Goodwill and Other Intangible Assets
|6 Months Ended|
Mar. 31, 2022
|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 March 31, 2022 and September 30, 2021 included $178,732 of accumulated impairment losses. Accumulated impairment losses at March 31, 2022 and September 30, 2021 were $149,786, $5,000, and $23,946 for the SGK Brand Solutions, Memorialization, and Industrial Technologies segments, respectively.
The Company performed its annual impairment review of goodwill and indefinite-lived intangible assets in the second quarter of fiscal 2022 (January 1, 2022) and determined that the estimated fair values for all goodwill reporting units exceeded their carrying values, therefore no impairment charges were necessary. The estimated fair value of the Company's Graphics Imaging reporting unit, within the SGK Brand Solutions segment, exceeded the carrying value (expressed as a percentage of carrying value) by approximately 10%. If current projections are not achieved or specific valuation factors outside the Company’s control (such as discount rates and continued economic and industry impacts of COVID-19) significantly change, goodwill write-downs may be necessary in future periods.
Note 14. Goodwill and Other Intangible Assets (continued)
The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of March 31, 2022 and September 30, 2021, respectively.
The net change in intangible assets during the six months ended March 31, 2022 included the impact of foreign currency fluctuations during the period and additional amortization.Amortization expense on intangible assets was $11,953 and $22,930 for the three-month periods ended March 31, 2022 and 2021, respectively. For the six month period ended March 31, 2022 and 2021, amortization expense was $33,499 and $38,151, respectively. Amortization expense is estimated to be $23,976 for the remainder of fiscal 2022, $41,064 in 2023, $35,505 in 2024, $19,684 in 2025 and $14,686 in 2026.
No definition available.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef