Goodwill and Intangible Assets

9 Months Ended

Jun. 24, 2016

Goodwill and Intangible Assets Disclosure [Abstract]



10.	Goodwill and Intangible Assets

The gross carrying amount and accumulated impairment of goodwill by segment at the end of each period were as follows:



	June 24, 2016					September 25, 2015
	Gross Carrying Amount		Accumulated Impairment			Gross Carrying Amount		Accumulated Impairment
Specialty Brands	$	3,438.5	$	—		$	3,442.4	$	—
Specialty Generics	207.0		—			207.0		—
Nuclear Imaging	119.5		(119.5		)	119.5		(119.5		)
Total	$	3,765.0	$	(119.5	)	$	3,768.9	$	(119.5	)

During the nine months ended June 24, 2016, the gross carrying value of goodwill within the Specialty Brands segment decreased by $3.9 million. The decrease was primarily attributable to a favorable working capital settlement and changes in tax balances in the Therakos Acquisition purchase price allocation, which decreased $6.2 million. These factors were partially offset by an increase of $2.8 million from the Ikaria Acquisition and goodwill from the Hemostasis Acquisition.

The gross carrying amount and accumulated amortization of intangible assets at the end of each period were as follows:



	June 24, 2016				September 25, 2015
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable:
Completed technology	$	10,028.8	$	1,275.4	$	9,896.0	$	765.8
Licenses	185.1		109.2		185.1		99.8
Customer relationships	28.8		7.1		28.1		4.4
Trademarks	82.2		9.0		82.1		6.2
Other	6.7		6.7		6.7		6.7
Total	$	10,331.6	$	1,407.4	$	10,198.0	$	882.9
Non-Amortizable:
Trademarks	$	35.0			$	35.0
In-process research and development	299.3				316.2
Total	$	334.3			$	351.2

During the nine months ended June 24, 2016, the Company recorded impairment charges totaling $16.9 million related to certain Specialty Brands in-process research and development intangible assets acquired as part of the CNS Therapeutics acquisition in fiscal 2013. The valuation method used to approximate fair value was based on the estimated discounted cash flows for the respective asset, and the impairment charges resulted from delays in anticipated FDA approval, higher than expected development costs and lower than previously anticipated commercial opportunities.

Intangible asset amortization expense within continuing operations was $175.8 million and $149.0 million during the three months ended June 24, 2016 and June 26, 2015, respectively. Intangible asset amortization expense within continuing operations was $524.2 million and $396.7 million during the nine months ended June 24, 2016 and June 26, 2015, respectively. The estimated aggregate amortization expense on intangible assets owned by the Company is expected to be as follows:



Remainder of fiscal 2016	$	175.7
Fiscal 2017	701.4
Fiscal 2018	692.4
Fiscal 2019	692.1
Fiscal 2020	691.9

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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