GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 7 GOODWILL AND INTANGIBLE ASSETS

Goodwill

Goodwill represents the excess of the purchase price over the fair values of the assets acquired and liabilities assumed in a business combination, at the date of acquisition. Goodwill is not amortized but is tested for potential impairment at the reporting unit level, at a minimum on an annual basis, or when indications of potential impairment exist. All of our goodwill is within our H&P Technologies reportable segment.

During the three months ended December 31, 2019, we had no additions or impairments to goodwill. As of December 31, 2019, and September 30, 2019, the goodwill balance was $82.8 million.

Intangible Assets

Finite-lived intangible assets are amortized using the straight-line method over the period in which these assets contribute to our cash flows and are evaluated for impairment in accordance with our policies for valuation of long-lived assets. Intangible assets arising from business acquisitions consisted of the following:



		December 31, 2019						September 30, 2019
(in thousands)	Weighted Average Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Finite-lived intangible asset:
Developed technology	15 years	$	89,096	$	11,841	$	77,255	$	89,096	$	10,256	$	78,840
Intellectual property	13 years	1,500		19		1,481		—		—		—
Trade name	20 years	5,865		605		5,260		5,865		522		5,343
Customer relationships	5 years	4,000		1,667		2,333		4,000		1,467		2,533
		$	100,461	$	14,132	$	86,329	$	98,961	$	12,245	$	86,716

Amortization expense in the Unaudited Condensed Consolidated Statements of Operations was $1.9 million and $1.4 million for the three months ended December 31, 2019 and 2018, respectively. Intangible amortization is estimated to be approximately $7.1 million for fiscal year 2020, approximately $7.2 million for each of fiscal year 2021 and 2022, approximately $6.5 million for fiscal year 2023 and approximately $6.4 million for fiscal year 2024.