Goodwill and Other Intangible Assets

12 Months Ended

Sep. 30, 2023

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

3.      Goodwill and Other Intangible Assets

Included on the Consolidated Balance Sheets at September 30, 2023 and 2022 are the following intangible assets gross carrying amounts and accumulated amortization:

(Dollars in thousands)	2023		2022
Goodwill	$	503,177	492,709
Intangible assets with determinable lives:
Patents
Gross carrying amount	$	2,516	2,353
Less: accumulated amortization		1,218	1,091
Net	$	1,298	1,262
Capitalized software
Gross carrying amount	$	121,883	106,583
Less: accumulated amortization		80,774	70,476
Net	$	41,109	36,107
Customer Relationships
Gross carrying amount	$	296,927	287,447
Less: accumulated amortization		113,311	96,921
Net	$	183,616	190,526
Other
Gross carrying amount	$	14,232	13,985
Less: accumulated amortization		9,578	7,440
Net	$	4,654	6,545
Intangible assets with indefinite lives:
Trade names	$	161,447	160,024

We performed our annual evaluation of goodwill and intangible assets for impairment during the fourth quarter of 2023 and concluded that no impairment existed at September 30, 2023. There were no accumulated impairment losses as of September 30, 2023.

The changes in the carrying amount of goodwill attributable to each business segment for 2023 and 2022 are as follows:

(Dollars in millions)	A&D		Test		USG	Total
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
Acquisition activity		5.6		—	—	5.6
Foreign currency translation and other		—		—	4.9	4.9
Balance as of September 30, 2023	$	115.6		34.0	353.6	503.2

Amortization expense related to intangible assets with determinable lives was $29.0 million, $25.9 million and $20.8 million in 2023, 2022 and 2021, 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 2024 through 2027 is estimated at approximately $17 million per year, and approximately $14.5 million in 2028.