Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 19, 2022 | Apr. 19, 2022 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 19, 2022 | |
Entity File Number | 1-1183 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | 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 | 1,382,683,559 | |
Entity Central Index Key | 0000077476 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock | ||
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 | |
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 | |
Zero Point Two Five Percent Notes Due 2024 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.250% Senior Notes Due 2024 | |
Trading Symbol | PEP24 | |
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 | |
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 | |
Zero Point Five Percent Notes Due 2028 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.500% Senior Notes Due 2028 | |
Trading Symbol | PEP28a | |
Name of Exchange on which Security is Registered | NASDAQ | |
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 Four Percent Notes Due 2032 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.400% Senior Notes Due 2032 | |
Trading Symbol | PEP32 | |
Name of Exchange on which Security is Registered | NASDAQ | |
Zero Point Seven Five Percent Notes Due 2033 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.750% Senior Notes Due 2033 | |
Trading Symbol | PEP33 | |
Name of Exchange on which Security is Registered | NASDAQ | |
Zero Point Eight Seven Five Notes Due 2039 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.875% Senior Notes Due 2039 | |
Trading Symbol | PEP39 | |
Name of Exchange on which Security is Registered | NASDAQ | |
One Point Zero Five Percent Notes Due 2050 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 1.050% Senior Notes Due 2050 | |
Trading Symbol | PEP50 | |
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 | ||
Mar. 19, 2022 | Mar. 20, 2021 | ||
Income Statement [Abstract] | |||
Net Revenue | $ 16,200 | $ 14,820 | |
Cost of sales | 7,433 | 6,671 | |
Gross profit | 8,767 | 8,149 | |
Selling, general and administrative expenses | 6,822 | 5,837 | |
Gain associated with the Juice Transaction | (3,322) | [1] | 0 |
Operating Profit | 5,267 | 2,312 | |
Other pension and retiree medical benefits income | 134 | 120 | |
Net interest expense and other | (240) | (258) | |
Income before income taxes | 5,161 | 2,174 | |
Provision for income taxes | 888 | 451 | |
Net income | 4,273 | 1,723 | |
Less: Net income attributable to noncontrolling interests | 12 | 9 | |
Net Income Attributable to PepsiCo | $ 4,261 | $ 1,714 | |
Net Income Attributable to PepsiCo per Common Share | |||
Earnings Per Share, Basic | $ 3.08 | $ 1.24 | |
Earnings Per Share, Diluted | $ 3.06 | $ 1.24 | |
Weighted-average common shares outstanding | |||
Weighted Average Number of Shares Outstanding, Basic | 1,383 | 1,380 | |
Weighted Average Number of Shares Outstanding, Diluted | 1,391 | 1,387 | |
Income Statement Additional Disclosure | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 3,500 | ||
Equity Method Investment, Ownership Percentage | 39.00% | ||
[1] | In the 12 weeks ended March 19, 2022, we sold our Tropicana, Naked and other select juice brands to PAI Partners for approximately $3.5 billion in cash and a 39% noncontrolling interest in a newly formed joint venture (Tropicana JV) operating across North America and Europe (Juice Transaction). See Note 11 for further information. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 4,273 | $ 1,723 |
Net currency translation adjustment | (560) | 131 |
Net change on cash flow hedges | 106 | 72 |
Net pension and retiree medical adjustments | 13 | 27 |
Other | (4) | 0 |
Other comprehensive (loss)/income, net of taxes: | (445) | 230 |
Comprehensive income | 3,828 | 1,953 |
Less: Comprehensive income attributable to noncontrolling interests | 12 | 9 |
Comprehensive Income Attributable to PepsiCo | $ 3,816 | $ 1,944 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 19, 2022 | Mar. 20, 2021 | ||
Operating Activities | |||
Net income | $ 4,273 | $ 1,723 | |
Depreciation and amortization | 555 | 560 | |
Gain associated with the Juice Transaction | (3,322) | [1] | 0 |
Brand portfolio impairment charges | 241 | 0 | |
Russia-Ukraine conflict charges | 241 | 0 | |
Operating lease right-of-use asset amortization | 103 | 99 | |
Share-based compensation expense | 81 | 79 | |
Restructuring and impairment charges | 27 | 43 | |
Cash payments for restructuring charges | (32) | (49) | |
Acquisition and divestiture-related charges | 56 | (10) | |
Cash payments for acquisition and divestiture-related charges | (17) | (7) | |
Pension and retiree medical plan (income)/expense | (1) | 21 | |
Pension and retiree medical plan contributions | (178) | (413) | |
Deferred income taxes and other tax charges and credits | 257 | 108 | |
Change in assets and liabilities [Abstract] | |||
Accounts and notes receivable | (837) | (455) | |
Inventories | (549) | (397) | |
Prepaid expenses and other current assets | (190) | (210) | |
Accounts payable and other current liabilities | (1,238) | (1,906) | |
Income taxes payable | 489 | 227 | |
Other, net | (133) | (132) | |
Net Cash Provided by (Used in) Operating Activities | (174) | (719) | |
Investing Activities | |||
Capital spending | (522) | (471) | |
Sales of property, plant and equipment | 3 | 5 | |
Acquisitions, net of cash acquired, and investments in noncontrolled affiliates | (13) | (13) | |
Proceeds associated with the Juice Transaction | 3,456 | 0 | |
Other divestitures and sales of investments in noncontrolled affiliates | 5 | 35 | |
Short-term investments, by original maturity [Abstract] | |||
More than three months - maturities | 0 | 535 | |
Three months or less, net | 22 | 3 | |
Other investing, net | 4 | 0 | |
Net Cash Provided by (Used in) Investing Activities | 2,955 | 94 | |
Financing Activities | |||
Payments of long-term debt | (1,251) | (1) | |
Short-term borrowings, by original maturity | |||
More than three months - proceeds | 559 | 0 | |
More than three months - payments | 0 | (396) | |
Three months or less, net | 647 | 53 | |
Cash dividends paid | (1,505) | (1,429) | |
Share repurchases - common | (193) | (106) | |
Proceeds from exercises of stock options | 49 | 62 | |
Withholding tax payments on RSUs and PSUs converted | (85) | (71) | |
Other financing | (1) | 0 | |
Net Cash Provided by/(Used for) Financing Activities | (1,780) | (1,888) | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (17) | (10) | |
Net Increase/(Decrease) in Cash and Cash Equivalents and Restricted Cash | 984 | (2,523) | |
Cash and Cash Equivalents and Restricted Cash, Beginning of Year | 5,707 | 8,254 | |
Cash and Cash Equivalents and Restricted Cash, End of Period | 6,691 | 5,731 | |
Supplemental Non-Cash Activity | |||
Right-of-use assets obtained in exchange for lease obligations | $ 100 | $ 167 | |
[1] | In the 12 weeks ended March 19, 2022, we sold our Tropicana, Naked and other select juice brands to PAI Partners for approximately $3.5 billion in cash and a 39% noncontrolling interest in a newly formed joint venture (Tropicana JV) operating across North America and Europe (Juice Transaction). See Note 11 for further information. |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Mar. 19, 2022 | Dec. 25, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 6,561 | $ 5,596 |
Short-term investments | 343 | 392 |
Accounts and notes receivable, less allowance: 3/22 - $192 and 12/21 - $147 | 9,424 | 8,680 |
Inventories | ||
Raw materials and packaging | 2,017 | 1,898 |
Work-in-process | 154 | 151 |
Finished goods | 2,591 | 2,298 |
Inventory, Net, Total | 4,762 | 4,347 |
Prepaid expenses and other current assets | 1,252 | 980 |
Assets held for sale | 0 | 1,788 |
Total Current Assets | 22,342 | 21,783 |
Property, Plant and Equipment | 46,533 | 46,828 |
Accumulated Depreciation | (24,516) | (24,421) |
Property, Plant and Equipment, Net, Total | 22,017 | 22,407 |
Amortizable Intangible Assets, net | 1,497 | 1,538 |
Goodwill | 18,112 | 18,381 |
Other Indefinite-Lived Intangible Assets | 16,603 | 17,127 |
Investments in Noncontrolled Affiliates | 3,595 | 2,627 |
Deferred Income Tax Assets, Net | 4,301 | 4,310 |
Other Assets | 4,495 | 4,204 |
Total Assets | 92,962 | 92,377 |
Current Liabilities | ||
Short-term debt obligations | 5,459 | 4,308 |
Accounts payable and other current liabilities | 20,365 | 21,159 |
Liabilities held for sale | 0 | 753 |
Total Current Liabilities | 25,824 | 26,220 |
Long-term Debt Obligations | 34,590 | 36,026 |
Deferred Income Tax Liabilities, Net | 5,072 | 4,826 |
Other Liabilities | 9,156 | 9,154 |
Total Liabilities | 74,642 | 76,226 |
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: 1,384 and 1,383 shares, respectively) | 23 | 23 |
Capital in excess of par value | 3,893 | 4,001 |
Retained earnings | 67,934 | 65,165 |
Accumulated other comprehensive loss | (15,343) | (14,898) |
Repurchased common stock, in excess of par value (483 and 484 shares, respectively) | (38,305) | (38,248) |
Total PepsiCo Common Shareholders’ Equity | 18,202 | 16,043 |
Noncontrolling interests | 118 | 108 |
Total Equity | 18,320 | 16,151 |
Total Liabilities and Equity | $ 92,962 | $ 92,377 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 19, 2022 | Dec. 25, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, allowance | $ 192 | $ 147 |
Common stock, Par value | $ 0.0167 | $ 0.0167 |
Common stock, Authorized | 3,600 | 3,600 |
Common stock, Issued | 1,384 | 1,383 |
Repurchased common stock, shares | 483 | 484 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) shares in Millions, $ in Millions | Total | 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 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 23 | $ 63,443 | $ (15,476) | ||||||
Common Stocks, Including Additional Paid in Capital | $ 3,910 | ||||||||
Treasury Stock, Value | $ (38,446) | ||||||||
Noncontrolling interests | $ 98 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.0225 | ||||||||
Balance, beginning of year, shares at Dec. 26, 2020 | 1,380 | ||||||||
Balance, end of year, shares at Mar. 20, 2021 | 1,382 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | ||||||||
Share-based compensation expense | 80 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | (119) | $ 182 | |||||||
Withholding tax on RSUs and PSUs converted | (71) | ||||||||
Net income attributable to PepsiCo | $ 1,714 | 1,714 | |||||||
Cash dividends declared - common | [1] | (1,417) | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 230 | ||||||||
Shares issued, beginning of year at Dec. 26, 2020 | (487) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Repurchased During Period, Shares | 2 | (1) | |||||||
Stock option exercises, shares | 3 | ||||||||
Stock Repurchased During Period, Value | $ (106) | ||||||||
Shares issued, end of period at Mar. 20, 2021 | (485) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Less: Net income attributable to noncontrolling interests | 9 | 9 | |||||||
Other | (1) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 14,053 | $ 23 | 63,740 | (15,246) | $ 13,947 | ||||
Common Stocks, Including Additional Paid in Capital | 3,800 | ||||||||
Treasury Stock, Value | $ (38,370) | ||||||||
Noncontrolling interests | 106 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 16,151 | $ 23 | 65,165 | (14,898) | |||||
Common Stocks, Including Additional Paid in Capital | 4,001 | ||||||||
Treasury Stock, Value | 38,248 | (38,248) | |||||||
Noncontrolling interests | $ 108 | 108 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 1.075 | ||||||||
Balance, beginning of year, shares at Dec. 25, 2021 | 1,383 | ||||||||
Balance, end of year, shares at Mar. 19, 2022 | 1,384 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | ||||||||
Share-based compensation expense | 83 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | (106) | $ 156 | |||||||
Withholding tax on RSUs and PSUs converted | (85) | ||||||||
Net income attributable to PepsiCo | $ 4,261 | 4,261 | |||||||
Cash dividends declared - common | [1] | (1,492) | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (445) | ||||||||
Shares issued, beginning of year at Dec. 25, 2021 | (484) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Repurchased During Period, Shares | 1 | (1) | |||||||
Stock option exercises, shares | 2 | ||||||||
Stock Repurchased During Period, Value | $ (213) | ||||||||
Shares issued, end of period at Mar. 19, 2022 | (483) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Less: Net income attributable to noncontrolling interests | 12 | 12 | |||||||
Other | (2) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 18,320 | $ 23 | $ 67,934 | $ (15,343) | $ 18,202 | ||||
Common Stocks, Including Additional Paid in Capital | $ 3,893 | ||||||||
Treasury Stock, Value | 38,305 | $ (38,305) | |||||||
Noncontrolling interests | $ 118 | $ 118 | |||||||
[1] | Cash dividends declared per common share were $1.075 and $1.0225 for the 12 weeks ended March 19, 2022 and March 20, 2021, respectively. |
Basis of Presentation and Our D
Basis of Presentation and Our Divisions Basis of Presentation and Our Divisions (Notes) | 3 Months Ended |
Mar. 19, 2022 | |
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. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the rules and regulations for reporting the Quarterly Report on Form 10-Q (Form 10-Q). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated balance sheet at December 25, 2021 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our Annual Report on Form 10-K for the fiscal year ended December 25, 2021 (2021 Form 10-K). This report should be read in conjunction with our 2021 Form 10-K. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation. The results for the 12 weeks ended March 19, 2022 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 reported on a monthly calendar basis prior to the fourth quarter of 2021. Beginning in the fourth quarter of 2021, all of our international operations reported on a monthly calendar basis. This change did not have a material impact on our condensed consolidated financial statements. For our international operations, the months of January and February are reflected in our results for the 12 weeks ended March 19, 2022. The preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and related disclosures. Additionally, the business and economic uncertainty resulting from the novel coronavirus (COVID-19) pandemic and the deadly conflict in Ukraine has made such estimates and assumptions more difficult to calculate. Accordingly, actual results and outcomes could differ from those estimates. Our significant interim accounting policies include the recognition of a pro rata share of certain estimated annual sales incentives and certain advertising and marketing costs in proportion to revenue or volume, as applicable, and the recognition of income taxes using an estimated annual effective tax rate. 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. Unless otherwise noted, tabular dollars are in millions, except per share amounts. All per share amounts reflect common per share amounts, assume dilution unless otherwise noted, and are based on unrounded amounts. Certain reclassifications were made to the prior year’s financial statements to conform to the current year presentation. Our Divisions We are organized into seven reportable segments (also referred to as divisions), as follows: 1) Frito-Lay North America (FLNA), which includes our branded convenient food businesses in the United States and Canada; 2) Quaker Foods North America (QFNA), which includes our branded convenient food businesses, such as cereal, rice, pasta and other branded food, in the United States and Canada; 3) PepsiCo Beverages North America (PBNA), which includes our beverage businesses in the United States and Canada; 4) Latin America (LatAm), which includes all of our beverage and convenient food businesses in Latin America; 5) Europe, which includes all of our beverage and convenient food businesses in Europe; 6) Africa, Middle East and South Asia (AMESA), which includes all of our beverage and convenient food businesses in Africa, the Middle East and South Asia; and 7) Asia Pacific, Australia and New Zealand and China region (APAC), which includes all of our beverage and convenient food businesses in Asia Pacific, Australia and New Zealand, and China region. Net revenue of each division is as follows: 12 Weeks Ended 3/19/2022 3/20/2021 FLNA $ 4,839 $ 4,236 QFNA 713 646 PBNA 5,353 5,074 LatAm 1,474 1,242 Europe 1,797 1,795 AMESA 1,004 883 APAC 1,020 944 Total $ 16,200 $ 14,820 Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following tables reflect the approximate percentage of net revenue generated between our beverage business and our convenient food business for each of our international divisions, as well as our consolidated net revenue: 12 Weeks Ended 3/19/2022 3/20/2021 Beverages (a) Convenient Foods Beverages (a) Convenient Foods LatAm 10 % 90 % 10 % 90 % Europe 50 % 50 % 50 % 50 % AMESA 30 % 70 % 30 % 70 % APAC 15 % 85 % 15 % 85 % PepsiCo (b) 40 % 60 % 45 % 55 % (a) Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and Europe divisions, is approximately 35% and 40% of our consolidated net revenue in the 12 weeks ended March 19, 2022 and March 20, 2021, respectively. Generally, our finished goods beverage operations produce higher net revenue but lower operating margin as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages. (b) The decrease in the percentage of net revenue generated by our beverage business in the 12 weeks ended March 19, 2022 primarily reflects the Juice Transaction. See Note 11 for further information. Operating profit of each division is as follows: 12 Weeks Ended 3/19/2022 3/20/2021 FLNA $ 1,296 $ 1,240 QFNA 159 150 PBNA (a) 3,434 366 LatAm 323 218 Europe (a) (b) (136) 131 AMESA 180 138 APAC 215 208 Total divisions 5,471 2,451 Corporate unallocated expenses (c) (204) (139) Total $ 5,267 $ 2,312 (a) In the 12 weeks ended March 19, 2022, we recorded a gain of $3.0 billion and $298 million in our PBNA and Europe divisions, respectively, associated with the Juice Transaction. The total after-tax amount was $2.9 billion or $2.06 per share. See Note 11 for further information. (b) In the 12 weeks ended March 19, 2022, we recorded pre-tax impairment charges (Brand Portfolio Impairment Charges) of $241 million ($193 million after-tax or $0.14 per share) in selling, general and administrative expenses related to the discontinuation or repositioning of certain juice and dairy brands in Russia. See Note 3 for further information. Also see below for charges taken as a result of the Russia-Ukraine conflict. (c) In the 12 weeks ended March 20, 2021, we recorded a pre-tax unrealized gain of $108 million ($82 million after-tax or $0.06 per share) on our short-term investment in a publicly traded company, based on the quoted active market price as of market close on March 19, 2021, the last trading day of our first quarter of 2021. The gain was recorded in selling, general and administrative expenses within corporate unallocated expenses. We sold all of these shares during the second quarter of 2021. Operating profit includes certain pre-tax charges in our Europe division, taken as a result of the Russia-Ukraine conflict. These pre-tax charges are as follows: 12 Weeks Ended 3/19/2022 Impairment charges related to property, plant and equipment $ 123 Allowance for expected credit losses 37 Inventory write-downs 33 Other 48 Total (a) $ 241 After-tax amount $ 241 Impact on net income attributable to PepsiCo per common share $ (0.17) (a) Includes $140 million recorded in cost of sales and $101 million recorded in selling, general and administrative expenses. Operating profit includes certain pre-tax charges taken as a result of the COVID-19 pandemic, primarily related to incremental employee compensation costs, such as certain leave benefits and labor costs, and employee protection costs. These pre-tax charges by division are as follows: 12 Weeks Ended 3/19/2022 3/20/2021 FLNA $ 14 $ 24 QFNA 1 2 PBNA 10 13 LatAm 6 15 Europe 1 6 AMESA (a) 2 (1) APAC 2 2 Total $ 36 $ 61 (a) Income amount primarily relates to a true-up of inventory write-downs. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges Restructuring and Impairment Charges (Notes) | 3 Months Ended |
Mar. 19, 2022 | |
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. To build on the successful implementation of the 2019 Productivity Plan, in 2021, we expanded and extended the plan through the end of 2026 to take advantage of additional opportunities within the initiatives described above. As a result, we expect to incur pre-tax charges of approximately $3.15 billion, including cash expenditures of approximately $2.4 billion. These pre-tax charges are expected to consist of approximately 55% of severance and other employee-related costs, 10% for asset impairments (all non-cash) resulting from plant closures and related actions, and 35% for other costs associated with the implementation of our initiatives. The total expected plan pre-tax charges are expected to be incurred by division approximately as follows: FLNA QFNA PBNA LatAm Europe AMESA APAC Corporate Expected pre-tax charges 15 % 1 % 25 % 10 % 25 % 5 % 4 % 15 % A summary of our 2019 Productivity Plan charges is as follows: 12 Weeks Ended 3/19/2022 3/20/2021 Cost of sales $ 5 $ 2 Selling, general and administrative expenses 22 35 Other pension and retiree medical benefits expense — 6 Total restructuring and impairment charges $ 27 $ 43 After-tax amount $ 21 $ 35 Impact on net income attributable to PepsiCo per common share $ (0.02) $ (0.03) 12 Weeks Ended Plan to Date 3/19/2022 3/20/2021 through 3/19/2022 FLNA $ 3 $ 15 $ 167 QFNA — — 12 PBNA 3 4 161 LatAm 6 2 145 Europe 7 11 241 AMESA 2 1 72 APAC 1 — 62 Corporate 5 4 144 27 37 1,004 Other pension and retiree medical benefits expense — 6 67 Total $ 27 $ 43 $ 1,071 12 Weeks Ended Plan to Date 3/19/2022 3/20/2021 through 3/19/2022 Severance and other employee costs $ 11 $ 34 $ 575 Asset impairments — — 157 Other costs 16 9 339 Total $ 27 $ 43 $ 1,071 Severance and other employee costs primarily include severance and other termination benefits, as well as voluntary separation arrangements. Other costs primarily include costs associated with the implementation of our initiatives, including contract termination costs, consulting and other professional fees. A summary of our 2019 Productivity Plan activity for the 12 weeks ended March 19, 2022 is as follows: Severance and Other Employee Costs Other Costs Total Liability as of December 25, 2021 $ 64 $ 7 $ 71 2022 restructuring charges 11 16 27 Cash payments (16) (16) (32) Liability as of March 19, 2022 $ 59 $ 7 $ 66 Substantially all of the restructuring accrual at March 19, 2022 is expected to be paid by the end of 2022. Other Productivity Initiatives There were no charges related to other productivity and efficiency initiatives outside the scope of the 2019 Productivity Plan. We regularly evaluate different productivity initiatives beyond the productivity plan and other initiatives described above. For information on other impairment charges, see Notes 1 and 3 for Brand Portfolio Impairment Charges and Note 1 for Russia-Ukraine Conflict Charges. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 19, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets During the 12 weeks ended March 19, 2022, we discontinued or repositioned certain juice and dairy brands in Russia in our Europe division. As a result, we recognized pre-tax impairment charges (Brand Portfolio Impairment Charges) of $241 million ($193 million after-tax or $0.14 per share) in selling, general and administrative expenses, primarily related to indefinite-lived intangible assets. In light of the current political and economic environment, we will continue to review and analyze our brand portfolio worldwide. For further information on our policies for indefinite-lived intangible assets, refer to Note 2 to our consolidated financial statements in our 2021 Form 10-K. A summary of our amortizable intangible assets is as follows: 3/19/2022 12/25/2021 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Acquired franchise rights (a) $ 975 $ (189) $ 786 $ 976 $ (187) $ 789 Customer relationships 608 (222) 386 623 (227) 396 Brands 1,120 (984) 136 1,151 (989) 162 Other identifiable intangibles 450 (261) 189 451 (260) 191 Total $ 3,153 $ (1,656) $ 1,497 $ 3,201 $ (1,663) $ 1,538 (a) Acquired franchise rights includes our distribution agreement with Vital Pharmaceuticals, Inc., with an expected residual value higher than our carrying value. In the fourth quarter of 2020, we received notice of termination without cause, which would end our distribution rights, effective in the fourth quarter of 2023. The distribution agreement’s useful life is three The change in the book value of indefinite-lived intangible assets is as follows: Balance 12/25/2021 Translation Balance 3/19/2022 FLNA Goodwill $ 458 $ 2 $ 460 Brands 340 — 340 Total 798 2 800 QFNA Goodwill 189 — 189 Total 189 — 189 PBNA Goodwill 11,974 6 11,980 Reacquired franchise rights 7,107 13 7,120 Acquired franchise rights 1,538 2 1,540 Brands 2,508 — 2,508 Total 23,127 21 23,148 LatAm Goodwill 433 15 448 Brands 100 5 105 Total 533 20 553 Europe (a) Goodwill 3,700 (308) 3,392 Reacquired franchise rights 441 (36) 405 Acquired franchise rights 158 (2) 156 Brands 4,254 (513) 3,741 Total 8,553 (859) 7,694 AMESA Goodwill 1,063 16 1,079 Brands 205 6 211 Total 1,268 22 1,290 APAC Goodwill 564 — 564 Brands 476 1 477 Total 1,040 1 1,041 Total goodwill 18,381 (269) 18,112 Total reacquired franchise rights 7,548 (23) 7,525 Total acquired franchise rights 1,696 — 1,696 Total brands 7,883 (501) 7,382 Total $ 35,508 $ (793) $ 34,715 (a) The change in translation and other primarily represents the depreciation of the Russian ruble and the Brand Portfolio Impairment Charges. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 19, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesIn 2021, we received a final assessment from the Internal Revenue Service audit for the tax years 2014 through 2016. The assessment included both agreed and unagreed issues. On October 29, 2021, we filed a formal written protest of the assessment and requested an appeals conference. As a result of the analysis of the 2014 through 2016 final assessment, we remeasured all applicable reserves for uncertain tax positions for all years open under the statute of limitations, including any correlating adjustments impacting the mandatory transition tax liability under the Tax Cuts and Jobs Act (TCJ Act), resulting in a net non-cash tax expense of $112 million in 2021. There were no tax amounts recognized in the 12 weeks ended March 19, 2022 and March 20, 2021 from this assessment. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 19, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Share-Based Compensation The following table summarizes our total share-based compensation expense, which is primarily recorded in selling, general and administrative expenses: 12 Weeks Ended 3/19/2022 3/20/2021 Share-based compensation expense – equity awards $ 81 $ 79 Share-based compensation expense – liability awards 5 4 Acquisition and divestiture-related charges 3 — Restructuring charges (1) 1 Total $ 88 $ 84 The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan: 12 Weeks Ended 3/19/2022 3/20/2021 Granted (a) Weighted-Average Grant Price Granted (a) Weighted-Average Grant Price Stock options 2.1 $ 163.00 1.8 $ 131.25 RSUs and PSUs 2.3 $ 163.00 2.6 $ 131.25 (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 $18 million and $17 million during the 12 weeks ended March 19, 2022 and March 20, 2021, respectively. Our weighted-average Black-Scholes fair value assumptions are as follows: 12 Weeks Ended 3/19/2022 3/20/2021 Expected life 7 years 7 years Risk-free interest rate 1.7 % 1.1 % Expected volatility 16 % 14 % Expected dividend yield 2.5 % 3.1 % |
Pension and Retiree Medical Ben
Pension and Retiree Medical Benefits (Notes) | 3 Months Ended |
Mar. 19, 2022 | |
Pension and Retiree Medical Benefits [Abstract] | |
Retirement Benefits [Text Block] | Pension and Retiree Medical Benefits In the 12 weeks ended March 19, 2022, we transferred pension and retiree medical obligations of approximately $145 million and related assets to the Tropicana JV in connection with the Juice Transaction. See Note 11 for further information. The components of net periodic benefit cost/(income) for pension and retiree medical plans are as follows: 12 Weeks Ended Pension Retiree Medical U.S. International 3/19/2022 3/20/2021 3/19/2022 3/20/2021 3/19/2022 3/20/2021 Service cost $ 114 $ 120 $ 17 $ 19 $ 8 $ 8 Other pension and retiree medical benefits income: Interest cost 88 75 17 13 4 3 Expected return on plan assets (215) (224) (42) (41) (3) (4) Amortization of prior service credits (6) (7) — — (2) (2) Amortization of net losses/(gains) 33 51 5 13 (3) (3) Settlement/curtailment gains — — — — (16) — Special termination benefits 6 6 — — — — Total other pension and retiree medical benefits income (94) (99) (20) (15) (20) (6) Total $ 20 $ 21 $ (3) $ 4 $ (12) $ 2 We regularly evaluate opportunities to reduce risk and volatility associated with our pension and retiree medical plans. During the 12 weeks ended March 19, 2022 and March 20, 2021, we made discretionary contributions of $75 million and $300 million, respectively, to our U.S. qualified defined benefit plans, and $10 million and $25 million, respectively, to our international defined benefit plans. We expect to make an additional discretionary contribution of $75 million to our U.S. qualified defined benefit plans in the third quarter of 2022. |
Debt Obligations and Commitment
Debt Obligations and Commitments | 3 Months Ended |
Mar. 19, 2022 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Debt Obligations In the 12 weeks ended March 19, 2022, $1.3 billion of USD-denominated senior notes matured and were paid. Subsequent to March 19, 2022, we paid $750 million to redeem all $750 million outstanding principal amount of our 2.25% senior notes due May 2022, and we gave notice to early redeem all $800 million outstanding principal amount of our 3.10% senior notes due July 2022. As of March 19, 2022, we had $1.4 billion of commercial paper outstanding. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 19, 2022 | |
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 12 weeks ended March 19, 2022 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 2021 Form 10-K. We continue to evaluate our hedging strategies related to our Russian business based on the impact of the Russia-Ukraine conflict on financial markets. Certain of our agreements with our counterparties require us to post full collateral on derivative instruments in a net liability position if our credit rating is at A2 (Moody’s Investors Service, Inc.) or A (S&P Global Ratings) and we have been placed on credit watch for possible downgrade or if our credit rating falls below either of these levels. The fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position as of March 19, 2022 was $219 million. We have posted no collateral under these contracts and no credit-risk-related contingent features were triggered as of March 19, 2022. The notional amounts of our financial instruments used to hedge the above risks as of March 19, 2022 and December 25, 2021 are as follows: Notional Amounts (a) 3/19/2022 12/25/2021 Commodity $ 1.6 $ 1.6 Foreign exchange $ 2.6 $ 2.8 Interest rate $ 2.1 $ 2.1 Net investment (b) $ 2.1 $ 2.1 (a) In billions. (b) The total notional of our net investment hedge consists of non-derivative debt instruments. As of March 19, 2022, approximately 5% of total debt, after the impact of the related interest rate derivative instruments, was subject to variable rates, compared to 2% as of December 25, 2021. Held-to-Maturity Debt Securities Investments in debt securities that we have the positive intent and ability to hold until maturity are classified as held-to-maturity. Highly liquid debt securities with original maturities of three months or less are recorded as cash equivalents. Our held-to-maturity debt securities consist of commercial paper. As of March 19, 2022 and December 25, 2021, we had $244 million and $130 million of investments in commercial paper recorded in cash and cash equivalents, respectively. Held-to-maturity debt securities are recorded at amortized cost, which approximates fair value, and realized gains or losses are reported in earnings. Our investments mature in less than one year. As of March 19, 2022 and December 25, 2021, gross unrecognized gains and losses and the allowance for expected credit losses were not material. Fair Value Measurements The fair values of our financial assets and liabilities as of March 19, 2022 and December 25, 2021 are categorized as follows: 3/19/2022 12/25/2021 Fair Value Hierarchy Levels (a) Assets (a) Liabilities (a) Assets (a) Liabilities (a) Index funds (b) 1 $ 297 $ — $ 337 $ — Prepaid forward contracts (c) 2 $ 20 $ — $ 21 $ — Deferred compensation (d) 2 $ — $ 480 $ — $ 505 Derivatives designated as cash flow hedging instruments: Foreign exchange (e) 2 $ 43 $ 16 $ 29 $ 14 Interest rate (e) 2 28 275 14 264 Commodity (f) 2 119 1 70 5 $ 190 $ 292 $ 113 $ 283 Derivatives not designated as hedging instruments: Foreign exchange (e) 2 $ 39 $ 22 $ 19 $ 7 Commodity (f) 2 56 12 35 22 $ 95 $ 34 $ 54 $ 29 Total derivatives at fair value (g) $ 285 $ 326 $ 167 $ 312 Total $ 602 $ 806 $ 525 $ 817 (a) Fair value hierarchy levels are categorized consistently by Level 1 (quoted prices in active markets for identical assets) and Level 2 (significant other observable inputs) in both years. 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 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. (c) Based primarily on the price of our common stock. (d) Based on the fair value of investments corresponding to employees’ investment elections. (e) Based on recently reported market transactions of spot and forward rates. (f) Primarily based on recently reported market transactions of swap arrangements. (g) 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 March 19, 2022 and December 25, 2021 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table. The carrying amounts of our cash and cash equivalents and short-term investments recorded at amortized cost approximate fair value (classified as Level 2 in the fair value hierarchy) due to their short-term maturity. The fair value of our debt obligations as of March 19, 2022 and December 25, 2021 was $38 billion and $43 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 Non- Cash Flow and Net Investment Hedges Losses/(Gains) (a) Losses/(Gains) Losses/(Gains) (b) 3/19/2022 3/20/2021 3/19/2022 3/20/2021 3/19/2022 3/20/2021 Foreign exchange $ (16) $ 4 $ (8) $ 11 $ (4) $ 13 Interest rate — 1 (3) (18) 20 (4) Commodity (166) (81) (189) (90) (78) (10) Net investment — — (51) (63) — — Total $ (182) $ (76) $ (251) $ (160) $ (62) $ (1) (a) Foreign exchange derivative losses/gains are primarily included in selling, general and administrative expenses. 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 on cross-currency interest rate swaps are included in selling, general and administrative expenses. 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 Peps
Net Income Attributable to PepsiCo per Common Share | 3 Months Ended |
Mar. 19, 2022 | |
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 3/19/2022 3/20/2021 Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 3.08 $ 1.24 Net income available for PepsiCo common shareholders $ 4,261 1,383 $ 1,714 1,380 Dilutive securities: Stock options, RSUs, PSUs and other (b) — 8 — 7 Diluted $ 4,261 1,391 $ 1,714 1,387 Diluted net income attributable to PepsiCo per common share $ 3.06 $ 1.24 (a) Weighted-average common shares outstanding (in millions). (b) The dilutive effect of these securities is calculated using the treasury stock method. The weighted-average amount of antidilutive securities excluded from the calculation of diluted earnings per common share was immaterial for both the 12 weeks ended March 19, 2022 and March 20, 2021. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Notes) | 3 Months Ended |
Mar. 19, 2022 | |
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 Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 25, 2021 (a) $ (12,309) $ 159 $ (2,750) $ 2 $ (14,898) Other comprehensive (loss)/income before reclassifications (b) (549) 200 (8) — (357) Amounts reclassified from accumulated other comprehensive loss — (62) 25 — (37) Net other comprehensive (loss)/income (549) 138 17 — (394) Tax amounts (11) (32) (4) (4) (51) Balance as of March 19, 2022 (a) $ (12,869) $ 265 $ (2,737) $ (2) $ (15,343) (a) Pension and retiree medical amounts are net of taxes of $1,283 million as of December 25, 2021 and $1,279 million as of March 19, 2022. (b) Currency translation adjustment primarily reflects depreciation of the Russian ruble, partially offset by the appreciation of the South African rand, Brazilian real and Canadian dollar. Currency Translation Adjustment Cash Flow Hedges Pension and Retiree Medical Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 26, 2020 (a) $ (11,940) $ 4 $ (3,520) $ (20) $ (15,476) Other comprehensive income/(loss) before reclassifications (b) 128 97 (20) — 205 Amounts reclassified from accumulated other comprehensive loss 18 (1) 52 — 69 Net other comprehensive income 146 96 32 — 274 Tax amounts (15) (24) (5) — (44) Balance as of March 20, 2021 (a) $ (11,809) $ 76 $ (3,493) $ (20) $ (15,246) (a) Pension and retiree medical amounts are net of taxes of $1,514 million as of December 26, 2020 and $1,509 million as of March 20, 2021. (b) Currency translation adjustment primarily reflects appreciation of the Canadian dollar, British pound sterling and Russian ruble. The reclassifications from accumulated other comprehensive loss to the income statement are summarized as follows: 12 Weeks Ended 3/19/2022 3/20/2021 Affected Line Item in the Income Statement Currency translation: Divestiture $ — $ 18 Selling, general and administrative expenses Cash flow hedges: Foreign exchange contracts $ (2) $ 1 Net revenue Foreign exchange contracts (2) 12 Cost of sales Interest rate derivatives 20 (4) Selling, general and administrative expenses Commodity contracts (76) (11) Cost of sales Commodity contracts (2) 1 Selling, general and administrative expenses Net gains before tax (62) (1) Tax amounts 10 1 Net gains after tax $ (52) $ — Pension and retiree medical items: Amortization of prior service credits $ (8) $ (9) Other pension and retiree medical benefits income Amortization of net losses 35 61 Other pension and retiree medical benefits income Settlement/curtailment gains (2) — Other pension and retiree medical benefits income Net losses before tax 25 52 Tax amounts (6) (11) Net losses after tax $ 19 $ 41 Total net (gains)/losses reclassified, net of tax $ (33) $ 59 |
Acquisitions & Divestitures (No
Acquisitions & Divestitures (Notes) | 3 Months Ended |
Mar. 19, 2022 | |
Acquisitions & Divestitures [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Acquisitions and Divestitures 2020 Acquisitions In 2020, we acquired Pioneer Food Group Ltd. (Pioneer Foods), Rockstar Energy Beverages (Rockstar) and Hangzhou Haomusi Food Co., Ltd. The purchase price allocations for each of these acquisitions were finalized in the second quarter of 2021. See Note 13 to our consolidated financial statements in our 2021 Form 10-K for further information. Juice Transaction In the 12 weeks ended March 19, 2022, we sold our Tropicana, Naked and other select juice brands to PAI Partners for approximately $3.5 billion in cash and a 39% noncontrolling interest in the Tropicana JV, operating across North America and Europe. The North America portion of the transaction was completed on January 24, 2022 and the Europe portion of the transaction was completed on February 1, 2022. In the U.S., PepsiCo acts as the exclusive distributor for Tropicana JV’s portfolio of brands for small-format and foodservice customers with chilled direct-store-delivery. We have significant influence over our investment in the Tropicana JV and account for our investment under the equity method, recognizing our proportionate share of Tropicana JV’s earnings within our income statement (recorded in selling, general and administrative expenses). As a result of this transaction, in the 12 weeks ended March 19, 2022, we recorded a pre-tax gain of $3.3 billion ($2.9 billion after-tax or $2.06 per share) in our PBNA and Europe divisions, including $520 million related to the remeasurement of our 39% ownership in the Tropicana JV at fair value using a combination of the transaction price, discounted cash flows and an option pricing model related to our liquidation preference in the Tropicana JV. Subsequent to the transaction close date, the purchase price will be adjusted for net working capital and net debt amounts as of the transaction close date compared to targeted amounts set forth in the purchase agreement. A summary of income statement activity related to the Juice Transaction in the 12 weeks ended March 19, 2022 is as follows: PBNA Europe Corporate PepsiCo Provision for income taxes (a) Net income attributable to PepsiCo Impact on net income attributable to PepsiCo per common share Gain associated with the Juice Transaction $ (3,024) $ (298) $ — $ (3,322) $ 452 $ (2,870) $ 2.06 Acquisition and divestiture-related charges 37 10 3 50 (8) 42 (0.03) Operating profit $ (2,987) $ (288) $ 3 (3,272) 444 (2,828) 2.03 Other pension and retiree medical benefits income (b) (10) 3 (7) 0.01 Total Juice Transaction $ (3,282) $ 447 $ (2,835) $ 2.04 (a) Includes $194 million of deferred tax expense related to the recognition of our investment in the Tropicana JV. (b) Includes $16 million curtailment gain, partially offset by $6 million special termination benefits. In connection with the sale, we entered into a transition services agreement with PAI Partners, under which we will provide certain services to the Tropicana JV to help facilitate an orderly transition of the business following the sale. In return for these services, the Tropicana JV is required to pay certain agreed upon fees to reimburse us for our costs without markup. Acquisition and Divestiture-Related Charges Acquisition and divestiture-related charges primarily include merger and integration charges and costs associated with divestitures. Merger and integration charges include changes in fair value of contingent consideration, employee-related costs, contract termination costs and other integration costs. Divestiture-related charges reflect transaction expenses, including consulting, advisory and other professional fees. A summary of our acquisition and divestiture-related charges is as follows: 12 Weeks Ended 3/19/2022 3/20/2021 Transaction FLNA $ — $ 2 BFY Brands, Inc. PBNA 37 1 Juice Transaction, Rockstar Europe 10 — Juice Transaction AMESA — 1 Pioneer Foods Corporate (a) 3 (14) Juice Transaction, Rockstar Total (b) 50 (10) Other pension and retiree medical benefits expense 6 — Juice Transaction Total acquisition and divestiture-related charges $ 56 $ (10) After-tax amount $ 47 $ (7) Impact on net income attributable to PepsiCo per common share $ (0.03) $ 0.01 (a) Income amount primarily relates to changes in fair value of the contingent consideration in connection with our acquisition of Rockstar. (b) Recorded in selling, general and administrative expenses. |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Policies) | 3 Months Ended |
Mar. 19, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period, Policy | 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 reported on a monthly calendar basis prior to the fourth quarter of 2021. Beginning in the fourth quarter of 2021, all of our international operations reported on a monthly calendar basis. This change did not have a material impact on our condensed consolidated financial statements. For our international operations, the months of January and February are reflected in our results for the 12 weeks ended March 19, 2022. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 19, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Net revenue of each division is as follows: 12 Weeks Ended 3/19/2022 3/20/2021 FLNA $ 4,839 $ 4,236 QFNA 713 646 PBNA 5,353 5,074 LatAm 1,474 1,242 Europe 1,797 1,795 AMESA 1,004 883 APAC 1,020 944 Total $ 16,200 $ 14,820 |
Disaggregation of Revenue [Table Text Block] | Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following tables reflect the approximate percentage of net revenue generated between our beverage business and our convenient food business for each of our international divisions, as well as our consolidated net revenue: 12 Weeks Ended 3/19/2022 3/20/2021 Beverages (a) Convenient Foods Beverages (a) Convenient Foods LatAm 10 % 90 % 10 % 90 % Europe 50 % 50 % 50 % 50 % AMESA 30 % 70 % 30 % 70 % APAC 15 % 85 % 15 % 85 % PepsiCo (b) 40 % 60 % 45 % 55 % (a) Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and Europe divisions, is approximately 35% and 40% of our consolidated net revenue in the 12 weeks ended March 19, 2022 and March 20, 2021, respectively. Generally, our finished goods beverage operations produce higher net revenue but lower operating margin as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages. (b) The decrease in the percentage of net revenue generated by our beverage business in the 12 weeks ended March 19, 2022 primarily reflects the Juice Transaction. See Note 11 for further information. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating profit of each division is as follows: 12 Weeks Ended 3/19/2022 3/20/2021 FLNA $ 1,296 $ 1,240 QFNA 159 150 PBNA (a) 3,434 366 LatAm 323 218 Europe (a) (b) (136) 131 AMESA 180 138 APAC 215 208 Total divisions 5,471 2,451 Corporate unallocated expenses (c) (204) (139) Total $ 5,267 $ 2,312 (a) In the 12 weeks ended March 19, 2022, we recorded a gain of $3.0 billion and $298 million in our PBNA and Europe divisions, respectively, associated with the Juice Transaction. The total after-tax amount was $2.9 billion or $2.06 per share. See Note 11 for further information. (b) In the 12 weeks ended March 19, 2022, we recorded pre-tax impairment charges (Brand Portfolio Impairment Charges) of $241 million ($193 million after-tax or $0.14 per share) in selling, general and administrative expenses related to the discontinuation or repositioning of certain juice and dairy brands in Russia. See Note 3 for further information. Also see below for charges taken as a result of the Russia-Ukraine conflict. (c) In the 12 weeks ended March 20, 2021, we recorded a pre-tax unrealized gain of $108 million ($82 million after-tax or $0.06 per share) on our short-term investment in a publicly traded company, based on the quoted active market price as of market close on March 19, 2021, the last trading day of our first quarter of 2021. The gain was recorded in selling, general and administrative expenses within corporate unallocated expenses. We sold all of these shares during the second quarter of 2021. |
Schedule of Unusual or Infrequent Items, or Both [Table Text Block] | Operating profit includes certain pre-tax charges in our Europe division, taken as a result of the Russia-Ukraine conflict. These pre-tax charges are as follows: 12 Weeks Ended 3/19/2022 Impairment charges related to property, plant and equipment $ 123 Allowance for expected credit losses 37 Inventory write-downs 33 Other 48 Total (a) $ 241 After-tax amount $ 241 Impact on net income attributable to PepsiCo per common share $ (0.17) (a) Includes $140 million recorded in cost of sales and $101 million recorded in selling, general and administrative expenses. Operating profit includes certain pre-tax charges taken as a result of the COVID-19 pandemic, primarily related to incremental employee compensation costs, such as certain leave benefits and labor costs, and employee protection costs. These pre-tax charges by division are as follows: 12 Weeks Ended 3/19/2022 3/20/2021 FLNA $ 14 $ 24 QFNA 1 2 PBNA 10 13 LatAm 6 15 Europe 1 6 AMESA (a) 2 (1) APAC 2 2 Total $ 36 $ 61 (a) Income amount primarily relates to a true-up of inventory write-downs. |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 3 Months Ended |
Mar. 19, 2022 | |
2019 Productivity Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Summary of Productivity Plan Activity [Table Text Block] | The total expected plan pre-tax charges are expected to be incurred by division approximately as follows: FLNA QFNA PBNA LatAm Europe AMESA APAC Corporate Expected pre-tax charges 15 % 1 % 25 % 10 % 25 % 5 % 4 % 15 % A summary of our 2019 Productivity Plan charges is as follows: 12 Weeks Ended 3/19/2022 3/20/2021 Cost of sales $ 5 $ 2 Selling, general and administrative expenses 22 35 Other pension and retiree medical benefits expense — 6 Total restructuring and impairment charges $ 27 $ 43 After-tax amount $ 21 $ 35 Impact on net income attributable to PepsiCo per common share $ (0.02) $ (0.03) 12 Weeks Ended Plan to Date 3/19/2022 3/20/2021 through 3/19/2022 FLNA $ 3 $ 15 $ 167 QFNA — — 12 PBNA 3 4 161 LatAm 6 2 145 Europe 7 11 241 AMESA 2 1 72 APAC 1 — 62 Corporate 5 4 144 27 37 1,004 Other pension and retiree medical benefits expense — 6 67 Total $ 27 $ 43 $ 1,071 12 Weeks Ended Plan to Date 3/19/2022 3/20/2021 through 3/19/2022 Severance and other employee costs $ 11 $ 34 $ 575 Asset impairments — — 157 Other costs 16 9 339 Total $ 27 $ 43 $ 1,071 A summary of our 2019 Productivity Plan activity for the 12 weeks ended March 19, 2022 is as follows: Severance and Other Employee Costs Other Costs Total Liability as of December 25, 2021 $ 64 $ 7 $ 71 2022 restructuring charges 11 16 27 Cash payments (16) (16) (32) Liability as of March 19, 2022 $ 59 $ 7 $ 66 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 19, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | A summary of our amortizable intangible assets is as follows: 3/19/2022 12/25/2021 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Acquired franchise rights (a) $ 975 $ (189) $ 786 $ 976 $ (187) $ 789 Customer relationships 608 (222) 386 623 (227) 396 Brands 1,120 (984) 136 1,151 (989) 162 Other identifiable intangibles 450 (261) 189 451 (260) 191 Total $ 3,153 $ (1,656) $ 1,497 $ 3,201 $ (1,663) $ 1,538 (a) Acquired franchise rights includes our distribution agreement with Vital Pharmaceuticals, Inc., with an expected residual value higher than our carrying value. In the fourth quarter of 2020, we received notice of termination without cause, which would end our distribution rights, effective in the fourth quarter of 2023. The distribution agreement’s useful life is three |
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 12/25/2021 Translation Balance 3/19/2022 FLNA Goodwill $ 458 $ 2 $ 460 Brands 340 — 340 Total 798 2 800 QFNA Goodwill 189 — 189 Total 189 — 189 PBNA Goodwill 11,974 6 11,980 Reacquired franchise rights 7,107 13 7,120 Acquired franchise rights 1,538 2 1,540 Brands 2,508 — 2,508 Total 23,127 21 23,148 LatAm Goodwill 433 15 448 Brands 100 5 105 Total 533 20 553 Europe (a) Goodwill 3,700 (308) 3,392 Reacquired franchise rights 441 (36) 405 Acquired franchise rights 158 (2) 156 Brands 4,254 (513) 3,741 Total 8,553 (859) 7,694 AMESA Goodwill 1,063 16 1,079 Brands 205 6 211 Total 1,268 22 1,290 APAC Goodwill 564 — 564 Brands 476 1 477 Total 1,040 1 1,041 Total goodwill 18,381 (269) 18,112 Total reacquired franchise rights 7,548 (23) 7,525 Total acquired franchise rights 1,696 — 1,696 Total brands 7,883 (501) 7,382 Total $ 35,508 $ (793) $ 34,715 (a) The change in translation and other primarily represents the depreciation of the Russian ruble and the Brand Portfolio Impairment Charges. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 19, 2022 | |
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, which is primarily recorded in selling, general and administrative expenses: 12 Weeks Ended 3/19/2022 3/20/2021 Share-based compensation expense – equity awards $ 81 $ 79 Share-based compensation expense – liability awards 5 4 Acquisition and divestiture-related charges 3 — Restructuring charges (1) 1 Total $ 88 $ 84 |
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: 12 Weeks Ended 3/19/2022 3/20/2021 Granted (a) Weighted-Average Grant Price Granted (a) Weighted-Average Grant Price Stock options 2.1 $ 163.00 1.8 $ 131.25 RSUs and PSUs 2.3 $ 163.00 2.6 $ 131.25 |
Schedule Of Weighted-Average Black-Scholes Fair Value Assumptions | Our weighted-average Black-Scholes fair value assumptions are as follows: 12 Weeks Ended 3/19/2022 3/20/2021 Expected life 7 years 7 years Risk-free interest rate 1.7 % 1.1 % Expected volatility 16 % 14 % Expected dividend yield 2.5 % 3.1 % |
Pension and Retiree Medical B_2
Pension and Retiree Medical Benefits Periodic Benefit Cost (Tables) | 3 Months Ended |
Mar. 19, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The components of net periodic benefit cost/(income) for pension and retiree medical plans are as follows: 12 Weeks Ended Pension Retiree Medical U.S. International 3/19/2022 3/20/2021 3/19/2022 3/20/2021 3/19/2022 3/20/2021 Service cost $ 114 $ 120 $ 17 $ 19 $ 8 $ 8 Other pension and retiree medical benefits income: Interest cost 88 75 17 13 4 3 Expected return on plan assets (215) (224) (42) (41) (3) (4) Amortization of prior service credits (6) (7) — — (2) (2) Amortization of net losses/(gains) 33 51 5 13 (3) (3) Settlement/curtailment gains — — — — (16) — Special termination benefits 6 6 — — — — Total other pension and retiree medical benefits income (94) (99) (20) (15) (20) (6) Total $ 20 $ 21 $ (3) $ 4 $ (12) $ 2 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 19, 2022 | |
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 March 19, 2022 and December 25, 2021 are as follows: Notional Amounts (a) 3/19/2022 12/25/2021 Commodity $ 1.6 $ 1.6 Foreign exchange $ 2.6 $ 2.8 Interest rate $ 2.1 $ 2.1 Net investment (b) $ 2.1 $ 2.1 (a) In billions. (b) The total notional of our net investment hedge consists of non-derivative debt instruments. |
Fair Values of Financial Assets and Liabilities | The fair values of our financial assets and liabilities as of March 19, 2022 and December 25, 2021 are categorized as follows: 3/19/2022 12/25/2021 Fair Value Hierarchy Levels (a) Assets (a) Liabilities (a) Assets (a) Liabilities (a) Index funds (b) 1 $ 297 $ — $ 337 $ — Prepaid forward contracts (c) 2 $ 20 $ — $ 21 $ — Deferred compensation (d) 2 $ — $ 480 $ — $ 505 Derivatives designated as cash flow hedging instruments: Foreign exchange (e) 2 $ 43 $ 16 $ 29 $ 14 Interest rate (e) 2 28 275 14 264 Commodity (f) 2 119 1 70 5 $ 190 $ 292 $ 113 $ 283 Derivatives not designated as hedging instruments: Foreign exchange (e) 2 $ 39 $ 22 $ 19 $ 7 Commodity (f) 2 56 12 35 22 $ 95 $ 34 $ 54 $ 29 Total derivatives at fair value (g) $ 285 $ 326 $ 167 $ 312 Total $ 602 $ 806 $ 525 $ 817 (a) Fair value hierarchy levels are categorized consistently by Level 1 (quoted prices in active markets for identical assets) and Level 2 (significant other observable inputs) in both years. 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 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. (c) Based primarily on the price of our common stock. (d) Based on the fair value of investments corresponding to employees’ investment elections. (e) Based on recently reported market transactions of spot and forward rates. (f) Primarily based on recently reported market transactions of swap arrangements. (g) 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 March 19, 2022 and December 25, 2021 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table. |
Effective Portion Of Pre-Tax (Gains)/Losses On Derivative Instruments | Losses/(gains) on our hedging instruments are categorized as follows: 12 Weeks Ended Non- Cash Flow and Net Investment Hedges Losses/(Gains) (a) Losses/(Gains) Losses/(Gains) (b) 3/19/2022 3/20/2021 3/19/2022 3/20/2021 3/19/2022 3/20/2021 Foreign exchange $ (16) $ 4 $ (8) $ 11 $ (4) $ 13 Interest rate — 1 (3) (18) 20 (4) Commodity (166) (81) (189) (90) (78) (10) Net investment — — (51) (63) — — Total $ (182) $ (76) $ (251) $ (160) $ (62) $ (1) (a) Foreign exchange derivative losses/gains are primarily included in selling, general and administrative expenses. 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 on cross-currency interest rate swaps are included in selling, general and administrative expenses. 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) | 3 Months Ended |
Mar. 19, 2022 | |
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 3/19/2022 3/20/2021 Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 3.08 $ 1.24 Net income available for PepsiCo common shareholders $ 4,261 1,383 $ 1,714 1,380 Dilutive securities: Stock options, RSUs, PSUs and other (b) — 8 — 7 Diluted $ 4,261 1,391 $ 1,714 1,387 Diluted net income attributable to PepsiCo per common share $ 3.06 $ 1.24 (a) Weighted-average common shares outstanding (in millions). (b) The dilutive effect of these securities is calculated using the treasury stock method. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 19, 2022 | |
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 Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 25, 2021 (a) $ (12,309) $ 159 $ (2,750) $ 2 $ (14,898) Other comprehensive (loss)/income before reclassifications (b) (549) 200 (8) — (357) Amounts reclassified from accumulated other comprehensive loss — (62) 25 — (37) Net other comprehensive (loss)/income (549) 138 17 — (394) Tax amounts (11) (32) (4) (4) (51) Balance as of March 19, 2022 (a) $ (12,869) $ 265 $ (2,737) $ (2) $ (15,343) (a) Pension and retiree medical amounts are net of taxes of $1,283 million as of December 25, 2021 and $1,279 million as of March 19, 2022. (b) Currency translation adjustment primarily reflects depreciation of the Russian ruble, partially offset by the appreciation of the South African rand, Brazilian real and Canadian dollar. Currency Translation Adjustment Cash Flow Hedges Pension and Retiree Medical Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 26, 2020 (a) $ (11,940) $ 4 $ (3,520) $ (20) $ (15,476) Other comprehensive income/(loss) before reclassifications (b) 128 97 (20) — 205 Amounts reclassified from accumulated other comprehensive loss 18 (1) 52 — 69 Net other comprehensive income 146 96 32 — 274 Tax amounts (15) (24) (5) — (44) Balance as of March 20, 2021 (a) $ (11,809) $ 76 $ (3,493) $ (20) $ (15,246) (a) Pension and retiree medical amounts are net of taxes of $1,514 million as of December 26, 2020 and $1,509 million as of March 20, 2021. |
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 3/19/2022 3/20/2021 Affected Line Item in the Income Statement Currency translation: Divestiture $ — $ 18 Selling, general and administrative expenses Cash flow hedges: Foreign exchange contracts $ (2) $ 1 Net revenue Foreign exchange contracts (2) 12 Cost of sales Interest rate derivatives 20 (4) Selling, general and administrative expenses Commodity contracts (76) (11) Cost of sales Commodity contracts (2) 1 Selling, general and administrative expenses Net gains before tax (62) (1) Tax amounts 10 1 Net gains after tax $ (52) $ — Pension and retiree medical items: Amortization of prior service credits $ (8) $ (9) Other pension and retiree medical benefits income Amortization of net losses 35 61 Other pension and retiree medical benefits income Settlement/curtailment gains (2) — Other pension and retiree medical benefits income Net losses before tax 25 52 Tax amounts (6) (11) Net losses after tax $ 19 $ 41 Total net (gains)/losses reclassified, net of tax $ (33) $ 59 |
Acquisitions & Divestitures (Ta
Acquisitions & Divestitures (Tables) | 3 Months Ended |
Mar. 19, 2022 | |
Acquisitions & Divestitures [Abstract] | |
Juice Transaction [Table Text Block] | A summary of income statement activity related to the Juice Transaction in the 12 weeks ended March 19, 2022 is as follows: PBNA Europe Corporate PepsiCo Provision for income taxes (a) Net income attributable to PepsiCo Impact on net income attributable to PepsiCo per common share Gain associated with the Juice Transaction $ (3,024) $ (298) $ — $ (3,322) $ 452 $ (2,870) $ 2.06 Acquisition and divestiture-related charges 37 10 3 50 (8) 42 (0.03) Operating profit $ (2,987) $ (288) $ 3 (3,272) 444 (2,828) 2.03 Other pension and retiree medical benefits income (b) (10) 3 (7) 0.01 Total Juice Transaction $ (3,282) $ 447 $ (2,835) $ 2.04 (a) Includes $194 million of deferred tax expense related to the recognition of our investment in the Tropicana JV. (b) Includes $16 million curtailment gain, partially offset by $6 million special termination benefits. |
Business Combination, Separately Recognized Transactions [Table Text Block] | A summary of our acquisition and divestiture-related charges is as follows: 12 Weeks Ended 3/19/2022 3/20/2021 Transaction FLNA $ — $ 2 BFY Brands, Inc. PBNA 37 1 Juice Transaction, Rockstar Europe 10 — Juice Transaction AMESA — 1 Pioneer Foods Corporate (a) 3 (14) Juice Transaction, Rockstar Total (b) 50 (10) Other pension and retiree medical benefits expense 6 — Juice Transaction Total acquisition and divestiture-related charges $ 56 $ (10) After-tax amount $ 47 $ (7) Impact on net income attributable to PepsiCo per common share $ (0.03) $ 0.01 (a) Income amount primarily relates to changes in fair value of the contingent consideration in connection with our acquisition of Rockstar. (b) Recorded in selling, general and administrative expenses. |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 3 Months Ended |
Mar. 19, 2022segment | |
Basis Of Presentation And Our Divisions [Line Items] | |
Number of Reportable Segments | 7 |
United States and Canada [Member] | |
Basis Of Presentation And Our Divisions [Line Items] | |
Fiscal Period Duration | 84 days |
Segment Reporting Information b
Segment Reporting Information by Net Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | $ 16,200 | $ 14,820 |
Frito Lay North America [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | 4,839 | 4,236 |
Quaker Foods North America [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | 713 | 646 |
PepsiCo Beverages North America [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | 5,353 | 5,074 |
Latin America (Segment) | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | 1,474 | 1,242 |
Europe (Segment) | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | 1,797 | 1,795 |
Africa, Middle East and South Asia [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | 1,004 | 883 |
Asia Pacific, Australia and New Zealand, and China Region [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | $ 1,020 | $ 944 |
Segment Reporting Information_2
Segment Reporting Information by % of Disaggregated Net Revenue (Details) | 3 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Disaggregation of Net Revenue - Beverages | 40.00% | 45.00% |
Disaggregation of Net Revenue - Convenient Food | 60.00% | 55.00% |
Disaggregation of beverage revenue from company-owned bottlers | 35.00% | 40.00% |
Latin America (Segment) | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregation of Net Revenue - Beverages | 10.00% | 10.00% |
Disaggregation of Net Revenue - Convenient Food | 90.00% | 90.00% |
Europe (Segment) | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregation of Net Revenue - Beverages | 50.00% | 50.00% |
Disaggregation of Net Revenue - Convenient Food | 50.00% | 50.00% |
Africa, Middle East and South Asia [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregation of Net Revenue - Beverages | 30.00% | 30.00% |
Disaggregation of Net Revenue - Convenient Food | 70.00% | 70.00% |
Asia Pacific, Australia and New Zealand, and China Region [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregation of Net Revenue - Beverages | 15.00% | 15.00% |
Disaggregation of Net Revenue - Convenient Food | 85.00% | 85.00% |
Segment Reporting Information_3
Segment Reporting Information by Operating Profit (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 19, 2022 | Mar. 20, 2021 | ||
Segment Reporting Information [Line Items] | |||
Operating Profit | $ 5,267 | $ 2,312 | |
Gain associated with the Juice Transaction | 3,322 | [1] | 0 |
Debt and Equity Securities, Unrealized Gain (Loss) | 108 | ||
Debt and Equity Securities, Unrealized Gain (Loss) - After Tax | $ 82 | ||
Debt and Equity Securities, Unrealized Gain (Loss) - After Tax Per Share | $ 0.06 | ||
Gain associated with the Juice Transaction, after-tax | $ 2,870 | ||
Gain associated with the Juice Transaction, - per share amount | $ 2.06 | ||
Brand portfolio impairment charges | $ 241 | $ 0 | |
Impairment of Intangible assets, indefinite-lived (excluding goodwill) - after-tax | $ 193 | ||
Impairment of Intangible assets, indefinite-lived (excluding goodwill) - per share amount | $ 0.14 | ||
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | $ 5,471 | 2,451 | |
Corporate Unallocated [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | (204) | (139) | |
Frito Lay North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 1,296 | 1,240 | |
Quaker Foods North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 159 | 150 | |
PepsiCo Beverages North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 3,434 | 366 | |
Gain associated with the Juice Transaction | 3,024 | ||
Latin America (Segment) | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 323 | 218 | |
Europe (Segment) | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | (136) | 131 | |
Gain associated with the Juice Transaction | 298 | ||
Africa, Middle East and South Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 180 | 138 | |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | $ 215 | $ 208 | |
[1] | In the 12 weeks ended March 19, 2022, we sold our Tropicana, Naked and other select juice brands to PAI Partners for approximately $3.5 billion in cash and a 39% noncontrolling interest in a newly formed joint venture (Tropicana JV) operating across North America and Europe (Juice Transaction). See Note 11 for further information. |
Russia-Ukraine Conflict Impact
Russia-Ukraine Conflict Impact on Operating Profit (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Unusual or Infrequent Item, or Both [Line Items] | ||
Impairment charges related to property, plant and equipment - impact of Russia-Ukraine conflict | $ 123 | |
Russia-Ukraine conflict charges | 241 | $ 0 |
Charges related to the Russia-Ukraine conflict - after-tax | $ 241 | |
Charges related to the Russia-Ukraine conflict - per share amount | $ (0.17) | |
Cost of sales | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Inventory write-downs - impact of Russia-Ukraine conflict | $ 33 | |
Russia-Ukraine conflict charges | 140 | |
Selling, General and Administrative Expenses [Member] | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Allowance for expected credit losses - impact of Russia-Ukraine conflict | 37 | |
Charges related to the Russia-Ukraine conflict - other | 48 | |
Russia-Ukraine conflict charges | $ 101 |
Segment Reporting Information_4
Segment Reporting Information by COVID-19 Charges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Unusual or Infrequent Item, or Both [Line Items] | ||
Charges Related to Novel Coronavirus (COVID-19) | $ 36 | $ 61 |
Frito Lay North America [Member] | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Charges Related to Novel Coronavirus (COVID-19) | 14 | 24 |
Quaker Foods North America [Member] | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Charges Related to Novel Coronavirus (COVID-19) | 1 | 2 |
PepsiCo Beverages North America [Member] | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Charges Related to Novel Coronavirus (COVID-19) | 10 | 13 |
Latin America (Segment) | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Charges Related to Novel Coronavirus (COVID-19) | 6 | 15 |
Europe (Segment) | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Charges Related to Novel Coronavirus (COVID-19) | 1 | 6 |
Africa, Middle East and South Asia [Member] | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Charges Related to Novel Coronavirus (COVID-19) | 2 | (1) |
Asia Pacific, Australia and New Zealand, and China Region [Member] | ||
Unusual or Infrequent Item, or Both [Line Items] | ||
Charges Related to Novel Coronavirus (COVID-19) | $ 2 | $ 2 |
Restructuring and Impairment _3
Restructuring and Impairment Charges (Expected Pre-Tax Charges for 2019 Productivity Plan) (Details) - 2019 Productivity Plan [Member] $ in Millions | Mar. 19, 2022USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | $ 3,150 |
Restructuring and Related Cost, Expected Cash Expenditures | $ 2,400 |
Severance and Other Employee Costs | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 55.00% |
Asset Impairments | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 10.00% |
Other Costs | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 35.00% |
Corporate Unallocated [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 15.00% |
Frito Lay North America [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 15.00% |
Quaker Foods North America [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 1.00% |
PepsiCo Beverages North America [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 25.00% |
Latin America (Segment) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 10.00% |
Europe (Segment) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 25.00% |
Africa, Middle East and South Asia [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 5.00% |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 4.00% |
Restructuring and Impairment _4
Restructuring and Impairment Charges (Summary of 2019 Productivity Plan Charges) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||
Cash payments | $ (32) | $ (49) |
2019 Productivity Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Liability as of December 25, 2021 | 71 | |
Restructuring Charges | 27 | $ 43 |
Cash payments | (32) | |
Liability as of March 19, 2022 | $ 66 | |
Impact on net income attributable to PepsiCo per common share | $ (0.02) | $ (0.03) |
Restructuring and Related Cost, Cost Incurred to Date | $ 1,071 | |
2019 Productivity Plan [Member] | Frito Lay North America [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 3 | $ 15 |
Restructuring and Related Cost, Cost Incurred to Date | 167 | |
2019 Productivity Plan [Member] | Quaker Foods North America [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0 | 0 |
Restructuring and Related Cost, Cost Incurred to Date | 12 | |
2019 Productivity Plan [Member] | PepsiCo Beverages North America [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 3 | 4 |
Restructuring and Related Cost, Cost Incurred to Date | 161 | |
2019 Productivity Plan [Member] | Africa, Middle East and South Asia [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 2 | 1 |
Restructuring and Related Cost, Cost Incurred to Date | 72 | |
2019 Productivity Plan [Member] | Asia Pacific, Australia and New Zealand, and China Region [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 1 | 0 |
Restructuring and Related Cost, Cost Incurred to Date | 62 | |
2019 Productivity Plan [Member] | Latin America (Segment) | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 6 | 2 |
Restructuring and Related Cost, Cost Incurred to Date | 145 | |
2019 Productivity Plan [Member] | Europe (Segment) | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 7 | 11 |
Restructuring and Related Cost, Cost Incurred to Date | 241 | |
Other than 2019 Productivity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0 | |
Corporate Unallocated [Member] | 2019 Productivity Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 5 | 4 |
Restructuring and Related Cost, Cost Incurred to Date | 144 | |
Severance and Other Employee Costs | 2019 Productivity Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Liability as of December 25, 2021 | 64 | |
Restructuring Charges | 11 | 34 |
Cash payments | (16) | |
Liability as of March 19, 2022 | 59 | |
Restructuring and Related Cost, Cost Incurred to Date | 575 | |
Asset Impairments | 2019 Productivity Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0 | 0 |
Restructuring and Related Cost, Cost Incurred to Date | 157 | |
Other Costs | 2019 Productivity Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Liability as of December 25, 2021 | 7 | |
Restructuring Charges | 16 | 9 |
Cash payments | (16) | |
Liability as of March 19, 2022 | 7 | |
Restructuring and Related Cost, Cost Incurred to Date | 339 | |
Cost of sales | 2019 Productivity Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 5 | 2 |
Selling, General and Administrative Expenses [Member] | 2019 Productivity Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 22 | 35 |
Other pension and retiree medical benefits expense | 2019 Productivity Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 0 | 6 |
Restructuring and Related Cost, Cost Incurred to Date | 67 | |
After-tax amount | 2019 Productivity Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 21 | 35 |
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 | 27 | $ 37 |
Restructuring and Related Cost, Cost Incurred to Date | $ 1,004 |
Impairment of Intangible Assets
Impairment of Intangible Assets (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 19, 2022USD ($)$ / shares | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment of Intangible Assets (Excluding Goodwill) - Pretax | $ 241 |
Impairment of Intangible assets, indefinite-lived (excluding goodwill) - after-tax | $ 193 |
Impairment of Intangible assets, indefinite-lived (excluding goodwill) - per share amount | $ / shares | $ 0.14 |
Intangible Assets Amortizable I
Intangible Assets Amortizable Intangible Assets, net (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 19, 2022 | Dec. 25, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 3,153 | $ 3,201 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,656) | (1,663) |
Amortizable Intangible Assets, net | $ 1,497 | 1,538 |
Vital Pharmaceuticals, Inc. Distribution Agreement Useful Life | 3 years | |
Other Identifiable Intangibles [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 450 | 451 |
Finite-Lived Intangible Assets, Accumulated Amortization | (261) | (260) |
Amortizable Intangible Assets, net | 189 | 191 |
Brands | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,120 | 1,151 |
Finite-Lived Intangible Assets, Accumulated Amortization | (984) | (989) |
Amortizable Intangible Assets, net | 136 | 162 |
Reacquired Franchise Rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 608 | 623 |
Finite-Lived Intangible Assets, Accumulated Amortization | (222) | (227) |
Amortizable Intangible Assets, net | 386 | 396 |
Acquired Franchise Rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 975 | 976 |
Finite-Lived Intangible Assets, Accumulated Amortization | (189) | (187) |
Amortizable Intangible Assets, net | $ 786 | $ 789 |
Change in Book Value of Nonamor
Change in Book Value of Nonamortizable Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 19, 2022 | Mar. 20, 2021 | Dec. 25, 2021 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | $ 34,715 | $ 35,508 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | (793) | ||
Brand portfolio impairment charges | 241 | $ 0 | |
Frito Lay North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 800 | 798 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 2 | ||
QFNA | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 189 | 189 | |
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 | 23,148 | 23,127 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 21 | ||
Africa, Middle East and South Asia [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,290 | 1,268 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 22 | ||
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,041 | 1,040 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 1 | ||
Latin America (Segment) | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 553 | 533 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 20 | ||
Europe (Segment) | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 7,694 | 8,553 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | (859) | ||
Goodwill | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 18,112 | 18,381 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | (269) | ||
Goodwill | Frito Lay North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 460 | 458 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 2 | ||
Goodwill | QFNA | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 189 | 189 | |
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 | 11,980 | 11,974 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 6 | ||
Goodwill | Africa, Middle East and South Asia [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,079 | 1,063 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 16 | ||
Goodwill | Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 564 | 564 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 0 | ||
Goodwill | Latin America (Segment) | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 448 | 433 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 15 | ||
Goodwill | Europe (Segment) | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 3,392 | 3,700 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | (308) | ||
Brands | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 7,382 | 7,883 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | (501) | ||
Brands | Frito Lay North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 340 | 340 | |
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 | 2,508 | 2,508 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 0 | ||
Brands | Africa, Middle East and South Asia [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 211 | 205 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 6 | ||
Brands | Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 477 | 476 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 1 | ||
Brands | Latin America (Segment) | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 105 | 100 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 5 | ||
Brands | Europe (Segment) | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 3,741 | 4,254 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | (513) | ||
Reacquired Franchise Rights | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 7,525 | 7,548 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | (23) | ||
Reacquired Franchise Rights | PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 7,120 | 7,107 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 13 | ||
Reacquired Franchise Rights | Europe (Segment) | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 405 | 441 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | (36) | ||
Acquired franchise rights | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,696 | 1,696 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 0 | ||
Acquired franchise rights | PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,540 | 1,538 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | 2 | ||
Acquired franchise rights | Europe (Segment) | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 156 | $ 158 | |
Indefinite-lived Intangible Assets [Roll Forward] | |||
Translation and Other | $ (2) |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | Dec. 25, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax Adjustments, Settlements, and Unusual Provisions | $ 0 | $ 0 | $ 112 |
Weighted Average Black Scholes
Weighted Average Black Scholes Fair Value Assumptions (Detail) | 3 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Black Scholes valuation assumptions [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years | 7 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.70% | 1.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 16.00% | 14.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.50% | 3.10% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | $ 88 | $ 84 |
Compensation cost for share-based liabilities | 5 | 4 |
Recognized stock-based compensation expense | 81 | 79 |
Share based liability awards granted, target | 18 | 17 |
Share-based Compensation [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Acquisition and divestiture-related charges | 3 | 0 |
Share-based Compensation [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restructuring and impairment charges | $ (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 | 2.1 | 1.8 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Price | $ 163 | $ 131.25 |
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 | 2.3 | 2.6 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Weighted Average Grant Price | $ 163 | $ 131.25 |
Pension and Retiree Medical B_3
Pension and Retiree Medical Benefits Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 114 | $ 120 |
Defined Benefit Plan, Interest Cost | 88 | 75 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (215) | (224) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (6) | (7) |
Defined Benefit Plan, Amortization of Gain (Loss) | 33 | 51 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 6 | 6 |
Defined Benefit Plan, Other Cost (Credit) | (94) | (99) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 20 | 21 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | 17 | 19 |
Defined Benefit Plan, Interest Cost | 17 | 13 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (42) | (41) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | 5 | 13 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (20) | (15) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (3) | 4 |
Retiree Medical Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | 8 | 8 |
Defined Benefit Plan, Interest Cost | 4 | 3 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (3) | (4) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (2) | (2) |
Defined Benefit Plan, Amortization of Gain (Loss) | (3) | (3) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | (16) | 0 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (20) | (6) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (12) | $ 2 |
Pension and Retiree Medical B_4
Pension and Retiree Medical Benefits Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 19, 2022 | Mar. 20, 2021 | Aug. 31, 2022 | |
Domestic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 75 | $ 300 | |
Defined Benefit Plan, Benefit Obligation, Divestiture | 145 | ||
Domestic Plan [Member] | Forecast | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 75 | ||
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 10 | $ 25 |
Debt Obligations and Commitme_2
Debt Obligations and Commitments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 11, 2022 | Mar. 19, 2022 | |
Debt Instrument [Line Items] | ||
Commercial Paper | $ 1,400 | |
Subsequent Event [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Repurchased Face Amount | $ 750 | |
Early Repayment of Senior Debt | 800 | |
Debt Instrument, Repurchase Amount | 750 | |
Debt Instrument, Repurchase Amount | 750 | |
Debt Instrument, Repurchased Face Amount | 750 | |
Early Repayment of Senior Debt | $ 800 | |
Subsequent Event [Member] | Notes Due May 2022 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | |
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | |
Subsequent Event [Member] | Notes Due July 2022 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |
Debt Instrument, Interest Rate, Stated Percentage | 3.10% |
Debt Obligations and Commitme_3
Debt Obligations and Commitments Debt Obligations and Commitments (Narrative) (Details) $ in Millions | Mar. 19, 2022USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Current Maturities | $ 1,300 |
Commercial Paper | $ 1,400 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Mar. 19, 2022 | Dec. 25, 2021 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 219 | |
Additional Collateral, Aggregate Fair Value | 0 | |
Commodity contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 1,600 | $ 1,600 |
Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 2,600 | 2,800 |
Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 2,100 | 2,100 |
Commercial Paper Borrowings | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Debt Securities, Held-to-maturity | $ 244 | $ 130 |
Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 5.00% | 2.00% |
Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 2,100 | $ 2,100 |
Fair Values of Financial Assets
Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Mar. 19, 2022 | Dec. 25, 2021 |
Derivatives, Fair Value [Line Items] | ||
Short-term Investments | $ 343 | $ 392 |
Derivative Asset, Fair Value, Gross Asset | 285 | 167 |
Derivative Liability, Fair Value, Gross Liability | 326 | 312 |
Total Financial Assets At Fair Value | 602 | 525 |
Total Financial Liabilities At Fair Value | 806 | 817 |
Debt Instrument, Fair Value Disclosure | 38,000 | 43,000 |
Derivatives Designated As Cash Flow Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 190 | 113 |
Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 292 | 283 |
Derivatives Not Designated As Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 95 | 54 |
Derivatives Not Designated As Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 34 | 29 |
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 | 43 | 29 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 28 | 14 |
Price Risk Cash Flow Hedge Asset, at Fair Value | 119 | 70 |
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 | 16 | 14 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 275 | 264 |
Price Risk Cash Flow Hedge Liability, at Fair Value | 1 | 5 |
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 | 39 | 19 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 56 | 35 |
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 | 22 | 7 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 12 | 22 |
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 | 480 | 505 |
Fair Value, Inputs, Level 2 [Member] | Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Forward Asset Fair Value | 20 | 21 |
Deferred Compensation Liability, Current and Noncurrent | 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 | $ 297 | $ 337 |
Effective Portion of Pre Tax Ga
Effective Portion of Pre Tax Gains and Losses on Derivative Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | $ (200) | $ (97) |
Cash Flow Hedge Gain/(Loss) to be Reclassified within Twelve Months | 275 | |
Fair Value/Non-designated Hedges | ||
Derivatives, Fair Value [Line Items] | ||
(Gains)/Losses Recognized in Income Statement (a) | (182) | (76) |
Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | (251) | (160) |
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | (62) | (1) |
Foreign Exchange Forward [Member] | Fair Value/Non-designated Hedges | ||
Derivatives, Fair Value [Line Items] | ||
(Gains)/Losses Recognized in Income Statement (a) | (16) | 4 |
Foreign Exchange Forward [Member] | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | (8) | 11 |
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | (4) | 13 |
Interest Rate Contract [Member] | Fair Value/Non-designated Hedges | ||
Derivatives, Fair Value [Line Items] | ||
(Gains)/Losses Recognized in Income Statement (a) | 0 | 1 |
Interest Rate Contract [Member] | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | (3) | (18) |
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | 20 | (4) |
Commodity Contract [Member] | Fair Value/Non-designated Hedges | ||
Derivatives, Fair Value [Line Items] | ||
(Gains)/Losses Recognized in Income Statement (a) | (166) | (81) |
Commodity Contract [Member] | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | (189) | (90) |
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | (78) | (10) |
Net Investment Hedging [Member] | Fair Value/Non-designated Hedges | ||
Derivatives, Fair Value [Line Items] | ||
(Gains)/Losses Recognized in Income Statement (a) | 0 | 0 |
Net Investment Hedging [Member] | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | (51) | (63) |
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | $ 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 | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Preferred Stock [Abstract] | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ 4,261 | $ 1,714 |
Weighted Average Number of Shares Outstanding, Basic | 1,383 | 1,380 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 8 | 7 |
Net Income (Loss) Attributable to Parent | $ 4,261 | $ 1,714 |
Earnings Per Share, Basic | $ 3.08 | $ 1.24 |
Dilutive Securities [Abstract] | ||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 4,261 | $ 1,714 |
Weighted Average Number of Shares Outstanding, Diluted | 1,391 | 1,387 |
Earnings Per Share, Diluted | $ 3.06 | $ 1.24 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | $ 0 | $ 18 |
Cash flow hedges: | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (62) | (1) |
Tax amounts | 10 | 1 |
Net gains after tax | (52) | 0 |
Pension and retiree medical items: | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (8) | (9) |
Amortization of net losses | 35 | 61 |
Settlement/curtailment gains | (2) | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 25 | 52 |
Tax amounts | (6) | (11) |
Net losses after tax | 19 | 41 |
Total net (gains)/losses reclassified, net of tax | (33) | 59 |
Cash Flow Hedges | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | (62) | (1) |
Cash Flow Hedges | Foreign exchange contracts | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | (4) | 13 |
Cash Flow Hedges | Foreign exchange contracts | Revenue, Net [Member] | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | (2) | 1 |
Cash Flow Hedges | Foreign exchange contracts | Cost of sales | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | (2) | 12 |
Cash Flow Hedges | Interest rate derivatives | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | 20 | (4) |
Cash Flow Hedges | Interest rate derivatives | Selling, General and Administrative Expenses [Member] | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | 20 | (4) |
Cash Flow Hedges | Commodity contracts | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | (78) | (10) |
Cash Flow Hedges | Commodity contracts | Cost of sales | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | (76) | (11) |
Cash Flow Hedges | Commodity contracts | Selling, General and Administrative Expenses [Member] | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | $ (2) | $ 1 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 19, 2022 | Mar. 20, 2021 | Dec. 25, 2021 | Dec. 26, 2020 | |
Statement of Other Comprehensive Income [Abstract] | ||||
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Post retirement Plans Taxes | $ 1,279 | $ 1,509 | $ 1,283 | $ 1,514 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (549) | 128 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 18 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (549) | 146 | ||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (11) | (15) | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (12,869) | (11,809) | (12,309) | (11,940) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 200 | 97 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (62) | (1) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 138 | 96 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Parent | (32) | (24) | ||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 265 | 76 | 159 | 4 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | (8) | (20) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 25 | 52 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 17 | 32 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (4) | (5) | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (2,737) | (3,493) | (2,750) | (3,520) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||
Other Comprehensive Income, Other, Before Tax | 0 | 0 | ||
Other Comprehensive Income, Other, Taxes | (4) | 0 | ||
Accumulated Other Comprehensive Income Loss Other | (2) | (20) | 2 | (20) |
OCI, before Reclassifications, before Tax, Attributable to Parent | (357) | 205 | ||
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | (37) | 69 | ||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (394) | 274 | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (51) | (44) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (15,343) | $ (15,246) | $ (14,898) | $ (15,476) |
Acquisitions & Divestitures - J
Acquisitions & Divestitures - Juice Transaction (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 19, 2022 | Mar. 20, 2021 | ||
Juice Transaction [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 3,500 | ||
Equity Method Investment, Ownership Percentage | 39.00% | ||
Gain associated with the Juice Transaction | $ (3,322) | [1] | $ 0 |
Gain associated with the Juice Transaction - tax impact | 452 | ||
Gain associated with the Juice Transaction, after-tax | $ (2,870) | ||
Gain associated with the Juice Transaction, - per share amount | $ 2.06 | ||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 520 | ||
Acquisition and divestiture-related charges | 56 | (10) | |
Acquisition and divestiture-related charges, after-tax | $ 47 | $ (7) | |
Acquisition and divestiture-related charges, PerShare | $ (0.03) | $ 0.01 | |
Total Juice Transaction - Pre-tax | $ (3,282) | ||
Total Juice Transaction - Provision for income taxes | 447 | ||
Total Juice Transaction - After-tax amount | $ (2,835) | ||
Total Juice Transaction - Per share amount | $ 2.04 | ||
Juice Transaction - Deferred Tax Expense | $ 194 | ||
Juice Transaction - Pension Impact, pre-tax | (10) | ||
Juice Transaction - Pension Impact, tax impact | 3 | ||
Juice Transaction - Pension Impact, after-tax impact | $ (7) | ||
Juice Transaction - Pension Impact, per share impact | $ 0.01 | ||
Retiree Medical Plan [Member] | |||
Juice Transaction [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | $ 16 | $ 0 | |
Selling, General and Administrative Expenses [Member] | |||
Juice Transaction [Line Items] | |||
Acquisition and divestiture-related charges | 50 | (10) | |
acquisition and divestiture-related charges - tax impact | (8) | ||
Acquisition and divestiture-related charges, after-tax | $ 42 | ||
Acquisition and divestiture-related charges, PerShare | $ (0.03) | ||
Juice Transaction - Operating Profit Impact | $ (3,272) | ||
Juice Transaction - Operating Profit, tax impact | 444 | ||
Juice Transaction - Operating Profit, after-tax impact | $ (2,828) | ||
Juice Transaction - Operating Profit, per share impact | $ 2.03 | ||
us-gaap_Otherpensionandretireemedicalbenefitsexpense | |||
Juice Transaction [Line Items] | |||
Acquisition and divestiture-related charges | $ 6 | 0 | |
PepsiCo Beverages North America [Member] | |||
Juice Transaction [Line Items] | |||
Gain associated with the Juice Transaction | (3,024) | ||
Acquisition and divestiture-related charges | 37 | 1 | |
PepsiCo Beverages North America [Member] | Selling, General and Administrative Expenses [Member] | |||
Juice Transaction [Line Items] | |||
Juice Transaction - Operating Profit Impact | (2,987) | ||
Europe (Segment) | |||
Juice Transaction [Line Items] | |||
Gain associated with the Juice Transaction | (298) | ||
Acquisition and divestiture-related charges | 10 | 0 | |
Europe (Segment) | Selling, General and Administrative Expenses [Member] | |||
Juice Transaction [Line Items] | |||
Juice Transaction - Operating Profit Impact | (288) | ||
Corporate Segment [Member] | |||
Juice Transaction [Line Items] | |||
Gain associated with the Juice Transaction | 0 | ||
Acquisition and divestiture-related charges | 3 | $ (14) | |
Corporate Segment [Member] | Selling, General and Administrative Expenses [Member] | |||
Juice Transaction [Line Items] | |||
Juice Transaction - Operating Profit Impact | $ 3 | ||
[1] | In the 12 weeks ended March 19, 2022, we sold our Tropicana, Naked and other select juice brands to PAI Partners for approximately $3.5 billion in cash and a 39% noncontrolling interest in a newly formed joint venture (Tropicana JV) operating across North America and Europe (Juice Transaction). See Note 11 for further information. |
Acquisitions & Divestiture-Rela
Acquisitions & Divestiture-Related Charges (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 19, 2022 | Mar. 20, 2021 | |
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | $ 56 | $ (10) |
Acquisition and divestiture-related charges, after-tax | $ 47 | $ (7) |
Acquisition and divestiture-related charges, PerShare | $ (0.03) | $ 0.01 |
Frito Lay North America [Member] | ||
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | $ 0 | $ 2 |
PepsiCo Beverages North America [Member] | ||
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | 37 | 1 |
Europe (Segment) | ||
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | 10 | 0 |
Africa, Middle East and South Asia [Member] | ||
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | 0 | 1 |
Corporate Segment [Member] | ||
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | 3 | (14) |
Selling, General and Administrative Expenses [Member] | ||
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | 50 | (10) |
Acquisition and divestiture-related charges, after-tax | $ 42 | |
Acquisition and divestiture-related charges, PerShare | $ (0.03) | |
us-gaap_Otherpensionandretireemedicalbenefitsexpense | ||
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | $ 6 | $ 0 |