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GOODWILL AND INTANGIBLES
 12 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLES GOODWILL AND INTANGIBLE ASSETS
Goodwill, by segment, consists of the following:
(in millions)GPCH&GHPCTotal
As of September 30, 2022$502.4 $342.6 $108.1 $953.1 
Impairment— — (111.1)(111.1)
Tristar Business acquisition— — 3.0 3.0 
Foreign currency impact9.7 — — 9.7 
As of September 30, 2023$512.1 $342.6 $— $854.7 
Foreign currency impact10.2 — — 10.2 
As of September 30, 2024$522.3 $342.6 $— $864.9 
During the year ended September 30, 2023, the Company recognized an impairment of goodwill of $111.1 million with its HPC reporting unit and segment identified by a triggering event attributable to a declining trend in operating performance results, challenging retail environment with increased competition, lower distribution, and excess retail inventory levels impacting pricing and promotional spending, resulting in a reduction in actual and projected sales and margin realization within its current and forecasted cash flows and a full impairment of the identified goodwill for the HPC reporting unit and segment.
The carrying value of indefinite lived intangible and definite lived intangible assets subject to amortization and accumulated amortization are as follows:
20242023
(in millions)
Gross Carrying Amount
Accumulated Amortization
Net
Gross Carrying Amount
Accumulated Amortization
Net
Amortizable intangible assets
Customer relationships
$641.8 $(452.3)$189.5 $635.0 $(412.9)$222.1 
Technology assets
75.3 (41.0)34.3 75.3 (35.9)39.4 
Tradenames
27.9 (10.9)17.0 27.6 (7.4)20.2 
Total amortizable intangible assets745.0 (504.2)240.8 737.9 (456.2)281.7 
Indefinite-lived intangible assets - tradenames749.6 — 749.6 778.4 — 778.4 
Total intangible assets$1,494.6 $(504.2)$990.4 $1,516.3 $(456.2)$1,060.1 
During the year ended September 30, 2024, the Company recognized an impairment of indefinite lived intangible assets of $45.2 million, consisting of an impairment with our H&G segment of $39.0 million with the Rejuvenate® tradename identified by a triggering event due to the loss of a key distribution expansion opportunity resulting in a significant shift in the forecasted revenue, an impairment with our HPC segment of $4.0 million with a non-core tradename identified by a triggering event due to a change in brand strategy, and an impairment with our GPC segment of $2.2 million with the OmegaSea® tradename identified as part of our annual impairment assessment.
During the year ended September 30, 2023, the Company recognized an impairment on indefinite lived intangible assets of $120.7 million, including an impairment with our H&G segment of $56.0 million with the Rejuvenate® tradename identified by a triggering event due to a shift in consumer purchasing activity and retail inventory management efforts with certain retail customers that make up a significant concentration of revenue for the brand and further reducing near-term forecasted sales, with a strategic shift in the projected timing and realization of long-term projected revenues. Additionally, the Company recognized impairment charges with our HPC segment including the impairment of the PowerXL® tradename of $45.0 million identified by a triggering event due to the decrease in distribution with retail customers, significant pricing adjustments and promotional spending activity resulting in a substantial shift in actual and projected revenues for the brand; and the impairment of the George Foreman® tradename of $19.7 million identified by a triggering event due to shifts in market demand for related product categories and shift in the Company’s brand portfolio strategy and projected utilization of the tradename going forward. As a result of the change in the Company’s strategy and utilization of the George Foreman® tradename, the Company converted the George Foreman® tradename from an indefinite-lived tradename to a definite-lived tradename during the year ended September 30, 2023.
Amortization expense from intangible assets for the years ended September 30, 2024, 2023 and 2022 was $44.5 million, $42.3 million and $50.3 million, respectively. Excluding the impact of any future acquisitions or changes in foreign currency, the Company anticipates the annual amortization expense of intangible assets for the next five fiscal years will be as follows:
(in millions)
Amortization
2025$42.2 
202640.0 
202740.0 
202839.9 
202936.9