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Goodwill And Intangible Assets | 3 Months Ended
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Dec. 29, 2019
Goodwill And Intangible Assets [Abstract] |
Goodwill And Intangible Assets | NOTE 8 - GOODWILL AND INTANGIBLE ASSETS The carrying amounts of goodwill for the three months ended December 29, 2019, are presented in the table below.
(in millions) |  | HHI |  | GPC |  | H&G |  | Total
As of September 30, 2019 |  | $ | 702.1 |  | $ | 430.4 |  | $ | 195.6 |  | $ | 1,328.1
Foreign currency impact |  |  | 2.3 |  |  | 1.7 |  |  | — |  |  | 4.0
Allocated to Assets Held for Sale - Coevorden Operations |  |  | — |  |  | (10.6) |  |  | — |  |  | (10.6)
As of December 29, 2019 |  | $ | 704.4 |  | $ | 421.5 |  | $ | 195.6 |  | $ | 1,321.5
During the three month period ended December 29, 2019, the Company entered into an agreement to divest its Coevorden Operations and recognized the disposal group as Assets Held for Sale. The divestiture of the Coevorden Operations is defined as a disposal of a business and a component of the GPC segment and reporting unit resulting in the allocation of $10.6 million of GPC goodwill to the disposal group based upon a relative fair-value allocation. As the fair value of the disposal group is less than the carrying value of net assets, the allocation of goodwill is included as part of the loss on assets held for sale for the three-month period ended December 29, 2019. Refer to Note 2 - Divestitures for further discussion. Following the recognition of the Coevorden Operations as held for sale, the Company remeasured the fair value of its GPC reporting unit goodwill. The fair value of the remaining GPC reporting unit exceeded its carrying value by 17% and the Company did not recognize an impairment. The GPC reporting unit goodwill of $421.5 million as of December 29, 2019 is still deemed ‘at risk’ of impairment in the near term if operating performance does not continue to improve in line with management expectations, or a negative long-term outlook for the business, or another change in factors and assumptions such as discount rate. The carrying value of indefinite-lived intangibles and definite-lived intangibles assets subject to amortization and accumulated amortization are as follows:
|  | December 29, 2019 |  | September 30, 2019
(in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 691.6 |  | $ | (340.7) |  | $ | 350.9 |  | $ | 694.9 |  | $ | (329.7) |  | $ | 365.2
Technology assets |  |  | 177.9 |  |  | (94.8) |  |  | 83.1 |  |  | 179.4 |  |  | (90.9) |  |  | 88.5
Tradenames |  |  | 160.4 |  |  | (121.7) |  |  | 38.7 |  |  | 160.4 |  |  | (118.1) |  |  | 42.3
Total Amortizable Intangible Assets |  |  | 1,029.9 |  |  | (557.2) |  |  | 472.7 |  |  | 1,034.7 |  |  | (538.7) |  |  | 496.0
Indefinite-lived Intangible Assets - Tradenames |  |  | 999.9 |  |  | — |  |  | 999.9 |  |  | 1,011.1 |  |  | — |  |  | 1,011.1
Total Intangible Assets |  | $ | 2,029.8 |  | $ | (557.2) |  | $ | 1,472.6 |  | $ | 2,045.8 |  | $ | (538.7) |  | $ | 1,507.1
The Company assessed the indefinite-lived intangible assets and definite-lived intangible assets associated with the continuing commercial DCF business following recognition of the Coevorden Operations as held for sale. During the three month period ended December 29, 2019, the Company recognized an impairment of $16.6 million on indefinite-lived intangible assets of tradenames associated with the commercial DCF business due to the reduced value of the associated tradenames, leaving no excess fair value as of the measurement date and risk of future impairment. For the remaining tradenames associated with the DCF business, there were $3.3 million of indefinite lived intangible assets that 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 planned 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 three month period ended December 29, 2019. Amortization expense from the intangible assets for the three month periods ended December 29, 2019 and December 30, 2018 was $17.1 million and $32.8 million, respectively. During the three month period ended December 30, 2018, there was incremental amortization expense of $15.5 million attributable to amortization expense on intangible assets of HPC that were previously held for sale. Excluding the impact of any future acquisitions or changes in foreign currency, the Company estimates annual amortization expense of intangible assets for the next five fiscal years will be as follows:
(in millions) |  | Amortization
2020 |  | $ | 78.6
2021 |  |  | 62.2
2022 |  |  | 50.0
2023 |  |  | 44.2
2024 |  |  | 43.8

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