Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 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




Foreign currency translation, net	—		—		—



Balance as of March 31, 2025	$	5,582.3	$	—	$	5,582.3

(1)Accumulated impairment losses for the Americas segment was $1,513.3 million as of March 31, 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.

As of the date of our annual impairment test performed as of October 1, 2024, the fair value of the Americas reporting unit was in excess of its carrying value by less than 15% and as such, the reporting unit continues to be at heightened risk of future impairment in the event of significant unfavorable changes in assumptions. We continue to focus on growing our core power brand net sales, aggressively premiumizing our portfolio and scaling and expanding beyond beer. While progress has been made on these strategies over recent years, including the strengthening of our core brands, 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 and market multiples or discount rates that could negatively impact future analyses, including the impacts of cost inflation or tariffs, increases to interest rates and other external industry factors impacting our business.

We determined that there was no triggering event that occurred during the three months ended March 31, 2025, that would indicate the carrying value of our Americas reporting unit was greater than its fair value.

Intangible Assets, Other than Goodwill

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


	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	4,840.2	$	(1,774.3)	$	3,065.9
License agreements and distribution rights	10 - 20	200.7		(122.0)		78.7
Other	5 - 40	84.7		(28.5)		56.2
Intangible assets not subject to amortization
Brands	Indefinite	7,993.0		—		7,993.0
Distribution networks	Indefinite	703.1		—		703.1
Other	Indefinite	307.6		—		307.6
Total		$	14,129.3	$	(1,924.8)	$	12,204.5

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 amounts of intangible assets from December 31, 2024 to March 31, 2025, was primarily driven by the impact of foreign exchange rates, as a significant amount of intangible assets, other than goodwill, are denominated in foreign currencies.

Based on foreign exchange rates as of March 31, 2025, the estimated future amortization expense of intangible assets was as follows.


Fiscal year	Amount
	(In millions)
2025 - remaining	$	153.2
2026	187.7
2027	128.6
2028	127.2
2029	127.1

Amortization expense of intangible assets was $51.1 million and $52.4 million for the three months ended March 31, 2025 and March 31, 2024, respectively. This expense is presented within MG&A expenses in our unaudited condensed consolidated statements of operations.

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 and Staropramen brands in EMEA&APAC all exceeded their respective carrying values by over 15% as of the October 1, 2024, annual testing date.

No triggering events were identified during the three months ended March 31, 2025, that would indicate the carrying values of our 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 underlying assumptions and factors. The key assumptions used to derive the estimated fair values of our reporting units and indefinite-lived intangible assets are discussed in Part II.—Item 8. Financial Statements, Note 6, "Goodwill and Intangible Assets" in our Annual Report and represent Level 3 measurements.