Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

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Intangible Assets and Goodwill
9 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
Intangible Assets

Intangible assets are stated at the lower of cost or fair value. Intangible assets are amortized on a straight-line basis over periods ranging from three to 21 years, representing the period over which the Company expects to receive future economic benefits from these assets. The Company assesses the carrying value of most trade names annually, or more often if events or changes in circumstances indicate there may be an impairment.
The following table summarizes the carrying amounts and related accumulated amortization for intangible assets as of:
  June 30, 2022 September 30, 2021
  Cost Accumulated
Amortization
Cost Accumulated
Amortization
Finite-lived assets:        
Customer relationships $ 769.8  $ (219.5) $ 798.8  $ (195.4)
Technology, including patents 135.6  (67.9) 137.6  (62.7)
Software 70.9  (61.0) 68.3  (59.4)
  976.3  (348.4) 1,004.7  (317.5)
Indefinite-lived assets:        
Trade names 221.4  —  226.6  — 
Total $ 1,197.7  $ (348.4) $ 1,231.3  $ (317.5)

The net change in intangible assets during the nine months ended June 30, 2022, was driven primarily by amortization and foreign currency adjustments.

Goodwill

Goodwill is not amortized, but is subject to annual impairment tests. Goodwill has been assigned to reporting units within the reportable operating segments.  The Company assesses the carrying value of goodwill annually, or more often if events or changes in circumstances indicate there may be impairment.  Impairment testing is performed at a reporting unit level.

The following table summarizes the changes in the Company’s goodwill, by reportable operating segment, for the nine months ended June 30, 2022:
  Advanced Process Solutions Molding Technology Solutions Batesville Total
Balance as of September 30, 2021 $ 484.9  $ 675.4  $ 8.3  $ 1,168.6 
Acquisitions 5.6  —  —  5.6 
Foreign currency adjustments (22.8) (18.9) —  (41.7)
Balance as of June 30, 2022
$ 467.7  $ 656.5  $ 8.3  $ 1,132.5 

During the three and nine months ended June 30, 2022 and 2021, the Company did not observe any triggering events or substantive changes in circumstances requiring the need for an interim impairment assessment.