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Goodwill and Intangible Assets | 12 Months Ended
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Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 11. Goodwill and Intangible Assets The changes in the carrying amount of goodwill are as follows (in thousands):
Balance at June 30, 2019 |  |  | 54,501 |
Goodwill from fiscal 2020 acquisitions (as described in Note 3) |  |  | 2,094 |
Other |  |  | 83 |
Balance at June 30, 2020 |  | $ | 56,678 |
Goodwill from YES Acquisition (as described in Note 3) |  |  | 7,230 |
Working capital adjustments (1) |  |  | (27 | )
Balance at June 30, 2021 |  |  | 63,881 |
(1) Relates to working capital adjustments from business acquisitions consummated by the Company during fiscal 2020 |  |  |  |
57 Table of Contents
EVI Industries, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Customer-related intangibles, tradenames and other intangible assets as of June 30, 2021 and 2020 consisted of the following (dollars in thousands):
June 30, |  | Estimated Useful Lives (in years) |  | 2021 |  | 2020
Customer-related intangibles |  |  | 8-10 |  |  | $ | 18,237 |  |  | $ | 16,037 |
Tradenames |  |  | Indefinite |  |  |  | 11,155 |  |  |  | 9,555 |
Covenants not to compete |  |  | 5 |  |  |  | 566 |  |  |  | 566 |
License agreements |  |  | 10 |  |  |  | 529 |  |  |  | 529 |
Trademarks and patents |  |  | 10-15 |  |  |  | 176 |  |  |  | 176 |
|  |  |  |  |  |  | 30,663 |  |  |  | 26,863 |
Accumulated amortization |  |  |  |  |  |  | (6,986 | ) |  |  | (5,109 | )
|  |  |  |  |  | $ | 23,677 |  |  | $ | 21,754 |
Amortization expense was approximately $1.9 million in fiscal 2021 and $1.7 million in fiscal 2020, and is included in selling, general and administrative expenses in the consolidated statements of operations. Weighted average remaining estimated useful lives for customer-related intangibles, covenants not to compete, license agreements, and trademarks and patents were 7.0 years, 0.6 years, 0 years and 0 years, respectively. Based on the carrying amount of intangible assets as of June 30, 2021, and assuming no future impairment of the underlying assets, the estimated future amortization at the end of each fiscal year in the five-year period ending June 30, 2026 and thereafter is as follows (in thousands):
Fiscal years ending June 30, |  |
2022 |  | $ | 1,884 |
2023 |  |  | 1,841 |
2024 |  |  | 1,841 |
2025 |  |  | 1,837 |
2026 |  |  | 1,836 |
Thereafter |  |  | 3,283 |
Total |  | $ | 12,522 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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