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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 6. Goodwill and Intangible Assets Goodwill Changes in goodwill consisted of (in millions):
| Latin America |  | AMEA |  | Europe |  | North America |  | Total |  |  |  |  |  |  |  |
January 1, 2023 | $ | 1,421 |  |  | $ | 3,132 |  |  | $ | 8,009 |  |  | $ | 10,888 |  |  | $ | 23,450 |  |  |  |  |  |  |  |  |
Currency | 180 |  |  | (67) |  |  | 341 |  |  | 19 |  |  | 473 |  |  |  |  |  |  |  |  |
Other (1) | 6 |  |  | — |  |  | — |  |  | (33) |  |  | (27) |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | 1,607 |  |  | $ | 3,065 |  |  | $ | 8,350 |  |  | $ | 10,874 |  |  | $ | 23,896 |  |  |  |  |  |  |  |  |
Currency | (291) |  |  | (147) |  |  | (508) |  |  | (55) |  |  | (1,001) |  |  |  |  |  |  |  |  |
Acquisition (2) | — |  |  | 122 |  |  | — |  |  | — |  |  | 122 |  |  |  |  |  |  |  |  |
Balance at December 31, 2024 | $ | 1,316 |  |  | $ | 3,040 |  |  | $ | 7,842 |  |  | $ | 10,819 |  |  | $ | 23,017 |  |  |  |  |  |  |  |  |
(1)Relates to purchase price allocation adjustments for Ricolino and Clif Bar during 2023. (2)Relates to purchase price allocation for Evirth during 2024. Refer to Note 2, Acquisitions and Divestitures for more information. Intangible Assets Intangible assets consisted of the following (in millions):
| As of December 31, 2024 |  | As of December 31, 2023
| Gross carrying amount |  | Accumulated amortization |  | Net carrying amount |  | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount
Indefinite-life intangible assets (1) | $ | 17,770 |  |  | $ | — |  |  | $ | 17,770 |  |  | $ | 18,669 |  |  | $ | — |  |  | $ | 18,669 |
Definite-life intangible assets | 3,306 |  |  | (2,228) |  |  | 1,078 |  |  | 3,322 |  |  | (2,155) |  |  | 1,167 |
Total | $ | 21,076 |  |  | $ | (2,228) |  |  | $ | 18,848 |  |  | $ | 21,991 |  |  | $ | (2,155) |  |  | $ | 19,836 |
(1)We recorded intangible asset impairments of $153 million in 2024 and $26 million in 2023 within asset impairment and exit costs. Indefinite-life intangible assets consist principally of brand names purchased through our acquisitions of Nabisco Holdings Corp., the global LU biscuit business of Groupe Danone S.A., Cadbury Limited and Clif Bar. Definite-life intangible assets consist primarily of trademarks, customer-related intangibles, process technology, licenses and non-compete agreements. Amortization expense for intangible assets was $153 million in 2024, $151 million in 2023 and $132 million in 2022. For the next five years, we estimate annual amortization expense of approximately $135 million in 2025, $110 million in 2026, $90 million in 2027 and $85 million in 2028 and 2029 (reflecting December 31, 2024 exchange rates). In 2024, 2023 and 2022, there were no goodwill impairments and each of our reporting units had sufficient fair value in excess of its carrying value. While all reporting units passed our annual impairment testing, if planned business performance expectations are not met or specific valuation factors outside of our control, such as discount rates, change significantly, then the estimated fair values of a reporting unit or reporting units might decline and lead to a goodwill impairment in the future. In 2024, we recorded $153 million of intangible asset impairment charges related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy and one biscuit brand in the Latin America segment. We identified thirteen brands, as part of our annual test, that each had a fair value in excess of book value of 10% or less. The aggregate value of the thirteen brands was $2.9 billion as of December 31, 2024. We believe our current plans for each of these brands will allow them to not be impaired, but if plans to grow brand revenue and earnings, and expand margin are not met or specific valuation factors outside of our control, such as discount rates, change significantly, then a brand or brands could become impaired in the future. In 2023, we recorded $26 million of intangible asset impairment charges related to a chocolate brand in North America and a biscuit brand in Europe. In 2022, we recorded $101 million of intangible asset impairment charges related to two biscuit brands in AMEA.

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