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Identifiable Intangible Assets | 9 Months Ended
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Sep. 30, 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 |
|  | September 30, |  |  | December 31, |  |  | September 30, |  |  | December 31, |  |  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (U.S. $ in millions) |
Product rights |  | $ | 17,599 |  |  | $ | 18,815 |  |  | $ | 12,050 |  |  | $ | 12,318 |  |  | $ | 5,548 |  |  | $ | 6,497 |
Trade names |  |  | 556 |  |  |  | 590 |  |  |  | 216 |  |  |  | 198 |  |  |  | 340 |  |  |  | 392 |
In process research and development |  |  | 505 |  |  |  | 577 |  |  |  | — |  |  |  | — |  |  |  | 505 |  |  |  | 577 |
Total |  | $ | 18,660 |  |  | $ | 19,982 |  |  | $ | 12,267 |  |  | $ | 12,516 |  |  | $ | 6,393 |  |  | $ | 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 $165 million and $199 million in the three months ended September 30, 2022 and 2021, respectively. Amortization of intangible assets was $576 million and $613 million in the nine months ended September 30, 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 $479 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 September 30, 2022 and 2021 were $24 million and $21 million, respectively. Impairments of long-lived intangible assets for the nine months ended September 30, 2022 and 2021 were $223 million and $295 million, respectively. Impairments in the first nine months of 2022 consisted mainly of:
(a) | Identifiable product rights of $169 million related to updated market assumptions regarding price and volume of products acquired from Actavis Generics, and
(b) | IPR&D assets of $37 million, 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 and launch date).
Impairments in the first nine months of 2021 consisted of:
(a) | Identifiable product rights and trade names of $209 million due to: (i) $30 million related to lenalidomide (generic equivalent of Revlimid ® ), resulting from modified competition assumptions as a result of settlements between the innovator and other generic filers, and (ii) $179 million, mainly related 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 $86 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) in the United States.
The fair value measurement of the impaired intangible assets in the first nine 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 8.5%. A probability of success factor ranging from 20% to 90% 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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