
	Latin America		AMEA		Europe		North America		Total
	(in millions)


Balance at December 31, 2024	$	1,316	$	3,040	$	7,842	$	10,819	$	23,017
Currency	143		71		1,073		37		1,324
Other (1)	—		3		—		—		3


Balance at June 30, 2025	$	1,459	$	3,114	$	8,915	$	10,856	$	24,344


	As of June 30, 2025						As of December 31, 2024
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
	(in millions)
Indefinite-life intangible assets	$	18,691	$	—	$	18,691	$	17,770	$	—	$	17,770
Definite-life intangible assets	3,473		(2,435)		1,038		3,306		(2,228)		1,078
Total	$	22,164	$	(2,435)	$	19,729	$	21,076	$	(2,228)	$	18,848

Indefinite-life intangible assets consist principally of brand names purchased through our acquisitions of Nabisco Holdings Corp., the global LU biscuit business of Groupe Danone S.A., Cadbury Limited and Clif Bar. Definite-life intangible assets consist primarily of customer-related intangibles, process technology and trademarks.

Amortization expense for intangible assets was $38 million and $37 million for the three months ended June 30, 2025 and 2024, respectively, and $75 million for both the six months ended June 30, 2025 and 2024, respectively.

We test our reporting units and indefinite-life intangible assets for impairment annually as of July 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit or brand is less than its carrying amount. During the second quarter of 2025, we evaluated our goodwill impairment and intangible asset impairment risk through an assessment of potential triggering events. We considered qualitative and quantitative information in our assessment and concluded there were no impairment indicators.

During our 2024 annual impairment testing, we recorded $153 million of asset impairment charges in the third quarter of 2024 related to two biscuit indefinite-life intangible assets in the Europe segment, one biscuit indefinite-life intangible asset in the AMEA segment and one candy and one biscuit indefinite-life intangible asset in the Latin America segment. Additionally, we identified thirteen indefinite-life intangible assets that each had a fair value in excess of book value of 10% or less. The aggregate book value of the thirteen indefinite-life intangible assets was $3.1 billion as of June 30, 2025. While no triggering events were identified for those indefinite-life intangible assets during the six months ended June 30, 2025, we are continuing to closely monitor their performance. If there are adverse changes to the related sales and earnings forecasts in the future, whether caused by business-specific or broader macroeconomic factors, one or more of those indefinite-life intangible assets could become impaired.