GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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	3.6		—		3.6
As of March 31, 2024	$	515.7	$	342.6	$	858.3

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


	March 31, 2024						September 30, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets:
Customer relationships	$	637.5	$	(431.9)	$	205.6	$	635.0	$	(412.9)	$	222.1
Technology assets	75.3		(38.5)		36.8		75.3		(35.9)		39.4
Tradenames	28.8		(9.7)		19.1		27.6		(7.4)		20.2
Total amortizable intangible assets	741.6		(480.1)		261.5		737.9		(456.2)		281.7
Indefinite-lived intangible assets – tradenames	740.8		—		740.8		778.4		—		778.4
Total Intangible Assets	$	1,482.4	$	(480.1)	$	1,002.3	$	1,516.3	$	(456.2)	$	1,060.1

During the three month period ended March 31, 2024, the Company and H&G segment identified a triggering event for our Rejuvenate® tradename attributable to a loss of a key distribution expansion opportunity resulting in a significant shift in the projected distribution strategy that reduced the anticipated near-term sales opportunities and expectations, resulting in the recognition of a $39.0 million impairment on the indefinite lived intangible asset.

During the six month period ended March 31, 2024, the Company and the HPC segment identified a triggering event attributable to a change in brand strategy for a non-core tradename, resulting in recognition of a $4.0 million impairment on the indefinite intangible assets.

Amortization expense from the intangible assets for the three month periods ended March 31, 2024 and April 2, 2023 was $11.1 million and $10.5 million, respectively; and for the six month periods ended March 31, 2024 and April 2, 2023 was $22.2 million and $20.9 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	$	44.4
2025	41.3
2026	39.7
2027	39.7
2028	37.9