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INTANGIBLE ASSETS AND GOODWILL | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table reflects the gross carrying amounts and net book values of intangible assets as of September 30, 2023 and December 31, 2022 (dollar amounts in thousands):
|  |  |  | September 30, 2023 |  | December 31, 2022
|  | Remaining Useful Life (In years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Impairment |  |  |  | Net Book Value |  | Gross Carrying Amount |  | Accumulated Amortization |  |  |  | Net Book Value
Products rights: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
INDOCIN |  | 8.6 |  | $ | 154,100 |  |  | $ | (43,126) |  |  | $ | (52,463) |  |  |  |  | $ | 58,511 |  |  | $ | 154,100 |  |  | $ | (33,495) |  |  |  |  | $ | 120,605 |
ROLVEDON |  | 9.8 |  | 234,000 |  |  | (3,900) |  |  | (157,095) |  |  |  |  | 73,005 |  |  | — |  |  | — |  |  |  |  | — |
Otrexup |  | 6.2 |  | 44,086 |  |  | (9,644) |  |  | (22,946) |  |  |  |  | 11,496 |  |  | 44,086 |  |  | (5,511) |  |  |  |  | 38,575 |
Sympazan |  | 11.1 |  | 14,550 |  |  | (1,111) |  |  | — |  |  |  |  | 13,439 |  |  | 14,550 |  |  | (202) |  |  |  |  | 14,348 |
SPRIX |  | 3.6 |  | 39,000 |  |  | (18,711) |  |  | (6,327) |  |  |  |  | 13,962 |  |  | 39,000 |  |  | (14,532) |  |  |  |  | 24,468 |
Total intangible assets |  |  |  | $ | 485,736 |  |  | $ | (76,492) |  |  | $ | (238,831) |  |  |  |  | $ | 170,413 |  |  | $ | 251,736 |  |  | $ | (53,740) |  |  |  |  | $ | 197,996 |
During the three months ended September 30, 2023, the Company’s market capitalization declined to below the book value of the Company’s equity. Management determined that the Company’s book value of equity exceeding its market capitalization represented an indicator of impairment with respect to its long-lived assets. Applying the relevant accounting guidance, the Company first assessed the recoverability of its long-lived assets. In performing this assessment, management concluded it was appropriate to group its assets at the entity level, most notably attributed to the significant shared operating cost structure which characterizes Assertio. The Company determined the carrying value of this asset group was not recoverable. Management then assessed and concluded that the fair value of the asset group was less than its carrying value and so recognized an impairment loss of approximately $238.8 million, which was allocated to the individual intangible assets of the group and is classified within Loss on impairment of intangible assets in the Condensed Consolidated Statement of Comprehensive (Loss) Income. The fair value of the asset group was determined using both an income and a market approach and used Level 3 inputs. These inputs included estimates of forecasted cash flows and the selection of comparable revenue and earnings multiples utilizing guideline companies. Amortization expense was $10.2 million and $22.8 million for the three and nine months ended September 30, 2023, respectively, and $8.0 million and $24.4 million for three and nine months ended September 30, 2022, respectively. The following table reflects future amortization expense the Company expects for its intangible assets (in thousands):
Year Ending December 31, |  | Estimated Amortization Expense
2023 (remainder) |  | 5,259 |
2024 |  | 21,035 |
2025 |  | 21,035 |
2026 |  | 21,035 |
2027 |  | 18,814 |
Thereafter |  | 83,235 |
Total |  | $ | 170,413 |
Goodwill During the three months ended September 30, 2023, the Company recorded $19.9 million of goodwill from the Spectrum Merger. Refer to Note 2, Acquisitions, for additional details. Following the Company’s long-lived asset impairment discussed above, which was determined to be an indicator of impairment with respect to the Company’s goodwill, management tested goodwill for impairment by determining and comparing the fair value of its reporting unit to its carrying value, with the carrying value reflecting the allocated long-lived asset impairment loss. The fair value of the reporting unit was determined using both an income and a market approach and used Level 3 inputs. These inputs included estimates of forecasted cash flows, a discount rate to reflect the risk inherent in the forecasted cash flows, and the selection of comparable revenue and earnings multiples utilizing guideline companies. Management concluded that the fair value of the reporting unit exceeded its carrying value and, accordingly, goodwill was not impaired as of September 30, 2023.

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