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INTANGIBLE ASSETS AND GOODWILL (Tables)
 9 Months Ended
Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of components of intangible assets
The major components of intangible assets as of September 30, 2014 and December 31, 2013 were as follows:
 
 
As of September 30, 2014
 
As of December 31, 2013
 
 
Gross
Carrying
Amount
 
Accumulated
Amortization,
Including
Impairments
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization,
Including
 Impairments
 
Net
Carrying
Amount
Finite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Product brands
 
$
10,378.0

 
$
(3,384.1
)
 
$
6,993.9

 
$
10,554.2

 
$
(2,729.1
)
 
$
7,825.1

Corporate brands
 
379.0

 
(67.3
)
 
311.7

 
365.6

 
(44.4
)
 
321.2

Product rights
 
3,193.1

 
(1,101.3
)
 
2,091.8

 
3,021.0

 
(876.9
)
 
2,144.1

Partner relationships
 
195.9

 
(104.2
)
 
91.7

 
194.0

 
(83.2
)
 
110.8

Out-licensed technology and other
 
250.8

 
(111.9
)
 
138.9

 
264.0

 
(93.8
)
 
170.2

Total finite-lived intangible assets
 
14,396.8

 
(4,768.8
)
 
9,628.0

 
14,398.8

 
(3,827.4
)
 
10,571.4

Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Acquired IPR&D(1)
 
294.9

 
—

 
294.9

 
579.3

 
—

 
579.3

Corporate brand(2)
 
1,697.5

 
—

 
1,697.5

 
1,697.5

 
—

 
1,697.5

 
 
$
16,389.2

 
$
(4,768.8
)
 
$
11,620.4

 
$
16,675.6

 
$
(3,827.4
)
 
$
12,848.2

____________________________________
(1)
In the third quarter of 2014, the Company wrote-off IPR&D assets of $19.9 million primarily related to analysis of Phase 2 study data for a dermatological product candidate acquired in the December 2012 Medicis acquisition.
In the third quarter of 2013, the Company wrote-off an IPR&D asset of $93.8 million related to a modified-release formulation of ezogabine/retigabine.
The write-offs of the IPR&D assets were recorded in In-process research and development impairments and other charges in the consolidated statements of income (loss).
(2)
Represents the B&L corporate trademark, which has an indefinite useful life and is not amortizable. See note 3 “BUSINESS COMBINATIONS” for further information.
Schedule of estimated aggregate amortization expense for each of the five succeeding years
Estimated aggregate amortization expense for each of the five succeeding years ending December 31 is as follows:
 
 
2014
 
2015
 
2016
 
2017
 
2018
Amortization expense(1)
 
$
1,421.7

 
$
1,379.9

 
$
1,289.2

 
$
1,231.1

 
$
1,108.6

____________________________________
(1)
Estimated amortization expense shown in the table above does not include potential future impairments of finite-lived intangible assets, if any.
Schedule of changes in the carrying amount of goodwill
The changes in the carrying amount of goodwill in the nine-month period ended September 30, 2014 were as follows:
 
 
Developed
Markets
 
Emerging
Markets
 
Total
Balance, January 1, 2014
 
$
7,428.7

 
$
2,323.4

 
$
9,752.1

Additions(a)
 
259.5

 
61.6

 
321.1

Adjustments(b)
 
10.3

 
(4.3
)
 
6.0

Divestitures(c)
 
(428.9
)
 
—

 
(428.9
)
Foreign exchange and other
 
(111.8
)
 
(70.7
)
 
(182.5
)
Balance, September 30, 2014
 
$
7,157.8

 
$
2,310.0

 
$
9,467.8

____________________________________
(a)
Primarily relates to the PreCision and Solta Medical acquisitions (as described in note 3).
(b)
Primarily reflects the impact of measurement period adjustments related to the B&L Acquisition (as described in note 3).
(c)
See note 4, titled “DIVESTITURES” for additional information.