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Goodwill and Other Intangible Assets
 3 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

7. Goodwill and Other Intangible Assets

The Company’s durable medical equipment and investment management segments include identifiable intangible assets obtained through acquisitions in prior years. Goodwill presented on the condensed consolidated balance sheets is attributed to the acquisitions of the durable medical equipment businesses. The Company’s annual impairment assessment date for goodwill is April 1.

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

 

 

For the three months ended September 30,

 

(in thousands)

 

2022

 

 

2021

 

Beginning balance

 

$

52,463

 

 

$

50,536

 

Acquisition of businesses

 

 

-

 

 

 

1,927

 

Ending balance

 

$

52,463

 

 

$

52,463

 

The following tables provide additional details related to the Company’s acquired identifiable intangible assets:

 

 

As of September 30, 2022

 

 

As of June 30, 2022

 

(in thousands)

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Durable Medical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradename

 

$

9,060

 

 

$

(3,676

)

 

$

5,384

 

 

$

9,060

 

 

$

(3,443

)

 

$

5,617

 

Hospital contracts

 

 

90

 

 

 

(55

)

 

 

35

 

 

 

90

 

 

 

(49

)

 

 

41

 

Non-compete agreements

 

 

1,370

 

 

 

(1,156

)

 

 

214

 

 

 

1,370

 

 

 

(1,107

)

 

 

263

 

 

 

 

10,520

 

 

 

(4,887

)

 

 

5,633

 

 

 

10,520

 

 

 

(4,599

)

 

 

5,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Management

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment management agreements

 

 

15,264

 

 

 

(3,019

)

 

 

12,245

 

 

 

15,264

 

 

 

(2,753

)

 

 

12,511

 

Assembled workforce

 

 

1,103

 

 

 

(389

)

 

 

714

 

 

 

1,103

 

 

 

(364

)

 

 

739

 

 

 

 

16,367

 

 

 

(3,408

)

 

 

12,959

 

 

 

16,367

 

 

 

(3,117

)

 

 

13,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

26,887

 

 

$

(8,295

)

 

$

18,592

 

 

$

26,887

 

 

$

(7,716

)

 

$

19,171

 

 

Aggregate Amortization Expense (in thousands)

 

2022

 

 

2021

 

For the three months ended September 30,

 

 

579

 

 

 

419

 

 

Estimated Future Amortization Expense (in thousands):

 

 

 

For the nine months ending June 30, 2023

 

$

1,703

 

For the year ending June 30, 2024

 

$

2,084

 

For the year ending June 30, 2025

 

$

1,974

 

For the year ending June 30, 2026

 

$

1,912

 

For the year ending June 30, 2027

 

$

1,838

 

Thereafter

 

$

9,081

 

Total

 

$

18,592