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Other Intangible Assets | 6 Months Ended
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Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Other Intangible Assets | Other Intangible Assets The following table summarizes the components of gross and net acquired intangible assets:
|  | Gross |  | Accumulated Amortization |  | Accumulated Impairment |  | Net Carrying Value
|  | (in millions)
March 30, 2024 |  |  |  |  |  |  |  |
Marketing-related intangible assets – amortizable |  | $ | 22.1 |  |  | $ | (21.9) |  |  | $ | — |  |  | $ | 0.2 |
Marketing-related intangible assets – nonamortizable |  | 252.5 |  |  | — |  |  | (29.4) |  |  | 223.1 |
Total |  | 274.6 |  |  | (21.9) |  |  | (29.4) |  |  | 223.3 |
Customer-related intangible assets – amortizable |  | 416.4 |  |  | (161.4) |  |  | (10.3) |  |  | 244.7 |
Other acquired intangible assets – amortizable |  | 39.7 |  |  | (32.5) |  |  | (0.3) |  |  | 6.9 |
Other acquired intangible assets – nonamortizable |  | 7.1 |  |  | — |  |  | (1.2) |  |  | 5.9 |
Total |  | 46.8 |  |  | (32.5) |  |  | (1.5) |  |  | 12.8 |
Total other intangible assets, net |  | $ | 737.8 |  |  | $ | (215.7) |  |  | $ | (41.2) |  |  | $ | 480.9 |
|  | Gross |  | Accumulated Amortization |  | Accumulated Impairment |  | Net Carrying Value
|  | (in millions)
March 25, 2023 |  |  |  |  |  |  |  |
Marketing-related intangible assets – amortizable |  | $ | 22.1 |  |  | $ | (21.1) |  |  | $ | — |  |  | $ | 1.0 |
Marketing-related intangible assets – nonamortizable |  | 252.5 |  |  | — |  |  | (26.0) |  |  | 226.5 |
Total |  | 274.6 |  |  | (21.1) |  |  | (26.0) |  |  | 227.5 |
Customer-related intangible assets – amortizable |  | 416.4 |  |  | (133.1) |  |  | (2.5) |  |  | 280.8 |
Other acquired intangible assets – amortizable |  | 39.7 |  |  | (28.6) |  |  | — |  |  | 11.1 |
Other acquired intangible assets – nonamortizable |  | 7.1 |  |  | — |  |  | (1.2) |  |  | 5.9 |
Total |  | 46.8 |  |  | (28.6) |  |  | (1.2) |  |  | 17.1 |
Total other intangible assets, net |  | $ | 737.8 |  |  | $ | (182.8) |  |  | $ | (29.8) |  |  | $ | 525.3 |
|  | Gross |  | Accumulated Amortization |  | Accumulated Impairment |  | Net Carrying Value
|  | (in millions)
September 30, 2023 |  |  |  |  |  |  |  |
Marketing-related intangible assets – amortizable |  | $ | 22.1 |  |  | $ | (21.5) |  |  | $ | — |  |  | $ | 0.6 |
Marketing-related intangible assets – nonamortizable |  | 252.5 |  |  | — |  |  | (29.4) |  |  | 223.1 |
Total |  | 274.6 |  |  | (21.5) |  |  | (29.4) |  |  | 223.7 |
Customer-related intangible assets – amortizable |  | 416.4 |  |  | (147.4) |  |  | (10.3) |  |  | 258.8 |
Other acquired intangible assets – amortizable |  | 39.7 |  |  | (30.5) |  |  | (0.3) |  |  | 8.9 |
Other acquired intangible assets – nonamortizable |  | 7.1 |  |  | — |  |  | (1.2) |  |  | 5.9 |
Total |  | 46.8 |  |  | (30.5) |  |  | (1.5) |  |  | 14.8 |
Total other intangible assets, net |  | $ | 737.8 |  |  | $ | (199.4) |  |  | $ | (41.2) |  |  | $ | 497.2 |
Other acquired intangible assets include contract-based and technology-based intangible assets. The Company evaluates long-lived assets, including amortizable and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company evaluates indefinite-lived intangible assets on an annual basis. Factors indicating the carrying value of the Company’s amortizable intangible assets may not be recoverable were not present in the six months ended March 30, 2024, and accordingly, no impairment testing was performed on these assets. The Company amortizes its acquired intangible assets with definite lives over periods ranging from two years to 25 years; over weighted average remaining lives of one year for marketing-related intangibles, 11 years for customer-related intangibles and five years for other acquired intangibles. Amortization expense for intangibles subject to amortization was approximately $8.1 million and $8.9 million for the three months ended March 30, 2024 and March 25, 2023, respectively, and $16.3 million and $17.9 million for the six months ended March 30, 2024 and March 25, 2023, respectively, and is classified within selling, general and administrative expenses in the condensed consolidated statements of operations. Estimated annual amortization expense related to acquired intangible assets in each of the succeeding five years is estimated to be approximately $29 million per year from fiscal 2024 through fiscal 2026 and $25 million per year from fiscal 2027 through fiscal 2028.

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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