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INTANGIBLE ASSETS AND GOODWILL

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL

The Company's intangible assets at March 31, 2024 and December 31, 2023 consist of the following (in millions): 

			March 31, 2024																		December 31, 2023
			Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Amortization Period
Trade names			$	1,808					$	(932)					$	876					$	1,812					$	(911)					$	901					3 - 20 years
Supply and distribution agreements			1,392						(775)						617						1,402						(759)						643						3 - 20 years
Other intangible assets			329						(269)						60						330						(261)						69						Up to 20 years
Total intangible assets			$	3,529					$	(1,976)					$	1,553					$	3,544					$	(1,931)					$	1,613

Intangible assets are amortized on a straight-line basis. Amortization expense for the intangible assets was $55 million for the three months ended March 31, 2024 and 2023.

The balance of goodwill as of March 31, 2024 and December 31, 2023 is stated net of cumulative impairment charges of $2.0 billion.

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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