Annual report pursuant to Section 13 and 15(d)
|12 Months Ended
Dec. 31, 2020
|Business Combinations [Abstract]
|Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
|The following table summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition Date (in thousands):
(1) Acquired intangible assets consist of customer relationships which are amortized over seven years.(2) The goodwill arising from the acquisition of HLI - Oncology is the amount the Company paid in excess of the fair value of the net assets acquired and was primarily for (i) the expected future cash flows derived from the existing business capabilities and infrastructure, (ii) expanding the Company's scientific expertise as a leading provider of Pharma Services and Next-Generation Sequencing and (iii) an enhanced Pharma Services menu including germline, whole exome and whole genome sequencing. All of the goodwill resulting from the acquisition of HLI - Oncology is expected to be deductible for income tax purposes.
Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef