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Goodwill And Intangible Assets | 12 Months Ended
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Sep. 30, 2019
Goodwill And Intangible Assets [Abstract] |
Goodwill And Intangible Assets | NOTE 11 - GOODWILL AND INTANGIBLE ASSETS Goodwill, by segment, consists of the following:
(in millions) |  | HHI |  | GPC |  | H&G |  | HPC |  | Total
As of September 30, 2017 |  | $ | 708.7 |  |  | 437.1 |  |  | 196.5 |  |  | 119.5 |  |  | 1,461.8
Foreign currency impact |  |  | (4.4) |  |  | (1.2) |  |  | — |  |  | (1.5) |  |  | (7.1)
As of September 30, 2018 |  | $ | 704.3 |  | $ | 435.9 |  | $ | 196.5 |  | $ | 118.0 |  | $ | 1,454.7
Foreign currency impact |  |  | (2.2) |  |  | (5.5) |  |  | — |  |  | (2.0) |  |  | (9.7)
Impairment |  |  | — |  |  | — |  |  | — |  |  | (116.0) |  |  | (116.0)
Deferred tax impact |  |  | — |  |  | — |  |  | (0.9) |  |  | — |  |  | (0.9)
As of September 30, 2019 |  | $ | 702.1 |  | $ | 430.4 |  | $ | 195.6 |  | $ | — |  | $ | 1,328.1
As a result of the Company’s divestiture of the GBL division and decision to retain the HPC division, the Company reconsidered the manner in which management views its business activities and reportable segments; which also changed the reporting units that the Company utilizes to recognize goodwill. The Company had historically recognized goodwill at its Global Batteries and Appliance (GBA) reporting unit and separate operating segment. With the separation of the GBL and HPC components, goodwill previously recognized as part of the GBA reporting unit was allocated to HPC and the GBL discontinued operations, based upon relative fair value, during the first quarter of the year ended September 30, 2019, when the decision was made to retain the HPC division and separate HPC assets from the GBL assets. No goodwill impairment was recognized in connection with the GBL divestiture and change to the plan of sale of the HPC division. However, as a result of HPC being held for sale for majority of the prior year and subsequent separation of the business from the GBA reporting unit following the GBL divestiture, as well as competitive pressure and reduced margin realization and decline in operating results during the year, the Company realized a goodwill impairment loss on the HPC segment and reporting unit during the fourth quarter of $116.0 million, which results in a full write‐off of HPC goodwill. The fair values of the HHI, GPC, and H&G reporting units exceeded their carrying values by 33%, 4%, and 56%, respectively, and we did no t recognize an impairment for the respective units. Although none of these reporting units failed annual impairment test, in management’s opinion, the goodwill of GPC reporting unit is at risk of impairment in the near term if operating performance does not continue to improve in line with management’s expectation, or a negative change in the long-term outlook for the business or in other change in factors and assumptions such as the discount rate. The carrying value of indefinite life intangibles and definite lived intangible assets subject to amortization and accumulated amortization are as follows:
|  | 2019 |  | 2018
(in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 694.9 |  | $ | (329.7) |  | $ | 365.2 |  | $ | 701.3 |  | $ | (275.3) |  | $ | 426.0
Technology assets |  |  | 179.4 |  |  | (90.9) |  |  | 88.5 |  |  | 181.5 |  |  | (78.2) |  |  | 103.3
Tradenames |  |  | 160.4 |  |  | (118.1) |  |  | 42.3 |  |  | 153.2 |  |  | (105.1) |  |  | 48.1
Total Amortizable Intangible Assets |  |  | 1,034.7 |  |  | (538.7) |  |  | 496.0 |  |  | 1,036.0 |  |  | (458.6) |  |  | 577.4
Indefinite-lived Intangible Assets - Tradenames |  |  | 1,011.1 |  |  | — |  |  | 1,011.1 |  |  | 1,064.4 |  |  | — |  |  | 1,064.4
Total Intangible Assets |  | $ | 2,045.8 |  | $ | (538.7) |  | $ | 1,507.1 |  | $ | 2,100.4 |  | $ | (458.6) |  | $ | 1,641.8
During the year ended September 30, 2019, the Company recognized $18.8 million and $16.6 million impairment on indefinite life intangible assets due to the reduction in value on certain tradenames associated with the with the HPC and GPC segments, respectively, primarily due to reduced sales volume and response to changes in management’s strategy. With the recognition of the impairment, the respective intangible assets were adjusted to their determined fair value, leaving no excess fair value as of the measurement date and risk of further impairment. As of September 30, 2019, there are approximately $240.4 million of intangible assets the could be deemed at risk of future impairment due to the limited excess fair value. During the year ended September 30, 2018 the Company recognized $20.3 million impairment on certain tradenames associated with the GPC segment driven by lost sales volumes attributable to safety recall and increased market competition. During the year ended September 30, 2017, the Company recognized $16.3 million of impairment on indefinite life intangible assets, primarily in response to changes in management’s strategy. Amortization expense from intangible assets for the years ended September 30, 2019, 2018 and 2017 was $83.4 million, $53.0 million and $72.1 million, respectively. During the year ended September 30, 2019, there was incremental amortization expense of $15.5 million recognized attributable to amortization expense on intangible assets of HPC that were previously held for sale. Refer Note 20 - Segment Information for further discussion. Excluding the impact of any future acquisitions or changes in foreign currency, the Company anticipates the annual amortization expense of intangible assets for the next five fiscal years will be as follows:
(in millions) |  | Amortization
2020 |  | $ | 80.1
2021 |  |  | 64.1
2022 |  |  | 55.2
2023 |  |  | 44.8
2024 |  |  | 44.7

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