Intangible assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

The Company's intangible assets consist of products acquired via business combinations or asset acquisitions. The following table summarizes the Company's Intangible assets, net:


		September 30, 2022						December 31, 2021
Asset Type	Estimated Life	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Products (1)	8-22 years	$	958.1	$	235.4	$	722.7	$	798.0	$	193.5	$	604.5
CDMO	8 years	5.5		5.5		—		5.5		5.4		0.1
Total intangible assets		$	963.6	$	240.9	$	722.7	$	803.5	$	198.9	$	604.6

(1) During the three months ended September 30, 2022, we acquired certain assets through asset acquisitions, and the related intangible assets were assigned to the "Products" asset type, of which $154.7 million was related to the Transaction.

Amortization expense associated with the Company's intangible assets was recorded as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Amortization Expense	$	14.0	$	14.5	$	42.0	$	44.5

As of September 30, 2022, the weighted average amortization period remaining for intangible assets was 11.4 years.

The table below summarizes the changes in the carrying amount of the Company's goodwill balance:



Goodwill, December 31, 2021	$	224.9
Foreign currency translation adjustments	—
Goodwill, September 30, 2022	$	224.9

The carrying amount of goodwill included accumulated impairments of $41.7 million as of September 30, 2022 and December 31, 2021, respectively.

The Company has $224.9 million of total goodwill which is composed of our Products and Services segments. There is the risk of future impairments in our reporting units as any further deterioration in their performance compared to forecast, changes in order volumes or delivery schedules for major customers, as well as any changes in economic forecasts and expected recovery in the biopharmaceutical industry, may require the Company to complete additional impairment tests in future quarters and could result in the reporting unit’s fair value falling below carrying value in subsequent quarters. In the event the Company experiences factors that it believes indicate a decline in fair value, including negative changes to long-term growth rates or if discount rates increase, we may be required to record impairments of goodwill and other identified intangible assets. Further, if the composition of the Company’s reporting unit’s assets and liabilities were to change and result in an increase in the reporting unit’s carrying value, it could lead to additional impairment testing and further impairment losses.