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Goodwill and Intangible Assets

3 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of cost over the fair value of net assets acquired. Goodwill amounted to $124.2 million at each of September 30, 2023 and June 30, 2023. 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

indicators of impairment identified and no goodwill impairments recorded during the three months ended September 30, 2023 and 2022.

Intangible assets consisted of the following as of:


in thousands	September 30, 2023		June 30, 2023
Definite-lived intangible assets	$	6,600	$	6,600
Indefinite-lived intangible assets	2,000		2,000
Total intangible assets	8,600		8,600
Accumulated amortization	(3,567)		(3,402)
Balance as of end of period	$	5,033	$	5,198

Intangible assets consist primarily of customer relationships acquired through business acquisitions. The Company recorded amortization expense of $0.2 million for each of the three months ended September 30, 2023 and 2022.

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 three months ended September 30, 2023 and 2022.