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Intangible Assets
 12 Months Ended
Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets
INTANGIBLE ASSETS
The following table summarizes our intangible assets, net (in millions):
 
 
December 31, 2019
 
December 31, 2018
 
 
Gross 
Carrying
Amount
 
Accumulated
Amortization
 
Foreign Currency Translation Adjustment
 
Net Carrying Amount
 
Gross 
Carrying
Amount
 
Accumulated
Amortization
 
Foreign Currency Translation Adjustment
 
Net Carrying Amount
Finite-lived assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Intangible asset - sofosbuvir
 
$
10,720

 
$
(4,253
)
 
$
—

 
$
6,467

 
$
10,720

 
$
(3,554
)
 
$
—

 
$
7,166

Intangible asset - axicabtagene ciloleucel (DLBCL)
 
6,200

 
(761
)
 
—

 
5,439

 
6,200

 
(416
)
 
—

 
5,784

Intangible asset - Ranexa
 
688

 
(688
)
 
—

 
—

 
688

 
(678
)
 
—

 
10

Other
 
1,098

 
(454
)
 
(6
)
 
638

 
1,096

 
(359
)
 
(3
)
 
734

Total finite-lived assets
 
18,706

 
(6,156
)
 
(6
)
 
12,544

 
18,704

 
(5,007
)
 
(3
)
 
13,694

Indefinite-lived assets - IPR&D
 
1,247

 
—

 
(5
)
 
1,242

 
2,047

 
—

 
(3
)
 
2,044

Total intangible assets
 
$
19,953

 
$
(6,156
)
 
$
(11
)
 
$
13,786

 
$
20,751

 
$
(5,007
)
 
$
(6
)
 
$
15,738


Aggregate amortization expense related to finite-lived intangible assets was $1.1 billion, $1.2 billion and $912 million for the years ended December 31, 2019, 2018 and 2017, respectively, and is primarily included in Cost of goods sold on our Consolidated Statements of Income.
Amounts capitalized as IPR&D are subject to impairment testing until the completion or abandonment of the associated R&D efforts. During the fourth quarter of 2019, we performed quantitative impairment testing of our IPR&D intangible assets using a probability-weighted income approach that discounts expected future cash flows to present value. The estimated net cash flows were discounted using a discount rate of 9.5%, which is based on the estimated weighted-average cost of capital for companies with profiles similar to our profile and represents the rate that market participants would use to value the intangible assets. The discounted cash flow models used in valuing these intangible assets also require the use of Level 3 fair value measurements and inputs including estimated revenues, costs, and probability of technical and regulatory success. In comparison to the 2018 assessment, we used lower estimated revenues in 2019 due to changes in the estimated market opportunities as new therapies or combinations of existing therapies were approved. The lower estimated revenues reduced the fair value of the IPR&D intangible assets, primarily related to axicabtagene ciloleucel for the treatment of iNHL, below carrying value resulting in the recognition of an impairment charge of $800 million, which was recorded within Research and development expenses on our Consolidated Statements of Income.
In 2018, we concluded that the KITE-585 program did not justify further efforts based on the totality of the clinical data gathered and discontinued the program. As a result, the carrying value of the IPR&D relating to the KITE-585 program was written down to zero and we recorded an impairment charge of $820 million within Research and development expenses on our Consolidated Statements of Income. No IPR&D impairment charges were recorded in 2017.
The following table summarizes the estimated future amortization expense associated with our finite-lived intangible assets as of December 31, 2019 (in millions):
Fiscal Year
Amount
2020
$
1,125

2021
1,124

2022
1,124

2023
1,124

2024
1,125

Thereafter
6,922

Total
$
12,544