Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

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, 2025	$	1,944.7	$	—	$	1,944.7
Foreign currency translation, net	(1.2)		—		(1.2)
Balance as of March 31, 2026	$	1,943.5	$	—	$	1,943.5

(1)The accumulated impairment loss for the Americas segment was $5,159.0 million as of March 31, 2026 and December 31, 2025. 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 March 31, 2026:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	5,129.8	$	(1,992.3)	$	3,137.5
License agreements and distribution rights	10 - 20	202.8		(131.7)		71.1
Other	5 - 40	85.0		(31.0)		54.0
Intangible assets not subject to amortization
Brands	Indefinite	7,585.1		—		7,585.1
Distribution networks	Indefinite	726.9		—		726.9
Other	Indefinite	307.6		—		307.6
Total		$	14,037.2	$	(2,155.0)	$	11,882.2

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2025:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	5,186.3	$	(1,957.7)	$	3,228.6
License agreements and distribution rights	10 - 20	204.3		(131.1)		73.2
Other	5 - 40	85.1		(30.5)		54.6
Intangible assets not subject to amortization
Brands	Indefinite	7,590.0		—		7,590.0
Distribution networks	Indefinite	737.1		—		737.1
Other	Indefinite	307.6		—		307.6
Total		$	14,110.4	$	(2,119.3)	$	11,991.1

Schedule of Indefinite-Lived Intangible Assets

The following table presents details of our intangible assets, other than goodwill, as of March 31, 2026:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	5,129.8	$	(1,992.3)	$	3,137.5
License agreements and distribution rights	10 - 20	202.8		(131.7)		71.1
Other	5 - 40	85.0		(31.0)		54.0
Intangible assets not subject to amortization
Brands	Indefinite	7,585.1		—		7,585.1
Distribution networks	Indefinite	726.9		—		726.9
Other	Indefinite	307.6		—		307.6
Total		$	14,037.2	$	(2,155.0)	$	11,882.2

The following table presents details of our intangible assets, other than goodwill, as of December 31, 2025:

	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	5,186.3	$	(1,957.7)	$	3,228.6
License agreements and distribution rights	10 - 20	204.3		(131.1)		73.2
Other	5 - 40	85.1		(30.5)		54.6
Intangible assets not subject to amortization
Brands	Indefinite	7,590.0		—		7,590.0
Distribution networks	Indefinite	737.1		—		737.1
Other	Indefinite	307.6		—		307.6
Total		$	14,110.4	$	(2,119.3)	$	11,991.1

Schedule of Future Amortization Expense

Based on foreign exchange rates as of March 31, 2026, the estimated future amortization expense of intangible assets was as follows:

Fiscal year	Amount
	(In millions)
2026 - remaining	$	138.0
2027	130.5
2028	129.0
2029	128.9
2030	128.9