Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
Indefinite-Lived Intangible Assets
The following table presents the carrying values of indefinite-lived intangible assets included in our consolidated balance sheets (in millions):
December 31, 2021 2020
Trademarks1
$ 14,465  $ 10,395 
Goodwill 19,363  17,506 
Other 211  225 
Indefinite-lived intangible assets $ 34,039  $ 28,126 
1 For information related to the Company’s acquisitions, refer to Note 2.
The following table provides information related to the carrying value of our goodwill by operating segment (in millions):
Europe, Middle East & Africa Latin
America		 North
America		 Asia Pacific Global Ventures Bottling
Investments		 Total
2020            
Balance at beginning of year $ 1,294  $ 170  $ 7,943  $ 170  $ 2,806  $ 4,381  $ 16,764 
Effect of foreign currency translation 40  (6) —  7  84  (216) (91)
Acquisitions1
—  —  775  —  —  —  775 
Purchase accounting adjustments1,2
(26) —  74  24  2  (2) 72 
Impairments —  —  —  —  —  (14) (14)
Balance at end of year $ 1,308  $ 164  $ 8,792  $ 201  $ 2,892  $ 4,149  $ 17,506 
2021            
Balance at beginning of year $ 1,308  $ 164  $ 8,792  $ 201  $ 2,892  $ 4,149  $ 17,506 
Effect of foreign currency translation (83) (8) —  (6) 46  (285) (336)
Acquisitions1
55  44  1,886  227  45  —  2,257 
Impairments —  —  —  —  —  (7) (7)
Divestitures, deconsolidations
  and other3
—  —  (13) —  (7) (37) (57)
Balance at end of year $ 1,280  $ 200  $ 10,665  $ 422  $ 2,976  $ 3,820  $ 19,363 
1For information related to the Company’s acquisitions, refer to Note 2.
2Includes the allocation of goodwill from the Europe, Middle East and Africa segment to other reporting units expected to benefit from the CHI acquisition as well as purchase accounting adjustments related to fairlife. Refer to Note 2.
3The decrease in the Bottling Investments segment was a result of certain bottling operations in Asia Pacific being classified as held for sale. Refer to Note 2.
Definite-Lived Intangible Assets
The following table provides information related to definite-lived intangible assets (in millions):
December 31, 2021 December 31, 2020
Gross Carrying Value Accumulated Amortization Net
Carrying
Value		 Gross Carrying
Value		 Accumulated Amortization Net
Carrying
Value
Customer relationships $ 336 
1
 $ (86) $ 250  $ 195  $ (61) $ 134 
Trademarks 189  (87) 102  245  (77) 168 
Other 273 
2
 (51) 222  332  (210) 122 
Total $ 798  $ (224) $ 574  $ 772  $ (348) $ 424 
1Includes $150 million related to the BodyArmor acquisition. Refer to Note 2.
2Includes $102 million for BodyArmor noncompete agreements. Refer to Note 2.
Total amortization expense for intangible assets subject to amortization was $165 million, $203 million and $120 million in 2021, 2020 and 2019, respectively. The increase in amortization expense in 2020 was due to the recognition of a full year of intangible amortization related to CCBA versus seven months in 2019.
Based on the carrying value of definite-lived intangible assets as of December 31, 2021, we estimate our amortization expense for the next five years will be as follows (in millions):
Amortization
Expense
2022 $ 106 
2023 81 
2024 66 
2025 59 
2026 47