Goodwill and Intangible Assets

3 Months Ended

Dec. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

7. Goodwill and Intangible Assets

Goodwill

The following table sets forth the change in the carrying amount of goodwill during the three months ended December 31, 2018 and 2017, respectively (in thousands):

Balance as of September 30, 2017	$	1,251,986
Translation and other adjustments		(161	)
Balance as of December 31, 2017	$	1,251,825


Balance as of September 30, 2018	$	2,491,779
Acquisitions¹		(513	)
Translation and other adjustments		(1,536	)
Balance as of December 31, 2018	$	2,489,730

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Reflects purchase accounting adjustments related to fiscal year 2018 acquisition of Atlas Supply, Inc. (see Note 3 for further discussion).

The changes in the carrying amount of goodwill for the three months ended December 31, 2018 and 2017 were driven primarily by purchase accounting and foreign currency translation adjustments.

Intangible Assets

In connection with transactions finalized during fiscal year 2018, the Company recorded intangible assets of $1.05 billion ($920.8 million of customer relationships, $120.0 million of indefinite-lived trademarks, and $7.0 million of beneficial lease arrangements).

The following table summarizes intangible assets by category (in thousands, except time period amounts):

	December 31, 2018			September 30, 2018			December 31, 2017			Weighted-Average Remaining Life¹ (Years)
Amortizable intangible assets:
Non-compete agreements	$	2,824		$	2,824		$	2,824			2.47
Customer relationships		1,530,748			1,530,565			609,984			18.38
Trademarks		10,500			10,500			10,500			7.41
Beneficial lease arrangements		8,060			8,060			1,060			4.24
Total amortizable intangible assets		1,552,132			1,551,949			624,368
Accumulated amortization		(462,940	)		(410,633	)		(286,561	)
Total amortizable intangible assets, net	$	1,089,192		$	1,141,316		$	337,807
Indefinite lived trademarks		193,050			193,050			73,050
Total intangibles, net	$	1,282,242		$	1,334,366		$	410,857

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¹	As of December 31, 2018.

For the three months ended December 31, 2018 and 2017, the Company recorded $52.0 million and $18.2 million of amortization expense relating to the above-listed intangible assets, respectively. The intangible asset lives range from 5 to 20 years and have a weighted-average remaining life of 18.2 years as of December 31, 2018.

The following table summarizes the estimated future amortization expense for intangible assets (in thousands):

Year Ending September 30,
2019 (Jan - Sept)	$	156,534
2020		179,541
2021		149,974
2022		121,426
2023		97,517
Thereafter		384,200
Total future amortization expense	$	1,089,192