Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

A summary of our amortizable intangible assets is as follows:


		2022						2021						2020
	Average Useful Life (Years)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Acquired franchise rights (a)	56 – 60	$	837	$	(200)	$	637	$	976	$	(187)	$	789
Customer relationships	10 – 24	571		(237)		334		623		(227)		396
Brands	20 – 40	1,097		(973)		124		1,151		(989)		162
Other identifiable intangibles	10 – 24	447		(265)		182		451		(260)		191
Total		$	2,952	$	(1,675)	$	1,277	$	3,201	$	(1,663)	$	1,538
Amortization expense						$	78					$	91	$	90

(a)Decrease is primarily due to the write-off of our distribution rights for Bang energy drinks. See Note 1 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 31, 2022 and using average 2022 foreign exchange rates, is expected to be as follows:


	2023		2024		2025		2026		2027
Five-year projected amortization	$	77	$	76	$	74	$	67	$	64

Change in Book Value of Nonamortizable Intangible Assets

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


	Balance, Beginning 2021		Acquisitions/(Divestitures)		Translation and Other		Balance, End of 2021		Acquisitions/(Divestitures)		Impairment		Translation and Other		Balance, End of 2022
FLNA (a)
Goodwill	$	465	$	(8)	$	1	$	458	$	—	$	—	$	(7)	$	451
Brands	340		—		—		340		—		(88)		(1)		251
Total	805		(8)		1		798		—		(88)		(8)		702
QFNA
Goodwill	189		—		—		189		—		—		—		189
Brands	—		—		—		—		—		—		—		—
Total	189		—		—		189		—		—		—		189
PBNA (b)
Goodwill	12,189		(216)		1		11,974		—		—		(27)		11,947
Reacquired franchise rights	7,107		—		—		7,107		—		—		(46)		7,061
Acquired franchise rights	1,536		1		1		1,538		230		—		(10)		1,758
Brands (c)	3,122		(290)		(324)		2,508		—		—		—		2,508
Total	23,954		(505)		(322)		23,127		230		—		(83)		23,274
LatAm
Goodwill	458		—		(25)		433		—		—		3		436
Brands (d)	108		(1)		(7)		100		—		(29)		4		75
Total	566		(1)		(32)		533		—		(29)		7		511
Europe (e)
Goodwill (f)	3,806		(28)		(78)		3,700		—		—		(54)		3,646
Reacquired franchise rights (f)	496		(23)		(32)		441		—		—		(20)		421
Acquired franchise rights (f)	172		—		(14)		158		—		(1)		(9)		148
Brands (g) (h)	4,072		—		182		4,254		—		(2,684)		94		1,664
Total	8,546		(51)		58		8,553		—		(2,685)		11		5,879
AMESA
Goodwill	1,096		(2)		(31)		1,063		14		—		(62)		1,015
Brands (i)	214		—		(9)		205		—		(36)		(13)		156
Total	1,310		(2)		(40)		1,268		14		(36)		(75)		1,171
APAC
Goodwill	554		3		7		564		—		—		(46)		518
Brands (c) (j)	445		—		31		476		—		(172)		(37)		267
Total	999		3		38		1,040		—		(172)		(83)		785

Total goodwill	18,757		(251)		(125)		18,381		14		—		(193)		18,202
Total reacquired franchise rights	7,603		(23)		(32)		7,548		—		—		(66)		7,482
Total acquired franchise rights	1,708		1		(13)		1,696		230		(1)		(19)		1,906
Total brands	8,301		(291)		(127)		7,883		—		(3,009)		47		4,921
Total	$	36,369	$	(564)	$	(297)	$	35,508	$	244	$	(3,010)	$	(231)	$	32,511

(a)Acquisitions/divestitures in 2021 primarily reflect purchase price allocation adjustments related to our acquisition of BFY Brands, Inc. (BFY Brands). Impairment in 2022 is related to a baked fruit convenient food brand.

(b)Acquisitions/divestitures in 2021 primarily reflect assets reclassified as held for sale in connection with our Juice Transaction. See Note 13 for further information. Acquisitions/divestitures in 2022 primarily reflect our agreement with Celsius to distribute Celsius energy drinks in the United States. See Note 9 for further information.

(c)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.

(d)Impairment in 2022 is related to the sale of certain non-strategic brands. See Note 1 for further information.

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

(f)Translation and other primarily reflects the depreciation of the euro in 2021 and the depreciation of British pound and euro, partially offset by appreciation of the Russian ruble in 2022.

(g)Impairment in 2022 is related to the SodaStream brand, the decrease in fair value as a result of the Russia-Ukraine conflict and the discontinuation or repositioning of certain juice and dairy brands in Russia.

(h)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.

(i)Impairment in 2022 is primarily related to certain juice brands from the Pioneer Foods acquisition.

(j)Impairment in 2022 is related to the Be & Cheery brand.