Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill (Notes)

v3.7.0.1
Intangible Assets and Goodwill (Notes)
6 Months Ended
Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]
Intangible Assets and Goodwill

Intangible Assets

Intangible assets are stated at the lower of cost or fair value.  With the exception of most trade names, intangible assets are amortized on a straight-line basis over periods ranging from three to 21 years, representing the period over which we expect to receive future economic benefits from these assets.  We assess the carrying value of most trade names annually, or more often if events or changes in circumstances indicate there may be impairment.  

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of March 31, 2017 and September 30, 2016.
 

 
March 31, 2017
 
September 30, 2016
 
Cost
 
Accumulated
Amortization
 
Cost
 
Accumulated
Amortization
Finite-lived assets:
 

 
 

 
 

 
 

Trade names
$
0.2

 
$
(0.1
)
 
$
0.2

 
$
(0.1
)
Customer relationships
450.9

 
(110.4
)
 
459.5

 
(100.7
)
Technology, including patents
75.9

 
(35.5
)
 
77.9

 
(33.3
)
Software
47.8

 
(40.7
)
 
47.4

 
(39.8
)
Other
0.4

 
(0.3
)
 
0.4

 
(0.3
)
 
575.2

 
(187.0
)
 
585.4

 
(174.2
)
Indefinite-lived assets:
 

 
 

 
 

 
 

Trade names
128.0

 

 
130.3

 

 
 
 
 
 
 
 
 
Total
$
703.2

 
$
(187.0
)
 
$
715.7

 
$
(174.2
)


The net change in intangible assets during the six months ended March 31, 2017 was driven by normal amortization and foreign currency translation.

In the third quarter of 2016, the Company recorded a trade name impairment charge of $2.2, included in operating expenses, on two trade names related to the Process Equipment Group segment. The decline in the estimated fair value of these trade names was largely driven by the decreased demand for equipment and parts used in coal mining and coal power. As of March 31, 2017, we had approximately $13 of trade name book value in the Process Equipment Group segment significantly related to coal mining and coal power.

Goodwill

Goodwill is not amortized, but is subject to annual impairment tests.  Goodwill has been assigned to reporting units.  We assess the carrying value of goodwill annually, or more often if events or changes in circumstances indicate there may be impairment.  Impairment testing is performed at a reporting unit level.

 
Process
Equipment
Group
 
Batesville
 
Total
Balance September 30, 2016
$
626.0

 
$
8.3

 
$
634.3

Acquisitions, including purchase price adjustments
(0.9
)
 

 
(0.9
)
Foreign currency adjustments
(13.4
)
 

 
(13.4
)
Balance March 31, 2017
$
611.7

 
$
8.3

 
$
620.0