GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

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



	U.S. Foodservice Operations			International Foodservice Operations			SYGMA		Other			Total
	(In thousands)
Carrying amount as of July 2, 2016	$	1,220,702		$	632,700		$	32,607	$	235,652		$	2,121,661
Goodwill acquired during year	—			1,815,890			—		—			1,815,890
Currency translation/other	10,343			(16,082		)	—		(15,684		)	(21,423		)
Carrying amount as of July 1, 2017	$	1,231,045		$	2,432,508		$	32,607	$	219,968		$	3,916,128
Goodwill acquired during year	36,020			20,648			—		—			56,668
Currency translation/other	(6,165		)	(12,335		)	—		1,189			(17,311		)
Carrying amount as of June 30, 2018	$	1,260,900		$	2,440,821		$	32,607	$	221,157		$	3,955,485

Amortizable intangible assets acquired during fiscal 2018 were $31.4 million, with a weighted-average amortization period of 14.0 years. Amortizable intangible assets acquired during fiscal 2018 by category were customer relationships and non-compete of $30.6 million and $0.8 million, respectively, with a weighted-average amortization period of 14.4 years and 4.0 years, respectively.

Fully amortized intangible assets have been removed in the period fully amortized in the table below, which presents the company’s amortizable intangible assets in total by category as follows:



	Jun. 30, 2018							Jul. 1, 2017
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
	(In thousands)
Customer relationships	$	1,119,136	$	(307,408	)	$	811,728	$	1,073,577	$	(209,253	)	$	864,324
Non-compete agreements	31,754		(28,819		)	2,935		32,385		(25,384		)	7,001
Trademarks	10,073		(7,058		)	3,015		11,050		(7,002		)	4,048
Other	13,623		(13,548		)	75		13,622		(10,704		)	2,918
Total amortizable intangible assets	$	1,174,586	$	(356,833	)	$	817,753	$	1,130,634	$	(252,343	)	$	878,291

The table below presents the company’s indefinite-lived intangible assets by category as follows:



	Jun. 30, 2018		Jul. 1, 2017
	(In thousands)
Trademarks	$	161,093	$	158,251
Licenses	966		969
Total indefinite-lived intangible assets	$	162,059	$	159,220

Amortization expense for 2018, 2017 and 2016 was $114.7 million, $112.9 million and $37.3 million, respectively. The estimated future amortization expense for the next five fiscal years on intangible assets outstanding as of June 30, 2018 is shown below:



	Amount
	(In thousands)
2019	$	102,586
2020	98,536
2021	89,469
2022	86,878
2023	82,634

- 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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