Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Note 10. Goodwill and Intangible Assets

The table below shows the weighted-average life, original cost, accumulated amortization, and net book value by major intangible asset classification:


	Weighted-Average			Accumulated
	Life (Years)	Original Cost		Amortization		Net Book Value

	(in thousands)
Definite-lived intangible assets
IMS (UK) international product rights	10	$	9,416	$	4,865	$	4,551
Patents	12		486		329		157
Land-use rights	39		2,540		667		1,873
Subtotal	12		12,442		5,861		6,581
Indefinite-lived intangible assets
Trademark	*		29,225		—		29,225
Goodwill - Finished pharmaceutical products	*		3,386		—		3,386
Subtotal	*		32,611		—		32,611
As of September 30, 2021	*	$	45,053	$	5,861	$	39,192


	Weighted-Average			Accumulated
	Life (Years)	Original Cost		Amortization		Net Book Value

	(in thousands)
Definite-lived intangible assets
IMS (UK) international product rights	10	$	9,561	$	4,223	$	5,338
Patents	12		486		297		189
Land-use rights	39		2,540		617		1,923
Subtotal	12		12,587		5,137		7,450
Indefinite-lived intangible assets
Trademark	*		29,225		—		29,225
Goodwill - Finished pharmaceutical products	*		3,940		—		3,940
Subtotal	*		33,165		—		33,165
As of December 31, 2020	*	$	45,752	$	5,137	$	40,615

^*	Intangible assets with indefinite lives have an indeterminable average life.

Goodwill

The changes in the carrying amounts of goodwill were as follows:


	September 30,		December 31,
	2021		2020

	(in thousands)
Beginning balance	$	3,940	$	3,634
ANP restructuring		(374)		—
Currency translation		(180)		306
Ending balance	$	3,386	$	3,940

Primatene^® Trademark

In January 2009, the Company acquired the exclusive rights to the trademark, domain name, website and domestic marketing, distribution and selling rights related to Primatene Mist^®, an over-the-counter bronchodilator product, recorded at the allocated fair value of $29.2 million, which is its carrying value as of September 30, 2021.

The trademark was determined to have an indefinite life. In determining its indefinite life, the Company considered the following: the expected use of the intangible; the longevity of the brand; the legal, regulatory and contractual provisions that affect their maximum useful life; the Company’s ability to renew or extend the asset’s legal or contractual life without substantial costs; effects of the regulatory environment; expected changes in distribution channels; maintenance expenditures required to obtain the expected future cash flows from the asset; and considerations for obsolescence, demand, competition and other economic factors.