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Table of Contents
SEAGATE TECHNOLOGY PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The carrying value of other intangible assets subject to amortization as of June 29, 2012, is set forth in the following table:
The carrying value of other intangible assets subject to amortization as of July 1, 2011 is set forth in the following table:
The carrying value of In-process research and development was $44 million and $0 as of June 29, 2012 and July 1, 2011, respectively.
As of June 29, 2012, expected amortization expense for other intangible assets for each of the next five years and thereafter is as follows:
Impairment of Other Long-lived Assets (Property, equipment, leasehold improvements, and other intangible assets)
During fiscal year 2010, the Company committed to a plan to sell certain equipment related to certain research activities that had ceased.
The Company recorded a charge of $57 million in order to write down the carrying amount of these assets to estimated fair value less costs to
sell. As of July 1, 2011, the Company had completed the sale of these assets and there were no impairment of other long-lived assets recorded in
fiscal years 2012 and 2011.
5. Restructuring and Exit Costs
During fiscal year 2012, the Company recorded restructuring charges of $4 million, comprised primarily of charges related to post-
employment costs associated with a number of small restructuring plans. During fiscal year 2011, the Company recorded restructuring and other
charges of $18 million, mainly comprised of charges related to the closure of its Ang Mo Kio ("AMK") manufacturing operations in Singapore
(the "AMK Plan") and costs associated with the closure of facilities previously announced. During fiscal year 2010, the Company recorded
restructuring and other charges of $66 million, mainly
78
(Dollars in millions)
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Weighted Average
Remaining Useful Life
Existing technology
$
137
$
(37
)
$
100
1.5 years
Customer relationships
399
(37
)
362
5.2 years
Total amortizable other
intangible assets
$
536
$
(74
)
$
462
4.4 years
(Dollars in millions)
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Weighted Average
Remaining Useful Life
Customer relationships
$
3
$
(2
)
$
1
0.5 year
(Dollars in millions)
2013
$
139
2014
102
2015
70
2016
64
2017
59
Thereafter
28
$
462