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GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | The changes in the balance of goodwill for the years ended December 31, 2024 and 2023 consist of the following:
|  | Year Ended December 31,
(in millions) |  | 2024 |  | 2023
Balance, beginning of year |  | $ | 2,826 |  |  | $ | 2,807 |
Foreign currency translation adjustments |  | (27) |  |  | 19 |
Balance, end of year (1) |  | $ | 2,799 |  |  | $ | 2,826 |
(1) The balance of goodwill as of December 31, 2024 and 2023 is stated net of cumulative impairment charges of $2 billion.
Intangible assets | The Company's intangible assets consist of the following:
|  | December 31, 2024 |  | December 31, 2023 |  |
(in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Amortization Period
Trade names |  | $ | 1,802 |  |  | $ | (1,000) |  |  | $ | 802 |  |  | $ | 1,812 |  |  | $ | (911) |  |  | $ | 901 |  |  | 3 - 20 years
Supply and distribution agreements |  | 1,377 |  |  | (830) |  |  | 547 |  |  | 1,402 |  |  | (759) |  |  | 643 |  |  | 3 - 20 years
Other intangible assets |  | 326 |  |  | (293) |  |  | 33 |  |  | 330 |  |  | (261) |  |  | 69 |  |  | Up to 20 years
Total intangible assets |  | $ | 3,505 |  |  | $ | (2,123) |  |  | $ | 1,382 |  |  | $ | 3,544 |  |  | $ | (1,931) |  |  | $ | 1,613 |  |  |
Annual estimated amortization expense for intangible assets for the next five years and thereafter | The estimate d future annual amortization expense for the Company's intangible assets at December 31, 2024 is as follows:
(in millions) |  |
2025 |  | $ | 213 |
2026 |  | 179 |
2027 |  | 168 |
2028 |  | 168 |
2029 |  | 159 |
Thereafter |  | 495 |

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