GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, by segment, consists of the following:


(in millions)	HPC		GPC		H&G		Total
As of September 30, 2020	$	—	$	431.6	$	195.6	$	627.2
Armitage acquisition (Note 4)	—		90.7		—		90.7
Rejuvenate acquisition (Note 4)	—		—		147.0		147.0
Foreign currency impact	—		2.3		—		2.3
As of September 30, 2021	$	—	$	524.6	$	342.6	$	867.2

Tristar Business acquisition (Note 4)	108.1		—		—		108.1
Foreign currency impact	—		(22.2)		—		(22.2)
As of September 30, 2022	$	108.1	$	502.4	$	342.6	$	953.1

The carrying value of indefinite lived intangible and definite lived intangible assets subject to amortization and accumulated amortization are as follows:


	2022						2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	627.8	$	(373.9)	$	253.9	$	619.6	$	(352.3)	$	267.3
Technology assets	75.3		(30.8)		44.5		75.3		(25.8)		49.5
Tradenames	10.6		(5.1)		5.5		158.4		(141.9)		16.5
Total amortizable intangible assets	713.7		(409.8)		303.9		853.3		(520.0)		333.3
Indefinite-lived intangible assets - tradenames	898.3		—		898.3		870.8		—		870.8
Total intangible assets	$	1,612.0	$	(409.8)	$	1,202.2	$	1,724.1	$	(520.0)	$	1,204.1

There were no impairments recognized for goodwill or intangible assets during the years ended September 30, 2022, and 2021. During the year ended September 30, 2020, the Company recognized an impairment loss of $16.6 million on indefinite-lived intangible assets and an impairment of $7.6 million on definite lived intangible assets due to the incremental cash flow risk associated with the commercial DCF business following the divestiture of the Coevorden Operations. See Note 3 - Divestitures for further detail.

While we have not recognized an impairment of goodwill or intangible assets during the year ended September 30, 2022, we have identified a potential risk of impairment associated with the HPC reporting unit goodwill, with a carrying cost of $108.1 million as of September 30, 2022, and the Rejuvenate® tradename, with a carrying cost of $119.1 million as of September 30, 2022. We do not anticipate that these assets will be subject to future impairment based upon our projections and forecasts used in evaluating the current market value but cannot guarantee that no future impairment will be realized. The risk of future impairment for the HPC reporting unit is based upon the results realized during year ended September 30, 2022, macro-economic headwinds from inflationary costs and foreign currency fluctuations, retail and consumer spending activity, and risks associated with the Tristar Business integration and branding strategy transitions. The risk of future impairment for the Rejuvenate® tradename is based upon the results realized during the year ended September 30, 2022, and dependency upon the timing and realization of market expansion milestones and synergies associated with the acquired business.

Amortization expense from intangible assets for the years ended September 30, 2022, 2021 and 2020 was $50.3 million, $65.1 million and $55.3 million, respectively. 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
2023	$	41.4
2024	41.3
2025	39.3
2026	37.7
2027	37.7