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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 | Goodwill and Intangible Assets The Company’s intangible assets by major asset class subject to amortization as of:
September 30, 2023 | Weighted Average Life at September 30, |  | Original Cost |  | Accumulated Amortization |  | Impairment |  | Currency Translation |  | Net Book Value
Intangible assets: |  |  |  |  |  |  |  |  |  |  |
Trade name | 8 years |  | $ | 1,876 |  |  | $ | 1,876 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Technology asset | 5 years |  | 1,869 |  |  | 1,869 |  |  | — |  |  | — |  |  | — |
Customer relationships | 10 years |  | 13,589 |  |  | 13,346 |  |  | — |  |  | 35 |  |  | 278 |
Total intangible assets |  |  | $ | 17,334 |  |  | $ | 17,091 |  |  | $ | — |  |  | $ | 35 |  |  | $ | 278 |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |
Trade name | 8 years |  | $ | 1,876 |  |  | $ | 1,868 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Technology asset | 5 years |  | 1,869 |  |  | 1,869 |  |  | — |  |  | — |  |  | — |
Customer relationships | 10 years |  | 13,589 |  |  | 13,036 |  |  | — |  |  | (84) |  |  | 469 |
Total intangible assets |  |  | $ | 17,334 |  |  | $ | 16,773 |  |  | $ | — |  |  | $ | (84) |  |  | $ | 477 |
The amortization expense on identifiable intangible assets for fiscal 2023 and 2022 was $233 and $313, respectively. Amortization expense associated with the identified intangible assets is expected to be as follows:
| Amortization Expense
Fiscal year 2024 | $ | 159 |
Fiscal year 2025 | 119 |
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. Factors that would necessitate an interim goodwill impairment assessment include a sustained decline in the Company's stock price, prolonged negative industry or economic trends, or significant under-performance relative to expected, historical or projected future operating results. 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. 2023 and 2022 Annual Goodwill Impairment Tests SIFCO performed its annual impairment test as of July 31, 2023 and 2022, respectively, for the Cleveland, Ohio ("Cleveland") reporting unit which is the only reporting unit that carries goodwill. Results determined that the fair value of the reporting unit exceeded the carrying value at each assessment date. As a result, no impairment was required as of September 30, 2023 and 2022, respectively. Goodwill is deductible for tax purposes. Changes in the net carrying amount of goodwill were as follows:
Balance at September 30, 2021 | $ | 3,493 |
Goodwill impairment adjustment | — |
Currency translation | — |
Balance at September 30, 2022 | 3,493 |
Goodwill impairment adjustment | — |
Currency translation | — |
Balance at September 30, 2023 | $ | 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 -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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