Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the three months ended March 31, 2021 are as follows:


(In millions)	Developed Markets		Greater China		JANZ		Emerging Markets		Total
Balance at December 31, 2020:
Goodwill	$	9,569.5	$	738.3	$	864.0	$	1,560.2	$	12,732.0
Accumulated impairment losses	(385.0)		—		—		—		(385.0)
	9,184.5		738.3		864.0		1,560.2		12,347.0
Measurement period adjustments	(49.1)		(45.4)		(15.1)		(37.0)		(146.6)
Foreign currency translation	(328.0)		5.4		(30.4)		59.9		(293.1)
	$	8,807.4	$	698.3	$	818.5	$	1,583.1	$	11,907.3
Balance at March 31, 2021:
Goodwill	$	9,192.4	$	698.3	$	818.5	$	1,583.1	$	12,292.3
Accumulated impairment losses	(385.0)		—		—		—		(385.0)
	$	8,807.4	$	698.3	$	818.5	$	1,583.1	$	11,907.3

Intangible assets consist of the following components at March 31, 2021 and December 31, 2020:


(In millions)	Weighted Average Life (Years)	Original Cost		Accumulated Amortization		Net Book Value
March 31, 2021
Product rights, licenses and other (1)	15	$	39,648.8	$	11,239.9	$	28,408.9
In-process research and development		80.7		—		80.7
		$	39,729.5	$	11,239.9	$	28,489.6
December 31, 2020
Product rights, licenses and other (1)	15	$	40,404.1	$	10,801.6	$	29,602.5
In-process research and development		80.7		—		80.7
		$	40,484.8	$	10,801.6	$	29,683.2

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(1)Represents amortizable intangible assets. Other intangible assets consists principally of customer lists and contractual rights.

Amortization expense, which is classified primarily within cost of sales in the condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020 totaled:


	Three Months Ended
	March 31,
(In millions)		2021		2020
Intangible asset amortization expense		$	684.4	$	351.2
Intangible asset impairment charges		83.4		—

Total intangible asset amortization expense (including impairment charges)		$	767.8	$	351.2

On April 30, 2021, the Company completed an agreement to divest a group of OTC products in the U.S. As a result of this transaction, the Company recognized an intangible asset impairment charge of approximately $83.4 million during the three months ended March 31, 2021.

Intangible asset amortization expense over the remainder of 2021 and for the years ended December 31, 2022 through 2025 is estimated to be as follows:


(In millions)
2021	$	2,001
2022	2,603
2023	2,442
2024	2,337
2025	2,244