Note 9. Goodwill and Intangible Assets

On August 17, 2018, JSP notified the Company that it would not extend or renew the JSP Distribution Agreement when the current term expired on March 23, 2019. The Company determined that JSP’s decision represented a triggering event under U.S. GAAP to perform an analysis to determine the potential for impairment of goodwill. On October 4, 2018, the Company completed the analysis based on market data and concluded a full impairment of goodwill, totaling $339.6 million, was required.

Intangible assets, net as of March 31, 2020 and June 30, 2019 consisted of the following:


	Weighted	Gross Carrying Amount				Accumulated Amortization				Intangible Assets, Net
	Avg. Life	March 31,		June 30,		March 31,		June 30,		March 31,		June 30,
(In thousands)	(Yrs.)	2020		2019		2020		2019		2020		2019
Definite-lived:
KUPI product rights	15		416,154		416,154		(118,391)		(97,583)		297,763		318,571
KUPI trade name	2		2,920		2,920		(2,920)		(2,920)		—		—
KUPI other intangible assets	15		19,000		19,000		(5,512)		(4,562)		13,488		14,438
Silarx product rights	15		10,000		10,000		(3,222)		(2,722)		6,778		7,278
Other product rights	8		20,089		27,160		(5,074)		(4,667)		15,015		22,493
Total definite-lived		$	468,163	$	475,234	$	(135,119)	$	(112,454)	$	333,044	$	362,780

Indefinite-lived:
KUPI in-process research and development	—	$	18,000	$	18,000	$	—	$	—	$	18,000	$	18,000
Silarx in-process research and development	—		18,000		18,000		—		—		18,000		18,000
Other product rights	—		32,000		12,449		—		—		32,000		12,449
Total indefinite-lived			68,000		48,449		—		—		68,000		48,449
Total intangible assets, net		$	536,163	$	523,683	$	(135,119)	$	(112,454)	$	401,044	$	411,229

The Company recorded amortization expense of $8.3 million and $7.9 million in the three months ended March 31, 2020 and March 31, 2019, respectively. For the nine months ended March 31, 2020 and 2019, the Company recorded amortization expense of $23.5 million and $24.3 million, respectively.

In the third quarter of Fiscal 2020, the Company performed an impairment analysis of its AB-rated Methylphenidate Hydrochloride product, which is distributed under a license agreement with Andor Pharmaceuticals, LLC (“Andor”), due to additional competition resulting in a significant decline in sales and overall profitability of the distribution arrangement. The analysis resulted in the Company recording a $14.0 million impairment charge. The remaining carrying value of the intangible asset, totaling $2.1 million, is recorded within the definite-lived “other product rights” caption in the table above and will continue to be amortized over its remaining useful life.

Future annual amortization expense consisted of the following as of March 31, 2020:


(In thousands)	Amortization
Fiscal Year Ending June 30,	Expense
2020	$	8,137
2021		32,546
2022		32,443
2023		32,236
2024		31,899
Thereafter		195,783
	$	333,044