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Divestitures | 6 Months Ended
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Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures | DIVESTITURES On April 26, 2021, the Company entered into a definitive agreement with Castle Biosciences, Inc. for the sale of the Myriad myPath, LLC laboratory, which is the laboratory that offers the myPath Melanoma test. The transaction subsequently closed on May 28, 2021, and the Myriad myPath, LLC laboratory was sold for total cash consideration of $32.5 million. The transaction was accounted for as a sale of assets and the Company recognized a net gain of $31.2 million, in Other income on the Company’s Condensed Consolidated Statements of Operations related to the sale. Prior to the sale, Myriad myPath operations were included in the Company’s diagnostics reporting segment. Held for Sale On May 1, 2021, the Company entered into a definitive agreement to sell select operating assets and intellectual property, including the Vectra® test, from the Myriad Autoimmune business unit (the "Autoimmune Business Transaction") to Laboratory Corporation of America Holdings for total cash consideration of $150.0 million. The Autoimmune Business Transaction is expected to close during the quarter ending September 30, 2021. On May 21, 2021, the Company entered into a definitive agreement to sell Myriad RBM, Inc., a wholly owned subsidiary of the Company, to IQVIA RDS, Inc. for cash consideration of $198.0 million, adjusted for working capital, indebtedness, and transaction costs, which adjustment amounts are estimated to be $(3.9) million in the aggregate. This transaction closed on July 1, 2021. The Company measured these businesses at the lower of their carrying value or fair value less any costs to sell. No impairment was recognized on the held for sale assets during the quarter ended June 30, 2021. The operating results of these businesses do not qualify for reporting as discontinued operations. The operations of the Myriad Autoimmune business and Myriad RBM, Inc. are included in the Company's diagnostics reporting segment and other reporting segment, respectively. The following table presents information related to the assets and liabilities classified as held for sale at June 30, 2021:
(in millions) | Total
Assets |
Inventory | $ | 3.4 |
Intangibles, net | 119.9 |
Goodwill | 88.5 |
Other assets | 13.9 |
Total assets held for sale | $ | 225.7 |
Liabilities |
Accrued liabilities | $ | 5.8 |
Noncurrent operating lease liabilities | 3.1 |
Other liabilities | 3.3 |
Total liabilities held for sale | $ | 12.2 |
Total net assets held for sale | $ | 213.5 |
Inventory In connection with the divestiture transactions, the Company recognized losses of $5.9 million and $6.6 million for a non-cancelable inventory purchase commitment and inventory, respectively, during the quarter ended June 30, 2021, as the Company will no longer have use for the goods. Both of these losses are included in Other income (expense) in the Company's Condensed Consolidated Statements of Operations for the quarter ended June 30, 2021.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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