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)	203.6		—		203.6

Foreign currency translation, net	(2.9)		—		(2.9)



Balance as of September 30, 2026	$	2,145.4	$	—	$	2,145.4

During the third quarter of 2025, we identified a triggering event that indicated it was more likely than not that the carrying value of the Americas reporting unit exceeded its fair value. As a result, an impairment test was completed as of August 31, 2025 resulting in a partial goodwill impairment charge of $3,645.7 million recognized in the third quarter of 2025. Due to this partial impairment charge, 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 evaluated potential indicators of goodwill impairment during the nine months ended September 30, 2026, and concluded that no events or changes in circumstances had occurred that would indicate it was more likely than not that the fair value of our Americas reporting unit was below its carrying amount.

We perform our annual goodwill impairment assessment as of October 1 each year. In connection with our annual assessment, we update our projected future cash flows based on our annual operating plan and long-range financial forecasts, which are subject to management review and approval. As part of our current annual planning process, we identified revisions to our forecasted future cash flows that resulted in the identification of a goodwill impairment triggering event for our Americas reporting unit. Accordingly, we elected to bypass the optional qualitative assessment and proceed directly to a quantitative goodwill impairment assessment as of October 1, 2026. Given these developments, our Americas reporting unit continues to be at a heightened risk of goodwill impairment.

As of the date of this filing, our annual quantitative goodwill impairment assessment remains in progress, and we have not yet determined whether a goodwill impairment charge will be required or the amount of any such charge. Any impairment identified as a result of our October 1, 2026 assessment would be recognized in the fourth quarter of 2026.

The following table presents details of our intangible assets, other than goodwill, as of September 30, 2026:


	Useful life	Gross		Accumulated amortization		Net
	(Years)	(In millions)
Intangible assets subject to amortization
Brands	10 - 50	$	5,129.9	$	(2,082.4)	$	3,047.5
License agreements and distribution rights	10 - 20	204.9		(134.1)		70.8
Other	5 - 40	84.9		(32.0)		52.9
Intangible assets not subject to amortization
Brands	Indefinite	7,585.8		—		7,585.8
Distribution networks	Indefinite	710.8		—		710.8
Other	Indefinite	307.6		—		307.6
Total		$	14,023.9	$	(2,248.5)	$	11,775.4

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 September 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.

Amortization expense of intangible assets was $52.4 million and $52.1 million for the three months ended September 30, 2026 and September 30, 2025, respectively, and $165.9 million and $155.0 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. This expense was presented within MG&A expenses in our unaudited condensed consolidated statements of operations.

During the third quarter of 2025, we identified a triggering event for the Blue Run Spirits asset group in the Americas segment resulting in the full impairment of the definite-lived intangible brand of $75.3 million which was recorded within other operating income (expense), net in the unaudited condensed consolidated statements of operations. Also during the third quarter of 2025, we identified a triggering event for the Staropramen family of brands in the EMEA&APAC segment resulting in a partial impairment of $198.6 million which was recorded within other operating income (expense), net in the unaudited condensed consolidated statements of operations. Subsequent to the impairment, we reclassified the useful life of the Staropramen family of brands from indefinite to 50 years effective August 31, 2025.

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.

We continuously monitor the performance of our definite-lived assets for potential triggering events suggesting an impairment review should be performed. Due to a reduction in forecasted cash flows associated with our asset group, Coors Distributing Company ("CDC"), we identified this as a triggering event during the third quarter of 2026 and performed a recoverability test for the long-lived assets at the asset group level but concluded that the recoverability test passed and no impairment was recorded.