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Identifiable Intangible Assets | 3 Months Ended
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Mar. 31, 2023
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, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (U.S. $ in millions) |
Product rights |  | $ | 18,094 |  |  | $ | 18,067 |  |  | $ | 12,934 |  |  | $ | 12,630 |  |  | $ | 5,160 |  |  | $ | 5,437 |
Trade names |  |  | 583 |  |  |  | 577 |  |  |  | 241 |  |  |  | 231 |  |  |  | 342 |  |  |  | 346 |
In process research and development |  |  | 462 |  |  |  | 487 |  |  |  | — |  |  |  | — |  |  |  | 462 |  |  |  | 487 |
Total |  | $ | 19,139 |  |  | $ | 19,131 |  |  | $ | 13,175 |  |  | $ | 12,861 |  |  | $ | 5,964 |  |  | $ | 6,270 |
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 in various therapeutic categories from various acquisitions with a weighted average life period of approximately 9 years. Amortization of intangible assets was $165 million and $200 million in the three months ended March 31, 2023 and 2022, respectively. IPR&D Teva’s IPR&D are assets that have not yet been approved in its major markets. 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, 2023 and 2022 were $178 million and $149 million, respectively. Impairments in the first quarter of 2023 consisted of:
| (a) | Identifiable product rights of $159 million due to: (i) $112 million in Japan, mainly related to regulatory pricing reductions; and (ii) $47 million related to updated market assumptions regarding price and volume of products; and
| (b) | IPR&D assets of $19 million, related to generic pipeline products 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 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. The fair value measurement of the impaired intangible assets in the first quarter of 2023 is based on significant unobservable inputs in the market and thus represents a Level 3 measurement within the fair value h ierarchy. The discount rate applied ranged from 8.5% to 10%. 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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