Goodwill and Other Intangible Assets

12 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill by segment are as follows:



	Electrical Infrastructure			Oil Gas & Chemical			Storage Solutions			Industrial			Total
	(In thousands)
Goodwill	$	29,666		$	8,088		$	10,985		$	7,097		$	55,836
Cumulative impairment loss	(17,653		)	(3,000		)	(922		)	(3,425		)	(25,000		)
Net balance at June 30, 2013	12,013			5,088			10,063			3,672			30,836
Purchase of Kvaerner North American Construction (Note 2)	31,259			5,855			—			1,962			39,076
Translation adjustment	(29		)	—			(36		)	(10		)	(75		)
Net balance at June 30, 2014	43,243			10,943			10,027			5,624			69,837
Acquisition related adjustments	175			—			—			44			219
Purchase of HDB (Note 2)	—			3,065			—			—			3,065
Translation adjustment	(1,044		)	—			(363		)	(196		)	(1,603		)
Net balance at June 30, 2015	$	42,374		$	14,008		$	9,664		$	5,472		$	71,518

The translation adjustments relate to the periodic translation of Canadian Dollar denominated goodwill recorded as a part of a prior Canadian acquisition as well as the periodic translation of the Canadian entity acquired with the purchase of Kvaerner North American Construction (Note 2) through June 30, 2015. The cumulative impairment loss shown in the table above occurred as a result of the Company’s operating performance in fiscal 2005.

Other Intangible Assets

Information on the carrying value of other intangible assets is as follows:



		At June 30, 2015
	Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Years)	(In thousands)
Intellectual property	6 to 15	$	2,460	$	(1,086	)	$	1,374
Customer based	1.5 to 15	27,837		(7,109		)	20,728
Non-compete agreements	4 to 5	1,354		(802		)	552
Trade names	3 to 5	1,615		(308		)	1,307
Total amortizing intangibles		33,266		(9,305		)	23,961



		At June 30, 2014
	Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Years)	(In thousands)
Intellectual property	6 to 15	$	2,460	$	(920	)	$	1,540
Customer based	1.5 to 15	27,662		(2,949		)	24,713
Non-compete agreements	3 to 5	1,312		(471		)	841
Trade name	5	165		(33		)	132
Total amortizing intangibles		31,599		(4,373		)	27,226
Trade name	Indefinite	1,450		—			1,450
Total intangible assets		$	33,049	$	(4,373	)	$	28,676

Each reporting period, the Company evaluates the remaining useful lives of intangible assets not being amortized to determine whether facts and circumstances continue to support an indefinite useful life. Based on this analysis, effective December 31, 2014, the Company redesignated a trade name with a value of $1.5 million from an indefinite lived to a definite lived intangible asset and assigned a useful life of three years. The change in designation was an impairment indicator. The Company conducted an impairment analysis and concluded that no impairment existed.

Amortization expense totaled $5.0 million, $2.8 million, and $0.4 million in fiscal 2015, 2014, and 2013, respectively. We estimate that future amortization of other intangible assets will be as follows (in thousands):



For year ending:
June 30, 2016	$	3,334
June 30, 2017	3,250
June 30, 2018	2,909
June 30, 2019	2,543
June 30, 2020	2,543
Thereafter	9,382
Total estimated amortization expense	$	23,961

- 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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