XML 50 R36.htm IDEA: XBRL DOCUMENT v3.24.0.1
INTANGIBLE ASSETS AND GOODWILL (Tables)
 12 Months Ended
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)CostAccumulated AmortizationNet Balance at December 31, 2023
Finite-lived intangible assets
Trade name11.6$104,000 $(27,903)$76,097 
Customer relationships7.04,000 (889)3,111 
Patents and licenses4.511,542 (9,600)1,942 
Acquired developed technology (1)7.3887,789 (328,543)559,246 
Total finite-lived intangible assets1,007,331 (366,935)640,396 
In-process research and developmentn/a1,250,000 — 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)CostAccumulated AmortizationNet Balance at December 31, 2022
Finite-lived intangible assets
Trade name12.5$104,000 $(20,653)$83,347 
Customer relationships8.04,000 (444)3,556 
Patents and licenses4.211,542 (8,152)3,390 
Acquired developed technology (1)
7.8861,474 (245,527)615,947 
Total finite-lived intangible assets981,016 (274,776)706,240 
In-process research and developmentn/a1,250,000 — 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 
202591,860 
202690,800 
202790,800 
202890,800 
Thereafter183,228 
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”).