INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The following table reflects the gross carrying amounts and net book values of intangible assets as of December 31, 2021 and 2020 (dollar amounts in thousands):


	December 31, 2021							December 31, 2020
Product rights	Remaining Useful Life (In years)	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
INDOCIN	10.4	$	154,100	$	(20,654)	$	133,446	$	154,100	$	(7,812)	$	146,288
Otrexup	8.0	44,086		—		44,086		—		—		—
SPRIX	5.4	39,000		(8,960)		30,040		39,000		(3,389)		35,611
CAMBIA	1.0	51,360		(43,410)		7,950		51,360		(36,163)		15,197
Zipsor	0.2	27,250		(26,718)		532		27,250		(24,381)		2,869
Oxaydo	0.0	300		(300)		—		300		(183)		117
Total Intangible Assets		$	316,096	$	(100,042)	$	216,054	$	272,010	$	(71,928)	$	200,082

Amortization expense was $28.1 million and $24.8 million for the years ended December 31, 2021 and 2020, respectively.

The following table reflects future amortization expense the Company expects for its intangible assets (in thousands):


Year Ending December 31,	Estimated Amortization Expense
2022	$	32,406
2023	23,924
2024	23,924
2025	23,924
Thereafter	111,876
Total	$	216,054

Goodwill

During the year ended December 31, 2020, the Company recognized $17.4 million of goodwill related to the fair value of the underlying net tangible and identifiable intangible assets net of liabilities resulting from the Zyla Merger (see Note 2, Acquisitions).

As of December 31, 2020, the Company determined, due to declining revenues and a decrease in its market capitalization, that it was more likely than not that the fair value of net assets are below their carrying amounts and, therefore, the Company performed the required goodwill impairment test under ASC 350, Intangibles - Goodwill and Other. First, the Company estimated the fair value of the reporting unit to which goodwill is assigned using a combination of the income and market approach. The Company then compared the carrying amount of the reporting unit, including goodwill, to its fair value. Since the fair value was less than the reporting unit’s carrying amount, the Company calculated the goodwill impairment as the difference between the reporting unit’s fair value and the carrying amount, not to exceed the carrying amount of goodwill. Accordingly, the Company recorded an impairment charge of $17.4 million, recognized within total costs and expenses in the Consolidated Statement of Comprehensive Income, to impair the carrying amount of goodwill as of December 31, 2020.