7. GOODWILL AND OTHER INTANGIBLES
The changes in the carrying amount of goodwill and the amount allocated by reportable segment for the years presented are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broadline |
|
SYGMA |
|
Other |
|
Total |
||||
|
|
|
|
|
|
|
(In thousands) |
|||||||||
|
Carrying amount as of July 2, 2011 |
|
|
|
|
$ |
1,201,265 |
|
$ |
32,609 |
|
$ |
399,415 |
|
$ |
1,633,289 |
|
Goodwill acquired during year |
|
|
|
|
|
48,911 |
|
|
- |
|
|
13,677 |
|
|
62,588 |
|
Currency translation/other |
|
|
|
|
|
(30,064) |
|
|
- |
|
|
(202) |
|
|
(30,266) |
|
Carrying amount as of June 30, 2012 |
|
|
|
|
|
1,220,112 |
|
|
32,609 |
|
|
412,890 |
|
|
1,665,611 |
|
Goodwill acquired during year |
|
|
|
|
|
203,393 |
|
|
- |
|
|
24,005 |
|
|
227,398 |
|
Currency translation/other |
|
|
|
|
|
(8,663) |
|
|
- |
|
|
(111) |
|
|
(8,774) |
|
Carrying amount as of June 29, 2013 |
|
|
|
|
$ |
1,414,842 |
|
$ |
32,609 |
|
$ |
436,784 |
|
$ |
1,884,235 |
Amortized intangible assets acquired during fiscal 2013 were $124.1 million with a weighted-average amortization period of eight years. By intangible asset category, the amortized intangible assets acquired during fiscal 2013 were customer relationships of $85.7 million with a weighted-average amortization period of nine years, non-compete agreements of $21.0 million with a weighted-average amortization period of five years, amortized trademarks of $7.8 million with a weighted-average amortization period of eight years and other intangibles of $9.6 million with a weighted-average amortization period of five years.
The following table presents details of the company’s amortized intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 29, 2013 |
|
June 30, 2012 |
||||||||||||||
|
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net |
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net |
||||||
|
|
(In thousands) |
||||||||||||||||
|
Customer relationships |
$ |
274,410 |
|
$ |
(125,250) |
|
$ |
149,160 |
|
$ |
200,801 |
|
$ |
(110,080) |
|
$ |
90,721 |
|
Non-compete agreements |
|
29,460 |
|
|
(4,655) |
|
|
24,805 |
|
|
8,453 |
|
|
(2,024) |
|
|
6,429 |
|
Trademarks |
|
11,618 |
|
|
(1,580) |
|
|
10,038 |
|
|
3,759 |
|
|
(518) |
|
|
3,241 |
|
Other |
|
9,556 |
|
|
(159) |
|
|
9,397 |
|
|
- |
|
|
- |
|
|
- |
|
Total amortized intangible assets |
$ |
325,044 |
|
$ |
(131,644) |
|
$ |
193,400 |
|
$ |
213,013 |
|
$ |
(112,622) |
|
$ |
100,391 |
Intangible assets that have been fully amortized have been removed in the schedule above in the period full amortization is reached.
The following table presents details of the company’s indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 29, 2013 |
|
June 30, 2012 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
||||
|
Trademarks |
|
|
|
|
|
|
|
|
|
|
$ |
11,353 |
|
$ |
12,214 |
|
Licenses |
|
|
|
|
|
|
|
|
|
|
|
966 |
|
|
966 |
|
Total indefinite-lived intangible assets |
|
|
|
|
|
|
|
|
|
|
$ |
12,319 |
|
$ |
13,180 |
Amortization expense for the past three years was $32.1 million in 2013, $24.9 million in 2012 and $21.9 million in 2011. The estimated future amortization expense for the next five fiscal years on intangible assets outstanding as of June 29, 2013 is shown below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
40,999 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,581 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,150 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,515 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,068 |