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Goodwill and Intangibles, including DAC and VOBA, net
 12 Months Ended
Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangibles, including DAC and VOBA, net
Goodwill and Intangibles, including deferred acquisition costs and value of business acquired, net
A summary of the changes in the carrying amounts of goodwill and intangible assets, including DAC and VOBA balances, during Fiscal 2015 and 2014 are as follows:
 
 
 
Intangible Assets
 
Goodwill
 
Indefinite Lived
 
Definite Lived
 
VOBA
 
DAC
 
Total
Balance at September 30, 2013
$
1,476.7

 
$
1,178.1

 
$
985.1

 
$
225.3

 
$
340.6

 
$
2,729.1

Acquisitions (Note 4)
65.8

 
46.7

 
23.5

 
—

 
—

 
70.2

Deferrals
—

 
—

 
—

 
—

 
239.0

 
239.0

Less: Components of amortization -
 
 
 
 
 
 
 
 
 
 
 
Periodic amortization


 
—

 
(81.7
)
 
(92.4
)
 
(58.0
)
 
(232.1
)
Interest
—

 
—

 
—

 
15.0

 
13.6

 
28.6

Unlocking
—

 
—

 
—

 
21.6

 
2.7

 
24.3

Adjustment for unrealized investment losses, net
—

 
—

 
—

 
(82.7
)
 
(74.1
)
 
(156.8
)
Effect of translation
(17.7
)
 
(8.9
)
 
(9.7
)
 
—

 
—

 
(18.6
)
Balance at September 30, 2014
1,524.8

 
1,215.9

 
917.2

 
86.8

 
463.8

 
2,683.7

Acquisitions (Note 4)
1,054.7

 
341.5

 
184.9

 
—

 
—

 
526.4

Impairments (Note 2)
(28.3
)
 
(31.9
)
 
—

 
—

 
—

 
(31.9
)
Deconsolidation in connection to bankruptcy of a subsidiary (Note 1)
(16.2
)
 
(9.9
)
 
—

 
—

 
—

 
(9.9
)
Deferrals
—

 
—

 
—

 
—

 
320.1

 
320.1

Less: Components of amortization -
 
 
 
 
 
 
 
 
 
 
 
Periodic amortization
—

 
—

 
(87.8
)
 
(53.5
)
 
(45.7
)
 
(187.0
)
Interest
—

 
—

 
—

 
12.3

 
21.7

 
34.0

Unlocking
—

 
—

 
—

 
19.4

 
4.0

 
23.4

Adjustment for unrealized investment (gains), net
—

 
—

 
—

 
164.9

 
54.8

 
219.7

Effect of translation
(47.6
)
 
(25.3
)
 
(24.3
)
 
—

 
—

 
(49.6
)
Balance at September 30, 2015
$
2,487.4

 
$
1,490.3

 
$
990.0

 
$
229.9

 
$
818.7

 
$
3,528.9


During Fiscal 2015 and 2014, the Company recorded additions to goodwill and intangible assets related to the acquisitions of AAG, Salix, European IAMS and Eukanuba, Tell, Liquid Fence, FOH and CorAmerica. See Note 4, Acquisitions, for further detail.
Definite Lived Intangible Assets
Amortizable intangible assets as of September 30, 2015 and 2014 consist of the following:
 
September 30, 2015
 
September 30, 2014
 
Cost
 
Accumulated Amortization
 
Net
 
Cost
 
Accumulated Amortization
 
Net
Customer relationships
$
985.2

 
$
(247.4
)
 
$
737.8

 
$
877.1

 
$
(204.6
)
 
$
672.5

Technology assets
238.6

 
(78.1
)
 
160.5

 
192.2

 
(57.6
)
 
134.6

Trade names
165.4

 
(73.7
)
 
91.7

 
171.1

 
(61.0
)
 
110.1

 
$
1,389.2

 
$
(399.2
)
 
$
990.0

 
$
1,240.4

 
$
(323.2
)
 
$
917.2


Amortization expense for the years ended September 30, 2015, 2014 and 2013 was $87.8, $81.7 and $77.8, respectively. Excluding the impact of any future acquisitions or changes in foreign currency, the Company anticipates the annual amortization for each of the next five years to be the following:
Fiscal Year
 
Estimated Amortization Expense
2016
 
$
93.9

2017
 
93.0

2018
 
86.2

2019
 
85.1

2020
 
84.9


Amortization of DAC and VOBA
Amortization of DAC and VOBA is based on the amount of gross margins or profits recognized, including investment gains and losses. The interest accrual rate utilized to calculate the accretion of interest on VOBA ranged from 4.0% to 5.0%. The adjustment for unrealized net investment losses/gains represents the amount of VOBA and DAC that would have been amortized if such unrealized gains and losses had been recognized. This is referred to as the “shadow adjustments” as the additional amortization is reflected in AOCI rather than the Consolidated Statement of Operations. As of September 30, 2015 and 2014, the VOBA balance included cumulative adjustments for net unrealized investment (losses)/gains of ($0.9) and $164.2, respectively, and the DAC balances included cumulative adjustments for net unrealized investment gains of $0.9 and $55.5, respectively.
Amortization expense for VOBA and DAC was as follows:
 
Fiscal
 
2015
 
2014
 
2013
Amortization expense for VOBA
$
21.8

 
$
55.8

 
$
137.0

Amortization expense for DAC
20.0

 
41.7

 
45.3

Accumulated amortization of VOBA for Fiscal 2015 and 2014 was $348.1 and $326.3, respectively. The above DAC balances include $59.2 and $32.7 of DSI, net of shadow adjustments, as of September 30, 2015 and 2014, respectively.
The weighted average amortization period for VOBA is approximately 4.9 years. Estimated amortization expense for VOBA in future fiscal periods is as follows:


Estimated Amortization Expense
Fiscal Year

VOBA
2016

$
40.6

2017

35.3

2018

28.4

2019

23.0

2020
 
18.5

2021 and thereafter

83.2