XML 31 R11.htm IDEA: XBRL DOCUMENT v3.21.2
Intangible Assets
 9 Months Ended
Jul. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Goodwill
(In millions)CooperVisionCooperSurgicalTotal
Balance at October 31, 2020$1,779.3 $668.0 $2,447.3 
Current period additions31.9 61.1 93.0 
Amount reclassified to assets held for sale (Note 2)(25.0)— (25.0)
Foreign currency translation adjustment64.8 5.1 69.9 
Balance at July 31, 2021$1,851.0 $734.2 $2,585.2 

The Company evaluates goodwill for impairment annually during the fiscal third quarter and when an event occurs or circumstances change such that it is reasonably possible that impairment may exist. The Company accounts for goodwill, evaluates and tests goodwill balances for impairment in accordance with related accounting standards.

The Company performed an annual impairment assessment in the third quarter of fiscal 2021 and 2020, and its analysis indicated that there was no impairment of goodwill in its reporting units. Qualitative factors considered in the assessment include industry and market considerations, overall financial performance and other relevant events and factors affecting each reporting unit. Based on the Company's qualitative assessment, if the Company determines that the fair value of a reporting unit is more likely than not to be less than its carrying amount, the fair value of the reporting unit will be compared with its carrying amount and an impairment charge will be recognized for the amount that the carrying value exceeds the fair value of the reporting unit. A reporting unit is the level of reporting at which goodwill is tested for impairment. The Company has three reporting units: CooperVision, and within the CooperSurgical segment, Office/Surgical and Fertility, reflecting the current way the Company manages its business.

Goodwill impairment analysis and measurement is a process that requires significant judgment. If the Company's common stock price trades below book value per share, there are changes in market conditions or a future downturn in its business, or a future goodwill impairment test indicates an impairment of our goodwill, the Company may have to recognize a non-cash impairment of goodwill that could be material and could adversely affect the Company's results of operations in the period recognized and also adversely affect its total assets and stockholders' equity.

Given the general deterioration in economic and market conditions surrounding the COVID-19 pandemic, the Company considered the impact that the COVID-19 pandemic may have on its near and long-term forecasts and determined that it was not more likely than not that the fair value of reporting units or relevant asset groups was below carrying amounts, and therefore the Company determined that there was no impairment to either its goodwill, definite-lived or indefinite-lived intangible assets at July 31, 2021.
Other Intangible Assets
 July 31, 2021October 31, 2020
(In millions)Gross 
Carrying
Amount		Accumulated
Amortization		Gross 
Carrying
Amount		Accumulated
Amortization
Weighted Average Amortization Period
(in years)
Intangible assets with definite lives:
Composite intangible asset$1,061.9 $265.5 $1,061.9 $212.4 15
Technology513.3 278.9 401.2 251.9 10
Customer relationships379.3 234.9 367.0 216.2 13
Trademarks156.8 46.4 153.4 37.7 14
License and distribution rights and other 33.1 20.7 31.8 18.2 10
2,144.4 $846.4 2,015.3 $736.4 14
Less: accumulated amortization and translation846.4 736.4 
Intangible assets with definite lives, net1,298.0 1,278.9 
Intangible assets with indefinite lives, net (1)
10.1 10.1 
Total other intangibles, net$1,308.1 $1,289.0 
(1) Intangible assets with indefinite lives include technology and trademarks.
Balances include foreign currency translation adjustments.
As of July 31, 2021, the estimate of future amortization expenses for intangible assets with definite lives is as follows:
Fiscal Years:(In millions)
Remainder of 2021$37.0 
2022149.3 
2023147.0 
2024142.8 
2025132.3 
Thereafter689.6 
Total remaining amortization for intangible assets with definite lives$1,298.0 
The Company assesses definite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of a definite-lived intangible asset (asset group) may not be recoverable. When events or changes in circumstances indicate that the carrying amount of a definite-lived intangible asset may not be recoverable, in accordance with related accounting standards, the Company evaluates whether the definite-lived intangible asset is impaired by comparing its carrying value to its undiscounted future cash flows.
The Company assesses indefinite-lived intangible assets annually in the third quarter of the fiscal year, or whenever events or circumstances indicate that the carrying amount of an indefinite-lived intangible asset (asset group) may not be recoverable, in accordance with related accounting standards. The Company evaluates whether the indefinite-lived intangible asset is impaired by comparing its carrying value to its fair value.

If the carrying value of a definite-lived or indefinite-lived intangible asset is not recoverable, an impairment loss is recognized based on the amount by which the carrying value exceeds the fair value. The Company performed an annual impairment assessment in the third quarter of fiscal 2021 and 2020 and did not recognize any intangible asset impairment charges.