Other Intangible Assets

12 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes the components of gross and net acquired intangible assets:


	Gross		Accumulated Amortization		Accumulated Impairment		Net Carrying Value
	(in millions)
September 30, 2023
Marketing-related intangible assets – amortizable	$	22.1	$	(21.5)	$	—	$	0.6
Marketing-related intangible assets – nonamortizable	252.5		—		(29.4)		223.1
Total	274.6		(21.5)		(29.4)		223.7
Customer-related intangible assets – amortizable	416.4		(147.4)		(10.3)		258.8
Other acquired intangible assets – amortizable	39.7		(30.5)		(0.3)		8.9
Other acquired intangible assets – nonamortizable	7.1		—		(1.2)		5.9
Total	46.8		(30.5)		(1.5)		14.8
Total other intangible assets	$	737.8	$	(199.4)	$	(41.2)	$	497.2
September 24, 2022
Marketing-related intangible assets – amortizable	$	22.1	$	(20.5)	$	—	$	1.5
Marketing-related intangible assets – nonamortizable	252.5		—		(26.0)		226.5
Total	274.6		(20.5)		(26.0)		228.0
Customer-related intangible assets – amortizable	416.4		(117.8)		(2.5)		296.1
Other acquired intangible assets – amortizable	39.7		(26.6)		—		13.2
Other acquired intangible assets – nonamortizable	7.1		—		(1.2)		5.9
Total	46.8		(26.6)		(1.2)		19.1
Total other intangible assets	$	737.8	$	(164.9)	$	(29.8)	$	543.2
September 25, 2021
Marketing-related intangible assets – amortizable	$	22.1	$	(19.0)	$	—	$	3.1
Marketing-related intangible assets – nonamortizable	70.6		—		(26.0)		44.6
Total	92.7		(19.0)		(26.0)		47.7
Customer-related intangible assets – amortizable	143.6		(75.4)		(2.5)		65.7
Other acquired intangible assets – amortizable	37.2		(22.0)		—		15.2
Other acquired intangible assets – nonamortizable	7.1		—		(1.2)		5.9
Total	44.3		(22.0)		(1.2)		21.1
Total other intangible assets	$	280.6	$	(116.4)	$	(29.8)	$	134.4

Other acquired intangible assets include contract-based and technology-based intangible assets.

As part of its acquisitions of DoMyOwn and Hopewell Nursery in fiscal 2021, the Company acquired approximately $1.5 million of marketing related intangible assets, $3.3 million of customer related intangible assets and $11.2 million of other intangible assets. As part of its acquisitions of Green Garden Products and D&D Commodities in fiscal 2021, the Company acquired $181.9 million of marketing related intangible assets, $272.8 million of customer related intangible assets and $2.5 million of other intangible assets. The allocation of the purchase price to the acquired intangible assets of Green Garden Products and D&D Commodities was finalized during fiscal 2022. See Note 3 – Acquisitions.

The Company evaluates long-lived assets, including amortizable and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company evaluates indefinite-lived intangible assets on an annual basis. As a result of market changes and declining sales, factors indicating the carrying value of certain amortizable intangible assets may not be recoverable were present in fiscal 2023. The Company performed impairment testing on these assets, found the carrying value was not recoverable, and accordingly, recorded impairment charges of approximately $7.5 million and $3.9 million in its Pet and Garden segments, respectively, as part of selling, general and administrative expenses in the consolidated statements of operations for the fiscal year ended September 30, 2023. Factors indicating the carrying value of the Company's amortizable and indefinite-lived intangible

assets may not be recoverable were not present in fiscal 2021 or 2022, and accordingly, no impairment testing was performed on these assets.

The Company is currently amortizing its acquired intangible assets with definite lives over periods ranging from two years to 25 years; over weighted-average remaining lives of one year for marketing-related intangibles, eleven years for customer-related intangibles and five years for other acquired intangibles. Amortization expense for intangibles subject to amortization was approximately $34.5 million, $35.1 million and $16.5 million, for fiscal 2023, 2022 and 2021, respectively, and is classified within selling, general and administrative expenses in the consolidated statements of operations. Annual amortization expense related to acquired intangible assets in each of the succeeding five years is estimated to be approximately $29 million per year from fiscal 2024 through fiscal 2026, and $25 million per year from fiscal 2027 through fiscal 2028.