Goodwill and Purchased Intangible Assets

9 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Purchased Intangible Assets

11. Goodwill and Purchased Intangible Assets

Goodwill and other indefinite-lived intangible assets are not amortized but are reviewed for impairment annually or more frequently if potential interim indicators exist that could result in impairment. The Company performs its annual impairment test in the fourth quarter of its fiscal year. The Company acquired Pratt Miller on January 19, 2021. The goodwill and intangible values related to the Pratt Miller acquisition are based on management’s best estimates as of June 30, 2021. See Note 1 of the Condensed Consolidated Financial Statements for additional information.

The following table presents changes in goodwill during the nine months ended June 30, 2021 (in millions):

	Access Equipment		Defense		Fire & Emergency		Commercial		Total
Net goodwill at September 30, 2020	$	882.6	$	—	$	106.1	$	20.8	$	1,009.5
Foreign currency translation		3.1		—		—		0.2		3.3
Acquisition		—		44.4		—		—		44.4
Net goodwill at June 30, 2021	$	885.7	$	44.4	$	106.1	$	21.0	$	1,057.2

The following table presents details of the Company’s goodwill allocated to the reportable segments (in millions):

	June 30, 2021							September 30, 2020
	Gross		Accumulated Impairment			Net		Gross		Accumulated Impairment			Net
Access Equipment	$	1,817.8	$	(932.1	)	$	885.7	$	1,814.7	$	(932.1	)	$	882.6
Defense		44.4		—			44.4		—		—			—
Fire & Emergency		108.1		(2.0	)		106.1		108.1		(2.0	)		106.1
Commercial		188.6		(167.6	)		21.0		196.7		(175.9	)		20.8
	$	2,158.9	$	(1,101.7	)	$	1,057.2	$	2,119.5	$	(1,110.0	)	$	1,009.5

Details of the Company’s total purchased intangible assets are as follows (in millions):

	June 30, 2021
	Weighted- Average Life		Gross		Accumulated Amortization			Net
Amortizable intangible assets:
Distribution network		39.2	$	55.3	$	(34.8	)	$	20.5
Technology-related		11.9		104.8		(103.8	)		1.0
Customer relationships		12.6		572.7		(548.5	)		24.2
Other		12.1		23.6		(16.7	)		6.9
		14.4		756.4		(703.8	)		52.6
Non-amortizable trade names				417.1		—			417.1
			$	1,173.5	$	(703.8	)	$	469.7

	September 30, 2020
	Weighted- Average Life	Gross		Accumulated Amortization			Net
Amortizable intangible assets:
Distribution network	39.1	$	55.4	$	(33.8	)	$	21.6
Technology-related	11.9		104.7		(103.3	)		1.4
Customer relationships	12.8		554.7		(545.6	)		9.1
Other	16.3		16.4		(15.0	)		1.4
	14.7		731.2		(697.7	)		33.5
Non-amortizable trade names			384.7		—			384.7
		$	1,115.9	$	(697.7	)	$	418.2

The estimated future amortization expense of purchased intangible assets for the remainder of fiscal 2021 and the five years succeeding September 30, 2021 are as follows: 2021 (remaining three months) - $2.9 million; 2022 - $11.0 million; 2023 - $7.2 million; 2024 - $4.3 million; 2025 - $4.2 million; and 2026 - $4.2 million.