GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

13. GOODWILL AND INTANGIBLE ASSETS

Goodwill — Changes in the carrying amount of goodwill are as follows:


	Segment
(in thousands)	Electrical		Safety & Infrastructure		Total
Balance as of September 30, 2023	$	258,427	$	52,679	$	311,106



Exchange rate effects	2,857		37		2,894
Balance as of September 30, 2024	$	261,284	$	52,716	$	314,000

Impairment	—		(18,885)		(18,885)
Divestiture	(755)		—		(755)

Exchange rate effects	314		(189)		125
Balance as of September 30, 2025	$	260,843	$	33,642	$	294,485

Goodwill balances include $5,645 and $61,885 of accumulated impairment losses within the Electrical and Safety & Infrastructure segments, respectively, as of September 30, 2025. As a result of the sale of Northwest Polymers, the Company recognized divested allocated goodwill of $755 and, as a result of the Company’s annual goodwill testing, it was determined that the goodwill of the Mechanical reporting unit was impaired as the reporting unit’s book value exceeded its fair value. The Company recorded a goodwill impairment on the Mechanical reporting unit of $18,885. No goodwill impairments were recognized in fiscal 2024.

Intangible Assets — The following table provides the gross carrying value, accumulated amortization, and net carrying value for each major class of intangible assets:


		September 30, 2025						September 30, 2024
(in thousands)	Weighted Average Useful Life (Years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Amortizable Intangible Assets:
Customer relationships	10	$	401,771	$	(338,201)	$	63,570	$	600,317	$	(371,600)	$	228,717
Other	8	25,205		(20,797)		4,408		43,968		(25,067)		18,901
Total		426,976		(358,998)		67,978		644,285		(396,667)		247,618
Indefinite-lived Intangible Assets:
Trade names		92,780		—		92,780		92,813		—		92,813
Total		$	519,756	$	(358,998)	$	160,758	$	737,098	$	(396,667)	$	340,431

During fiscal 2025, the Company recorded non-cash impairment charges totaling $129,907, primarily related to customer relationships. Refer to Note 14, “Fair Value Measurements” for further discussion of the Company’s impairment review. As a result of the asset impairment charges, the book basis of the HDPE intangible assets was adjusted to the new fair value. This resulted in the elimination of previously accumulated amortization of $77,927, as well as an equivalent reduction in gross intangibles.

Other intangible assets consist of definite-lived trade names, technology, non-compete agreements and backlogs. Included in the table above are the effects of changes in exchange rates, which were not material for the fiscal year ended September 30, 2025. Amortization expense for the fiscal years ended September 30, 2025, September 30, 2024 and September 30, 2023 was $41,924, $55,511 and $57,804, respectively.

Expected amortization expense for intangible assets over the next five years and thereafter is as follows (in thousands):


2026	$	24,945
2027	23,949
2028	9,035
2029	2,924
2030	2,924
2031 and thereafter	4,202

Actual amounts of amortization may differ from estimated amounts due to additional intangible asset acquisitions, changes in estimated useful lives, impairment of intangible assets, and other events. As a result of the HDPE impairments described in Note 15, “Fair Value Measurements”, the estimated remaining weighted average useful life for the HDPE business’s customer relationships intangibles has been reduced from 7 years to 3 years.