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Identifiable Intangible Assets
 6 Months Ended
Jun. 30, 2019
Identifiable Intangible Assets
NOTE 6 – Identifiable intangible assets:
Identifiable intangible assets consisted of the following: 
  
Gross carrying amount 
net of impairment
   
Accumulated amortization
   
Net carrying amount
 
  
June 30,
   
December 31,
   
June 30,
   
December 31,
   
June 30,
   
December 31,
 
  
2019
   
2018
   
2019
   
2018
   
2019
   
2018
 
  
(U.S. $ in millions)
 
Product rights
  $
19,995
    $
20,361
    $
10,043
    $
9,565
    $
9,952
    $
10,796
 
Trade names
   
604
     
606
     
109
     
91
     
496
     
515
 
In process research and development
   
1,988
     
2,694
     
—
     
—
      
1,988
     
2,694
 
                                                 
Total
 
$
22,587
 
 
$
23,661
 
 
$
10,152
 
 
$
9,656
 
 
$
12,435
 
 
$
14,005
 
                                                 
Product rights and trade names
Product rights and trade names are assets presented at amortized cost. Product rights and trade names represent a portfolio of pharmaceutical​​​​​​​ products from various categories with a weighted average life of approximately 12 years.
Amortization of intangible assets amounted to $285 million and $302 million in the three months ended June 30, 2019 and 2018, respectively.
Amortization of intangible assets amounted to $568 million and $612 million in the six months ended June 30, 2019 and 2018, respectively.
IPR&D
Teva’s IPR&D are assets that have not yet been approved in major markets. Teva​​​​​​​’s IPR&D is comprised mainly of the following acquisitions and related assets: various generic products (Actavis Generics) – $1,730 million; various generic products (Rimsa) – $47 million; and AUSTEDO – $211 million. IPR&D carries intrinsic risks that the asset might not succeed in advanced phases and may be impaired in future periods.
In the three months ended June 
30
,
2019
, Teva reclassified $19 million of products from IPR&D to product rights following regulatory approval.
 
In the first six months of 2019, Teva reclassified 
$
256
 
million of products from IPR&D to product rights following regulatory approval,
mainly $
174
 
million in connection with methylphenidate ER.
Intangible assets impairment
Impairments of long-lived intangible assets for the three months ended on June 
30, 
2019 and
2018 were $561 million and $521 million, respectively. Impairments in the
second
quarter of
2019 consisted of:
a) 
Identifiable product rights of $365 million, mainly due to updated market assumptions regarding price and volume of products acquired from Actavis Generics and primarily marketed in the United States.
b)
IPR&D assets of $196 million, mainly due to: (i) $137 million of generic pipeline products acquired from Actavis Generics due to development progress and changes in other key valuation indications (e.g., market size, competition assumptions, legal landscape, launch date or discount rate) in the United States and (ii)
$59 
 
million related to a change in the assumption of the future market share of few products within Teva’s Actavis Generics related pipeline in Europe.
Impairments of long-lived intangible assets for the six months ended on June 
30
,
2019
and
2018
were $1,030 million and $727 million, respectively. Impairments in the first six months of
2019
consisted of:
a)    
Identifiable product rights of $569 million, mainly due to updated market assumptions regarding price and volume of products acquired from Actavis Generics and primarily marketed in the United States.
b) 
IPR&D assets of $461 million, due to: (i) $277 million of
generic
pipeline products acquired from Actavis Generics due to development progress and changes in other key valuation indications (e.g., market size, competition assumptions, legal landscape, launch date or discount rate) in the United States and (ii) $125 million related to lenalidomide (generic equivalent of Revlimid
®
) due to modified competition assumptions as a result of settlements between the innovator and other generic filers (iii) $59 million related to a change in
the
assumption of the future market share of few products within Teva’s Actavis
Generics related pipeline in Europe.