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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill for the three months ended March 31, 2023 are as follows:
(In millions) | Developed Markets (1) |  | Greater China |  | JANZ |  | Emerging Markets (2) |  | Total
Balance at December 31, 2022: | 7,461.5 |  |  | 940.6 |  |  | 689.0 |  |  | 1,334.7 |  |  | 10,425.8 |
Acquisitions | 95.3 |  |  | — |  |  | — |  |  | — |  |  | 95.3 |
Foreign currency translation | 60.0 |  |  | — |  |  | (8.6) |  |  | 0.7 |  |  | 52.1 |
Balance at March 31, 2023: | $ | 7,616.8 |  |  | $ | 940.6 |  |  | $ | 680.4 |  |  | $ | 1,335.4 |  |  | $ | 10,573.2 |
____________ (1)Balances as of March 31, 2023 and December 31, 2022 include an accumulated impairment loss of $385.0 million. (2)Balances as of March 31, 2023 and December 31, 2022 include an accumulated impairment loss of $117.0 million. Intangible Assets, Net Intangible assets consist of the following components at March 31, 2023 and December 31, 2022:
(In millions) | Weighted Average Life (Years) |  | Original Cost |  | Accumulated Amortization |  | Net Book Value
March 31, 2023 |  |  |  |  |  |  |
Product rights, licenses and other (1) | 15 |  | $ | 37,975.1 |  |  | $ | 15,604.6 |  |  | $ | 22,370.5 |
In-process research and development |  |  | 331.1 |  |  | — |  |  | 331.1 |
|  |  | $ | 38,306.2 |  |  | $ | 15,604.6 |  |  | $ | 22,701.6 |
December 31, 2022 |  |  |  |  |  |  |
Product rights, licenses and other (1) | 15 |  | $ | 37,490.5 |  |  | $ | 14,923.6 |  |  | $ | 22,566.9 |
In-process research and development |  |  | 40.2 |  |  | — |  |  | 40.2 |
|  |  | $ | 37,530.7 |  |  | $ | 14,923.6 |  |  | $ | 22,607.1 |
____________ (1)Represents amortizable intangible assets. Other intangible assets consists principally of customer lists and contractual rights. During the three months ended March 31, 2023, the Company acquired product rights and licenses from Oyster Point of approximately $334.0 million and IPR&D of approximately $290.0 million from Famy Life Sciences. Refer to Note 4 Acquisitions and Other Transactions for additional information. Amortization expense and intangible asset disposal & impairment charges (which are included as a component of amortization expense) are classified primarily within cost of sales in the condensed consolidated statements of operations and were as follows for the three months ended March 31, 2023 and 2022:
|  |  | Three Months Ended
|  |  | March 31,
(In millions) |  |  |  |  | 2023 |  | 2022
Intangible asset amortization expense |  |  |  |  | $ | 603.3 |  |  | $ | 648.1 |
Intangible asset disposal & impairment charges |  |  |  |  | 32.0 |  |  | — |
Total intangible asset amortization expense (including disposal & impairment charges) |  |  |  |  | $ | 635.3 |  |  | $ | 648.1 |
During the three months ended March 31, 2023, the Company recognized an intangible asset charge of approximately $32.0 million, which was recorded within Cost of sales in the condensed consolidated statement of operations, to write down the disposal group to fair value, less cost to sell, related to our Upjohn Distributor Markets, which are classified as held for sale. As of March 31, 2023 and December 31, 2022, the Company has approximately $198.3 million and $230.3 million, respectively, of intangible assets related to the Upjohn Distributor Markets that are classified as held for sale in the condensed consolidated balance sheets. Refer to Note 5 Divestitures for additional information. Intangible asset amortization expense over the remainder of 2023 and for the years ending December 31, 2024 through 2027 is estimated to be as follows:
(In millions) |
2023 | $ | 1,772 |
2024 | 2,274 |
2025 | 2,179 |
2026 | 2,124 |
2027 | 1,912 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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