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Goodwill
 9 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill GOODWILL
Changes to the carrying amount of consolidated goodwill by segment for the nine months ended 30 June 2018 are as follows:
 
 
Industrial
Gases–
Americas
 
Industrial
Gases–
EMEA
 
Industrial
Gases–
Asia
 
Industrial
Gases–
Global
 
Corporate and other
 
Total
Goodwill, net at 30 September 2017
 

$163.7

 

$402.4

 

$135.2

 

$20.2

 

$—

 

$721.5

Acquisitions
 
—

 
30.8

 
39.8

 
—

 
10.8

 
81.4

Currency translation
 
(1.4
)
 
(7.7
)
 
.3

 
—

 
—

 
(8.8
)
Goodwill, net at 30 June 2018
 

$162.3

 

$425.5

 

$175.3

 

$20.2

 

$10.8

 

$794.1

 
 
30 June
 
30 September
 
 
2018
 
2017
Goodwill, gross
 

$1,201.8

 

$1,138.7

Accumulated impairment losses(A)
 
(407.7
)
 
(417.2
)
Goodwill, net
 

$794.1

 

$721.5


(A) 
Accumulated impairment losses are attributable to our Latin America reporting unit (LASA) within the Industrial Gases – Americas segment and include impairment charges recorded in previous years as well as the impacts of currency translation on the losses.

We review goodwill for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying value of goodwill might not be recoverable. The impairment test for goodwill involves calculating the fair value of each reporting unit and comparing that value to the carrying value. If the fair value of the reporting unit is less than its carrying value, the difference is recorded as a goodwill impairment charge, not to exceed the total amount of goodwill allocated to that reporting unit.
During the third quarter of fiscal year 2017, we recorded a noncash impairment charge of $145.3 to write down the goodwill associated with LASA within the Industrial Gases – Americas segment. The impairment charge is reflected on our consolidated income statements within “Goodwill and intangible asset impairment charge” for the three and nine months ended 30 June 2017. This charge was not deductible for tax purposes and is excluded from segment operating income.
LASA includes assets and goodwill associated with operations in Chile and other Latin American countries. The decline in value resulted from lowered long-term growth projections reflecting weak economic conditions in Latin America and expectations for continued volume weakness in the Latin American countries and markets in which we operate. We estimated the fair value of LASA based on two valuation approaches, the income approach and the market approach. We reviewed relevant facts and circumstances in determining the weighting of the approaches.
Under the income approach, we estimated the fair value of LASA based on the present value of estimated future cash flows. Cash flow projections were based on management’s estimates of revenue growth rates and EBITDA margins, taking into consideration business and market conditions for the Latin American countries and markets in which we operate. We calculated the discount rate based on a market-participant, risk-adjusted weighted average cost of capital, which considers industry‑specific rates of return on debt and equity capital for a target industry capital structure, adjusted for risks associated with business size and geography. Under the market approach, we estimated fair value based on market multiples of revenue and earnings derived from publicly-traded industrial gases companies and regional manufacturing companies, adjusted to reflect differences in size and growth prospects. Management judgment is required in the determination of each assumption utilized in the valuation model, and actual results could differ from our estimates.
Prior to completing the LASA goodwill impairment test, we tested the recoverability of LASA’s long-lived assets and other indefinite-lived intangible assets. Refer to Note 10, Intangible Assets, for additional information.