Goodwill and intangible assets

6 Months Ended

Dec. 28, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets disclosures

Goodwill and intangible assets

Goodwill

The following table presents the change in the goodwill balances by reportable segment for the six months ended December 28, 2013. Substantially all of the accumulated impairment was recognized in fiscal 2009.



	Electronics Marketing			Technology Solutions			Total
	(Thousands)
Gross goodwill	$	1,646,940		$	994,082		$	2,641,022
Accumulated impairment	(1,045,110		)	(334,624		)	(1,379,734		)
Carrying value at June 29, 2013	601,830			659,458			1,261,288
Additions	68,973			10,605			79,578
Adjustments	808			1,322			2,130
Foreign currency translation	8,133			7,322			15,455
Carrying value at December 28, 2013	$	679,744		$	678,707		$	1,358,451

Gross goodwill	$	1,724,854		$	1,013,331		$	2,738,185
Accumulated impairment	(1,045,110		)	(334,624		)	(1,379,734		)
Carrying value at December 28, 2013	$	679,744		$	678,707		$	1,358,451

The goodwill additions are a result of businesses acquired during the first six months of fiscal 2014 (see Note 2) and goodwill adjustments represent the net purchase accounting adjustments for acquisitions during the related measurement periods.

Intangible Assets

The following table presents the Company’s acquired intangible assets at December 28, 2013 and June 29, 2013, respectively. These intangible assets have a weighted average life of approximately 8 years.



	December 28, 2013							June 29, 2013
	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
	(Thousands)
Customer related	$	324,011	$	(132,173	)	$	191,838	$	276,107	$	(109,946	)	$	166,161
Trade name	5,917		(1,191		)	4,726		3,320		(480		)	2,840
Other	13,809		(1,297		)	12,512		4,177		(966		)	3,211
	$	343,737	$	(134,661	)	$	209,076	$	283,604	$	(111,392	)	$	172,212

Intangible asset amortization expense was $12.5 million and $8.0 million for the second quarter of fiscal 2014 and 2013, respectively, and $20.9 million and $15.1 million for the first six months of fiscal 2014 and 2013, respectively. The following table presents the estimated future amortization expense for the remainder of fiscal 2014, the next five fiscal years and thereafter (in thousands):



Fiscal Year
Remainder of fiscal 2014	$	24,132
2015	47,546
2016	35,740
2017	31,697
2018	23,188
2019	17,401
Thereafter	29,372
Total	$	209,076

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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