Goodwill and Other Intangible Assets
|9 Months Ended|
Jun. 30, 2019
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Goodwill and Other Intangible Assets||Goodwill and Other Intangible Assets
A summary of the carrying amount of goodwill attributable to each segment as well as the changes in such amounts are as follows:
The Company performed its annual impairment review in the second quarter of fiscal 2019 and determined that estimated fair value for all reporting units exceeded carrying value, therefore no adjustments to the carrying value of goodwill were necessary. Recent market conditions in the United States have unfavorably impacted the operating results of one of the reporting units in the Company's SGK Brand Solutions segment. The estimated fair value of this reporting unit exceeded the carrying value (expressed as a percentage of carrying value) by approximately 10%, resulting in no goodwill impairment for the reporting unit. If the reporting unit's operating results deteriorate further, an impairment charge could be recognized in future periods.
The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of June 30, 2019 and September 30, 2018, respectively.
The net change in intangible assets during the nine months ended June 30, 2019 included the impact of foreign currency fluctuations during the period, additional amortization, additions related to the Frost acquisition, and reductions from the divestiture of a Memorialization business. During the second quarter of fiscal 2019, the Company reassessed certain of its trade names and converted them from indefinite-lived to definite-lived, and accordingly, these intangible assets are now subject to amortization.
Amortization expense on intangible assets was $9,543 and $8,334 for the three-month periods ended June 30, 2019 and 2018, respectively. For the nine-month periods ended June 30, 2019 and 2018, amortization expense was $27,165 and $23,264, respectively. Amortization expense is estimated to be $9,705 for the remainder of fiscal 2019, $37,226 in 2020, $35,753 in 2021, $34,112 in 2022 and $32,504 in 2023.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef