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Goodwill and Intangible Assets | 12 Months Ended
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Sep. 30, 2012
Goodwill and Intangible Assets [Abstract] |
Goodwill and Intangible Assets | 3. Goodwill and Intangible Assets
3. | Goodwill and Intangible Assets
The Company’s intangible assets by major asset class subject to amortization as of:
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 |
Transition services agreement |  |  | < 1 year |  |  |  | 23 |  |  |  | 23 |  |  |  | 0 |
Total intangible assets |  |  |  |  |  | $ | 19,423 |  |  | $ | 4,796 |  |  | $ | 14,627 |
September 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade name |  |  | 10 years |  |  | $ | 900 |  |  | $ | 73 |  |  | $ | 827 |
Non-compete agreement |  |  | 5 years |  |  |  | 500 |  |  |  | 81 |  |  |  | 419 |
Below market lease |  |  | 5 years |  |  |  | 900 |  |  |  | 145 |  |  |  | 755 |
Customer relationships |  |  | 10 years |  |  |  | 6,800 |  |  |  | 548 |  |  |  | 6,252 |
Order backlog |  |  | 1 year |  |  |  | 1,300 |  |  |  | 1,047 |  |  |  | 253 |
Transition services agreement |  |  | < 1 year |  |  |  | 23 |  |  |  | 23 |  |  |  | 0 |
Total intangible assets |  |  |  |  |  | $ | 10,423 |  |  | $ | 1,917 |  |  | $ | 8,506 |
Included in the intangible assets at September 30, 2012 are assets acquired in connection with the purchase of the forging business and substantially all related operating assets from GEL Industries, Inc. (DBA Quality Aluminum Forge, Inc.) on October 28, 2011, as discussed more fully in Note 12. These acquired intangible assets consist of:
|  | Estimated Useful Life |  |  | Original Cost |
Intangible assets: |  |  |  |  |  |  |  |
Trade name |  |  | 10 years |  |  | $ | 1,000 |
Non-compete agreement |  |  | 5 years |  |  |  | 1,000 |
Customer relationships |  |  | 10 years |  |  |  | 6,200 |
Order backlog |  |  | 1 year |  |  |  | 800 |
Total intangible assets |  |  |  |  |  | $ | 9,000 |
The amortization expense on identifiable intangible assets for fiscal 2012 and 2011 was $2,879 and $1,917 respectively. Amortization expense associated with the identified intangible assets, all of which relates to the Forged Components Group, 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 |
Goodwill, all of which relates to the Forged Components Group, is not amortized, but is subject to an annual impairment test. The Company tests its goodwill for impairment in the fourth fiscal quarter, and in interim periods if certain events occur indicating that the carrying amount of goodwill may be impaired. During fiscal 2012, the Company performed a quantitative assessment of goodwill for impairment. The impairment test consisted of a comparison between the fair value of the indefinite lived intangible assets, as determined by projected undiscounted cash flows from future operations, and the carrying values. The Company concluded that no impairment exists as of September 30, 2012. All of the goodwill is expected to be deductible for tax purposes. Changes in the net carrying amount of goodwill were as follows:
Balance at September 30, 2011 |  | $ | 3,493 |
Goodwill acquired during the year |  |  | 3,522 |
Balance at September 30, 2012 |  | $ | 7,015 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16373-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 42, 43, 44, 45, 46, 47 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13854-109267 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 + Details
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