Company: MYGN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000899923-25-000019
Chunk: 155

Company: MYRIAD GENETICS INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 155
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 for substantially the full term of the assets or liabilities. Some of the Company’s marketable securities primarily utilized broker quotes in a non-active market for valuation of these securities.Level 3—unobservable inputs.All of the Company’s financial instruments are valued using quoted prices in active markets or based on other observable inputs. For Level 2 securities, the Company uses a third-party pricing service which provides documentation on an ongoing basis that includes, among other things, pricing information with respect to reference data, methodology, inputs summarized by asset class, pricing application, and corroborative information. The fair value of the Company’s long-term debt, which it considers a Level 2 measurement, is estimated using a discounted cash flow analysis, based on the Company’s current estimated incremental borrowing rates for similar borrowing arrangements. The fair value of the Company’s long-term debt is estimated to be $40.2 million at December 31, 2024.At December 31, 2024, the Company did not have any financial assets or liabilities requiring fair value re-measurement. The following table sets forth the fair value of the financial assets and liabilities that the Company re-measures on a regular basis as of December 31, 2023:(in millions)Level 1Level 2Level 3TotalDecember 31, 2023Money market funds (a)$2.2 $— $— $2.2 Corporate bonds and notes— 8.3 — 8.3 Municipal bonds— 0.5 — 0.5 Contingent consideration— — (5.4)(5.4)Total$2.2 $8.8 $(5.4)$5.6 (a)Money market funds are primarily comprised of exchange traded funds and accrued interest.The following table reconciles the change in the fair value of the contingent consideration during the periods presented:(in millions)Years Ended December 31,202420232022Carrying amount at beginning of period$5.4 $6.8 $8.6 Payment of contingent consideration(5.8)— (3.0)Consideration recognized at acquisition— — 2.1 Change in fair value recognized in the statement of operations0.4 (1.5)(0.4)Translation adjustments recognized in other comprehensive income (loss)— 0.1 (0.5)Carrying amount at end of period$— $