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Goodwill and Intangibles | 6 Months Ended
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Dec. 31, 2018
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 & Flow Control segment for the fiscal year ended June 30, 2018 and the six month period ended December 31, 2018 are as follows:
| Service Center Based Distribution |  | Fluid Power & Flow Control |  | Total
Balance at July 1, 2017 | $ | 201,740 |  |  | $ | 4,395 |  |  | $ | 206,135 |
Goodwill acquired during the period | 2,525 |  |  | 439,164 |  |  | 441,689 |
Other, primarily currency translation | (1,181 | ) |  | — |  |  | (1,181 | )
Balance at June 30, 2018 | $ | 203,084 |  |  | $ | 443,559 |  |  | $ | 646,643 |
Goodwill acquired/adjusted during the period | — |  |  | 4,975 |  |  | 4,975 |
Other, primarily currency translation | (412 | ) |  | — |  |  | (412 | )
Balance at December 31, 2018 | $ | 202,672 |  |  | $ | 448,534 |  |  | $ | 651,206 |
The Company has six (6) reporting units for which an annual goodwill impairment assessment was performed as of January 1, 2018. The Company concluded that all of the reporting units’ fair value exceeded their carrying amounts by at least 30% as of January 1, 2018. The fair values of the reporting units in accordance with the goodwill impairment test were determined using the Income and Market approaches. The Income approach employs the discounted cash flow method reflecting projected cash flows expected to be generated by market participants and then adjusted for time value of money factors. The Market approach utilizes an analysis of comparable publicly traded companies. The techniques used in the Company's impairment tests have incorporated a number of assumptions that the Company believes to be reasonable and to reflect known market conditions at the measurement dates. Assumptions in estimating future cash flows are subject to a degree of judgment. The Company makes all efforts to forecast future cash flows as accurately as possible with the information available at the measurement date. The Company evaluates the appropriateness of its assumptions and overall forecasts by comparing projected results of upcoming years with actual results of preceding years. Key Level 3 based assumptions relate to pricing trends, inventory costs, customer demand, and revenue growth. A number of benchmarks from independent industry and other economic publications were also used. Changes in future results, assumptions, and estimates after the measurement date may lead to an outcome where additional 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. At December 31, 2018 and June 30, 2018, accumulated goodwill impairment losses subsequent to fiscal year 2002 totaled $64,794 related to the Service Center Based Distribution segment and $36,605 related to the Fluid Power & Flow Control segment. The Company’s identifiable intangible assets resulting from business combinations are amortized over their estimated period of benefit and consist of the following:
December 31, 2018 |  | Amount |  | Accumulated Amortization |  | Net Book Value
Finite-Lived Identifiable Intangibles: |  |  |  |  |  |
Customer relationships |  | $ | 463,998 |  |  | $ | 141,565 |  |  | $ | 322,433 |
Trade names |  | 112,757 |  |  | 26,179 |  |  | 86,578 |
Vendor relationships |  | 11,376 |  |  | 7,758 |  |  | 3,618 |
Non-competition agreements |  | 2,762 |  |  | 2,298 |  |  | 464 |
Total Identifiable Intangibles |  | $ | 590,893 |  |  | $ | 177,800 |  |  | $ | 413,093 |
June 30, 2018 |  | Amount |  | Accumulated Amortization |  | Net Book Value
Finite-Lived Identifiable Intangibles: |  |  |  |  |  |
Customer relationships |  | $ | 465,691 |  |  | $ | 125,009 |  |  | $ | 340,682 |
Trade names |  | 112,939 |  |  | 22,454 |  |  | 90,485 |
Vendor relationships |  | 11,425 |  |  | 7,382 |  |  | 4,043 |
Non-competition agreements |  | 2,761 |  |  | 2,024 |  |  | 737 |
Total Identifiable Intangibles |  | $ | 592,816 |  |  | $ | 156,869 |  |  | $ | 435,947 |
Amounts include the impact of foreign currency translation. Fully amortized amounts are written off. Estimated future amortization expense by fiscal year (based on the Company’s identifiable intangible assets as of December 31, 2018) for the next five years is as follows: $22,200 for the remainder of 2019, $42,600 for 2020, $40,200 for 2021, $37,800 for 2022, $35,400 for 2023 and $31,000 for 2024.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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