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Identifiable Intangible Assets | 3 Months Ended
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Mar. 31, 2022
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 |
|  | March 31, |  |  | December 31, |  |  | March 31, |  |  | December 31, |  |  | March 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (U.S. $ in millions) |
Product rights |  | $ | 18,544 |  |  | $ | 18,815 |  |  | $ | 12,383 |  |  | $ | 12,318 |  |  | $ | 6,161 |  |  | $ | 6,497 |
Trade names |  |  | 588 |  |  |  | 590 |  |  |  | 206 |  |  |  | 198 |  |  |  | 382 |  |  |  | 392 |
In process research and development |  |  | 573 |  |  |  | 577 |  |  |  | — |  |  |  | — |  |  |  | 573 |  |  |  | 577 |
Total |  | $ | 19,705 |  |  | $ | 19,982 |  |  | $ | 12,589 |  |  | $ | 12,516 |  |  | $ | 7,116 |  |  | $ | 7,466 |
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 10 years. Amortization of intangible assets was $200 million and $242 million in the three months ended March 31, 2022 and 2021, 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 $542 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 March 31, 2022 and 2021, were $149 million and $79 million, respectively. Impairments in the first quarter of 2022 consisted primarily of identifiable product rights of $129 million related to updated market assumptions regarding price and volume of products acquired from Actavis Generics. Impairments in the first quarter of 2021 consisted of:
| (a) | IPR&D assets of $51 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 $28 million related to updated market assumptions regarding price and volume of products acquired from Actavis Generics that are primarily marketed in the United States.
The fair value measurement of the impaired i ntan gible assets in the first three months of 2022 is based on significant unobservable inputs in the market and thus represents a Level 3 measurement within the fair value hierarchy. The discount rate applied ranged from 7.25 % to 10 %. A probability of success factor ranging from 20 % to 100 % was used in the fair value calculation to reflect inherent regulatory and commercial risk of IPR&D.

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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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