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Identifiable Intangible Assets | 12 Months Ended
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Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Identifiable Intangible Assets | Intangible Assets and Goodwill Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis each September 1 st and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We completed our annual impairment tests of intangible assets and goodwill as of September 1, 2021, and determined th ere were no impairments. Our goodwill primarily relates to the Krausz reporting unit which was $91.2 million as of September 1, 2021. Intangible Assets Direct internal and external costs to develop software licensed by Technologies’ customers are capitalized and amortized over the 6-year estimated useful life of the software, beginning when the software is ready for its intended use. At September 30, 2021, the remaining weighted-average amortization period for this software was 1.8 years. Amortization expense related to such software assets was $3.3 million in each of our 2021, 2020 and 2019 fiscal years. Amortization expense for each of the next five years is scheduled to be $3.5 million in 2022, $2.7 million in 2023, $2.1 million in 2024, $1.1 million in 2025 and $0.5 million in 2026. At September 30, 2021, the remaining weighted-average amortization period for business combination-related finite-lived customer relationships and technology intangible assets were 4.4 years and 4.5 years, respectively. Amortization expense related to these assets was $25.2 million, $24.9 million and $23.7 million for 2021, 2020 and 2019, respectively. Amortization expense for each of the next five years is scheduled to be $25.4 million in 2022, $24.8 million in 2023, $24.8 million in 2024, $5.2 million in 2025 and $4.4 million in 2026. Intangible assets are presented below.
| September 30,
| 2021 |  | 2020
| (in millions)
Capitalized internal-use software: |  |  |
Cost | $ | 34.1 |  |  | $ | 31.5 |
Accumulated amortization | (24.1) |  |  | (20.8) |
Capitalized internal-use software, net | $ | 10.0 |  |  | $ | 10.7 |
Business combination-related: |  |  |
Cost: |  |  |
Finite-lived intangible assets: |  |  |
Technology | 123.5 |  |  | 118.5 |
Customer relationships and other | 373.0 |  |  | 370.2 |
Indefinite-lived intangible assets: |  |  |
Trade names and trademarks | 273.8 |  |  | 271.6 |
| $ | 770.3 |  |  | $ | 760.4 |
Accumulated amortization: |  |  |
Technology | (85.8) |  |  | (81.0) |
Customer relationships and other | (302.0) |  |  | (281.2) |
| (387.8) |  |  | (362.2) |
Business combination-related intangible assets, net | 382.5 |  |  | 398.2 |
Intangible assets, net | $ | 392.5 |  |  | $ | 408.9 |
Goodwill Our goodwill balance by reportable segment is as follows: (i) Infrastructure balance of $103.0 million and (ii) Technologies balance of $12.1 million. Changes in the carrying amount of goodwill were as follows:
| September 30,
| 2021 |  | 2020
| (in millions)
Balance at beginning of year | $ | 99.8 |  |  | $ | 95.7 |
Acquisition of Krausz | — |  |  | 0.3 |
Acquisition of i2O Water Ltd | 12.1 |  |  | — |
Change in foreign currency exchange rates | 3.2 |  |  | 3.8 |
Balance at end of year | $ | 115.1 |  |  | $ | 99.8 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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