Quarterly report pursuant to Section 13 or 15(d)

Other Intangible Assets

v2.4.1.9
Other Intangible Assets
3 Months Ended
Dec. 27, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets

6. 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)              

December 27, 2014

         

Marketing-related intangible assets—amortizable

   $ 15.5       $ (10.1   $ 0      $ 5.4   

Marketing-related intangible assets—nonamortizable

     59.6         0        (16.9     42.7   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     75.1         (10.1     (16.9     48.1   
  

 

 

    

 

 

   

 

 

   

 

 

 

Customer-related intangible assets—amortizable

     42.8         (20.7     0        22.1   
  

 

 

    

 

 

   

 

 

   

 

 

 

Other acquired intangible assets—amortizable

     19.4         (9.0     0        10.4   

Other acquired intangible assets—nonamortizable

     7.7         0        (1.2     6.5   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     27.1         (9.0     (1.2     16.9   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total other intangible assets

   $ 145.0       $ (39.8   $ (18.1   $ 87.1   
  

 

 

    

 

 

   

 

 

   

 

 

 
     Gross      Accumulated
Amortization
    Impairment     Net
Carrying
Value
 
            (in millions)              

December 28, 2013

         

Marketing-related intangible assets—amortizable

   $ 12.5       $ (9.1   $ 0      $ 3.4   

Marketing-related intangible assets—nonamortizable

     59.6         0        (16.9     42.7   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     72.1         (9.1     (16.9     46.1   
  

 

 

    

 

 

   

 

 

   

 

 

 

Customer-related intangible assets—amortizable

     42.8         (18.5     0        24.3   
  

 

 

    

 

 

   

 

 

   

 

 

 

Other acquired intangible assets—amortizable

     16.6         (8.1     0        8.5   

Other acquired intangible assets—nonamortizable

     1.2         0        (1.2     0   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     17.8         (8.1     (1.2     8.5   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total other intangible assets

   $ 132.7       $ (35.7   $ (18.1   $ 78.9   
  

 

 

    

 

 

   

 

 

   

 

 

 
     Gross      Accumulated
Amortization
     Impairment      Net
Carrying
Value
 
            (in millions)                

September 27, 2014

           

Marketing-related intangible assets—amortizable

   $ 15.5       $ (9.9    $ 0       $ 5.6   

Marketing-related intangible assets—nonamortizable

     59.6         0         (16.9      42.7   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

  75.1      (9.9   (16.9   48.3   
  

 

 

    

 

 

    

 

 

    

 

 

 

Customer-related intangible assets—amortizable

  42.8      (20.2   0      22.6   
  

 

 

    

 

 

    

 

 

    

 

 

 

Other acquired intangible assets—amortizable

  19.4      (8.8   0      10.6   

Other acquired intangible assets—nonamortizable

  7.7      0      (1.2   6.5   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

  27.1      (8.8   (1.2   17.1   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total other intangible assets

$ 145.0    $ (38.9 $ (18.1 $ 88.0   
  

 

 

    

 

 

    

 

 

    

 

 

 

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

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 2014, 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 2014 or during the three months ended December 27, 2014, and accordingly, no impairment testing was performed on these assets.

The Company is currently amortizing its acquired intangible assets with definite lives over periods ranging from 1 to 25 years; over weighted average remaining lives of eight years for marketing-related intangibles, 15 years for customer-related intangibles and 14 years for other acquired intangibles. Amortization expense for intangibles subject to amortization was approximately $0.9 million and $1.0 million for the three months ended December 27, 2014 and December 28, 2013, 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 to $5 million per year from fiscal 2015 through fiscal 2019.