Intangible Assets Including Goodwill

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)
Net balance at June 30, 2018	$	24,826		$	33,604		$	16,760		$	20,972		$	96,162
Disposal of business⁽¹⁾	—			(2,775		)	—			—			(2,775		)
Translation adjustment⁽²⁾	(43		)	—			(73		)	(8		)	(124		)
Net balance at December 31, 2018	$	24,783		$	30,829		$	16,687		$	20,964		$	93,263

(1)

In August 2018, the Company disposed of a business that marketed process heating equipment. See Note 3 - Disposals for more information about the disposal. The business disposed of constituted its own reporting unit and the amount of goodwill written off was all of the goodwill assigned to that reporting unit. None of the goodwill was considered impaired since the Company recorded a gain on the disposal.


(2)	The translation adjustments relate to the periodic translation of Canadian Dollar and South Korean Won denominated goodwill recorded as a part of prior acquisitions in Canada and South Korea, in which the local currency was determined to be the functional currency.

The Company did not note any impairment indicators as of December 31, 2018. However, if our market view of project opportunities or gross margins deteriorates materially from the date of our last test, the Company may need to perform an interim analysis, which could result in the recognition of a material impairment to goodwill in future periods.

Other Intangible Assets

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



		At December 31, 2018
	Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Years)	(In thousands)
Intellectual property	10 to 15	$	2,579	$	(1,691	)	$	888
Customer-based	6 to 15	38,416		(18,235		)	20,181
Non-compete agreements	4	1,453		(1,426		)	27
Total amortizing intangible assets		$	42,448	$	(21,352	)	$	21,096



		At June 30, 2018
	Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Years)	(In thousands)
Intellectual property	9 to 15	$	2,579	$	(1,603	)	$	976
Customer-based	6 to 15	38,562		(16,763		)	21,799
Non-compete agreements	4	1,453		(1,414		)	39
Total amortizing intangible assets		$	42,594	$	(19,780	)	$	22,814

Amortization expense totaled $0.8 million and $1.7 million during the three and six months ended December 31, 2018 and $1.4 million and $3.0 million during the three and six months ended December 31, 2017, respectively.

We estimate that the remaining amortization expense related to December 31, 2018 amortizing intangible assets will be as follows (in thousands):



Period ending:
Remainder of Fiscal 2019	$	1,858
Fiscal 2020	3,706
Fiscal 2021	3,686
Fiscal 2022	2,854
Fiscal 2023	2,405
Fiscal 2024	2,113
Thereafter	4,474
Total estimated remaining amortization expense at December 31, 2018	$	21,096