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Business combinations (Tables)

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Schedule of Fair Value of PRA Health Sciences Inc Acquisition Consideration

The preliminary Merger Date fair value of the consideration transferred consisted of the following:

			(in thousands)
Fair value of cash consideration			$	5,308,646
Fair value of ordinary shares issued to acquiree stockholders			5,658,126
Fair value of replacement share-based awards issued to acquiree employees			209,399
Repayment of term loan obligations and accrued interest *			865,800
			$	12,041,971

* This represents the portion of PRA debt paid by ICON. PRA also paid $401.6 million from available cash to settle debt obligations that existed at the Merger Date.

Schedule of PRA Health Sciences Inc Acquisition

The following table summarizes the preliminary allocation of the consideration transferred based on management’s estimates of Merger Date fair values of assets acquired and liabilities assumed, with the excess of the purchase price over the estimated fair values of the identifiable net assets acquired recorded as goodwill:

			July 1,
			2021
			(in thousands)
Cash and cash equivalents			$	259,971
Accounts receivable and unbilled revenue			934,308
Other current assets			125,156
Fixed assets			156,851
Operating lease right-of-use assets			181,708
Goodwill *			8,121,468
Intangible assets			4,886,000
Deferred tax assets			28,099
Other assets			33,928
Accounts payable			(50,259)
Accrued expenses and other current liabilities			(380,342)
Current portion of operating lease liabilities			(37,355)
Unearned revenue			(739,278)
Non-current portion of operating lease liabilities			(148,037)
Non-current deferred tax liabilities			(1,126,950)
Other non-current liabilities			(203,297)
Net assets acquired			$	12,041,971

* The goodwill in connection with the Merger is primarily attributable to the assembled workforce of PRA and the expected synergies of the Merger. None of the goodwill recognized is expected to be deductible for income tax purposes.

Schedule of Fair Value of Intangible Assets PRA Health Sciences Inc Acquisition

The following table summarizes the preliminary estimates of the fair value of identified intangible assets and their respective useful lives as of the Merger Date (in thousands, except for estimated useful lives):

			Estimated Fair Value			Estimated Useful Life
Customer relationship			3,915,000			23 years
Order backlog			490,000			3 years
Trade names			202,000			3 years
Patient database			168,000			7 years
Technology			111,000			5 years
			4,886,000

Schedule of Proforma Information of PRA Health Sciences Inc Acquisition

Consequently, actual future results of the Company will differ from the pro forma financial information presented below:

			Three Months Ended			Three Months Ended
			March 31, 2022			March 31, 2021
			(in thousands, except per share data)
Revenue			$	1,901,764		$	1,791,973
Net income (loss)			$	111,970		$	(204,650)

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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