Goodwill and Other Intangible Assets, Net

6 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill:

The following table provides a summary of the activity in goodwill by segment for the six months ended June 30, 2016 (in thousands):



	Consumer Health		Prescription Pharmaceuticals			Total
Balances at December 31, 2015	$	16,717	$	267,993		$	284,710
Currency translation adjustments	—		(331		)	(331		)
Acquisitions	—		—			—
Impairments	—		—			—
Dispositions	—		—			—
Balances at June 30, 2016	$	16,717	$	267,662		$	284,379

Goodwill acquired prior to December 31, 2015 attributed to the Consumer Health segment was due to the Company’s acquisition of Hi-Tech in April 2014 and the acquisition of Advanced Vision Research, Inc. in May 2011, while Goodwill attributed to the Prescription Pharmaceuticals segment relates to the Company’s acquisition of VersaPharm in August 2014, Hi-Tech in April 2014 and selected assets of Kilitch Drugs (India) Limited in February 2012.

Product Licensing Rights, In-Process Research and Development (“IPR&D”), and Other Intangible Assets:

The following table sets forth information about the net book value of the Company’s other intangible assets as of June 30, 2016 and December 31, 2015, and the weighted average remaining amortization period as of June 30, 2016 and December 31, 2015 (dollar amounts in thousands):



	Gross Amount		Accumulated Amortization			Reclass-ifications			Impairment			Net Balance		Wtd Avg Remaining Amortization Period (years)
June 30, 2016
Product licensing rights	$	789,643	$	(163,832	)	$	—		$	(200	)	$	625,611	10.5
IPR&D	186,932		—			—			—			186,932		N/A - Indefinite lived
Trademarks	16,000		(3,613		)	—			—			12,387		18.1
Customer relationships	6,301		(3,744		)	—			—			2,557		9.8
Other intangibles	11,235		(3,467		)	—			—			7,768		6.3
Non-compete agreement	2,274		(2,274		)	—			—			—		—
	$	1,012,385	$	(176,930	)	$	—		$	(200	)	$	835,255
December 31, 2015
Product licensing rights	$	782,269	$	(132,642	)	$	38,000		$	(34,000	)	$	653,627	13.2
IPR&D	227,559		—			(38,000		)	(2,627		)	186,932		N/A - Indefinite lived
Trademarks	16,000		(2,982		)	—			—			13,018		21.8
Customer relationships	6,493		(3,716		)	—			—			2,777		11.7
Other intangibles	11,235		(2,600		)	—			—			8,635		7.9
Non-compete agreement	2,167		(2,167		)	—			—			—		—
	$	1,045,723	$	(144,107	)	$	—		$	(36,627	)	$	864,989

The Company recorded amortization expense of $16.4 million and $16.3 million during the three month periods ended June 30, 2016 and 2015, and $32.9 million and $32.7 million during the six month periods ended June 30, 2016 and 2015, respectively. The Company also recognized impairment of intangible assets in the six month period ended June 30, 2016 of $0.2 million related to one product licensing right which was net of an immaterial accumulated amortization at the impairment date and in the three and six month periods ended June 30, 2015 the Company recognized $2.6 million of abandonment of IPR&D (which was recognized in R&D expense) associated with two IPR&D projects acquired in the VersaPharm acquisition.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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