ACQUISITION Polycom Acquisition On July 2, 2018 ("Acquisition Date"), the Company completed the Acquisition of Polycom based upon the terms and conditions contained in the Purchase Agreement dated March 28, 2018 . The Company believes the Acquisition will better position Plantronics with its channel partners, customers, and strategic alliance partners by allowing the Company to pursue additional opportunities across the Unified Communications &amp; Collaboration ("UC&amp;C") market in both hardware end points and services. At the closing of the Acquisition, the Company acquired Polycom for approximately $2.2 billion with the total consideration consisting of (1) 6.4 million shares of the Company's common stock (the "Stock Consideration") valued at approximately $0.5 billion and (2) approximately $1.7 billion in cash net of cash acquired (the "Cash Consideration"), resulting in Triangle, which was Polycoms sole shareholder, owning approximately 16.0% of the Company immediately following the Acquisition. The consideration paid at closing was subject to a working capital, tax and other adjustments. This transaction was accounted for as a business combination and the Company has included the financial results of Polycom in the Consolidated Financial Statements since the date of Acquisition. During the quarter ended June 29, 2019, the Company finalized its allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed. Since the Acquisition, the Company has recorded measurement period adjustments to reflect facts and circumstances in existence as of the Acquisition date. These adjustments included deferred tax and tax liabilities of $45.2 million , a working capital adjustment of $8.0 million , and various other immaterial adjustments of $ 1.4 million , resulting in a decrease to goodwill of approximately $54.6 million . The allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the Acquisition date is as follows: (in thousands) July 2, 2018 ASSETS Cash and cash equivalents $ 80,139 Trade receivables, net 165,798 Inventories 109,074 Prepaid expenses and other current assets 68,558 Property and equipment, net 79,497 Intangible assets 985,400 Other assets 27,237 Total assets acquired $ 1,515,703 LIABILITIES Accounts payable $ 80,653 Accrued payroll and related liabilities 44,538 Accrued expenses 147,167 Income tax payable 27,044 Deferred revenue 115,061 Deferred income taxes 94,618 Other liabilities 54,394 Total liabilities assumed $ 563,475 Total identifiable net assets acquired 952,228 Goodwill 1,264,417 Total Purchase Price $ 2,216,645 The estimate of fair value and purchase price allocation were based on information available at the time of closing the Acquisition. The Acquisition resulted in $1,264 million of goodwill, which represents the excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed. The following table shows the fair value of the separately identifiable intangible assets at the time of Acquisition and the period over which each intangible asset will be amortized: (in thousands, except for remaining life) Fair Value Weighted-Average Amortization Period Existing technology $ 538,600 4.95 Customer relationships 245,100 5.46 Trade name/Trademarks 115,600 9.00 Backlog 28,100 0.25 Total amortizable intangible assets acquired 927,400 5.45 In-process research and development 58,000 Total acquired intangible assets $ 985,400 Existing technology relates to products for voice, video and platform products. The Company valued the developed technology using the discounted cash flow method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by the developed technology less charges representing the contribution of other assets to those cash flows. The economic useful life was determined based on the technology cycle related to each developed technology, as well as the cash flows over the forecast period. Customer relationships represent the fair value of future projected revenue that will be derived from sales of products to existing customers of Polycom. Customer relationships were valued using the discounted cash flow method as described above and the distributor method under the income approach. Under the distributor method, the economic profits generated by a distributor are deemed to be attributable to the customer relationships. The economic useful life was determined based on historical customer turnover rates. Order backlog was valued separately from customer relationships using the discounted cash flow method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by order backlog less costs to fulfill. The economic useful life was determined based on the period over which the order backlog is expected to be fulfilled. Trade name/trademarks relate to the Polycom trade name and related trademarks. The fair value was determined by applying the profit allocation method under the income approach. This valuation method estimates the value of an asset by the profit saved because the company owns the asset. The economic useful life was determined based on the expected life of the trade name and trademarks and the cash flows anticipated over the forecasted periods at the time of the Acquisition. The fair value of in-process technology was determined using the discounted cash flow method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by thin-process technology, less charges representing the contribution of other assets to those cash flows. As of March 28, 2020 , the Company has reclassified $58.0 million of completed in-process research and development into existing technology and began amortizing over the estimated useful life. The Company believes the amounts of purchased intangible assets recorded above represent the fair values of and approximate the amounts a market participant would pay for these intangible assets as of the Acquisition date. As of the Acquisition date, goodwill was primarily attributable to the assembled workforce, market expansion, and anticipated synergies and economies of scale expected from the integration of the Polycom business. The synergies include certain cost savings, operating efficiencies, and other strategic benefits projected to be achieved. Goodwill is not expected to be deductible for tax purposes. The following unaudited pro forma financial information presents combined results of operations for each of the periods presented, as if Polycom had been acquired as of the beginning of fiscal year 2018. The unaudited pro forma information includes adjustments to amortization for intangible assets acquired, the purchase accounting effect on deferred revenue assumed and inventory acquired, restructuring charges related to the Acquisition, and transaction and integration costs. For the year ended March 30, 2019 and March 31, 2018, non-recurring pro forma adjustments directly attributable to the Polycom Acquisition included (i) the purchase accounting effect of deferred revenue assumed of $84.8 million , (ii) the purchase accounting effect of inventory acquired of $30.4 million , and (iii) Acquisition costs of $19.2 million . The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of the Company's consolidated results of operations of the combined business had the Acquisition actually occurred at the beginning of fiscal year 2018 or of the results of its future operations of the combined business. Pro Forma (unaudited) (in thousands) Fiscal Year Ended March 30, 2019 Fiscal Year Ended March 31, 2018 Total net revenues $ 2,008,245 $ 1,892,971 Operating income (loss) 18,929 (208,234 ) Net loss $ (38,516 ) $ (379,032 )