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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill for the year ended December 31, 2021 is as follows:
(in millions) | Year Ended December 31, 2021
Beginning balance | $ | 329.2 |
Divestitures | (88.5) |
Translation adjustments | (1.5) |
Carrying amount at end of period | $ | 239.2 |
The Company assessed goodwill for impairment as part of its annual goodwill testing in accordance with the appropriate guidance (see Note 1) and determined none of its reporting units were impaired as of the annual testing date. The Company did not record an impairment of goodwill for the year ended December 31, 2021, the transition period ended December 31, 2020 or for the fiscal year ended June 30, 2019. During the year ended June 30, 2020, as a result of the effect of COVID-19 on expected future cash flows and a corresponding decline in market capitalization and enterprise value, the Company performed an interim quantitative impairment review of goodwill for the Myriad Mental Health, Myriad Autoimmune and Myriad International reporting units as of March 31, 2020. Based on this analysis, the Company recognized a goodwill impairment charge of $80.7 million related to the goodwill from the Myriad Autoimmune reporting unit. The goodwill impairment charge is reflected in Goodwill and long-lived asset impairment charges in the Consolidated Statements of Operations. On July 1, 2021, the Company completed the sale of Myriad RBM, Inc., and as a result the goodwill attributable to the Myriad RBM reporting unit is no longer held by the Company. In addition, on September 13, 2021, select operating assets and intellectual property, including the Vectra® test, from the Myriad Autoimmune business unit were sold. As a result of this divestiture, the goodwill attributable to the Myriad Autoimmune reporting unit is no longer held by the Company. During the year ended June 30, 2020, the Company also recognized a $1.3 million impairment charge for goodwill allocated to the Clinic asset group that is included in Goodwill and long-lived asset impairment charges in the Consolidated Statements of Operations. Intangible Assets Intangible assets have primarily consisted of amortizable assets of purchased licenses and technologies, customer relationships, and trade names as well as a non-amortizable intangible asset of in-process research and development. Due to the completion of the sales of Myriad RBM, Inc. and the Myriad Autoimmune business, the Company's intangible assets as of December 31, 2021 consist of only purchased licenses and technologies. In connection with these sales, the Company sold $199.1 million in purchased licenses and technologies, $4.8 million in-process research and development intangible assets, $4.7 million in customer relationships, and $3.0 million in trademarks, resulting in an aggregate decrease of intangible assets of $120.0 million, net of $91.6 million in accumulated amortization. See Note 16 for additional information on these divestitures. The Company’s purchased licenses and technologies have estimated remaining useful lives between 1 and 14 years. Prior to the sale of Myriad RBM, Inc., the estimated useful life of acquired in-process research and development was also evaluated in conjunction with the annual impairment analysis of intangible assets. The classification of the acquired in-process research and development as an indefinite lived asset was deemed appropriate during prior years as the related research and development was not yet complete nor had it been abandoned. During the year ended June 30, 2020, the Company decided to abandon the development of one of its in-process research and development intangible assets, and as a result the Company recognized a charge of $17.7 million, which is reflected in Goodwill and long-lived asset impairment charges in the Consolidated Statements of Operations. The Company concluded there was no impairment of long-lived assets for the year ended December 31, 2021, the transition period ended December 31, 2020, or for the year ended June 30, 2019. The following tables summarize the amounts reported as intangible assets (in millions):
At December 31, 2021: | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Purchased licenses and technologies | $ | 616.6 |  |  | $ | (212.5) |  |  | $ | 404.1 |
Total intangible assets | $ | 616.6 |  |  | $ | (212.5) |  |  | $ | 404.1 |
At December 31, 2020: | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Purchased licenses and technologies | $ | 818.2 |  |  | $ | (248.2) |  |  | $ | 570.0 |
Customer relationships | 4.7 |  |  | (4.5) |  |  | 0.2 |
Trademarks | 3.0 |  |  | (1.5) |  |  | 1.5 |
Total amortizable intangible assets | 825.9 |  |  | (254.2) |  |  | 571.7 |
In-process research and development | 4.8 |  |  | — |  |  | 4.8 |
Total unamortized intangible assets | 4.8 |  |  | — |  |  | 4.8 |
Total intangible assets | $ | 830.7 |  |  | $ | (254.2) |  |  | $ | 576.5 |
As of December 31, 2021 the weighted average remaining amortization period for purchased licenses and technologies is approximately 10 years. The Company recorded amortization during the respective periods for these intangible assets as follows:
| Year Ended December 31, |  | Six-month Transition Period Ended December 31, |  | Years Ended June 30,
(in millions) | 2021 |  | 2020 |  | 2020 |  | 2019
Amortization of intangible assets | $ | 50.7 |  |  | $ | 30.8 |  |  | $ | 61.0 |  |  | $ | 59.3 |
Future amortization expense of intangible assets as of December 31, 2021 is estimated to be as follows (in millions):
Years Ended December 31, | Amortization Expense
2022 | $ | 40.8 |
2023 | 40.8 |
2024 | 40.8 |
2025 | 40.8 |
2026 | 40.8 |
Thereafter | 200.1 |
Total | $ | 404.1 |

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