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Goodwill and Other Intangible Assets
 6 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

8. Goodwill and Other Intangible Assets

The Company’s investment management and real estate segments include identifiable intangible assets acquired through acquisitions in prior years.  In connection with the acquisition of the durable medical equipment businesses, the Company has also recognized goodwill and identifiable intangible assets associated with the tradenames and non-compete agreements.  The Company’s annual impairment assessment date for goodwill and other intangible assets is April 1.

Goodwill of $50.0 million presented on the condensed consolidated balance sheet consists only of the goodwill acquired as part of the acquisitions of the durable medical equipment businesses in September 2018 and June 2019.

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

 

 

For the six months ended December 31,

 

 

 

2020

 

 

2019

 

(in thousands)

 

 

 

 

 

 

 

 

Beginning balance

 

$

50,010

 

 

$

50,397

 

Purchase accounting adjustment

 

 

-

 

 

 

36

 

Ending balance

 

$

50,010

 

 

$

50,433

 

 

The following tables provide details associated with the Company’s identifiable intangible assets subject to amortization (dollar amounts in thousands):

 

 

As of December 31, 2020

 

 

As of June 30, 2020

 

(in thousands)

 

Gross Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net Carrying

Amount

 

 

Gross Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net Carrying

Amount

 

Durable Medical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradename

 

$

8,800

 

 

$

(2,053

)

 

$

6,747

 

 

$

8,800

 

 

$

(1,613

)

 

$

7,187

 

Non-compete agreements

 

 

1,360

 

 

 

(733

)

 

 

627

 

 

 

1,360

 

 

 

(573

)

 

 

787

 

 

 

 

10,160

 

 

 

(2,786

)

 

 

7,374

 

 

 

10,160

 

 

 

(2,186

)

 

 

7,974

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Management

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment management agreement

 

 

3,900

 

 

 

(2,107

)

 

 

1,793

 

 

 

3,900

 

 

 

(1,887

)

 

 

2,013

 

Assembled workforce

 

 

526

 

 

 

(284

)

 

 

242

 

 

 

526

 

 

 

(255

)

 

 

271

 

 

 

 

4,426

 

 

 

(2,391

)

 

 

2,035

 

 

 

4,426

 

 

 

(2,142

)

 

 

2,284

 

Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In-place lease

 

 

6,028

 

 

 

(1,406

)

 

 

4,622

 

 

 

6,028

 

 

 

(1,157

)

 

 

4,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

20,614

 

 

$

(6,583

)

 

$

14,031

 

 

$

20,614

 

 

$

(5,485

)

 

$

15,129

 

 

Aggregate Amortization Expense (in thousands)

 

2020

 

 

2019

 

For the three months ended December 31,

 

$

547

 

 

$

603

 

For the six months ended December 31,

 

 

1,098

 

 

 

1,242

 

 

Estimated Future Amortization Expense (in thousands):

 

 

 

 

For the six months ending June 30, 2021

 

$

1,058

 

For the year ending June 30, 2022

 

 

1,981

 

For the year ending June 30, 2023

 

 

1,894

 

For the year ending June 30, 2024

 

 

1,702

 

For the year ending June 30, 2025

 

 

1,597

 

Thereafter

 

$

5,799