INTANGIBLE ASSETS AND GOODWILL

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL

The Company's intangible assets at June 30, 2024 and December 31, 2023 consist of the following (in millions): 

	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Amortization Period
Trade names	$	1,808	$	(956)	$	852	$	1,812	$	(911)	$	901	3 - 20 years
Supply and distribution agreements	1,391		(796)		595		1,402		(759)		643		3 - 20 years
Other intangible assets	328		(277)		51		330		(261)		69		Up to 20 years
Total intangible assets	$	3,527	$	(2,029)	$	1,498	$	3,544	$	(1,931)	$	1,613

Intangible assets are amortized on a straight-line basis. Amortization expense for the intangible assets was $56 million for the three months ended June 30, 2024 and 2023 and $111 million for the six months ended June 30, 2024 and 2023.

The carrying value of the Company's goodwill at June 30, 2024 and December 31, 2023 was $2.8 billion and is stated net of cumulative impairment charges of $2.0 billion.