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Goodwill
 12 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill   GOODWILL
Changes to the carrying amount of consolidated goodwill by segment are as follows:
 
Industrial
Gases–
Americas
Industrial
Gases–
EMEA
Industrial
Gases–
Asia
Industrial
Gases–
Global
Corporate and other
Total
Goodwill, net at 30 September 2016

$309.1


$380.6


$135.2


$20.2


$—


$845.1

Impairment loss
(145.3
)
—

—

—

—

(145.3
)
Acquisitions
—

3.5

—

—

—

3.5

Currency translation
(.1
)
18.3

—

—

—

18.2

Goodwill, net at 30 September 2017

$163.7


$402.4


$135.2


$20.2


$—


$721.5

Acquisitions
—

29.5

38.1

—

10.4

78.0

Currency translation
(1.6
)
(7.5
)
(1.4
)
(.1
)
—

(10.6
)
Goodwill, net at 30 September 2018

$162.1


$424.4


$171.9


$20.1


$10.4


$788.9


30 September
2018

2017

2016

Goodwill, gross

$1,194.7


$1,138.7


$1,103.7

Accumulated impairment losses(A)
(405.8
)
(417.2
)
(258.6
)
Goodwill, net

$788.9


$721.5


$845.1


(A) 
Accumulated impairment losses include the impacts of currency translation. These losses are attributable to our Latin America reporting unit (LASA) within the Industrial Gases – Americas segment.
We review goodwill for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying value of goodwill might not be recoverable. The impairment test for goodwill involves calculating the fair value of each reporting unit and comparing that value to the carrying value. If the fair value of the reporting unit is less than its carrying value, the difference is recorded as a goodwill impairment charge, not to exceed the total amount of goodwill allocated to that reporting unit. During the fourth quarter of fiscal year 2018, we conducted our annual goodwill impairment test and determined that the fair value of all our reporting units exceeded their carrying value.
During the third quarter of fiscal year 2017, we conducted an interim impairment test of the goodwill associated with our Latin America Reporting unit (LASA) within the Industrial Gases – Americas segment. This was driven by Management's decision to lower long-term growth projections in response to declining volumes and weak economic conditions in Latin America during fiscal year 2017. We determined that the fair value of LASA was less than its carrying value and recorded a noncash impairment charge of $145.3, which is reflected on our consolidated income statements within “Goodwill and intangible asset impairment charge.” This charge was not deductible for tax purposes and has been excluded from segment operating income.
LASA includes assets and goodwill associated with operations in Chile and other Latin American countries. We estimated the fair value of LASA based on two valuation approaches, the income approach and the market approach. We reviewed relevant facts and circumstances in determining the weighting of the approaches.
Under the income approach, we estimated the fair value of LASA based on the present value of estimated future cash flows. Cash flow projections were based on management’s estimates of revenue growth rates and EBITDA margins, taking into consideration business and market conditions for the Latin American countries and markets in which we operate. We calculated the discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry‑specific rates of return on debt and equity capital for a target industry capital structure, adjusted for risks associated with business size and geography.
Under the market approach, we estimated fair value based on market multiples of revenue and earnings derived from publicly-traded industrial gases companies and regional manufacturing companies, adjusted to reflect differences in size and growth prospects.
Management judgment is required in the determination of each assumption utilized in the valuation model, and actual results could differ from our estimates.