Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2025

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, 2024	$	5,582.3	$	—	$	5,582.3
Foreign currency translation, net	9.7		—		9.7
Balance as of June 30, 2025	$	5,592.0	$	—	$	5,592.0

(1)Accumulated impairment losses for the Americas segment was $1,513.3 million as of June 30, 2025 and December 31, 2024. 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, 2025:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	5,037.5	$	(1,877.6)	$	3,159.9
License agreements and distribution rights	10 - 20	206.2		(128.6)		77.6
Other	5 - 40	85.1		(29.4)		55.7
Intangible assets not subject to amortization
Brands	Indefinite	8,050.2		—		8,050.2
Distribution networks	Indefinite	743.4		—		743.4
Other	Indefinite	307.6		—		307.6
Total		$	14,430.0	$	(2,035.6)	$	12,394.4

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2024:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	4,797.3	$	(1,713.5)	$	3,083.8
License agreements and distribution rights	10 - 20	200.2		(120.2)		80.0
Other	5 - 40	84.5		(27.8)		56.7
Intangible assets not subject to amortization
Brands	Indefinite	7,963.8		—		7,963.8
Distribution networks	Indefinite	703.3		—		703.3
Other	Indefinite	307.6		—		307.6
Total		$	14,056.7	$	(1,861.5)	$	12,195.2

Schedule of Indefinite-Lived Intangible Assets

The following table presents details of our intangible assets, other than goodwill, as of June 30, 2025:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	5,037.5	$	(1,877.6)	$	3,159.9
License agreements and distribution rights	10 - 20	206.2		(128.6)		77.6
Other	5 - 40	85.1		(29.4)		55.7
Intangible assets not subject to amortization
Brands	Indefinite	8,050.2		—		8,050.2
Distribution networks	Indefinite	743.4		—		743.4
Other	Indefinite	307.6		—		307.6
Total		$	14,430.0	$	(2,035.6)	$	12,394.4

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2024:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	4,797.3	$	(1,713.5)	$	3,083.8
License agreements and distribution rights	10 - 20	200.2		(120.2)		80.0
Other	5 - 40	84.5		(27.8)		56.7
Intangible assets not subject to amortization
Brands	Indefinite	7,963.8		—		7,963.8
Distribution networks	Indefinite	703.3		—		703.3
Other	Indefinite	307.6		—		307.6
Total		$	14,056.7	$	(1,861.5)	$	12,195.2

Schedule of Future Amortization Expense

Based on foreign exchange rates as of June 30, 2025, the estimated future amortization expense of intangible assets was as follows:

Fiscal year	Amount
	(In millions)
2025 - remaining	$	104.6
2026	192.6
2027	133.5
2028	132.0
2029	131.8