Annual report pursuant to Section 13 and 15(d)

Other Intangible Assets

v2.4.0.8
Other Intangible Assets
12 Months Ended
Sep. 27, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets

10. 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)              

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   
  

 

 

    

 

 

   

 

 

   

 

 

 

September 28, 2013

         

Marketing-related intangible assets – amortizable

   $ 12.5       $ (8.9   $ 0      $ 3.6   

Marketing-related intangible assets – nonamortizable

     59.6         0        (16.9     42.7   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     72.1         (8.9     (16.9     46.3   
  

 

 

    

 

 

   

 

 

   

 

 

 

Customer-related intangible assets – amortizable

     42.8         (17.9     0        24.9   
  

 

 

    

 

 

   

 

 

   

 

 

 

Other acquired intangible assets – amortizable

     16.6         (7.9     0        8.7   

Other acquired intangible assets – nonamortizable

     1.2         0        (1.2     0   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     17.8         (7.9     (1.2     8.7   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total other intangible assets

   $ 132.7       $ (34.7   $ (18.1   $ 79.9   
  

 

 

    

 

 

   

 

 

   

 

 

 

 

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

As part of its acquisition of Envincio, LLC during the third quarter of fiscal 2014, the Company acquired approximately $3.0 million of marketing related intangible assets and $9.3 million of other intangible assets. See Note 4 – Acquisitions.

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 $4.3 million, $5.1 million, and $5.6 million, for fiscal 2014, 2013, and 2012, respectively, and is classified within operating expenses in the 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 – $5 million per year from fiscal 2015 through fiscal 2019.

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. For fiscal 2014, 2013 and 2012, 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, and accordingly, no impairment testing was performed on these assets.