Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

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, 2023	$	5,325.3	$	—	$	5,325.3
Foreign currency translation, net	(3.4)		—		(3.4)
Balance as of June 30, 2024	$	5,321.9	$	—	$	5,321.9

(1)Accumulated impairment losses for the Americas segment was $1,513.3 million as of June 30, 2024 and December 31, 2023. 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.

Schedule of finite-lived intangible assets

The following table presents details of our intangible assets, other than goodwill, as of June 30, 2024:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	4,934.2	$	(1,711.7)	$	3,222.5
License agreements and distribution rights	10 - 20	202.8		(119.3)		83.5
Other	5 - 40	84.6		(26.8)		57.8
Intangible assets not subject to amortization
Brands	Indefinite	7,982.6		—		7,982.6
Distribution networks	Indefinite	739.5		—		739.5
Other	Indefinite	307.6		—		307.6
Total		$	14,251.3	$	(1,857.8)	$	12,393.5

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

Schedule of indefinite-lived intangible assets

The following table presents details of our intangible assets, other than goodwill, as of June 30, 2024:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	4,934.2	$	(1,711.7)	$	3,222.5
License agreements and distribution rights	10 - 20	202.8		(119.3)		83.5
Other	5 - 40	84.6		(26.8)		57.8
Intangible assets not subject to amortization
Brands	Indefinite	7,982.6		—		7,982.6
Distribution networks	Indefinite	739.5		—		739.5
Other	Indefinite	307.6		—		307.6
Total		$	14,251.3	$	(1,857.8)	$	12,393.5

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

Schedule of future amortization expense

Based on foreign exchange rates as of June 30, 2024, the estimated future amortization expense of intangible assets was as follows:

Fiscal year	Amount
	(In millions)
2024 - remaining	$	104.3
2025	$	208.6
2026	$	190.1
2027	$	125.6
2028	$	124.1