Goodwill and Intangible Assets

9 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The carrying value of goodwill was fully impaired and written down to zero at March 31, 2020. See below. The carrying value of goodwill at June 30, 2019 was $36.2 million.

The following is a summary of the Company’s amortized and unamortized intangible assets other than goodwill:

 

		March 31, 2020										June 30, 2019
(In thousands)	Weighted Average Amortization Period as of March 31, 2020	Gross Carrying Amount		Accumulated Amortization			Impairment			Net		Gross Carrying Amount		Accumulated Amortization			Net
Amortized intangible assets:
Customer relationships	7.2	$	33,003	$	(16,943	)	$	—		$	16,060	$	33,003	$	(15,291	)	$	17,712
Non-compete agreements	2.0	220		(151		)	—			69		220		(122		)	98
Recipes	3.7	930		(453		)	—			477		930		(354		)	576
Trade name/brand name	4.3	510		(374		)	—			136		510		(346		)	164
Total amortized intangible assets		$	34,663	$	(17,921	)	$	—		$	16,742	$	34,663	$	(16,113	)	$	18,550
Unamortized intangible assets:
Trademarks, trade names and brand name with indefinite lives		$	10,328	$	—		$	(5,806	)	$	4,522	$	10,328	$	—		$	10,328
Total unamortized intangible assets		$	10,328	$	—		$	(5,806	)	$	4,522	$	10,328	$	—		$	10,328
Total intangible assets		$	44,991	$	(17,921	)	$	(5,806	)	$	21,264	$	44,991	$	(16,113	)	$	28,878

Aggregate amortization expense for the three months ended March 31, 2020 and 2019 was $0.6 million and $0.7 million, respectively. Aggregate amortization expense for the nine months ended March 31, 2020 and 2019 was $1.8 million and $2.0 million, respectively.

The Company tests goodwill and indefinite-lived intangible assets for impairment annually, as of January 31, or when events or changes in circumstances would indicate that more likely than not the fair values may be below the carrying amounts of the assets. The Company also assessed the recoverability of certain finite-lived intangible assets. Additionally, for the nine months ended March 31, 2020, the changes in the business environment and the general economic outlook as a result of the COVID-19 pandemic have negatively impacted the fair value of these assets.

As a result of these tests for impairment, the Company recorded $36.2 million and $5.8 million, respectively, of impairments to goodwill and indefinite-lived intangibles for the three and nine months ended March 31, 2020. No impairment was recorded for the finite-lived intangibles for the three and nine months ended March 31, 2020.