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Goodwill and intangible assets
3 Months Ended
Sep. 28, 2019
Goodwill and intangible assets  
Goodwill and intangible assets

3. Goodwill and intangible assets

Goodwill

The following table presents the change in goodwill by reportable segment for the three months ended September 28, 2019.

  

Electronic

  

  

Components

Farnell

Total

(Thousands)

Carrying value at June 29, 2019 (1)

$

390,896

$

485,832

$

876,728

Additions from acquisitions

 

 

 

Foreign currency translation

 

(5,108)

 

(12,964)

 

(18,072)

Carrying value at September 28, 2019 (1)

$

385,788

$

472,868

$

858,656

(1)Includes accumulated impairment of $1,045,110 from fiscal 2009, $181,440 from fiscal 2018 and $137,396 from fiscal 2019

The Company evaluates each quarter if facts and circumstances indicate that it is more likely than not that the fair value of its reporting units is less than their carrying value, which would require the Company to perform an interim goodwill impairment test. Indicators the Company evaluates to determine whether an interim goodwill impairment test is necessary include, but are not limited to, (i) a sustained decrease in share price or market capitalization as of any fiscal quarter end, (ii) changes in the macroeconomic or industry environments, (iii) the results of and the amount of time passed since the last goodwill impairment test and (iv) the long-term expected financial performance of its reporting units. During the first quarter of fiscal 2020, the Company concluded that an interim goodwill impairment test was not required.

Intangible Assets

The following table presents the Company’s acquired intangible assets at September 28, 2019, and June 29, 2019, respectively.

September 28, 2019

June 29, 2019

 

Acquired

Accumulated

Net Book

 Acquired 

 Accumulated 

 Net Book 

 

    

Amount

    

Amortization

    

Value

    

Amount

    

Amortization

    

Value

 

(Thousands)

 

Customer related

$

284,993

$

(218,402)

$

66,591

$

292,266

$

(208,329)

$

83,937

Trade name

 

51,323

 

(26,107)

 

25,216

 

52,760

 

(24,752)

 

28,008

Technology and other

 

62,255

 

(33,923)

 

28,332

 

63,753

 

(32,178)

 

31,575

$

398,571

$

(278,432)

$

120,139

$

408,779

$

(265,259)

$

143,520

Intangible asset amortization expense from continuing operations was $19.9 million and $20.8 million for the first quarters of fiscal 2020 and 2019, respectively. Intangible assets have a weighted average remaining useful life of approximately two years. The following table presents the estimated future amortization expense for the remainder of fiscal 2020 and the next five fiscal years (in thousands):

Fiscal Year

    

Remainder of fiscal 2020

$

59,212

2021

39,439

2022

 

14,132

2023

 

5,864

2024

 

1,492

2025

 

Total

$

120,139