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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 6. GOODWILL AND INTANGIBLE ASSETS Goodwill The Company had a goodwill balance of $123.5 million and $115.6 million at September 30, 2023 and 2022, respectively, representing the excess of costs over fair value of assets of businesses acquired. The following table summarizes changes in the balance of goodwill during the twelve months ended September 30, 2023 (amounts in thousands):
Balance at September 30, 2022 | $ | 115,632 |
Foreign currency effect on goodwill | 7,916 |
Balance at September 30, 2023 | $ | 123,548 |
Intangible Assets Intangible assets include the value assigned to purchased completed technology, customer relationships, trade names, and covenants not to compete. The estimated useful lives for all of these intangible assets range from three to seven years and they are amortized on a straight-line basis. Intangible assets as of September 30, 2023 and 2022 are summarized as follows (amounts in thousands, except for years):
September 30, 2023: |  | Weighted Average Amortization Period (in years) |  | Cost |  | Accumulated Amortization |  | Net
Completed technologies |  | 6.9 years |  | $ | 95,761 |  |  | $ | 39,254 |  |  | $ | 56,507 |
Customer relationships |  | 4.7 years |  | 25,168 |  |  | 21,396 |  |  | 3,772 |
Trade names |  | 5.0 years |  | 7,088 |  |  | 2,967 |  |  | 4,121 |
Covenants not to compete |  | 3.0 years |  | $ | 600 |  |  | $ | 326 |  |  | 274 |
Total intangible assets |  |  |  | $ | 128,617 |  |  | $ | 63,943 |  |  | $ | 64,674 |
September 30, 2022: |  | Weighted Average Amortization Period (in years) |  | Cost |  | Accumulated Amortization |  | Net
Completed technologies |  | 6.9 years |  | $ | 95,761 |  |  | $ | 32,265 |  |  | $ | 63,496 |
Customer relationships |  | 4.7 years |  | 25,168 |  |  | 18,241 |  |  | 6,927 |
Trade names |  | 5.0 years |  | 7,088 |  |  | 2,174 |  |  | 4,914 |
Covenants not to compete |  | 3.0 years |  | 600 |  |  | 181 |  |  | 419 |
Total intangible assets |  |  |  | $ | 128,617 |  |  | $ | 52,861 |  |  | $ | 75,756 |
Amortization expense related to acquired intangible assets was $17.0 million, $13.5 million, and $7.5 million for twelve months ended September 30, 2023, 2022, and 2021, respectively, and is recorded within amortization and acquisition-related costs on the consolidated statements of operations and other comprehensive income (loss). The estimated future amortization expense related to intangible assets for each of the five succeeding fiscal years is expected to be as follows (amounts in thousands):
| Estimated Future Amortization Expense
2024 | 14,650 |
2025 | 13,404 |
2026 | 12,207 |
2027 | 11,095 |
2028 | 9,418 |
Thereafter | 3,900 |
Total | $ | 64,674 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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