Company: MYGN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000899923-25-000019
Chunk: 220

Company: MYRIAD GENETICS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 220
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(0.6)%1.2 (0.5)%2.5 (1.8)%Foreign rate differential3.3 (2.7)%(0.4)0.2 %— — %Change in valuation allowance15.7 (12.7)%52.6 (20.1)%2.6 (1.8)%Non-deductible officer compensation3.9 (3.2)%3.0 (1.1)%3.5 (2.5)%Acquisitions and dispositions5.1 (4.1)%0.1 — %(0.1)0.1 %Other, net0.9 (0.7)%1.5 (0.7)%(1.4)0.9 %Total income tax expense (benefit)$3.8 (3.1)%$1.1 (0.4)%$(28.6)20.3 %The significant components of the Company’s deferred tax assets and liabilities were comprised of the following:December 31,(in millions)20242023Deferred tax assets:Net operating loss carryforwards$62.7 $77.1 Stock compensation expense6.6 5.0 Research and development credits20.6 20.8 Lease liability24.4 28.0 Capitalized research and development costs54.3 38.4 Accrued expenses and liabilities16.5 22.5 Other, net— 3.2 Total gross deferred tax assets185.1 195.0 Less valuation allowance(111.9)(95.0)Total deferred tax assets73.2 100.0 Deferred tax liabilities:Intangible assets55.5 84.2 Lease right-of-use assets13.3 15.5 Property, plant and equipment3.2 1.9 Other, net0.8 — Total deferred tax liabilities72.8 101.6 Net deferred tax asset (liability)$0.4 $(1.6)The Company incurred a loss in the current year and the two preceding years, resulting in a three-year cumulative loss. Pursuant to ASC 740, Income Taxes ("ASC 740"), a company that is in a cumulative loss position must consider the weight of this significant negative evidence together with the weight of other positive and negative evidence