Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

As of June 30, 2024, $271.6 million of goodwill was allocated to the Metal Cutting reporting unit. We completed annual tests of goodwill impairment and recorded no impairments during 2024, 2023 or 2022 for our Metal Cutting reporting unit. We can use a qualitative test, known as "Step 0," or a quantitative method to determine whether impairment has occurred. In 2024, we elected to implement Step 0 and were not required to conduct the quantitative analysis. In 2023 and 2022, we performed quantitative analyses using a combination of a discounted cash flow analysis and market multiples based upon historical and projected financial information.

In 2024, the Company completed a business combination for total consideration of approximately $6.5 million. Goodwill of approximately $3.8 million was recorded in the Metal Cutting segment as a result of the acquisition.

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	$	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

Activity for the year ended June 30, 2024:
Acquisition	3,800		—		3,800
Change in gross goodwill due to translation	(1,784)		—		(1,784)



Gross goodwill	449,228		633,211		1,082,439
Accumulated impairment losses	(177,661)		(633,211)		(810,872)
Balance as of June 30, 2024	$	271,567	$	—	$	271,567

During 2024, the Company determined that certain trademarks were no longer considered indefinite-lived and commenced amortization. The components of our other intangible assets were as follows:


	Estimated Useful Life (in years)	June 30, 2024				June 30, 2023
(in thousands)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Technology-based and other	4 to 20	$	31,715	$	(24,476)	$	31,872	$	(23,838)
Customer-related	10 to 21	179,529		(120,091)		179,889		(112,890)
Unpatented technology	10 to 30	31,485		(27,130)		31,487		(25,177)
Trademarks	5 to 20	23,044		(12,655)		12,426		(11,441)
Trademarks	Indefinite	—		—		10,836		—
Total		$	265,773	$	(184,352)	$	266,510	$	(173,346)

Amortization expense for intangible assets was $11.6 million, $12.6 million and $13.0 million for 2024, 2023 and 2022, respectively. Estimated amortization expense for 2025 through 2029 is $10.6 million, $10.3 million, $8.8 million, $7.8 million, and $7.7 million, respectively.