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Intangible Assets
12 Months Ended
Jun. 30, 2017
Intangible Assets [Abstract]  
Intangible Assets

(6) INTANGIBLE ASSETS

Identifiable intangible assets as of June 30, 2017 and 2016 were as follows:

 

 

 

 

 

 

 

 

 

 

 

    

Gross Carrying Amount

    

Accumulated
Amortization

    

Net

 

 

(in millions)

June 30, 2017

 

 

 

 

 

 

 

 

 

Finite-Lived Intangible Assets

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

1,477.7

 

$

(308.6)

 

$

1,169.1

Underlying rights

 

 

1.6

 

 

(0.4)

 

 

1.2

Total

 

 

1,479.3

 

 

(309.0)

 

 

1,170.3

Indefinite-Lived Intangible Assets

 

 

 

 

 

 

 

 

 

Certifications

 

 

3.5

 

 

 —

 

 

3.5

Underlying Rights

 

 

14.8

 

 

 —

 

 

14.8

Total

 

$

1,497.6

 

$

(309.0)

 

$

1,188.6

June 30, 2016

 

 

 

 

 

 

 

 

 

Finite-Lived Intangible Assets

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

1,143.6

 

$

(228.8)

 

$

914.8

Trade names

 

 

0.2

 

 

(0.2)

 

 

 —

Underlying rights

 

 

1.6

 

 

(0.3)

 

 

1.3

Total

 

 

1,145.4

 

 

(229.3)

 

 

916.1

Indefinite-Lived Intangible Assets

 

 

 

 

 

 

 

 

 

Certifications

 

 

3.5

 

 

 —

 

 

3.5

Underlying Rights

 

 

15.3

 

 

 —

 

 

15.3

Total

 

$

1,164.2

 

$

(229.3)

 

$

934.9

 

The weighted average remaining amortization period for the Company’s customer relationships asset is 15.4 years. The Company has determined that certain underlying rights (including easements) and the certifications have indefinite lives. The amortization period for underlying rights (including easements) is 20 years. The amortization of intangible assets for the years ended June 30, 2017, 2016 and 2015 was $80.0 million, $75.8 million, and $54.8 million, respectively.

During the years ended June 30, 2017 and 2016, the Company wrote off $0.3 million and $1.8 million in fully amortized intangible assets, respectively. Estimated future amortization of finite-lived intangible assets is as follows:

 

 

 

 

June 30,

    

 

 

 

 

(in millions)

2018

      

$

89.5

2019

  

 

88.2

2020

  

 

83.2

2021

  

 

81.1

2022

  

 

79.3

Thereafter

  

 

749.0

Total

 

$

1,170.3