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Goodwill | 3 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | 8. GOODWILL: We account for acquisitions in accordance with FASB ASC 805, “Business Combinations” (“ASC 805”), and goodwill in accordance with ASC 350, “Intangibles — Goodwill and Other” (“ASC 350”). For business combinations, the excess of the purchase price over the estimated fair value of net assets acquired in a business combination is recorded as goodwill. In March 2024, we acquired Williams Tenders USA, a premier distributor and retailer for UK-based Williams Jet Tenders Ltd., the world’s leading manufacturer of rigid inflatable jet tenders for the luxury yacht market. In March 2024, we also acquired Native Marine, a boat dealer based in Islamorada, Florida. In October 2023, we acquired a controlling interest of AGY, a luxury charter management agency based in Athens, Greece. In total, current and previous acquisitions have resulted in goodwill and other intangible assets of $626.5 million and $629.8 million as of December 31, 2024 and September 30, 2024, respectively. In accordance with ASC 350, we test goodwill for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Our annual impairment test is performed during the third fiscal quarter. If the carrying amount of a reporting unit’s goodwill exceeds its fair value, we recognize an impairment loss in accordance with ASC 350. As of December 31, 2024, and based upon our most recent analysis, we determined through our qualitative assessment that it is not “more likely than not” that the fair values of our reporting units are less than their carrying values. As a result, we did not perform a quantitative goodwill impairment test. The following table sets forth the changes in carrying amount of goodwill by reportable segment during the three months ended December 31, 2024:
|  | Retail Operations |  |  | Product Manufacturing |  |  | Total |
|  | (Amounts in thousands) |
Balance as of September 30, 2024 |  | $ | 523,259 |  |  | $ | 69,034 |  |  | $ | 592,293 |
Goodwill acquired |  |  | — |  |  |  | — |  |  |  | — |
Foreign currency translation |  |  | (4,326 | ) |  |  | — |  |  |  | (4,326 | )
Balance as of December 31, 2024 |  | $ | 518,933 |  |  | $ | 69,034 |  |  | $ | 587,967 |

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