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Intangible Assets
 12 Months Ended
Dec. 31, 2016
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets
Intangible Assets

The following table summarizes the Company's intangible assets:
(In millions)
Currently marketed products
 
IPR&D
 
Other
intangible
assets
 
Total
December 31, 2016
 

 
 

 
 

 
 

Gross acquired intangible assets
$
31,217.5

 
$
5,746.6

 
$
842.2

 
$
37,806.3

Accumulated amortization
(2,908.6
)
 
—

 
(200.2
)
 
(3,108.8
)
Intangible assets, net
$
28,308.9

 
$
5,746.6

 
$
642.0

 
$
34,697.5

 
 
 
 
 
 
 
 
December 31, 2015
 

 
 

 
 

 
 

Gross acquired intangible assets
$
9,371.9

 
$
1,362.0

 
$
375.0

 
$
11,108.9

Accumulated amortization
(1,852.1
)
 
—

 
(83.5
)
 
(1,935.6
)
Intangible assets, net
$
7,519.8

 
$
1,362.0

 
$
291.5

 
$
9,173.3



Intangible assets are comprised primarily of royalty rights and other contract rights associated with Baxalta, Dyax and NPS.

The change in the net book value of Intangible assets for the year ended December 31, 2016 and 2015 is shown in the table below:
 
(In millions)
2016
 
2015
As of January 1,
$
9,173.3

 
$
4,934.4

Additions
27,462.8

 
5,474.9

Amortization charged
(1,173.4
)
 
(498.7
)
Impairment charges
(8.9
)
 
(643.7
)
Foreign currency translation
(756.3
)
 
(93.6
)
As of December 31,
$
34,697.5

 
$
9,173.3


 
In connection with the acquisition of Baxalta, the Company acquired IP rights related to currently marketed products of $21,995.0 million, IPR&D assets of $730.0 million and other contract rights of $42.2 million. For a more detailed description of this acquisition, refer to Note 3, Business Combinations, to the Consolidated Financial Statements set forth in this Annual Report on Form 10-K.

In connection with the acquisition of Dyax, the Company acquired IP rights related to currently marketed products of $135.0 million, IPR&D assets of $4,100.0 million and royalty rights of $425.0 million. For a more detailed description of this acquisition, refer to Note 3, Business Combinations, to the Consolidated Financial Statements set forth in this Annual Report on Form 10-K.

In the year ended December 31, 2015, the Company acquired intangible assets totaling $5,474.9 million, primarily relating to the fair value of intangible assets for currently marketed products and royalty rights acquired with NPS Pharma of $4,993.0 million and IPR&D assets of $475.0 million acquired with Meritage and Foresight.

The Company reviews its intangible assets for impairment whenever events or circumstances suggest that their carrying value may not be recoverable.

For the year ended December 31, 2015, the Company recorded $643.7 million (within R&D expenses) in impairment charges related to its SHP625 and SHP608 IPR&D assets. The fair values of the related contingent consideration liabilities (recorded within integration and acquisition costs) were reduced by $203.2 million.

Estimated amortization expense can be affected by various factors including future acquisitions, disposals of product rights, regulatory approval and subsequent amortization of acquired IPR&D projects, foreign exchange movements and the technological advancement and regulatory approval of competitor products. The estimated future amortization of acquired intangible assets for the next five years is expected to be as follows:
(In millions)
Anticipated
future amortization
2017
$
1,592.0

2018
1,585.2

2019
1,506.5

2020
1,502.8

2021
1,496.8