PERRIGO Co plc
For the period ended Mar 30, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 30, 2024 · Filed May 7, 2024
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Goodwill and Intangible Assets
NOTE 7 -GOODWILL AND INTANGIBLE ASSETS
Goodwill
Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions):
| December 31, 2023 | Currency translation adjustments | March 30, 2024 | |
|---|---|---|---|
| CSCA(1) | $2,080.9 | $(1.7) | $2,079.2 |
| CSCI(2) | 1,448.2 | (34.5) | 1,413.7 |
| Total goodwill | $3,529.1 | $(36.2) | $3,492.9 |
(1) We had accumulated goodwill impairments of $6.1 million as of March 30, 2024 and December 31, 2023.
(2) We had accumulated goodwill impairments of $968.4 million as of March 30, 2024 and December 31, 2023.
Note 7
Intangible Assets
Intangible assets and related accumulated amortization consisted of the following (in millions):
| March 30, 2024 | December 31, 2023 | |||
|---|---|---|---|---|
| Gross | AccumulatedAmortization | Gross | AccumulatedAmortization | |
| Indefinite-lived intangibles:(1) | ||||
| Trademarks, trade names, and brands | $3.3 | $— | $3.4 | $— |
| In-process research and development | 1.9 | — | 1.9 | — |
| Total indefinite-lived intangibles | $5.2 | $— | $5.3 | $— |
| Definite-lived intangibles: | ||||
| Distribution and license agreements and supply agreements | $88.7 | $56.3 | $90.8 | $57.5 |
| Developed product technology, formulations, and product rights | 528.2 | 243.9 | 534.0 | 238.4 |
| Customer relationships and distribution networks | 1,840.7 | 1,112.8 | 1,868.1 | 1,108.9 |
| Trademarks, trade names, and brands | 2,453.3 | 627.6 | 2,502.0 | 609.3 |
| Non-compete agreements | 2.1 | 2.1 | 2.1 | 2.1 |
| Total definite-lived intangibles | $4,913.0 | $2,042.7 | $4,997.0 | $2,016.2 |
| Total intangible assets | $4,918.2 | $2,042.7 | $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.
We recorded amortization expense of $58.4 million and $65.4 million for the three months ended March 30, 2024 and April 1, 2023, respectively.
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