GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

12. GOODWILL AND INTANGIBLE ASSETS

Goodwill — Changes in the carrying amount of goodwill are as follows:


	Segment
(in thousands)	Electrical		Safety & Infrastructure		Total
Balance as of September 30, 2022	$	236,708	$	52,622	$	289,330
Goodwill acquired during year	18,669		14		18,683
Impairment	(1,721)		—		(1,721)
Other purchase accounting adjustments	1,989		—		1,989
Exchange rate effects	2,782		43		2,825
Balance as of September 30, 2023	$	258,427	$	52,679	$	311,106



Exchange rate effects	2,857		37		2,894
Balance as of September 30, 2024	$	261,284	$	52,716	$	314,000

Goodwill balances include $5,645 and $43,000 of accumulated impairment losses within the Electrical and Safety & Infrastructure segments, respectively, as of September 30, 2024 and September 30, 2023. In fiscal 2023, the Company recognized an impairment of goodwill that was allocated from the reporting unit on a relative fair value basis of $1,721 related to its plans to exit operations in Russia. No additional goodwill impairments were recognized in fiscal 2024.

Intangible Assets — The following table provides the gross carrying value, accumulated amortization, and net carrying value for each major class of intangible assets:


		September 30, 2024						September 30, 2023
(in thousands)	Weighted Average Useful Life (Years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Amortizable Intangible Assets:
Customer relationships	11	$	600,317	$	(371,600)	$	228,717	$	596,396	$	(318,058)	$	278,338
Other	8	43,968		(25,067)		18,901		43,633		(20,406)		23,227
Total		644,285		(396,667)		247,618		640,029		(338,464)		301,565
Indefinite-lived Intangible Assets:
Trade names		92,813		—		92,813		92,806		—		92,806
Total		$	737,098	$	(396,667)	$	340,431	$	732,835	$	(338,464)	$	394,372

Amortization expense for the fiscal years ended September 30, 2024, September 30, 2023 and September 30, 2022 was $55,511, $57,804 and $36,176, respectively. Expected amortization expense for intangible assets over the next five years and thereafter is as follows (in thousands):


2025	$	42,908
2026	41,149
2027	39,974
2028	29,477
2029	28,325
2030 and thereafter	65,789

Actual amounts of amortization may differ from estimated amounts due to additional intangible asset acquisitions, changes in estimated useful lives, impairment of intangible assets, and other events.