Company: MYGN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000899923-25-000019
Chunk: 159

Company: MYRIAD GENETICS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 159
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2024. The Company's internal-use software assets are amortized over the estimated useful life of the software, which is generally 3 years. The Company recorded amortization during the respective periods for intangible assets as follows:Years Ended December 31,(in millions)202420232022Amortization of intangible assets$42.1 $42.8 $41.1 Future amortization expense of intangible assets as of December 31, 2024 is estimated to be as follows (in millions):Years Ended December 31,Amortization Expense2025$37.4 202637.2 202736.8 202836.7 202936.7 Thereafter77.6 Total$262.4 

6.    ACCRUED LIABILITIES

Accrued liabilities consist of the following:December 31,(in millions)20242023Employee compensation and benefits$57.4 $49.7 Accrued taxes payable5.1 4.6 Refunds payable and reserves19.9 20.1 Short-term contingent consideration— 3.1 Accrued royalties6.5 5.3 Legal settlement2.8 6.0 Lease termination accrual 3.8 4.4 Escrow liability7.5 — Other accrued liabilities16.0 20.7 Total accrued liabilities$119.0 $113.9 Revenue is constrained in anticipation of requests for refunds of payments made previously by insurance carriers. The following table summarizes the balance and activity of the refunds payable and reserves for the years ended December 31, 2024 and 2023: Years Ended December 31,(in millions)20242023Beginning balance$20.1 $19.3 Recoupments paid (11.3)(13.8)Additions to the reserve11.1 14.6 Ending balance$19.9 $20.1 

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7.    LONG-TERM DEBT

On June 30, 2023, the Company entered into an asset-based revolving credit facility (the “ABL Facility”) with an initial maximum principal amount of $90.0 million, with JPMorgan Chase Bank, N.A., as administrative agent and issuing bank, the other lender parties thereto, and certain of the Company's domestic subsidiaries (the "Guarantors"). On