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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2022
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, 2022 are as follows:
(in millions) | Year Ended December 31, 2022
Beginning balance | $ | 239.2 |
Goodwill acquired (see Note 16) | 48.7 |
Translation adjustments | (1.1) |
Carrying amount at end of period | $ | 286.8 |
On November 1, 2022, the Company acquired Gateway. In connection therewith, the Company recognized $48.7 million of goodwill. See Note 16 for additional information on this acquisition. 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 years ended December 31, 2022 and 2021, or the transition period ended December 31, 2020. During the fiscal year ended June 30, 2020, as a result of the effect of COVID-19 on expected future cash flows and a corresponding decline in the Company's 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 fiscal 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 developed technologies, customer relationships, and trademarks as well as a non-amortizable intangible asset of in-process research and development. On November 1, 2022, the Company acquired Gateway. As part of the acquisition, the Company acquired customer relationships, trademarks, and developed technologies of $1.6 million, $6.1 million, and $10.1 million, respectively. See Note 16 for additional information on this acquisition. The Company's developed technologies have estimated remaining useful lives of 8 and 13 years. The Company's trademarks and customer relationships acquired have an estimated remaining useful life of approximately 10 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 fiscal 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 intangible assets for the years ended December 31, 2022 and 2021 or the transition period ended December 31, 2020. The following tables summarize the amounts reported as intangible assets (in millions):
At December 31, 2022: | Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Weighted-Average Useful Life (in Years) |  | Weighted-Average Remaining Useful Life (in Years)
Developed technologies | $ | 625.0 |  |  | $ | (252.9) |  |  | $ | 372.1 |  |  | 14.4 |  | 9.1
Customer relationships | 1.6 |  |  | — |  |  | 1.6 |  |  | 10.0 |  | 9.8
Trademarks | 6.1 |  |  | (0.1) |  |  | 6.0 |  |  | 10.0 |  | 9.8
Total intangible assets | $ | 632.7 |  |  | $ | (253.0) |  |  | $ | 379.7 |  |  | 14.4 |  | 9.1
At December 31, 2021: | Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Weighted-Average Useful Life (in Years) |  | Weighted-Average Remaining Useful Life (in Years)
Developed technologies | $ | 616.6 |  |  | $ | (212.5) |  |  | $ | 404.1 |  |  | 14.6 |  | 10.2
Total intangible assets | $ | 616.6 |  |  | $ | (212.5) |  |  | $ | 404.1 |  |  | 14.6 |  | 10.2
The Company recorded amortization during the respective periods for these intangible assets as follows:
| Years Ended December 31, |  | Six-month Transition Period Ended December 31, |  | Year Ended June 30,
(in millions) | 2022 |  | 2021 |  | 2020 |  | 2020
Amortization of intangible assets | $ | 41.1 |  |  | $ | 50.7 |  |  | $ | 30.8 |  |  | $ | 61.0 |
Future amortization expense of intangible assets as of December 31, 2022 is estimated to be as follows (in millions):
Years Ended December 31, | Amortization Expense
2023 | $ | 42.8 |
2024 | 42.8 |
2025 | 42.8 |
2026 | 42.8 |
2027 | 42.8 |
Thereafter | 165.7 |
Total | $ | 379.7 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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