Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets

v3.23.3
Goodwill and Other Intangible Assets
 12 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The following presents goodwill activity during the fiscal years ended September 30, 2023 and 2022 (in thousands):
Balance at September 30, 2021 $ 85,422 
Additions 45,300 
    Measurement period adjustments (1,257)
Balance at September 30, 2022 129,465 
Additions 29,589 
Dispositions (2,383)
    Measurement period adjustments 2,599 
Balance at September 30, 2023 $ 159,270 
The additions in goodwill as of September 30, 2023 compared to September 30, 2022 were attributable to $29.6 million for business acquisitions (see Note 4 - Business Acquisitions) completed during the fiscal year ended September 30, 2023 and an increase of $2.6 million for measurement period adjustments that were finalized for acquisitions completed during the fiscal year ended September 30, 2022. The dispositions of goodwill of $2.4 million were attributed to the sale of a quarry facility in North Carolina (see Note 4 - Business Acquisitions).
A summary of other intangible assets at September 30, 2023 and 2022 is as follows (in thousands):
September 30,
2023 2022
Weighted Average Life Gross Value Accumulated
Amortization		 Net Book
Value		 Gross Value Accumulated
Amortization		 Net Book
Value
Indefinite-lived:
Trade name licenses Indefinite $ 5,300  N/A $ 5,300  $ 5,300  N/A $ 5,300 
Finite-lived:
Customer relationship 14 years 14,745  (2,598) 12,147  11,045  (1,304) 9,741 
Other 6 years 3,420  (1,347) 2,073  1,220  (285) 935 
Total intangible assets $ 23,465  $ (3,945) $ 19,520  $ 17,565  $ (1,589) $ 15,976 
The change in gross value as of September 30, 2023 compared to September 30, 2022 is attributable to $5.9 million of business acquisitions (see Note 4 - Business Acquisitions) completed during the fiscal year ended September 30, 2023.
Total amortization expense related to finite-lived intangible assets was $2.4 million, $0.8 million and $0.3 million for the fiscal years ended September 30, 2023, 2022 and 2021, respectively.
Estimated future total amortization expense related to finite-lived intangible assets is as follows (in thousands):
Fiscal Year Estimated Amortization Expense
2024 $ 1,976 
2025 1,770 
2026 1,718 
2027 1,570 
2028 1,278 
Thereafter 5,908 
   Total $ 14,220