Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The carrying value of goodwill as of June 30, 2019 was $36.2 million.

The Company tests goodwill and indefinite-lived intangible assets for impairment annually, as of January 31, or when events or changes in circumstances would indicate that more likely than not the fair values may be below the carrying amounts of the assets. Additionally, because of the COVID-19 pandemic during the second half of the Company's fiscal year ended June 30, 2020, and the resulting deterioration in the business environment and the general economic outlook, the fair value of these assets were negatively impacted. As a result of the test for impairment, the Company recorded a full $36.2 million impairment to goodwill during the year ended June 30, 2020.

The following is a summary of the Company’s amortized and unamortized intangible assets other than goodwill:

 

		As of June 30,
	Weighted Average Amortization Period as of June 30, 2020	2021						2020
(In thousands)		Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Impairment		Net
Amortized intangible assets:
Customer relationships	5.7	$	33,003	$	(19,692)	$	13,311	$	33,003	$	(17,492)	$	—	$	15,511
Non-compete agreements	0.5	220		(202)		18		220		(161)		—		59
Recipes	2.3	930		(619)		311		930		(487)		—		443
Trade name/brand name	2.4	510		(420)		90		510		(383)		—		127
Total amortized intangible assets		$	34,663	$	(20,933)	$	13,730	$	34,663	$	(18,523)	$	—	$	16,140
Unamortized intangible assets:
Trademarks, trade names and brand name with indefinite lives		$	4,522	$	—	$	4,522	$	10,328	$	—	(5,806)		$	4,522
Total unamortized intangible assets		$	4,522	$	—	$	4,522	$	10,328	$	—	$	(5,806)	$	4,522
Total intangible assets		$	39,185	$	(20,933)	$	18,252	$	44,991	$	(18,523)	$	(5,806)	$	20,662

The Company recorded $5.8 million of indefinite-lived asset impairment for the fiscal year ended June 30, 2020 due to the impact the COVID-19 pandemic had on our business during the second half of the Company's fiscal year ended June 30, 2020. There were no indefinite-lived intangible asset impairment charges recorded in the fiscal years ended June 30, 2021 and 2019.

The Company also assesses the recoverability of certain finite-lived intangible assets. No impairment was recorded for the finite-lived intangibles for the years ended June 30, 2021, 2020, and 2019. Amortization expense for the years ended June 30, 2021, 2020, and 2019 were $2.4 million, $2.4 million, and $2.6 million, respectively, for these assets.

At June 30, 2021, future annual amortization of finite-lived intangible assets for the years 2022 through 2026 and thereafter is estimated to be (in thousands):

For the fiscal year ending:
June 30, 2022	$	2,388
June 30, 2023	2,370
June 30, 2024	2,260
June 30, 2025	2,200
June 30, 2026	2,200
Thereafter	2,312
Total	$	13,730