Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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

Impairment	(3,645.7)		—		(3,645.7)


Foreign currency translation, net	6.9		—		6.9



Balance as of September 30, 2025	$	1,943.5	$	—	$	1,943.5

(1)The accumulated impairment loss for the Americas segment was $5,159.0 million and $1,513.3 million as of September 30, 2025 and December 31, 2024, respectively. 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.

During the third quarter of 2025, as we began updating our long-range planning based on current year results to date and industry conditions, we identified a triggering event that indicated it was more likely than not that the carrying value of the Americas reporting unit exceeded its fair value. The triggering event was due to lower current year and future forecasted results which were driven by declines in the beer industry, market share losses and higher than expected costs in the U.S. combined with a higher discount rate and lower market multiples. An impairment test was completed as of August 31, 2025, using a combination of a discounted cash flow analysis and market multiples approach and it was concluded that the carrying value of the Americas reporting unit was in excess of its fair value such that a partial goodwill impairment loss of $3,645.7 million was recorded in the unaudited condensed consolidated statements of operations.

We utilized independent valuation specialists and industry accepted valuation models in calculating the fair value of the Americas reporting unit. The key assumptions used to derive the estimated fair value of the Americas reporting unit, which include the internal cash flow projections based on our updated long-range plans and the discount rate, represent Level 3 measurements. Our discounted cash flow projections include assumptions for growth rates for sales, costs and profits, which are based on various long-range financial and operational plans. Additionally, the discount rate used in our analysis is based on the weighted-average cost of capital, driven by the prevailing interest rates and financing abilities as well as the identified risks and opportunities of the reporting unit. The increase in the discount rate compared to the prior year annual test was partially due to the additional risk premium assessed on the reporting unit based on the current industry environment.

Due to the partial impairment charge, the Americas reporting unit is still considered to be at a heightened risk of future impairment. We are focused on building a portfolio of strong and scalable brands in both beer and beyond beer, which entails prioritizing our investments to strengthen our core and economy beer portfolios and to transform our above premium beer and beyond beer portfolios. While progress has been made, continued focus is required to deliver on our objectives. Therefore, the growth targets included in management’s forecasted future cash flows are inherently at risk given that the strategies are still in progress. Additionally, the fair value determinations are sensitive to changes in the beer industry environment, broader macroeconomic conditions, market multiples and discount rates that could negatively impact future analyses, including the impacts of cost inflation and tariffs, increases to interest rates and other external industry factors impacting our business.

Intangible Assets, Other than Goodwill

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


	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	5,161.2	$	(1,900.5)	$	3,260.7
License agreements and distribution rights	10 - 20	204.0		(128.7)		75.3
Other	5 - 40	85.1		(29.9)		55.2
Intangible assets not subject to amortization
Brands	Indefinite	7,589.5		—		7,589.5
Distribution networks	Indefinite	726.7		—		726.7
Other	Indefinite	307.6		—		307.6
Total		$	14,074.1	$	(2,059.1)	$	12,015.0

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

The increase in the gross carrying amount of intangible assets from December 31, 2024 to September 30, 2025, was primarily driven by favorable foreign currency impacts, as a significant amount of intangible assets, other than goodwill, are denominated in foreign currencies, partially offset by impairment charges of $273.9 million recorded during the three months ended September 30, 2025.

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


Fiscal year	Amount
	(In millions)
2025 - remaining	$	51.9
2026	190.9
2027	131.8
2028	130.4
2029	130.3

Amortization expense of intangible assets was $52.1 million and $50.7 million for the three months ended September 30, 2025 and September 30, 2024, respectively, and $155.0 million and $155.3 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. This expense was presented within MG&A expenses in our unaudited condensed consolidated statements of operations.

During the third quarter of 2025, as we began updating our long-range planning based on current year results to date, we identified a triggering event for the Blue Run Spirits asset group in the Americas segment, due to softer current year and future forecasted results primarily driven by a challenging macroeconomic environment for full strength spirits, resulting in lower sales. The asset group did not pass the recoverability test and the carrying value was determined to exceed its fair value resulting in the full impairment of the definite-lived intangible brand of $75.3 million as of August 31, 2025, which was recorded within other operating income (expense), net in the unaudited condensed consolidated statements of operations. The asset group was measured at fair value primarily using a discounted cash flow approach.

Also during the third quarter of 2025, as we began updating our long-range planning based on current year results to date and the current challenging industry environment in the relevant markets, we identified a triggering event for the Staropramen family of brands in the EMEA&APAC segment. The triggering event was driven by softer than expected current year and future forecasted results in certain of the key markets where the Staropramen family of brands is sold. We completed an impairment test using a discounted cash flow approach as of August 31, 2025 and concluded that the carrying value of the Staropramen family of brands was in excess of its fair value such that a partial impairment loss of $198.6 million was recorded within other operating income (expense), net in the unaudited condensed consolidated statements of operations. After the impairment charge, the carrying value of the Staropramen family of brands was $257.1 million. The decline in the fair value of the Staropramen family of brands in the current year was impacted by reductions in management forecasts due to lower than expected brand results in 2025 driven by soft market demand and a heightened competitive landscape across key markets, resulting in a more modest growth trajectory than in previous assumptions.

In conjunction with the impairment review of the Staropramen family of brands, we also reassessed the brand's indefinite-life classification and determined that the impaired brand has characteristics that have evolved and which now indicate a definite-life is more appropriate, including prolonged weakness in consumer demand driven by increased economic and competitive pressures. These factors have resulted in continued declines in performance and these pressures are expected to continue into the future. Therefore, we reclassified the Staropramen family of brands to a definite-lived intangible asset with a useful life of 50 years effective August 31, 2025.

We utilized Level 3 fair value measurements in our impairment analysis of the Blue Run Spirits asset group and the Staropramen family of brands indefinite-lived intangible asset, with the excess earnings approach utilized for the Staropramen family of brands. We utilized independent valuation specialists in calculating the fair value of the Staropramen family of brands. The future cash flows used in the analyses were based on internal cash flow projections related to our long-range plans and included significant assumptions by management. The discount rate utilized for the Staropramen family of brands is a key assumption and is based on the weighted-average cost of capital, driven by the prevailing interest rates and financing abilities of the geographies in which the family of brands are sold as well as the identified risks and opportunities of the brands for each geography.

The fair value of the Coors brands in the Americas (inclusive of our Coors brand in the U.S. and Coors distribution agreement in Canada), the Miller brands in the U.S. and the Carling brand in EMEA&APAC all exceeded their respective carrying values by over 15% as of the October 1, 2024 annual testing date. No additional triggering events were identified during the nine months ended September 30, 2025 that would indicate the carrying values of any of our other indefinite-lived or definite-lived intangible assets were greater than their fair values.

Fair Value Assumptions

Fair value determinations require considerable judgment and are sensitive to changes in facts and circumstances impacting the underlying assumptions. The key underlying assumptions used to derive the estimated fair values of our reporting units and indefinite-lived intangible assets were consistent with those discussed in Part II.—Item 8. Financial Statements, Note 6, "Goodwill and Intangible Assets" in our Annual Report and represent Level 3 measurements.