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Goodwill and Intangibles | 12 Months Ended
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Jun. 30, 2024
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 Engineered Solutions segment for the years ended June 30, 2024 and 2023 are as follows:
| Service Center Based Distribution |  | Engineered Solutions |  | Total
Balance at July 1, 2022 | $ | 211,010 |  |  | $ | 352,195 |  |  | $ | 563,205 |
Goodwill acquired during the year | — |  |  | 14,517 |  |  | 14,517 |
Other, primarily currency translation | 221 |  |  | 475 |  |  | 696 |
Balance at June 30, 2023 | 211,231 |  |  | 367,187 |  |  | 578,418 |
Goodwill acquired during the year | 9,712 |  |  | 32,634 |  |  | 42,346 |
Other, primarily currency translation | (1,369) |  |  | — |  |  | (1,369) |
Balance at June 30, 2024 | $ | 219,574 |  |  | $ | 399,821 |  |  | $ | 619,395 |
During the first quarter of fiscal 2024, the Company recorded an adjustment to the preliminary estimated fair value of intangible assets related to the AMS acquisition. The fair value of the trade name was reduced by $1,249, with a corresponding increase to goodwill of $1,249. During the second quarter of fiscal 2024, the Company recorded an adjustment to the preliminary estimated fair value of intangible assets related to the BDI acquisition. The fair value of the trade name was reduced by $2,130, and the fair value of the customer relationship was increased by $70, with a corresponding combined increase to goodwill of $2,060. The Company has eight (8) reporting units for which an annual goodwill impairment assessment was performed as of January 1, 2024. Based on the assessment performed, the Company concluded that the fair value of all of the reporting units exceeded their carrying amount as of January 1, 2024, therefore no impairment exists. At June 30, 2024 and 2023, accumulated goodwill impairment losses subsequent to fiscal year 2002 totaled $64,794 related to the Service Center Based Distribution segment and $167,605 related to the Engineered Solutions segment. 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, 2024 | Amount |  | Accumulated Amortization |  | Net Book Value
Finite-Lived Intangibles: |  |  |  |  |
Customer relationships | $ | 394,114 |  |  | $ | 205,422 |  |  | $ | 188,692 |
Trade names | 88,848 |  |  | 34,891 |  |  | 53,957 |
Other | 4,946 |  |  | 1,725 |  |  | 3,221 |
Total Intangibles | $ | 487,908 |  |  | $ | 242,038 |  |  | $ | 245,870 |
June 30, 2023 | Amount |  | Accumulated Amortization |  | Net Book Value
Finite-Lived Intangibles: |  |  |  |  |
Customer relationships | $ | 364,572 |  |  | $ | 188,804 |  |  | $ | 175,768 |
Trade names | 108,301 |  |  | 50,823 |  |  | 57,478 |
Vendor relationships | 9,861 |  |  | 9,744 |  |  | 117 |
Other | 3,347 |  |  | 1,161 |  |  | 2,186 |
Total Intangibles | $ | 486,081 |  |  | $ | 250,532 |  |  | $ | 235,549 |
Amounts include the impact of foreign currency translation. Fully amortized amounts are written off. During fiscal 2024, 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 | $ | 35,131 |  |  | 20.0
Trade names | 3,810 |  |  | 13.3
Other | 1,600 |  |  | 6.7
Total Intangibles Acquired | $ | 40,541 |  |  | 18.9
Identifiable intangible assets with finite lives are reviewed for impairment when changes in conditions indicate carrying value may not be recoverable. Amortization of identifiable intangibles totaled $28,923, $30,805, and $31,879 in fiscal 2024, 2023, and 2022, respectively, and is included in selling, distribution and administrative expense in the statements of consolidated income. Future amortization expense based on the Company’s identifiable intangible assets as of June 30, 2024 is estimated to be $29,300 for 2025, $27,300 for 2026, $25,200 for 2027, $23,400 for 2028, and $21,800 for 2029.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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