Goodwill and Other Intangible Assets

3 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The following table provides the changes in the carrying value of goodwill by reportable segment:


	North America			International		Total
Balance as of June 30, 2024(1)	$	689,468		$	239,836	$	929,304
Divestiture(2)		(7,280	)		—		(7,280	)
Translation		514			13,803		14,317
Balance as of September 30, 2024	$	682,702		$	253,639	$	936,341

(1)

The total carrying value of goodwill is reflected net of $134,277 of accumulated impairment charges, of which $7,700 is related to the North America reportable segment and $126,577 is related to the International reportable segment.

(2) During the three months ended September 30, 2024, the Company completed the divestiture of ParmCrisps®, a component of the North America reportable segment. Goodwill of $7,280 was assigned to the divested component on a relative fair value basis.

As of September 30, 2024, the Company performed an assessment of factors to determine whether it was more likely than not that the fair value of its reporting units was less than its carrying amount, including goodwill. The Company concluded that were no events or circumstances that warranted an interim quantitative impairment test for goodwill during the three months ended September 30, 2024. As of September 30, 2024, goodwill associated with the U.S. reporting unit had a carrying value of $633,774. The U.S. reporting unit is at risk of potential impairment if, among other things, the fair value of this reporting unit, and its associated assets, decreases in value due to the amount and timing of expected future cash flows, decreased customer demand for products, an inability to execute management’s business strategies, or general market conditions, such as economic downturns, and changes in interest rates, including discount rates. Future cash flow estimates are, by their nature, subjective, and actual results may differ materially from the Company’s estimates. If the Company’s ongoing cash flow projections are not met or if market factors utilized in the impairment test deteriorate, including an unfavorable change in the terminal growth rate or the weighted-average cost of capital, the Company may have to record impairment charges in future periods.

Other Intangible Assets

The following table includes the gross carrying amount and accumulated amortization, where applicable, for intangible assets, excluding goodwill:


	September 30, 2024			June 30, 2024
Non-amortized intangible assets:
Trademarks and tradenames(1)	$	201,407		$	195,237
Amortized intangible assets:
Other intangibles		169,560			167,886
Less: Accumulated amortization		(120,788	)		(118,324	)
Net amortized intangible assets		48,772			49,562
Net other intangible assets	$	250,179		$	244,799

(1) The gross carrying value of trademarks and tradenames is reflected net of $251,551 of accumulated impairment charges as of September 30, 2024 and June 30, 2024.

There were no events or circumstances that warranted an interim impairment test for indefinite-lived intangible assets during the three months ended September 30, 2024 or 2023.

Amortized intangible assets, which are deemed to have a finite life, primarily consist of customer relationships, trademarks and tradenames and are amortized over their estimated useful lives of 7 to 25 years. The weighted average remaining amortization period of amortized intangible assets is 8.7 years.

Amortization expense included in the consolidated statements of operations is as follows:


	Three Months Ended September 30,
	2024		2023
Amortization of acquired intangibles	$	2,180	$	1,955