Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

	North America(1)			Europe			Consolidated
Changes in Goodwill:	(In millions)
Balance as of December 31, 2019	$	6,146.6		$	1,484.8		$	7,631.4
Foreign currency translation	(16.7		)	(75.7		)	(92.4		)
Balance as of March 31, 2020	$	6,129.9		$	1,409.1		$	7,539.0

(1)

As a result of the structural changes resulting from the revitalization plan, we re-evaluated our reporting units and have combined our historical U.S. and Canada reporting units into a single North America reporting unit. There were no related changes to our Europe reporting unit. See further discussion below.

Schedule of intangible assets excluding goodwill

The following table presents details of our intangible assets, other than goodwill, as of March 31, 2020:

	Useful life	Gross		Accumulated amortization			Net
	(Years)	(In millions)
Intangible assets subject to amortization:
Brands	10 - 50	$	4,830.7	$	(883.2	)	$	3,947.5
License agreements and distribution rights	15 - 20	196.7		(86.8		)	109.9
Other	3 - 40	124.0		(42.9		)	81.1
Intangible assets not subject to amortization:
Brands	Indefinite	8,109.6		—			8,109.6
Distribution networks	Indefinite	719.4		—			719.4
Other	Indefinite	337.6		—			337.6
Total		$	14,318.0	$	(1,012.9	)	$	13,305.1

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2019:

	Useful life	Gross		Accumulated amortization			Net
	(Years)	(In millions)
Intangible assets subject to amortization:
Brands	10 - 50	$	5,036.3	$	(865.1	)	$	4,171.2
License agreements and distribution rights	15 - 20	202.0		(90.6		)	111.4
Other	3 - 40	124.0		(39.4		)	84.6
Intangible assets not subject to amortization:
Brands	Indefinite	8,172.4		—			8,172.4
Distribution networks	Indefinite	778.8		—			778.8
Other	Indefinite	337.6		—			337.6
Total		$	14,651.1	$	(995.1	)	$	13,656.0

Schedule of future amortization expense

Based on foreign exchange rates as of March 31, 2020, the estimated future amortization expense of intangible assets is as follows:

Fiscal year	Amount
	(In millions)
2020 - remaining	$	161.0
2021	$	210.2
2022	$	204.8
2023	$	203.8
2024	$	203.8