Goodwill and Other Intangible Assets
|3 Months Ended|
Dec. 31, 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 net goodwill balances at December 31, 2019 and September 30, 2019 include $88,324 of accumulated impairment losses. Accumulated impairment losses were $83,324 and $5,000 for the SGK Brand Solutions and Memorialization segments, respectively.
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. The Company performed an interim assessment of its Graphics Imaging reporting unit goodwill during the fourth quarter of fiscal 2019 and recorded a $77,572 goodwill write-down. Subsequent to this write-down, the fair value of the Graphics Imaging reporting unit, within the SGK Brand Solutions segment, approximated carrying value at September 30, 2019. If current projections are not achieved or specific valuation factors outside the Company’s control (such as discount rates) significantly change, additional goodwill write-downs may be necessary in future periods.
Note 16. Goodwill and Other Intangible Assets (continued)
The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of December 31, 2019 and September 30, 2019, respectively.
The net change in intangible assets during the three months ended December 31, 2019 included the impact of foreign currency fluctuations during the period and additional amortization.
Amortization expense on intangible assets was $17,942 and $8,113 for the three-month periods ended December 31, 2019 and 2018, respectively. Amortization expense is estimated to be $53,562 for the remainder of fiscal 2020, $60,109 in 2021, $46,729 in 2022, $27,797 in 2023 and $26,177 in 2024.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef