Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 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
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.

Schedule of Finite-Lived Intangible Assets

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

Schedule of Indefinite-Lived Intangible Assets

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

Schedule of Future Amortization Expense

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