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Goodwill and Other Intangibles | 9 Months Ended
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Mar. 28, 2014
Goodwill and Other Intangibles [Abstract] |
Goodwill and Other Intangibles | I. Goodwill and Other Intangibles The changes in the carrying amount of goodwill, all of which is allocated to the manufacturing segment, for the nine months ended March 28, 2014 were as follows (in thousands):
Balance at June 30, 2013 |  | $ | 13,232 |
Translation adjustment |  |  | 294 |
Balance at March 28, 2014 |  | $ | 13,526 |
The gross carrying amount and accumulated amortization of the Company's intangible assets that have definite useful lives and are subject to amortization as of March 28, 2014 and June 30, 2013 were as follows (in thousands):
|  | March 28, |  |  | June 30, |
|  | 2014 |  |  | 2013 |
Intangible assets with finite lives: |  |  |  |  |  |
Licensing agreements |  | $ | 3,015 |  |  | $ | 3,015 |
Non-compete agreements |  |  | 2,050 |  |  |  | 2,050 |
Trade name |  |  | 2,596 |  |  |  | - |
Other |  |  | 5,991 |  |  |  | 5,991 |
|  |  | 13,652 |  |  |  | 11,056 |
Accumulated amortization |  |  | (9,657 | ) |  |  | (9,301 | )
Accumulated impairment charge |  |  | (1,277 | ) |  |  | (1,277 | )
Foreign currency translation |  |  | 2 |  |  |  | 546 |
Total |  | $ | 2,720 |  |  | $ | 1,024 |
The weighted average remaining useful life of the intangible assets included in the table above is approximately 16 years. Intangible amortization expense was $121,000 and $356,000 for the three and nine months ended March 28, 2014, and $184,000 and $538,000 for the three and nine months ended March 29, 2013, respectively. Estimated intangible amortization expense for the remainder of fiscal 2014 and each of the next five fiscal years is as follows (in thousands):
Fiscal Year |  |  |
2014 |  | $ | 121 |
2015 |  |  | 253 |
2016 |  |  | 166 |
2017 |  |  | 162 |
2018 |  |  | 162 |
2019 |  |  | 162 |
The gross carrying amount of the Company's intangible assets that have indefinite lives and are not subject to amortization as of March 28, 2014 and June 30, 2013 are $227,000 and $2,125,000, respectively. These assets are comprised of acquired trade names. Based on the Company's reassessment of the useful lives assigned to intangible assets during the first quarter, it was determined that certain indefinite lived trade names should be reclassified to definite lived. As such, the Company assigned a 20-year useful life to the trade names.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13854-109267 + Details
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