Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
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, 2023 2022
Trademarks $ 14,349  $ 14,214 
Goodwill 18,358  18,782 
Other 161  175 
Indefinite-lived intangible assets $ 32,868  $ 33,171 
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
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 
2023            
Balance at beginning of year $ 1,197  $ 203  $ 10,677  $ 412  $ 2,708  $ 3,585  $ 18,782 
Effect of foreign currency translation (44) 6  —  (11) 120  (264) (193)
Divestitures, deconsolidations
   and other1
—  —  —  —  —  (231) (231)
Balance at end of year $ 1,153  $ 209  $ 10,677  $ 401  $ 2,828  $ 3,090  $ 18,358 
1 The decrease in the Bottling Investments segment was a result of the Company’s bottling operations in the Philippines 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, 2023 December 31, 2022
Gross Carrying Value Accumulated Amortization Net Carrying
Value		 Gross Carrying
Value		 Accumulated Amortization Net Carrying
Value
Customer relationships $ 309  $ (118) $ 191  $ 354  $ (109) $ 245 
Trademarks 70  (30) 40  147  (84) 63 
Other 183  (59) 124  206  (54) 152 
Total $ 562  $ (207) $ 355  $ 707  $ (247) $ 460 
Total amortization expense for intangible assets subject to amortization was $94 million, $120 million and $165 million in 2023, 2022 and 2021, respectively.
Based on the carrying value of definite-lived intangible assets as of December 31, 2023, we estimate our amortization expense for the next five years will be as follows (in millions):
Amortization
Expense
2024 $ 61 
2025 54 
2026 42 
2027 42 
2028 34