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Identifiable Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Identifiable Intangible Assets | NOTE 5 – Identifiable intangible assets: Identifiable intangible assets consis t ed of the following:
|  | Gross carrying amount net of impairment |  |  | Accumulated amortization |  |  | Net carrying amount |
|  | June 30, 2024 |  |  | December 31, 2023 |  |  | June 30, 2024 |  |  | December 31, 2023 |  |  | June 30, 2024 |  |  | December 31, 2023 |
|  | (U.S. $ in millions) |
Product rights |  | $ | 16,186 |  |  | $ | 17,981 |  |  | $ | 11,952 |  |  | $ | 13,274 |  |  | $ | 4,234 |  |  | $ | 4,707 |
Trade names |  |  | 575 |  |  |  | 583 |  |  |  | 285 |  |  |  | 269 |  |  |  | 290 |  |  |  | 314 |
In process research and development |  |  | 329 |  |  |  | 366 |  |  |  | — |  |  |  | — |  |  |  | 329 |  |  |  | 366 |
Total |  | $ | 17,090 |  |  | $ | 18,930 |  |  | $ | 12,237 |  |  | $ | 13,543 |  |  | $ | 4,853 |  |  | $ | 5,387 |
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 $146 million and $162 million in the three months ended June 30, 2024 and 2023, respectively. Amortization of intangible assets was $298 million and $326 million in the six months ended June 30, 2024 and 2023, 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 June 30, 2024 and 2023 were $61 million and $63 million, respectively. Impairments in the second quarter of 2024 consisted of:
| (a) | Identifiable product rights of $51 million, mainly due to updated market assumptions regarding price and volume of products mainly in the U.S.; and
| (b) | IPR&D assets of $10 million, mainly 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 second quarter of 2023 consisted of:
| (a) | Identifiable product rights of $28 million, mainly related to updated market assumptions regarding price and volume of products; and
| (b) | IPR&D assets of $35 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 of long-lived intangible assets for the six months ended June 30, 2024 and 2023 were $141 million and $241 million, respectively. Impairments in the first six months of 2024 consisted of:
| (a) | Identifiable product rights of $108 million, mainly due to updated market assumptions regarding price and volume of products mainly in the U.S.; and
| (b) | IPR&D assets of $33 million, mainly related to generic pipeline products resulting from development progress and changes in other key valuation indications mainly in the U.S. (e.g., market size, competition assumptions, legal landscape and launch date).
Impairments in the first six months of 2023 consisted of:
| (a) | Identifiable product rights of $188 million due to: (i) $112 million in Japan, mainly related to regulatory pricing reductions; and (ii) $76 million related to updated market assumptions regarding price and volume of products; and
| (b) | IPR&D assets of $53 million, mainly 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).
The fair value measurement of the impaired intangible assets in the first six months ended June 30, 2024 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 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 -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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