| 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, |
2022 |
2021 |
| Trademarks |
$ |
14,214
|
|
$ |
14,465 |
|
| Goodwill |
18,782
|
|
19,363 |
|
| Other |
175
|
|
211 |
|
| Indefinite-lived intangible assets |
$ |
33,171
|
|
$ |
34,039 |
|
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 |
| 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 other2
|
— |
|
— |
|
(13) |
|
— |
|
(7) |
|
(37) |
|
(57) |
|
| Balance at end of year |
$ |
1,280 |
|
$ |
200 |
|
$ |
10,665 |
|
$ |
422 |
|
$ |
2,976 |
|
$ |
3,820 |
|
$ |
19,363 |
|
| 2022 |
|
|
|
|
|
|
|
| Balance at beginning of year |
$ |
1,280
|
|
$ |
200
|
|
$ |
10,665
|
|
$ |
422
|
|
$ |
2,976
|
|
$ |
3,820
|
|
$ |
19,363
|
|
| Effect of foreign currency translation |
(83) |
|
3
|
|
—
|
|
(12) |
|
(272) |
|
(239) |
|
(603) |
|
| Acquisitions |
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
|
4
|
|
| Purchase accounting adjustments |
—
|
|
—
|
|
12
|
|
2
|
|
9
|
|
—
|
|
23
|
|
|
|
|
|
|
|
|
|
Divestitures, deconsolidations
and other |
—
|
|
—
|
|
—
|
|
—
|
|
(5) |
|
—
|
|
(5) |
|
| Balance at end of year |
$ |
1,197
|
|
$ |
203
|
|
$ |
10,677
|
|
$ |
412
|
|
$ |
2,708
|
|
$ |
3,585
|
|
$ |
18,782
|
|
1For information related to the Company’s acquisitions, refer to Note 2.
2The decrease in the Bottling Investments operating segment was a result of the Company’s bottling operations in Vietnam and Cambodia 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, 2022 |
|
December 31, 2021 |
|
Gross Carrying Value |
Accumulated Amortization |
Net Carrying
Value |
|
Gross Carrying
Value |
Accumulated Amortization |
Net Carrying
Value |
| Customer relationships |
$ |
354
|
|
$ |
(109) |
|
$ |
245
|
|
|
$ |
336 |
|
$ |
(86) |
|
$ |
250 |
|
| Trademarks |
147
|
|
(84) |
|
63
|
|
|
189 |
|
(87) |
|
102 |
|
| Other |
206
|
|
(54) |
|
152
|
|
|
273 |
|
(51) |
|
222 |
|
| Total |
$ |
707
|
|
$ |
(247) |
|
$ |
460
|
|
|
$ |
798 |
|
$ |
(224) |
|
$ |
574 |
|
Total amortization expense for intangible assets subject to amortization was $120 million, $165 million and $203 million in 2022, 2021 and 2020, respectively.
Based on the carrying value of definite-lived intangible assets as of December 31, 2022, we estimate our amortization expense for the next five years will be as follows (in millions):
|
|
|
|
|
|
|
Amortization
Expense |
| 2023 |
$ |
89 |
|
| 2024 |
65 |
|
| 2025 |
57 |
|
| 2026 |
45 |
|
| 2027 |
44 |
|
|