Intangible Assets Including Goodwill (Notes)

9 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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