Quarterly report pursuant to Section 13 or 15(d)

Other Intangible Assets

v2.4.1.9
Other Intangible Assets
6 Months Ended
Mar. 28, 2015
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)                

March 28, 2015

           

Marketing-related intangible assets – amortizable

   $ 14.1       $ (10.2    $ 0       $ 3.9   

Marketing-related intangible assets – nonamortizable

     59.6         0         (16.9      42.7   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

  73.7      (10.2   (16.9   46.6   
  

 

 

    

 

 

    

 

 

    

 

 

 

Customer-related intangible assets – amortizable

  43.3      (21.2   0      22.1   
  

 

 

    

 

 

    

 

 

    

 

 

 

Other acquired intangible assets – amortizable

  19.3      (9.4   0      9.9   

Other acquired intangible assets – nonamortizable

  7.8      0      (1.2   6.6   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

  27.1      (9.4   (1.2   16.5   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total other intangible assets

$ 144.1    $ (40.8 $ (18.1 $ 85.2   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     Gross      Accumulated
Amortization
     Impairment      Net
Carrying
Value
 
            (in millions)                

March 29, 2014

           

Marketing-related intangible assets – amortizable

   $ 12.5       $ (9.4    $ 0       $ 3.1   

Marketing-related intangible assets – nonamortizable

     59.6         0         (16.9      42.7   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

  72.1      (9.4   (16.9   45.8   
  

 

 

    

 

 

    

 

 

    

 

 

 

Customer-related intangible assets – amortizable

  42.8      (19.0   0      23.8   
  

 

 

    

 

 

    

 

 

    

 

 

 

Other acquired intangible assets – amortizable

  16.6      (8.3   0      8.3   

Other acquired intangible assets – nonamortizable

  1.2      0      (1.2   0   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

  17.8      (8.3   (1.2   8.3   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total other intangible assets

$ 132.7    $ (36.7 $ (18.1 $ 77.9   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     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 acquired intangible assets 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 six months ended March 28, 2015, and accordingly, no impairment testing was performed on these assets.

The Company amortizes 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 $1.0 million for each of the three month periods ended March 28, 2015 and March 29, 2014, and $1.9 million and $2.0 million for the six months ended March 28, 2015 and March 29, 2014, 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.