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Goodwill and Intangibles | 12 Months Ended
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Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLES | GOODWILL AND INTANGIBLES The changes in the carrying amount of goodwill for both the Service Center Based Distribution Segment and the Fluid Power Businesses segment for the years ended June 30, 2015 and 2014 are as follows:
| Service Center Based Distribution |  |  | Fluid Power Businesses |  |  | Total |
Balance at July 1, 2013 | $ | 105,920 |  |  | $ | 929 |  |  | $ | 106,849 |
Goodwill acquired during the year | 84,798 |  |  | — |  |  | 84,798 |
Other, primarily currency translation | 1,847 |  |  | — |  |  | 1,847 |
Balance at June 30, 2014 | 192,565 |  |  | 929 |  |  | 193,494 |
Goodwill acquired during the year | 77,728 |  |  | — |  |  | 77,728 |
Other, primarily currency translation | (16,816 | ) |  | — |  |  | (16,816 | )
Balance at June 30, 2015 | $ | 253,477 |  |  | $ | 929 |  |  | $ | 254,406 |
At June 30, 2015, 2014 and 2013, accumulated goodwill impairment losses subsequent to fiscal year 2002 totaled $36,605 and relate entirely to the Fluid Power Businesses segment. The Company has seven reporting units and performed its annual goodwill impairment assessment as of January 1, 2015. The Company concluded that five of the reporting units had material excesses of fair value compared to their carrying amounts. The Company concluded that two reporting units (Canada service center and Australia / New Zealand) had excess fair value of approximately $39,000 and $4,000 or 15% and 14%, respectively when compared to the carrying amounts of approximately $258,000 and $28,000, respectively. The techniques used in the Company's impairment test have incorporated a number of assumptions that the Company believes to be reasonable and to reflect market conditions forecast at the assessment date. Assumptions in estimating future cash flows are subject to a high degree of judgment. The Company makes all efforts to forecast future cash flows as accurately as possible with the information available at the time the forecast is made. To this end, the Company evaluates the appropriateness of its assumptions as well as its overall forecasts by comparing projected results of upcoming years with actual results of preceding years and validating that differences therein are reasonable. Key assumptions, all of which are Level 3 inputs, relate to pricing trends, inventory costs, discount rate, customer demand, and the long-term growth and foreign exchange rates. A number of benchmarks from independent industry and other economic publications were also used. Changes in future actual results, assumptions and estimates after the assessment date may lead to an outcome where impairment charges would be required in future periods. Specifically, actual results may vary from the Company’s forecasts and such variations may be material and unfavorable, thereby triggering the need for future impairment tests where the conclusions may differ in reflection of prevailing market conditions. The Company's identifiable intangible assets resulting from business combinations are amortized over their estimated period of benefit and consist of the following:
June 30, 2015 | Amount |  |  | Accumulated Amortization |  |  | Net Book Value |
Finite-Lived Intangibles: |  |  |  |  |
Customer relationships | $ | 225,332 |  |  | $ | 65,789 |  |  | $ | 159,543 |
Trade names | 42,689 |  |  | 13,187 |  |  | 29,502 |
Vendor relationships | 14,465 |  |  | 7,258 |  |  | 7,207 |
Non-competition agreements | 4,578 |  |  | 2,002 |  |  | 2,576 |
Total Intangibles | $ | 287,064 |  |  | $ | 88,236 |  |  | $ | 198,828 |
June 30, 2014 | Amount |  |  | Accumulated Amortization |  |  | Net Book Value |
Finite-Lived Intangibles: |  |  |  |  |
Customer relationships | $ | 170,395 |  |  | $ | 48,285 |  |  | $ | 122,110 |
Trade names | 36,912 |  |  | 10,394 |  |  | 26,518 |
Vendor relationships | 15,446 |  |  | 6,628 |  |  | 8,818 |
Non-competition agreements | 3,322 |  |  | 1,260 |  |  | 2,062 |
Total Intangibles | $ | 226,075 |  |  | $ | 66,567 |  |  | $ | 159,508 |
Amounts include the impact of foreign currency translation. Fully amortized amounts are written off. During 2015, the Company acquired identifiable intangible assets with an acquisition cost allocation and weighted-average life as follows:
| Acquisition Cost Allocation |  |  | Weighted-Average Life
Customer relationships | $ | 68,078 |  |  | 19.5 years
Trade names | 7,627 |  |  | 14.7 years
Non-competition agreements | 1,664 |  |  | 5.0 years
Total Intangibles Acquired | $ | 77,369 |  |  | 18.7 years
Amortization of identifiable intangibles totaled $25,797, $14,023 and $13,233 in fiscal 2015, 2014 and 2013, respectively, and is included in selling, distribution and administrative expenses in the statements of consolidated income. Future amortization expense based on the Company’s identifiable intangible assets as of June 30, 2015 is estimated to be $24,600 for 2016, $23,000 for 2017, $20,900 for 2018, $19,200 for 2019 and $17,500 for 2020. A significant portion of our intangible assets relate to recent acquisitions that primarily operate in the oil and gas sectors. Considering the recent downturn in the energy market, a prolonged period of low oil and natural gas prices may result in asset impairments, including potential impairment of the carrying value of our goodwill and finite-lived intangible assets.

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13854-109267 + Details
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