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:
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Broadline |
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SYGMA |
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Other |
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Total |
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(In thousands) |
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Carrying amount as of July 2, 2011 |
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$ |
1,201,265 |
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$ |
32,609 |
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$ |
399,415 |
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$ |
1,633,289 |
Goodwill acquired during year |
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48,911 |
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- |
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13,677 |
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62,588 |
Currency translation/other |
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(30,064) |
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- |
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(202) |
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(30,266) |
Carrying amount as of June 30, 2012 |
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1,220,112 |
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32,609 |
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412,890 |
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1,665,611 |
Goodwill acquired during year |
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203,393 |
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- |
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24,005 |
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227,398 |
Currency translation/other |
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(8,663) |
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- |
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(111) |
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(8,774) |
Carrying amount as of June 29, 2013 |
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$ |
1,414,842 |
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$ |
32,609 |
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$ |
436,784 |
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$ |
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:
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June 29, 2013 |
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June 30, 2012 |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net |
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(In thousands) |
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Customer relationships |
$ |
274,410 |
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$ |
(125,250) |
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$ |
149,160 |
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$ |
200,801 |
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$ |
(110,080) |
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$ |
90,721 |
Non-compete agreements |
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29,460 |
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(4,655) |
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24,805 |
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8,453 |
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(2,024) |
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6,429 |
Trademarks |
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11,618 |
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(1,580) |
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10,038 |
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3,759 |
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(518) |
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3,241 |
Other |
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9,556 |
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(159) |
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9,397 |
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- |
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- |
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- |
Total amortized intangible assets |
$ |
325,044 |
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$ |
(131,644) |
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$ |
193,400 |
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$ |
213,013 |
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$ |
(112,622) |
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$ |
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:
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June 29, 2013 |
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June 30, 2012 |
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(In thousands) |
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Trademarks |
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$ |
11,353 |
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$ |
12,214 |
Licenses |
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966 |
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966 |
Total indefinite-lived intangible assets |
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$ |
12,319 |
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$ |
13,180 |
Amortization expense for the past three years was $32.1 million in 2013, $24.9 million in 2012 and $21.9 million in 2011. The estimated future amortization expense for the next five fiscal years on intangible assets outstanding as of June 29, 2013 is shown below:
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Amount |
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(In thousands) |
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2014 |
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$ |
40,999 |
2015 |
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36,581 |
2016 |
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29,150 |
2017 |
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24,515 |
2018 |
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21,068 |