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Goodwill and Intangible Assets
 12 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill, by segment, consists of the following:
(in millions)HHIGPCH&GHPCTotal
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 
Foreign currency impact2.7 3.2 — — 5.9 
Omega Sea acquisition (Note 4)— 8.6 — — 8.6 
Allocated to Assets Held for Sale - Coevorden Operations (Note 3)— (10.6)— — (10.6)
As of September 30, 2020$704.8 $431.6 $195.6 $— $1,332.0 
The fair values of the HHI, GPC, and H&G reporting units exceeded their carrying values by 32%, 52%, and 134%, respectively, and we did not recognize an impairment or deemed the respective units as 'at risk' of impairment for the year ended September 30, 2020. The Company considered the impact of the COVID-19 pandemic on its future cash flows when preparing its annual goodwill impairment test; however, the full extent of the impact the pandemic may have on the Company's business, operations, and financial condition is currently unknown. The duration and severity of the COVID-19 pandemic could result in future impairment charges not currently considered.
During the year ended September 30, 2019, the Company recognized an impairment loss on goodwill of the HPC reporting unit of $116.0 million. The goodwill loss was a result of HPC being previously held for sale and subsequent separation of the business from the Global Batteries and Appliances ("GBA") reporting unit following the GBL divestiture, as well as competitive pressure and reduced margin realization and decline in operating results during the year ended September 30, 2019.
The carrying value of indefinite lived intangible and definite lived intangible assets subject to amortization and accumulated amortization are as follows:
20202019
(in millions)
Gross Carrying Amount
Accumulated Amortization
Net
Gross Carrying Amount
Accumulated Amortization
Net
Amortizable Intangible Assets
Customer relationships
$692.1 $(367.9)$324.2 $694.9 $(329.7)$365.2 
Technology assets
175.7 (104.1)71.6 179.4 (90.9)88.5 
Tradenames
161.0 (132.6)28.4 160.4 (118.1)42.3 
Total Amortizable Intangible Assets
1,028.8 (604.6)424.2 1,034.7 (538.7)496.0 
Indefinite-lived Intangible Assets - Tradenames
1,007.5 — 1,007.5 1,011.1 — 1,011.1 
Total Intangible Assets
$2,036.3 $(604.6)$1,431.7 $2,045.8 $(538.7)$1,507.1 
During the year ended September 30, 2020, the Company recognized an impairment of $16.6 million on indefinite-lived intangible assets of tradenames associated with the commercial DCF business following the divestiture of the Coevorden Operations. During the year ended September 30, 2019, the Company recognized an impairment of $18.8 million and $16.6 million 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. 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. As of September 30, 2020, there are approximately $136.9 million of intangible assets the could be deemed at risk of future impairment due to the limited excess fair value.
For definite lived intangible assets, the Company recognized an impairment of $7.6 million due to the incremental cash flow risk associated with the commercial DCF business following the divestiture of the Coevorden Operations, which consisted of the remaining carrying cost of the definite lived intangibles assets associated with the commercial DCF business. There were no additional impairments identified during the year ended September 30, 2020.
Amortization expense from the intangible assets for the years ended September 30, 2020, 2019 and 2018 was $68.0 million, $83.4 million and $53.0 million, respectively. During the year ended September 30, 2019, there was an 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 21 - 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
2021$74.9 
202254.5 
202344.4 
202444.4 
202542.3