Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

The changes in the carrying value of goodwill is presented in the table below by segment.

	Americas		EMEA&APAC		Consolidated(1)
	(In millions)
Balance as of December 31, 2021	$	6,152.6	$	—	$	6,152.6
Impairments	(845.0)		—		(845.0)
Foreign currency translation, net	(15.7)		—		(15.7)
Balance as of December 31, 2022	$	5,291.9	$	—	$	5,291.9
Acquisition(2)	29.2		—		29.2
Foreign currency translation, net	4.2		—		4.2
Balance as of December 31, 2023	$	5,325.3	$	—	$	5,325.3

(1)Accumulated impairment losses for the Americas segment was $1,513.3 million as of December 31, 2023 and December 31, 2022. The EMEA&APAC goodwill balance was fully impaired during the year ended December 31, 2020 with an accumulated impairment loss of $1,484.3 million.

(2)Goodwill acquired in our Americas segment was related to the Blue Run acquisition further discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies". The goodwill acquired is not deductible for tax purposes.

Schedule of finite-lived intangible assets

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2023:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	5,029.2	$	(1,634.4)	$	3,394.8
License agreements and distribution rights	10 - 20	204.9		(117.6)		87.3
Other	5 - 40	84.8		(25.8)		59.0
Intangible assets not subject to amortization
Brands	Indefinite	8,002.0		—		8,002.0
Distribution networks	Indefinite	763.9		—		763.9
Other	Indefinite	307.6		—		307.6
Total		$	14,392.4	$	(1,777.8)	$	12,614.6

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2022:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	4,861.1	$	(1,416.7)	$	3,444.4
License agreements and distribution rights	15 - 20	200.0		(108.0)		92.0
Other	5 - 40	88.8		(27.7)		61.1
Intangible assets not subject to amortization
Brands	Indefinite	8,148.6		—		8,148.6
Distribution networks	Indefinite	746.4		—		746.4
Other	Indefinite	307.6		—		307.6
Total		$	14,352.5	$	(1,552.4)	$	12,800.1

Schedule of indefinite-Lived intangible assets

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2023:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	5,029.2	$	(1,634.4)	$	3,394.8
License agreements and distribution rights	10 - 20	204.9		(117.6)		87.3
Other	5 - 40	84.8		(25.8)		59.0
Intangible assets not subject to amortization
Brands	Indefinite	8,002.0		—		8,002.0
Distribution networks	Indefinite	763.9		—		763.9
Other	Indefinite	307.6		—		307.6
Total		$	14,392.4	$	(1,777.8)	$	12,614.6

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2022:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	4,861.1	$	(1,416.7)	$	3,444.4
License agreements and distribution rights	15 - 20	200.0		(108.0)		92.0
Other	5 - 40	88.8		(27.7)		61.1
Intangible assets not subject to amortization
Brands	Indefinite	8,148.6		—		8,148.6
Distribution networks	Indefinite	746.4		—		746.4
Other	Indefinite	307.6		—		307.6
Total		$	14,352.5	$	(1,552.4)	$	12,800.1

Schedule of estimated amortization expense related to intangible assets

Based on foreign exchange rates as of December 31, 2023, the estimated future amortization expense of intangible assets for the next five years is as follows:

Year	Amount
	(In millions)
2024	$	210.8
2025	$	210.8
2026	$	192.3
2027	$	127.8
2028	$	126.2