Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

The change in the carrying amount of goodwill for the Americas segment is presented in the table below.

	Americas
	(In millions)
Balance as of December 31, 2021	$	6,152.6
Foreign currency translation	(19.3)
Balance as of September 30, 2022	$	6,133.3

Schedule of finite-lived intangible assets

The following table presents details of our intangible assets, other than goodwill, as of September 30, 2022:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	4,737.9	$	(1,341.1)	$	3,396.8
License agreements and distribution rights	15 - 20	196.3		(103.9)		92.4
Other	5 - 40	91.8		(29.2)		62.6
Intangible assets not subject to amortization
Brands	Indefinite	8,072.3		—		8,072.3
Distribution networks	Indefinite	731.5		—		731.5
Other	Indefinite	307.6		—		307.6
Total		$	14,137.4	$	(1,474.2)	$	12,663.2

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2021:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization:
Brands	10 - 50	$	5,081.8	$	(1,267.1)	$	3,814.7
License agreements and distribution rights	15 - 20	206.8		(107.2)		99.6
Other	3 - 40	98.5		(32.0)		66.5
Intangible assets not subject to amortization:
Brands	Indefinite	8,197.9		—		8,197.9
Distribution networks	Indefinite	800.5		—		800.5
Other	Indefinite	307.6		—		307.6
Total		$	14,693.1	$	(1,406.3)	$	13,286.8

Schedule of indefinite-lived intangible assets

The following table presents details of our intangible assets, other than goodwill, as of September 30, 2022:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	4,737.9	$	(1,341.1)	$	3,396.8
License agreements and distribution rights	15 - 20	196.3		(103.9)		92.4
Other	5 - 40	91.8		(29.2)		62.6
Intangible assets not subject to amortization
Brands	Indefinite	8,072.3		—		8,072.3
Distribution networks	Indefinite	731.5		—		731.5
Other	Indefinite	307.6		—		307.6
Total		$	14,137.4	$	(1,474.2)	$	12,663.2

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2021:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization:
Brands	10 - 50	$	5,081.8	$	(1,267.1)	$	3,814.7
License agreements and distribution rights	15 - 20	206.8		(107.2)		99.6
Other	3 - 40	98.5		(32.0)		66.5
Intangible assets not subject to amortization:
Brands	Indefinite	8,197.9		—		8,197.9
Distribution networks	Indefinite	800.5		—		800.5
Other	Indefinite	307.6		—		307.6
Total		$	14,693.1	$	(1,406.3)	$	13,286.8

Schedule of future amortization expense

Based on foreign exchange rates as of September 30, 2022, the estimated future amortization expense of intangible assets is as follows:

Fiscal year	Amount
	(In millions)
2022 - remaining	$	50.4
2023	$	201.4
2024	$	200.0
2025	$	200.0
2026	$	181.5