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Goodwill and Intangible Assets
 12 Months Ended
Jun. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The Company’s reporting units for goodwill impairment testing are:
•Wolfspeed
•LED Products
As of the first day of the fourth quarter of fiscal 2020, the Company performed a quantitative impairment test for both segments and concluded there was no impairment.
The Company derived each reporting unit's fair value through a combination of the market approach (guideline transaction method and guideline public company method) and the income approach (a discounted cash flow analysis). The Company utilized a discount rate from a capital asset pricing model for the discounted cash flow analysis. Once the reporting unit fair values were calculated, the Company reconciled the reporting units' relative fair values to the Company's market capitalization as of the testing date.
Goodwill by reporting unit as of June 28, 2020 and June 30, 2019 was as follows:
(in millions of U.S. Dollars)June 28, 2020June 30, 2019
Wolfspeed$349.7 $349.7 
LED Products180.3 $180.3 
Consolidated total$530.0 $530.0 
Intangible Assets
Intangible assets, net included the following:
June 28, 2020June 30, 2019
(in millions of U.S. Dollars)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Intangible assets:
Customer relationships$147.8 ($70.0)$77.8 $147.8 ($63.8)$84.0 
Developed technology74.9 (29.7)45.2 75.9 (24.5)51.4 
Non-compete agreements12.2 (7.1)5.1 12.2 (4.1)8.1 
Trade names0.5 (0.5)— 0.5 (0.5)— 
Acquisition related intangible assets235.4 (107.3)128.1 236.4 (92.9)143.5 
Patent and licensing rights114.6 (63.1)51.5 120.4 (66.0)54.4 
Total intangible assets350.0 (170.4)179.6 356.8 (158.9)197.9 
Total amortization of acquisition-related intangibles assets was $14.5 million, $15.6 million and $7.2 million and total amortization of patents and licensing rights was $9.1 million, $9.8 million and $9.6 million for the years ended June 28, 2020, June 30, 2019 and June 24, 2018, respectively.
In the first quarter of fiscal 2020, $0.9 million of developed technology, net relating to a favorable lease was reclassified as a right-of-use asset in accordance with the Company's adoption of ASC 842, Leases.
The Company invested $7.2 million, $6.3 million and $5.6 million for the years ended June 28, 2020, June 30, 2019 and June 24, 2018, respectively, for patent and licensing rights. For the fiscal years ended June 28, 2020, June 30, 2019 and June 24, 2018, the Company recognized $1.4 million, $1.0 million and $0.6 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 IntangiblesPatentsTotal
June 27, 2021$14.5 $8.6 $23.1 
June 26, 202213.5 7.7 21.2 
June 25, 202311.0 6.7 17.7 
June 30, 202410.4 5.7 16.1 
June 29, 202510.4 4.7 15.1 
Thereafter68.3 18.1 86.4 
Total future amortization expense$128.1 $51.5 $179.6