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INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of net-book value and estimated remaining life and finite lived intangible assets | The following table summarizes the net-book-value and estimated remaining life of the Company's intangible assets as of December 31, 2023:
(In thousands) |  | Weighted Average Remaining Life (Years) |  | Cost |  | Accumulated Amortization |  | Net Balance at December 31, 2023
Finite-lived intangible assets |  |  |  |  |  |  |  |
Trade name |  | 11.6 |  | $ | 104,000 |  |  | $ | (27,903) |  |  | $ | 76,097 |
Customer relationships |  | 7.0 |  | 4,000 |  |  | (889) |  |  | 3,111 |
Patents and licenses |  | 4.5 |  | 11,542 |  |  | (9,600) |  |  | 1,942 |
Acquired developed technology (1) |  | 7.3 |  | 887,789 |  |  | (328,543) |  |  | 559,246 |
Total finite-lived intangible assets |  |  |  | 1,007,331 |  |  | (366,935) |  |  | 640,396 |
In-process research and development |  | n/a |  | 1,250,000 |  |  | — |  |  | 1,250,000 |
Total intangible assets |  |  |  | $ | 2,257,331 |  |  | $ | (366,935) |  |  | $ | 1,890,396 |
The following table summarizes the net-book-value and estimated remaining life of the Company’s intangible assets as of December 31, 2022:
(In thousands) |  | Weighted Average Remaining Life (Years) |  | Cost |  | Accumulated Amortization |  | Net Balance at December 31, 2022
Finite-lived intangible assets |  |  |  |  |  |  |  |
Trade name |  | 12.5 |  | $ | 104,000 |  |  | $ | (20,653) |  |  | $ | 83,347 |
Customer relationships |  | 8.0 |  | 4,000 |  |  | (444) |  |  | 3,556 |
Patents and licenses |  | 4.2 |  | 11,542 |  |  | (8,152) |  |  | 3,390 |
Acquired developed technology (1) |  | 7.8 |  | 861,474 |  |  | (245,527) |  |  | 615,947 |
Total finite-lived intangible assets |  |  |  | 981,016 |  |  | (274,776) |  |  | 706,240 |
In-process research and development |  | n/a |  | 1,250,000 |  |  | — |  |  | 1,250,000 |
Total intangible assets |  |  |  | $ | 2,231,016 |  |  | $ | (274,776) |  |  | $ | 1,956,240 |
______________ (1)The gross carrying amount includes an insignificant foreign currency translation adjustment related to the intangible asset acquired as a result of the acquisition of OmicEra Diagnostics GmbH (“OmicEra”), whose functional currency is also its local currency. Intangible asset balances are translated into U.S. dollars using exchange rates in effect at period end, and adjustments related to foreign currency translation are included in other comprehensive income.
Schedule of estimated future amortization expense, intangible assets | As of December 31, 2023, 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) |  |
2024 |  | $ | 92,908 |
2025 |  | 91,860 |
2026 |  | 90,800 |
2027 |  | 90,800 |
2028 |  | 90,800 |
Thereafter |  | 183,228 |
Total |  | $ | 640,396 |
Schedule of carrying amount of goodwill | The change in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 is as follows:
(In thousands) |  |
Balance, January 1, 2022 |  | $ | 2,335,172 |
OmicEra acquisition |  | 10,809 |
PreventionGenetics acquisition adjustment |  | (58) |
Effects of changes in foreign currency exchange rates (1) |  | 117 |
Balance, December 31, 2022 |  | 2,346,040 |
Resolution Bioscience acquisition (2) |  | 20,692 |
Effects of changes in foreign currency exchange rates (1) |  | 388 |
Balance December 31, 2023 |  | $ | 2,367,120 |
_________________________________ (1) Represents the impact of foreign currency translation related to the goodwill acquired as a result of the acquisition of OmicEra. Goodwill balances are translated into U.S. dollars using exchange rates in effect at period end, and adjustments related to foreign currency translation are included in other comprehensive income. (2) Refer to Note 18 for further discussion on the Company’s acquisition of Resolution Bioscience, Inc. (“Resolution Bioscience”).

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