GOODWILL AND INTANGIBLES

12 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

For the fiscal year ended September 30, 2022, we performed a qualitative assessment of the HBP reporting unit and determined that indicators that the fair value was less than the carrying amount were not present. However, indicators of impairment were present for our CPP reporting units driven by a decrease in comparable company market multiples and an increase in interest rates and the related impact on weighted average cost of capital rates. As such, in connection with the preparation of our financial statements for the fiscal year ended September 30, 2022, we performed a quantitative assessment of the CPP reporting units using both an income based and market-based valuation approach. The impairment tests resulted in a pre-tax, non-cash goodwill impairment charge of $342,027 to the CPP reporting units.

The following table provides changes in carrying value of goodwill by segment through the year ended September 30, 2022:


	At September 30, 2020		Goodwill from acquisitions (a)		Foreign currency translation adjustments		At September 30, 2021		Goodwill from acquisitions (a)		Accumulated Impairment Charges		Foreign currency translation adjustments		At September 30, 2022
Consumer and Professional Products	$	232,845	$	784	$	1,266	$	234,895	$	258,536	$	(342,027)	$	(6,867)	$	144,537
Home and Building Products	191,253		—		—		191,253		—		—		—		191,253

Total	$	424,098	$	784	$	1,266	$	426,148	$	258,536	$	(342,027)	$	(6,867)	$	335,790

(a) The increase in the CPP segment was due to the acquisitions of Hunter in 2022 and Quatro in 2021.

In connection with the preparation of our financial statements for the fiscal year ended September 30, 2022, indicators of impairment were present for our CPP indefinite-lived intangible assets. As such, we determined the fair values of the indefinite-lived intangible assets by using the relief from royalty method, which estimates the value of a trademark by discounting to present value the hypothetical royalty payments that are saved by owning the asset rather than licensing it. We compared the estimated fair values to their carrying amounts. The impairment tests resulted in a pre-tax, non-cash impairment charge of $175,000 to the gross carrying amount of our Trademarks. The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset:


	At September 30, 2022					At September 30, 2021
	Gross Carrying Amount		Accumulated Amortization		Average Life (Years)	Gross Carrying Amount		Accumulated Amortization
Customer relationships & other	$	442,085	$	91,143	23	$	187,732	$	75,794
Unpatented technology	14,326		3,022		13	13,429		2,439
Total amortizable intangible assets	456,411		94,165			201,161		78,233
Trademarks	399,668		—			227,097		—
Total intangible assets	$	856,079	$	94,165		$	428,258	$	78,233

The gross carrying amount of intangible assets was impacted by $14,234 related to foreign currency translation.

Amortization expense for intangible assets subject to amortization was $18,215, $9,561 and $9,486 in 2022, 2021 and 2020, respectively. The increase in amortization expense in 2022 compared to the prior year was related to Intangible assets acquired in connection with the Hunter acquisition. Amortization expense for each of the next five years and thereafter, based on current intangible balances and classifications, is estimated as follows: 2023 - $21,785; 2024 - $21,305; 2025 - $21,305; 2026 - $21,305 and 2027 - $21,305; thereafter - $255,241.