Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of inventories, net of reserves

Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value and consist of the following, net of reserves (in millions):


	As of December 31,
	2021		2020
Raw materials	$	17.6	$	18.4
Work-in-progress	31.9		29.5
Finished goods	44.3		38.6
Total inventories	$	93.8	$	86.5

Schedule of goodwill and other intangible assets

Goodwill and other intangible assets comprise the following (in millions):


	As of December 31, 2021						As of December 31, 2020
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Goodwill	$	28.0	$	—	$	28.0	$	28.0	$	—	$	28.0
Other intangible assets:
Technology, patents, and trade names	6.7		(5.6)		1.1		6.7		(5.5)		1.2
In-process research and development(1)(2)	15.5		—		15.5		128.9		—		128.9

Total	$	50.2	$	(5.6)	$	44.6	$	163.6	$	(5.5)	$	158.1

(1)In March 2021, we decided to discontinue the U.S. development of Trevyent due to written comments provided by the FDA in February 2021. The FDA provided these written comments following a meeting between us and the FDA to discuss our planned resubmission of our NDA for Trevyent in light of a complete response letter issued by the FDA in April 2020. We determined this decision to be a potential indicator of impairment of our IPR&D asset related to Trevyent, which had a carrying value of $107.3 million as of December 31, 2020. Based on our decision to discontinue the U.S. development of Trevyent, we fully impaired the IPR&D asset related to Trevyent during 2021. The $107.3 million impairment charge was recorded within research and development in our consolidated statements of operations.

(2)In January 2021, we decided to discontinue our research and development efforts related to biomechanical lungs. As a result of the decision, we fully impaired the IPR&D asset related to these efforts, which had a carrying value of $6.1 million, during 2021. The impairment charge was recorded within research and development in our consolidated statements of operations.

Schedule of property, plant and equipment and the estimated useful lives

The estimated useful lives of property, plant, and equipment by major category are as follows:


Land improvements						15 Years
Buildings						25-39 Years
Building improvements						10-39 Years
Furniture, equipment, and vehicles						3-25 Years
Leasehold improvements						Remaining lease term, or the estimated useful life of the improvement, whichever is shorter

Property, plant, and equipment (PP&E) consists of the following (in millions):


	As of December 31,
	2021		2020
Land and land improvements	$	132.6	$	74.9
Buildings, building improvements, and leasehold improvements	612.7		593.6
Buildings under construction	55.1		47.4
Furniture, equipment, and vehicles	322.9		325.0
Subtotal	1,123.3		1,040.9
Less—accumulated depreciation	(342.4)		(309.3)
Property, plant, and equipment, net	$	780.9	$	731.6