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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 25, 2023 (12 weeks)
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to             
Commission file number 1-1183
https://cdn.kscope.io/de0f4e957360a534e646508827d22302-PepsiCoMega14-300.jpg
PepsiCo, Inc.
(Exact Name of Registrant as Specified in its Charter)
North Carolina13-1584302
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
700 Anderson Hill Road, Purchase, New York 10577
(Address of principal executive offices and Zip Code)
(914) 253-2000
Registrant's telephone number, including area code
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolsName of each exchange on which registered
Common Stock, par value 1-2/3 cents per sharePEPThe Nasdaq Stock Market LLC
0.250% Senior Notes Due 2024PEP24The Nasdaq Stock Market LLC
2.625% Senior Notes Due 2026PEP26The Nasdaq Stock Market LLC
0.750% Senior Notes Due 2027PEP27The Nasdaq Stock Market LLC
0.875% Senior Notes Due 2028PEP28The Nasdaq Stock Market LLC
0.500% Senior Notes Due 2028PEP28aThe Nasdaq Stock Market LLC
3.200% Senior Notes Due 2029PEP29The Nasdaq Stock Market LLC
1.125% Senior Notes Due 2031PEP31The Nasdaq Stock Market LLC
0.400% Senior Notes Due 2032PEP32The Nasdaq Stock Market LLC
0.750% Senior Notes Due 2033PEP33The Nasdaq Stock Market LLC
3.550% Senior Notes Due 2034PEP34The Nasdaq Stock Market LLC
0.875% Senior Notes Due 2039PEP39The Nasdaq Stock Market LLC
1.050% Senior Notes Due 2050PEP50The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   ☒    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   ☒    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  ☒
Number of shares of Common Stock outstanding as of April 18, 2023 was 1,377,693,115.


Table of Contents    

PepsiCo, Inc. and Subsidiaries

Table of Contents
Page No.
Part I Financial Information
Item 1.Condensed Consolidated Financial Statements
Item 2.
Report of Independent Registered Public Accounting Firm
Item 3.
Item 4.
Part II Other Information
Item 1.
Item 1A.
Item 2.
Item 6.

1

Table of Contents    

PART I FINANCIAL INFORMATION
ITEM 1. Condensed Consolidated Financial Statements.

Condensed Consolidated Statement of Income
PepsiCo, Inc. and Subsidiaries
(in millions except per share amounts, unaudited) 
12 Weeks Ended
 3/25/20233/19/2022
Net Revenue$17,846 $16,200 
Cost of sales7,988 7,433 
Gross profit9,858 8,767 
Selling, general and administrative expenses7,229 6,580 
Gain associated with the Juice Transaction (a)
 (3,322)
Impairment of intangible assets (see Notes 1 and 4) 242 
Operating Profit2,629 5,267 
Other pension and retiree medical benefits income61 134 
Net interest expense and other(200)(240)
Income before income taxes2,490 5,161 
Provision for income taxes546 888 
Net income1,944 4,273 
Less: Net income attributable to noncontrolling interests
12 12 
Net Income Attributable to PepsiCo$1,932 $4,261 
Net Income Attributable to PepsiCo per Common Share
Basic$1.40 $3.08 
Diluted$1.40 $3.06 
Weighted-average common shares outstanding
Basic1,378 1,383 
Diluted1,384 1,391 
(a)In the 12 weeks ended March 19, 2022, we sold our Tropicana, Naked and other select juice brands to PAI Partners for $3.5 billion in cash and a 39% noncontrolling interest in a joint venture, Tropicana Brands Group (TBG), operating across North America and Europe (Juice Transaction). See Note 12 for further information.

See accompanying notes to the condensed consolidated financial statements.
2

Table of Contents    

Condensed Consolidated Statement of Comprehensive Income
PepsiCo, Inc. and Subsidiaries
(in millions, unaudited) 
12 Weeks Ended
3/25/20233/19/2022
Net income$1,944 $4,273 
Other comprehensive loss, net of taxes:
Net currency translation adjustment(235)(560)
Net change on cash flow hedges(59)106 
Net pension and retiree medical adjustments(4)13 
Other(1)(4)
(299)(445)
Comprehensive income1,645 3,828 
Less: Comprehensive income attributable to
noncontrolling interests
12 12 
Comprehensive Income Attributable to PepsiCo$1,633 $3,816 
See accompanying notes to the condensed consolidated financial statements.
3

Table of Contents    

Condensed Consolidated Statement of Cash Flows
PepsiCo, Inc. and Subsidiaries
(in millions, unaudited)
 12 Weeks Ended
3/25/20233/19/2022
Operating Activities
Net income$1,944 $4,273 
Depreciation and amortization590 555 
Gain associated with the Juice Transaction (3,322)
Impairment and other (credits)/charges(13)482 
Operating lease right-of-use asset amortization116 103 
Share-based compensation expense93 81 
Restructuring and impairment charges 112 27 
Cash payments for restructuring charges(64)(32)
Acquisition and divestiture-related charges
2 56 
Cash payments for acquisition and divestiture-related charges(4)(17)
Pension and retiree medical plan expense/(income)30 (1)
Pension and retiree medical plan contributions(175)(178)
Deferred income taxes and other tax charges and credits78 257 
Change in assets and liabilities:
Accounts and notes receivable(348)(837)
Inventories(542)(549)
Prepaid expenses and other current assets(288)(190)
Accounts payable and other current liabilities(2,259)(1,238)
Income taxes payable290 489 
Other, net46 (133)
Net Cash Used for Operating Activities(392)(174)
Investing Activities
Capital spending(581)(522)
Sales of property, plant and equipment19 3 
Acquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of intangible and other assets(16)(13)
Proceeds associated with the Juice Transaction
 3,456 
Other divestitures, sales of investments in noncontrolled affiliates and other assets
85 5 
Short-term investments, by original maturity:
More than three months - purchases(158) 
More than three months - maturities100  
Three months or less, net19 22 
Other investing, net 4 
Net Cash (Used for)/Provided by Investing Activities(532)2,955 
    
(Continued on following page)
4

Table of Contents    

Condensed Consolidated Statement of Cash Flows (continued)
PepsiCo, Inc. and Subsidiaries
(in millions, unaudited)
12 Weeks Ended
3/25/20233/19/2022
Financing Activities
Proceeds from issuances of long-term debt$2,986 $ 
Payments of long-term debt(1,251)(1,251)
Short-term borrowings, by original maturity:
More than three months - proceeds393 559 
More than three months - payments(1) 
Three months or less, net491 647 
Cash dividends paid(1,608)(1,505)
Share repurchases - common(160)(193)
Proceeds from exercises of stock options46 49 
Withholding tax payments on restricted stock units (RSUs) and performance stock units (PSUs) converted(116)(85)
Other financing(3)(1)
Net Cash Provided by/(Used for) Financing Activities777 (1,780)
Effect of exchange rate changes on cash and cash equivalents and restricted cash(116)(17)
Net (Decrease)/Increase in Cash and Cash Equivalents and Restricted Cash(263)984 
Cash and Cash Equivalents and Restricted Cash, Beginning of Year5,100 5,707 
Cash and Cash Equivalents and Restricted Cash, End of Period$4,837 $6,691 
Supplemental Non-Cash Activity
Right-of-use assets obtained in exchange for lease obligations$213 $100 
See accompanying notes to the condensed consolidated financial statements.
5

Table of Contents    

Condensed Consolidated Balance Sheet
PepsiCo, Inc. and Subsidiaries
(in millions except per share amounts)
(Unaudited)
3/25/202312/31/2022
ASSETS
Current Assets
Cash and cash equivalents$4,770 $4,954 
Short-term investments434 394 
Accounts and notes receivable, less allowance ($184 and $150, respectively)10,469 10,163 
Inventories:
Raw materials and packaging2,435 2,366 
Work-in-process115 114 
Finished goods3,147 2,742 
5,697 5,222 
Prepaid expenses and other current assets1,057 806 
Total Current Assets22,427 21,539 
Property, plant and equipment50,022 49,784 
Accumulated depreciation(25,794)(25,493)
Property, Plant and Equipment, net24,228 24,291 
Amortizable Intangible Assets, net1,250 1,277 
Goodwill18,089 18,202 
Other Indefinite-Lived Intangible Assets14,273 14,309 
Investments in Noncontrolled Affiliates3,123 3,073 
Deferred Income Taxes4,211 4,204 
Other Assets5,441 5,292 
Total Assets$93,042 $92,187 
LIABILITIES AND EQUITY
Current Liabilities
Short-term debt obligations$4,281 $3,414 
Accounts payable and other current liabilities21,556 23,371 
Total Current Liabilities25,837 26,785 
Long-Term Debt Obligations37,486 35,657 
Deferred Income Taxes4,039 4,133 
Other Liabilities8,505 8,339 
Total Liabilities75,867 74,914 
Commitments and contingencies
PepsiCo Common Shareholders’ Equity
Common stock, par value 12/3¢ per share (authorized 3,600 shares; issued, net of repurchased common stock at par value: 1,378 and 1,377 shares, respectively)
23 23 
Capital in excess of par value3,996 4,134 
Retained earnings68,142 67,800 
Accumulated other comprehensive loss(15,601)(15,302)
Repurchased common stock, in excess of par value (489 and 490 shares, respectively)
(39,518)(39,506)
Total PepsiCo Common Shareholders’ Equity17,042 17,149 
Noncontrolling interests133 124 
Total Equity17,175 17,273 
Total Liabilities and Equity$93,042 $92,187 
See accompanying notes to the condensed consolidated financial statements.
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Condensed Consolidated Statement of Equity
PepsiCo, Inc. and Subsidiaries
(in millions, except per share amounts, unaudited)
12 Weeks Ended
3/25/20233/19/2022
SharesAmountSharesAmount
Common Stock
Balance, beginning of period1,377 $23 1,383 $23 
Change in repurchased common stock1  1  
Balance, end of period1,378 23 1,384 23 
Capital in Excess of Par Value
Balance, beginning of period4,134 4,001 
Share-based compensation expense94 83 
Stock option exercises, RSUs and PSUs converted(116)(106)
Withholding tax on RSUs and PSUs converted(116)(85)
Balance, end of period3,996 3,893 
Retained Earnings
Balance, beginning of period67,800 65,165 
Net income attributable to PepsiCo1,932 4,261 
Cash dividends declared – common (a)
(1,590)(1,492)
Balance, end of period68,142 67,934 
Accumulated Other Comprehensive Loss
Balance, beginning of period(15,302)(14,898)
Other comprehensive loss attributable to PepsiCo(299)(445)
Balance, end of period(15,601)(15,343)
Repurchased Common Stock
Balance, beginning of period(490)(39,506)(484)(38,248)
Share repurchases(1)(174)(1)(213)
Stock option exercises, RSUs and PSUs converted2 162 2 156 
Balance, end of period(489)(39,518)(483)(38,305)
Total PepsiCo Common Shareholders’ Equity17,042 18,202 
Noncontrolling Interests
Balance, beginning of period124 108 
Net income attributable to noncontrolling interest12 12 
Distributions to noncontrolling interests(1) 
Other, net(2)(2)
Balance, end of period133 118 
Total Equity$17,175 $18,320 
(a)Cash dividends declared per common share were $1.15 and $1.075 for the 12 weeks ended March 25, 2023 and March 19, 2022, respectively.

See accompanying notes to the condensed consolidated financial statements.
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Notes to the Condensed Consolidated Financial Statements
Note 1 - Basis of Presentation and Our Divisions
Basis of Presentation
When used in this report, the terms “we,” “us,” “our,” “PepsiCo” and the “Company” mean PepsiCo, Inc. and its consolidated subsidiaries, collectively.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the rules and regulations for reporting the Quarterly Report on Form 10-Q (Form 10-Q). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (2022 Form 10-K). This report should be read in conjunction with our 2022 Form 10-K. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation. The results for the 12 weeks ended March 25, 2023 are not necessarily indicative of the results expected for any future period or the full year.
Raw materials, direct labor and plant overhead, as well as purchasing and receiving costs, costs directly related to production planning, inspection costs and raw materials handling facilities, are included in cost of sales. The costs of moving, storing and delivering finished product, including merchandising activities, are included in selling, general and administrative expenses.
While our financial results in the United States and Canada (North America) are reported on a 12-week basis, all of our international operations are reported on a monthly calendar basis for which the months of January and February are reflected in our results for the 12 weeks ended March 25, 2023 and March 19, 2022.
The preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and related disclosures. Additionally, the business and economic uncertainty resulting from the Russia-Ukraine conflict and the high interest rate and inflationary cost environment has made such estimates and assumptions more difficult to calculate. Accordingly, actual results and outcomes could differ from those estimates.
Our significant interim accounting policies include the recognition of a pro rata share of certain estimated annual sales incentives and certain advertising and marketing costs in proportion to revenue or volume, as applicable, and the recognition of income taxes using an estimated annual effective tax rate.
Unless otherwise noted, tabular dollars are in millions, except per share amounts. All per share amounts reflect common per share amounts, assume dilution unless otherwise noted, and are based on unrounded amounts. Certain reclassifications were made to the prior year’s financial statements to conform to the current year presentation.
Our Divisions
We are organized into seven reportable segments (also referred to as divisions), as follows:
1)Frito-Lay North America (FLNA), which includes our branded convenient food businesses in the United States and Canada;
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2)Quaker Foods North America (QFNA), which includes our branded convenient food businesses, such as cereal, rice, pasta and other branded food, in the United States and Canada;
3)PepsiCo Beverages North America (PBNA), which includes our beverage businesses in the United States and Canada;
4)Latin America (LatAm), which includes all of our beverage and convenient food businesses in Latin America;
5)Europe, which includes all of our beverage and convenient food businesses in Europe;
6)Africa, Middle East and South Asia (AMESA), which includes all of our beverage and convenient food businesses in Africa, the Middle East and South Asia; and
7)Asia Pacific, Australia and New Zealand and China region (APAC), which includes all of our beverage and convenient food businesses in Asia Pacific, Australia and New Zealand, and China region.
Net revenue of each division is as follows:
12 Weeks Ended
3/25/20233/19/2022
FLNA$5,583 $4,839 
QFNA777 713 
PBNA5,798 5,353 
LatAm1,777 1,474 
Europe1,886 1,797 
AMESA1,019 1,004 
APAC1,006 1,020 
Total$17,846 $16,200 
Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following tables reflect the approximate percentage of net revenue generated between our beverage business and our convenient food business for each of our international divisions, as well as our consolidated net revenue:
12 Weeks Ended
3/25/20233/19/2022
Beverages(a)
Convenient Foods
Beverages(a)
Convenient Foods
LatAm10 %90 %10 %90 %
Europe45 %55 %50 %50 %
AMESA30 %70 %30 %70 %
APAC15 %85 %15 %85 %
PepsiCo40 %60 %40 %60 %
(a)Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and Europe divisions, is approximately 35% of our consolidated net revenue in each of the 12 weeks ended March 25, 2023 and March 19, 2022. Generally, our finished goods beverage operations produce higher net revenue but lower operating margin as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages.
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Operating profit of each division is as follows:
12 Weeks Ended
3/25/20233/19/2022
FLNA$1,599 $1,296 
QFNA188 159 
PBNA (a)
483 3,434 
LatAm
364 323 
Europe (a) (b)
71 (136)
AMESA168 180 
APAC227 215 
Total divisions3,100 5,471 
Corporate unallocated expenses(471)(204)
Total$2,629 $5,267 
(a)In the 12 weeks ended March 19, 2022, we recorded a gain of $3,024 million and $298 million in our PBNA and Europe divisions, respectively, associated with the Juice Transaction. The total after-tax amount was $2,870 million or $2.06 per share. See Note 12 for further information.
(b)In the 12 weeks ended March 19, 2022, we recognized impairment and other charges/credits as follows:
(1)Pre-tax charges of $241 million ($241 million after-tax or $0.17 per share), as a result of the Russia-Ukraine conflict, including impairment related to property, plant and equipment, allowance for expected credit losses, inventory write downs and other charges, with $140 million recorded in cost of sales, $100 million recorded in selling, general and administrative expenses and $1 million recorded in impairment of intangible assets.
(2)Pre-tax brand portfolio impairment charges of $241 million ($193 million after-tax or $0.14 per share) in impairment of intangible assets related to the repositioning or discontinuation of certain juice and dairy brands in Russia. See Note 4 for further information. For information on indefinite-lived intangible assets, see Notes 2 and 4 to our consolidated financial statements in our 2022 Form 10-K.
Note 2 - Recently Issued Accounting Pronouncements
Adopted
In September 2022, the Financial Accounting Standards Board issued guidance to enhance the transparency of supplier finance programs to allow financial statement users to understand the effect on working capital, liquidity and cash flows. The new guidance requires disclosure of key terms of the program, including a description of the payment terms, payment timing and assets pledged as security or other forms of guarantees provided to the finance provider or intermediary. Other requirements include the disclosure of the amount that remains unpaid as of the end of the reporting period, a description of where these obligations are presented in the balance sheet and a rollforward of the obligation during the annual period. We adopted the guidance in the first quarter of 2023, except for the rollforward, which is effective in fiscal year 2024 with early adoption permitted. We currently plan to adopt the rollforward guidance when effective. See Note 13 for disclosures currently required under this guidance.
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Note 3 - Restructuring and Impairment Charges
2019 Multi-Year Productivity Plan
We publicly announced a multi-year productivity plan on February 15, 2019 (2019 Productivity Plan) that will leverage new technology and business models to further simplify, harmonize and automate processes; re-engineer our go-to-market and information systems, including deploying the right automation for each market; and simplify our organization and optimize our manufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan, in 2022, we expanded and extended the plan through the end of 2028 to take advantage of additional opportunities within the initiatives described above. As a result, we expect to incur pre-tax charges of approximately $3.65 billion, including cash expenditures of approximately $2.9 billion. These pre-tax charges are expected to consist of approximately 55% of severance and other employee-related costs, 10% for asset impairments (all non-cash) resulting from plant closures and related actions, and 35% for other costs associated with the implementation of our initiatives.
The total plan pre-tax charges are expected to be incurred by division approximately as follows:
FLNAQFNAPBNALatAmEuropeAMESAAPACCorporate
Expected pre-tax charges15 %1 %25 %10 %25 %5 %4 %15 %
A summary of our 2019 Productivity Plan charges is as follows:
12 Weeks Ended
3/25/20233/19/2022
Cost of sales$3 $5 
Selling, general and administrative expenses 110 22 
Other pension and retiree medical benefits income (a)
(1) 
Total restructuring and impairment charges$112 $27 
After-tax amount$98 $21 
Impact on net income attributable to PepsiCo per common share$(0.07)$(0.02)
12 Weeks EndedPlan to Date
3/25/20233/19/2022
through 3/25/2023
FLNA $7 $3 $217 
QFNA  19 
PBNA5 3 231 
LatAm5 6 176 
Europe89 7 432 
AMESA 5 2 87 
APAC1 1 78 
Corporate1 5 230 
113 27 1,470 
Other pension and retiree medical benefits (income)/expense (a)
(1) 97 
Total$112 $27 $1,567 
(a)Income amount represents adjustments for changes in estimates of previously recorded amounts.
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12 Weeks EndedPlan to Date
3/25/20233/19/2022
through 3/25/2023
Severance and other employee costs$92 $11 $899 
Asset impairments  190 
Other costs20 16 478 
Total$112 $27 $1,567 
Severance and other employee costs primarily include severance and other termination benefits, as well as voluntary separation arrangements. Other costs primarily include costs associated with the implementation of our initiatives, including contract termination costs, consulting and other professional fees.
A summary of our 2019 Productivity Plan activity for the 12 weeks ended March 25, 2023 is as follows:
Severance and Other Employee CostsOther CostsTotal
Liability as of December 31, 2022$188 $8 $196 
2023 restructuring charges
92 20 112 
Cash payments(44)(20)(64)
Non-cash charges and translation(4) (4)
Liability as of March 25, 2023$232 $8 $240 
Substantially all of the restructuring accrual at March 25, 2023 is expected to be paid by the end of 2023.
Other Productivity Initiatives
There were no charges related to other productivity and efficiency initiatives outside the scope of the 2019 Productivity Plan.
We regularly evaluate different productivity initiatives beyond the productivity plan and other initiatives described above.
See Notes 1 and 4 for impairment and other charges/credits taken related to the Russia-Ukraine conflict and brand portfolio impairment charges.
Note 4 - Intangible Assets
During the 12 weeks ended March 19, 2022, we repositioned or discontinued certain juice and dairy brands in Russia in our Europe division. As a result, we recognized pre-tax impairment charges (included in brand portfolio impairment charges) of $241 million ($193 million after-tax or $0.14 per share) in impairment of intangible assets, primarily related to indefinite-lived intangible assets. See Note 1 for further information.
For further information on indefinite-lived intangible assets, see Notes 2 and 4 to our consolidated financial statements in our 2022 Form 10-K.
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A summary of our amortizable intangible assets is as follows:
3/25/202312/31/2022
GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Acquired franchise rights
$833 $(202)$631 $837 $(200)$637 
Customer relationships563 (240)323 571 (237)334 
Brands
1,085 (969)116 1,097 (973)124 
Other identifiable intangibles445 (265)180 447 (265)182 
Total$2,926 $(1,676)$1,250 $2,952 $(1,675)$1,277 
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The change in the book value of indefinite-lived intangible assets is as follows:
Balance
12/31/2022
Translation
and Other
Balance
3/25/2023
FLNA
Goodwill$451 $(2)$449 
Brands251  251 
Total702 (2)700 
QFNA
Goodwill189  189 
Total189  189 
PBNA
Goodwill 11,947 (7)11,940 
Reacquired franchise rights7,061 (12)7,049 
Acquired franchise rights1,758 (2)1,756 
Brands2,508 1 2,509 
Total23,274 (20)23,254 
LatAm
Goodwill436 7 443 
Brands75 2 77 
Total511 9 520 
Europe
Goodwill3,646 (56)3,590 
Reacquired franchise rights421 (8)413 
Acquired franchise rights 148 (1)147 
Brands1,664 (1)