(8) Goodwill and Intangibles
A summary of the changes in the carrying amounts of goodwill and intangible assets are as follows:
|
| | | | | | | | | | | | | | | |
| | | Intangible Assets |
| Goodwill | | Indefinite Lived | | Definite Lived | | Total |
Balance at September 30, 2015 | $ | 2,487.4 |
| | $ | 1,490.3 |
| | $ | 990.0 |
| | $ | 2,480.3 |
|
Adjustments | (2.4 | ) | | — |
| | — |
| | — |
|
Less: Periodic amortization | — |
| | — |
| | (23.6 | ) | | (23.6 | ) |
Effect of translation | (6.9 | ) | | (7.5 | ) | | (3.9 | ) | | (11.4 | ) |
Balance at December 31, 2015 | $ | 2,478.1 |
| | $ | 1,482.8 |
| | $ | 962.5 |
| | $ | 2,445.3 |
|
Goodwill and indefinite lived trade name intangibles are not amortized and are tested for impairment at least annually at the Company’s August financial period end, or more frequently if an event or circumstance indicates that an impairment loss may have been incurred between annual impairment tests.
Definite Lived Intangible Assets
The range and weighted average useful lives for definite lived intangible assets are as follows:
|
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2015 | | September 30, 2015 |
| Cost | | Accumulated Amortization | | Net | | Cost | | Accumulated Amortization | | Net |
Customer relationships | $ | 979.9 |
| | $ | (259.8 | ) | | $ | 720.1 |
| | $ | 985.2 |
| | $ | (247.4 | ) | | $ | 737.8 |
|
Technology assets | 238.5 |
| | (84.0 | ) | | 154.5 |
| | 238.6 |
| | (78.1 | ) | | 160.5 |
|
Trade names | 165.4 |
| | (77.5 | ) | | 87.9 |
| | 165.4 |
| | (73.7 | ) | | 91.7 |
|
| $ | 1,383.8 |
| | $ | (421.3 | ) | | $ | 962.5 |
| | $ | 1,389.2 |
| | $ | (399.2 | ) | | $ | 990.0 |
|
At December 31, 2015, the range and weighted average useful lives for definite-lived intangibles assets were as follows:
|
| | | | |
Asset Type | | Range | | Weighted Average |
Customer relationships | | 2 to 20 years | | 18.5 years |
Technology assets | | 4 to 18 years | | 11.1 years |
Trade names | | 8 to 17 years | | 16.2 years |
Amortization expense for definite lived intangible assets for the three months ended December 31, 2015 and 2014 was $23.6 and $20.5, respectively. Excluding the impact of any future acquisitions or change in foreign currency, the Company estimates annual amortization expense of amortizable intangible assets for the next five fiscal years will be as follows:
|
| | | | |
Fiscal Year | | Estimated Amortization Expense |
2016 | | $ | 93.9 |
|
2017 | | 93.0 |
|
2018 | | 86.2 |
|
2019 | | 85.1 |
|
2020 | | 84.9 |
|