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Goodwill and Intangible Assets | 12 Months Ended
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Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company’s intangible assets by major asset class subject to amortization as of:
September 30, 2020 | Weighted Average Life at September 30, |  | Original Cost |  | Accumulated Amortization |  | Impairment |  | Currency Translation |  | Net Book Value
Intangible assets: |  |  |  |  |  |  |  |  |  |  |
Trade name | 8 years |  | $ | 1,876 |  |  | $ | 1,729 |  |  | $ | — |  |  | $ | (12) |  |  | $ | 135 |
Technology asset | 5 years |  | 1,869 |  |  | 1,843 |  |  | — |  |  | (24) |  |  | 2 |
Customer relationships | 10 years |  | 13,589 |  |  | 11,833 |  |  | — |  |  | (3) |  |  | 1,753 |
Total intangible assets |  |  | $ | 17,334 |  |  | $ | 15,405 |  |  | $ | — |  |  | $ | (39) |  |  | $ | 1,890 |
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |
Trade name | 8 years |  | $ | 1,876 |  |  | $ | 1,503 |  |  | $ | — |  |  | $ | (13) |  |  | $ | 360 |
Technology asset | 5 years |  | 1,869 |  |  | 1,544 |  |  | — |  |  | (28) |  |  | 297 |
Customer relationships | 10 years |  | 13,589 |  |  | 10,859 |  |  | — |  |  | (67) |  |  | 2,663 |
Total intangible assets |  |  | $ | 17,334 |  |  | $ | 13,906 |  |  | $ | — |  |  | $ | (108) |  |  | $ | 3,320 |
The amortization expense on identifiable intangible assets for fiscal 2020 and 2019 was $1,497 and $1,648, respectively. Amortization expense associated with the identified intangible assets is expected to be as follows:
| Amortization Expense
Fiscal year 2021 | $ | 1,009 |
Fiscal year 2022 | 327 |
Fiscal year 2023 | 250 |
Fiscal year 2024 | 177 |
Fiscal year 2025 | 127 |
Goodwill 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. The Company uses a fair value measurement approach which combines the income (discounted cash flow method) and market valuation (market comparable method) techniques for each of the Company’s reporting units that carry goodwill. These valuation techniques use estimates and assumptions including, but not limited to, the determination of appropriate market comparable, projected future cash flows (including timing and profitability), discount rate reflecting the risk inherent in future cash flows, perpetual growth rate, and projected future economic and market conditions (Level 3 inputs). Although the Company believes its assumptions are reasonable, actual results may vary significantly and may expose the Company to material impairment charges in the future. The methodology for determining fair values was consistent for the periods presented. 2020 Annual Goodwill Impairment Tests SIFCO performed its annual impairment test as of July 31, 2020 for the Cleveland, Ohio ("Cleveland") reporting unit, it was determined that the fair value of the reporting unit exceeds the carrying value. No impairment charge as of September 30, 2020. 2019 Annual Goodwill Impairment Tests During the third quarter of fiscal 2019, management reviewed qualitative factors under ASC 350 ("Topic 350"), which triggered an interim goodwill assessment as of May 31, 2019 for its Maniago reporting unit. Certain qualitative factors, such as lower sales due to the soft energy market and continued under-performance relative to projected future operating results were factors that led the Company to perform an interim assessment of goodwill. Upon completion of the interim impairment test performed in fiscal 2019 for the Maniago reporting unit, it was determined that the fair value of the reporting unit for Maniago did not exceed the carrying value, which resulted in a full write-down of the reporting unit's goodwill in the third quarter of fiscal 2019 in the amount of $8,294 (non-cash charge). Upon completion of the annual impairment testing for the Cleveland reporting unit, it was determined that the fair value of the reporting unit exceeds the carrying value. As such, no additional impairment of goodwill existed as of September 30, 2019. Goodwill is expected to be deductible for tax purposes. Changes in the net carrying amount of goodwill were as follows:
Balance at September 30, 2018 | $ | 12,020 |
Goodwill impairment adjustment | (8,294) |
Currency translation | (233) |
Balance at September 30, 2019 | 3,493 |
Goodwill impairment adjustment | — |
Currency translation | — |
Balance at September 30, 2020 | $ | 3,493 |

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- Definition The entire disclosure for goodwill and 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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