Document and Entity Information
Document and Entity Information - shares | 8 Months Ended | |
Sep. 07, 2019 | Sep. 26, 2019 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 7, 2019 | |
Entity File Number | 1-1183 | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Registrant Name | PepsiCo, Inc. | |
Entity Incorporation, State or Country Code | NC | |
Entity Address, City or Town | Purchase | |
Entity Address, State or Province | NY | |
Entity Tax Identification Number | 13-1584302 | |
Entity Address, Address Line One | 700 Anderson Hill Road | |
Entity Address, Postal Zip Code | 10577 | |
City Area Code | 914 | |
Local Phone Number | 253-2000 | |
Entity Common Stock, Shares Outstanding | 1,394,435,338 | |
Entity Central Index Key | 0000077476 | |
Current Fiscal Year End Date | --12-28 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
One Point One Two Five Percent Notes Due 2031 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 1.125% Senior Notes Due 2031 | |
Trading Symbol | PEP31 | |
Name of Exchange on which Security is Registered | NASDAQ | |
Zero Point Seven Five Percent Notes Due 2027 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.750% Senior Notes Due 2027 | |
Trading Symbol | PEP27 | |
Name of Exchange on which Security is Registered | NASDAQ | |
Zero Point Eight Seven Five Percent Notes Due 2028 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.875% Senior Notes Due 2028 | |
Trading Symbol | PEP28 | |
Name of Exchange on which Security is Registered | NASDAQ | |
Two Point Six Two Five Percent Notes Due 2026 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 2.625% Senior Notes Due 2026 | |
Trading Symbol | PEP26 | |
Name of Exchange on which Security is Registered | NASDAQ | |
One Point Seven Five Percent Notes Due 2021 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 1.750% Senior Notes Due 2021 | |
Trading Symbol | PEP21a | |
Name of Exchange on which Security is Registered | NASDAQ | |
Two Point Five Percent Notes Due 2022 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 2.500% Senior Notes Due 2022 | |
Trading Symbol | PEP22a | |
Name of Exchange on which Security is Registered | NASDAQ | |
Common stock, par value 1-2/3 cents per share [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value 1-2/3 cents per share | |
Trading Symbol | PEP | |
Name of Exchange on which Security is Registered | NASDAQ |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 07, 2019 | Sep. 08, 2018 | Sep. 07, 2019 | Sep. 08, 2018 | |
Income Statement [Abstract] | ||||
Net Revenue | $ 17,188 | $ 16,485 | $ 46,521 | $ 45,137 |
Cost of sales | 7,694 | 7,527 | 20,786 | 20,445 |
Gross profit | 9,494 | 8,958 | 25,735 | 24,692 |
Selling, general and administrative expenses | 6,639 | 6,114 | 18,143 | 17,013 |
Operating Profit | 2,855 | 2,844 | 7,592 | 7,679 |
Other pension and retiree medical benefits income | 38 | 74 | 163 | 231 |
Interest expense | (262) | (302) | (790) | (904) |
Interest income and other | 38 | 81 | 139 | 248 |
Income before income taxes | 2,669 | 2,697 | 7,104 | 7,254 |
Provision for income taxes | 559 | 188 | 1,529 | 1,562 |
Net income | 2,110 | 2,509 | 5,575 | 5,692 |
Less: Net income attributable to noncontrolling interests | 10 | 11 | 27 | 31 |
Net Income Attributable to PepsiCo | $ 2,100 | $ 2,498 | $ 5,548 | $ 5,661 |
Earnings Per Share [Abstract] | ||||
Earnings Per Share, Basic | $ 1.50 | $ 1.77 | $ 3.96 | $ 3.99 |
Earnings Per Share, Diluted | $ 1.49 | $ 1.75 | $ 3.94 | $ 3.97 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 1,397 | 1,414 | 1,401 | 1,417 |
Weighted Average Number of Shares Outstanding, Diluted | 1,405 | 1,424 | 1,409 | 1,427 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 07, 2019 | Sep. 08, 2018 | Sep. 07, 2019 | Sep. 08, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,110 | $ 2,509 | $ 5,575 | $ 5,692 |
Other Comprehensive Income | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (159) | (728) | (51) | (1,409) |
Cash flow hedges: | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (38) | (1) | (71) | 75 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 56 | 54 | 115 | 134 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | (1) | 2 | 0 | 4 |
Other Comprehensive Income (Loss), Net of Tax | (142) | (673) | (7) | (1,196) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1,968 | 1,836 | 5,568 | 4,496 |
Comprehensive income attributable to noncontrolling interests | (10) | (11) | (27) | (31) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 1,958 | $ 1,825 | $ 5,541 | $ 4,465 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 8 Months Ended | |
Sep. 07, 2019 | Sep. 08, 2018 | |
Operating Activities | ||
Net income | $ 5,575 | $ 5,692 |
Depreciation and amortization | 1,634 | 1,636 |
Share-based compensation expense | 169 | 203 |
Restructuring and impairment charges | 282 | 79 |
Cash payments for restructuring charges | (248) | (179) |
Pension and retiree medical plan expenses | 165 | 147 |
Pension and retiree medical plan contributions | (391) | (1,664) |
Deferred income taxes and other tax charges and credits | 195 | (609) |
Tax (benefits)/net tax expense related to the Tax Cuts and Jobs Act (TCJ Act) | (29) | 854 |
Tax payments related to the TCJ Act | (393) | (41) |
Change in assets and liabilities [Abstract] | ||
Accounts and notes receivable | (1,716) | (1,299) |
Inventories | (573) | (362) |
Prepaid expenses and other current assets | (264) | (158) |
Accounts payable and other current liabilities | 80 | 116 |
Income taxes payable | 347 | 674 |
Other, net | 230 | (357) |
Net Cash Provided by (Used in) Operating Activities | 5,063 | 4,732 |
Investing Activities | ||
Capital spending | (1,959) | (1,578) |
Sales of property, plant and equipment | 63 | 119 |
Acquisition of SodaStream, net of cash and cash equivalents acquired | (1,905) | 0 |
Acquisitions and investments in noncontrolled affiliates | (723) | (253) |
Divestitures | 253 | 294 |
Short-term investments, by original maturity [Abstract] | ||
More than three months - purchases | 0 | (5,637) |
More than three months - maturities | 8 | 11,874 |
More than three months - sales | 3 | 772 |
Three months or less, net | 13 | 7 |
Other investing, net | (38) | 0 |
Net Cash Provided by (Used in) Investing Activities | (4,285) | 5,598 |
Financing Activities | ||
Proceeds from Issuance of Long-term Debt | 3,098 | 0 |
Payments of long-term debt | (2,954) | (2,506) |
Short-term borrowings, by original maturity | ||
More than three months - proceeds | 6 | 2 |
More than three months - payments | 0 | (17) |
Three months or less, net | 94 | (1,384) |
Cash dividends paid | (3,971) | (3,621) |
Share repurchases - common | (2,268) | (1,442) |
Share repurchases - preferred | 0 | (2) |
Proceeds from exercises of stock options | 282 | 215 |
Withholding tax payments on RSUs, PSUs and PEPunits converted | (100) | (93) |
Other financing | (16) | (23) |
Net Cash Provided by/(Used for) Financing Activities | (5,829) | (8,871) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (11) | (73) |
Cash and Cash Equivalents and Restricted Cash, Period Increase (Decrease) | (5,062) | 1,386 |
Cash and Cash Equivalents and Restricted Cash, Beginning of Year | 10,769 | 10,657 |
Cash and Cash Equivalents and Restricted Cash, End of Period | $ 5,707 | $ 12,043 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Sep. 07, 2019 | Dec. 29, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 5,494 | $ 8,721 |
Short-term investments | 287 | 272 |
Restricted Cash, Current | 127 | 1,997 |
Accounts and notes receivable, less allowance: 9/19 - $114 and 12/18 - $101 | 8,735 | 7,142 |
Inventories | ||
Raw materials and packaging | 1,509 | 1,312 |
Work-in-process | 316 | 178 |
Finished goods | 1,842 | 1,638 |
Inventory, Net, Total | 3,667 | 3,128 |
Prepaid expenses and other current assets | 888 | 633 |
Total Current Assets | 19,198 | 21,893 |
Property, Plant and Equipment | 40,645 | 40,164 |
Accumulated Depreciation | (23,059) | (22,575) |
Property, Plant and Equipment, Net, Total | 17,586 | 17,589 |
Amortizable Intangible Assets, net | 1,437 | 1,644 |
Goodwill | 15,338 | 14,808 |
Other Indefinite-Lived Intangible Assets | 14,375 | 14,181 |
Indefinite-Lived Intangible Assets | 29,713 | 28,989 |
Investments in Noncontrolled Affiliates | 2,690 | 2,409 |
Deferred Income Taxes | 4,340 | 4,364 |
Other Assets | 2,480 | 760 |
Total Assets | 77,444 | 77,648 |
Current Liabilities | ||
Short-term debt obligations | 2,924 | 4,026 |
Accounts payable and other current liabilities | 17,207 | 18,112 |
Total Current Liabilities | 20,131 | 22,138 |
Long-term Debt Obligations | 29,630 | 28,295 |
Deferred Income Taxes | 3,643 | 3,499 |
Other Liabilities | 9,816 | 9,114 |
Total Liabilities | 63,220 | 63,046 |
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: 1,396 and 1,409 shares, respectively) | 23 | 23 |
Capital in excess of par value | 3,842 | 3,953 |
Retained earnings | 61,514 | 59,947 |
Accumulated other comprehensive loss | (15,126) | (15,119) |
Repurchased common stock, in excess of par value (471 and 458 shares, respectively) | (36,124) | (34,286) |
Total PepsiCo Common Shareholders’ Equity | 14,129 | 14,518 |
Stockholders' Equity Attributable to Noncontrolling Interest | 95 | 84 |
Total Equity | 14,224 | 14,602 |
Total Liabilities and Equity | $ 77,444 | $ 77,648 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 07, 2019 | Dec. 29, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, allowance | $ 114 | $ 101 |
Common stock, Par value | $ 0.0167 | $ 0.0167 |
Common stock, Authorized | 3,600 | 3,600 |
Common stock, Issued | 1,396 | 1,409 |
Repurchased common stock, shares | 471 | 458 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock | Preferred StockRedeemable Preferred Stock [Member] | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Repurchased Common Stock | Total Common Shareholder's Equity | Noncontrolling Interests |
Preferred Stock, Shares Issued | 0.8 | (0.7) | ||||||||
Preferred Stock, Value, Issued | $ 41 | $ (197) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity Attributable to Parent | $ 24 | $ 3,996 | $ 52,839 | $ (13,057) | $ (32,757) | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (145) | |||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 92 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 2.66 | |||||||||
Conversion of Stock, Shares Converted | (0.1) | |||||||||
Retirement of preferred stock | (0.7) | (0.7) | ||||||||
Convertible Preferred Stock Converted to Other Securities | $ (6) | $ 0 | 6 | |||||||
Retirement of preferred stock, value | $ (35) | $ (199) | (164) | |||||||
Redemptions, shares | 0 | |||||||||
Redemptions | $ (2) | |||||||||
Balance, beginning of year, shares at Dec. 30, 2017 | 1,420 | |||||||||
Balance, end of year, shares at Sep. 08, 2018 | 1,412 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Share-based compensation expense | 204 | |||||||||
Stock option exercises, RSUs, PSUs and PEPunits converted | (172) | $ (381) | ||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (93) | |||||||||
Other | (2) | |||||||||
Shares issued, beginning of year at Dec. 30, 2017 | (446) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock Repurchased During Period, Shares | (9) | (14) | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | |||||||||
Stock Repurchased During Period, Value | $ (1,453) | |||||||||
Stock option exercises, shares | 5 | |||||||||
Other (in shares) | 0 | |||||||||
Other | $ 1 | 0 | ||||||||
Net income attributable to PepsiCo | $ 5,661 | 5,661 | ||||||||
Cash dividends declared - common | (3,787) | |||||||||
Shares issued, end of period at Sep. 08, 2018 | (455) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Less: Net income attributable to noncontrolling interests | $ 31 | 31 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,196) | |||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1 | |||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (20) | |||||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | ||||||||
Stockholders' Equity Attributable to Parent | $ 24 | 3,915 | 53,223 | (13,580) | $ (33,471) | $ 10,286 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | |||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 110 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.9275 | |||||||||
Conversion of Stock, Shares Converted | 0 | |||||||||
Retirement of preferred stock | 0 | 0 | ||||||||
Convertible Preferred Stock Converted to Other Securities | $ 0 | $ 0 | 0 | |||||||
Retirement of preferred stock, value | $ 0 | $ 0 | 0 | |||||||
Redemptions, shares | 0 | |||||||||
Redemptions | $ 0 | |||||||||
Balance, beginning of year, shares at Jun. 16, 2018 | 1,415 | |||||||||
Balance, end of year, shares at Sep. 08, 2018 | 1,412 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Share-based compensation expense | 56 | |||||||||
Stock option exercises, RSUs, PSUs and PEPunits converted | (22) | $ (92) | ||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (11) | |||||||||
Other | 1 | |||||||||
Shares issued, beginning of year at Jun. 16, 2018 | (452) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock Repurchased During Period, Shares | (3) | (4) | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | |||||||||
Stock Repurchased During Period, Value | $ (449) | |||||||||
Stock option exercises, shares | 1 | |||||||||
Other (in shares) | 0 | |||||||||
Other | $ 0 | 2 | ||||||||
Net income attributable to PepsiCo | $ 2,498 | 2,498 | ||||||||
Cash dividends declared - common | (1,317) | |||||||||
Shares issued, end of period at Sep. 08, 2018 | (455) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Less: Net income attributable to noncontrolling interests | 11 | 11 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (673) | |||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | |||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (20) | |||||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | ||||||||
Stockholders' Equity Attributable to Parent | $ 24 | 3,939 | 54,404 | (14,253) | $ (33,828) | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 103 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10,389 | |||||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | ||||||||
Stockholders' Equity Attributable to Parent | 14,518 | 23 | 3,953 | 59,947 | (15,119) | (34,286) | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 8 | |||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 84 | 84 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 14,602 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 2.8375 | |||||||||
Conversion of Stock, Shares Converted | 0 | |||||||||
Retirement of preferred stock | 0 | 0 | ||||||||
Convertible Preferred Stock Converted to Other Securities | $ 0 | $ 0 | 0 | |||||||
Retirement of preferred stock, value | $ 0 | $ 0 | 0 | |||||||
Redemptions, shares | 0 | |||||||||
Redemptions | $ 0 | |||||||||
Balance, beginning of year, shares at Dec. 29, 2018 | 1,409 | |||||||||
Balance, end of year, shares at Sep. 07, 2019 | 1,396 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Share-based compensation expense | 170 | |||||||||
Stock option exercises, RSUs, PSUs and PEPunits converted | (181) | $ (463) | ||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (100) | |||||||||
Other | 0 | |||||||||
Shares issued, beginning of year at Dec. 29, 2018 | (458) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock Repurchased During Period, Shares | (13) | (19) | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | |||||||||
Stock Repurchased During Period, Value | $ (2,301) | |||||||||
Stock option exercises, shares | 6 | |||||||||
Other (in shares) | 0 | |||||||||
Other | $ 0 | (1) | ||||||||
Net income attributable to PepsiCo | $ 5,548 | 5,548 | ||||||||
Cash dividends declared - common | (3,989) | |||||||||
Shares issued, end of period at Sep. 07, 2019 | (471) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Less: Net income attributable to noncontrolling interests | $ 27 | 27 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (7) | |||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | |||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (15) | |||||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | ||||||||
Stockholders' Equity Attributable to Parent | $ 23 | 3,796 | 60,752 | (14,984) | $ (35,635) | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | |||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 85 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.955 | |||||||||
Conversion of Stock, Shares Converted | 0 | |||||||||
Retirement of preferred stock | 0 | 0 | ||||||||
Convertible Preferred Stock Converted to Other Securities | $ 0 | $ 0 | 0 | |||||||
Retirement of preferred stock, value | $ 0 | $ 0 | 0 | |||||||
Redemptions, shares | 0 | |||||||||
Redemptions | $ 0 | |||||||||
Balance, beginning of year, shares at Jun. 15, 2019 | 1,399 | |||||||||
Balance, end of year, shares at Sep. 07, 2019 | 1,396 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Share-based compensation expense | 51 | |||||||||
Stock option exercises, RSUs, PSUs and PEPunits converted | (5) | $ (62) | ||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 0 | |||||||||
Other | 0 | |||||||||
Shares issued, beginning of year at Jun. 15, 2019 | (468) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock Repurchased During Period, Shares | (3) | (4) | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | |||||||||
Stock Repurchased During Period, Value | $ (551) | |||||||||
Stock option exercises, shares | 1 | |||||||||
Other (in shares) | 0 | |||||||||
Other | $ 0 | 0 | ||||||||
Net income attributable to PepsiCo | $ 2,100 | 2,100 | ||||||||
Cash dividends declared - common | (1,338) | |||||||||
Shares issued, end of period at Sep. 07, 2019 | (471) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Less: Net income attributable to noncontrolling interests | 10 | 10 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (142) | |||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | |||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | |||||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | ||||||||
Stockholders' Equity Attributable to Parent | 14,129 | $ 23 | $ 3,842 | $ 61,514 | $ (15,126) | $ (36,124) | $ 14,129 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 95 | $ 95 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 14,224 |
Basis of Presentation and Our D
Basis of Presentation and Our Divisions Basis of Presentation and Our Divisions (Notes) | 8 Months Ended |
Sep. 07, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 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. Our Condensed Consolidated Balance Sheet as of September 7, 2019 , Condensed Consolidated Statements of Income, Comprehensive Income and Equity for the 12 and 36 weeks ended September 7, 2019 and September 8, 2018 and the Condensed Consolidated Statement of Cash Flows for the 36 weeks ended September 7, 2019 and September 8, 2018 have not been audited. These 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 29, 2018 ( 2018 Form 10-K), as modified to reflect the adoption of those recently issued accounting pronouncements disclosed in Note 2 in this Form 10-Q. This report should be read in conjunction with our 2018 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 and 36 weeks ended September 7, 2019 are not necessarily indicative of the results expected for any future period or the full year. While our financial results in the United States and Canada (North America) are reported on a 12-week basis, substantially all of our international operations report on a monthly calendar basis for which the months of June, July and August are reflected in our results for the 12 weeks ended September 7, 2019 , and the months of January through August are reflected in our results for the 36 weeks ended September 7, 2019 . 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. 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. The following information is unaudited. 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 six reportable segments (also referred to as divisions), as follows: 1) Frito-Lay North America (FLNA), which includes our branded food and snack businesses in the United States and Canada; 2) Quaker Foods North America (QFNA), which includes our cereal, rice, pasta and other branded food businesses in the United States and Canada; 3) PepsiCo Beverages North America (PBNA), which includes our beverage businesses in the United States and Canada. PBNA was formerly named North America Beverages; this change did not impact the results of PBNA or our other reportable segments; 4) Latin America (LatAm), which includes all of our beverage, food and snack businesses in Latin America; 5) Europe Sub-Saharan Africa (ESSA), which includes all of our beverage, food and snack businesses in Europe and Sub-Saharan Africa; and 6) Asia, Middle East and North Africa (AMENA), which includes all of our beverage, food and snack businesses in Asia, the Middle East and North Africa. Net revenue and operating profit of each division are as follows: 12 Weeks Ended 36 Weeks Ended Net Revenue (a) 9/7/2019 9/8/2018 9/7/2019 9/8/2018 FLNA $ 4,105 $ 3,891 $ 11,930 $ 11,345 QFNA 576 567 1,710 1,695 PBNA 5,643 5,456 15,475 15,064 LatAm 1,904 1,868 5,031 4,935 ESSA 3,347 3,161 8,173 7,945 AMENA 1,613 1,542 4,202 4,153 Total $ 17,188 $ 16,485 $ 46,521 $ 45,137 (a) Our primary performance obligation is the distribution and sales of beverage products and food and snack products to our customers, each comprising approximately 50% of our consolidated net revenue. Internationally, our LatAm segment is predominantly a food and snack business, ESSA’s beverage business and food and snack business are each approximately 50% of the segment’s net revenue and AMENA’s beverage business and food and snack business are approximately 35% and 65% , respectively, of the segment’s net revenue. Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and ESSA segments, is approximately 40% of our consolidated net revenue. Generally, our finished goods beverage operations produce higher net revenue, but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages. 12 Weeks Ended 36 Weeks Ended Operating Profit 9/7/2019 9/8/2018 9/7/2019 9/8/2018 FLNA $ 1,286 $ 1,241 $ 3,694 $ 3,491 QFNA 126 143 391 443 PBNA 640 703 1,719 1,838 LatAm 277 284 785 742 ESSA 474 439 965 995 AMENA (a) 357 311 883 994 Total division $ 3,160 $ 3,121 $ 8,437 $ 8,503 Corporate unallocated expenses (305 ) (277 ) (845 ) (824 ) Total $ 2,855 $ 2,844 $ 7,592 $ 7,679 (a) Operating profit for AMENA for the 36 weeks ended September 8, 2018 includes a gain of $144 million associated with refranchising a portion of our beverage business in Thailand. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements (Notes) | 8 Months Ended |
Sep. 07, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Pronouncements Adopted In 2018, the Financial Accounting Standards Board (FASB) issued guidance related to the TCJ Act for the optional reclassification of the residual tax effects, arising from the change in corporate tax rate, in accumulated other comprehensive loss to retained earnings. The reclassification is the difference between the amount previously recorded in other comprehensive income at the historical U.S. federal tax rate that remains in accumulated other comprehensive loss at the time the TCJ Act was effective and the amount that would have been recorded using the newly enacted rate. This guidance became effective during the first quarter of 2019; however, we did not elect to make the optional reclassification. In 2017, the FASB issued guidance to amend and simplify the application of hedge accounting guidance to better portray the economic results of risk management activities in the financial statements. The guidance expands the ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk, eliminates the requirement to separately measure and report hedge ineffectiveness, as well as eases certain hedge effectiveness assessment requirements. Under this guidance, certain of our derivatives used to hedge commodity price risk that did not previously qualify for hedge accounting treatment can now qualify prospectively. We adopted this guidance during the first quarter of 2019; the adoption did not have a material impact on our financial statements or disclosures. See Note 9 for further information. In 2016, the FASB issued guidance on leases, with amendments issued in 2018. The guidance requires lessees to recognize most leases on the balance sheet but does not change the manner in which expenses are recorded in the income statement. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. The two permitted transition methods under the guidance are the modified retrospective transition approach, which requires application of the guidance for all comparative periods presented, and the cumulative effect adjustment approach, which requires prospective application at the adoption date. We utilized a comprehensive approach to assess the impact of this guidance on our financial statements and related disclosures, including the increase in the assets and liabilities on our balance sheet and the impact on our current lease portfolio from both a lessor and lessee perspective. We completed our comprehensive review of our lease portfolio, including significant leases by geography and by asset type that were impacted by the new guidance, and enhanced our controls. In addition, we implemented a new software platform, and corresponding controls, for administering our leases and facilitating compliance with the new guidance. We adopted the guidance prospectively during the first quarter of 2019. As part of our adoption, we elected not to reassess historical lease classification, recognize short-term leases on our balance sheet, nor separate lease and non-lease components for our real estate leases. In addition, we utilized the portfolio approach to group leases with similar characteristics and did not use hindsight to determine lease term. The adoption did not have a material impact on our financial statements, resulting in an increase of 2% to each of our total assets and total liabilities on our balance sheet, and had an immaterial increase to retained earnings as of the beginning of 2019. See Note 13 for further information. Not Yet Adopted In 2016, the FASB issued guidance that changes the impairment model used to measure credit losses for most financial assets. For our trade, certain other receivables and certain other financial instruments, we will be required to use a new forward-looking expected credit loss model that will replace the existing incurred credit loss model, which would generally result in earlier recognition of allowances for credit losses. We will adopt the guidance when it becomes effective in the first quarter of 2020. We are currently evaluating the impact of this guidance and do not expect it will have a material impact on our financial statements or disclosures. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges Restructuring and Impairment Charges (Notes) | 8 Months Ended |
Sep. 07, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 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. A summary of our 2019 Productivity Plan charges is as follows: 9/7/2019 12 Weeks Ended 36 Weeks Ended Cost of sales $ 10 $ 100 Selling, general and administrative expenses 83 182 Other pension and retiree medical benefits expense 5 — Total restructuring and impairment charges $ 98 $ 282 After-tax amount $ 82 $ 225 Net income attributable to PepsiCo per common share $ 0.06 $ 0.16 9/7/2019 12 Weeks Ended 36 Weeks Ended Plan to Date FLNA $ 16 $ 22 $ 53 QFNA 2 2 7 PBNA 26 42 82 LatAm 22 43 52 ESSA 14 73 81 AMENA 10 63 66 Corporate 3 37 44 93 282 385 Other pension and retiree medical benefits expense 5 — 35 $ 98 $ 282 $ 420 9/7/2019 12 Weeks Ended 36 Weeks Ended Plan to Date Severance and other employee costs $ 65 $ 105 $ 242 Asset impairments 3 87 87 Other costs (a) 30 90 91 $ 98 $ 282 $ 420 (a) Includes other 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 36 weeks ended September 7, 2019 is as follows: Severance and Other Employee Costs Asset Impairments Other Costs Total Liability as of December 29, 2018 $ 105 $ — $ 1 $ 106 2019 restructuring charges 105 87 90 282 Cash payments (a) (88 ) — (45 ) (133 ) Non-cash charges and translation (5 ) (87 ) 1 (91 ) Liability as of September 7, 2019 $ 117 $ — $ 47 $ 164 (a) Excludes cash expenditures of $3 million reported in the cash flow statement in pension and retiree medical contributions. The majority of the restructuring accrual at September 7, 2019 is expected to be paid by the end of 2019 . 2014 Multi-Year Productivity Plan We publicly announced a multi-year productivity plan on February 13, 2014 (2014 Productivity Plan) that includes the next generation of productivity initiatives that we believe will strengthen our beverage, food and snack businesses by: accelerating our investment in manufacturing automation; further optimizing our global manufacturing footprint, including closing certain manufacturing facilities; re-engineering our go-to- market systems in developed markets; expanding shared services; and implementing simplified organization structures to drive efficiency. To build on the 2014 Productivity Plan, in the fourth quarter of 2017, we expanded and extended the plan through the end of 2019 to take advantage of additional opportunities within the initiatives described above to further strengthen our beverage, food and snack businesses. We have substantially completed our 2014 Productivity Plan and do not expect to incur material charges in 2019 associated with this plan. The pre-tax charges and cash expenditures approximate the original total plan estimates of $1.3 billion and $960 million , respectively. For the 12 and 36 weeks ended September 7, 2019 , there were no material charges related to this plan. Cash payments for the 36 weeks ended September 7, 2019 were $115 million . The accrual related to this plan as of September 7, 2019 is not material and the majority is expected to be paid by the end of 2019 . For further information, refer to Note 3 to our consolidated financial statements in our 2018 Form 10-K. A summary of our 2014 Productivity Plan charges is as follows: 9/8/2018 12 Weeks Ended 36 Weeks Ended Selling, general and administrative expenses $ 35 $ 75 Other pension and retiree medical benefits expense — 4 Total restructuring and impairment charges $ 35 $ 79 After-tax amount $ 31 $ 66 Net income attributable to PepsiCo per common share $ 0.02 $ 0.05 9/8/2018 12 Weeks Ended 36 Weeks Ended FLNA (a) $ (3 ) $ 6 QFNA — 1 PBNA 13 25 LatAm 6 18 ESSA 17 25 AMENA 2 6 Corporate (a) — (2 ) $ 35 $ 79 (a) Income amounts represent adjustments for changes in estimates of previously recorded amounts. 9/8/2018 12 Weeks Ended 36 Weeks Ended Severance and other employee costs $ 24 $ 48 Asset impairments 3 11 Other costs 8 20 $ 35 $ 79 Other Productivity Initiatives There were no material charges related to other productivity and efficiency initiatives outside the scope of the 2019 and 2014 Productivity Plans. |
Intangible Assets
Intangible Assets | 8 Months Ended |
Sep. 07, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets A summary of our amortizable intangible assets is as follows: 9/7/2019 12/29/2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Acquired franchise rights $ 844 $ (152 ) $ 692 $ 838 $ (140 ) $ 698 Reacquired franchise rights 106 (105 ) 1 106 (105 ) 1 Brands 1,300 (1,047 ) 253 1,306 (1,032 ) 274 Other identifiable intangibles (a) 800 (309 ) 491 959 (288 ) 671 $ 3,050 $ (1,613 ) $ 1,437 $ 3,209 $ (1,565 ) $ 1,644 (a) The change from December 29, 2018 to September 7, 2019 primarily reflects revisions to the purchase price allocation for our acquisition of SodaStream. The change in the book value of indefinite-lived intangible assets is as follows: Balance 12/29/2018 Acquisitions/ Translation Balance 9/7/2019 FLNA Goodwill $ 297 $ (3 ) $ 4 $ 298 Brands 161 — 1 162 458 (3 ) 5 460 QFNA Goodwill 184 10 — 194 Brands 25 (14 ) — 11 209 (4 ) — 205 PBNA (a) Goodwill 9,813 134 14 9,961 Reacquired franchise rights 7,058 — 24 7,082 Acquired franchise rights 1,510 — 5 1,515 Brands 353 322 (7 ) 668 18,734 456 36 19,226 LatAm Goodwill 509 — (17 ) 492 Brands 127 — (6 ) 121 636 — (23 ) 613 ESSA (b) Goodwill 3,611 395 16 4,022 Reacquired franchise rights 497 — (11 ) 486 Acquired franchise rights 161 — (6 ) 155 Brands 4,188 (149 ) 40 4,079 8,457 246 39 8,742 AMENA Goodwill 394 (4 ) (19 ) 371 Brands 101 — (5 ) 96 495 (4 ) (24 ) 467 Total goodwill 14,808 532 (2 ) 15,338 Total reacquired franchise rights 7,555 — 13 7,568 Total acquired franchise rights 1,671 — (1 ) 1,670 Total brands 4,955 159 23 5,137 $ 28,989 $ 691 $ 33 $ 29,713 (a) The change from December 29, 2018 to September 7, 2019 primarily reflects our acquisition of CytoSport Inc. (b) The change from December 29, 2018 to September 7, 2019 primarily reflects revisions to the purchase price allocation for our acquisition of SodaStream. |
Income Taxes
Income Taxes | 8 Months Ended |
Sep. 07, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Tax Cuts and Jobs Act During the fourth quarter of 2017, the TCJ Act was enacted in the United States. Among its many provisions, the TCJ Act imposed a mandatory one-time transition tax on undistributed international earnings and reduced the U.S. corporate income tax rate from 35% to 21% , effective January 1, 2018. The U.S. Securities and Exchange Commission previously issued guidance related to the TCJ Act which allowed recording of provisional tax expense using a measurement period, not to exceed one year, when information necessary to complete the accounting for the effects of the TCJ Act was not available. We elected to apply the measurement period provisions of this guidance to certain income tax effects of the TCJ Act when it became effective in the fourth quarter of 2017. The provisional measurement period ended in the fourth quarter of 2018. As a result, we recognized a net tax benefit of $28 million ( $0.02 per share) for the fiscal year ended December 29, 2018. We recognized provisional transition tax expense of $76 million ( $0.05 per share) recorded in the 12 weeks ended September 8, 2018 and $854 million ( $0.60 per share) recorded in the 36 weeks ended September 8, 2018 . While our accounting for the recorded impact of the TCJ Act as of December 29, 2018 was deemed to be complete , this amount was based on prevailing regulations and available information as of December 29, 2018, and additional guidance issued by the Internal Revenue Service ( IRS ) impacted, and may continue to impact, our recorded amounts after December 29, 2018. In the 36 weeks ended September 7, 2019, we recognized tax benefits totaling $29 million ( $0.02 per share) in connection with the TCJ Act, including the impact of additional guidance issued by the IRS in the first quarter of 2019. For further information and discussion of the impact of the TCJ Act, refer to Note 5 to our consolidated financial statements in our 2018 Form 10-K. Other Tax Matters On May 19, 2019, a public referendum held in Switzerland passed the Federal Act on Tax Reform and AHV Financing ( TRAF ) , effective January 1, 2020. Certain provisions of the TRAF were enacted in the third quarter of 2019, resulting in adjustments to our deferred taxes. In the 12 and 36 weeks ended September 7, 2019, we recorded net tax benefits of $45 million and $33 million , respectively, related to the impact of the TRAF. Enactment of the TRAF provisions subsequent to our third quarter of 2019 is expected to result in adjustments to our financial statements and related disclosures in future periods. The future impact of the TRAF cannot currently be reasonably estimated; we will continue to monitor and assess the impact the TRAF may have on our business and financial results. In the 12 weeks ended September 8, 2018 , we recognized a non-cash tax benefit of $364 million ( $0.26 per share) resulting from the conclusion of certain international tax audits. In the second quarter of 2018, we reached an agreement with the IRS resolving all open matters related to the audits of taxable years 2012 and 2013. The conclusion of certain international tax audits and the resolution with the IRS, collectively, resulted in non-cash tax benefits totaling $678 million ( $0.48 per share) in the 36 weeks ended September 8, 2018 . |
Share-Based Compensation
Share-Based Compensation | 8 Months Ended |
Sep. 07, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Share-Based Compensation The following table summarizes our total share-based compensation expense: 12 Weeks Ended 36 Weeks Ended 9/7/2019 9/8/2018 9/7/2019 9/8/2018 Share-based compensation expense - equity awards $ 51 $ 57 $ 169 $ 203 Share-based compensation expense - liability awards 3 2 7 4 Restructuring charges — (1 ) 1 1 Total $ 54 $ 58 $ 177 $ 208 For the 12 weeks ended September 7, 2019 and September 8, 2018 , our grants of stock options, RSUs, PSUs and long-term cash awards were nominal. The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan: 36 Weeks Ended 9/7/2019 9/8/2018 Granted (a) Weighted-Average Grant Price Granted (a) Weighted-Average Grant Price Stock options 1.2 $ 117.21 1.4 $ 108.75 RSUs and PSUs 2.8 $ 116.05 2.6 $ 108.70 (a) In millions. All grant activity is disclosed at target. We granted long-term cash awards to certain executive officers and other senior executives with an aggregate target value of $16 million and $21 million during the 36 weeks ended September 7, 2019 and September 8, 2018 , respectively. Our weighted-average Black-Scholes fair value assumptions are as follows: 36 Weeks Ended 9/7/2019 9/8/2018 Expected life 5 years 5 years Risk-free interest rate 2.5 % 2.6 % Expected volatility 14 % 12 % Expected dividend yield 3.1 % 2.7 % |
Pension and Retiree Medical Ben
Pension and Retiree Medical Benefits (Notes) | 8 Months Ended |
Sep. 07, 2019 | |
Pension and Retiree Medical Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Pension and Retiree Medical Benefits The components of net periodic benefit cost for pension and retiree medical plans are as follows: 12 Weeks Ended Pension Retiree Medical 9/7/2019 9/8/2018 9/7/2019 9/8/2018 9/7/2019 9/8/2018 U.S. International Service cost $ 87 $ 99 $ 18 $ 23 $ 5 $ 7 Interest cost 125 111 24 23 9 8 Expected return on plan assets (205 ) (218 ) (46 ) (50 ) (4 ) (4 ) Amortization of prior service cost/(credits) 2 1 — — (4 ) (5 ) Amortization of net losses/(gains) 37 41 8 12 (7 ) (2 ) 46 34 4 8 (1 ) 4 Settlement losses 15 7 3 2 — — Special termination benefits 5 — — — — — Total $ 66 $ 41 $ 7 $ 10 $ (1 ) $ 4 36 Weeks Ended Pension Retiree Medical 9/7/2019 9/8/2018 9/7/2019 9/8/2018 9/7/2019 9/8/2018 U.S. International Service cost $ 263 $ 298 $ 49 $ 63 $ 16 $ 22 Interest cost 376 333 64 63 25 24 Expected return on plan assets (617 ) (653 ) (124 ) (134 ) (12 ) (13 ) Amortization of prior service cost/(credits) 7 2 — — (13 ) (14 ) Amortization of net losses/(gains) 111 124 21 31 (19 ) (7 ) 140 104 10 23 (3 ) 12 Settlement losses 15 7 3 2 — — Special termination benefits — 3 — 1 — — Total $ 155 $ 114 $ 13 $ 26 $ (3 ) $ 12 We regularly evaluate opportunities to reduce risk and volatility associated with our pension and retiree medical plans, including the offer of an optional lump sum distribution to certain participants, which may result in settlement charges that would be reflected as an item affecting comparability in future periods. During the 36 weeks ended September 7, 2019 , we made discretionary contributions of $150 million to the PepsiCo Employees Retirement Plan A (Plan A) in the United States and $17 million to our international plans. During the 36 weeks ended September 8, 2018 , we made discretionary contributions of $1.4 billion to Plan A in the United States, $17 million to our international pension plans and $37 million to fund U.S. retiree medical plan benefits. |
Debt Obligations and Commitment
Debt Obligations and Commitments | 8 Months Ended |
Sep. 07, 2019 | |
Debt Obligations and Commitments [Abstract] | |
Debt Obligations and Commitments | Debt Obligations In the 36 weeks ended September 7, 2019 , we issued the following senior notes: Interest Rate Maturity Date Amount (a) 0.750 % March 2027 € 500 (b) 1.125 % March 2031 € 500 (b) 2.625 % July 2029 $ 1,000 3.375 % July 2049 $ 1,000 (a) Represents gross proceeds from issuances of long-term debt excluding debt issuance costs, discounts and premiums. (b) These notes, issued in euros, were designated as net investment hedges to partially offset the effects of foreign currency on our investments in certain of our foreign subsidiaries. The net proceeds from the issuances of the above notes were used for general corporate purposes, including the repayment of commercial paper. In the 36 weeks ended September 7, 2019 , $3.0 billion of senior notes matured and were paid. As of September 7, 2019 , we had no commercial paper outstanding. In the second quarter of 2019, we entered into a new five-year unsecured revolving credit agreement (Five-Year Credit Agreement) which expires on June 3, 2024. The Five-Year Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.75 billion in U.S. dollars and/or euros, including a $0.75 billion swing line subfacility for euro-denominated borrowings permitted to be borrowed on a same-day basis, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion (or the equivalent amount in euros). Additionally, we may, once a year, request renewal of the agreement for an additional one-year period. Also in the second quarter of 2019, we entered into a new 364-day unsecured revolving credit agreement (364-Day Credit Agreement) which expires on June 1, 2020. The 364-Day Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.75 billion in U.S. dollars and/or euros, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion (or the equivalent amount in euros). We may request renewal of this facility for an additional 364-day period or convert any amounts outstanding into a term loan for a period of up to one year, which would mature no later than the anniversary of the then effective termination date. The Five-Year Credit Agreement and the 364-Day Credit Agreement together replaced our $3.75 billion five-year credit agreement and our $3.75 billion 364-day credit agreement, both dated as of June 4, 2018. Funds borrowed under the Five-Year Credit Agreement and the 364-Day Credit Agreement may be used for general corporate purposes. Subject to certain conditions, we may borrow, prepay and reborrow amounts under these agreements. As of September 7, 2019 , there were no outstanding borrowings under the Five-Year Credit Agreement or the 364-Day Credit Agreement. In the fourth quarter of 2019, we paid $1.0 billion to redeem all $1.0 billion outstanding principal amount of our 4.50% senior notes due 2020. |
Financial Instruments
Financial Instruments | 8 Months Ended |
Sep. 07, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments We are exposed to market risks arising from adverse changes in: • commodity prices, affecting the cost of our raw materials and energy; • foreign exchange rates and currency restrictions; and • interest rates. There have been no material changes during the 36 weeks ended September 7, 2019 with respect to our risk management policies or strategies and valuation techniques used in measuring the fair value of the financial assets or liabilities disclosed in Note 9 to our consolidated financial statements in our 2018 Form 10-K. The notional amounts of our financial instruments used to hedge the above risks as of September 7, 2019 and December 29, 2018 are as follows: Notional Amounts (a) 9/7/2019 12/29/2018 Commodity $ 1.0 $ 1.1 Foreign exchange $ 2.0 $ 2.0 Interest rate (b) $ 5.7 $ 10.5 Net investment (c) $ 1.9 $ 0.9 (a) In billions. (b) The decrease is due to interest rate swap terminations and maturities. (c) The total notional of our net investment hedge consists of non-derivative debt instruments. As of September 7, 2019 , approximately 12% of total debt, after the impact of the related interest rate derivative instruments, was subject to variable rates, compared to approximately 29% as of December 29, 2018 . Fair Value Measurements The fair values of our financial assets and liabilities as of September 7, 2019 and December 29, 2018 are categorized as follows: 9/7/2019 12/29/2018 Fair Value Hierarchy Levels Assets (a) Liabilities (a) Assets (a) Liabilities (a) Available-for-sale debt securities (b) 2 $ 67 $ — $ 3,658 $ — Short-term investments (c) 1 $ 220 $ — $ 196 $ — Prepaid forward contracts (d) 2 $ 17 $ — $ 22 $ — Deferred compensation (e) 2 $ — $ 460 $ — $ 450 Derivatives designated as fair value hedging instruments: Interest rate (f) 2 $ — $ 7 $ 1 $ 108 Derivatives designated as cash flow hedging instruments: Foreign exchange (g) 2 $ 26 $ 7 $ 44 $ 14 Interest rate (g) 2 — 440 — 323 Commodity (h) 1 — 15 — 1 Commodity (i) 2 — 7 — 3 $ 26 $ 469 $ 44 $ 341 Derivatives not designated as hedging instruments: Foreign exchange (g) 2 $ 2 $ 9 $ 3 $ 10 Commodity (h) 1 1 20 2 17 Commodity (i) 2 1 38 5 92 $ 4 $ 67 $ 10 $ 119 Total derivatives at fair value (j) $ 30 $ 543 $ 55 $ 568 Total $ 334 $ 1,003 $ 3,931 $ 1,018 (a) Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. (b) Based on quoted broker prices or other significant inputs derived from or corroborated by observable market data. As of September 7, 2019 , these debt securities were classified as short-term investments. As of December 29, 2018 , these debt securities were primarily classified as cash equivalents. Unrealized gains and losses on our investments in debt securities as of September 7, 2019 and December 29, 2018 were not material. The decrease in available-for-sale debt securities was due to maturities during the current year. (c) Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability. (d) Based primarily on the price of our common stock. (e) Based on the fair value of investments corresponding to employees’ investment elections. (f) Based on LIBOR forward rates. As of September 7, 2019 and December 29, 2018 , the carrying amount of the hedged fixed-rate debt was $3.0 billion and $7.7 billion , respectively, and classified on our balance sheet within short-term and long-term debt obligations. As of September 7, 2019 , the cumulative amount of fair value hedging adjustments on discontinued hedges was a $ 63 million loss, which is being amortized over the remaining life of the related debt obligations. (g) Based on recently reported market transactions of spot and forward rates. (h) Based on quoted contract prices on futures exchange markets. (i) Based on recently reported market transactions of swap arrangements. (j) Derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on the balance sheet as of September 7, 2019 and December 29, 2018 were not material. Collateral received or posted against our asset or liability positions is classified as restricted cash. See Note 12 for further information. The carrying amounts of our cash and cash equivalents and short-term investments approximate fair value due to their short-term maturity. The fair value of our debt obligations as of September 7, 2019 and December 29, 2018 was $35 billion and $32 billion , respectively, based upon prices of similar instruments in the marketplace, which are considered Level 2 inputs. Losses/(gains) on our hedging instruments are categorized as follows: 12 Weeks Ended Fair Value/Non- Cash Flow and Net Investment Hedges Losses/(Gains) (a) Losses/(Gains) Losses/(Gains) (b) 9/7/2019 9/8/2018 9/7/2019 9/8/2018 9/7/2019 9/8/2018 Foreign exchange $ 11 $ 11 $ (2 ) $ (10 ) $ 4 $ (10 ) Interest rate (12 ) (20 ) 65 20 38 17 Commodity 27 20 32 1 1 — Net investment — — (40 ) 3 — — Total $ 26 $ 11 $ 55 $ 14 $ 43 $ 7 36 Weeks Ended Fair Value/Non- Cash Flow and Net Investment Hedges Losses/(Gains) (a) Losses/(Gains) Losses/(Gains) (b) 9/7/2019 9/8/2018 9/7/2019 9/8/2018 9/7/2019 9/8/2018 Foreign exchange $ 15 $ 8 $ 16 $ (40 ) $ — $ 6 Interest rate (62 ) 118 117 29 54 72 Commodity 16 17 19 (1 ) 3 2 Net investment — — (55 ) (52 ) — — Total $ (31 ) $ 143 $ 97 $ (64 ) $ 57 $ 80 (a) Foreign exchange derivative losses/gains are primarily included in selling, general and administrative expenses. Interest rate derivative losses/gains are primarily from fair value hedges and are included in interest expense. These losses/gains are substantially offset by decreases/increases in the value of the underlying debt, which are also included in interest expense. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. (b) Foreign exchange derivative losses/gains are primarily included in cost of sales. Interest rate derivative losses/gains are included in interest expense. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. Based on current market conditions, we expect to reclassify net losses of $24 million related to our cash flow hedges from accumulated other comprehensive loss into net income during the next 12 months. |
Net Income Attributable to Peps
Net Income Attributable to PepsiCo per Common Share | 8 Months Ended |
Sep. 07, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Attributable to PepsiCo per Common Share | Net Income Attributable to PepsiCo per Common Share The computations of basic and diluted net income attributable to PepsiCo per common share are as follows: 12 Weeks Ended 9/7/2019 9/8/2018 Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 1.50 $ 1.77 Net income available for PepsiCo common shareholders $ 2,100 1,397 $ 2,498 1,414 Dilutive securities: Stock options, RSUs, PSUs and Other — 8 — 10 Diluted $ 2,100 1,405 $ 2,498 1,424 Diluted net income attributable to PepsiCo per common share $ 1.49 $ 1.75 36 Weeks Ended 9/7/2019 9/8/2018 Income Shares (a) Income Shares (a) Net income attributable to PepsiCo $ 5,548 $ 5,661 Preferred stock: (b) Redemption premium — (2 ) Net income available for PepsiCo common shareholders $ 5,548 1,401 $ 5,659 1,417 Basic net income attributable to PepsiCo per common share $ 3.96 $ 3.99 Net income available for PepsiCo common shareholders $ 5,548 1,401 $ 5,659 1,417 Dilutive securities: Stock options, RSUs, PSUs and Other — 8 — 10 Employee stock ownership plan convertible preferred stock — — 2 — Diluted $ 5,548 1,409 $ 5,661 1,427 Diluted net income attributable to PepsiCo per common share $ 3.94 $ 3.97 (a) Weighted-average common shares outstanding (in millions). (b) All of the outstanding shares of our convertible preferred stock were converted into common stock on January 26, 2018 and retired for accounting purposes. For further information, refer to Note 11 to our consolidated financial statements in our 2018 Form 10-K. Out-of-the-money options excluded from the calculation of diluted earnings per common share are as follows: 12 Weeks Ended 36 Weeks Ended 9/7/2019 9/8/2018 9/7/2019 9/8/2018 Out-of-the-money options (a) — 0.1 0.4 1.0 Average exercise price per option $ — $ 115.75 $ 115.98 $ 109.63 (a) In millions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Notes) | 8 Months Ended |
Sep. 07, 2019 | |
Equity [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss Attributable to PepsiCo The changes in the balances of each component of accumulated other comprehensive loss attributable to PepsiCo are as follows: Currency Translation Adjustment Cash Flow Hedges Pension and Retiree Medical Available-For-Sale Securities Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 29, 2018 (a) $ (11,918 ) $ 87 $ (3,271 ) $ 2 $ (19 ) $ (15,119 ) Other comprehensive (loss)/income before reclassifications (b) 475 (20 ) (16 ) — — 439 Amounts reclassified from accumulated other comprehensive loss — (15 ) 34 — — 19 Net other comprehensive (loss)/income 475 (35 ) 18 — — 458 Tax amounts (2 ) 8 (1 ) — — 5 Balance as of March 23, 2019 (a) $ (11,445 ) $ 60 $ (3,254 ) $ 2 $ (19 ) $ (14,656 ) Other comprehensive (loss)/income before reclassifications (c) (365 ) (37 ) 16 1 — (385 ) Amounts reclassified from accumulated other comprehensive loss — 29 37 — — 66 Net other comprehensive (loss)/income (365 ) (8 ) 53 1 — (319 ) Tax amounts — 2 (11 ) — — (9 ) Balance as of June 15, 2019 (a) $ (11,810 ) $ 54 $ (3,212 ) $ 3 $ (19 ) $ (14,984 ) Other comprehensive (loss)/income before reclassifications (d) (149 ) (95 ) 19 (1 ) — (226 ) Amounts reclassified from accumulated other comprehensive loss — 43 54 — — 97 Net other comprehensive (loss)/income (149 ) (52 ) 73 (1 ) — (129 ) Tax amounts (10 ) 14 (17 ) — — (13 ) Balance as of September 7, 2019 (a) $ (11,969 ) $ 16 $ (3,156 ) $ 2 $ (19 ) $ (15,126 ) (a) Pension and retiree medical amounts are net of taxes of $1,466 million as of December 29, 2018, $1,465 million as of March 23, 2019, $1,454 million as of June 15, 2019 and $1,437 million as of September 7, 2019. (b) Currency translation adjustment primarily reflects appreciation of the Russian ruble, Mexican peso and Pound sterling. (c) Currency translation adjustment primarily reflects depreciation of the euro, Mexican peso and Swiss franc. (d) Currency translation adjustment primarily reflects depreciation of the Pound sterling, Russian ruble and Mexican peso. Currency Translation Adjustment Cash Flow Hedges Pension and Retiree Medical Available-For-Sale Securities Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 30, 2017 (a) $ (10,277 ) $ 47 $ (2,804 ) $ (4 ) $ (19 ) $ (13,057 ) Other comprehensive (loss)/income before reclassifications (b) 288 93 (13 ) (2 ) — 366 Amounts reclassified from accumulated other comprehensive loss — (55 ) 43 — — (12 ) Net other comprehensive (loss)/income 288 38 30 (2 ) — 354 Tax amounts 2 (10 ) (6 ) — — (14 ) Balance as of March 24, 2018 (a) $ (9,987 ) $ 75 $ (2,780 ) $ (6 ) $ (19 ) $ (12,717 ) Other comprehensive (loss)/income before reclassifications (c) (953 ) (70 ) 28 4 — (991 ) Amounts reclassified from accumulated other comprehensive loss — 128 46 — — 174 Net other comprehensive (loss)/income (953 ) 58 74 4 — (817 ) Tax amounts (18 ) (10 ) (18 ) — — (46 ) Balance as of June 16, 2018 (a) $ (10,958 ) $ 123 $ (2,724 ) $ (2 ) $ (19 ) $ (13,580 ) Other comprehensive (loss)/income before reclassifications (d) (730 ) (11 ) 16 2 — (723 ) Amounts reclassified from accumulated other comprehensive loss — 7 56 — — 63 Net other comprehensive (loss)/income (730 ) (4 ) 72 2 — (660 ) Tax amounts 2 3 (18 ) — — (13 ) Balance as of September 8, 2018 (a) $ (11,686 ) $ 122 $ (2,670 ) $ — $ (19 ) $ (14,253 ) (a) Pension and retiree medical amounts are net of taxes of $1,338 million as of December 30, 2017, $1,332 million as of March 24, 2018, $1,314 million as of June 16, 2018 and $1,296 million as of September 8, 2018. (b) Currency translation adjustment primarily reflects appreciation of the Russian ruble and Mexican peso. (c) Currency translation adjustment primarily reflects depreciation of the Russian ruble, Brazilian real and Mexican peso. (d) Currency translation adjustment primarily reflects depreciation of the Russian ruble, Turkish lira and Pound sterling. The reclassifications from accumulated other comprehensive loss to the income statement are summarized as follows: 12 Weeks Ended 36 Weeks Ended 9/7/2019 9/8/2018 9/7/2019 9/8/2018 Affected Line Item in the Income Statement Cash flow hedges: Foreign exchange contracts $ — $ (1 ) $ 1 $ (1 ) Net revenue Foreign exchange contracts 4 (9 ) (1 ) 7 Cost of sales Interest rate derivatives 38 17 54 72 Interest expense Commodity contracts — 1 2 4 Cost of sales Commodity contracts 1 (1 ) 1 (2 ) Selling, general and administrative expenses Net losses before tax 43 7 57 80 Tax amounts (11 ) (3 ) (13 ) (20 ) Net losses after tax $ 32 $ 4 $ 44 $ 60 Pension and retiree medical items: Amortization of prior service credits $ (2 ) $ (4 ) $ (6 ) $ (12 ) Other pension and retiree medical benefits income Amortization of net losses 38 51 113 148 Other pension and retiree medical benefits income Settlement losses 18 9 18 9 Other pension and retiree medical benefits income Net losses before tax 54 56 125 145 Tax amounts (12 ) (12 ) (27 ) (32 ) Net losses after tax $ 42 $ 44 $ 98 $ 113 Total net losses reclassified, net of tax $ 74 $ 48 $ 142 $ 173 |
Restricted Cash Restricted Cash
Restricted Cash Restricted Cash | 8 Months Ended |
Sep. 07, 2019 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Restricted Cash and Cash Equivalents [Text Block] | Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported within the balance sheet to the same items as reported in the cash flow statement. 9/7/2019 12/29/2018 Cash and cash equivalents $ 5,494 $ 8,721 Restricted cash (a) 127 1,997 Restricted cash included in other assets (b) 86 51 Total cash and cash equivalents and restricted cash $ 5,707 $ 10,769 (a) Primarily represents consideration held by our paying agent in connection with our acquisition of SodaStream. (b) Primarily relates to collateral posted against our derivative asset or liability positions. |
Leases (Notes)
Leases (Notes) | 8 Months Ended |
Sep. 07, 2019 | |
Leases [Abstract] | |
Operating Lease Disclosure Lessee and Lessor [Text Block] | Leases Lessee We determine whether an arrangement is a lease at inception. We have operating leases for plants, warehouses, distribution centers, storage facilities, offices and other facilities, as well as machinery and equipment, including fleet. Our leases have remaining lease terms of one year to 20 years , some of which include options to extend the lease term for up to five years , and some of which include options to terminate the lease within one year . We consider these options in determining the lease term used to establish our right-of-use assets and lease liabilities. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We have lease agreements that contain both lease and non-lease components. For real estate leases, we account for lease components together with non-lease components (e.g., common-area maintenance). Components of lease cost are as follows: 9/7/2019 12 Weeks Ended 36 Weeks Ended Operating lease cost (a) $ 115 $ 306 Variable lease cost (b) $ 29 $ 71 Short-term lease cost (c) $ 83 $ 260 (a) Includes right-of-use asset amortization of $101 million and $269 million for the 12 and 36 weeks ended September 7, 2019 , respectively. (b) Primarily related to adjustments for inflation, common-area maintenance and property tax. (c) Not recorded on our balance sheet. Supplemental cash flow information and non-cash activity related to our operating leases are as follows: 9/7/2019 36 Weeks Ended Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 326 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 304 Supplemental balance sheet information related to our operating leases is as follows: Balance Sheet Classification 9/7/2019 Right-of-use assets Other assets $ 1,499 Current lease liabilities Accounts payable and other current liabilities $ 412 Non-current lease liabilities Other liabilities $ 1,081 Weighted-average remaining lease term and discount rate for our operating leases are as follows: 9/7/2019 Weighted-average remaining lease term 6 years Weighted-average discount rate 4 % Maturities of lease liabilities by fiscal year for our operating leases are as follows: 2019 (a) $ 146 2020 450 2021 336 2022 247 2023 155 2024 and beyond 360 Total lease payments 1,694 Less: Imputed interest (201 ) Present value of lease liabilities $ 1,493 (a) Excluding the 36 weeks ended September 7, 2019 . As of December 29, 2018 , minimum lease payments under non-cancelable operating leases by period were expected to be as follows: 2019 $ 459 2020 406 2021 294 2022 210 2023 161 2024 and beyond 310 Total $ 1,840 A summary of rent expense for the fiscal years ended December 29, 2018 and December 30, 2017 is as follows: 2018 2017 Rent expense $ 771 $ 742 Lessor We have various arrangements for certain foodservice and vending equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material. |
Acquisitions & Divestitures (No
Acquisitions & Divestitures (Notes) | 8 Months Ended |
Sep. 07, 2019 | |
Divestitures [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Acquisitions and Divestitures Acquisition of Pioneer Food Group Ltd. (Pioneer Foods) On July 19, 2019, we entered into an agreement to acquire all of the outstanding shares of Pioneer Foods for 110.00 South African rand per share in cash, in a transaction valued at approximately $1.7 billion . The transaction is subject to a Pioneer Foods shareholder vote, certain regulatory approvals and other customary conditions, and closing is expected by the first quarter of 2020. Acquisition of SodaStream International Ltd. On December 5, 2018, we acquired all of the outstanding shares of SodaStream, a manufacturer and distributor of sparkling water makers, for $144.00 per share in cash, in a transaction valued at approximately $3.3 billion . The total consideration transferred was approximately $3.3 billion (or $3.2 billion , net of cash and cash equivalents acquired). We accounted for the transaction as a business combination. We recognized and measured the identifiable assets acquired and liabilities assumed at their estimated fair values on the date of acquisition. The preliminary estimates of the fair value of the identifiable assets acquired and liabilities assumed as of the acquisition date include goodwill and other intangible assets of $3.0 billion and property, plant and equipment of $0.2 billion , all of which are recorded in our ESSA segment. The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are subject to revisions, which may result in adjustments to the preliminary values discussed above as valuations are finalized. We expect to finalize these amounts in the fourth quarter of 2019. Refranchising in Thailand During the second quarter of 2018, we refranchised our beverage business in Thailand by selling a controlling interest in our Thailand bottling operations to form a joint venture, where we now have an equity method investment. We recorded a pre-tax gain of $144 million ( $126 million after-tax or $0.09 per share) in selling, general and administrative expenses in our AMENA segment as a result of this transaction. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 8 Months Ended |
Sep. 07, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Segment Reporting Disclosure [Text Block] | Net revenue and operating profit of each division are as follows: 12 Weeks Ended 36 Weeks Ended Net Revenue (a) 9/7/2019 9/8/2018 9/7/2019 9/8/2018 FLNA $ 4,105 $ 3,891 $ 11,930 $ 11,345 QFNA 576 567 1,710 1,695 PBNA 5,643 5,456 15,475 15,064 LatAm 1,904 1,868 5,031 4,935 ESSA 3,347 3,161 8,173 7,945 AMENA 1,613 1,542 4,202 4,153 Total $ 17,188 $ 16,485 $ 46,521 $ 45,137 (a) Our primary performance obligation is the distribution and sales of beverage products and food and snack products to our customers, each comprising approximately 50% of our consolidated net revenue. Internationally, our LatAm segment is predominantly a food and snack business, ESSA’s beverage business and food and snack business are each approximately 50% of the segment’s net revenue and AMENA’s beverage business and food and snack business are approximately 35% and 65% , respectively, of the segment’s net revenue. Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and ESSA segments, is approximately 40% of our consolidated net revenue. Generally, our finished goods beverage operations produce higher net revenue, but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages. 12 Weeks Ended 36 Weeks Ended Operating Profit 9/7/2019 9/8/2018 9/7/2019 9/8/2018 FLNA $ 1,286 $ 1,241 $ 3,694 $ 3,491 QFNA 126 143 391 443 PBNA 640 703 1,719 1,838 LatAm 277 284 785 742 ESSA 474 439 965 995 AMENA (a) 357 311 883 994 Total division $ 3,160 $ 3,121 $ 8,437 $ 8,503 Corporate unallocated expenses (305 ) (277 ) (845 ) (824 ) Total $ 2,855 $ 2,844 $ 7,592 $ 7,679 (a) Operating profit for AMENA for the 36 weeks ended September 8, 2018 includes a gain of $144 million associated with refranchising a portion of our beverage business in Thailand. |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 8 Months Ended |
Sep. 07, 2019 | |
2019 Productivity Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Summary of Productivity Plan Activity [Table Text Block] | A summary of our 2019 Productivity Plan charges is as follows: 9/7/2019 12 Weeks Ended 36 Weeks Ended Cost of sales $ 10 $ 100 Selling, general and administrative expenses 83 182 Other pension and retiree medical benefits expense 5 — Total restructuring and impairment charges $ 98 $ 282 After-tax amount $ 82 $ 225 Net income attributable to PepsiCo per common share $ 0.06 $ 0.16 9/7/2019 12 Weeks Ended 36 Weeks Ended Plan to Date FLNA $ 16 $ 22 $ 53 QFNA 2 2 7 PBNA 26 42 82 LatAm 22 43 52 ESSA 14 73 81 AMENA 10 63 66 Corporate 3 37 44 93 282 385 Other pension and retiree medical benefits expense 5 — 35 $ 98 $ 282 $ 420 9/7/2019 12 Weeks Ended 36 Weeks Ended Plan to Date Severance and other employee costs $ 65 $ 105 $ 242 Asset impairments 3 87 87 Other costs (a) 30 90 91 $ 98 $ 282 $ 420 (a) Includes other 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 36 weeks ended September 7, 2019 is as follows: Severance and Other Employee Costs Asset Impairments Other Costs Total Liability as of December 29, 2018 $ 105 $ — $ 1 $ 106 2019 restructuring charges 105 87 90 282 Cash payments (a) (88 ) — (45 ) (133 ) Non-cash charges and translation (5 ) (87 ) 1 (91 ) Liability as of September 7, 2019 $ 117 $ — $ 47 $ 164 (a) Excludes cash expenditures of $3 million reported in the cash flow statement in pension and retiree medical contributions. |
2014 Productivity Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Summary of Productivity Plan Activity [Table Text Block] | A summary of our 2014 Productivity Plan charges is as follows: 9/8/2018 12 Weeks Ended 36 Weeks Ended Selling, general and administrative expenses $ 35 $ 75 Other pension and retiree medical benefits expense — 4 Total restructuring and impairment charges $ 35 $ 79 After-tax amount $ 31 $ 66 Net income attributable to PepsiCo per common share $ 0.02 $ 0.05 9/8/2018 12 Weeks Ended 36 Weeks Ended FLNA (a) $ (3 ) $ 6 QFNA — 1 PBNA 13 25 LatAm 6 18 ESSA 17 25 AMENA 2 6 Corporate (a) — (2 ) $ 35 $ 79 (a) Income amounts represent adjustments for changes in estimates of previously recorded amounts. 9/8/2018 12 Weeks Ended 36 Weeks Ended Severance and other employee costs $ 24 $ 48 Asset impairments 3 11 Other costs 8 20 $ 35 $ 79 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 8 Months Ended |
Sep. 07, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | A summary of our amortizable intangible assets is as follows: 9/7/2019 12/29/2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Acquired franchise rights $ 844 $ (152 ) $ 692 $ 838 $ (140 ) $ 698 Reacquired franchise rights 106 (105 ) 1 106 (105 ) 1 Brands 1,300 (1,047 ) 253 1,306 (1,032 ) 274 Other identifiable intangibles (a) 800 (309 ) 491 959 (288 ) 671 $ 3,050 $ (1,613 ) $ 1,437 $ 3,209 $ (1,565 ) $ 1,644 (a) The change from December 29, 2018 to September 7, 2019 primarily reflects revisions to the purchase price allocation for our acquisition of SodaStream. |
Schedule Of Change In Book Value Of Nonamortizable Intangible Assets | The change in the book value of indefinite-lived intangible assets is as follows: Balance 12/29/2018 Acquisitions/ Translation Balance 9/7/2019 FLNA Goodwill $ 297 $ (3 ) $ 4 $ 298 Brands 161 — 1 162 458 (3 ) 5 460 QFNA Goodwill 184 10 — 194 Brands 25 (14 ) — 11 209 (4 ) — 205 PBNA (a) Goodwill 9,813 134 14 9,961 Reacquired franchise rights 7,058 — 24 7,082 Acquired franchise rights 1,510 — 5 1,515 Brands 353 322 (7 ) 668 18,734 456 36 19,226 LatAm Goodwill 509 — (17 ) 492 Brands 127 — (6 ) 121 636 — (23 ) 613 ESSA (b) Goodwill 3,611 395 16 4,022 Reacquired franchise rights 497 — (11 ) 486 Acquired franchise rights 161 — (6 ) 155 Brands 4,188 (149 ) 40 4,079 8,457 246 39 8,742 AMENA Goodwill 394 (4 ) (19 ) 371 Brands 101 — (5 ) 96 495 (4 ) (24 ) 467 Total goodwill 14,808 532 (2 ) 15,338 Total reacquired franchise rights 7,555 — 13 7,568 Total acquired franchise rights 1,671 — (1 ) 1,670 Total brands 4,955 159 23 5,137 $ 28,989 $ 691 $ 33 $ 29,713 (a) The change from December 29, 2018 to September 7, 2019 primarily reflects our acquisition of CytoSport Inc. (b) The change from December 29, 2018 to September 7, 2019 primarily reflects revisions to the purchase price allocation for our acquisition of SodaStream. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 8 Months Ended |
Sep. 07, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes our total share-based compensation expense: 12 Weeks Ended 36 Weeks Ended 9/7/2019 9/8/2018 9/7/2019 9/8/2018 Share-based compensation expense - equity awards $ 51 $ 57 $ 169 $ 203 Share-based compensation expense - liability awards 3 2 7 4 Restructuring charges — (1 ) 1 1 Total $ 54 $ 58 $ 177 $ 208 |
Schedule of Share-based Payment Award, PepsiCo, Inc. Long-Term Incentive Plan | The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan: 36 Weeks Ended 9/7/2019 9/8/2018 Granted (a) Weighted-Average Grant Price Granted (a) Weighted-Average Grant Price Stock options 1.2 $ 117.21 1.4 $ 108.75 RSUs and PSUs 2.8 $ 116.05 2.6 $ 108.70 (a) |
Schedule Of Weighted-Average Black-Scholes Fair Value Assumptions | Our weighted-average Black-Scholes fair value assumptions are as follows: 36 Weeks Ended 9/7/2019 9/8/2018 Expected life 5 years 5 years Risk-free interest rate 2.5 % 2.6 % Expected volatility 14 % 12 % Expected dividend yield 3.1 % 2.7 % |
Pension and Retiree Medical B_2
Pension and Retiree Medical Benefits Periodic Benefit Cost (Tables) | 8 Months Ended |
Sep. 07, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The components of net periodic benefit cost for pension and retiree medical plans are as follows: 12 Weeks Ended Pension Retiree Medical 9/7/2019 9/8/2018 9/7/2019 9/8/2018 9/7/2019 9/8/2018 U.S. International Service cost $ 87 $ 99 $ 18 $ 23 $ 5 $ 7 Interest cost 125 111 24 23 9 8 Expected return on plan assets (205 ) (218 ) (46 ) (50 ) (4 ) (4 ) Amortization of prior service cost/(credits) 2 1 — — (4 ) (5 ) Amortization of net losses/(gains) 37 41 8 12 (7 ) (2 ) 46 34 4 8 (1 ) 4 Settlement losses 15 7 3 2 — — Special termination benefits 5 — — — — — Total $ 66 $ 41 $ 7 $ 10 $ (1 ) $ 4 36 Weeks Ended Pension Retiree Medical 9/7/2019 9/8/2018 9/7/2019 9/8/2018 9/7/2019 9/8/2018 U.S. International Service cost $ 263 $ 298 $ 49 $ 63 $ 16 $ 22 Interest cost 376 333 64 63 25 24 Expected return on plan assets (617 ) (653 ) (124 ) (134 ) (12 ) (13 ) Amortization of prior service cost/(credits) 7 2 — — (13 ) (14 ) Amortization of net losses/(gains) 111 124 21 31 (19 ) (7 ) 140 104 10 23 (3 ) 12 Settlement losses 15 7 3 2 — — Special termination benefits — 3 — 1 — — Total $ 155 $ 114 $ 13 $ 26 $ (3 ) $ 12 |
Debt Obligations and Commitme_2
Debt Obligations and Commitments (Tables) | 8 Months Ended |
Sep. 07, 2019 | |
Debt Obligations and Commitments [Abstract] | |
Schedule of Debt Issuances [Table Text Block] | In the 36 weeks ended September 7, 2019 , we issued the following senior notes: Interest Rate Maturity Date Amount (a) 0.750 % March 2027 € 500 (b) 1.125 % March 2031 € 500 (b) 2.625 % July 2029 $ 1,000 3.375 % July 2049 $ 1,000 (a) Represents gross proceeds from issuances of long-term debt excluding debt issuance costs, discounts and premiums. (b) These notes, issued in euros, were designated as net investment hedges to partially offset the effects of foreign currency on our investments in certain of our foreign subsidiaries. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 8 Months Ended |
Sep. 07, 2019 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The notional amounts of our financial instruments used to hedge the above risks as of September 7, 2019 and December 29, 2018 are as follows: Notional Amounts (a) 9/7/2019 12/29/2018 Commodity $ 1.0 $ 1.1 Foreign exchange $ 2.0 $ 2.0 Interest rate (b) $ 5.7 $ 10.5 Net investment (c) $ 1.9 $ 0.9 (a) In billions. (b) The decrease is due to interest rate swap terminations and maturities. (c) The total notional of our net investment hedge consists of non-derivative debt instruments. |
Fair Values of Financial Assets and Liabilities | Fair Value Measurements The fair values of our financial assets and liabilities as of September 7, 2019 and December 29, 2018 are categorized as follows: 9/7/2019 12/29/2018 Fair Value Hierarchy Levels Assets (a) Liabilities (a) Assets (a) Liabilities (a) Available-for-sale debt securities (b) 2 $ 67 $ — $ 3,658 $ — Short-term investments (c) 1 $ 220 $ — $ 196 $ — Prepaid forward contracts (d) 2 $ 17 $ — $ 22 $ — Deferred compensation (e) 2 $ — $ 460 $ — $ 450 Derivatives designated as fair value hedging instruments: Interest rate (f) 2 $ — $ 7 $ 1 $ 108 Derivatives designated as cash flow hedging instruments: Foreign exchange (g) 2 $ 26 $ 7 $ 44 $ 14 Interest rate (g) 2 — 440 — 323 Commodity (h) 1 — 15 — 1 Commodity (i) 2 — 7 — 3 $ 26 $ 469 $ 44 $ 341 Derivatives not designated as hedging instruments: Foreign exchange (g) 2 $ 2 $ 9 $ 3 $ 10 Commodity (h) 1 1 20 2 17 Commodity (i) 2 1 38 5 92 $ 4 $ 67 $ 10 $ 119 Total derivatives at fair value (j) $ 30 $ 543 $ 55 $ 568 Total $ 334 $ 1,003 $ 3,931 $ 1,018 (a) Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. (b) Based on quoted broker prices or other significant inputs derived from or corroborated by observable market data. As of September 7, 2019 , these debt securities were classified as short-term investments. As of December 29, 2018 , these debt securities were primarily classified as cash equivalents. Unrealized gains and losses on our investments in debt securities as of September 7, 2019 and December 29, 2018 were not material. The decrease in available-for-sale debt securities was due to maturities during the current year. (c) Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability. (d) Based primarily on the price of our common stock. (e) Based on the fair value of investments corresponding to employees’ investment elections. (f) Based on LIBOR forward rates. As of September 7, 2019 and December 29, 2018 , the carrying amount of the hedged fixed-rate debt was $3.0 billion and $7.7 billion , respectively, and classified on our balance sheet within short-term and long-term debt obligations. As of September 7, 2019 , the cumulative amount of fair value hedging adjustments on discontinued hedges was a $ 63 million loss, which is being amortized over the remaining life of the related debt obligations. (g) Based on recently reported market transactions of spot and forward rates. (h) Based on quoted contract prices on futures exchange markets. (i) Based on recently reported market transactions of swap arrangements. (j) Derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on the balance sheet as of September 7, 2019 and December 29, 2018 were not material. Collateral received or posted against our asset or liability positions is classified as restricted cash. See Note 12 for further information. |
Effective Portion Of Pre-Tax (Gains)/Losses On Derivative Instruments | Losses/(gains) on our hedging instruments are categorized as follows: 12 Weeks Ended Fair Value/Non- Cash Flow and Net Investment Hedges Losses/(Gains) (a) Losses/(Gains) Losses/(Gains) (b) 9/7/2019 9/8/2018 9/7/2019 9/8/2018 9/7/2019 9/8/2018 Foreign exchange $ 11 $ 11 $ (2 ) $ (10 ) $ 4 $ (10 ) Interest rate (12 ) (20 ) 65 20 38 17 Commodity 27 20 32 1 1 — Net investment — — (40 ) 3 — — Total $ 26 $ 11 $ 55 $ 14 $ 43 $ 7 36 Weeks Ended Fair Value/Non- Cash Flow and Net Investment Hedges Losses/(Gains) (a) Losses/(Gains) Losses/(Gains) (b) 9/7/2019 9/8/2018 9/7/2019 9/8/2018 9/7/2019 9/8/2018 Foreign exchange $ 15 $ 8 $ 16 $ (40 ) $ — $ 6 Interest rate (62 ) 118 117 29 54 72 Commodity 16 17 19 (1 ) 3 2 Net investment — — (55 ) (52 ) — — Total $ (31 ) $ 143 $ 97 $ (64 ) $ 57 $ 80 (a) Foreign exchange derivative losses/gains are primarily included in selling, general and administrative expenses. Interest rate derivative losses/gains are primarily from fair value hedges and are included in interest expense. These losses/gains are substantially offset by decreases/increases in the value of the underlying debt, which are also included in interest expense. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. (b) Foreign exchange derivative losses/gains are primarily included in cost of sales. Interest rate derivative losses/gains are included in interest expense. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. |
Net Income Attributable to Pe_2
Net Income Attributable to PepsiCo per Common Share (Tables) | 8 Months Ended |
Sep. 07, 2019 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Net Income Attributable To PepsiCo Per Common Share | The computations of basic and diluted net income attributable to PepsiCo per common share are as follows: 12 Weeks Ended 9/7/2019 9/8/2018 Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 1.50 $ 1.77 Net income available for PepsiCo common shareholders $ 2,100 1,397 $ 2,498 1,414 Dilutive securities: Stock options, RSUs, PSUs and Other — 8 — 10 Diluted $ 2,100 1,405 $ 2,498 1,424 Diluted net income attributable to PepsiCo per common share $ 1.49 $ 1.75 36 Weeks Ended 9/7/2019 9/8/2018 Income Shares (a) Income Shares (a) Net income attributable to PepsiCo $ 5,548 $ 5,661 Preferred stock: (b) Redemption premium — (2 ) Net income available for PepsiCo common shareholders $ 5,548 1,401 $ 5,659 1,417 Basic net income attributable to PepsiCo per common share $ 3.96 $ 3.99 Net income available for PepsiCo common shareholders $ 5,548 1,401 $ 5,659 1,417 Dilutive securities: Stock options, RSUs, PSUs and Other — 8 — 10 Employee stock ownership plan convertible preferred stock — — 2 — Diluted $ 5,548 1,409 $ 5,661 1,427 Diluted net income attributable to PepsiCo per common share $ 3.94 $ 3.97 (a) Weighted-average common shares outstanding (in millions). (b) All of the outstanding shares of our convertible preferred stock were converted into common stock on January 26, 2018 and retired for accounting purposes. For further information, refer to Note 11 to our consolidated financial statements in our 2018 Form 10-K. Out-of-the-money options excluded from the calculation of diluted earnings per common share are as follows: 12 Weeks Ended 36 Weeks Ended 9/7/2019 9/8/2018 9/7/2019 9/8/2018 Out-of-the-money options (a) — 0.1 0.4 1.0 Average exercise price per option $ — $ 115.75 $ 115.98 $ 109.63 (a) In millions. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 8 Months Ended |
Sep. 07, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in the balances of each component of accumulated other comprehensive loss attributable to PepsiCo are as follows: Currency Translation Adjustment Cash Flow Hedges Pension and Retiree Medical Available-For-Sale Securities Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 29, 2018 (a) $ (11,918 ) $ 87 $ (3,271 ) $ 2 $ (19 ) $ (15,119 ) Other comprehensive (loss)/income before reclassifications (b) 475 (20 ) (16 ) — — 439 Amounts reclassified from accumulated other comprehensive loss — (15 ) 34 — — 19 Net other comprehensive (loss)/income 475 (35 ) 18 — — 458 Tax amounts (2 ) 8 (1 ) — — 5 Balance as of March 23, 2019 (a) $ (11,445 ) $ 60 $ (3,254 ) $ 2 $ (19 ) $ (14,656 ) Other comprehensive (loss)/income before reclassifications (c) (365 ) (37 ) 16 1 — (385 ) Amounts reclassified from accumulated other comprehensive loss — 29 37 — — 66 Net other comprehensive (loss)/income (365 ) (8 ) 53 1 — (319 ) Tax amounts — 2 (11 ) — — (9 ) Balance as of June 15, 2019 (a) $ (11,810 ) $ 54 $ (3,212 ) $ 3 $ (19 ) $ (14,984 ) Other comprehensive (loss)/income before reclassifications (d) (149 ) (95 ) 19 (1 ) — (226 ) Amounts reclassified from accumulated other comprehensive loss — 43 54 — — 97 Net other comprehensive (loss)/income (149 ) (52 ) 73 (1 ) — (129 ) Tax amounts (10 ) 14 (17 ) — — (13 ) Balance as of September 7, 2019 (a) $ (11,969 ) $ 16 $ (3,156 ) $ 2 $ (19 ) $ (15,126 ) (a) Pension and retiree medical amounts are net of taxes of $1,466 million as of December 29, 2018, $1,465 million as of March 23, 2019, $1,454 million as of June 15, 2019 and $1,437 million as of September 7, 2019. (b) Currency translation adjustment primarily reflects appreciation of the Russian ruble, Mexican peso and Pound sterling. (c) Currency translation adjustment primarily reflects depreciation of the euro, Mexican peso and Swiss franc. (d) Currency translation adjustment primarily reflects depreciation of the Pound sterling, Russian ruble and Mexican peso. Currency Translation Adjustment Cash Flow Hedges Pension and Retiree Medical Available-For-Sale Securities Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 30, 2017 (a) $ (10,277 ) $ 47 $ (2,804 ) $ (4 ) $ (19 ) $ (13,057 ) Other comprehensive (loss)/income before reclassifications (b) 288 93 (13 ) (2 ) — 366 Amounts reclassified from accumulated other comprehensive loss — (55 ) 43 — — (12 ) Net other comprehensive (loss)/income 288 38 30 (2 ) — 354 Tax amounts 2 (10 ) (6 ) — — (14 ) Balance as of March 24, 2018 (a) $ (9,987 ) $ 75 $ (2,780 ) $ (6 ) $ (19 ) $ (12,717 ) Other comprehensive (loss)/income before reclassifications (c) (953 ) (70 ) 28 4 — (991 ) Amounts reclassified from accumulated other comprehensive loss — 128 46 — — 174 Net other comprehensive (loss)/income (953 ) 58 74 4 — (817 ) Tax amounts (18 ) (10 ) (18 ) — — (46 ) Balance as of June 16, 2018 (a) $ (10,958 ) $ 123 $ (2,724 ) $ (2 ) $ (19 ) $ (13,580 ) Other comprehensive (loss)/income before reclassifications (d) (730 ) (11 ) 16 2 — (723 ) Amounts reclassified from accumulated other comprehensive loss — 7 56 — — 63 Net other comprehensive (loss)/income (730 ) (4 ) 72 2 — (660 ) Tax amounts 2 3 (18 ) — — (13 ) Balance as of September 8, 2018 (a) $ (11,686 ) $ 122 $ (2,670 ) $ — $ (19 ) $ (14,253 ) (a) Pension and retiree medical amounts are net of taxes of $1,338 million as of December 30, 2017, $1,332 million as of March 24, 2018, $1,314 million as of June 16, 2018 and $1,296 million as of September 8, 2018. (b) Currency translation adjustment primarily reflects appreciation of the Russian ruble and Mexican peso. (c) Currency translation adjustment primarily reflects depreciation of the Russian ruble, Brazilian real and Mexican peso. (d) Currency translation adjustment primarily reflects depreciation of the Russian ruble, Turkish lira and Pound sterling. |
Reclassifications out of Accumulated Other Comprehensive Loss | The reclassifications from accumulated other comprehensive loss to the income statement are summarized as follows: 12 Weeks Ended 36 Weeks Ended 9/7/2019 9/8/2018 9/7/2019 9/8/2018 Affected Line Item in the Income Statement Cash flow hedges: Foreign exchange contracts $ — $ (1 ) $ 1 $ (1 ) Net revenue Foreign exchange contracts 4 (9 ) (1 ) 7 Cost of sales Interest rate derivatives 38 17 54 72 Interest expense Commodity contracts — 1 2 4 Cost of sales Commodity contracts 1 (1 ) 1 (2 ) Selling, general and administrative expenses Net losses before tax 43 7 57 80 Tax amounts (11 ) (3 ) (13 ) (20 ) Net losses after tax $ 32 $ 4 $ 44 $ 60 Pension and retiree medical items: Amortization of prior service credits $ (2 ) $ (4 ) $ (6 ) $ (12 ) Other pension and retiree medical benefits income Amortization of net losses 38 51 113 148 Other pension and retiree medical benefits income Settlement losses 18 9 18 9 Other pension and retiree medical benefits income Net losses before tax 54 56 125 145 Tax amounts (12 ) (12 ) (27 ) (32 ) Net losses after tax $ 42 $ 44 $ 98 $ 113 Total net losses reclassified, net of tax $ 74 $ 48 $ 142 $ 173 |
Restricted Cash Restricted Ca_2
Restricted Cash Restricted Cash (Tables) | 8 Months Ended |
Sep. 07, 2019 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Restricted Cash and Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported within the balance sheet to the same items as reported in the cash flow statement. 9/7/2019 12/29/2018 Cash and cash equivalents $ 5,494 $ 8,721 Restricted cash (a) 127 1,997 Restricted cash included in other assets (b) 86 51 Total cash and cash equivalents and restricted cash $ 5,707 $ 10,769 (a) Primarily represents consideration held by our paying agent in connection with our acquisition of SodaStream. (b) Primarily relates to collateral posted against our derivative asset or liability positions. |
Leases (Tables)
Leases (Tables) | 8 Months Ended |
Sep. 07, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | 9/7/2019 12 Weeks Ended 36 Weeks Ended Operating lease cost (a) $ 115 $ 306 Variable lease cost (b) $ 29 $ 71 Short-term lease cost (c) $ 83 $ 260 (a) Includes right-of-use asset amortization of $101 million and $269 million for the 12 and 36 weeks ended September 7, 2019 , respectively. (b) Primarily related to adjustments for inflation, common-area maintenance and property tax. (c) Not recorded on our balance sheet. |
Lessee Operating Leases Supplemental Cash Flow Information and Noncash Activity Table [Table Text Block] | Supplemental cash flow information and non-cash activity related to our operating leases are as follows: 9/7/2019 36 Weeks Ended Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 326 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 304 |
Lessee Operating Lease Balance Sheet Amounts and Lines [Table Text Block] | Supplemental balance sheet information related to our operating leases is as follows: Balance Sheet Classification 9/7/2019 Right-of-use assets Other assets $ 1,499 Current lease liabilities Accounts payable and other current liabilities $ 412 Non-current lease liabilities Other liabilities $ 1,081 |
Lessee Operating Lease Weighted Averages Table [Table Text Block] | Weighted-average remaining lease term and discount rate for our operating leases are as follows: 9/7/2019 Weighted-average remaining lease term 6 years Weighted-average discount rate 4 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities by fiscal year for our operating leases are as follows: 2019 (a) $ 146 2020 450 2021 336 2022 247 2023 155 2024 and beyond 360 Total lease payments 1,694 Less: Imputed interest (201 ) Present value of lease liabilities $ 1,493 (a) Excluding the 36 weeks ended September 7, 2019 . |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 29, 2018 , minimum lease payments under non-cancelable operating leases by period were expected to be as follows: 2019 $ 459 2020 406 2021 294 2022 210 2023 161 2024 and beyond 310 Total $ 1,840 |
Schedule of Rent Expense [Table Text Block] | A summary of rent expense for the fiscal years ended December 29, 2018 and December 30, 2017 is as follows: 2018 2017 Rent expense $ 771 $ 742 |
Segment Reporting Information b
Segment Reporting Information by Net Revenue and Operating Profit (Detail) $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 07, 2019USD ($) | Sep. 08, 2018USD ($) | Sep. 07, 2019USD ($)segment | Sep. 08, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | segment | 6 | |||
Net Revenue | $ 17,188 | $ 16,485 | $ 46,521 | $ 45,137 |
Operating Profit | 2,855 | 2,844 | $ 7,592 | 7,679 |
Disaggregation of Net Revenue - Beverages | 50.00% | |||
Disaggregation of Net Revenue - Food/Snack | 50.00% | |||
Disaggregation of beverage revenue from company-owned bottlers | 40.00% | |||
Gain (Loss) on Disposition of Business | 144 | |||
Frito Lay North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 4,105 | 3,891 | $ 11,930 | 11,345 |
Operating Profit | 1,286 | 1,241 | 3,694 | 3,491 |
Quaker Foods North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 576 | 567 | 1,710 | 1,695 |
Operating Profit | 126 | 143 | 391 | 443 |
PepsiCo Beverages North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 5,643 | 5,456 | 15,475 | 15,064 |
Operating Profit | 640 | 703 | 1,719 | 1,838 |
Latin America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 1,904 | 1,868 | 5,031 | 4,935 |
Operating Profit | 277 | 284 | 785 | 742 |
Europe Sub-Saharan Africa [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 3,347 | 3,161 | 8,173 | 7,945 |
Operating Profit | 474 | 439 | $ 965 | 995 |
Disaggregation of Net Revenue - Beverages | 50.00% | |||
Disaggregation of Net Revenue - Food/Snack | 50.00% | |||
Asia, Middle East and North Africa [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 1,613 | 1,542 | $ 4,202 | 4,153 |
Operating Profit | 357 | 311 | $ 883 | 994 |
Disaggregation of Net Revenue - Beverages | 35.00% | |||
Disaggregation of Net Revenue - Food/Snack | 65.00% | |||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit | 3,160 | 3,121 | $ 8,437 | 8,503 |
Corporate Unallocated [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit | $ (305) | $ (277) | $ (845) | $ (824) |
United States and Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Fiscal Period Duration | 84 days |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Details) | Dec. 29, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Increase of Assets and Liabilities - Leases | 2.00% |
Restructuring and Impairment _3
Restructuring and Impairment Charges Restructuring and Impairment Charges (Summary of 2019 Productivity Plan Charges) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 8 Months Ended | |
Sep. 07, 2019 | Sep. 07, 2019 | Sep. 08, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Cash payments | $ (248) | $ (179) | |
2019 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Liability as of December 29, 2018 | 106 | ||
Restructuring Charges | $ 98 | 282 | |
Cash payments | (133) | ||
Non-cash charges and translation | (91) | ||
Liability as of September 7, 2019 | $ 164 | $ 164 | |
Net income attributable to PepsiCo per common share | $ 0.06 | $ 0.16 | |
Restructuring and Related Cost, Cost Incurred to Date | $ 420 | $ 420 | |
Cash payments reported on the cash flow statement in pension and retiree medical contributions | 3 | ||
2019 Productivity Plan [Member] | Frito Lay North America [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 16 | 22 | |
Restructuring and Related Cost, Cost Incurred to Date | 53 | 53 | |
2019 Productivity Plan [Member] | Quaker Foods North America [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 2 | 2 | |
Restructuring and Related Cost, Cost Incurred to Date | 7 | 7 | |
2019 Productivity Plan [Member] | PepsiCo Beverages North America [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 26 | 42 | |
Restructuring and Related Cost, Cost Incurred to Date | 82 | 82 | |
2019 Productivity Plan [Member] | Latin America [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 22 | 43 | |
Restructuring and Related Cost, Cost Incurred to Date | 52 | 52 | |
2019 Productivity Plan [Member] | Europe Sub-Saharan Africa [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 14 | 73 | |
Restructuring and Related Cost, Cost Incurred to Date | 81 | 81 | |
2019 Productivity Plan [Member] | Asia, Middle East and North Africa [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 10 | 63 | |
Restructuring and Related Cost, Cost Incurred to Date | 66 | 66 | |
Corporate Unallocated [Member] | 2019 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3 | 37 | |
Restructuring and Related Cost, Cost Incurred to Date | 44 | 44 | |
Severance and Other Employee Costs | 2019 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Liability as of December 29, 2018 | 105 | ||
Restructuring Charges | 65 | 105 | |
Cash payments | (88) | ||
Non-cash charges and translation | (5) | ||
Liability as of September 7, 2019 | 117 | 117 | |
Restructuring and Related Cost, Cost Incurred to Date | 242 | 242 | |
Asset Impairments | 2019 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Liability as of December 29, 2018 | 0 | ||
Restructuring Charges | 3 | 87 | |
Cash payments | 0 | ||
Non-cash charges and translation | (87) | ||
Liability as of September 7, 2019 | 0 | 0 | |
Restructuring and Related Cost, Cost Incurred to Date | 87 | 87 | |
Other Costs | 2019 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Liability as of December 29, 2018 | 1 | ||
Restructuring Charges | 30 | 90 | |
Cash payments | (45) | ||
Non-cash charges and translation | (1) | ||
Liability as of September 7, 2019 | 47 | 47 | |
Restructuring and Related Cost, Cost Incurred to Date | 91 | 91 | |
Cost of sales | 2019 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 10 | 100 | |
Selling, general and administrative expenses | 2019 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 83 | 182 | |
Other pension and retiree medical benefits expense | 2019 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 5 | 0 | |
Restructuring and Related Cost, Cost Incurred to Date | 35 | 35 | |
After-tax amount | 2019 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 82 | 225 | |
Restructuring, Settlement and Impairment Provisions, less Other pension and retiree medical benefits expense [Member] | 2019 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 93 | 282 | |
Restructuring and Related Cost, Cost Incurred to Date | $ 385 | $ 385 |
Restructuring and Impairment _4
Restructuring and Impairment Charges Restructuring and Impairment Charges (Summary of 2014 Productivity Plan Charges) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 8 Months Ended | |
Sep. 08, 2018 | Sep. 07, 2019 | Sep. 08, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Cash payments | $ 248 | $ 179 | |
2014 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 1,300 | ||
Restructuring and Related Cost, Expected Cash Expenditures | 960 | ||
Cash payments | $ 115 | ||
Restructuring Charges | $ 35 | $ 79 | |
Net income attributable to PepsiCo per common share | $ 0.02 | $ 0.05 | |
2014 Productivity Plan [Member] | Selling, general and administrative expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 35 | $ 75 | |
2014 Productivity Plan [Member] | Other pension and retiree medical benefits expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 4 | |
2014 Productivity Plan [Member] | After-tax amount | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 31 | 66 | |
Frito Lay North America [Member] | 2014 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (3) | 6 | |
Quaker Foods North America [Member] | 2014 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 1 | |
PepsiCo Beverages North America [Member] | 2014 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 13 | 25 | |
Latin America [Member] | 2014 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 6 | 18 | |
Europe Sub-Saharan Africa [Member] | 2014 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 17 | 25 | |
Asia, Middle East and North Africa [Member] | 2014 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 2 | 6 | |
Severance and Other Employee Costs | 2014 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 24 | 48 | |
Asset Impairments | 2014 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3 | 11 | |
Other Costs | 2014 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 8 | 20 | |
Corporate Unallocated [Member] | 2014 Productivity Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 0 | $ (2) |
Intangible Assets Amortizable I
Intangible Assets Amortizable Intangible Assets, net (Detail) - USD ($) $ in Millions | Sep. 07, 2019 | Dec. 29, 2018 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 3,050 | $ 3,209 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,613) | (1,565) |
Amortizable Intangible Assets, net | 1,437 | 1,644 |
Other Identifiable Intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 800 | 959 |
Finite-Lived Intangible Assets, Accumulated Amortization | (309) | (288) |
Amortizable Intangible Assets, net | 491 | 671 |
Brands | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,300 | 1,306 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,047) | (1,032) |
Amortizable Intangible Assets, net | 253 | 274 |
Reacquired Franchise Rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 106 | 106 |
Finite-Lived Intangible Assets, Accumulated Amortization | (105) | (105) |
Amortizable Intangible Assets, net | 1 | 1 |
Acquired Franchise Rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 844 | 838 |
Finite-Lived Intangible Assets, Accumulated Amortization | (152) | (140) |
Amortizable Intangible Assets, net | $ 692 | $ 698 |
Change in Book Value of Nonamor
Change in Book Value of Nonamortizable Intangible Assets (Detail) - USD ($) $ in Millions | 8 Months Ended | |
Sep. 07, 2019 | Dec. 29, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | $ 29,713 | $ 28,989 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 691 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 33 | |
Frito Lay North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 460 | 458 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (3) | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 5 | |
QFNA | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 205 | 209 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (4) | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 0 | |
PepsiCo Beverages North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 19,226 | 18,734 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 456 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 36 | |
Latin America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 613 | 636 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (23) | |
Europe Sub-Saharan Africa | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 8,742 | 8,457 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 246 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 39 | |
Asia, Middle East and North Africa [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 467 | 495 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (4) | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (24) | |
Goodwill | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 15,338 | 14,808 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 532 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (2) | |
Goodwill | Frito Lay North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 298 | 297 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (3) | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 4 | |
Goodwill | QFNA | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 194 | 184 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 10 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 0 | |
Goodwill | PepsiCo Beverages North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 9,961 | 9,813 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 134 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 14 | |
Goodwill | Latin America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 492 | 509 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (17) | |
Goodwill | Europe Sub-Saharan Africa | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 4,022 | 3,611 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 395 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 16 | |
Goodwill | Asia, Middle East and North Africa [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 371 | 394 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (4) | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (19) | |
Brands | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 5,137 | 4,955 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 159 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 23 | |
Brands | Frito Lay North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 162 | 161 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 1 | |
Brands | QFNA | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 11 | 25 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (14) | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 0 | |
Brands | PepsiCo Beverages North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 668 | 353 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 322 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (7) | |
Brands | Latin America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 121 | 127 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (6) | |
Brands | Europe Sub-Saharan Africa | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 4,079 | 4,188 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (149) | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 40 | |
Brands | Asia, Middle East and North Africa [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 96 | 101 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (5) | |
Reacquired Franchise Rights | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 7,568 | 7,555 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 13 | |
Reacquired Franchise Rights | PepsiCo Beverages North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 7,082 | 7,058 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 24 | |
Reacquired Franchise Rights | Europe Sub-Saharan Africa | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 486 | 497 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (11) | |
Acquired franchise rights | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 1,670 | 1,671 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (1) | |
Acquired franchise rights | PepsiCo Beverages North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 1,515 | 1,510 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 5 | |
Acquired franchise rights | Europe Sub-Saharan Africa | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 155 | $ 161 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | $ (6) |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||
Sep. 07, 2019 | Sep. 08, 2018 | Sep. 07, 2019 | Sep. 08, 2018 | Dec. 29, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Federal Statutory Tax Rate, Pre TCJ Act | 35.00% | ||||
Federal Statutory Tax Rate, Post TCJ Act | 21.00% | 21.00% | |||
Additional Transition Tax | $ 76 | $ 29 | $ 854 | $ 28 | |
Additional Transition Tax, per share amount | $ 0.05 | $ 0.02 | $ 0.60 | $ 0.02 | |
Impact of Swiss Tax Reform | $ 45 | $ 33 | |||
Federal Audit Settlement | $ 364 | ||||
Federal Audit Settlement, per share amount | $ 0.26 | ||||
Federal and International Audit Settlements | $ 678 | ||||
Federal and International Audit Settlements, per share amount | $ 0.48 |
Weighted Average Black Scholes
Weighted Average Black Scholes Fair Value Assumptions (Detail) | 8 Months Ended | |
Sep. 07, 2019 | Sep. 08, 2018 | |
Black Scholes valuation assumptions [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.50% | 2.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 14.00% | 12.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.10% | 2.70% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 07, 2019 | Sep. 08, 2018 | Sep. 07, 2019 | Sep. 08, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | $ 51 | $ 57 | $ 169 | $ 203 |
Compensation cost for share-based liabilities | 3 | 2 | 7 | 4 |
Recognized stock-based compensation expense | 54 | 58 | 177 | 208 |
Share based liability awards granted, target | 16 | 21 | ||
Share-based Compensation [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restructuring and impairment charges | $ 0 | $ (1) | $ 1 | $ 1 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1.2 | 1.4 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Price | $ 117.21 | $ 108.75 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2.8 | 2.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Weighted Average Grant Price | $ 116.05 | $ 108.70 |
Pension and Retiree Medical B_3
Pension and Retiree Medical Benefits Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 07, 2019 | Sep. 08, 2018 | Sep. 07, 2019 | Sep. 08, 2018 | |
Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 87 | $ 99 | $ 263 | $ 298 |
Defined Benefit Plan, Interest Cost | 125 | 111 | 376 | 333 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (205) | (218) | (617) | (653) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 2 | 1 | 7 | 2 |
Defined Benefit Plan, Amortization of Gain (Loss) | 37 | 41 | 111 | 124 |
Defined Benefit Plan Period Gross | 46 | 34 | 140 | 104 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 15 | 7 | 15 | 7 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 5 | 0 | 0 | 3 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 66 | 41 | 155 | 114 |
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 18 | 23 | 49 | 63 |
Defined Benefit Plan, Interest Cost | 24 | 23 | 64 | 63 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (46) | (50) | (124) | (134) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | 8 | 12 | 21 | 31 |
Defined Benefit Plan Period Gross | 4 | 8 | 10 | 23 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 3 | 2 | 3 | 2 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 0 | 0 | 1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 7 | 10 | 13 | 26 |
Retiree Medical Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 5 | 7 | 16 | 22 |
Defined Benefit Plan, Interest Cost | 9 | 8 | 25 | 24 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (4) | (4) | (12) | (13) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (4) | (5) | (13) | (14) |
Defined Benefit Plan, Amortization of Gain (Loss) | (7) | (2) | (19) | (7) |
Defined Benefit Plan Period Gross | (1) | 4 | (3) | 12 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (1) | $ 4 | $ (3) | $ 12 |
Pension and Retiree Medical B_4
Pension and Retiree Medical Benefits Narrative (Details) - USD ($) | 8 Months Ended | |
Sep. 07, 2019 | Sep. 08, 2018 | |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer, Discretionary | $ 150,000,000 | $ 1,400,000,000 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer, Discretionary | $ 17,000,000 | 17,000,000 |
Postemployment Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer, Discretionary | $ 37,000,000 |
Debt Obligations and Commitme_3
Debt Obligations and Commitments - Additional Information (Detail) € in Millions, $ in Millions | 8 Months Ended | |||
Sep. 07, 2019USD ($) | Dec. 28, 2019USD ($) | Sep. 07, 2019EUR (€) | Jun. 04, 2018USD ($) | |
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 3,000 | |||
Line of Credit, Swing Line Subfacility | $ 750 | |||
Notes Due 2027 [Member] | Zero Point Seven Five Percent Notes Due 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | 0.75% | ||
Debt Instrument, Face Amount | € | € 500 | |||
Notes Due 2031 [Member] | One Point One Two Five Percent Notes Due 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.125% | 1.125% | ||
Debt Instrument, Face Amount | € | € 500 | |||
Notes Due 2029 [Member] | Two Point Six Two Five Percent Notes Due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.625% | 2.625% | ||
Debt Instrument, Face Amount | $ 1,000 | |||
Notes Due 2049 [Member] | Three Point Three Seven Five Percent Notes Due 2049 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | 3.375% | ||
Debt Instrument, Face Amount | $ 1,000 | |||
Five-year Unsecured Revolving Credit Agreement (Five-Year Credit Agreement Member) [Domain] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | 3,750 | $ 3,750 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 4,500 | |||
364-Day Unsecured Revolving Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | 3,750 | $ 3,750 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | |||
Subsequent Event [Member] | Note Due 2020 [Member] | Four Point Five Zero Percent Notes Due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||
Debt Instrument, Repurchase Amount | $ 1,000 | |||
Debt Instrument, Repurchased Face Amount | $ 1,000 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Billions | Sep. 07, 2019 | Dec. 29, 2018 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 35 | $ 32 |
Commodity contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 1 | 1.1 |
Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 2 | 2 |
Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 5.7 | $ 10.5 |
Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 12.00% | 29.00% |
Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 1.9 | $ 0.9 |
Fair Values of Financial Assets
Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Sep. 07, 2019 | Dec. 29, 2018 |
Derivatives, Fair Value [Line Items] | ||
Senior Notes | $ 3,000 | $ 7,700 |
Short-term Investments | 287 | 272 |
Derivative Asset, Fair Value, Gross Asset | 30 | 55 |
Derivative Liability, Fair Value, Gross Liability | 543 | 568 |
Total Financial Assets At Fair Value | 334 | 3,931 |
Total Financial Liabilities At Fair Value | 1,003 | 1,018 |
Derivatives not designated as hedging instruments: | ||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 63 | |
Derivatives Designated As Cash Flow Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 26 | 44 |
Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 469 | 341 |
Derivatives Not Designated As Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 4 | 10 |
Derivatives Not Designated As Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 67 | 119 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Designated As Fair Value Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Fair Value Hedge Asset at Fair Value | 0 | 1 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Designated As Fair Value Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Fair Value Hedge Liability at Fair Value | 7 | 108 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Designated As Cash Flow Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 26 | 44 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Price Risk Cash Flow Hedge Asset, at Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 7 | 14 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 440 | 323 |
Price Risk Cash Flow Hedge Liability, at Fair Value | 7 | 3 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Not Designated As Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 2 | 3 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 1 | 5 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Not Designated As Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 9 | 10 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 38 | 92 |
Fair Value, Inputs, Level 2 [Member] | Liability [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Forward Asset Fair Value | 0 | 0 |
Deferred Compensation Liability, Current and Noncurrent | 460 | 450 |
Fair Value, Inputs, Level 2 [Member] | Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Forward Asset Fair Value | 17 | 22 |
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Derivatives Designated As Cash Flow Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Price Risk Cash Flow Hedge Asset, at Fair Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Price Risk Cash Flow Hedge Liability, at Fair Value | 15 | 1 |
Fair Value, Inputs, Level 1 [Member] | Derivatives Not Designated As Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 1 | 2 |
Fair Value, Inputs, Level 1 [Member] | Derivatives Not Designated As Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 20 | 17 |
Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Debt Securities, Available-for-sale | 67 | 3,658 |
Liability [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Liability [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Short-term Investments | 0 | 0 |
Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Short-term Investments | $ 220 | $ 196 |
Effective Portion of Pre Tax Ga
Effective Portion of Pre Tax Gains and Losses on Derivative Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | ||||||
Sep. 07, 2019 | Jun. 15, 2019 | Mar. 23, 2019 | Sep. 08, 2018 | Jun. 16, 2018 | Mar. 24, 2018 | Sep. 07, 2019 | Sep. 08, 2018 | |
Derivatives, Fair Value [Line Items] | ||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | $ 95 | $ 37 | $ 20 | $ 11 | $ 70 | $ (93) | ||
Cash Flow Hedge Gain/(Loss) to be Reclassified within Twelve Months | $ (24) | |||||||
Fair Value/Non-designated Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
(Gains)/Losses Recognized in Income Statement (a) | 26 | 11 | (31) | $ 143 | ||||
Cash Flow Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | 55 | 14 | 97 | (64) | ||||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | 43 | 7 | 57 | 80 | ||||
Foreign Exchange Forward [Member] | Fair Value/Non-designated Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
(Gains)/Losses Recognized in Income Statement (a) | 11 | 11 | 15 | 8 | ||||
Foreign Exchange Forward [Member] | Cash Flow Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | (2) | (10) | 16 | (40) | ||||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | 4 | (10) | 0 | 6 | ||||
Interest Rate Contract [Member] | Fair Value/Non-designated Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
(Gains)/Losses Recognized in Income Statement (a) | (12) | (20) | (62) | 118 | ||||
Interest Rate Contract [Member] | Cash Flow Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | 65 | 20 | 117 | 29 | ||||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | 38 | 17 | 54 | 72 | ||||
Commodity Contract [Member] | Fair Value/Non-designated Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
(Gains)/Losses Recognized in Income Statement (a) | 27 | 20 | 16 | 17 | ||||
Commodity Contract [Member] | Cash Flow Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | 32 | 1 | 19 | (1) | ||||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | 1 | 0 | 3 | 2 | ||||
Net Investment Hedging [Member] | Fair Value/Non-designated Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
(Gains)/Losses Recognized in Income Statement (a) | 0 | 0 | 0 | 0 | ||||
Net Investment Hedging [Member] | Cash Flow Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | (40) | 3 | (55) | (52) | ||||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and Diluted Net Income At
Basic and Diluted Net Income Attributable to PepsiCo (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 07, 2019 | Sep. 08, 2018 | Sep. 07, 2019 | Sep. 08, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to PepsiCo | $ 2,100 | $ 2,498 | $ 5,548 | $ 5,661 |
Preferred Stock [Abstract] | ||||
Redemption premium | 0 | (2) | ||
Net income available for PepsiCo common shareholders - Value | $ 2,100 | $ 2,498 | $ 5,548 | $ 5,659 |
Net income available for PepsiCo common shareholders - Shares | 1,397 | 1,414 | 1,401 | 1,417 |
Earnings Per Share, Basic | $ 1.50 | $ 1.77 | $ 3.96 | $ 3.99 |
Dilutive Securities [Abstract] | ||||
Stock options and RSUs - Shares | 8 | 10 | 8 | 10 |
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | $ 0 | $ 0 |
Dilutive Securities, Effect on Basic Earnings Per Share, ESOP Convertible Preferred Stock | $ 0 | $ 2 | ||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 0 | 0 | ||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 5,548 | $ 5,661 | ||
Weighted Average Number of Shares Outstanding, Diluted | 1,405 | 1,424 | 1,409 | 1,427 |
Earnings Per Share, Diluted | $ 1.49 | $ 1.75 | $ 3.94 | $ 3.97 |
Net Income Attributable to Pe_3
Net Income Attributable to PepsiCo per Common Share Out-of-the-money options excluded from the calculation of diluted earnings per common share (Details) - $ / shares | 3 Months Ended | 8 Months Ended | ||
Sep. 07, 2019 | Sep. 08, 2018 | Sep. 07, 2019 | Sep. 08, 2018 | |
Out-of-the-money options [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0.1 | 0.4 | 1 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share, Average Exercise per Share Amount | $ 0 | $ 115.75 | $ 115.98 | $ 109.63 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | ||||||||
Sep. 07, 2019 | Jun. 15, 2019 | Mar. 23, 2019 | Sep. 08, 2018 | Jun. 16, 2018 | Mar. 24, 2018 | Sep. 07, 2019 | Sep. 08, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | |
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Post retirement Plans Taxes | $ 1,437 | $ 1,454 | $ 1,465 | $ 1,296 | $ 1,314 | $ 1,332 | $ 1,437 | $ 1,296 | $ 1,466 | $ 1,338 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (11,969) | (11,810) | (11,445) | (11,686) | (10,958) | (9,987) | (11,969) | (11,686) | (11,918) | (10,277) |
Losses/(gains) on cash flow hedges: | ||||||||||
Total before tax | 43 | 29 | (15) | 7 | 128 | (55) | 57 | 80 | ||
Tax amounts | (11) | (3) | (13) | (20) | ||||||
Net losses after tax | 32 | 4 | 44 | 60 | ||||||
Amortization of pension and retiree medical items: | ||||||||||
Amortization of prior service credits | (2) | (4) | (6) | (12) | ||||||
Net actuarial losses | 38 | 51 | 113 | 148 | ||||||
Settlement losses | 18 | 9 | 18 | 9 | ||||||
Total before tax | 54 | 37 | 34 | 56 | 46 | 43 | 125 | 145 | ||
Tax amounts | (12) | (12) | (27) | (32) | ||||||
Net losses after tax | 42 | 44 | 98 | 113 | ||||||
Total net losses reclassified, net of tax | 74 | 48 | 142 | 173 | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 16 | 54 | 60 | 122 | 123 | 75 | 16 | 122 | 87 | 47 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (3,156) | (3,212) | (3,254) | (2,670) | (2,724) | (2,780) | (3,156) | (2,670) | (3,271) | (2,804) |
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | 2 | 3 | 2 | 0 | (2) | (6) | 2 | 0 | 2 | (4) |
Accumulated Other Comprehensive Income Loss Other | (19) | (19) | (19) | (19) | (19) | (19) | (19) | (19) | (19) | (19) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (15,126) | (14,984) | (14,656) | (14,253) | (13,580) | (12,717) | (15,126) | (14,253) | $ (15,119) | $ (13,057) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (149) | (365) | 475 | (730) | (953) | 288 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (95) | (37) | (20) | (11) | (70) | 93 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | 19 | 16 | (16) | 16 | 28 | (13) | ||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | (1) | 1 | 0 | 2 | 4 | (2) | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
OCI, before Reclassifications, before Tax, Attributable to Parent | (226) | (385) | 439 | (723) | (991) | 366 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 97 | 66 | 19 | 63 | 174 | (12) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (149) | (365) | 475 | (730) | (953) | 288 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | (52) | (8) | (35) | (4) | 58 | 38 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 73 | 53 | 18 | 72 | 74 | 30 | ||||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax | (1) | 1 | 0 | 2 | 4 | (2) | ||||
Other Comprehensive Income, Other, Before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (129) | (319) | 458 | (660) | (817) | 354 | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (10) | 0 | (2) | 2 | (18) | 2 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 14 | 2 | 8 | 3 | (10) | (10) | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (17) | (11) | (1) | (18) | (18) | (6) | ||||
Other Comprehensive Income, Other, Taxes | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (13) | $ (9) | $ 5 | (13) | $ (46) | $ (14) | ||||
Cash Flow Hedges | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | 43 | 7 | 57 | 80 | ||||||
Amortization of pension and retiree medical items: | ||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (55) | (14) | (97) | 64 | ||||||
Cash Flow Hedges | Foreign exchange contracts | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | 4 | (10) | 0 | 6 | ||||||
Amortization of pension and retiree medical items: | ||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 2 | 10 | (16) | 40 | ||||||
Cash Flow Hedges | Foreign exchange contracts | Revenue, Net [Member] | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | 0 | (1) | 1 | (1) | ||||||
Cash Flow Hedges | Foreign exchange contracts | Cost of sales | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | 4 | (9) | (1) | 7 | ||||||
Cash Flow Hedges | Interest rate derivatives | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | 38 | 17 | 54 | 72 | ||||||
Amortization of pension and retiree medical items: | ||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (65) | (20) | (117) | (29) | ||||||
Cash Flow Hedges | Interest rate derivatives | Interest Expense | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | 38 | 17 | 54 | 72 | ||||||
Cash Flow Hedges | Commodity contracts | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | 1 | 0 | 3 | 2 | ||||||
Amortization of pension and retiree medical items: | ||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (32) | (1) | (19) | 1 | ||||||
Cash Flow Hedges | Commodity contracts | Cost of sales | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | 0 | 1 | 2 | 4 | ||||||
Cash Flow Hedges | Commodity contracts | Selling, general and administrative expenses | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | $ 1 | $ (1) | $ 1 | $ (2) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | ||||||||
Sep. 07, 2019 | Jun. 15, 2019 | Mar. 23, 2019 | Sep. 08, 2018 | Jun. 16, 2018 | Mar. 24, 2018 | Sep. 07, 2019 | Sep. 08, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | $ (2) | $ (4) | $ (6) | $ (12) | ||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (38) | (51) | (113) | (148) | ||||||
Settlement losses | 18 | 9 | 18 | 9 | ||||||
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Post retirement Plans Taxes | 1,437 | $ 1,454 | $ 1,465 | 1,296 | $ 1,314 | $ 1,332 | 1,437 | 1,296 | $ 1,466 | $ 1,338 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (11,969) | (11,810) | (11,445) | (11,686) | (10,958) | (9,987) | (11,969) | (11,686) | (11,918) | (10,277) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 16 | 54 | 60 | 122 | 123 | 75 | 16 | 122 | 87 | 47 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (3,156) | (3,212) | (3,254) | (2,670) | (2,724) | (2,780) | (3,156) | (2,670) | (3,271) | (2,804) |
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | 2 | 3 | 2 | 0 | (2) | (6) | 2 | 0 | 2 | (4) |
Accumulated Other Comprehensive Income Loss Other | (19) | (19) | (19) | (19) | (19) | (19) | (19) | (19) | (19) | (19) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (15,126) | (14,984) | (14,656) | (14,253) | (13,580) | (12,717) | (15,126) | (14,253) | $ (15,119) | $ (13,057) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (149) | (365) | 475 | (730) | (953) | 288 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (95) | (37) | (20) | (11) | (70) | 93 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | 19 | 16 | (16) | 16 | 28 | (13) | ||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | (1) | 1 | 0 | 2 | 4 | (2) | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
OCI, before Reclassifications, before Tax, Attributable to Parent | (226) | (385) | 439 | (723) | (991) | 366 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 43 | 29 | (15) | 7 | 128 | (55) | 57 | 80 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 54 | 37 | 34 | 56 | 46 | 43 | 125 | 145 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 97 | 66 | 19 | 63 | 174 | (12) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (149) | (365) | 475 | (730) | (953) | 288 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | (52) | (8) | (35) | (4) | 58 | 38 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 73 | 53 | 18 | 72 | 74 | 30 | ||||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax | (1) | 1 | 0 | 2 | 4 | (2) | ||||
Other Comprehensive Income, Other, Before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (129) | (319) | 458 | (660) | (817) | 354 | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (10) | 0 | (2) | 2 | (18) | 2 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 14 | 2 | 8 | 3 | (10) | (10) | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (17) | (11) | (1) | (18) | (18) | (6) | ||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income, Other, Taxes | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (13) | $ (9) | $ 5 | (13) | $ (46) | $ (14) | ||||
Cash Flow Hedging [Member] | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (43) | (7) | (57) | (80) | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (55) | (14) | (97) | 64 | ||||||
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (4) | 10 | 0 | (6) | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 2 | $ 10 | $ (16) | $ 40 |
Restricted Cash Restricted Ca_3
Restricted Cash Restricted Cash (Details) - USD ($) $ in Millions | Sep. 07, 2019 | Dec. 29, 2018 | Sep. 08, 2018 | Dec. 30, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 5,494 | $ 8,721 | ||
Restricted Cash, Current | 127 | 1,997 | ||
Restricted cash included in other assets | 86 | 51 | ||
Total Cash and Cash Equivalents and Restricted Cash | $ 5,707 | $ 10,769 | $ 12,043 | $ 10,657 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 12 Months Ended | |
Sep. 07, 2019 | Sep. 07, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Leases [Abstract] | ||||
lessee, operating lease, amortization amount included in operating lease cost | $ 101 | $ 269 | ||
Lessee, Operating Lease, Term of Contract-Low End | 1 year | |||
Lessee, Operating Lease, Term of Contract-High End | 20 years | |||
Lessee, Operating Lease, Option to Extend | P5Y | |||
Operating Lease, Weighted Average Remaining Lease Term | 6 years | 6 years | ||
Operating Lease, Right-of-Use Asset | $ 1,499 | $ 1,499 | ||
Operating Lease, Payments | 326 | |||
Operating Lease, Expense | 115 | 306 | ||
Operating Leases, Rent Expense | $ 771 | $ 742 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 146 | 146 | 459 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 450 | 450 | 406 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 336 | 336 | 294 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 247 | 247 | 210 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 155 | 155 | 161 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 360 | 360 | 310 | |
Operating Leases, Future Minimum Payments Due | 1,694 | 1,694 | $ 1,840 | |
Variable Lease, Cost | 29 | 71 | ||
Short-term Lease, Cost | 83 | 260 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 304 | |||
Operating Lease, Liability, Current | 412 | 412 | ||
Operating Lease, Liability, Noncurrent | $ 1,081 | $ 1,081 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% | 4.00% | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ (201) | $ (201) | ||
Operating Lease, Liability | $ 1,493 | $ 1,493 | ||
Lessee, Operating Sublease, Option to Terminate | P1Y |
Acquisitions & Divestitures (De
Acquisitions & Divestitures (Details) $ / shares in Units, $ in Millions | 8 Months Ended | 12 Months Ended | ||
Sep. 08, 2018USD ($)$ / shares | Dec. 29, 2018USD ($)$ / shares | Sep. 07, 2019USD ($) | Sep. 07, 2019R / shares | |
Acquisitions & Divestitures [Line Items] | ||||
Business Acquisition, Share Price | (per share) | $ 144 | R 110 | ||
Enterprise value of future acquisition | $ 1,700 | |||
Business Combination, Consideration Transferred | $ 3,300 | |||
SodaStream Consideration Transferred,, net of cash and cash equivalents acquired | 3,200 | |||
Gain (Loss) on Disposition of Business | $ 144 | |||
Gain (Loss) on Sale of Subsidiary, net of tax | $ 126 | |||
Gain (Loss) on Sale of Subsidiary, after tax, per share | $ / shares | $ 0.09 | |||
Europe Sub-Saharan Africa [Member] | ||||
Acquisitions & Divestitures [Line Items] | ||||
SodaStream Goodwill and Indefinite-lived Intangible Assets, Translation and Purchase Accounting Adjustments | 3,000 | |||
Property, Plant, and Equipment, Fair Value Disclosure | $ 200 |