Goodwill And Other Intangible Assets

3 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

As described in Notes 1 and 8, we changed our reportable segments as of July 1, 2017 when our organizational structure changed. Using a relative fair value approach, we reassigned our existing goodwill balance to the two new reporting units that directly align with our new Retail and Foodservice reportable segments. Based on this approach, goodwill attributable to the Retail and Foodservice segments was $119.3 million and $48.7 million, respectively, at September 30, 2017 and June 30, 2017.

The following table summarizes our identifiable other intangible assets.



	September 30, 2017			June 30, 2017
Tradenames (20 to 30-year life)
Gross carrying value	$	50,321		$	50,321
Accumulated amortization	(3,615		)	(3,130		)
Net carrying value	$	46,706		$	47,191
Trademarks (40-year life)
Gross carrying value	$	370		$	370
Accumulated amortization	(244		)	(241		)
Net carrying value	$	126		$	129
Customer Relationships (10 to 15-year life)
Gross carrying value	$	14,207		$	14,207
Accumulated amortization	(7,441		)	(7,160		)
Net carrying value	$	6,766		$	7,047
Technology / Know-how (10-year life)
Gross carrying value	$	6,350		$	6,350
Accumulated amortization	(1,206		)	(1,047		)
Net carrying value	$	5,144		$	5,303
Non-compete Agreements (5-year life)
Gross carrying value	$	791		$	791
Accumulated amortization	(338		)	(299		)
Net carrying value	$	453		$	492
Total net carrying value	$	59,195		$	60,162

Amortization expense for our other intangible assets, which is reflected in Selling, General and Administrative Expenses, was as follows:



	Three Months Ended September 30,
	2017		2016
Amortization expense	$	967	$	691

Total annual amortization expense for each of the next five years is estimated to be as follows:




2019	$	3,867
2020	$	3,832
2021	$	3,747
2022	$	3,673
2023	$	3,114

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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