. Goodwill and Other Intangibles

Goodwill represents the amount of the consideration transferred in excess of the net of the acquisition-date fair values of the identifiable assets acquired and the liabilities assumed.

The Company reviews goodwill for impairment on a reporting unit basis annually as of the

first

day of the Company’s

fourth

fiscal quarter, and whenever events or changes in circumstances (“triggering events”) indicate that the carrying value of goodwill

may

not

be recoverable.

The fair value of reporting units is primarily driven by projected growth rates and operating results under the income approach using a discounted cash flow model, which applies an appropriate market-participant discount rate, and consideration of other market approach data from guideline public companies. If declining actual operating results or future operating results become indicative that the fair value of the Company’s reporting units has declined below their carrying values, an interim goodwill impairment test

may

need to be performed and

may

result in a non-cash goodwill impairment charge.

During the

first

quarter of fiscal

2020,

the Company determined that there were

triggering events to warrant an interim goodwill impairment test. As of

September 27, 2019,

goodwill in the amounts of

$22,531

and

$2,541

is carried in the European Propulsion and European Industrial reporting units, respectively.

As of

September 27, 2019,

changes in the carrying amount of goodwill is summarized as follows:

	Net Book Value Rollforward									By Reporting Unit
	Gross Carrying Amount			Accumulated Amortization / Impairment			Net Book Value			European Propulsion			European Industrial
Balance at June 30, 2019	$	39,776		$	(13,822	)	$	25,954		$	23,371		$	2,583
Translation adjustment		(882	)		-			(882	)		(840	)		(42	)
Balance at September 27, 2019	$	38,894		$	(13,822	)	$	25,072		$	22,531		$	2,541

As of

September 27, 2019,

the following acquired intangible assets have definite useful lives and are subject to amortization:

	Net Book Value Rollforward									Net Book Value By Asset Type
	Gross Carrying Amount			Accumulated Amortization / Impairment			Net Book Value			Customer Relationships			Technology Know-how			Trade Name			Other
Balance at June 30, 2019	$	39,587		$	(14,434	)	$	25,153		$	14,843		$	7,025		$	2,733		$	552
Additions		7			-			7			-			-			-			7
Amortization		-			(1,129	)		(1,129	)		(746	)		(284	)		(63	)		(36	)
Translation adjustment		(967	)		-			(967	)		(616	)		(264	)		(78	)		(9	)
Balance at September 27, 2019	$	38,627		$	(15,563	)	$	23,064		$	13,481		$	6,477		$	2,592		$	514

Other intangibles consist of certain proprietary technology, computer software, patents and licensing agreements. Amortization is recorded on the basis of straight-line or accelerated, as appropriate, over the estimated useful lives of the assets.

The weighted average remaining useful life of the intangible assets included in the table above is approximately

years.

Intangible amortization expense was

$1,129

and

$665

for the quarters ended

September 27, 2019,

and

September 28, 2018,

respectively. Estimated intangible amortization expense for the remainder of fiscal

2020

and each of the next

five

fiscal years is as follows:

Fiscal Year
2020	$	3,368
2021		3,232
2022		3,051
2023		2,894
2024		2,678
2025		2,510

The gross carrying amount of the Company’s intangible assets that have indefinite lives and are

not

subject to amortization as of

September 27, 2019

and

June 30, 2019

was

$202

and

$200,

respectively. These assets are comprised of acquired trade names.