Quarterly report pursuant to Section 13 or 15(d)

Other Intangible Assets

v2.4.0.6
Other Intangible Assets
9 Months Ended
Jun. 23, 2012
Other Intangible Assets [Abstract]  
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 23, 2012

                               

Marketing-related intangible assets – amortizable

  $ 12.3     $ (7.2   $ 0     $ 5.1  

Marketing-related intangible assets – nonamortizable

    59.6       0       (16.9     42.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    71.9       (7.2     (16.9     47.8  
   

 

 

   

 

 

   

 

 

   

 

 

 

Customer-related intangible assets – amortizable

    42.7       (14.8     0       27.9  
   

 

 

   

 

 

   

 

 

   

 

 

 

Other acquired intangible assets – amortizable

    10.8       (6.0     0       4.8  

Other acquired intangible assets – nonamortizable

    1.2       0       (1.2     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    12.0       (6.0     (1.2     4.8  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total other intangible assets

  $ 126.6     $ (28.0   $ (18.1   $ 80.5  
   

 

 

   

 

 

   

 

 

   

 

 

 

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  
   

 

 

   

 

 

   

 

 

   

 

 

 

September 24, 2011

                               

Marketing-related intangible assets – amortizable

  $ 12.3     $ (6.3   $ 0     $ 6.0  

Marketing-related intangible assets – nonamortizable

    59.6       0       (16.9     42.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    71.9       (6.3     (16.9     48.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

Customer-related intangible assets – amortizable

    42.7       (13.0     0       29.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

Other acquired intangible assets – amortizable

    10.8       (4.7     0       6.1  

Other acquired intangible assets – nonamortizable

    1.2       0       (1.2     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    12.0       (4.7     (1.2     6.1  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total other intangible assets

  $ 126.6     $ (24.0   $ (18.1   $ 84.5  
   

 

 

   

 

 

   

 

 

   

 

 

 

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

On February 28, 2011, the Company acquired approximately $2.7 million 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 2011, the Company tested its indefinite-lived intangible assets and no impairment was indicated. Other factors indicating the carrying value of the Company’s amortizable intangible assets may not be recoverable were not present in fiscal 2011, and accordingly, no impairment testing was performed on these assets.

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 $1.6 million and $1.4 million for the three month periods ended June 23, 2012 and June 25, 2011, respectively, and $4.0 million and $3.8 million for the nine month periods ended June 23, 2012 and June 25, 2011, 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 $4 million per year from fiscal 2012 through fiscal 2016.