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Intangible Assets | 3 Months Ended
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Mar. 19, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets During the 12 weeks ended March 19, 2022, we discontinued or repositioned certain juice and dairy brands in Russia in our Europe division. As a result, we recognized pre-tax impairment charges (Brand Portfolio Impairment Charges) of $241 million ($193 million after-tax or $0.14 per share) in selling, general and administrative expenses, primarily related to indefinite-lived intangible assets. In light of the current political and economic environment, we will continue to review and analyze our brand portfolio worldwide. For further information on our policies for indefinite-lived intangible assets, refer to Note 2 to our consolidated financial statements in our 2021 Form 10-K. A summary of our amortizable intangible assets is as follows:
|  | 3/19/2022 |  | 12/25/2021
|  | Gross |  | Accumulated Amortization |  | Net |  | Gross |  | Accumulated Amortization |  | Net
Acquired franchise rights (a) |  | $ | 975 |  |  | $ | (189) |  |  | $ | 786 |  |  | $ | 976 |  |  | $ | (187) |  |  | $ | 789 |
Customer relationships |  | 608 |  |  | (222) |  |  | 386 |  |  | 623 |  |  | (227) |  |  | 396 |
Brands |  | 1,120 |  |  | (984) |  |  | 136 |  |  | 1,151 |  |  | (989) |  |  | 162 |
Other identifiable intangibles |  | 450 |  |  | (261) |  |  | 189 |  |  | 451 |  |  | (260) |  |  | 191 |
Total |  | $ | 3,153 |  |  | $ | (1,656) |  |  | $ | 1,497 |  |  | $ | 3,201 |  |  | $ | (1,663) |  |  | $ | 1,538 |
(a)Acquired franchise rights includes our distribution agreement with Vital Pharmaceuticals, Inc., with an expected residual value higher than our carrying value. In the fourth quarter of 2020, we received notice of termination without cause, which would end our distribution rights, effective in the fourth quarter of 2023. The distribution agreement’s useful life is three years, in accordance with the three-year termination notice issued. The change in the book value of indefinite-lived intangible assets is as follows:
| Balance 12/25/2021 |  |  |  | Translation and Other |  | Balance 3/19/2022
FLNA |  |  |  |  |  |  |
Goodwill | $ | 458 |  |  |  |  | $ | 2 |  |  | $ | 460 |
Brands | 340 |  |  |  |  | — |  |  | 340 |
Total | 798 |  |  |  |  | 2 |  |  | 800 |
QFNA |  |  |  |  |  |  |
Goodwill | 189 |  |  |  |  | — |  |  | 189 |
Total | 189 |  |  |  |  | — |  |  | 189 |
PBNA |  |  |  |  |  |  |
Goodwill | 11,974 |  |  |  |  | 6 |  |  | 11,980 |
Reacquired franchise rights | 7,107 |  |  |  |  | 13 |  |  | 7,120 |
Acquired franchise rights | 1,538 |  |  |  |  | 2 |  |  | 1,540 |
Brands | 2,508 |  |  |  |  | — |  |  | 2,508 |
Total | 23,127 |  |  |  |  | 21 |  |  | 23,148 |
LatAm |  |  |  |  |  |  |
Goodwill | 433 |  |  |  |  | 15 |  |  | 448 |
Brands | 100 |  |  |  |  | 5 |  |  | 105 |
Total | 533 |  |  |  |  | 20 |  |  | 553 |
Europe (a) |  |  |  |  |  |  |
Goodwill | 3,700 |  |  |  |  | (308) |  |  | 3,392 |
Reacquired franchise rights | 441 |  |  |  |  | (36) |  |  | 405 |
Acquired franchise rights | 158 |  |  |  |  | (2) |  |  | 156 |
Brands | 4,254 |  |  |  |  | (513) |  |  | 3,741 |
Total | 8,553 |  |  |  |  | (859) |  |  | 7,694 |
AMESA |  |  |  |  |  |  |
Goodwill | 1,063 |  |  |  |  | 16 |  |  | 1,079 |
Brands | 205 |  |  |  |  | 6 |  |  | 211 |
Total | 1,268 |  |  |  |  | 22 |  |  | 1,290 |
APAC |  |  |  |  |  |  |
Goodwill | 564 |  |  |  |  | — |  |  | 564 |
Brands | 476 |  |  |  |  | 1 |  |  | 477 |
Total | 1,040 |  |  |  |  | 1 |  |  | 1,041 |
Total goodwill | 18,381 |  |  |  |  | (269) |  |  | 18,112 |
Total reacquired franchise rights | 7,548 |  |  |  |  | (23) |  |  | 7,525 |
Total acquired franchise rights | 1,696 |  |  |  |  | — |  |  | 1,696 |
Total brands | 7,883 |  |  |  |  | (501) |  |  | 7,382 |
Total | $ | 35,508 |  |  |  |  | $ | (793) |  |  | $ | 34,715 |
(a)The change in translation and other primarily represents the depreciation of the Russian ruble and the Brand Portfolio Impairment Charges.

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