GOODWILL AND INTANGIBLES

12 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, by segment, consists of the following:


(in millions)	GPC		H&G		HPC		Total
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	$	502.4	$	342.6	$	108.1	$	953.1
Impairment	—		—		(111.1)		(111.1)
Tristar Business acquisition adjustment (Note 4)	—		—		3.0		3.0
Foreign currency impact	9.7		—		—		9.7
As of September 30, 2023	$	512.1	$	342.6	$	—	$	854.7

During the year ended September 30, 2023, the Company recognized an impairment of the HPC goodwill that was attributable to a declining trend in operating performance results, challenging retail environment with increased competition, lower distribution, and excess retail inventory levels impacting pricing and promotional spending, resulting in a reduction in actual and projected sales and margin realization within its current and forecasted cash flows and a full impairment of the identified goodwill for the HPC reporting unit and segment.

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


	2023						2022
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	635.0	$	(412.9)	$	222.1	$	627.8	$	(373.9)	$	253.9
Technology assets	75.3		(35.9)		39.4		75.3		(30.8)		44.5
Tradenames	27.6		(7.4)		20.2		10.6		(5.1)		5.5
Total amortizable intangible assets	737.9		(456.2)		281.7		713.7		(409.8)		303.9
Indefinite-lived intangible assets - tradenames	778.4		—		778.4		898.3		—		898.3
Total intangible assets	$	1,516.3	$	(456.2)	$	1,060.1	$	1,612.0	$	(409.8)	$	1,202.2

During the year ended September 30, 2023, the Company and H&G segment recognized an impairment loss of $56.0 million associated with the Rejuvenate® tradename attributable to a significant shift in consumer purchasing activity and retail inventory management efforts with certain retail customers within the year that make up a significant concentration of revenue for the brand and further reducing the anticipated near-term sales for the brand, a shift in the projected timing and realization of long-term projected revenues and changes in strategic distribution opportunities, as well as a change in the amount and timing of product innovations being introduced to customers.

During the year ended September 30, 2023, the Company and HPC segment recognized an impairment loss of $45.0 million associated with the PowerXL® tradename driven by the reduction in the sales from a decrease in distribution with retail customers, significant pricing adjustments and required incremental promotional spending activity resulting in a substantial shift in actual and projected future revenues for the brand as well as a decrease in realized sales due to the continuation of retail inventory reduction efforts, lowered consumer demand, increased competition, and adverse macro-economic factors.

Additionally, during the year ended September 30, 2023, the Company and HPC segment recognized an impairment loss of $19.7 million associated with the George Foreman® tradename due to shifts in market demand for related product categories as well as a change in the Company's brand portfolio strategy and projected utilization of the tradename going forward. As a result of the change in the Company's strategy and utilization of the George Foreman® tradename, the Company has converted the George Foreman® tradename from an indefinite-lived tradename to a definite-lived tradename.

Amortization expense from intangible assets for the years ended September 30, 2023, 2022 and 2021 was $42.3 million, $50.3 million and $65.1 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
2024	$	43.2
2025	41.1
2026	39.5
2027	39.5
2028	37.8