, 2022																		June 27, 2021
(in millions of U.S. Dollars)			Gross						Accumulated Amortization						Net						Gross						Accumulated Amortization						Net
Intangible assets:
Customer relationships			$96.8						($31.2)						$65.6						$96.8						($25.1)						$71.7
Developed technology			68.0						(33.6)						34.4						68.0						(28.2)						39.8
Non-compete agreements			12.2						(12.2)						—						12.2						(10.1)						2.1
Acquisition related intangible assets			177.0						(77.0)						100.0						177.0						(63.4)						113.6
Patent and licensing rights			65.5						(40.1)						25.4						67.1						(40.2)						26.9
Total intangible assets			242.5						(117.1)						125.4						244.1						(103.6)						140.5

Total amortization of acquisition-related intangibles assets was $13.6 million, $14.5 million and $14.5 million and total amortization of patents and licensing rights was $5.4 million, $5.9 million and $5.9 million for the years ended June 26, 2022, June 27, 2021 and June 28, 2020, respectively.

The Company invested $5.7 million, $5.9 million and $4.4 million for the years ended June 26, 2022, June 27, 2021 and June 28, 2020, respectively, for patent and licensing rights. For the fiscal years ended June 26, 2022, June 27, 2021 and June 28, 2020, the Company recognized $1.8 million, $0.7 million and $1.2 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 25, 2023			$11.0						$4.5						$15.5
June 30, 2024			10.4						3.8						14.2
June 29, 2025			10.4						2.9						13.3
June 28, 2026			9.3						2.1						11.4
June 27, 2027			9.3						1.7						11.0
Thereafter			49.6						10.4						60.0
Total future amortization expense			$100.0						$25.4						$125.4

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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 https://asc.fasb.org/topic&trid=2144416

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