Goodwill and Intangible Assets

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



September 30, 2019	Weighted Average Life at September 30,	Original Cost		Accumulated Amortization		Impairment		Currency Translation			Net Book Value
Intangible assets:
Trade name	8 years	$	1,876	$	1,503	$	—	$	(13	)	$	360
Technology asset	5 years	1,869		1,544		—		(28		)	297
Customer relationships	10 years	13,589		10,859		—		(67		)	2,663
Total intangible assets		$	17,334	$	13,906	$	—	$	(108	)	$	3,320

September 30, 2018
Intangible assets:
Trade name	8 years	$	2,466	$	1,821	$	—	$	(4	)	$	641
Technology asset	5 years	1,869		1,128		—		(10		)	731
Customer relationships	10 years	13,589		9,866		—		(19		)	3,704
Total intangible assets		$	17,924	$	12,815	$	—	$	(33	)	$	5,076

The amortization expense on identifiable intangible assets for fiscal 2019 and 2018 was $1,648 and $1,705, respectively.

Amortization expense associated with the identified intangible assets is expected to be as follows:



	Amortization Expense
Fiscal year 2020	$	1,486
Fiscal year 2021	999
Fiscal year 2022	314
Fiscal year 2023	237
Fiscal year 2024	164

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 the third quarter of fiscal 2019, management reviewed qualitative factors under ASC 350 ("Topic 350"), which triggered an interim goodwill assessment as of May 31, 2019 for its Maniago reporting unit. Certain qualitative factors related to the soft energy market resulting in lower sales and continued under-performance relative to projected future operating results were factors that led the Company to perform an interim assessment of goodwill.

The Company's fair value measurement approach combines the income (discounted cash flow method) and market valuation (market comparable method) techniques for each of the Company’s reporting units that carry goodwill. These valuation techniques use estimates and assumptions including, but not limited to, the determination of appropriate market comparable, projected future cash flows (including timing and profitability), discount rate reflecting the risk inherent in future cash flows, perpetual growth rate, and projected future economic and market conditions (Level 3 inputs).

Although the Company believes its assumptions are reasonable, actual results may vary significantly and may expose the Company to material impairment charges in the future. The methodology for determining fair values was consistent for the periods presented.

Upon completion of the interim impairment test for the Maniago reporting unit, it was determined that the fair value of the reporting unit for Maniago did not exceed the carrying value, which resulted in a full write-down of the reporting unit's goodwill in the third quarter of fiscal 2019 in the amount of $8,294 (non-cash charge).

The Company completed its annual impairment test of goodwill as of July 31, 2019 for the Cleveland reporting unit, and for both the Cleveland and Maniago reporting units as of July 31, 2018.

Upon completion of the annual impairment testing for the Cleveland reporting unit, it was determined that the fair value of the reporting unit exceeds the carrying value. As such, no additional impairment of goodwill existed as of September 30, 2019 and no impairment existed for the Cleveland and Maniago reporting units as of September 30, 2018, respectively.

Goodwill is expected to be deductible for tax purposes. Changes in the net carrying amount of goodwill were as follows:



Balance at September 30, 2017	$	12,170
Currency translation	(150		)
Balance at September 30, 2018	12,020
Goodwill impairment adjustment	(8,294		)
Currency translation	(233		)
Balance at September 30, 2019	$	3,493