Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill

The changes in the carrying value of goodwill are 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


Acquisition(2)	202.8		—		202.8

Foreign currency translation, net	(2.7)		—		(2.7)



Balance as of June 30, 2026	$	2,144.8	$	—	$	2,144.8

(1)The accumulated impairment loss for the Americas segment was $5,159.0 million as of June 30, 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.

(2)Goodwill acquired in the Americas segment was related to the Atomic Brands, Inc. acquisition as discussed above in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies". The goodwill acquired is not deductible for tax purposes.

Due to a partial impairment charge recognized in the third quarter of 2025, the Americas reporting unit continues to be at a heightened risk of future impairment in the event of significant unfavorable changes in assumptions. We are focused on building a portfolio of strong and scalable brands in both beer and beyond beer, which entails prioritizing our investments to strengthen our core and value beer portfolios and to transform our above premium beer and beyond beer portfolios. While progress has been made, continued focus is required to deliver on our objectives. Therefore, the growth targets included in management's forecasted future cash flows are inherently at risk given that the strategies are still in process. Additionally, the fair value determinations are sensitive to changes in the beer industry environment, broader macroeconomic conditions, market multiples and discount rates that could negatively impact future analyses, including the impacts of cost inflation and 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 six months ended June 30, 2026 that would indicate the carrying value of the 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 June 30, 2026:


	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	5,147.5	$	(2,037.1)	$	3,110.4
License agreements and distribution rights	10 - 20	202.1		(132.3)		69.8
Other	5 - 40	84.9		(31.5)		53.4
Intangible assets not subject to amortization
Brands	Indefinite	7,585.8		—		7,585.8
Distribution networks	Indefinite	712.6		—		712.6
Other	Indefinite	307.6		—		307.6
Total		$	14,040.5	$	(2,200.9)	$	11,839.6

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

The decrease in the gross carrying amount of intangible assets from December 31, 2025 to June 30, 2026, 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, partially offset by the acquisition of the Monaco brand.

Based on foreign currency exchange rates as of June 30, 2026, the estimated future amortization expense of intangible assets was as follows:


Fiscal year	Amount
	(In millions)
2026 - remaining	$	87.4
2027	132.8
2028	131.3
2029	131.2
2030	131.2

Amortization expense of intangible assets was $61.6 million and $51.8 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and $113.5 million and $102.9 million for the six months ended June 30, 2026 and June 30, 2025, respectively. This expense was 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 brands in the U.K. all exceeded their respective carrying values by over 15% as of the October 1, 2025 annual testing date.

No triggering events were identified during the six months ended June 30, 2026, 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 facts and circumstances impacting the underlying assumptions. The key underlying assumptions used to derive the estimated fair values of our reporting units and indefinite-lived intangible assets were consistent with those discussed in Part II.—Item 8. Financial Statements, Note 6, "Goodwill and Intangible Assets" in our Annual Report and represent Level 3 measurements.