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INTANGIBLE ASSETS AND GOODWILL (Tables)
 3 Months Ended
Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of components of intangible assets
The major components of intangible assets as of March 31, 2016 and December 31, 2015 were as follows:
 
 
As of March 31, 2016
 
As of December 31, 2015
 
 
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
 
$
22,124.1

 
$
(5,798.3
)
 
$
16,325.8

 
$
22,082.8

 
$
(5,236.4
)
 
$
16,846.4

Corporate brands
 
1,047.1

 
(116.6
)
 
930.5

 
1,066.1

 
(107.1
)
 
959.0

Product rights/patents
 
4,300.1

 
(1,845.2
)
 
2,454.9

 
4,339.9

 
(1,711.7
)
 
2,628.2

Partner relationships
 
175.2

 
(131.5
)
 
43.7

 
217.6

 
(170.3
)
 
47.3

Technology and other
 
449.3

 
(164.5
)
 
284.8

 
480.3

 
(186.1
)
 
294.2

Total finite-lived intangible assets(1)
 
28,095.8

 
(8,056.1
)
 
20,039.7

 
28,186.7

 
(7,411.6
)
 
20,775.1

Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Acquired IPR&D(2)
 
608.8

 
—

 
608.8

 
610.4

 
—

 
610.4

Corporate brand(3)
 
1,697.5

 
—

 
1,697.5

 
1,697.5

 
—

 
1,697.5

 
 
$
30,402.1

 
$
(8,056.1
)
 
$
22,346.0

 
$
30,494.6

 
$
(7,411.6
)
 
$
23,083.0

____________________________________
(1)
In the fourth quarter of 2015, the Company recognized impairment charges of $79 million related to the write-off of intangible assets and $23 million related to the write-off of property, plant and equipment, in connection with the termination (the termination was announced in October 2015) of the arrangements with and relating to Philidor (Developed Markets segment). In addition, in the fourth quarter of 2015, the Company recognized an impairment charge of $27 million related to the write-off of ezogabine/retigabine (immediate-release formulation) (Developed Markets segment) resulting from further analysis of commercialization strategy and projections. GlaxoSmithKline plc (‘‘GSK’’) controls all sales force promotion for ezogabine/retigabine.
In the third quarter of 2015, the Company recognized an impairment charge of $26 million related to Zelapar® (Developed Markets segment), resulting from declining sales trends.
These impairment charges were recognized in Amortization and impairments of finite-lived intangible assets in the consolidated statements of (loss) income for the respective periods.
(2)
The Company acquired certain IPR&D assets as part of the Salix Acquisition, as described further in Note 4.
In the fourth quarter of 2015, the Company wrote off an IPR&D asset of $28 million related to the Emerade® development program in the U.S. (Developed Markets segment) based on analysis of feedback received from the FDA, and such program was terminated in the U.S.
In the third quarter of 2015, the Company wrote off an IPR&D asset of $90 million related to the Rifaximin SSD development program (Developed Markets segment) based on analysis of Phase 2 study data, and the program was subsequently terminated.
In the second quarter of 2015, the Company wrote off an IPR&D asset of $12 million related to the Arestin® Peri-Implantitis development program (Developed Markets segment), resulting from analysis of Phase 3 study data.
The write-offs of the IPR&D assets were recognized in In-process research and development impairments and other charges in the consolidated statements of (loss) income for the respective periods.
(3)
Represents the corporate trademark, related to the acquisition of Bausch & Lomb Holdings Inc. ("B&L") in August 2013, which has an indefinite useful life and is therefore not amortized.
Schedule of estimated aggregate amortization expense for each of the five succeeding years
Estimated aggregate amortization expense, as of March 31, 2016, for each of the five succeeding years ending December 31 is as follows:
 
 
2016
 
2017
 
2018
 
2019
 
2020
Amortization expense(1)
 
$
2,683.3

 
$
2,615.6

 
$
2,485.6

 
$
2,357.6

 
$
2,150.6

____________________________________
(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 three-month period ended March 31, 2016 were as follows:
 
 
Developed
Markets
 
Emerging
Markets
 
Total
Balance, January 1, 2016
 
$
16,141.3

 
$
2,411.5

 
$
18,552.8

Additions
 
0.7

 
—

 
0.7

Reclassification(1)
 
(36.2
)
 
—

 
(36.2
)
Foreign exchange and other
 
75.5

 
7.9

 
83.4

Balance, March 31, 2016
 
$
16,181.3

 
$
2,419.4

 
$
18,600.7


____________________________________
(1)
Relates to the reclassification of goodwill attributable to a group of assets that has been classified as assets held for sale (included in prepaid expenses and other current assets) as of March 31, 2016.