XML 26 R13.htm IDEA: XBRL DOCUMENT v3.24.2.u1

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration