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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 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):
CSCA(1)
CSCI(2)
Total
Balance at December 31, 2022$2,044.4 $1,446.0 $3,490.4 
Impairments— (90.0)(90.0)
Currency translation adjustments1.3 46.8 48.1 
Purchase accounting adjustments35.2 45.4 80.6 
Balance at December 31, 20232,080.9 1,448.2 3,529.1 
Impairments— (27.5)(27.5)
Business divestitures— (93.1)(93.1)
Currency translation adjustments(4.8)(83.5)(88.3)
Balance at December 31, 2024$2,076.1 $1,244.1 $3,320.2 

(1) We had accumulated goodwill impairments of $6.1 million as of December 31, 2024 and December 31, 2023.
(2) We had accumulated goodwill impairments of $995.9 million and $968.4 million as of December 31, 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 for the disposal group, which was equivalent to the Rare Diseases reporting unit, and prepared a quantitative goodwill impairment test. We determined the carrying value of this disposal group exceeded the fair value and recorded an impairment of $22.1 million within our CSCI segment during the three months ended June 29, 2024. On July 10, 2024, we completed the sale of the Rare Diseases Business to ESTEVE (refer to Note 3 and Note 10).

During the three months ended December 31, 2023, we tested our Rare Diseases reporting unit for impairment in response to identified impairment indicators. Market information specific to the reporting unit became available during the fourth quarter requiring additional consideration to the valuation methods utilized. As a result, we determined goodwill related to the reporting unit was impaired by $90.0 million and recorded the charge within our CSCI segment.
Orion Laboratories Hospital & Specialty Business Goodwill

On September 14, 2024, we signed a definitive agreement to sell the Hospital & Specialty Business within our CSCI segment to Genesis Capital. 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 $5.4 million within our CSCI segment during the year ended December 31, 2024. On November 1, 2024, we completed the sale of the Hospital & Specialty Business to General Pharma BidCo Pty Ltd (refer to Note 3 and Note 10).


Intangible Assets

Intangible assets and related accumulated amortization consisted of the following (in millions):
Year Ended
 December 31, 2024December 31, 2023
 GrossAccumulated AmortizationGrossAccumulated 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$101.9 $59.5 $90.8 $57.5 
Developed product technology, formulations, and product rights341.5 227.2 534.0 238.4 
Customer relationships and distribution networks1,750.6 1,112.3 1,868.1 1,108.9 
Trademarks, trade names, and brands2,301.5 672.8 2,502.0 609.3 
Non-compete agreements2.1 2.1 2.1 2.1 
Total definite-lived intangibles$4,497.6 $2,073.9 $4,997.0 $2,016.2 
Total intangible assets$4,502.8 $2,073.9 $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 completing the sale of the Hospital & Specialty Business during the year ended December 31, 2024, $0.2 million net book value of associated intangible assets were divested (refer to Note 3).

As a result of the Company completing the sale of the Rare Diseases Business during the year ended December 31, 2024, $162.0 million net book value of associated intangible assets were divested (refer to Note 3).

During the three months ended December 31, 2024, we identified impairment indicators related to our Prevacid® definite-lived intangible asset in our CSCA segment. The indicators related to a repriortization of brand support resulting in expected long-term decline in contribution margin. We determined the asset was not recoverable and the concluded fair value resulted in an asset impairment of $38.6 million (refer to Note 10).

The remaining weighted-average useful life for our amortizable intangible assets by asset class at December 31, 2024 was as follows:
Amortizable Intangible Asset Category Remaining Weighted-Average Useful Life (Years)
Distribution and license agreements and supply agreements13
Developed product technology, formulations, and product rights12
Customer relationships and distribution networks 9
Trademarks, trade names, and brands 15
We recorded amortization expense of $228.5 million, $265.8 million, and $252.4 million during the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively.

Our estimated future amortization expense is as follows (in millions):
YearAmount
2025$212.2 
2026208.2 
2027202.7 
2028196.5 
2029178.0 
Thereafter1,426.1