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Goodwill and Intangible Assets | 12 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of cost over the fair value of net assets acquired. Goodwill amounted to $124.2 million at each of June 30, 2023 and June 30, 2022. The Company did not have any acquisitions resulting in goodwill during the year ended June 30, 2023 and 2022. Goodwill is not amortized. Pursuant to ASC 350, “Intangibles — Goodwill and Other,” we review the recoverability of goodwill annually as of April 1 or whenever significant events or changes occur which might impair the recovery of recorded amounts. For purposes of the annual goodwill impairment assessment, the Company has identified three reporting units. There were no goodwill impairments recorded during the year ended June 30, 2023 and 2022. Intangible assets consisted of the following as of June 30:
in thousands | 2023 |  | 2022
Definite-lived intangible assets |  |  |
Customer relationships | $ | 6,600 |  |  | $ | 6,600 |
Indefinite-lived intangible assets |  |  |
Permits | 2,000 |  |  | 2,000 |
Total intangible assets | 8,600 |  |  | 8,600 |
Accumulated amortization | (3,402) |  |  | (2,742) |
Balance as of end of period | $ | 5,198 |  |  | $ | 5,858 |
Intangible assets with a finite useful life continue to be amortized over their useful lives. The Company recorded amortization expense of $0.7 million for each of the years ended June 30, 2023 and 2022, respectively. The total expected future annual amortization expense for the next 5 years ended June 30, is as follows:
in thousands | Amortization Expense
2024 | $ | 660 |
2025 | 660 |
2026 | 660 |
2027 | 630 |
2028 | — |
We review the recoverability of other intangible assets in conjunction with long-lived assets whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. There were no intangible asset impairments recorded during the years ended June 30, 2023 and 2022.

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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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