GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Jul. 03, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill consists of the following:


(in millions)	HPC		GPC		H&G		Total
As of September 30, 2021	$	—	$	524.6	$	342.6	$	867.2
Tristar Business acquisition (Note 3)	104.7		—		—		104.7
Foreign currency impact	—		(12.6)		—		(12.6)
As of July 3, 2022	$	104.7	$	512.0	$	342.6	$	959.3

The carrying value and accumulated amortization of intangible assets are as follows:


	July 3, 2022						September 30, 2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets:
Customer relationships	$	637.8	$	(372.0)	$	265.8	$	619.6	$	(352.3)	$	267.3
Technology assets	75.3		(29.6)		45.7		75.3		(25.8)		49.5
Tradenames	158.2		(152.0)		6.2		158.4		(141.9)		16.5
Total amortizable intangible assets	871.3		(553.6)		317.7		853.3		(520.0)		333.3
Indefinite-lived intangible assets – tradenames	914.9		—		914.9		870.8		—		870.8
Total Intangible Assets	$	1,786.2	$	(553.6)	$	1,232.6	$	1,724.1	$	(520.0)	$	1,204.1

There were no triggering events or impairments of goodwill and intangible assets identified during the three and nine month periods ended July 3, 2022.

Amortization expense from the intangible assets for the three month periods ended July 3, 2022 and July 4, 2021 was $13.1 million and $17.4 million, respectively, and for the nine month periods ended July 3, 2022 and July 4, 2021 was $39.9 million and $48.2 million, respectively. Excluding the impact of any future acquisitions, dispositions 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
2022	$	49.8
2023	41.8
2024	41.8
2025	39.7
2026	38.1