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Goodwill and Other Identifiable Intangible Assets | 12 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Identifiable Intangible Assets | Goodwill and Other Identifiable Intangible Assets In accordance with ASC 350, Intangibles - Goodwill and Other Intangible Assets, the Company performs its annual goodwill impairment test during the fourth quarter of each fiscal year, or whenever indicators of impairment are present. The reporting units utilized for goodwill impairment tests align directly with our operating segments, Specialty Technology Solutions and Modern Communications & Cloud. The testing includes the determination of each reporting unit's fair value using a discounted cash flows model compared to each reporting unit's carrying value. Key assumptions used in determining fair value include projected growth and operating margin, working capital requirements and discount rates. During fiscal years ended June 30, 2023, 2022 and 2021, no impairment charges related to goodwill were recorded. The fair value of the Specialty Technology Solutions and Modern Communications & Cloud reporting units exceeded its carrying value by 2% and 13%, respectively, as of the annual goodwill impairment testing date. Changes in the carrying amount of goodwill for the years ended June 30, 2023 and 2022, by reportable segment, are set forth in the table below.
| Specialty Technology Solutions |  | Modern Communications & Cloud |  | Total
| (in thousands)
Balance at June 30, 2021 | $ | 16,370 |  |  | $ | 202,507 |  |  | $ | 218,877 |
Unrealized loss on foreign currency translation | — |  |  | (4,442) |  |  | (4,442) |
Balance at June 30, 2022 | $ | 16,370 |  |  | $ | 198,065 |  |  | $ | 214,435 |
Unrealized gain on foreign currency translation | — |  |  | 2,271 |  |  | 2,271 |
Balance at June 30, 2023 | $ | 16,370 |  |  | $ | 200,336 |  |  | $ | 216,706 |
The following table shows the Company’s identifiable intangible assets as of June 30, 2023 and 2022, respectively.
| June 30, 2023 |  | June 30, 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
| (in thousands)
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $ | 138,574 |  |  | $ | 90,650 |  |  | $ | 47,924 |  |  | $ | 137,366 |  |  | $ | 79,147 |  |  | $ | 58,219 |
Trade names | 19,562 |  |  | 14,109 |  |  | 5,453 |  |  | 19,480 |  |  | 12,469 |  |  | 7,011 |
Non-compete agreements | 2,410 |  |  | 2,410 |  |  | — |  |  | 2,410 |  |  | 2,396 |  |  | 14 |
Supplier partner program | 4,085 |  |  | 2,481 |  |  | 1,604 |  |  | 4,085 |  |  | 2,051 |  |  | 2,034 |
Encryption key library | 19,900 |  |  | 14,718 |  |  | 5,182 |  |  | 19,900 |  |  | 12,230 |  |  | 7,670 |
Developed technology | 14,262 |  |  | 5,930 |  |  | 8,332 |  |  | 13,865 |  |  | 4,386 |  |  | 9,479 |
Total intangibles | $ | 198,793 |  |  | $ | 130,298 |  |  | $ | 68,495 |  |  | $ | 197,106 |  |  | $ | 112,679 |  |  | $ | 84,427 |
The weighted-average amortization period for all intangible assets was approximately 10 years for the fiscal years ended June 30, 2023, 2022 and 2021. Amortization expense for continuing operations for the years ended June 30, 2023, 2022 and 2021 was $16.7 million, $17.9 million and $19.5 million, respectively, all of which relates to selling, general and administrative costs, not the cost of selling goods, and has been presented as such in the accompanying Consolidated Income Statements. Estimated future amortization expense is as follows:
| Amortization Expense
| (in thousands)
Year Ended June 30, |
2024 | $ | 16,783 |
2025 | 16,783 |
2026 | 12,882 |
2027 | 6,674 |
2028 | 5,317 |
Thereafter | 10,056 |
Total | $ | 68,495 |

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