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Identifiable Intangible Assets | 6 Months Ended
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Jun. 30, 2020
Identifiable Intangible Assets | NOTE 5 – 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, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (U.S. $ in millions) |
Product rights |  | $ | 19,386 |  |  | $ | 19,663 |  |  | $ | 11,252 |  |  | $ | 10,640 |  |  | $ | 8,134 |  |  | $ | 9,023 |
Trade names |  |  | 599 |  |  |  | 600 |  |  |  | 144 |  |  |  | 126 |  |  |  | 455 |  |  |  | 474 |
In process research and development |  |  | 1,352 |  |  |  | 1,735 |  |  |  | — |  |  |  | — |  |  |  | 1,352 |  |  |  | 1,735 |
Total |  | $ | 21,336 |  |  | $ | 21,998 |  |  | $ | 11,396 |  |  | $ | 10,766 |  |  | $ | 9,940 |  |  | $ | 11,232 |
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 therapeutic categories from various acquisitions with a weighted average life of approximately 12 years. Amortization of intangible assets was $249 million and $285 million in the three months ended June 30, 2020 and 2019, respectively. Amortization of intangible assets was $507 million and $568 million in the six months ended June 30, 2020 and 2019, 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 various generic products from the Actavis Generics acquisition of $1,317 million. IPR&D carries intrinsic risks that the asset might not succeed in advanced phases and may be impaired in future periods. Intangible assets impairments Impairments of long-lived intangible assets for the three months ended June 30, 2020 and 2019 were $120 million and $561 million, respectively. Impairments in the second quarter of 2020 consisted of:
| (a) | Identifiable product rights of $103 million, mainly due to updated market assumptions regarding price and volume of products acquired from Actavis Generics ; and
| (b) | IPR&D assets of $17 million, mainly due to generic pipeline products acquired from Actavis Generics resulting from development progress and changes in other key valuation indications (e.g., market size, competition assumptions, legal landscape, launch date or discount rate ) .
Impairments in the second quarter of 2019 consisted of:
| (a) | Identifiable product right of $365 million, mainly due to updated market assumptions regarding price and volume of products acquired from Actavis Generics that are primarily marketed in the Unites States ; and
| (b) | IPR&D assets of $ 196 million due to: (i) $ 137 million of generic pipeline products acquired from Actavis Generics resulting from 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 certain products within Teva’s Actavis Generics related pipeline in Europe.
Impairments of long-lived intangible assets for the six months ended June 30, 2020 and 2019 were $768 million and $1,030 million, respectively. Impairments in the first six months of 2020 consisted of:
| (a) | IPR&D assets of $348 million, primarily due to: (i) $211 million related to AUSTEDO for the treatment of Tourette syndrome in pediatric patients in the United States following clinical trial results received in February 2020, which failed to meet their primary endpoints; and (ii) $117 million related to generic pipeline products acquired from Actavis Generics resulting from development progress and changes in other key valuation indications (e.g., market size, competition assumptions, legal landscape, launch date) in the United States; and
| (b) | Identifiable product rights of $420 million, mainly due to: (i) $232 million due to updated market assumptions regarding price and volume of products acquired from Actavis Generics; and ( i i) $165 million in Japan in connection with ongoing regulatory pricing reductions and generic competition.
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 that are primarily marketed in the United States ; and
| (b) | IPR&D assets of $461 million, due to: (i) $277 million of generic pipeline products acquired from Actavis Generics resulting from 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 Revlimid ® ) 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 the assumption of the future market share of certain products within Teva’s Actavis Generics related 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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