GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Griffon usually performs its annual goodwill impairment testing in the fourth quarter of each year. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. Given the general deterioration in economic and market conditions surrounding the COVID-19 pandemic, the Company considered the impact that the COVID-19 pandemic may have on its near and long-term forecasts and completed an interim impairment test as of March 31, 2020. The Company determined that there was no impairment to either its goodwill or indefinite-lived intangible assets at March 31, 2020. As of September 30, 2020, the Company performed a qualitative assessment and determined it was not more likely than not that the fair value of any of its reporting units or its indefinite-lived intangible assets was less than their carrying values. Based upon the results of the annual impairment qualitative review, it was determined that the fair value of each reporting unit substantially exceeded the carrying value of the assets, as performed under step one, and no impairment existed. See Note 1, Description of Business and Summary of Significant Accounting Policies, for a description of the Company's goodwill and indefinite-lived intangible impairment testing methodology.

The following table provides changes in carrying value of goodwill by segment through the year ended September 30, 2020:



	At September 30, 2018		Goodwill from acquisitions		Reallocation of Goodwill⁽¹⁾			Foreign currency translation adjustments			At September 30, 2019		Goodwill from acquisitions		Foreign currency translation adjustments		At September 30, 2020
Consumer and Professional Products	$	378,046	$	—	$	(148,076	)	$	(2,701	)	$	227,269	$	4,451	$	1,125	$	232,845
Home and Building Products	42,804		300		148,076			73			191,253		—		—		191,253
Defense Electronics	18,545		—		—			—			18,545		—		—		18,545
Total	$	439,395	$	300	$	—		$	(2,628	)	$	437,067	$	4,451	$	1,125	$	442,643

(1) In accordance with the guidance set forth in ASC 350, and in connection with the modification of the Company's reportable segment structure, using a relative fair value approach, the Company reallocated $148,076 of goodwill between the CPP and HBP segments.

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset:



	At September 30, 2020					At September 30, 2019
	Gross Carrying Amount		Accumulated Amortization		Average Life (Years)	Gross Carrying Amount		Accumulated Amortization
Customer relationships & other	$	185,940	$	66,656	23	$	183,515	$	57,783
Unpatented technology	19,464		8,360		13	19,167		7,329
Total amortizable intangible assets	205,404		75,016			202,682		65,112
Trademarks	224,640		—			219,069		—
Total intangible assets	$	430,044	$	75,016		$	421,751	$	65,112

Amortization expense for intangible assets subject to amortization was $9,590, $9,922 and $9,070 in 2020, 2019 and 2018, respectively. Amortization expense for each of the next five years and thereafter, based on current intangible balances and classifications, is estimated as follows: 2021 - $9,443; 2022 - $9,436; 2023 - $9,357; 2024 - $9,331 and 2025 - $9,331; thereafter - $83,490.