4.Intangibles

We acquired intangible assets in addition to goodwill in connection with two acquisitions completed in fiscal 2015. These assets are susceptible to shortened estimated useful lives and changes in fair value due to changes in their use, market or economic changes, or other events or circumstances. We evaluate the potential impairment of these intangible assets whenever events or circumstances indicate their carrying value may not be recoverable. Factors that could trigger an impairment review include historical or projected results that are less than the assumptions used in the original valuation of an intangible asset, a change in our business strategy or our use of an intangible asset or negative economic or industry trends.

If an event or circumstance indicates that the carrying value of an intangible asset may not be recoverable, we assess the recoverability of the asset by comparing the carrying value of the asset to the sum of the undiscounted future cash flows that the asset is expected to generate over its remaining economic life. If the carrying value exceeds the sum of the undiscounted future cash flows, we compare the fair value of the intangible asset to the carrying value and record an impairment loss for the difference. We generally estimate the fair value of our intangible assets using the income approach based on a discounted cash flow model. The income approach requires the use of many assumptions and estimates including future revenues and expenses, discount factors, income tax rates, the identification of groups of assets with highly independent cash flows, and assets’ economic lives. Volatility in the global economy makes these assumptions and estimates more judgmental. Actual future operating results and the remaining economic lives of our other intangible assets could differ from those used in assessing the recoverability of these assets and could result in an impairment of other intangible assets in future periods.

Our intangible assets are as follows (in thousands):


		March 31,				March 31,		June 30,				June 30,
		2017				2017		2016				2016
		Gross				Net		Gross				Net
		Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
		Amount		Amortization		Amount		Amount		Amortization		Amount
Customer/Distributor Relationships	$	3,070	$	(1,280)	$	1,790	$	3,170	$	(847)	$	2,323
Trade Name		2,383		(497)		1,886		2,461		(328)		2,133
Software		677		(280)		397		676		(181)		495
Other		114		(79)		35		118		(52)		66
Total	$	6,244	$	(2,136)	$	4,108	$	6,425	$	(1,408)	$	5,017

Amortization expense was $261,000 and $280,000 for the three month periods ended March 31, 2017 and 2016, respectively. Amortization expense was $803,000 and $865,000 for the nine month periods ended March 31, 2017 and 2016, respectively. The change in the gross carrying value of $181,000 is due to changes in foreign currency rates from June 30, 2016 to March 31, 2017.

The estimated amortization of the remaining intangible assets by year is as follows (in thousands):



Years Ending June 30,		Amount
2017 (excluding the nine months ended March 31, 2017)	$	263
2018		1,051
2019		1,033
2020		647
2021		238
after 2021		876
	$	4,108