Goodwill and Other Intangible Assets

12 Months Ended

Sep. 30, 2022

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

4.      Goodwill and Other Intangible Assets

Included on the Consolidated Balance Sheets at September 30, 2022 and 2021 are the following intangible assets gross carrying amounts and accumulated amortization:

(Dollars in thousands)	2022		2021
Goodwill	$	492,709	504,853
Intangible assets with determinable lives:
Patents
Gross carrying amount	$	2,353	2,131
Less: accumulated amortization		1,091	972
Net	$	1,262	1,159
Capitalized software
Gross carrying amount	$	106,583	93,671
Less: accumulated amortization		70,476	63,740
Net	$	36,107	29,931
Customer Relationships
Gross carrying amount	$	287,447	288,530
Less: accumulated amortization		96,921	80,882
Net	$	190,526	207,648
Other
Gross carrying amount	$	13,985	13,177
Less: accumulated amortization		7,440	4,398
Net	$	6,545	8,779
Intangible assets with indefinite lives:
Trade names	$	160,024	161,733

We performed our annual evaluation of goodwill and intangible assets for impairment during the fourth quarter of 2022 and concluded that no impairment existed at September 30, 2022. There were no accumulated impairment losses as of September 30, 2022.

The changes in the carrying amount of goodwill attributable to each business segment for 2022 and 2021 are as follows:

(Dollars in millions)	A&D		Test		USG	Total
Balance as of September 30, 2020	$	102.1		34.1	271.9	408.1
Acquisition activity		2.2		—	95.2	97.4
Foreign currency translation and other		—		—	(0.6)	(0.6)
Balance as of September 30, 2021	$	104.3		34.1	366.5	504.9
Acquisition activity		5.7		—	(4.7)	1.0
Foreign currency translation and other		—		(0.1)	(13.1)	(13.2)
Balance as of September 30, 2022	$	110.0		34.0	348.7	492.7

Amortization expense related to intangible assets with determinable lives was $25.9 million, $20.8 million and $21.8 million in 2022, 2021 and 2020, respectively. Patents are amortized over the life of the patents, generally ten to twenty years. Capitalized software is amortized over the estimated useful life of the software, generally three to seven years. Customer relationships are generally amortized over thirteen to twenty years. Intangible asset amortization for fiscal years 2023 through 2027 is estimated at $18.5 million in 2023, and approximately $17 million in years 2024 through 2027.