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INTANGIBLE ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2023
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, | 2023 | 2022
Trademarks | $ | 14,349 |  | $ | 14,214 |
Goodwill | 18,358 |  | 18,782 |
Other | 161 |  | 175 |
Indefinite-lived intangible assets | $ | 32,868 |  | $ | 33,171 |
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
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 other 1 | — |  | — |  | — |  | — |  | — |  | (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 |
Estimated amortization expense for the next five years | 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 |

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