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Goodwill And Intangible Assets
 9 Months Ended
Jun. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill And Intangible Assets GOODWILL AND INTANGIBLE ASSETS
Goodwill consists of the following:
(in millions)
HHI
GPC
H&G
Total
As of September 30, 2019$702.1  $430.4  $195.6  $1,328.1  
Foreign currency impact0.1  1.7  —  1.8  
Omega Sea acquisition (Note 3)—  8.6  —  8.6  
Allocated to Assets Held for Sale - Coevorden Operations (Note 2)—  (10.6) —  (10.6) 
As of June 28, 2020$702.2  $430.1  $195.6  $1,327.9  
Following the recognition of the Coevorden Operations as held for sale and allocation of goodwill, the Company remeasured the fair value of its GPC reporting unit goodwill. The fair value of the remaining GPC reporting unit exceeded its carrying value by 17% and the Company did not recognize an impairment. The GPC reporting unit goodwill of $430.1 million as of June 28, 2020 is still deemed ‘at risk’ of impairment in the near term if operating performance does not continue to improve in line with management expectations, or a negative long-term outlook for the business, or another change in factors and assumptions such as discount rate. The duration and severity of the COVID-19 pandemic could result in additional future impairment charges for the GPC reporting unit goodwill, and potentially other reporting unit goodwill not considered ‘at risk’. While we have concluded that a triggering event did not occur during the three month period ended June 28, 2020, a prolonged pandemic could negatively impact the results of operations, net sales and earnings growth rates, changes in key assumptions and other global and regional macroeconomic factors.
The carrying value of indefinite-lived intangibles and definite-lived intangibles assets subject to amortization and accumulated amortization are as follows:
June 28, 2020September 30, 2019
(in millions)Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Amortizable Intangible Assets:
Customer relationships$687.5  $(355.8) $331.7  $694.9  $(329.7) $365.2  
Technology assets175.7  (100.2) 75.5  179.4  (90.9) 88.5  
Tradenames160.9  (129.0) 31.9  160.4  (118.1) 42.3  
Total Amortizable Intangible Assets1,024.1  (585.0) 439.1  1,034.7  (538.7) 496.0  
Indefinite-lived Intangible Assets - Tradenames1,001.1  —  1,001.1  1,011.1  —  1,011.1  
Total Intangible Assets$2,025.2  $(585.0) $1,440.2  $2,045.8  $(538.7) $1,507.1  
The Company assessed the indefinite-lived intangible assets and definite-lived intangible assets associated with the continuing commercial DCF business following recognition of the Coevorden Operations as held for sale. During the nine month period ended June 28, 2020, the Company recognized an impairment of $16.6 million on indefinite-lived intangible assets of tradenames associated with the commercial DCF business due to the reduced value of the associated tradenames, leaving no excess fair value as of the measurement date and risk of future impairment. For the remaining tradenames associated with the DCF business, there were $3.3 million of indefinite lived intangible assets that could be deemed at risk of future impairment due to the limited excess fair value. For definite lived intangible assets, the Company recognized an impairment of $7.6 million due to the incremental cash flow risk associated with the commercial DCF business following the planned divestiture of the Coevorden Operations, which consisted of the remaining carrying cost of the definite lived intangibles assets associated with the commercial DCF business. There were no additional impairments identified during the three month period ended June 28, 2020. While a triggering event did not occur during the three month period ended June 28, 2020, a prolonged COVID-19 pandemic could negatively impact net sales growth rate, change in key assumptions, and other global and regional macroeconomic factors that could result in additional future impairment charges for indefinite-lived intangible assets.
Amortization expense from the intangible assets for the three month periods ended June 28, 2020 and June 30, 2019 was $16.9 million and $16.4 million, respectively; and for the nine month periods ended June 28, 2020 and June 30, 2019 was $50.9 million and $66.6 million, respectively. During the nine month period ended June 30, 2019, there was an incremental amortization expense of $15.5 million attributable to amortization expense on intangible assets of HPC that were previously held for sale.
Excluding the impact of any future acquisitions or changes in foreign currency, the Company estimates annual amortization expense of intangible assets for the next five fiscal years will be as follows:
(in millions)Amortization
2020$76.0  
202158.8  
202244.2  
202344.2  
202443.0