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Note 6 - Goodwill | 12 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Goodwill Disclosure [Text Block] | 6. Goodwill Goodwill and certain indefinite-lived intangible assets are not amortized, but instead are tested for impairment at least annually and more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying amount. The Company’s annual test for impairment is performed using a May 31st measurement date. The Company has identified our reporting units for impairment testing as its nine operating segments, which are aggregated into five reporting segments as disclosed in Note 18 – Industry Segment Information. As quoted market prices are not available for the Company’s reporting units, the fair value of the reporting units is determined using a discounted cash flow model (income approach). This method uses various assumptions that are specific to each individual reporting unit in order to determine the fair value. In addition, the Company compares the estimated aggregate fair value of its reporting units to its overall market capitalization. While the Company believes that estimates of future cash flows are reasonable, changes in assumptions could significantly affect valuations and result in impairments in the future. The most significant assumption involved in the Company’s determination of fair value is the cash flow projections of each reporting unit. If the estimates of future cash flows for each reporting unit may be insufficient to support the carrying value of the reporting units, the Company will reassess its conclusions related to fair value and the recoverability of goodwill. Consistent with business practices and our strategic alignment we realigned our Nor-lake and Scientific reporting units during April of 2019. As a result, we re-allocated goodwill from the Nor-lake reporting unit to the Scientific reporting unit and performed an impairment test as of April 30, 2019 on both the old reporting unit structure as well as under the new reporting unit structure, no impairment was indicated in either test. We completed our annual impairment testing as of May 31, 2019, and determined that the fair value of each of its reporting units substantially exceeded each unit’s respective carrying value, therefore, no impairment charges were recorded in connection with our testing and assessment during 2019 and 2018. Changes to goodwill during the years ended June 30, 2019 and 2018 are as follows (in thousands):
|  | 2019 |  |  | 2018 |
Balance at beginning of year, net |  | $ | 211,751 |  |  | $ | 202,679 |
Acquisitions |  |  | 68,392 |  |  |  | 7,655 |
Foreign currency translation |  |  | 1,360 |  |  |  | 1,417 |
Balance at end of year |  | $ | 281,503 |  |  | $ | 211,751 |

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- Definition The entire disclosure for goodwill. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2144439 + Details
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