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INTANGIBLE ASSETS AND GOODWILL | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024:
(In thousands) |  | Weighted Average Remaining Life (Years) |  | Cost |  | Accumulated Amortization |  | Net Balance at March 31, 2024
Finite-lived intangible assets |  |  |  |  |  |  |  |
Trade name |  | 11.4 |  | $ | 104,000 |  |  | $ | (29,715) |  |  | $ | 74,285 |
Customer relationships |  | 6.8 |  | 4,000 |  |  | (1,000) |  |  | 3,000 |
Patents and licenses |  | 5.0 |  | 11,542 |  |  | (9,961) |  |  | 1,581 |
Acquired developed technology (1) |  | 7.0 |  | 887,560 |  |  | (349,570) |  |  | 537,990 |
Total finite-lived intangible assets |  |  |  | 1,007,102 |  |  | (390,246) |  |  | 616,856 |
In-process research and development |  | n/a |  | 1,250,000 |  |  | — |  |  | 1,250,000 |
Total intangible assets |  |  |  | $ | 2,257,102 |  |  | $ | (390,246) |  |  | $ | 1,866,856 |
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 |
______________ (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”). As of March 31, 2024 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 (remaining nine months) |  | $ | 69,598 |
2025 |  | 91,860 |
2026 |  | 90,800 |
2027 |  | 90,800 |
2028 |  | 90,800 |
Thereafter |  | 182,998 |
|  | $ | 616,856 |
The Company’s acquired intangible assets are being amortized on a straight-line basis over their estimated useful lives. There were no impairment losses recorded on finite-lived intangible assets during the three months ended March 31, 2024 and 2023. Goodwill The change in the carrying amount of goodwill for the periods ended March 31, 2024 and December 31, 2023 is as follows:
(In thousands) |  |
Balance, January 1, 2023 |  | $ | 2,346,040 |
Resolution Bioscience acquisition |  | 20,692 |
Effects of changes in foreign currency exchange rates (1) |  | 388 |
Balance, December 31, 2023 |  | 2,367,120 |
Resolution Bioscience acquisition adjustment |  | 205 |
Effects of changes in foreign currency exchange rates (1) |  | (273) |
Balance March 31, 2024 |  | $ | 2,367,052 |
______________ (1)Represents the impact of foreign currency translation related to the goodwill acquired as a result of the acquisition of OmicEra. There were no impairment losses for the three months ended March 31, 2024 and 2023.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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