Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets (Tables)

v3.24.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table shows changes in the carrying amount of goodwill by reportable segment as of December 31, 2023 and December 31, 2022 (in millions):
Medical Industrial Consolidated
Balance—December 31, 2021 $ 712.5  $ 950.1  $ 1,662.6 
Business Combination and other acquisitions - measurement period adjustments (1.9) 5.3  3.4 
CI acquisition 4.9  4.9 
Goodwill impairment (87.3) (124.5) (211.8)
Goodwill reclassified as assets held for sale (7.3) —  (7.3)
Translation adjustment —  (33.8) (33.8)
Balance—December 31, 2022 $ 616.0  $ 802.0  $ 1,418.0 
Measurement Period Adjustment —  0.9  0.9 
Acquisition of EC2 17.4  —  17.4 
Translation Adjustment —  11.3  11.3 
Balance—December 31, 2023 $ 633.4  $ 814.2  $ 1,447.6 
Gross carrying amounts and cumulative goodwill impairment losses are as follows (in millions):
December 31, 2023 December 31, 2022
Gross Carrying Amount Cumulative Impairment Gross Carrying Amount Cumulative Impairment
Goodwill $ 1,659.4  $ (211.8) $ 1,629.8  $ (211.8)
Schedule of Finite-Lived Intangible Assets A summary of intangible assets useful lives, gross carrying value and related accumulated amortization is below (in millions):
Successor
December 31, 2023
Original Average
 Life in Years		 Gross Carrying
 Amount		 Accumulated
 Amortization		 Net Book
 Value
Customer relationships
6 - 13
 $ 340.8  $ (143.1) $ 197.7 
Distributor relationships
7 - 13
 60.9  (16.0) 44.9 
Developed technology
5 - 16
 264.1  (67.8) 196.3 
Trade names
3 - 10
 99.7  (22.1) 77.6 
Backlog and other
1 - 4
 76.0  (53.7) 22.3 
Total $ 841.5  $ (302.7) $ 538.8 
December 31, 2022
Original Average
 Life in Years		 Gross Carrying
 Amount		 Accumulated
 Amortization		 Net Book
 Value
Customer relationships
6 - 13
 $ 336.8  $ (83.1) $ 253.7 
Distributor relationships
7 - 13
 60.9  (8.7) 52.2 
Developed technology
5 - 16
 248.9  (36.3) 212.6 
Trade names
3 - 10
 98.2  (12.0) 86.2 
Backlog and other
1 - 4
 74.8  (29.1) 45.7 
Total $ 819.6  $ (169.2) $ 650.4 
Schedule of Finite-lived Intangible Assets Amortization Expense
Aggregate amortization expense for intangible assets included in cost of revenues and operating expenses was as follows (in millions):
Successor Predecessor
Fiscal Year Ended December 31, 2023 Fiscal Year Ended December 31, 2022 From October 20, 2021 to December 31, 2021 From July 1, 2021 through October 20, 2021 Fiscal Year Ended June 30, 2021
Amortization expense for intangible assets in:
Cost of revenues $ 27.1  $ 26.5  $ 5.6  $ 6.6  $ 20.9 
Operating expenses $ 104.2  $ 119.3  $ 26.4  $ 13.1  $ 41.9