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Note 3 - Selected Balance Sheet Data

9 Months Ended

Mar. 31, 2021

Supplemental Balance Sheet Disclosures [Text Block]

Note 3. Selected Balance Sheet Data:

Inventories:

Inventories consist of (in thousands):

	March 31,		June 30,
	2021		2020
Raw materials	$	51,664	$	51,530
Finished goods(1)		63,370		56,268
Inventories, net	$	115,034	$	107,798

(1) Finished goods inventory of $5,044 and $4,646 included within other long-term assets in the respective March 31, 2021 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):

	March 31,			June 30,
	2021			2020
Land	$	8,596		$	8,516
Buildings and improvements		189,443			184,430
Machinery and equipment		187,855			153,704
Property and equipment, cost		385,894			346,650
Accumulated depreciation and amortization		(186,919	)		(169,821	)
Property and equipment, net	$	198,975		$	176,829

Intangible Assets:

Intangible assets consist of (in thousands):

	March 31,			June 30,
	2021			2020
Developed technology	$	444,664		$	434,653
Trade names		145,421			146,713
Customer relationships		219,575			211,750
Patents and other intangibles(1)		8,158			2,475
Intangible assets		817,818			795,591
Accumulated amortization		(328,640	)		(279,046	)
Intangible assets, net	$	489,178		$	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 nine months ended March 31, 2021.

Changes to the carrying amount of net intangible assets for the quarter ended March 31, 2021 consist of (in thousands):

Beginning balance	$	516,545
Acquisitions		8,917
Other additions		5,750
Amortization expense		(46,237	)
Currency translation		4,203
Ending balance	$	489,178

The estimated future amortization expense for intangible assets as of March 31, 2021 is as follows (in thousands):

2021 remainder	$	15,060
2022		59,539
2023		57,647
2024		55,016
2025		51,959
Thereafter		249,957
Total	$	489,178

Goodwill:

Changes to the carrying amount of goodwill for the quarter ended March 31, 2021 consist of (in thousands):

	Protein Sciences		Diagnostics and Genomics		Total
Beginning balance	$	373,081	$	355,229	$	728,310
Acquisitions		7,848		-		7,848
Currency translation		10,186		116		10,302
Ending balance	$	391,115	$	355,345	$	746,460

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 March 31, 2021. 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.