Goodwill and Intangible Assets

9 Months Ended

Jun. 30, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

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



June 30, 2013	Estimated Useful Life	Original Cost		Accumulated Amortization		Net Book Value
Intangible assets:
Trade name	10 years	$	1,900	$	397	$	1,503
Non-compete agreement	5 years	1,500		589		911
Below market lease	5 years	900		460		440
Customer relationships	10 years	13,000		2,771		10,229
Order backlog	1 year	2,100		2,100		—
Total intangible assets		$	19,400	$	6,317	$	13,083



September 30, 2012	Estimated Useful Life	Original Cost		Accumulated Amortization		Net Book Value
Intangible assets:
Trade name	10 years	$	1,900	$	254	$	1,646
Non-compete agreement	5 years	1,500		364		1,136
Below market lease	5 years	900		325		575
Customer relationships	10 years	13,000		1,796		11,204
Order backlog	1 year	2,100		2,034		66
Total intangible assets		$	19,400	$	4,773	$	14,627

The amortization expense on identifiable intangible assets for the nine months ended June 30, 2013 and 2012 was $1,544 and $2,186, respectively. Amortization expense associated with the identified intangible assets, all of which relates to SIFCO Forged Components, is expected to be as follows:



	Amortization Expense
Fiscal year 2013	$	2,037
Fiscal year 2014	1,970
Fiscal year 2015	1,970
Fiscal year 2016	1,744
Fiscal year 2017	1,507

The Company’s goodwill, all of which relates to the SIFCO Forged Components segment, is not being amortized and is subject to annual impairment tests. All of the goodwill is expected to be deductible for tax purposes.

- 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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