Intangible Assets Including Goodwill (Notes)

9 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying value of goodwill by segment are as follows:



	Electrical Infrastructure			Oil Gas & Chemical			Storage Solutions			Industrial			Total
	(In thousands)
Goodwill	$	60,896		$	13,943		$	10,949		$	9,049		$	94,837
Cumulative impairment loss (1)	(17,653		)	(3,000		)	(922		)	(3,425		)	(25,000		)
Net balance at June 30, 2014	43,243			10,943			10,027			5,624			69,837
Acquisition related adjustment	175			—			—			44			219
Acquisition of HDB (2)	—			3,054			—			—			3,054
Translation adjustment (3)	(1,072		)	—			(395		)	(266		)	(1,733		)
Net balance at March 31, 2015	$	42,346		$	13,997		$	9,632		$	5,402		$	71,377


(1)	A $25.0 million impairment charge was recorded in February 2005 as a result of the Company’s operating performance in fiscal 2005.


(2)	Amount represents goodwill in connection with the Company's acquisition of HDB. The acquisition is discussed further in Note 2 - Acquisitions.


(3)	The translation adjustments relate to the periodic translation of Canadian Dollar denominated goodwill recorded as a part of a prior Canadian acquisition as well as the periodic translation of the Canadian entity acquired with the purchase of KNAC. The acquisition of KNAC is discussed further in Note 2 - Acquisitions.

Other Intangible Assets

Information on the carrying value of other intangible assets is as follows:



		At March 31, 2015
	Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Years)	(In thousands)
Intellectual property	6 to 15	$	2,460	$	(1,045	)	$	1,415
Customer based	1.5 to 15	27,771		(6,091		)	21,680
Non-compete agreements	3 to 5	1,354		(730		)	624
Trade names	3 to 5	1,615		(178		)	1,437
Total amortizing intangible assets		33,200		(8,044		)	25,156



		At June 30, 2014
	Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Years)	(In thousands)
Intellectual property	6 to 15	$	2,460	$	(920	)	$	1,540
Customer based	1.5 to 15	27,662		(2,949		)	24,713
Non-compete agreements	3 to 5	1,312		(471		)	841
Trade name	5	165		(33		)	132
Total amortizing intangibles		31,599		(4,373		)	27,226
Trade name	Indefinite	1,450		—			1,450
Total intangible assets		$	33,049	$	(4,373	)	$	28,676

The increase in the gross carrying amount of other intangible assets at March 31, 2015 compared to June 30, 2014 is due primarily to the August 22, 2014 acquisition of HDB. The HDB intangible asset consists of amortizing customer-based intangibles with a fair value of $0.9 million and useful life of 10 years. Please refer to Note 2 - Acquisitions for additional information.

Effective December 31, 2014, the Company redesignated a trade name with a value of $1.4 million from an indefinite lived to a definite lived intangible asset and assigned a useful life of three years. The change in designation was an impairment indicator. The Company conducted an impairment analysis and concluded that no impairment existed.

Amortization expense totaled $3.7 million in the nine months ended March 31, 2015 and $1.7 million in the nine months ended March 31, 2014. We estimate that the remaining amortization expense at March 31, 2015 will be as follows (in thousands):



Period ending:
Remainder of Fiscal 2015	$	1,245
Fiscal 2016	3,326
Fiscal 2017	3,242
Fiscal 2018	2,901
Fiscal 2019	2,534
Fiscal 2020	2,534
Thereafter	9,374
Total estimated remaining amortization expense at March 31, 2015	25,156

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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