Seagate 2007 Annual Report Download - page 117
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Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
—
(
Continued)
The net carrying value of intangible assets at June 29, 2007 was $188 million and accumulated amortization of intangibles was $185
million. In fiscal year 2007, the Company recorded a write-off of in-process research and development related to the acquisition of EVault in the
amount of $4 million, which is included in Product development in the Consolidated Statements of Operations. The carrying value of intangible
assets at June 29, 2007 is set forth in the table below.
12. Guarantees
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Weighted
Average
Remaining
Useful
Life
(In millions)
(In millions)
(In millions)
(In Years)
Existing technology
$
176
$
(121
)
$
55
2.1
Customer relationships
152
(47
)
105
2.6
Trade names
36
(9
)
27
2.9
Patents and licenses
9
(8
)
1
5.7
Total acquired identifiable intangible assets
$
373
$
(185
)
$
188
2.5
Indemnifications to Officers and Directors
The Company has entered into indemnification agreements, a form of which is incorporated by reference in the exhibits of this report, with
the members of our board of directors to indemnify them to the extent permitted by law against any and all liabilities, costs, expenses, amounts
paid in settlement and damages incurred by the directors as a result of any lawsuit, or any judicial, administrative or investigative proceeding in
which the directors are sued as a result of their service as members of our board of directors.
Intellectual Property Indemnification Obligations
The Company has entered into agreements with customers and suppliers that include limited intellectual property indemnification
obligations that are customary in the industry. These guarantees generally require the Company to compensate the other party for certain
damages and costs incurred as a result of third party intellectual property claims arising from these transactions. The nature of the intellectual
property indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be
required to pay to its customers and suppliers. Historically, the Company has not made any significant indemnification payments under such
agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification
obligations.
116