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Identifiable Intangible Assets | 9 Months Ended
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Sep. 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 |
|  | September 30, |  |  | December 31, |  |  | September 30, |  |  | December 31, |  |  | September 30, |  |  | December 31, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
|  | (U.S. $ in millions) |
Product rights |  | $ | 19,698 |  |  | $ | 20,361 |  |  | $ | 10,182 |  |  | $ | 9,565 |  |  | $ | 9,516 |  |  | $ | 10,796 |
Trade names |  |  | 596 |  |  |  | 606 |  |  |  | 117 |  |  |  | 91 |  |  |  | 479 |  |  |  | 515 |
In process research and development |  |  | 1,883 |  |  |  | 2,694 |  |  |  | — |  |  |  | — |  |  |  | 1,883 |  |  |  | 2,694 |
Total |  | $ | 22,177 |  |  | $ | 23,661 |  |  | $ | 10,299 |  |  | $ | 9,656 |  |  | $ | 11,878 |  |  | $ | 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 $255 million and $297 million in the three months ended September 30, 2019 and 2018, respectively. Amortization of intangible assets amounted to $823 million and $909 million in the nine months ended September 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) – $1,626 million; various generic products (Rimsa) – $46 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 September 30, 2019, Teva reclassified $15 million of products from IPR&D to product rights following regulatory approval. In the first nine months of 2019, Teva reclassified $271 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 September 30, 2019 and 2018 were $177 million and $519 million, respectively. Impairments in the third quarter of 2019 consisted o f:
| a) | Identifiable product rights of $99 million, mainly due to s upply ch a ll e nges in connection with products primarily marketed in Hong Kong .
| b) | IPR&D assets of $78 million, mainly related to 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.
Impairments of long-lived intangible assets for the nine months ended September 30, 2019 and 2018 were $1,206 million and $1,246 million, respectively. Impairments in the first nine months of 2019 consisted of:
| a) | Identifiable product rights of $667 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 $539 million, mainly related to: (i) $355 million of various 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 , (ii) $125 million related to lenalidomide (generic equivalent of R evlimid ® ) due to modified competition assumptions as a result of settlements between the innovator and other generic filers and (iii) $59 million related to a change in assumption s concer n ing the future market share of a number of products within Teva’s Actavis Generics pipeline in Europe.

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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