Intangible Assets

A summary of our amortizable intangible assets is as follows:


	6/14/2025						12/28/2024
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Acquired franchise rights	$	835	$	(236)	$	599	$	821	$	(223)	$	598
Customer relationships (a)	812		(315)		497		565		(279)		286
Brands	1,077		(1,007)		70		1,051		(977)		74
Other identifiable intangibles	431		(286)		145		420		(276)		144
Total	$	3,155	$	(1,844)	$	1,311	$	2,857	$	(1,755)	$	1,102

(a)Increase is primarily related to acquisitions of VNGR Beverage, LLC (poppi) and Garza Food Ventures LLC (Siete). See Note 12 for further information on acquisitions.

The components of indefinite-lived intangible assets are as follows:


	6/14/2025		12/28/2024
Goodwill	$	18,952	$	17,534
Other indefinite-lived intangible assets
Reacquired franchise rights	7,535		7,437
Acquired franchise rights	1,878		1,858
Brands (a)	4,799		4,404
Total indefinite-lived intangible assets	$	33,164	$	31,233

(a)Increase is primarily related to acquisitions of poppi and Siete, partially offset by impairments to the Rockstar and Be & Cheery brands. See Note 12 for further information on acquisitions.

During the 12 weeks ended June 14, 2025, recent business performance in conjunction with lower expectations of future business performance compared to projections, as well as certain other market conditions, indicated a deterioration of the significant inputs used to determine the fair value of our indefinite-lived intangible assets in certain markets and required us to perform a quantitative assessment on certain assets. The fair value of our indefinite-lived intangible assets was estimated using discounted cash flows under the income approach, which we consider to be a Level 3 (significant unobservable inputs) measurement. We determined that the carrying value exceeded the fair value, which reflected our most current estimates of future sales and their contributions to operating profit and expected future cash flows (including perpetuity growth assumptions), as well as an increase in the weighted-average cost of capital. As a result of the quantitative assessment, we recorded pre-tax impairment charges of $1.9 billion ($1.4 billion after-tax or $1.05 per share) in impairment of intangible assets, primarily comprised of the Rockstar brand in our PBNA and EMEA segments. We continuously monitor the performance of all our indefinite-lived intangible assets and will perform our annual impairment assessment during our third quarter; for further information on our policies for indefinite-lived intangible assets, see Note 2 to our consolidated financial statements in our Recast Segment Information.

The change in the book value of goodwill is as follows:


	PFNA		PBNA		IB Franchise		EMEA(b)		LatAm Foods		Asia Pacific Foods		Total
Balance as of December 28, 2024	$	791	$	11,925	$	1,918	$	2,194	$	354	$	352	$	17,534
Acquisitions (a)	625		294		—		—		—		—		919

Translation and other	7		23		2		438		18		11		499
Balance as of June 14, 2025	$	1,423	$	12,242	$	1,920	$	2,632	$	372	$	363	$	18,952

(a)Related to the acquisitions of Siete in our PFNA segment and poppi in our PBNA segment. See Note 12 for further information on acquisitions.

(b)Translation and other primarily reflects the appreciation of the Russian ruble and the euro.