Goodwill and Intangible Assets (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| 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 | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | 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.
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| Schedule of finite-lived intangible assets |
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 | |
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| Schedule of indefinite-lived intangible assets |
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 | |
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| Schedule of future amortization expense |
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 | |
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