Goodwill and Intangible Assets

12 Months Ended

Sep. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

The Company’s intangible assets by major asset class subject to amortization as of:



September 30, 2014	Estimated Useful Life	Original Cost		Accumulated Amortization		Net Book Value
Intangible assets:
Trade name	10 years	$	2,000	$	646	$	1,354
Non-compete agreement	5 years	1,600		988		612
Below market lease	5 years	900		685		215
Customer relationships	10 years	13,800		4,491		9,309
Order backlog	1 year	2,200		2,200		—
Transition services agreement	< 1 year	23		23		—
Total intangible assets		$	20,523	$	9,033	$	11,490

September 30, 2013
Intangible assets:
Trade name	10 years	$	2,000	$	446	$	1,554
Non-compete agreement	5 years	1,600		668		932
Below market lease	5 years	900		505		395
Customer relationships	10 years	13,800		3,111		10,689
Order backlog	1 year	2,200		2,119		81
Transition services agreement	< 1 year	23		23		—
Total intangible assets		$	20,523	$	6,872	$	13,651

Included in the intangible assets at September 30, 2013 are assets acquired in connection with the purchase of substantially all related operating assets from MW General, Inc. (DBA General Aluminium Forgings) on July 23, 2013, as discussed more fully in Note 12. These acquired intangible assets consist of:



	Estimated Useful Life	Original Cost
Intangible assets:
Trade name	10 years	$	100
Non-compete agreement	5 years	100
Customer relationships	10 years	800
Order backlog	1 year	100
Total intangible assets		$	1,100

The amortization expense on identifiable intangible assets for fiscal 2014, 2013 and 2012 was $2,161, $2,076 and $2,879 respectively. Amortization expense associated with the identified intangible assets is expected to be as follows:



	Amortization Expense
Fiscal year 2015	$	2,080
Fiscal year 2016	1,854
Fiscal year 2017	1,617
Fiscal year 2018	1,596
Fiscal year 2019	1,580

Goodwill is not amortized, but is subject to an annual impairment test. The Company tests its goodwill for impairment in the fourth fiscal quarter, and in interim periods if certain events occur indicating that the carrying amount of goodwill may be impaired. During fiscal 2014 and 2013, the Company performed a quantitative assessment of goodwill for impairment. The impairment test consisted of a comparison between the fair value of the indefinite lived intangible assets, as determined by projected discounted cash flows from future operations, and the carrying values. The Company concluded that no impairment exists as of September 30, 2014 and 2013. All of the goodwill is expected to be deductible for tax purposes. Changes in the net carrying amount of goodwill were as follows:



Balance at September 30, 2012	$	7,015
Goodwill acquired during the year	605
Balance at September 30, 2013	$	7,620



Balance at September 30, 2013	$	7,620
Goodwill purchase price adjustment	38
Balance at September 30, 2014	$	7,658

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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