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Goodwill and Other Intangible Assets | 12 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill in each of the Company’s reportable segments were as follows (in millions):
|  | Year Ended September 30, 2023
|  | Building Solutions North America |  | Building Solutions EMEA/LA |  | Building Solutions Asia Pacific |  | Global Products |  | Total
Goodwill |  | $ | 9,630 |  |  | $ | 1,794 |  |  | $ | 1,116 |  |  | $ | 5,591 |  |  | 18,131 |
Accumulated impairment loss |  | (659) |  |  | (47) |  |  | — |  |  | (75) |  |  | (781) |
Balance at beginning of period |  | 8,971 |  |  | 1,747 |  |  | 1,116 |  |  | 5,516 |  |  | 17,350 |
Acquisitions (1) |  | 399 |  |  | 13 |  |  | 55 |  |  | 119 |  |  | 586 |
Impairments |  | — |  |  | — |  |  | — |  |  | (184) |  |  | (184) |
Foreign currency translation and other |  | 11 |  |  | 125 |  |  | 8 |  |  | 40 |  |  | 184 |
Balance at end of period |  | $ | 9,381 |  |  | $ | 1,885 |  |  | $ | 1,179 |  |  | $ | 5,491 |  |  | $ | 17,936 |
|  | Year Ended September 30, 2022 |
|  | Building Solutions North America |  | Building Solutions EMEA/LA |  | Building Solutions Asia Pacific |  | Global Products |  | Total |
Goodwill |  | $ | 9,639 |  |  | $ | 2,088 |  |  | $ | 1,237 |  |  | $ | 5,842 |  |  | 18,806 |  |
Accumulated impairment loss |  | (424) |  |  | (47) |  |  | — |  |  | — |  |  | (471) |  |
Balance at beginning of period |  | 9,215 |  |  | 2,041 |  |  | 1,237 |  |  | 5,842 |  |  | 18,335 |  |
Acquisitions (1) |  | 37 |  |  | 78 |  |  | 44 |  |  | 60 |  |  | 219 |  |
Divestitures |  | — |  |  | (5) |  |  | (14) |  |  | — |  |  | (19) |  |
Impairments |  | (235) |  |  | — |  |  | — |  |  | (75) |  |  | (310) |  |
Foreign currency translation and other |  | (46) |  |  | (367) |  |  | (151) |  |  | (311) |  |  | (875) |  |
Balance at end of period |  | $ | 8,971 |  |  | $ | 1,747 |  |  | $ | 1,116 |  |  | $ | 5,516 |  |  | $ | 17,350 |  |
(1) Includes measurement period adjustments In the second quarter of fiscal 2023, management completed an updated comprehensive review of the Silent-Aire reporting unit, which is included in the Global Products segment. Because actual results were lower than planned and the nearer term forecast was revised to reflect lower margins and earnings, the Company determined a triggering event had occurred and a quantitative test of goodwill for possible impairment was necessary. As a result of the goodwill impairment test, the Company recorded a non-cash impairment charge of $184 million within restructuring and impairment costs in the consolidated statements of income in fiscal 2023, which was determined by comparing the carrying amount of the reporting unit to its fair value. The Silent-Aire reporting unit has no remaining goodwill balance as of September 30, 2023. Management completed its fiscal 2023 annual impairment test as of July 31. The fair value of all reporting units substantially exceeded their carrying values, with the exception of one reporting unit with $455 million of goodwill whose fair value in excess of its carrying value was approximately 10%. For this reporting unit, a 1% increase in the discount rate, or a 1.5% decrease in the revenue growth rates, would cause the fair value to be less than the carrying value. While no impairment was recorded, it is possible that future changes in circumstances could result in a non-cash impairment charge. During its fiscal 2022 annual impairment test, the Company determined that goodwill in the Silent-Are reporting unit was impaired and recorded a non-cash impairment charge of $75 million within restructuring and impairment costs in the consolidated statements of income. The impairment charge was determined by comparing the carrying amount of the reporting unit to its fair value. The Company used a discounted cash flow model to estimate the fair value of the Silent-Aire reporting unit in both fiscal 2023 and 2022. The primary assumptions and inputs used in the model included management's internal projections of future cash flows, the weighted-average cost of capital and the long-term growth rate. The fair value measurement is classified as Level 3 within the fair value hierarchy as defined in ASC 820, "Fair Value Measurement" due to the unobservable inputs used. In fiscal 2022, the Company concluded it had a triggering event requiring assessment of goodwill impairment for its North America Retail reporting unit in conjunction with classifying its Global Retail business as held for sale. As a result, the Company recorded a non-cash impairment charge of $235 million within restructuring and impairment costs in the consolidated statements of income in fiscal 2022. The North America Retail reporting unit had no remaining goodwill balance as of September 30, 2023 or 2022. The Company used the market approach to estimate the fair value of the reporting unit based on the relative estimated sales proceeds for the planned disposal of the Global Retail business attributable to the North America Retail reporting unit. The inputs utilized in the analysis are classified as Level 3 inputs within the fair value hierarchy as defined in ASC 820, "Fair Value Measurement." Refer to Note 3, "Assets and Liabilities Held for Sale & Discontinued Operations," of the notes to the consolidated financial statements for further disclosure. There were no other triggering events requiring that an impairment assessment be conducted in fiscal 2023, 2022 or 2021. However, it is possible that future changes in circumstances would require the Company to record additional non-cash impairment charges. Other Intangible Assets The Company’s other intangible assets, primarily from business acquisitions, consisted of (in millions):
| September 30,
| 2023 |  | 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Definite-lived intangible assets |  |  |  |  |  |  |  |  |  |  |
Technology | $ | 1,575 |  |  | $ | (806) |  |  | $ | 769 |  |  | $ | 1,481 |  |  | $ | (728) |  |  | $ | 753 |
Customer relationships | 3,047 |  |  | (1,496) |  |  | 1,551 |  |  | 3,011 |  |  | (1,340) |  |  | 1,671 |
Miscellaneous | 889 |  |  | (435) |  |  | 454 |  |  | 949 |  |  | (425) |  |  | 524 |
| 5,511 |  |  | (2,737) |  |  | 2,774 |  |  | 5,441 |  |  | (2,493) |  |  | 2,948 |
Indefinite-lived intangible assets |  |  |  |  |  |  |  |  |  |  |
Trademarks/tradenames | 2,114 |  |  | — |  |  | 2,114 |  |  | 2,207 |  |  | — |  |  | 2,207 |
Total intangible assets | $ | 7,625 |  |  | $ | (2,737) |  |  | $ | 4,888 |  |  | $ | 7,648 |  |  | $ | (2,493) |  |  | $ | 5,155 |
During the fourth quarter of fiscal 2023, the Company impaired $18 million of Miscellaneous intangible assets in the Global Products segment and $10 million of a trademark in the Building Solutions Asia Pacific segment. These non-cash charges were recorded within restructuring and impairment costs in the consolidated statements of income. There was no impairment of other indefinite-lived intangible assets in any of these years, other than as disclosed above. For all other remaining indefinite lived intangible assets, the Company estimated fair values were greater than the carrying values, with the exception of three other registered trademarks in which the estimated fair values were consistent with their carrying values which totaled $412 million. Amortization of other intangible assets included within continuing operations for the years ended September 30, 2023, 2022 and 2021 was $439 million, $427 million and $435 million, respectively. The following table summarizes the expected amortization of definite-lived intangible assets, excluding the impact of future acquisitions, by year (in millions):
2024 |  | $ | 508 |
2025 |  | 479
2026 |  | 410
2027 |  | 365
2028 |  | 252

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