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Goodwill and Other Intangible Assets
 9 Months Ended
Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

9. Goodwill and Other Intangible Assets

The Company’s durable medical equipment and investment management segments include identifiable intangible assets acquired through acquisitions in prior years. Goodwill presented on the consolidated balance sheets consists only of the goodwill acquired as part of the acquisitions of the durable medical equipment businesses. The Company’s annual impairment assessment date for goodwill and other intangible assets is April 1.

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

 

 

For the nine months ended March 31,

 

(in thousands)

 

2022

 

 

2021

 

Beginning balance

 

$

50,536

 

 

$

50,010

 

Acquisition of businesses

 

 

1,927

 

 

 

648

 

Purchase accounting adjustment

 

 

-

 

 

 

-

 

Ending balance

 

$

52,463

 

 

$

50,658

 

 

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

 

 

As of March 31, 2022

 

 

As of June 30, 2021

 

(in thousands)

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Durable Medical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradename

 

$

9,060

 

 

$

(3,207

)

 

$

5,853

 

 

$

9,060

 

 

$

(2,511

)

 

$

6,549

 

Hospital contracts

 

 

90

 

 

 

(43

)

 

 

47

 

 

 

90

 

 

 

(15

)

 

 

75

 

Non-compete agreements

 

 

990

 

 

 

(681

)

 

 

309

 

 

 

1,370

 

 

 

(890

)

 

 

480

 

 

 

 

10,140

 

 

 

(3,931

)

 

 

6,209

 

 

 

10,520

 

 

 

(3,416

)

 

 

7,104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Management

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment management agreement

 

 

3,900

 

 

 

(2,557

)

 

 

1,343

 

 

 

3,900

 

 

 

(2,293

)

 

 

1,607

 

Assembled workforce

 

 

526

 

 

 

(345

)

 

 

181

 

 

 

526

 

 

 

(309

)

 

 

217

 

 

 

 

4,426

 

 

 

(2,902

)

 

 

1,524

 

 

 

4,426

 

 

 

(2,602

)

 

 

1,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

14,566

 

 

$

(6,833

)

 

$

7,733

 

 

$

14,946

 

 

$

(6,018

)

 

$

8,928

 

 

Aggregate Amortization Expense (in thousands)

 

2022

 

 

2021

 

For the three months ended March 31,

 

$

376

 

 

$

413

 

For the nine months ended March 31,

 

 

1,195

 

 

 

1,261

 

 

Estimated Future Amortization Expense (in thousands):

 

 

 

For the three months ending June 30, 2022

 

$

377

 

For the year ending June 30, 2023

 

 

1,469

 

For the year ending June 30, 2024

 

 

1,267

 

For the year ending June 30, 2025

 

 

1,157

 

For the year ending June 30, 2026

 

 

1,095

 

Thereafter

 

 

2,368

 

Total

 

$

7,733