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GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill consists of the following:
(in millions) |  | GPC |  | H&G |  | Total
As of September 30, 2023 |  | $ | 512.1 |  |  | $ | 342.6 |  |  | $ | 854.7 |
Foreign currency impact |  | 3.4 |  | — |  |  | 3.4 |
As of June 30, 2024 |  | $ | 515.5 |  |  | $ | 342.6 |  |  | $ | 858.1 |
The carrying value and accumulated amortization of intangible assets are as follows:
|  | June 30, 2024 |  | September 30, 2023
(in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 636.7 |  |  | $ | (440.0) |  |  | $ | 196.7 |  |  | $ | 635.0 |  |  | $ | (412.9) |  |  | $ | 222.1 |
Technology assets |  | 75.3 |  |  | (39.7) |  |  | 35.6 |  |  | 75.3 |  |  | (35.9) |  |  | 39.4 |
Tradenames |  | 28.8 |  |  | (10.8) |  |  | 18.0 |  |  | 27.6 |  |  | (7.4) |  |  | 20.2 |
Total amortizable intangible assets |  | 740.8 |  |  | (490.5) |  |  | 250.3 |  |  | 737.9 |  |  | (456.2) |  |  | 281.7 |
Indefinite-lived intangible assets – tradenames |  | 740.3 |  |  | — |  |  | 740.3 |  |  | 778.4 |  |  | — |  |  | 778.4 |
Total Intangible Assets |  | $ | 1,481.1 |  |  | $ | (490.5) |  |  | $ | 990.6 |  |  | $ | 1,516.3 |  |  | $ | (456.2) |  |  | $ | 1,060.1 |
During the nine month period ended June 30, 2024, the Company and H&G segment identified a triggering event for our Rejuvenate® tradename attributable to a loss of a key distribution expansion opportunity resulting in a significant shift in the projected distribution strategy that reduced the anticipated near-term sales opportunities and expectations, resulting in the recognition of a $39.0 million impairment on the indefinite lived intangible asset. Additionally, the Company and the HPC segment identified a triggering event attributable to a change in brand strategy for a non-core tradename, resulting in recognition of a $4.0 million impairment on the indefinite intangible assets. Amortization expense from the intangible assets for the three month periods ended June 30, 2024 and July 2, 2023 was $11.1 million and $10.5 million, respectively, and for the nine month periods ended June 30, 2024 and July 2, 2023 was $33.4 million and $31.4 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
2024 |  | $ | 44.3 |
2025 |  | 41.2 |
2026 |  | 39.6 |
2027 |  | 39.6 |
2028 |  | 37.9 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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