v3.20.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
 
Goodwill
The following table summarizes the changes in the carrying amount of goodwill:
(in millions)
 
Balance as of December 31, 2019
$
15,604

Foreign currency translation adjustments
(43
)
Balance as of March 31, 2020
$
15,561


The company performs its annual goodwill impairment assessment in the third quarter, or earlier if impairment indicators exist. As of March 31, 2020, there were no accumulated goodwill impairment losses.
Intangible Assets, Net
The following table summarizes intangible assets:
 
March 31, 2020
 
December 31, 2019
(in millions)
Gross
carrying
amount
 
Accumulated
amortization
 
Net
carrying
amount
 
Gross
carrying
amount
 
Accumulated
amortization
 
Net
carrying
amount
Definite-lived intangible assets
 
 
 
 
 
 
 
 
 
 
 
Developed product rights
$
19,538

 
$
(6,687
)
 
$
12,851

 
$
19,547

 
$
(6,405
)
 
$
13,142

License agreements
7,798

 
(2,446
)
 
5,352

 
7,798

 
(2,291
)
 
5,507

Total intangible assets, net
$
27,336

 
$
(9,133
)
 
$
18,203

 
$
27,345

 
$
(8,696
)
 
$
18,649


Amortization expense was $444 million for the three months ended March 31, 2020 and $385 million for the three months ended March 31, 2019. Amortization expense was included in cost of products sold in the condensed consolidated statements of earnings. No intangible asset impairment charges were recorded for the three months ended March 31, 2020 and 2019.