BUSINESS COMBINATIONS (Tables)

12 Months Ended

Sep. 30, 2023

Summary of allocation of assets acquired and liabilities assumed based on fair values as of acquisition date

The following table summarizes the allocation of the assets acquired and liabilities assumed based on the fair values as of the acquisition date:


(in thousands)	February 22, 2023
Cash and cash equivalents	$	1,238
Account and other receivables, net	1,156
Inventory	1,581
Property, plant and equipment, net	1,462
Right-of-use assets	989
Other assets	127
Goodwill	27,975
Intangible assets	7,768
Accounts and other payables	(965)
Accrued expenses and other liabilities	(251)
Contract liabilities	(187)
Lease liability	(989)
Deferred tax liabilities	(1,785)
Total purchase price, net of cash acquired	$	38,119

The following table summarizes the fair value, useful life and valuation methodology of each identifiable intangible asset.


(in thousands)	Fair Value		Useful Lives
Developed technology(1)	$	4,261	8
Customer relationships(2)	2,131		8
In-process research and development (“IPR&D”)(3)	459		N.A.
Patents(3)	524		8
Order Backlog(4)	393		1
Total identifiable intangible assets	$	7,768

(1)The fair value of developed technology was determined using the Relief-from-Royalty Method under the income approach.

(2)Customer relationships represent the fair value of the existing relationships using the Multi-Period Excess Earnings Method under the income approach.

(3)The fair value of IPR&D and Patents were determined using the Replacement Cost Method, a form of the cost approach.

(4)Order backlog represents primarily the fair value of purchase arrangements with customers using the Multi-Period Excess Earnings Method under the income approach.