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Goodwill and intangible assets
12 Months Ended
Jul. 03, 2021
Goodwill and intangible assets  
Goodwill and intangible assets

7. Goodwill, intangible assets, and impairments

The following table presents the change in goodwill balances by reportable segment for fiscal year 2021.

  

Electronic

  

  

Components

Farnell

Total

(Thousands)

Carrying value at June 27, 2020 (1)

$

297,836

$

475,898

$

773,734

Foreign currency translation

 

12,746

 

51,625

 

64,371

Carrying value at July 3, 2021 (1)

$

310,582

$

527,523

$

838,105

(1)Includes accumulated impairment of $1,045,110 from fiscal 2009, $181,440 from fiscal 2018, $137,396 from fiscal 2019, and $118,731 from fiscal 2020.

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 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.

The following table presents the Company’s acquired identifiable intangible assets:

July 3, 2021

June 27, 2020

 

Acquired

Accumulated

Net Book

 Acquired 

 Accumulated 

 Net Book 

 

    

Amount

    

Amortization

    

Value

    

Amount(1)

    

Amortization

    

Value

 

(Thousands)

 

Customer related

$

324,416

$

(312,392)

$

12,024

$

300,937

$

(266,759)

$

34,178

Trade name

 

57,184

 

(45,019)

 

12,165

 

51,698

 

(32,493)

 

19,205

Technology and other

 

57,809

 

(53,459)

 

4,350

 

53,641

 

(41,587)

 

12,054

$

439,409

$

(410,870)

$

28,539

$

406,276

$

(340,839)

$

65,437

(1)Acquired amount reduced by impairment of $17,473 from fiscal 2020.

Intangible asset amortization expense was $41.0 million, $81.1 million, and $83.7 million for fiscal 2021, 2020, and 2019, respectively. Intangible assets have a weighted average remaining useful life of less than 3 years as of July 3, 2021.

The following table presents the estimated future amortization expense for the next five fiscal years and thereafter (in thousands):

Fiscal Year

    

2022

15,417

2023

 

6,611

2024

 

3,199

2025

 

1,472

2026

 

1,472

Thereafter

 

368

Total

$

28,539

In fiscal 2021, the Company recorded $15.2 million of equity investment impairment expense classified within other (expense) income, net in the consolidated statements of operations.