Goodwill and Other Intangibles

12 Months Ended

Jun. 27, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLES

The changes in the carrying amount of goodwill and the amount allocated by reportable segment for the years presented are as follows:



	Broadline			SYGMA		Other			Total
	(In thousands)
Carrying amount as of June 29, 2013	$	1,123,419		$	32,609	$	728,207		$	1,884,235
Goodwill acquired during year	48,425			—		14,408			62,833
Currency translation/other	3,649			—		(45		)	3,604
Carrying amount as of June 28, 2014	1,175,493			32,609		742,570			1,950,672
Goodwill acquired during year	79,802			—		8,408			88,210
Currency translation/other	(78,524		)	—		(541		)	(79,065		)
Carrying amount as of June 27, 2015	$	1,176,771		$	32,609	$	750,437		$	1,959,817

Amortizable intangible assets acquired during fiscal 2015 were $27.7 million with a weighted-average amortization period of 7.9 years. By intangible asset category, the amortizable intangible assets acquired during fiscal 2015 were customer relationships of $19.5 million with a weighted-average amortization period of 9.4 years, non-compete agreements of $4.3 million with a weighted-average amortization period of 4.6 years and other intangibles of $3.9 million with a weighted-average amortization period of 4.0 years.

The following table presents details of the company’s amortizable intangible assets:



	June 27, 2015							June 28, 2014
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
	(In thousands)
Customer relationships	$	236,916	$	(130,506	)	$	106,410	$	246,019	$	(124,223	)	$	121,796
Non-compete agreements	33,436		(14,525		)	18,911		33,164		(10,629		)	22,535
Trademarks	10,768		(4,117		)	6,651		12,063		(3,200		)	8,863
Other	13,437		(4,871		)	8,566		13,498		(2,070		)	11,428
Total amortizable intangible assets	$	294,557	$	(154,019	)	$	140,538	$	304,744	$	(140,122	)	$	164,622

Intangible assets that have been fully amortized have been removed in the schedule above in the period full amortization is reached.

The following table presents details of the company’s indefinite-lived intangible assets:



	June 27, 2015		June 28, 2014
	(In thousands)
Trademarks	$	13,304	$	11,639
Licenses	966		966
Total indefinite-lived intangible assets	$	14,271	$	12,605

Amortization expense for the past three years was $40.0 million in 2015, $42.2 million in 2014 and $32.1 million in 2013. The estimated future amortization expense for the next five fiscal years on intangible assets outstanding as of June 27, 2015 is shown below:



	Amount
	(In thousands)
2016	$	33,570
2017	29,264
2018	26,162
2019	16,245
2020	12,215

- 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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