Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets

12 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

NOTE 8 — GOODWILL AND OTHER INTANGIBLE ASSETS

As of June 30, 2023, $269.6 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 2023. Further, an indefinite-lived trademark intangible asset of $10.8 million in the Metal Cutting reporting unit had a fair value that approximated its carrying value as of the date of the annual impairment test and, therefore, no impairment was recorded during 2023.

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 Cutting		Infrastructure		Total
Gross goodwill	$	455,276	$	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 goodwill	441,891		633,211		1,075,102
Accumulated impairment losses	(177,661)		(633,211)		(810,872)
Balance as of June 30, 2022	$	264,230	$	—	$	264,230
Activity for the year ended June 30, 2023:
Change in gross goodwill due to translation	5,321		—		5,321
Gross goodwill	447,212		633,211		1,080,423
Accumulated impairment losses	(177,661)		(633,211)		(810,872)
Balance as of June 30, 2023	$	269,551	$	—	$	269,551

The components of our other intangible assets were as follows: 

	Estimated Useful Life (in years)	June 30, 2023				June 30, 2022
(in thousands)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Technology-based and other	4 to 20	$	31,872	$	(23,838)	$	31,592	$	(22,734)
Customer-related	10 to 21	179,889		(112,890)		180,263		(104,698)
Unpatented technology	10 to 30	31,487		(25,177)		31,807		(22,950)
Trademarks	5 to 20	12,426		(11,441)		12,403		(10,317)
Trademarks	Indefinite	10,836		—		10,359		—
Total		$	266,510	$	(173,346)	$	266,424	$	(160,699)

Amortization expense for intangible assets was $12.6 million, $13.0 million and $14.0 million for 2023, 2022 and 2021, respectively. Estimated amortization expense for 2024 through 2028 is $10.9 million, $9.7 million, $9.3 million, $7.8 million, and $6.8 million, respectively.