Seagate 2014 Annual Report Download - page 81
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SEAGATETECHNOLOGYPLC
NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS—(Continued)
Thefollowingtablesummarizestheestimatedfairvaluesoftheassetsacquired,liabilitiesassumed,andnoncontrollinginterestattheacquisitiondate:
Thefollowingtableshowsthefairvalueoftheseparatelyidentifiableintangibleassetsatthetimeofacquisitionandtheperiodoverwhicheachintangible
assetwillbeamortized:
Infiscal2013,theCompanyrecordedadjustmentstothefairvalueofcertainassetsacquiredandliabilitiesassumedwithLaCieS.A.thatresultedinanet
increaseof$1milliontoGoodwill,andacorrespondingdecreaseinIntangibleassets.
ThegoodwillrecognizedisattributableprimarilytothebenefitstheCompanyexpectstoderivefromLaCie'sbrandrecognitionandtheacquiredworkforce,
andisnotdeductibleforincometaxpurposes.Theacquisitiondatefairvalueofthenoncontrollinginterestisbasedonthemarketpriceoftheirpubliclytraded
sharesasofthefirsttradingdatesubsequenttotheacquisition,asthesharesdidnottradeontheacquisitiondate.
The€0.12supplementwasnotpaidasonly94.5%oftheLaCiebusinesswasacquiredwithinsixmonthsoftheacquisitiondate,resultinginareversalofthe
contingentconsiderationliabilitywhichwasrecordedinfiscalyear2013asareductionofMarketingandadministrativeexpensesof$4million.
TheamountsofrevenueandearningsofLaCieincludedintheCompany'sConsolidatedStatementofOperationsfromtheacquisitiondatethroughtheendof
fiscalyearendedJune28,2013arenotsignificant.
78
(Dollarsinmillions) Amount
Cashandcashequivalents $ 71
Accountsreceivable 29
Marketablesecurities 27
Inventories 46
Othercurrentandnon-currentassets 19
Property,plantandequipment 12
Intangibleassets 45
Goodwill 13
Totalassets 262
Accountspayableandaccruedexpenses (73)
Currentandnon-currentportionoflong-termdebt (6)
Totalliabilities (79)
Noncontrollinginterest (72)
Total $ 111
(Dollarsinmillions) FairValue
Weighted-Average
Amortization
Period
Customerrelationships $ 31 5.0years
Existingtechnology 1 5.0years
Tradename 13 5.0years
Totalacquiredidentifiableintangibleassets $ 45