XML 52 R16.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Goodwill and Intangible Assets
 6 Months Ended
Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets GOODWILL AND INTANGIBLE ASSETS
Goodwill

Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions):
December 31, 2023ImpairmentsTransfer to assets held-for-saleCurrency translation adjustmentsJune 29, 2024
CSCA(1)
$2,080.9 $— $— $(2.3)$2,078.6 
CSCI(2)
1,448.2 (22.1)(93.1)(42.0)1,291.0 
Total goodwill$3,529.1 $(22.1)$(93.1)$(44.3)$3,369.6 
(1) We had accumulated goodwill impairments of $6.1 million as of June 29, 2024 and December 31, 2023.
(2) We had accumulated goodwill impairments of $990.5 million and $968.4 million as of June 29, 2024 and December 31, 2023, respectively.

Rare Diseases Business Goodwill

On April 25, 2024, we announced the receipt of a binding offer from ESTEVE to acquire the Rare Diseases Business within our CSCI segment. As a result, we determined an impairment indicator existed and prepared a quantitative goodwill impairment test. We determined the carrying value of this business exceeded the fair value and recorded an impairment of $22.1 million within our CSCI segment during the three months ended June 29, 2024 (Refer to Note 3 and Note 9).
Intangible Assets

Intangible assets and related accumulated amortization consisted of the following (in millions):
 June 29, 2024December 31, 2023
 GrossAccumulated
Amortization		GrossAccumulated
Amortization
Indefinite-lived intangibles:(1)
Trademarks, trade names, and brands$3.3 $— $3.4 $— 
In-process research and development1.9 — 1.9 — 
Total indefinite-lived intangibles$5.2 $— $5.3 $— 
Definite-lived intangibles:
Distribution and license agreements and supply agreements$89.2 $58.1 $90.8 $57.5 
Developed product technology, formulations, and product rights355.0 230.0 534.0 238.4 
Customer relationships and distribution networks1,821.3 1,127.7 1,868.1 1,108.9 
Trademarks, trade names, and brands2,437.1 653.2 2,502.0 609.3 
Non-compete agreements2.1 2.1 2.1 2.1 
Total definite-lived intangibles$4,704.7 $2,071.1 $4,997.0 $2,016.2 
Total intangible assets$4,709.9 $2,071.1 $5,002.3 $2,016.2 
(1) Certain intangible assets are denominated in currencies other than U.S. dollar; therefore, their gross and net carrying values are subject to foreign currency movements.

As a result of the Company exercising its put option right to sell the Rare Diseases Business, during the three months ended June 29, 2024, we reclassified $162.0 million net book value of associated intangible assets to Current assets held for sale (Refer to Note 3).

We recorded amortization expense of $57.5 million and $115.9 million for the three and six months ended June 29, 2024, respectively, and $69.3 million and $134.7 million for the three and six months ended July 1, 2023, respectively.