Identifiable Intangibles and Goodwill, U.S. GAAP International Foods, a U.S. company, acquired two companies in 2022....

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Identifiable Intangibles and Goodwill, U.S. GAAP International Foods, a U.S. company, acquired two companies in 2022. As a result, its consolidated financial statements include the following acquired intangibles: Date of Acquisition Fair Value at Date of Acquisition Useful Life Intangible Asset Customer relationships Favorable leaseholds Brand names Goodwill January 1, 2022 June 30, 2022 June 30, 2022 January 1, 2022 Goodwill was assigned to the following reporting units: Asia $100,000,000 South America 150,000,000 Europe Total 250,000,000 $500,000,000 $4,000,000 8,000,000 18,000,000 500,000,000 4 years 5 years Indefinite N/A It is now December 31, 2023, the end of International Foods' accounting year. No impairment losses were reported on any intangibles in 2022. Assume that International Foods bypasses the qualitative option for impairment testing of goodwill and indefinite-life intangibles. Additional information at December 31, 2023 is as follows: Intangible Asset Customer relationships Favorable leaseholds Brand names Sum of Future Expected Undiscounted Cash Flows Sum of Future Expected Discounted Cash Flows $1,200,000 $900,000 6,000,000 14,000,000 4,400,000 7,000,000 Reporting Unit Unit Book Value Unit Fair Value Asia $420,000,000 $425,000,000 South America Europe 160,000,000 410,000,000 520,000,000 420,000,000 Unit book values are already adjusted for appropriate 2023 amortization and impairment of identifiable intangibles. Required Compute 2023 amortization expense and impairment losses on the above intangibles, following U.S. GAAP. Enter answers in millions, using decimal places when applicable. (in millions) Amortization expense - identifiable intangibles $ Impairment losses - identifiable intangibles Goodwill impairment loss Total 2.6 0 x 100 $ 0 Identifiable Intangibles and Goodwill, U.S. GAAP International Foods, a U.S. company, acquired two companies in 2022. As a result, its consolidated financial statements include the following acquired intangibles: Date of Acquisition Fair Value at Date of Acquisition Useful Life Intangible Asset Customer relationships Favorable leaseholds Brand names Goodwill January 1, 2022 June 30, 2022 June 30, 2022 January 1, 2022 Goodwill was assigned to the following reporting units: Asia $100,000,000 South America 150,000,000 Europe Total 250,000,000 $500,000,000 $4,000,000 8,000,000 18,000,000 500,000,000 4 years 5 years Indefinite N/A It is now December 31, 2023, the end of International Foods' accounting year. No impairment losses were reported on any intangibles in 2022. Assume that International Foods bypasses the qualitative option for impairment testing of goodwill and indefinite-life intangibles. Additional information at December 31, 2023 is as follows: Intangible Asset Customer relationships Favorable leaseholds Brand names Sum of Future Expected Undiscounted Cash Flows Sum of Future Expected Discounted Cash Flows $1,200,000 $900,000 6,000,000 14,000,000 4,400,000 7,000,000 Reporting Unit Unit Book Value Unit Fair Value Asia $420,000,000 $425,000,000 South America Europe 160,000,000 410,000,000 520,000,000 420,000,000 Unit book values are already adjusted for appropriate 2023 amortization and impairment of identifiable intangibles. Required Compute 2023 amortization expense and impairment losses on the above intangibles, following U.S. GAAP. Enter answers in millions, using decimal places when applicable. (in millions) Amortization expense - identifiable intangibles $ Impairment losses - identifiable intangibles Goodwill impairment loss Total 2.6 0 x 100 $ 0

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