Capital Assets

6 Months Ended

Mar. 28, 2020

CAPITAL ASSETS

Property and Equipment

Property and equipment, net are as follows:



	March 28, 2020			September 28, 2019
Land and improvements	$	3,956		$	3,949
Buildings and improvements	71,333			64,140
Machinery and equipment	230,040			224,684
Assets held under capital leases ¹	—			2,796
Total property and equipment	305,329			295,569
Less: Accumulated depreciation	(203,473		)	(194,486		)
Total property and equipment, net	$	101,856		$	101,083


¹	Assets held under capital leases were reclassified from property and equipment, net to other long-term assets as part of the adoption of the new lease standard. See Note 5 for additional information regarding leases.

Goodwill

Changes to the carrying amount of goodwill are as follows:



	Test & Simulation		Sensors		Total
Balance, September 28, 2019	$	61,153	$	367,886	$	429,039
Acquisitions ²	35,980		32		36,012
Currency translation	351		9		360
Balance, March 28, 2020	$	97,484	$	367,927	$	465,411

² See Note 16 for additional information regarding acquisitions.

Intangible Assets

Intangible assets are as follows:



	March 28, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in Years)
Software development costs³	$	46,228	$	(16,167	)	$	30,061	5.9
Technology and patents	68,155		(17,930		)	50,225		14.9
Trademarks and trade names	28,674		(4,497		)	24,177		17.4
Customer lists	216,838		(41,385		)	175,453		15.5
Land-use rights	2,303		(1,919		)	384		25.7
Other	7,788		(1,237		)	6,551		1.9
Trade names	57,500		—			57,500		Indefinite
Total intangible assets	$	427,486	$	(83,135	)	$	344,351	14.1



	September 28, 2019
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value		Weighted Average Useful Life (in Years)
Software development costs³	$	39,546	$	(16,035	)	$	23,511	6.2
Technology and patents	63,015		(15,739		)	47,276		14.9
Trademarks and trade names	20,186		(3,808		)	16,378		18.4
Customer lists	192,488		(34,735		)	157,753		15.6
Land-use rights	2,303		(968		)	1,335		25.7
Other	3,606		(774		)	2,832		4.0
Trade names	57,500		—			57,500		Indefinite
Total intangible assets	$	378,644	$	(72,059	)	$	306,585	14.4


³	The gross carrying amount of software development costs as of March 28, 2020 and September 28, 2019 includes $28,522 and $21,840, respectively, of software not yet available for general release to the public.

Amortization expense recognized related to finite-lived intangible assets is as follows:



	Three Months Ended				Six Months Ended
	March 28, 2020		March 30, 2019		March 28, 2020		March 30, 2019
Amortization expense	$	6,270	$	4,403	$	11,055	$	8,219

Assessing goodwill, indefinite-lived intangible and long-lived assets for impairment requires management to make assumptions and apply judgment, including forecasting future sales and expenses, and selecting appropriate discount rates, which can be affected by economic conditions and other factors that can be difficult to predict. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to calculate impairment losses of goodwill, indefinite-lived intangible or long-lived assets as of the end of the second quarter of fiscal year 2020. However, if actual results are not consistent with the estimates and assumptions used in the calculations, we may be exposed to future impairment losses that could be material.

Estimated future amortization expense related to finite-lived intangible assets is as follows:



	Amortization Expense
Remainder of 2020	$	12,538
2021	24,559
2022	23,952
2023	23,068
2024	22,701
2025	22,544
Thereafter	157,489

Future amortization amounts presented above are estimates. Actual future amortization expense may be different due to fluctuations in foreign currency exchange rates, future acquisitions, impairments, changes in amortization periods or other factors.