Goodwill and Intangible Assets

9 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Note 7 — Goodwill and Intangible Assets

Goodwill and intangible assets comprise the following:



	June 30, 2019			September 30, 2018			June 30, 2018
Goodwill (not subject to amortization)	$	3,159.1		$	3,160.4		$	3,169.0
Intangible assets:
Customer relationships, noncompete agreements and other	$	844.7		$	848.6		$	852.5
Trademarks and tradenames	16.4			7.9			7.9
Accumulated amortization	(432.7		)	(393.2		)	(381.2		)
Intangible assets, net (definite-lived)	428.4			463.3			479.2
Trademarks and tradenames (indefinite-lived)	51.6			50.3			50.6
Total intangible assets, net	$	480.0		$	513.6		$	529.8

The changes in goodwill and intangible assets are primarily due to acquisitions and the effects of foreign currency translation. Amortization expense of intangible assets was $14.6 and $14.9 for the three months ended June 30, 2019 and 2018, respectively, and $43.7 and $43.4 for the nine months ended June 30, 2019 and 2018, respectively. Amortization expense included in “Cost of sales” on the Condensed Consolidated Statements of Income was not material. The estimated aggregate amortization expense of intangible assets for the remainder of Fiscal 2019 and for the next four fiscal years is as follows: remainder of Fiscal 2019 — $14.9; Fiscal 2020 — $58.1; Fiscal 2021 — $54.9; Fiscal 2022 — $51.8; Fiscal 2023 — $50.3.

In April 2018, a plan to discontinue the use of certain indefinite-lived tradenames and trademarks, primarily associated with the January 2012 acquisition of Heritage Propane, was presented to the Partnership’s senior management. After considering the merits of the plan, the Partnership’s senior management approved a plan to discontinue the use of these tradenames and trademarks over a period of approximately three years. As a result, during the three months ended June 30, 2018, the Partnership determined that these tradenames and trademarks no longer had indefinite lives and, in accordance with GAAP associated with intangible assets, adjusted the carrying amounts of these tradenames and trademarks to their estimated fair values of approximately $7.9. During the three months ended June 30, 2018, the Partnership recorded a non-cash, pre-tax impairment charge of $75.0, which amount is reflected in “Impairment of Partnership tradenames and trademarks” on the Condensed Consolidated Statements of Income, and is amortizing the remaining fair value of these tradenames and trademarks of $7.9 over their estimated period of benefit of three years.