Goodwill and Intangible Assets

Our intangible assets consist of goodwill of $1.0 million, which is not being amortized, and purchased technology of $0.5 million, which is amortized over its estimated useful life. No impairment expense has been recorded for the last three fiscal years.

Intangible assets balances, subject to amortization, at September 30, 2018 and 2017 consisted of the following (in thousands):



	September 30, 2018							September 30, 2017
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Purchased technology	$	11,749	$	(11,239	)	$	510	$	11,749	$	(11,033	)	$	716

Amortization of intangible assets recorded for the year ended September 30, 2018 was $0.2 million, and $0.4 million for the years ended September 30, 2017 and 2016, respectively.

Estimated amortization expense for each of the five subsequent fiscal years is expected to be (in thousands):



Years Ended September 30,	Total
2019	$	177
2020	177
2021	156
2022	—
2023	—

On August 7, 2006, we purchased certain assets related to the manufacturing of ANSI medium-voltage switchgear and circuit breaker business from General Electric Company (GE). In connection with the acquisition, we entered into a 15-year supply agreement with GE pursuant to which GE would purchase from us all of its requirements for ANSI medium-voltage switchgear and circuit breakers and other related equipment and components (the Products). We recorded an intangible asset related to this supply agreement. On December 30, 2013, we and GE amended the supply agreement to allow GE to manufacture similar Products for sale immediately and allow them to begin purchasing Products from other suppliers beginning December 31, 2014. In return, GE paid us $10 million upon execution of the amended supply agreement and agreed to pay an additional $7 million over three years, beginning March 2015. The final balance of $2.3 million was received in April 2017. We wrote off the intangible asset related to the original supply agreement and recorded a deferred credit in the amount of $8.1 million at December 31, 2013, the amount by which the total proceeds from GE exceeded the unamortized balance of our intangible asset. We amortized this deferred credit over the four-year life of the agreement and recorded $0.5 million in other income in Fiscal 2018, and $2.0 million in both Fiscal 2017 and 2016.