Goodwill and other intangible assets

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

Goodwill and other intangible assets

Goodwill

The change in the carrying amount of goodwill was as follows (in millions):

	Nine months ended September 30, 2020
Beginning balance	$	14,703
Currency translation adjustment	(29)
Ending balance	$	14,674

Other intangible assets

Other intangible assets consisted of the following (in millions):

	September 30, 2020						December 31, 2019
	Gross carrying amounts		Accumulated amortization		Other intangible assets, net		Gross carrying amounts		Accumulated amortization		Other intangible assets, net
Finite-lived intangible assets:
Developed-product-technology rights	$	25,572	$	(9,998)	$	15,574	$	25,575	$	(8,322)	$	17,253
Licensing rights	3,747		(2,710)		1,037		3,761		(2,398)		1,363
Marketing-related rights	1,365		(1,019)		346		1,382		(965)		417
Research and development technology rights	1,295		(1,028)		267		1,273		(947)		326
Total finite-lived intangible assets	31,979		(14,755)		17,224		31,991		(12,632)		19,359
Indefinite-lived intangible assets:
In-process research and development	30		—		30		54		—		54
Total other intangible assets	$	32,009	$	(14,755)	$	17,254	$	32,045	$	(12,632)	$	19,413

Developed-product-technology rights consists of rights related to marketed products. Licensing rights primarily consists of contractual rights to receive future milestone, royalty and profit-sharing payments; capitalized payments to third parties for milestones related to regulatory approvals to commercialize products; and up-front payments associated with royalty obligations for marketed products. Marketing-related rights primarily consists of rights related to the sale and distribution of marketed products. R&D technology rights pertains to technologies used in R&D that have alternative future uses.

In-process research and development (IPR&D) consists of R&D projects acquired in a business combination that are not complete at the time of acquisition due to remaining technological risks and/or lack of receipt of required regulatory approvals. We review IPR&D projects for impairment annually, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and upon the establishment of technological feasibility or regulatory approval.

During the three months ended September 30, 2020 and 2019, we recognized amortization associated with our finite-lived intangible assets of $708 million and $318 million, respectively. During the nine months ended September 30, 2020 and 2019, we recognized amortization associated with our finite-lived intangible assets of $2.1 billion and $948 million, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of Income. The total estimated amortization for our finite-lived intangible assets for the remaining three months ending December 31, 2020, and the years ending December 31, 2021, 2022, 2023, 2024 and 2025, are $0.7 billion, $2.6 billion, $2.5 billion, $2.4 billion, $2.4 billion and $2.2 billion, respectively.