Quarterly report pursuant to Section 13 or 15(d)

Other Intangible Assets

 v2.3.0.11
Other Intangible Assets
 9 Months Ended
Jun. 25, 2011
Other Intangible Assets  
Other Intangible Assets

5. Other Intangible Assets

The following table summarizes the components of gross and net acquired intangible assets:

 

     Gross      Accumulated
Amortization		     Impairment     Net
Carrying
Value		  
            (in millions)              

June 25, 2011

          

Marketing-related intangible assets – amortizable

    $ 12.3       $ (5.9 )    $ 0      $ 6.4   

Marketing-related intangible assets – nonamortizable

      59.6         0        (16.9 )      42.7   
                                 

Total

      71.9         (5.9 )      (16.9 )      49.1   
                                 

Customer-related intangible assets – amortizable

      42.7         (12.5 )      0        30.2   
                                 

Other acquired intangible assets – amortizable

      10.8         (4.4 )      0        6.4   

Other acquired intangible assets – nonamortizable

      1.2         0        (1.2 )      0   
                                 

Total

      12.0         (4.4 )      (1.2 )      6.4   
                                 

Total other intangible assets

    $ 126.6       $ (22.8 )    $ (18.1 )    $ 85.7   
                                 

June 26, 2010

          

Marketing-related intangible assets – amortizable

    $ 12.3       $ (4.7 )    $ 0      $ 7.6   

Marketing-related intangible assets – nonamortizable

      59.6         0        (4.9 )      54.7   
                                 

Total

      71.9         (4.7 )      (4.9 )      62.3   
                           

Customer-related intangible assets – amortizable

      41.6         (10.3 )      0        31.3   
                                 

Other acquired intangible assets – amortizable

      9.2         (3.0 )      0        6.2   

Other acquired intangible assets – nonamortizable

      1.2         0        (1.2 )      0   
                                 

Total

      10.4         (3.0 )      (1.2 )      6.2   
                                 

Total other intangible assets

    $ 123.9       $ (18.0 )    $ (6.1 )    $ 99.8   
                                 

September 25, 2010

          

Marketing-related intangible assets – amortizable

    $ 12.3       $ (5.0 )    $ 0      $ 7.3   

Marketing-related intangible assets – nonamortizable

      59.6         0        (16.9 )      42.7   
                                 

Total

      71.9         (5.0 )      (16.9 )      50.0   
                                 

Customer-related intangible assets – amortizable

      41.6         (10.8 )      0        30.8   
                                 

Other acquired intangible assets – amortizable

      9.2         (3.2 )      0        6.0   

Other acquired intangible assets – nonamortizable

      1.2         0        (1.2 )      0   
                                 

Total

      10.4         (3.2 )      (1.2 )      6.0   
                                 

Total other intangible assets

    $ 123.9       $ (19.0 )    $ (18.1 )    $ 86.8   
                                 

Other intangible assets acquired include contract-based and technology-based intangible assets.

On February 28, 2011, the Company acquired approximately $2.7 million (net of $0.2 million of amortization) of identified customer related and other intangible assets as part of its acquisition of certain assets of a privately-held maker of premium fertilizer.

The Company evaluates long-lived assets, including amortizable and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company evaluates indefinite-lived intangible assets on an annual basis. In fiscal 2010, the Company recognized a non-cash $12.0 million impairment charge to one of its indefinite-lived intangible assets as a result of the continuing challenging economic environment. The fair value of the remaining $27.8 million of indefinite-lived intangible assets exceeded their carrying value at September 25, 2010. In fiscal 2009, the Company tested its indefinite-lived intangible assets and no impairment was indicated.

The Company is currently amortizing its acquired intangible assets with definite lives; over weighted average remaining lives of eight years for marketing-related intangibles, 18 years for customer-related intangibles and six years for other acquired intangibles. Amortization expense for intangibles subject to amortization was approximately $1.4 million and $1.2 million, for the three month periods ended June 25, 2011 and June 26, 2010, respectively, and $3.8 million and $3.5 million for the nine month periods ended June 25, 2011 and June 26, 2010, respectively, and is classified within operating expenses in the condensed consolidated statements of operations. Estimated annual amortization expense related to acquired intangible assets in each of the succeeding five years is estimated to be approximately $5.0 million per year from fiscal 2012 through fiscal 2016.