Annual report pursuant to Section 13 and 15(d)

Other Intangible Assets

v3.22.2.2
Other Intangible Assets
 12 Months Ended
Sep. 24, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets Other Intangible Assets
The following table summarizes the components of gross and net acquired intangible assets:
Gross Accumulated
Amortization		 Accumulated
Impairment		 Net
Carrying
Value
  (in millions)
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 
September 26, 2020
Marketing-related intangible assets – amortizable $ 20.6  $ (17.6) $ —  $ 3.0 
Marketing-related intangible assets – nonamortizable 70.6  —  (26.0) 44.6 
Total 91.2  (17.6) (26.0) 47.6 
Customer-related intangible assets – amortizable 140.3  (64.1) (2.5) 73.7 
Other acquired intangible assets – amortizable 26.0  (18.2) —  7.8 
Other acquired intangible assets – nonamortizable 7.1  —  (1.2) 5.9 
Total 33.1  (18.2) (1.2) 13.6 
Total other intangible assets $ 264.6  $ (99.9) $ (29.8) $ 134.9 
Other acquired intangible assets include contract-based and technology-based intangible assets.
As part of its acquisition of DoMyOwn in the first quarter of fiscal 2021 and Hopewell Nursery in the second quarter of 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 acquisition of Green Garden Products in the second quarter of fiscal 2021 and D&D Commodities in the fourth quarter of 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. Factors indicating the carrying value of the Company's amortizable intangible assets may not be recoverable were not present in fiscal 2020, 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 two years for marketing-related intangibles, twelve years for customer-related intangibles and six
years for other acquired intangibles. Amortization expense for intangibles subject to amortization was approximately $35.1 million, $16.5 million and $14.0 million, for fiscal 2022, 2021 and 2020, respectively, and is classified within operating 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 $35 million per year from fiscal 2023 through fiscal 2025, and $26 million per year from fiscal 2026 through fiscal 2027.