As of July 1, 2020, the Company performed its annual impairment review relative to goodwill and indefinite-lived intangible assets (principally non-amortizable trade names). To derive the fair value of its reporting units, the Company utilized both the income and market approaches. For the annual impairment testing in the fourth quarter of fiscal 2020, the Company used a weighted-average cost of capital, depending on the reporting unit, of 8.0% to 13.5% (9.5% to 13.0% at July 1, 2019) and a terminal growth rate of 3.0% (3.0% at July 1, 2019). Under the market approach, the Company derived the fair value of its reporting units based on revenue and earnings multiples of comparable publicly-traded companies. As a corroborative source of information, the Company reconciles its estimated fair value to within a reasonable range of its market capitalization, which includes an assumed control premium (an adjustment reflecting an estimated fair value on a control basis), to verify the reasonableness of the fair value of its reporting units obtained through the aforementioned methods. The control premium is

estimated based upon control premiums observed in comparable market transactions. To derive the fair value of its trade names, the Company utilized the “relief from royalty” approach.

At July 1, 2020, approximately 90% of the Company’s recorded goodwill and indefinite-lived purchased intangibles were concentrated within the JLG reporting unit in the Access Equipment segment. Assumptions utilized in the impairment analysis are highly judgmental. While the Company currently believes that an impairment of intangible assets at JLG is unlikely, events and conditions that could result in the impairment of intangibles at JLG include a sharp prolonged decline in economic conditions, significantly increased pricing pressure on JLG’s margins or other factors leading to reductions in expected long-term sales or profitability at JLG. Based on the Company’s annual impairment review, the Company concluded that there was no impairment of goodwill or indefinite-lived intangible assets. Changes in estimates or the application of alternative assumptions could have produced significantly different results.

The following table presents changes in goodwill during fiscal 2020 and 2019 (in millions):

	Access Equipment			Fire & Emergency		Commercial			Total
Net goodwill at September 30, 2018	$	880.9		$	106.1	$	20.9		$	1,007.9
Foreign currency translation		(12.1	)		—		(0.1	)		(12.2	)
Net goodwill at September 30, 2019		868.8			106.1		20.8			995.7
Foreign currency translation		13.8			—		—			13.8
Net goodwill at September 30, 2020	$	882.6		$	106.1	$	20.8		$	1,009.5

The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):

	September 30, 2020							September 30, 2019
	Gross		Accumulated Impairment			Net		Gross		Accumulated Impairment			Net
Access Equipment	$	1,814.7	$	(932.1	)	$	882.6	$	1,800.9	$	(932.1	)	$	868.8
Fire & Emergency		108.1		(2.0	)		106.1		108.1		(2.0	)		106.1
Commercial		196.7		(175.9	)		20.8		196.7		(175.9	)		20.8
	$	2,119.5	$	(1,110.0	)	$	1,009.5	$	2,105.7	$	(1,110.0	)	$	995.7

Details of the Company’s total purchased intangible assets were as follows (in millions):

	September 30, 2020
	Weighted- Average Life		Gross		Accumulated Amortization			Net
Amortizable intangible assets:
Distribution network		39.1	$	55.4	$	(33.8	)	$	21.6
Technology-related		11.9		104.7		(103.3	)		1.4
Customer relationships		12.8		554.7		(545.6	)		9.1
Other		16.3		16.4		(15.0	)		1.4
		14.7		731.2		(697.7	)		33.5
Non-amortizable trade names				384.7		—			384.7
			$	1,115.9	$	(697.7	)	$	418.2

	September 30, 2019
	Weighted- Average Life		Gross		Accumulated Amortization			Net
Amortizable intangible assets:
Distribution network		39.1	$	55.4	$	(32.3	)	$	23.1
Technology-related		11.9		104.7		(102.6	)		2.1
Customer relationships		12.8		554.8		(536.8	)		18.0
Other		16.1		16.3		(14.9	)		1.4
		14.7		731.2		(686.6	)		44.6
Non-amortizable trade names				387.7		—			387.7
			$	1,118.9	$	(686.6	)	$	432.3

When determining the value of customer relationships for purposes of allocating the purchase price of an acquisition, the Company looks at existing customer contracts of the acquired business to determine if they represent a reliable future source of income and hence, a valuable intangible asset for the Company. The Company determines the fair value of the customer relationships based on the estimated future benefits the Company expects from the acquired customer contracts. In performing its evaluation and estimation of the useful lives of customer relationships, the Company looks to the historical growth rate of revenue of the acquired company’s existing customers as well as the historical attrition rates.

In connection with the valuation of intangible assets, a 40-year life was assigned to the value of the Pierce distribution network (net book value of $21.2 million at September 30, 2020). The Company believes Pierce maintains the largest North American fire apparatus distribution network. Pierce has exclusive contracts with each distributor related to the fire apparatus product offerings manufactured by Pierce. The useful life of the Pierce distribution network was based on a historical turnover analysis. Non-compete intangible asset lives are based on the terms of the applicable agreements.

The estimated future amortization expense of purchased intangible assets for the five years succeeding September 30, 2020 are as follows: 2021 - $5.3 million; 2022 - $4.8 million; 2023 - $3.4 million; 2024 - $1.6 million and 2025 - $1.5 million.