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Note 3 - Selected Balance Sheet Data

6 Months Ended

Dec. 31, 2020

Supplemental Balance Sheet Disclosures [Text Block]

Note 3. Selected Balance Sheet Data:

Inventories:

Inventories consist of (in thousands):

	December 31,		June 30,
	2020		2020
Raw materials	$	52,368	$	51,530
Finished goods⁽¹⁾		59,194		56,268
Inventories, net	$	111,562	$	107,798

(1) Finished goods inventory of $4,972 and $4,646 included within other long-term assets in the respective December 31, 2020 and June 30, 2020, consolidated balance sheet. The inventory is included in long-term assets as it is forecasted to be sold after the 12 months subsequent to the consolidated balance sheet date.

Property and Equipment:

Property and equipment consist of (in thousands):

	December 31,			June 30,
	2020			2020
Land	$	8,584		$	8,516
Buildings and improvements		189,068			184,430
Machinery and equipment		179,341			153,704
Property and equipment, cost		376,993			346,650
Accumulated depreciation and amortization		(181,391	)		(169,821	)
Property and equipment, net	$	195,602		$	176,829

Intangible Assets:

Intangible assets consist of (in thousands):

	December 31,			June 30,
	2020			2020
Developed technology	$	444,499		$	434,653
Trade names		145,288			146,713
Customer relationships		219,583			211,750
Patents and other intangibles⁽¹⁾		7,728			2,475
Intangible assets		817,098			795,591
Accumulated amortization		(312,926	)		(279,046	)
Intangible assets, net	$	504,172		$	516,545

(1)

Increase in patents and other intangible assets is primarily due to $5.0 million recognized in intangible assets in the first quarter of fiscal 2021 for certain third party patented technology acquired. $4.0 million of the third party patented technology acquired was a non-cash activity within the condensed consolidated statement of cash flows as a cash payment was not made within the six months ended December 31, 2020.

Changes to the carrying amount of net intangible assets for the quarter ended December 31, 2020 consist of (in thousands):

Beginning balance	$	516,545
Acquisitions		8,919
Other additions		5,338
Amortization expense		(30,804	)
Currency translation		4,174
Ending balance	$	504,172

The estimated future amortization expense for intangible assets as of December 31, 2020 is as follows (in thousands):

2021 remainder	$	30,460
2022		59,526
2023		57,634
2024		54,988
2025		51,770
Thereafter		249,794
Total	$	504,172

Goodwill:

Changes to the carrying amount of goodwill for the quarter ended December 31, 2020 consist of (in thousands):

	Protein Sciences		Diagnostics and Genomics		Total
Beginning balance	$	373,081	$	355,228	$	728,308
Acquisitions		8,811		-		8,811
Currency translation		9,303		243		9,547
Ending balance	$	391,195	$	355,471	$	746,666

We evaluate the carrying value of goodwill in the fourth quarter of each fiscal year and between annual evaluations if events occur or circumstances change that would indicate a possible impairment. The Company performed a goodwill impairment assessment for all of its reporting units during the fourth quarter of fiscal 2020. No indicators of impairment were identified as part of our assessment.

No triggering events were identified during the quarter ended December 31, 2020. There has been no impairment of goodwill since the adoption of Financial Accounting Standards Board (“FASB”) ASC 350 guidance for goodwill and other intangibles on July 1, 2002.