Goodwill and Other Intangible Assets
|3 Months Ended
Dec. 31, 2012
|Goodwill and Other Intangible Assets [Abstract]
|Goodwill and Other Intangible Assets
Note 12. Goodwill and Other Intangible Assets
Goodwill related to business combinations is not amortized but is subject to annual review for impairment. In general, when the carrying value of a reporting unit exceeds its implied fair value, an impairment loss must be recognized. For purposes of testing for impairment the Company uses a combination of valuation techniques, including discounted cash flows. Intangible assets are amortized over their estimated useful lives unless such lives are considered to be indefinite. A significant decline in cash flows generated from these assets may result in a write-down of the carrying values of the related assets. The Company performs its annual impairment review in the second fiscal quarter.
A summary of the carrying amount of goodwill attributable to each segment as well as the changes in such amounts are as follows:
The addition to Graphics Imaging goodwill reflects the acquisition of Wetzel; the addition to Marking and Fulfillment Systems goodwill reflects the acquisition of Pyramid; the addition to Cemetery Products goodwill reflects the acquisition of a small bronze manufacturer in Europe; and the addition to Funeral Home Products goodwill represents the effect of an adjustment to the purchase price of a small casket manufacturer.
The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of December 31, 2012 and September 30, 2012, respectively.
The net change in intangible assets during the three months ended December 31, 2012 included the impact of foreign currency fluctuations during the period and additional amortization.
Amortization expense on intangible assets was $952 and $992 for the three-month periods ended December 31, 2012 and 2011, respectively. The remaining amortization expense is estimated to be $2,601 in 2013, $3,316 in 2014, $3,059 in 2015, $2,768 in 2016 and $2,568 in 2017.