Intangible Assets, Goodwill, Acquisitions, and Divestitures

6 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Goodwill, Acquisitions, and Divestitures

6. Intangible Assets, Goodwill, Acquisitions, and Divestitures

Intangible Assets, net

Identifiable intangible assets consist of acquired customer contracts and relationships. Amortization expense related to intangible assets was $7.1 and $8.7 for the three months ended March 31, 2025 and 2024, respectively. Amortization expense related to intangible assets was $15.2 and $18.8, respectively. These assets are amortized over their estimated useful lives of which the reasonableness is continually evaluated by the Company. There were no intangible assets acquired during the three and six months ended March 31, 2025 and 2024, respectively.

Intangible assets, net, as of March 31, 2025 and September 30, 2024 consisted of the following:

		March 31, 2025					September 30, 2024
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Customer relationships	6-21 yrs.	$	715.9	$	(635.3	)	$	715.9	$	(620.1	)
Total intangible assets		$	715.9	$	(635.3	)	$	715.9	$	(620.1	)

Goodwill

The following is a summary of the goodwill activity for the periods ended September 30, 2024 and March 31, 2025:

	Maintenance Services			Development Services		Total
Balance, September 30, 2023	$	1,803.4		$	218.0	$	2,021.4
Acquisitions (1)		0.1			—		0.1
Divestiture		(5.8	)		—		(5.8	)
Balance, September 30, 2024	$	1,797.7		$	218.0	$	2,015.7
Acquisitions (1)		(0.1	)		—		(0.1	)
Balance, March 31, 2025	$	1,797.6		$	218.0	$	2,015.6

(1)The acquisitions adjustment includes the immaterial impact of foreign currency adjustments during the period.

Divestiture

On January 12, 2024, the Company completed the sale of one of its fully owned subsidiaries, U.S. Lawns, for total cash consideration of $51.0. The gain on the transaction of $43.6 is included in Gain on divestiture in the Consolidated Statement of Operations for the three and six months ended March 31, 2024. The Maintenance Services operating segment includes the operations of the divested entity, and its results of operations are included in the Consolidated Statement of Operations through January 12, 2024.