GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill consists of the following:

(in millions)	GPC		H&G		Total
As of September 30, 2023	$	512.1	$	342.6	$	854.7
Foreign currency impact	5.4		—		5.4
As of December 31, 2023	$	517.5	$	342.6	$	860.1

The carrying value and accumulated amortization of intangible assets are as follows:

	December 31, 2023						September 30, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets:
Customer relationships	$	640.0	$	(425.0)	$	215.0	$	635.0	$	(412.9)	$	222.1
Technology assets	75.3		(37.2)		38.1		75.3		(35.9)		39.4
Tradenames	28.8		(8.6)		20.2		27.6		(7.4)		20.2
Total amortizable intangible assets	744.1		(470.8)		273.3		737.9		(456.2)		281.7
Indefinite-lived intangible assets – tradenames	783.0		—		783.0		778.4		—		778.4
Total Intangible Assets	$	1,527.1	$	(470.8)	$	1,056.3	$	1,516.3	$	(456.2)	$	1,060.1

During the three month period ended December 31, 2023, the Company identified a triggering event attributable to a change in brand strategy shifting actual and projected future revenues resulting in recognition of a $4.0 million impairment on intangible assets.

Amortization expense from the intangible assets for the three month periods ended December 31, 2023 and January 1, 2023 was $11.1 million and $10.4 million, respectively.

Excluding the impact of any future acquisitions, dispositions 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
2024	$	43.9
2025	40.8
2026	39.8
2027	39.8
2028	37.3