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Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
 12 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure
NOTE 8 — GOODWILL AND OTHER INTANGIBLE ASSETS
As of June 30, 2022, $264.2 million of goodwill was allocated to the Metal Cutting reporting unit. We completed an annual quantitative test of goodwill impairment and determined that the fair value of the reporting unit substantially exceeded the carrying value and, therefore, no impairment was recorded during 2022. Further, an indefinite-lived trademark intangible asset of $10.4 million in the Metal Cutting reporting unit had a fair value that exceeded its carrying value as of the date of the annual impairment test and, therefore, no impairment was recorded during 2022.
December Quarter of Fiscal 2020 Impairment Charge
In the December quarter of fiscal 2020, the Company experienced deteriorating market conditions, primarily in general engineering and transportation applications in India and China, in addition to overall global weakness in the manufacturing sector. In view of these declining conditions and the significant detrimental effect on cash flows and actual and projected revenue and earnings compared with the fiscal 2019 annual impairment test, we determined that an impairment triggering event had occurred and performed an interim quantitative impairment test of our goodwill, indefinite-lived trademark intangible asset and other long-lived assets of our former Widia reporting unit. We evaluated the recoverability of goodwill for the reporting unit by comparing the fair value with its carrying value, with the fair values determined using a combination of a discounted cash flow analysis and market multiples based upon historical and projected financial information. As a result of this interim test, we recorded a non-cash pre-tax impairment charge during the three months ended December 31, 2019 of $14.6 million in the former Widia segment, which is now part of the Metal Cutting segment as of July 1, 2020, of which $13.1 million was for goodwill and $1.5 million was for an indefinite-lived trademark intangible asset. These impairment charges were recorded in goodwill and other intangible assets impairments in our consolidated statements of income. No impairment was recorded for the other long-lived assets.
March Quarter of Fiscal 2020 Impairment Charge
In the March quarter of fiscal 2020, the decline in actual and projected financial results for the former Widia reporting unit, primarily as a result of the COVID-19 pandemic, represented an interim impairment triggering event because there was essentially zero cushion between the reporting unit's carrying value and fair value as of March 31 2020. This is because the former Widia reporting unit was recorded at fair value as of the December 31, 2019 interim impairment testing date. We evaluated the recoverability of goodwill for the reporting unit by comparing the fair value with its carrying value, with the fair values determined using a combination of a discounted cash flow analysis and market multiples based upon historical and projected financial information. As a result of this interim test, we recorded a non-cash pre-tax impairment charge during the three months ended March 31, 2020 of $15.6 million in the former Widia segment, of which $13.7 million was for goodwill and $1.9 million was for an indefinite-lived trademark intangible asset. These impairment charges were recorded in goodwill and other intangible assets impairments in our consolidated statements of income. No impairment was recorded for the other long-lived assets.
A summary of the carrying amount of goodwill attributable to each segment, as well as the changes in such, is as follows:
(in thousands)Metal CuttingInfrastructureTotal
Gross goodwill$448,241 $633,211 $1,081,452 
Accumulated impairment losses(177,661)(633,211)(810,872)
Balance as of June 30, 2020$270,580 $— $270,580 
Activity for the year ended June 30, 2021:
Change in gross goodwill due to translation7,035 — 7,035 
Gross goodwill455,276 633,211 1,088,487 
Accumulated impairment losses(177,661)(633,211)(810,872)
Balance as of June 30, 2021$277,615 $— $277,615 
Activity for the year ended June 30, 2022:
Change in gross goodwill due to translation(13,385)— (13,385)
Gross goodwill441,891 633,211 1,075,102 
Accumulated impairment losses(177,661)(633,211)(810,872)
Balance as of June 30, 2022$264,230 $— $264,230 
The components of our other intangible assets were as follows: 
 Estimated
Useful Life
(in years)		June 30, 2022June 30, 2021
(in thousands)Gross Carrying
Amount		Accumulated
Amortization		Gross Carrying
Amount		Accumulated
Amortization
Technology-based and other
4 to 20
$31,592 $(22,734)$33,632 $(24,413)
Customer-related
10 to 21
180,263 (104,698)183,338 (98,901)
Unpatented technology
10 to 30
31,807 (22,950)31,957 (20,575)
Trademarks
5 to 20
12,403 (10,317)13,268 (10,083)
TrademarksIndefinite10,359 — 11,818 — 
Total$266,424 $(160,699)$274,013 $(153,972)
Amortization expense for intangible assets was $13.0 million, $14.0 million and $13.8 million for 2022, 2021 and 2020, respectively. Estimated amortization expense for 2023 through 2027 is $12.3 million, $10.7 million, $9.6 million, $9.2 million, and $7.7 million, respectively.