GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Jul. 04, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill consists of the following:

(in millions)	HHI		GPC		H&G		Total
As of September 30, 2020	$	704.8	$	431.6	$	195.6	$	1,332.0
Foreign currency impact	8.4		5.8		—		14.2
Armitage acquisition (Note 3)	—		90.7		—		90.7
Rejuvenate acquisition (Note 3)	—		—		147.0		147.0
As of July 4, 2021	$	713.2	$	528.1	$	342.6	$	1,583.9

The Company considered the impact of the COVID-19 pandemic on its future operations and cash flows and concluded that, although the duration and severity of the COVID-19 pandemic could result in future impairment charges not currently considered, no triggering event occurred during the three and nine month periods ended July 4, 2021 to indicate an impairment of goodwill.

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

	July 4, 2021						September 30, 2020
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable Intangible Assets:
Customer relationships	$	719.5	$	(399.9)	$	319.6	$	692.1	$	(367.9)	$	324.2
Technology assets	154.9		(98.0)		56.9		175.7		(104.1)		71.6
Tradenames	157.2		(139.9)		17.3		161.0		(132.6)		28.4
Total Amortizable Intangible Assets	1,031.6		(637.8)		393.8		1,028.8		(604.6)		424.2
Indefinite-lived Intangible Assets - Tradenames	1,212.1		—		1,212.1		1,007.5		—		1,007.5
Total Intangible Assets	$	2,243.7	$	(637.8)	$	1,605.9	$	2,036.3	$	(604.6)	$	1,431.7

There were no impairments identified during the three and nine month periods ended July 4, 2021. While a triggering event did not occur during the three and nine month periods ended July 4, 2021, a prolonged COVID-19 pandemic negatively impacting net sales growth rate, changes in key assumptions, and other global and regional macroeconomic factors, could result in additional future impairment charges for indefinite-lived intangible assets.

Amortization expense from the intangible assets for the three month periods ended July 4, 2021 and June 28, 2020 was $20.3 million and $16.9 million, respectively; and for the nine month periods ended July 4, 2021 and June 28, 2020 was $57.4 million and $50.9 million, respectively.

Excluding the impact of any future acquisitions 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
2021	$	77.1
2022	56.6
2023	46.5
2024	46.5
2025	44.4