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INTANGIBLE ASSETS AND GOODWILL | 9 Months Ended
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Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table summarizes the net-book-value and estimated remaining life of the Company’s intangible assets as of September 30, 2021:
(In thousands) |  | Weighted Average Remaining Life (Years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Balance at September 30, 2021
Finite-lived intangible assets |  |  |  |  |  |  |  |
Trade name |  | 14.1 |  | $ | 100,700 |  |  | $ | (11,980) |  |  | $ | 88,720 |
Customer relationships |  | 12.0 |  | 2,700 |  |  | (539) |  |  | 2,161 |
Patents |  | 3.0 |  | 10,442 |  |  | (6,427) |  |  | 4,015 |
Acquired developed technology |  | 8.4 |  | 853,171 |  |  | (155,404) |  |  | 697,767 |
Supply agreements |  | 5.7 |  | 2,295 |  |  | — |  |  | 2,295 |
Total finite-lived intangible assets |  |  |  | 969,308 |  |  | (174,350) |  |  | 794,958 |
In-process research and development |  | n/a |  | 1,250,000 |  |  | — |  |  | 1,250,000 |
Total intangible assets |  |  |  | $ | 2,219,308 |  |  | $ | (174,350) |  |  | $ | 2,044,958 |
The following table summarizes the net-book-value and estimated remaining life of the Company’s intangible assets as of December 31, 2020:
(In thousands) |  | Weighted Average Remaining Life (Years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net balance at December 31, 2020
Finite-lived intangible assets |  |  |  |  |  |  |  |
Trade name |  | 14.9 |  | $ | 100,700 |  |  | $ | (7,258) |  |  | $ | 93,442 |
Customer relationships |  | 12.8 |  | 2,700 |  |  | (404) |  |  | 2,296 |
Patents |  | 3.7 |  | 10,441 |  |  | (5,422) |  |  | 5,019 |
Acquired developed technology |  | 9.0 |  | 814,171 |  |  | (93,278) |  |  | 720,893 |
Supply agreements |  | 6.5 |  | 30,000 |  |  | (4,527) |  |  | 25,473 |
Total intangible assets |  |  |  | $ | 958,012 |  |  | $ | (110,889) |  |  | $ | 847,123 |
As of September 30, 2021, the estimated future amortization expense associated with the Company’s finite-lived intangible assets for each of the five succeeding fiscal years is as follows:
(In thousands) |  |
2021 (remaining three months) |  | $ | 23,053 |
2022 |  | 92,205 |
2023 |  | 92,202 |
2024 |  | 91,868 |
2025 |  | 90,820 |
Thereafter |  | 404,810 |
|  | $ | 794,958 |
The Company’s acquired intangible assets are being amortized on a straight-line basis over the estimated useful life. During the third quarter of 2021 and in connection with the preparation of the financial statements, the Company recorded a non-cash, pre-tax impairment loss of $20.2 million related to the supply agreement intangible asset that was initially recorded as part of the combination with Genomic Health due to lower than anticipated performance of the underlying product. The Company utilized the income approach to measure the fair value of the supply agreement, which involves significant unobservable inputs (Level 3 inputs). The impairment is recorded in intangible asset impairment charge in the condensed consolidated statement of operations for the three and nine months ended September 30, 2021. During the third quarter of 2020, the Company began discussions with Biocartis regarding the termination of its agreements with Biocartis related to the development of an in vitro diagnostic (“IVD”) version of the Oncotype DX Breast Recurrence Score® test. As a result, and in connection with the preparation of the financial statements included in the Company’s Form 10-Q for the period ended September 30, 2020, the Company recorded a non-cash, pre-tax impairment loss of $200.0 million related to the in-process research and development intangible asset that was initially recorded as part of the combination with Genomic Health. The impairment is recorded in intangible asset impairment charge in the condensed consolidated statement of operations for the three and nine months ended September 30, 2020. During the third quarter of 2020, the Company abandoned certain research and development assets acquired through an asset purchase agreement with Armune Biosciences, Inc. in 2017. These assets were expected to complement the Company’s product pipeline and were expected to have alternative future uses at the time of acquisition; however, due to changes in strategic priorities and efforts during the third quarter of 2020, these assets are no longer expected to be utilized to advance the Company’s product pipeline. As a result, and in connection with the preparation of the financial statements included in the Company’s Form 10-Q for the period ended September 30, 2020, the Company wrote-off the gross cost basis of the intangible asset of $12.2 million and accumulated amortization of $2.5 million as of September 30, 2020. This write-off resulted in a non-cash, pre-tax impairment loss of $9.7 million, which is recorded in intangible asset impairment charge in the condensed consolidated statement of operations for the three and nine months ended September 30, 2020. Goodwill The change in the carrying amount of goodwill for the periods ended September 30, 2021 and December 31, 2020 is as follows:
(In thousands) |  |
Balance, January 1, 2020 |  | $ | 1,203,197 |
Paradigm & Viomics acquisition |  | 30,431 |
Genomic Health acquisition adjustment (1) |  | 4,044 |
Balance, December 31, 2020 |  | $ | 1,237,672 |
Thrive acquisition |  | 948,105 |
Ashion Acquisition |  | 56,758 |
Balance September 30, 2021 |  | $ | 2,242,535 |
______________ (1)The Company recognized a measurement period adjustment to goodwill related to an increase in Genomic Health’s pre-acquisition deferred tax liability due to finalization of certain income-tax related items. There were no impairment losses for the three and nine months ended September 30, 2021 and 2020.

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