Company Quick10K Filing
Kimball
Price19.25 EPS1
Shares37 P/E18
MCap717 P/FCF14
Net Debt-80 EBIT55
TEV637 TEV/EBIT12
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-02-08
10-Q 2020-09-30 Filed 2020-11-05
10-K 2020-06-30 Filed 2020-08-28
10-Q 2020-03-31 Filed 2020-05-11
10-Q 2019-12-31 Filed 2020-02-05
10-Q 2019-09-30 Filed 2019-11-05
10-K 2019-06-30 Filed 2019-08-27
10-Q 2019-03-31 Filed 2019-05-08
10-Q 2018-12-31 Filed 2019-02-05
10-Q 2018-09-30 Filed 2018-11-06
10-K 2018-06-30 Filed 2018-08-28
10-Q 2018-03-31 Filed 2018-05-02
10-Q 2017-12-31 Filed 2018-02-01
10-Q 2017-09-30 Filed 2017-11-02
10-K 2017-06-30 Filed 2017-08-29
10-Q 2017-03-31 Filed 2017-05-04
10-Q 2016-12-31 Filed 2017-02-02
10-Q 2016-09-30 Filed 2016-11-02
10-K 2016-06-30 Filed 2016-08-30
10-Q 2016-03-31 Filed 2016-05-04
10-Q 2015-12-31 Filed 2016-02-03
10-Q 2015-09-30 Filed 2015-11-04
10-K 2015-06-30 Filed 2015-08-26
10-Q 2015-03-31 Filed 2015-05-06
10-Q 2014-12-31 Filed 2015-02-04
10-Q 2014-09-30 Filed 2014-11-07
10-K 2014-06-30 Filed 2014-08-27
10-Q 2014-03-31 Filed 2014-05-05
10-Q 2013-12-31 Filed 2014-02-05
10-Q 2013-09-30 Filed 2013-11-05
10-K 2013-06-30 Filed 2013-08-26
10-Q 2013-03-31 Filed 2013-05-02
10-Q 2012-12-31 Filed 2013-02-04
10-Q 2012-09-30 Filed 2012-11-01
10-K 2012-06-30 Filed 2012-08-27
10-Q 2012-03-31 Filed 2012-05-03
10-Q 2011-12-31 Filed 2012-02-03
10-Q 2011-09-30 Filed 2011-11-01
10-K 2011-06-30 Filed 2011-08-29
10-Q 2011-03-31 Filed 2011-05-05
10-Q 2010-12-31 Filed 2011-02-04
10-Q 2010-09-30 Filed 2010-11-05
10-K 2010-06-30 Filed 2010-08-30
10-Q 2010-03-31 Filed 2010-05-06
10-Q 2009-12-31 Filed 2010-02-05
8-K 2020-11-04
8-K 2020-10-27
8-K 2020-09-30
8-K 2020-08-01
8-K 2020-06-26
8-K 2020-05-05
8-K 2020-04-27
8-K 2020-03-31
8-K 2020-03-23
8-K 2020-02-04
8-K 2019-11-04
8-K 2019-10-24
8-K 2019-10-22
8-K 2019-07-29
8-K 2019-07-09
8-K 2019-06-19
8-K 2019-06-19
8-K 2019-05-07
8-K 2019-02-28
8-K 2019-02-04
8-K 2018-11-02
8-K 2018-10-30
8-K 2018-10-25
8-K 2018-08-01
8-K 2018-07-06
8-K 2018-07-02
8-K 2018-05-07
8-K 2018-05-01
8-K 2018-01-31
8-K 2018-01-22

KBAL 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Recent Accounting Pronouncements and Supplemental Information
Note 3. Acquisition
Note 4. Restructuring
Note 5. Revenue
Note 6. Leases
Note 7. Earnings per Share
Note 8. Income Taxes
Note 9. Inventories
Note 10. Accumulated Other Comprehensive Income
Note 11. Short - Term and Long - Term Debt
Note 12. Commitments and Contingent Liabilities
Note 13. Fair Value
Note 14. Investments
Note 15. Derivative Instruments
Note 16. Postemployment Benefits
Note 17. Stock Compensation
Note 18. Variable Interest Entities
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-2.B a10qexhibit2b12092020.htm
EX-31.1 exhibit31112312020q2.htm
EX-31.2 exhibit31212312020q2.htm
EX-32.1 exhibit32112312020q2.htm
EX-32.2 exhibit32212312020q2.htm

Kimball Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
72558043529014502012201420172020
Assets, Equity
3502802101407002012201420172020
Rev, G Profit, Net Income
3011-8-27-46-652012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
x  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2020
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number    0-3279
kbal-20201231_g1.jpg
KIMBALL INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)

Indiana35-0514506
(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization)
1600 Royal Street, Jasper, Indiana
47546-2256
(Address of principal executive offices)(Zip Code)

(812) 482-1600
Registrant’s telephone number, including area code
Not Applicable
Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each ClassTrading Symbol(s)Name of each exchange on which registered
Class B Common Stock, par value $0.05 per shareKBAL
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
Yes  x    No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  x   No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  x                         Accelerated filer  o 
Non-accelerated filer  o                         Smaller reporting company  o
Emerging growth company  o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Yes      No  x
The number of shares outstanding of the Registrant’s common stock as of January 28, 2021 was:
Class A Common Stock - 191,587 shares
Class B Common Stock - 36,690,325 shares



KIMBALL INTERNATIONAL, INC.
FORM 10-Q
INDEX
Page No.
 
PART I    FINANCIAL INFORMATION
 
 
PART II    OTHER INFORMATION
 

2


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

KIMBALL INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands, Except for Share and Per Share Data)
(Unaudited) 
December 31,
2020
June 30,
2020
ASSETS  
Current Assets:  
Cash and cash equivalents$39,720 $91,798 
Short-term investments1,505 5,294 
Receivables, net of allowances of $2,780 and $2,574, respectively
54,759 68,365 
Inventories60,199 49,857 
Prepaid expenses and other current assets17,504 16,869 
Assets held for sale 215 
Total current assets173,687 232,398 
Property and equipment, net of accumulated depreciation of $197,261 and $193,641, respectively
90,028 92,041 
Right-of-use operating lease assets18,072 16,461 
Goodwill82,958 11,160 
Other intangible assets, net of accumulated amortization of $37,030 and $40,442, respectively
68,041 13,949 
Deferred tax assets12,854 7,485 
Other assets18,460 12,773 
Total Assets$464,100 $386,267 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Short-term debt$40,000 $ 
Current maturities of long-term debt1,282 27 
Accounts payable42,268 40,229 
Customer deposits28,965 19,649 
Current portion of operating lease liability6,601 4,886 
Dividends payable3,580 3,454 
Accrued expenses31,726 41,076 
Total current liabilities154,422 109,321 
Other Liabilities:
Long-term debt, less current maturities1,331 109 
Long-term operating lease liability15,527 16,610 
Contingent earn-out liability31,790  
Other17,018 15,431 
Total other liabilities65,666 32,150 
Shareholders’ Equity:
Common stock-par value $0.05 per share:
Class A - Shares authorized: 50,000,000
               Shares issued: 192,000 and 193,000, respectively
9 10 
Class B - Shares authorized: 100,000,000
               Shares issued: 42,831,000 and 42,830,000, respectively
2,142 2,141 
Additional paid-in capital4,843 3,770 
Retained earnings302,937 305,024 
Accumulated other comprehensive income2,169 2,137 
Less: Treasury stock, at cost, 6,101,000 shares and 6,110,000 shares, respectively
(68,088)(68,286)
Total Shareholders’ Equity244,012 244,796 
Total Liabilities and Shareholders’ Equity$464,100 $386,267 
See Notes to Condensed Consolidated Financial Statements
3


KIMBALL INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands, Except for Per Share Data)
(Unaudited)(Unaudited)
Three Months EndedSix Months Ended
December 31December 31
2020201920202019
Net Sales$136,197 $192,164 $284,141 $393,616 
Cost of Sales90,648 126,823 186,236 257,905 
Gross Profit45,549 65,341 97,905 135,711 
Selling and Administrative Expenses45,967 49,719 87,654 100,633 
Restructuring Expense1,616 1,396 5,856 5,746 
Operating Income (Loss)(2,034)14,226 4,395 29,332 
Other Income (Expense):
Interest income87 489 189 1,096 
Interest expense(58)(21)(86)(44)
Non-operating income (expense), net1,380 717 2,123 718 
Other income (expense), net1,409 1,185 2,226 1,770 
Income (Loss) Before Taxes on Income(625)15,411 6,621 31,102 
Provision for Income Taxes213 4,372 2,073 8,679 
Net Income (Loss)$(838)$11,039 $4,548 $22,423 
Earnings (Loss) Per Share of Common Stock:  
Basic Earnings (Loss) Per Share$(0.02)$0.30 $0.12 $0.61 
Diluted Earnings (Loss) Per Share$(0.02)$0.30 $0.12 $0.60 
Class A and B Common Stock:
Average Number of Shares Outstanding - Basic36,962 36,921 36,968 36,929 
Average Number of Shares Outstanding - Diluted36,962 37,221 37,465 37,274 
See Notes to Condensed Consolidated Financial Statements

4


KIMBALL INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in Thousands)
(Unaudited)(Unaudited)
Three Months EndedThree Months Ended
December 31, 2020December 31, 2019
(Unaudited)Pre-taxTaxNet of TaxPre-taxTaxNet of Tax
Net income (loss)$(838)$11,039 
Other comprehensive income (loss):
Available-for-sale securities$(13)$3 $(10)$(12)$3 $(9)
Postemployment severance actuarial change124 (32)92 296 (76)220 
Reclassification to (earnings) loss:
Amortization of actuarial change(109)28 (81)(90)23 (67)
Other comprehensive income (loss)$2 $(1)$1 $194 $(50)$144 
Total comprehensive income (loss)$(837)$11,183 

(Unaudited)(Unaudited)
 Six Months EndedSix Months Ended
December 31, 2020December 31, 2019
(Unaudited)Pre-taxTaxNet of TaxPre-taxTaxNet of Tax
Net income$4,548 $22,423 
Other comprehensive income (loss):
Available-for-sale securities$(38)$10 $(28)$(20)$5 $(15)
Postemployment severance actuarial change302 (78)224 445 (115)330 
Reclassification to (earnings) loss:
Amortization of actuarial change(221)57 (164)(178)46 (132)
Other comprehensive income (loss)$43 $(11)$32 $247 $(64)$183 
Total comprehensive income$4,580 $22,606 
See Notes to Condensed Consolidated Financial Statements

5


KIMBALL INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)
 (Unaudited)
Six Months Ended
December 31
20202019
Cash Flows From Operating Activities:
Net income$4,548 $22,423 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation7,128 7,476 
Amortization1,702 1,068 
(Gain) loss on sales of assets(177)59 
Restructuring and asset impairment charges1,462 2,763 
Deferred income tax and other deferred charges(747)(979)
Stock-based compensation2,258 2,729 
Other, net(547)2,220 
Change in operating assets and liabilities:
Receivables16,720 825 
Inventories5,376 (2,931)
Prepaid expenses and other current assets156 (2,343)
Accounts payable(5,785)(7,057)
Customer deposits7,271 7,883 
Accrued expenses(14,844)(20,734)
Net cash provided by operating activities24,521 13,402 
Cash Flows From Investing Activities:
Capital expenditures(5,895)(12,038)
Proceeds from sales of assets394 102 
Cash paid for acquisition(100,930) 
Purchases of capitalized software(3,047)(1,471)
Purchases of available-for-sale securities(10,000)(13,975)
Maturities of available-for-sale securities13,750 21,488 
Other, net(46)(853)
Net cash used for investing activities(105,774)(6,747)
Cash Flows From Financing Activities:
Proceeds from short-term debt40,000  
Repayments of long-term debt(27)(25)
Dividends paid to shareholders(6,643)(6,286)
Repurchases of Common Stock(638)(1,266)
Repurchase of employee shares for tax withholding(236)(842)
Net cash provided by (used for) financing activities32,456 (8,419)
Net Decrease in Cash, Cash Equivalents, and Restricted Cash (1)
(48,797)(1,764)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period (1)
92,444 73,837 
Cash, Cash Equivalents, and Restricted Cash at End of Period (1)
$43,647 $72,073 
Supplemental Disclosure of Cash Flow Information
Non-cash items:
Contingent earn-out liability for Poppin, Inc. acquisition$31,790 $ 
Cash paid during the period for:
Income taxes$6,089 $9,063 
Interest expense$29 $14 
(1) The following table reconciles cash and cash equivalents in the balance sheets to cash, cash equivalents, and restricted cash per the statements of cash flows. The restricted cash included in other assets on the balance sheet represents amounts pledged as collateral for a long-term financing arrangement as contractually required by a lender. The restriction will lapse when the related long-term debt is paid off. Restricted cash also included customer deposits held due to a foreign entity being classified as a restricted entity by a government agency subsequent to our receipt of the deposit and cash held in escrow for repayment of the Payment Protection Program loan that Poppin, Inc. obtained prior to its acquisition.
(Amounts in Thousands)December 31,
2020
June 30,
2020
December 31,
2019
June 30,
2019
Cash and Cash Equivalents$39,720 $91,798 $71,430 $73,196 
Restricted cash included in Other Assets3,927 646 643 641 
Total Cash, Cash Equivalents, and Restricted Cash at end of period$43,647 $92,444 $72,073 $73,837 
See Notes to Condensed Consolidated Financial Statements
6


KIMBALL INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Amounts in Thousands, Except for Share and Per Share Data)
Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Shareholders’ Equity
Three months ended December 31, 2020 (Unaudited)Class AClass B
Amounts at September 30, 2020$10 $2,141 $3,681 $307,177 $2,168 $(67,484)$247,693 
Net income (loss)(838)(838)
Other comprehensive income (loss)1 1 
Issuance of non-restricted stock (11,000 shares)
(147)147  
Conversion of Class A to Class B common stock (1,000 shares)
(1)1  
Compensation expense related to stock compensation plans1,309 1,309 
Repurchase of Common Stock (62,000 shares)
(751)(751)
Dividends declared ($0.09 per share)
(3,402)(3,402)
Amounts at December 31, 2020$9 $2,142 $4,843 $302,937 $2,169 $(68,088)$244,012 
Three months ended December 31, 2019 (Unaudited)
Amounts at September 30, 2019$12 $2,139 $2,438 $285,405 $1,976 $(66,938)$225,032 
Net income11,039 11,039 
Other comprehensive income (loss)144 144 
Issuance of non-restricted stock (6,000 shares)
(84)84  
Conversion of Class A to Class B common stock (55,000 shares)
(2)2  
Compensation expense related to stock compensation plans1,069 1,069 
Repurchase of Common Stock (65,000 shares)
(1,340)(1,340)
Dividends declared ($0.09 per share)
(3,355)(3,355)
Amounts at December 31, 2019$10 $2,141 $3,423 $293,089 $2,120 $(68,194)$232,589 
Six months ended December 31, 2020 (Unaudited)
Amounts at June 30, 2020$10 $2,141 $3,770 $305,024 $2,137 $(68,286)$244,796 
Net income4,548 4,548 
Other comprehensive income (loss)32 32 
Issuance of non-restricted stock (24,000 shares)
(315)315  
Conversion of Class A to Class B common stock (1,000 shares)
(1)1  
Compensation expense related to stock incentive plans2,258 2,258 
Restricted stock units issuance (15,000 shares)
(284)204 (80)
Relative total shareholder return performance units issuance (32,000 shares)
(586)430 (156)
Cumulative effect of change in accounting principle134134 
Repurchase of Common Stock (62,000 shares)
(751)(751)
Dividends declared ($0.18 per share)
(6,769)(6,769)
Amounts at December 31, 2020$9 $2,142 $4,843 $302,937 $2,169 $(68,088)$244,012 
Six months ended December 31, 2019 (Unaudited)
Amounts at June 30, 2019$12 $2,139 $3,570 $277,391 $1,937 $(68,559)$216,490 
Net income22,423 22,423 
Other comprehensive income (loss)183 183 
Issuance of non-restricted stock (15,000 shares)
(202)202  
Conversion of Class A to Class B common stock (57,000 shares)
(2)2  
Compensation expense related to stock incentive plans3,080 3,080 
Performance share issuance (67,000 shares)
(1,391)879 (512)
Relative total shareholder return performance units issuance (48,000 shares)
(954)624 (330)
Reclassification of equity-classified awards(680)(680)
Repurchase of Common Stock (65,000 shares)
(1,340)(1,340)
Dividends declared ($0.18 per share)
(6,725)(6,725)
Amounts at December 31, 2019$10 $2,141 $3,423 $293,089 $2,120 $(68,194)$232,589 
See Notes to Condensed Consolidated Financial Statements
7


KIMBALL INTERNATIONAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements of Kimball International, Inc. (the “Company,” “Kimball International,” “we,” “us,” or “our”) have been prepared in accordance with the instructions to Form 10-Q. As such, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted, although we believe that the disclosures are adequate to make the information presented not misleading. Intercompany transactions and balances have been eliminated. Management believes the financial statements include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly the financial statements for the interim periods. The results of operations for the interim periods shown in this report are not necessarily indicative of results for any future interim period or for the entire fiscal year. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in our latest annual report on Form 10-K. Additionally, based on the duration and severity of the current global situation involving the COVID-19 pandemic, including but not limited to the prolonged reduction in travel and the speed of the recovery of economic conditions globally, the extent to which COVID-19 will impact our business and our consolidated financial results will depend on future developments, which are highly uncertain and cannot be predicted.
Note 2. Recent Accounting Pronouncements and Supplemental Information
Recently Adopted Accounting Pronouncements:
In August 2018, the Financial Accounting Standards Board (“FASB”) issued guidance on a customer’s accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor. Under the new guidance, customers will apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. The guidance was adopted during our first quarter of fiscal year 2021 and was applied prospectively. The adoption of this guidance did not have a material effect on our condensed consolidated financial statements.
In August 2018, the FASB issued guidance which changes the fair value measurement disclosure requirements. The guidance modifies and removes certain disclosures related to the fair value hierarchy, and adds new disclosure requirements such as disclosing the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The guidance was adopted during our first quarter of fiscal year 2021 and was applied retrospectively. The adoption of this guidance did not have a material effect on our condensed consolidated financial statements.
In June 2016, the FASB issued guidance on the measurement of credit losses on financial instruments. Under the guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The guidance is also intended to reduce the complexity by decreasing the number of credit impairment models that entities use to account for debt instruments. In May 2019, the FASB amended the new standard to allow entities to elect the fair value option on certain financial instruments that were previously recorded at amortized cost. In November 2019, the FASB amended the new standard to extend the disclosure relief for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis. The guidance was adopted during our first quarter of fiscal year 2021 and did not have a material effect on our condensed consolidated financial statements.
Goodwill and Other Intangible Assets:
Goodwill represents the difference between the purchase price and the related underlying tangible and intangible net asset fair values resulting from business acquisitions. Goodwill is assigned to and the fair value is tested at the reporting unit level. Annually, or if conditions indicate an earlier review is necessary, we may assess qualitative factors to determine if it is more likely than not that the fair value is less than its carrying amount. We also have the option to bypass the qualitative assessment and proceed directly to performing the quantitative goodwill impairment test which compares the carrying value of the reporting unit to the reporting unit’s fair value to identify impairment. Under the quantitative assessment, if the fair value of the reporting unit is less than the carrying value, goodwill is written down to its fair value. The fair value is established primarily using a discounted cash flow analysis and secondarily a market approach utilizing current industry information. The calculation of the fair value of the reporting unit considers current market conditions existing at the assessment date. In connection with our annual impairment test, we assessed goodwill associated with the acquisitions of D’style, Inc., and David Edward Furniture, Inc. for impairment during our second quarter of fiscal year 2021, and no goodwill impairment was recognized.
8


As of December 31, 2020 and June 30, 2020 our goodwill totaled $83.0 million and $11.2 million, respectively. During fiscal year 2021, we recorded $71.8 million and $52.4 million, respectively, in goodwill and other intangible assets from the acquisition of Poppin, Inc. See Note 3 - Acquisition of Notes to Condensed Consolidated Financial Statements for more information on this acquisition.
Other Intangible Assets reported on the Condensed Consolidated Balance Sheets consist of capitalized software, customer relationships, trade names, acquired technology, patents, trademarks, and non-compete agreements. Intangible assets are reviewed for impairment when events or circumstances indicate that the carrying value may not be recoverable over the remaining lives of the assets. A summary of intangible assets subject to amortization is as follows:
 December 31, 2020June 30, 2020
(Amounts in Thousands)CostAccumulated
Amortization
Net ValueCostAccumulated
Amortization
Net Value
Capitalized Software$42,063 $33,202 $8,861 $43,671 $37,566 $6,105 
Customer Relationships19,050 2,378 16,672 7,050 1,871 5,179 
Trade Names36,570 1,326 35,244 3,570 952 2,618 
Acquired Technology7,000 59 6,941    
Patents and Trademarks288 2 286    
Non-Compete Agreements100 63 37 100 53 47 
Other Intangible Assets$105,071 $