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INTANGIBLE ASSETS (Tables)
12 Months Ended
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 31,20232022
Trademarks$14,349 $14,214 
Goodwill18,358 18,782 
Other161 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 & AfricaLatin
America
North
America
Asia PacificGlobal VenturesBottling
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)— (12)(272)(239)(603)
Acquisitions— — — — — 
Purchase accounting adjustments— — 12 — 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 other1
     (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, 2023December 31, 2022
Gross Carrying ValueAccumulated AmortizationNet Carrying
Value
Gross Carrying
Value
Accumulated AmortizationNet Carrying
Value
Customer relationships$309 $(118)$191 $354 $(109)$245 
Trademarks70 (30)40 147 (84)63 
Other183 (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 
202554 
202642 
202742 
202834