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Goodwill And Intangible Assets | 6 Months Ended
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Mar. 29, 2020
Goodwill And Intangible Assets [Abstract] |
Goodwill And Intangible Assets | NOTE 9 - GOODWILL AND INTANGIBLE ASSETS Goodwill consists of the following:
(in millions) |  | HHI |  | GPC |  | H&G |  | Total
As of September 30, 2019 |  | $ | 702.1 |  | $ | 430.4 |  | $ | 195.6 |  | $ | 1,328.1
Foreign currency impact |  |  | (3.0) |  |  | 1.0 |  |  | — |  |  | (2.0)
Omega Sea acquisition (Note 3) |  |  | — |  |  | 8.6 |  |  | — |  |  | 8.6
Allocated to Assets Held for Sale - Coevorden Operations (Note 2) |  |  | — |  |  | (10.6) |  |  | — |  |  | (10.6)
As of March 29, 2020 |  | $ | 699.1 |  | $ | 429.4 |  | $ | 195.6 |  | $ | 1,324.1
Following the recognition of the Coevorden Operations as held for sale and allocation of goodwill, 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 $429.4 million as of March 29, 2020 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 duration and severity of the COVID-19 pandemic could result in additional future impairment charges for the GPC reporting unit goodwill, and potentially other reporting unit goodwill not considered ‘at risk’. While we have concluded that a triggering event did not occur during the three month period ended March 29, 2020, a prolonged pandemic could negatively impact the results of operations, net sales and earnings growth rates, changes in key assumptions and other global and regional macroeconomic factors. The carrying value of indefinite-lived intangibles and definite-lived intangibles assets subject to amortization and accumulated amortization are as follows:
|  | March 29, 2020 |  | September 30, 2019
(in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 684.8 |  | $ | (344.8) |  | $ | 340.0 |  | $ | 694.9 |  | $ | (329.7) |  | $ | 365.2
Technology assets |  |  | 175.7 |  |  | (96.4) |  |  | 79.3 |  |  | 179.4 |  |  | (90.9) |  |  | 88.5
Tradenames |  |  | 160.8 |  |  | (125.3) |  |  | 35.5 |  |  | 160.4 |  |  | (118.1) |  |  | 42.3
Total Amortizable Intangible Assets |  |  | 1,021.3 |  |  | (566.5) |  |  | 454.8 |  |  | 1,034.7 |  |  | (538.7) |  |  | 496.0
Indefinite-lived Intangible Assets - Tradenames |  |  | 998.5 |  |  | — |  |  | 998.5 |  |  | 1,011.1 |  |  | — |  |  | 1,011.1
Total Intangible Assets |  | $ | 2,019.8 |  | $ | (566.5) |  | $ | 1,453.3 |  | $ | 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 six month period ended March 29, 2020, 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 and six month periods ended March 29, 2020. While a triggering event did not occur during the three month period ended March 29, 2020, a prolonged COVID-19 pandemic could negatively impact net sales growth rate, change in key assumptions, and other global and regional macroeconomic factors that could result in additional future impairment charges for indefinite-lived intangible assets. Amortization expense from the intangible assets for the three month periods ended March 29, 2020 and March 31, 2019 was $16.9 million and $17.4 million, respectively; and for the six month periods ended March 29, 2020 and March 31, 2019 was $34.0 million and $50.2 million, respectively. During the six month period ended March 31, 2019, there was an 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 |  | $ | 77.2
2021 |  |  | 60.6
2022 |  |  | 46.6
2023 |  |  | 44.0
2024 |  |  | 43.3

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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