Intangible Assets (Tables)

12 Months Ended

Dec. 25, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Amortizable Intangible Assets, Net

A summary of our amortizable intangible assets is as follows:

		2021						2020						2019
	Average Useful Life (Years)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Acquired franchise rights (a)	56 – 60	$	976	$	(187)	$	789	$	976	$	(173)	$	803
Customer relationships	10 – 24	623		(227)		396		642		(204)		438
Brands (b)	20 – 40	1,151		(989)		162		1,348		(1,099)		249
Other identifiable intangibles	10 – 24	451		(260)		191		474		(261)		213
Total		$	3,201	$	(1,663)	$	1,538	$	3,440	$	(1,737)	$	1,703
Amortization expense						$	91					$	90	$	81

(a)Acquired franchise rights includes our distribution agreement with Vital Pharmaceuticals, Inc., with an expected residual value higher than our carrying value. The distribution agreement’s useful life is three years, in accordance with the three-year termination notice issued, and is not reflected in the average useful life above.

(b)The change primarily reflects assets reclassified as held for sale in connection with our Juice Transaction. See Note 13 for further information.

Future Amortization of Intangible Assets

Amortization is recognized on a straight-line basis over an intangible asset’s estimated useful life. Amortization of intangible assets for each of the next five years, based on existing intangible assets as of December 25, 2021 and using average 2021 foreign exchange rates, is expected to be as follows:

	2022		2023		2024		2025		2026
Five-year projected amortization	$	84	$	84	$	83	$	81	$	72

Change in Book Value of Nonamortizable Intangible Assets

The change in the book value of indefinite-lived intangible assets is as follows:

	Balance, Beginning 2020		Acquisitions		Translation and Other		Balance, End of 2020		Acquisitions/(Divestitures)		Translation and Other		Balance, End of 2021
FLNA (a)
Goodwill	$	299	$	164	$	2	$	465	$	(8)	$	1	$	458
Brands	162		179		(1)		340		—		—		340
Total	461		343		1		805		(8)		1		798
QFNA
Goodwill	189		—		—		189		—		—		189
Brands	11		—		(11)		—		—		—		—
Total	200		—		(11)		189		—		—		189
PBNA (b) (c)
Goodwill	9,898		2,280		11		12,189		(216)		1		11,974
Reacquired franchise rights	7,089		—		18		7,107		—		—		7,107
Acquired franchise rights	1,517		16		3		1,536		1		1		1,538
Brands (d)	763		2,400		(41)		3,122		(290)		(324)		2,508
Total	19,267		4,696		(9)		23,954		(505)		(322)		23,127
LatAm
Goodwill	501		—		(43)		458		—		(25)		433
Brands	125		—		(17)		108		(1)		(7)		100
Total	626		—		(60)		566		(1)		(32)		533
Europe (b)
Goodwill (e)	3,961		(2)		(153)		3,806		(28)		(78)		3,700
Reacquired franchise rights (e)	505		—		(9)		496		(23)		(32)		441
Acquired franchise rights (e)	157		—		15		172		—		(14)		158
Brands (f)	4,181		—		(109)		4,072		—		182		4,254
Total	8,804		(2)		(256)		8,546		(51)		58		8,553
AMESA (g)
Goodwill	446		560		90		1,096		(2)		(31)		1,063
Brands	—		183		31		214		—		(9)		205
Total	446		743		121		1,310		(2)		(40)		1,268
APAC (h)
Goodwill	207		306		41		554		3		7		564
Brands (d)	100		309		36		445		—		31		476
Total	307		615		77		999		3		38		1,040
Total goodwill	15,501		3,308		(52)		18,757		(251)		(125)		18,381
Total reacquired franchise rights	7,594		—		9		7,603		(23)		(32)		7,548
Total acquired franchise rights	1,674		16		18		1,708		1		(13)		1,696
Total brands	5,342		3,071		(112)		8,301		(291)		(127)		7,883
Total	$	30,111	$	6,395	$	(137)	$	36,369	$	(564)	$	(297)	$	35,508

(a)Acquisitions/divestitures in 2021 and acquisitions in 2020 primarily reflect our acquisition of BFY Brands.

(b)Acquisitions/divestitures in 2021 primarily reflects assets reclassified as held for sale in connection with our Juice Transaction. See Note 13 for further information.

(c)Acquisitions in 2020 primarily reflects our acquisition of Rockstar. See Note 13 for further information.

(d)Translation and other in 2021 primarily reflects the allocation of the Rockstar brand to the respective divisions, which was finalized in 2021 as part of purchase price allocation.

(e)Translation and other primarily reflects the depreciation of the euro in 2021 and depreciation of the Russian ruble in 2020.

(f)Translation and other in 2021 reflects the allocation of the Rockstar brand from PBNA, which was finalized in 2021 as part of purchase price allocation, partially offset by the depreciation of the euro. Translation and other in 2020 primarily reflects the depreciation of the Russian ruble.

(g)Acquisitions in 2020 primarily reflects our acquisition of Pioneer Foods. See Note 13 for further information.

(h)Acquisitions in 2020 primarily reflects our acquisition of Be & Cheery. See Note 13 for further information.