Goodwill and Intangible Assets

6 Months Ended

Jul. 03, 2021

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, 2020		Purchase accounting adjustments		Impairments		Currency translation adjustments		July 3, 2021
CSCA(1)	$	1,905.0	$	2.4	$	(6.1)	$	(0.1)	$	1,901.2
CSCI(2)	1,190.7		(2.4)		—		(32.7)		1,155.6
Total goodwill	$	3,095.7	$	—	$	(6.1)	$	(32.8)	$	3,056.8

(1) We had no accumulated goodwill impairments as of December 31, 2020 and $6.1 million as of July 3, 2021.

(2) We had accumulated goodwill impairments of $868.4 million as of December 31, 2020 and July 3, 2021.

CSCA Reporting Unit Goodwill

On May 18, 2021, we announced a definitive agreement to sell our Mexico and Brazil-based OTC businesses ("Latin American businesses"), both within our CSCA segment, to Advent International. As a result, we prepared a goodwill impairment test. We determined the carrying value of this business exceeded the fair value and recorded an impairment of $6.1 million within our CSCA segment during the three months ended July 3, 2021 (refer to Note 6 and Note 9).

Intangible Assets

Intangible assets and related accumulated amortization consisted of the following (in millions):

	July 3, 2021				December 31, 2020
	Gross		Accumulated Amortization		Gross		Accumulated Amortization
Indefinite-lived intangibles:
Trademarks, trade names, and brands	$	3.6	$	—	$	4.3	$	—
In-process research and development	2.7		—		2.7		—
Total indefinite-lived intangibles	$	6.3	$	—	$	7.0	$	—
Definite-lived intangibles:
Distribution and license agreements and supply agreements	$	69.4	$	51.7	$	74.8	$	55.4
Developed product technology, formulations, and product rights	302.0		184.5		303.3		177.3
Customer relationships and distribution networks	1,877.9		863.7		1,920.5		823.7
Trademarks, trade names, and brands	1,534.0		369.6		1,581.5		342.2
Non-compete agreements	2.1		2.1		2.9		2.9
Total definite-lived intangibles	$	3,785.4	$	1,471.6	$	3,883.0	$	1,401.5
Total intangible assets	$	3,791.7	$	1,471.6	$	3,890.0	$	1,401.5

We recorded amortization expense of $53.4 million and $106.6 million for the three and six months ended July 3, 2021, respectively, and $51.6 million and $104.2 million for the three and six months ended June 27, 2020, respectively.