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Business combinations (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Schedule of Fair Value of PRA Health Sciences Inc Acquisition Consideration | The 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 allocation of the consideration transferred based on the 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 | 180,601 |
Goodwill * | 8,084,314 |
Intangible assets | 4,919,000 |
Deferred tax assets | 25,190 |
Other assets | 33,928 |
Accounts payable | (50,259) |
Accrued expenses and other current liabilities | (380,048) |
Current portion of operating lease liabilities | (36,506) |
Unearned revenue | (739,278) |
Non-current portion of operating lease liabilities | (147,204) |
Non-current deferred tax liabilities | (1,119,762) |
Other non-current liabilities | (204,291) |
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 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 | 3,938,000 |  | 23 years
Order backlog | 500,000 |  | 3 years
Trade names | 202,000 |  | 3 years
Patient database | 168,000 |  | 7 years
Technology | 111,000 |  | 5 years
| 4,919,000 |  |
Schedule of Measurement period adjustments of PRA Health Sciences Inc Acquisition | In the period since the Merger Date, the Company recognized certain measurement period adjustments as shown in the table below:
| Measurement period adjustments
| (in thousands)
Cash and cash equivalents | $ | — |
Accounts receivable and unbilled revenue | — |
Other current assets | 14,465 |
Fixed assets | (6,137) |
Operating lease right-of-use assets | (11,744) |
Goodwill | 70,436 |
Intangible assets * | 44,000 |
Deferred tax assets | (147,039) |
Other assets | (1,166) |
Accounts payable | — |
Accrued expenses and other current liabilities | (37,496) |
Current portion of operating lease liabilities | 1,865 |
Unearned revenue ** | 19,623 |
Non-current portion of operating lease liabilities | 10,454 |
Non-current deferred tax liabilities | 193,837 |
Other non-current liabilities | (151,098) |
* In the nine months ended September 30, 2022, the Company incurred $2.2 million amortization which related to the year ended December 31, 2021 due to the timing of when the measurement period adjustment was identified. ** The unearned revenue measurement period adjustment also includes $16.0 million as a result of the early adoption of ASU 2021-08 'Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers' in Quarter 4 2021.
Schedule of Proforma Information of PRA Health Sciences Inc Acquisition |
| Nine Months Ended | Nine Months Ended
| September 30, 2022 | September 30, 2021
| (in thousands, except per share data)
Revenue | $ | 5,779,384 |  | $ | 5,580,879 |
Net income (loss) | $ | 387,859 |  | $ | 231,442 |

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