Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS (Tables)

v3.22.4
INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
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 
Carrying value of goodwill by operating segment
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 
Estimated amortization expense for the next five years
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