Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Note 4. Goodwill and Intangible Assets

Goodwill

Changes in goodwill consisted of:


	Latin America		AMEA		Europe		North America		Total
	(in millions)
Balance at December 31, 2025	$	1,500	$	3,128	$	8,884	$	10,824	$	24,336
Currency	53		24		(211)		(22)		(156)
Balance at June 30, 2026	$	1,553	$	3,152	$	8,673	$	10,802	$	24,180

Intangible Assets

Intangible assets consisted of the following:


	As of June 30, 2026						As of December 31, 2025
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
	(in millions)
Indefinite-life intangible assets	$	18,572	$	—	$	18,572	$	18,647	$	—	$	18,647
Definite-life intangible assets	3,470		(2,533)		937		3,477		(2,496)		981
Total	$	22,042	$	(2,533)	$	19,509	$	22,124	$	(2,496)	$	19,628

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. The weighted-average amortization period for our definite-life intangible assets is approximately 16 years, which is primarily driven by recently acquired customer-related intangibles.

Amortization expense for definite-life intangible assets was $26 million and $38 million for the three months ended June 30, 2026 and 2025, respectively, and $53 million and $75 million for the six months ended June 30, 2026 and 2025, respectively.

Impairment Assessments

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 2026, we evaluated our goodwill impairment risk 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 2025 annual impairment test, we recognized impairment charges of $33 million related to two biscuit brands in the Europe segment, one biscuit brand in the Asia, Middle East and Africa ("AMEA") segment and one candy brand in the Latin America segment.

Including the four brand intangibles for which we recognized impairments in 2025, we identified five brand intangibles, as part of our annual test, for which fair value exceeded book value by less than 10%. The aggregate carrying value of those five brand intangibles was $1.5 billion as of June 30, 2026. We are closely monitoring the performance of those brands and 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.