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Note 5 - Goodwill
12 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Goodwill Disclosure [Text Block]
5.
Goodwill
 
Goodwill and certain indefinite-lived intangible assets are
not
amortized, but instead are tested for impairment at least annually and more frequently whenever events or changes in circumstances indicate that the fair value of the asset
may
be less than its carrying amount. The Company’s annual test for impairment is performed using a
May
31st
measurement date.
 
The Company has identified our reporting units for impairment testing as its
twelve
operating segments, which are aggregated into
five
reporting segments as disclosed in Note
17
– Industry Segment Information.
 
As quoted market prices are
not
available for the Company’s reporting units, the fair value of the reporting units is determined using a discounted cash flow model (income approach). This method uses various assumptions that are specific to each individual reporting unit in order to determine the fair value. In addition, the Company compares the estimated aggregate fair value of its reporting units to its overall market capitalization.
 
While the Company believes that estimates of future cash flows are reasonable, changes in assumptions could significantly affect valuations and result in impairments in the future. The most significant assumption involved in the Company’s determination of fair value is the cash flow projections of each reporting unit. If the estimates of future cash flows for each reporting unit
may
be insufficient to support the carrying value of the reporting units, the Company will reassess its conclusions related to fair value and the recoverability of goodwill.
 
We completed our annual impairment testing as of
May 31, 2018,
and determined that the fair value of each of its reporting units substantially exceeded each unit’s respective carrying value, therefore,
no
impairment charges were recorded in connection with our testing and assessment during
2018
and
2017.
 
Changes to goodwill during the years ended
June 30, 2018
and
2017
are as follows (in thousands):
 
   
2018
   
2017
 
Balance at beginning of year
  $
260,629
    $
175,293
 
Accumulated impairment losses
   
17,939
     
17,939
 
Balance at beginning of year, net
   
242,690
     
157,354
 
Acquisitions
   
7,655
     
85,561
 
Foreign currency translation
   
1,417
     
(225
)
Balance at end of year
  $
251,762
    $
242,690