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Acquired Developed Technology and Other Intangibles
3 Months Ended
Sep. 29, 2012
Acquired Developed Technology and Other Intangibles  
Acquired Developed Technology and Other Intangibles

Note 9. Acquired Developed Technology and Other Intangibles

 

The following tables present details of the Company’s acquired developed technology and other intangibles (in millions):

 

 

 

Gross

 

 

 

 

 

 

 

Carrying

 

Accumulated

 

 

 

As of September 29, 2012

 

Amount

 

Amortization

 

Net

 

Acquired developed technology

 

$

541.3

 

$

(418.4

)

$

122.9

 

Other

 

282.2

 

(242.8

)

39.4

 

Total intangibles

 

$

823.5

 

$

(661.2

)

$

162.3

 

 

 

 

Gross

 

 

 

 

 

 

 

Carrying

 

Accumulated

 

 

 

As of June 30, 2012

 

Amount

 

Amortization

 

Net

 

Acquired developed technology

 

$

534.8

 

$

(398.6

)

$

136.2

 

Other

 

279.3

 

(236.7

)

42.6

 

Total intangibles

 

$

814.1

 

$

(635.3

)

$

178.8

 

 

During the three months ended September 29, 2012 and October 1, 2011, the Company recorded $20.6 million and $19.4 million respectively, of amortization expense relating to acquired developed technology and other intangibles. During the three months ended September 29, 2012, the Company approved a plan to terminate the concentrated photovoltaic (“CPV”) product line within its Communications and Commercial Optical Products (“CCOP”) segment and accordingly recorded $2.6 million of accelerated amortization. Refer to “Note 11. Restructuring and Related Charges” for more details.

 

The Company entered into a definitive agreement to sell the Hologram Business during the first quarter of fiscal 2013. Accordingly, the operating results of the Hologram Business have been reported as a discontinued operation in the Consolidated Statements of Operations and the related assets and liabilities are being held for sale. As of September 29, 2012 and June 30, 2012, the carrying amount of acquired intangible assets attributable to the Hologram Business totaled $5.8 million and $6.0 million, respectively. Refer to “Note 18. Discontinued Operations” for further information.

 

Based on the carrying amount of acquired developed technology and other intangibles in continuing operations as of September 29, 2012, and assuming no future impairment of the underlying assets, the estimated future amortization is as follows (in millions):

 

Fiscal Years 

 

 

 

Remainder of 2013

 

$

50.0

 

2014 

 

41.7

 

2015 

 

33.9

 

2016 

 

12.9

 

2017 

 

9.6

 

Thereafter

 

8.4

 

Total amortization

 

$

156.5

 

 

The acquired developed technology and other intangibles balance are adjusted quarterly to record the effect of currency translation adjustments.