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Acquisitions (Tables) | 3 Months Ended
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Sep. 27, 2013
Business Acquisition [Line Items] |
Schedule of Purchase Price Allocation [Table Text Block] |
Cash and cash equivalents | $ | 71 |
Accounts receivable | 29 |
Marketable securities | 27 |
Inventories | 46 |
Other current and non-current assets | 19 |
Property, plant and equipment | 12 |
Intangible assets | 45 |
Goodwill | 13 |
Total assets | 262 |
Accounts payable and accrued expenses | (73 | )
Current and non-current portion of long-term debt | (6 | )
Total liabilities | (79 | )
Noncontrolling interest | (72 | )
Total | $ | 111 |
Acquisitions LaCie S.A. On August 3, 2012 the Company acquired 23,382,904 (or approximately 64.5%) of the outstanding shares of LaCie S.A. (“LaCie”) for a price of €4.05 per share with a price supplement of €0.12 per share, which would have been payable if the Company had successfully acquired at least 95% of the outstanding shares of LaCie within 6 months of the acquisition. Of the amount paid at the acquisition date, €9 million is treated as compensation cost to one of the selling shareholders, who is now an employee of the Company, to be recognized over a period of 36 months from the acquisition date, and may be refunded to the Company if the selling shareholder is no longer employed at the end of that period. The transaction and related agreements are expected to accelerate the Company's growth strategy in the expanding consumer storage market, particularly in Europe, Japan and in premium distribution channels. The acquisition-date fair value of the consideration transferred for the business combination totaled $111 million, including cash paid of $107 million, and contingent consideration of $4 million. The following table summarizes the estimated fair values of the assets acquired, liabilities assumed, and noncontrolling interest at the acquisition date (in millions):
Cash and cash equivalents | $ | 71 |
Accounts receivable | 29 |
Marketable securities | 27 |
Inventories | 46 |
Other current and non-current assets | 19 |
Property, plant and equipment | 12 |
Intangible assets | 45 |
Goodwill | 13 |
Total assets | 262 |
Accounts payable and accrued expenses | (73 | )
Current and non-current portion of long-term debt | (6 | )
Total liabilities | (79 | )
Noncontrolling interest | (72 | )
Total | $ | 111 |
The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:
(Dollars in millions) |  | Fair Value |  | Weighted- Average Amortization Period
Customer relationships |  | $ | 31 |  |  | 5.0 years
Existing technology |  | 1 |  |  | 5.0 years
Trade name |  | 13 |  |  | 5.0 years
Total acquired identifiable intangible assets |  | $ | 45 |  |  |
Since the acquisition date, the Company recorded adjustments to the fair value of certain assets acquired and liabilities assumed with LaCie S.A. that resulted in a net increase of $1 million to Goodwill, and a corresponding decrease in Intangible assets. The goodwill recognized is attributable primarily to the benefits the Company expects to derive from LaCie's brand recognition and the acquired workforce, and is not deductible for income tax purposes. The acquisition date fair value of the noncontrolling interest is based on the market price of their publicly traded shares as of the first trading date subsequent to the acquisition, as the shares did not trade on the acquisition date. The €0.12 supplement was not paid as 95% of the LaCie business was not acquired within six months of the acquisition date, resulting in a reversal of the contingent consideration liability which was recorded as a reduction of Marketing and administrative expenses of $4 million. The amounts of revenue and earnings of LaCie included in the Company's Condensed Consolidated Statement of Operations from the acquisition date are not significant. The Company deposited $72 million into an escrow account with the intention of acquiring the remaining publicly held shares of LaCie through public and private transactions. As of September 27, 2013, a total of $61 million of the Company's deposit had been used to acquire an additional 30% of the outstanding shares, resulting in an ending ownership interest of approximately 94.8%. The use of this deposit is treated as a non-cash financing activity and excluded from the Statement of Cash Flows.
Fair value of the separately identifiable intangible assets at the time of acquisition |
(Dollars in millions) |  | Fair Value |  | Weighted- Average Amortization Period
Customer relationships |  | $ | 31 |  |  | 5.0 years
Existing technology |  | 1 |  |  | 5.0 years
Trade name |  | 13 |  |  | 5.0 years
Total acquired identifiable intangible assets |  | $ | 45 |  |  |

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- Definition The tabular disclosure of intangible assets acquired as a part of a business combination by major class and in total and the weighted average amortization period. + References No definition available. + Details
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- Definition Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479 + Details
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