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Intangible Assets Including Goodwill (Notes) | 9 Months Ended
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Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets Including Goodwill | Goodwill and Other Intangible Assets Goodwill The changes in the carrying value of goodwill by segment are as follows:
| Utility and Power Infrastructure |  | Process and Industrial Facilities |  | Storage and Terminal Solutions |  | Total
| (In thousands)
Net balance at June 30, 2021 | $ | 6,984 |  |  | $ | 26,878 |  |  | $ | 26,774 |  |  | $ | 60,636 |
Goodwill impairment | (2,659) |  |  | (8,445) |  |  | (7,208) |  |  | (18,312) |
Translation adjustment(1) | (27) |  |  | (6) |  |  | (51) |  |  | (84) |
Net balance at March 31, 2022 | $ | 4,298 |  |  | $ | 18,427 |  |  | $ | 19,515 |  |  | $ | 42,240 |
(1)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. In the third quarter, we concluded that goodwill impairment indicators existed based on the decline in the price of our stock and operating results that have underperformed our forecasts during the year. Accordingly, we performed an interim impairment test as of March 31, 2022 and concluded that there was $18.3 million of total impairment to goodwill, which was recorded as follows: •$8.4 million in the Process and Industrial Facilities segment; •$7.2 million in the Storage and Terminal Solutions segment; and •$2.7 million in the Utility and Power Infrastructure segment. The estimated fair value of each segment was derived by utilizing a discounted cash flow analysis. The key assumptions used are described in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Critical Accounting Policies, Goodwill. Other Intangible Assets Information on the carrying value of other intangible assets is as follows:
|  |  | At March 31, 2022
| Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
| (Years) |  | (In thousands)
Intellectual property | 10 to 15 |  | $ | 2,483 |  |  | $ | (2,159) |  |  | $ | 324 |
Customer-based | 6 to 15 |  | 17,274 |  |  | (12,370) |  |  | 4,904 |
Total amortizing intangible assets |  |  | $ | 19,757 |  |  | $ | (14,529) |  |  | $ | 5,228 |
|  |  | At June 30, 2021
| Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
| (Years) |  | (In thousands)
Intellectual property | 10 to 15 |  | $ | 2,483 |  |  | $ | (2,031) |  |  | $ | 452 |
Customer-based | 6 to 15 |  | 17,354 |  |  | (11,192) |  |  | 6,162 |
Total amortizing intangible assets |  |  | $ | 19,837 |  |  | $ | (13,223) |  |  | $ | 6,614 |
Amortization expense totaled $0.4 million and $1.4 million during the three and nine months ended March 31, 2022, respectively; and $0.6 million and $1.7 million during the three and nine months ended March 31, 2021, respectively. We estimate that the remaining amortization expense related to March 31, 2022 amortizing intangible assets will be as follows (in thousands):
Period ending: |
Remainder of Fiscal 2022 | $ | 432 |
Fiscal 2023 | 1,729 |
Fiscal 2024 | 1,416 |
Fiscal 2025 | 1,096 |
Fiscal 2026 | 555 |
Total estimated remaining amortization expense at March 31, 2022 | $ | 5,228 |

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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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