Document and Entity Information
Document and Entity Information - shares | 8 Months Ended | |
Sep. 05, 2020 | Sep. 24, 2020 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 5, 2020 | |
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 | 1,381,956,485 | |
Entity Central Index Key | 0000077476 | |
Current Fiscal Year End Date | --12-26 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common stock, par value 1-2/3 cents per share [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value 1-2/3 cents per share | |
Trading Symbol | PEP | |
Name of Exchange on which Security is Registered | NASDAQ | |
One Point Seven Five Percent Notes Due 2021 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 1.750% Senior Notes Due 2021 | |
Trading Symbol | PEP21a | |
Name of Exchange on which Security is Registered | NASDAQ | |
Two Point Five Percent Notes Due 2022 [Member] | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 2.500% Senior Notes Due 2022 | |
Trading Symbol | PEP22a | |
Name of Exchange on which Security is Registered | NASDAQ | |
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 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 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 05, 2020 | Sep. 07, 2019 | Sep. 05, 2020 | Sep. 07, 2019 | |
Income Statement [Abstract] | ||||
Net Revenue | $ 18,091 | $ 17,188 | $ 47,917 | $ 46,521 |
Cost of sales | 8,156 | 7,694 | 21,371 | 20,786 |
Gross profit | 9,935 | 9,494 | 26,546 | 25,735 |
Selling, general and administrative expenses | 6,924 | 6,639 | 19,292 | 18,143 |
Operating Profit | 3,011 | 2,855 | 7,254 | 7,592 |
Other pension and retiree medical benefits income | 86 | 38 | 247 | 163 |
Interest Expense | (264) | (224) | (789) | (651) |
Income before income taxes | 2,833 | 2,669 | 6,712 | 7,104 |
Provision for income taxes | 526 | 559 | 1,396 | 1,529 |
Net income | 2,307 | 2,110 | 5,316 | 5,575 |
Less: Net income attributable to noncontrolling interests | 16 | 10 | 41 | 27 |
Net Income Attributable to PepsiCo | $ 2,291 | $ 2,100 | $ 5,275 | $ 5,548 |
Earnings Per Share [Abstract] | ||||
Earnings Per Share, Basic | $ 1.66 | $ 1.50 | $ 3.80 | $ 3.96 |
Earnings Per Share, Diluted | $ 1.65 | $ 1.49 | $ 3.79 | $ 3.94 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 1,384 | 1,397 | 1,387 | 1,401 |
Weighted Average Number of Shares Outstanding, Diluted | 1,390 | 1,405 | 1,393 | 1,409 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 05, 2020 | Sep. 07, 2019 | Sep. 05, 2020 | Sep. 07, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,307 | $ 2,110 | $ 5,316 | $ 5,575 |
Other Comprehensive Income | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 414 | (159) | (1,136) | (51) |
Cash flow hedges: | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 11 | (38) | (37) | (71) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (1) | 56 | 119 | 115 |
Other Comprehensive Income, Other, Net of Tax | (3) | (1) | (3) | 0 |
Other Comprehensive Income (Loss), Net of Tax | 421 | (142) | (1,057) | (7) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 2,728 | 1,968 | 4,259 | 5,568 |
Comprehensive income attributable to noncontrolling interests | (16) | (10) | (41) | (27) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 2,712 | 1,958 | 4,218 | 5,541 |
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Post retirement Plans Taxes | 1,340 | 1,437 | 1,340 | 1,437 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 55 | 38 | 162 | 113 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ 0 | $ 18 | $ 0 | $ 18 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 8 Months Ended | |
Sep. 05, 2020 | Sep. 07, 2019 | |
Operating Activities | ||
Net income | $ 5,316 | $ 5,575 |
Depreciation and amortization | 1,731 | 1,634 |
Share-based compensation expense | 186 | 169 |
Restructuring and impairment charges | 124 | 282 |
Cash payments for restructuring charges | (166) | (248) |
Business Combination, Integration Related Costs | 286 | 46 |
Payments for Merger Related Costs | (97) | (4) |
Pension and retiree medical plan expenses | 121 | 165 |
Pension and retiree medical plan contributions | (501) | (391) |
Deferred income taxes and other tax charges and credits | 96 | 195 |
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | 0 | (29) |
Tax payments related to the TCJ Act | (78) | (393) |
Change in assets and liabilities [Abstract] | ||
Accounts and notes receivable | (1,430) | (1,716) |
Inventories | (549) | (573) |
Prepaid expenses and other current assets | (202) | (264) |
Accounts payable and other current liabilities | 289 | 80 |
Income taxes payable | 583 | 347 |
Other, net | 414 | 188 |
Net Cash Provided by (Used in) Operating Activities | 6,123 | 5,063 |
Investing Activities | ||
Capital spending | (2,074) | (1,959) |
Sales of property, plant and equipment | 26 | 63 |
Payments to Acquire Businesses and Interest in Affiliates | (6,373) | (2,628) |
Proceeds from Divestiture of Businesses and Interests in Affiliates | 4 | 253 |
Payments to Acquire Available-for-sale Securities | (400) | 0 |
Short-term investments, by original maturity [Abstract] | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 0 | 8 |
Proceeds from Sale of Available-for-sale Securities | 0 | 3 |
Three months or less, net | 23 | 13 |
Other investing, net | 33 | (38) |
Net Cash Provided by (Used in) Investing Activities | (8,761) | (4,285) |
Financing Activities | ||
Proceeds from Issuance of Long-term Debt | 10,564 | 3,098 |
Payments of long-term debt | (814) | (2,954) |
Short-term borrowings, by original maturity | ||
More than three months - proceeds | 4,069 | 6 |
More than three months - payments | (1,801) | 0 |
Three months or less, net | (11) | 94 |
Cash dividends paid | (4,094) | (3,971) |
Share repurchases - common | (1,543) | (2,268) |
Proceeds from exercises of stock options | 145 | 282 |
Withholding tax payments on RSUs and PSUs converted | (86) | (100) |
Other financing | (18) | (16) |
Net Cash Provided by/(Used for) Financing Activities | 6,411 | (5,829) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (184) | (11) |
Cash and Cash Equivalents and Restricted Cash, Period Increase (Decrease) | 3,589 | (5,062) |
Cash and Cash Equivalents and Restricted Cash, Beginning of Year | 5,570 | 10,769 |
Cash and Cash Equivalents and Restricted Cash, End of Period | 9,159 | 5,707 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 431 | $ 304 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Sep. 05, 2020 | Dec. 28, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 9,094 | $ 5,509 |
Short-term investments | 611 | 229 |
Accounts and notes receivable, less allowance: 9/20 - $220 and 12/19 - $105 | 9,295 | 7,822 |
Inventory, Raw Materials and Supplies, Gross | 1,798 | 1,395 |
Inventories | ||
Work-in-process | 275 | 200 |
Finished goods | 2,062 | 1,743 |
Inventory, Net, Total | 4,135 | 3,338 |
Prepaid expenses and other current assets | 925 | 747 |
Total Current Assets | 24,060 | 17,645 |
Property, Plant and Equipment | 44,116 | 43,003 |
Accumulated Depreciation | (24,390) | (23,698) |
Property, Plant and Equipment, Net, Total | 19,726 | 19,305 |
Amortizable Intangible Assets, net | 1,515 | 1,433 |
Goodwill | 18,603 | 15,501 |
Other Indefinite-Lived Intangible Assets | 17,671 | 14,610 |
Indefinite-Lived Intangible Assets | 36,274 | 30,111 |
Investments in Noncontrolled Affiliates | 2,752 | 2,683 |
Deferred Income Tax Assets, Net | 4,357 | 4,359 |
Other Assets | 3,357 | 3,011 |
Total Assets | 92,041 | 78,547 |
Current Liabilities | ||
Short-term debt obligations | 6,692 | 2,920 |
Accounts payable and other current liabilities | 19,317 | 17,541 |
Total Current Liabilities | 26,009 | 20,461 |
Long-term Debt Obligations | 37,879 | 29,148 |
Deferred Income Tax Liabilities, Net | 4,217 | 4,091 |
Other Liabilities | 10,341 | 9,979 |
Liabilities | 78,446 | 63,679 |
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: 1,383 and 1,391 shares, respectively) | 23 | 23 |
Capital in excess of par value | 3,848 | 3,886 |
Retained earnings | 63,013 | 61,946 |
Accumulated other comprehensive loss | (15,357) | (14,300) |
Repurchased common stock, in excess of par value (484 and 476 shares, respectively) | (38,044) | (36,769) |
Stockholders' Equity Attributable to Parent | 13,483 | 14,786 |
Stockholders' Equity Attributable to Noncontrolling Interest | 112 | 82 |
Total Equity | 13,595 | 14,868 |
Total Liabilities and Equity | $ 92,041 | $ 78,547 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 05, 2020 | Dec. 28, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, allowance | $ 220 | $ 105 |
Common stock, Par value | $ 0.0167 | $ 0.0167 |
Common stock, Authorized | 3,600 | 3,600 |
Common stock, Issued | 1,383 | 1,391 |
Repurchased common stock, shares | 484 | 476 |
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] | |||||||||
Cumulative Effect of Accounting Changes in Period of Adoption | $ 8 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 84 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 23 | 59,947 | $ (15,119) | ||||||
Treasury Stock, Value | $ (34,286) | ||||||||
Common Stocks, Including Additional Paid in Capital | $ 3,953 | ||||||||
Acquisitions And Divestitures To Noncontrolling Interest | 0 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 2.8375 | ||||||||
Balance, beginning of year, shares at Dec. 29, 2018 | 1,409 | ||||||||
Balance, end of year, shares at Sep. 07, 2019 | 1,396 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Share-based compensation expense | 170 | ||||||||
Stock option exercises, RSUs and PSUs converted | (181) | $ 463 | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (100) | ||||||||
Shares issued, beginning of year at Dec. 29, 2018 | (458) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Repurchased During Period, Shares | (13) | (19) | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | ||||||||
Stock Repurchased During Period, Value | $ (2,301) | ||||||||
Stock option exercises, shares | 6 | ||||||||
Other | (1) | ||||||||
Net income attributable to PepsiCo | $ 5,548 | 5,548 | |||||||
Cash dividends declared - common | [1] | (3,989) | |||||||
Shares issued, end of period at Sep. 07, 2019 | (471) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Less: Net income attributable to noncontrolling interests | $ 27 | 27 | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (7) | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (15) | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 85 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 23 | 60,752 | (14,984) | ||||||
Treasury Stock, Value | $ (35,635) | ||||||||
Common Stocks, Including Additional Paid in Capital | 3,796 | ||||||||
Acquisitions And Divestitures To Noncontrolling Interest | 0 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.955 | ||||||||
Balance, beginning of year, shares at Jun. 15, 2019 | 1,399 | ||||||||
Balance, end of year, shares at Sep. 07, 2019 | 1,396 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Share-based compensation expense | 51 | ||||||||
Stock option exercises, RSUs and PSUs converted | (5) | $ 62 | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 0 | ||||||||
Shares issued, beginning of year at Jun. 15, 2019 | (468) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Repurchased During Period, Shares | (3) | (4) | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | ||||||||
Stock Repurchased During Period, Value | $ (551) | ||||||||
Stock option exercises, shares | 1 | ||||||||
Other | 0 | ||||||||
Net income attributable to PepsiCo | $ 2,100 | 2,100 | |||||||
Cash dividends declared - common | [1] | (1,338) | |||||||
Shares issued, end of period at Sep. 07, 2019 | (471) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Less: Net income attributable to noncontrolling interests | 10 | 10 | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (142) | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | ||||||||
Cumulative Effect of Accounting Changes in Period of Adoption | 0 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 95 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 14,224 | 23 | 61,514 | (15,126) | $ 14,129 | ||||
Treasury Stock, Value | $ (36,124) | ||||||||
Common Stocks, Including Additional Paid in Capital | 3,842 | ||||||||
Cumulative Effect of Accounting Changes in Period of Adoption | (34) | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 82 | 82 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 14,868 | $ 23 | 61,946 | (14,300) | |||||
Treasury Stock, Value | $ 36,769 | (36,769) | |||||||
Common Stocks, Including Additional Paid in Capital | 3,886 | ||||||||
Acquisitions And Divestitures To Noncontrolling Interest | 5 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 3 | ||||||||
Balance, beginning of year, shares at Dec. 28, 2019 | 1,391 | ||||||||
Balance, end of year, shares at Sep. 05, 2020 | 1,383 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Share-based compensation expense | 186 | ||||||||
Stock option exercises, RSUs and PSUs converted | (138) | $ 284 | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (86) | ||||||||
Shares issued, beginning of year at Dec. 28, 2019 | (476) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Repurchased During Period, Shares | (8) | (12) | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | ||||||||
Stock Repurchased During Period, Value | $ (1,559) | ||||||||
Stock option exercises, shares | 4 | ||||||||
Other | (1) | ||||||||
Net income attributable to PepsiCo | $ 5,275 | 5,275 | |||||||
Cash dividends declared - common | [1] | (4,174) | |||||||
Shares issued, end of period at Sep. 05, 2020 | (484) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Less: Net income attributable to noncontrolling interests | $ 41 | 41 | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,057) | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (15) | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 96 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 23 | 62,145 | (15,778) | ||||||
Treasury Stock, Value | $ (37,671) | ||||||||
Common Stocks, Including Additional Paid in Capital | 3,772 | ||||||||
Acquisitions And Divestitures To Noncontrolling Interest | 0 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.0225 | ||||||||
Balance, beginning of year, shares at Jun. 13, 2020 | 1,385 | ||||||||
Balance, end of year, shares at Sep. 05, 2020 | 1,383 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Share-based compensation expense | 85 | ||||||||
Stock option exercises, RSUs and PSUs converted | (2) | $ 27 | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (7) | ||||||||
Shares issued, beginning of year at Jun. 13, 2020 | (482) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Repurchased During Period, Shares | (2) | (3) | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | ||||||||
Stock Repurchased During Period, Value | $ (400) | ||||||||
Stock option exercises, shares | 1 | ||||||||
Other | 0 | ||||||||
Net income attributable to PepsiCo | $ 2,291 | 2,291 | |||||||
Cash dividends declared - common | [1] | (1,423) | |||||||
Shares issued, end of period at Sep. 05, 2020 | (484) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Less: Net income attributable to noncontrolling interests | 16 | 16 | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 421 | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | ||||||||
Cumulative Effect of Accounting Changes in Period of Adoption | 0 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 112 | $ 112 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 13,595 | $ 23 | $ 63,013 | $ (15,357) | $ 13,483 | ||||
Treasury Stock, Value | $ 38,044 | $ (38,044) | |||||||
Common Stocks, Including Additional Paid in Capital | $ 3,848 | ||||||||
[1] | Cash dividends declared per common share were $1.0225 and $0.955 for the 12 weeks ended September 5, 2020 and September 7, 2019, respectively, and $3.00 and $2.8375 for the 36 weeks ended September 5, 2020 and September 7, 2019, respectively. |
Basis of Presentation and Our D
Basis of Presentation and Our Divisions Basis of Presentation and Our Divisions (Notes) | 8 Months Ended |
Sep. 05, 2020 | |
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 28, 2019 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 28, 2019 (2019 Form 10-K), as modified to reflect the adoption of the recently issued accounting pronouncement disclosed in Note 2 in this Form 10-Q. This report should be read in conjunction with our 2019 Form 10-K. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation. The results for the 12 and 36 weeks ended September 5, 2020 are not necessarily indicative of the results expected for any future period or the full year. 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. The business and economic uncertainty resulting from the novel coronavirus (COVID-19) pandemic has made such estimates and assumptions more difficult to calculate. Accordingly, actual results and outcomes could differ from those estimates. While our financial results in the United States and Canada (North America) are reported on a 12-week basis, substantially all of our international operations report on a monthly calendar basis for which the months of June, July and August are reflected in our results for the 12 weeks ended September 5, 2020, and the months of January through August are reflected in our results for the 36 weeks ended September 5, 2020. 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 As previously disclosed in our 2019 Form 10-K, during the fourth quarter of 2019, we realigned certain of our reportable segments to be consistent with a strategic realignment of our organizational structure and how our Chief Executive Officer assesses the performance of, and allocates resources to, our reportable segments. Our historical segment reporting presented in this report has been retrospectively revised to reflect the new organizational structure. These changes did not impact our consolidated financial results. See Note 1 to our consolidated financial statements in our 2019 Form 10-K for further information. We are organized into seven reportable segments (also referred to as divisions), as follows: 1) Frito-Lay North America (FLNA), which includes our branded food and snack businesses in the United States and Canada; 2) Quaker Foods North America (QFNA), which includes our cereal, rice, pasta and other branded food businesses in the United States and Canada; 3) PepsiCo Beverages North America (PBNA), which includes our beverage businesses in the United States and Canada; 4) Latin America (LatAm), which includes all of our beverage, food and snack businesses in Latin America; 5) Europe, which includes all of our beverage, food and snack businesses in Europe; 6) Africa, Middle East and South Asia (AMESA), which includes all of our beverage, food and snack 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, food and snack businesses in Asia Pacific, Australia and New Zealand, and China region. Net revenue of each division is as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 FLNA $ 4,399 $ 4,105 $ 12,746 $ 11,930 QFNA 608 576 1,906 1,710 PBNA 5,958 5,643 15,766 15,475 LatAm 1,654 1,904 4,531 5,031 Europe 3,323 3,222 7,887 7,842 AMESA (a) 1,252 957 2,866 2,533 APAC 897 781 2,215 2,000 Total $ 18,091 $ 17,188 $ 47,917 $ 46,521 Our primary performance obligation is the distribution and sales of beverage, food and snack products to our customers. The following tables reflect the approximate percentage of net revenue generated between our beverage business and our food and snack business for each of our international divisions, as well as our consolidated net revenue: 12 Weeks Ended 9/5/2020 9/7/2019 Beverage (a) Food/Snack Beverage (a) Food/Snack LatAm 10 % 90 % 10 % 90 % Europe 55 % 45 % 55 % 45 % AMESA (b) 30 % 70 % 45 % 55 % APAC 25 % 75 % 30 % 70 % PepsiCo 45 % 55 % 50 % 50 % 36 Weeks Ended 9/5/2020 9/7/2019 Beverage (a) Food/Snack Beverage (a) Food/Snack LatAm 10 % 90 % 10 % 90 % Europe 55 % 45 % 55 % 45 % AMESA (b) 35 % 65 % 45 % 55 % APAC 25 % 75 % 25 % 75 % PepsiCo 45 % 55 % 45 % 55 % (a) Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and Europe segments, is approximately 40% of our consolidated net revenue. Generally, our finished goods beverage operations produce higher net revenue, but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages. (b) The increase in the approximate percentage of net revenue generated by the food/snack business primarily reflects our acquisition of Pioneer Foods. See Note 12 for further information. Operating profit of each division is as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 FLNA $ 1,353 $ 1,286 $ 3,833 $ 3,694 QFNA 145 126 491 391 PBNA 697 640 1,391 1,719 LatAm 250 277 700 785 Europe 480 455 977 909 AMESA 193 210 386 551 APAC 163 166 494 388 Total division $ 3,281 $ 3,160 $ 8,272 $ 8,437 Corporate unallocated expenses (270) (305) (1,018) (845) Total $ 3,011 $ 2,855 $ 7,254 $ 7,592 Operating profit in the 12 and 36 weeks ended September 5, 2020 includes certain pre-tax charges taken as a result of the COVID-19 pandemic. These pre-tax charges by division are as follows: 12 Weeks Ended 9/5/2020 Allowances for Expected Credit Losses (a) Upfront Payments to Customers (b) Inventory Write-Downs and Product Returns (c) Employee Compensation Expense (d) Employee Protection Costs (e) Other (f) Total FLNA $ — $ — $ 1 $ 24 $ 16 $ — $ 41 QFNA — — — 1 1 1 3 PBNA 3 — 1 14 12 20 50 LatAm — — 6 19 6 1 32 Europe 1 1 — 8 6 — 16 AMESA — — — 1 2 3 6 APAC (g) — — 2 (5) 1 1 (1) Total $ 4 $ 1 $ 10 $ 62 $ 44 $ 26 $ 147 36 Weeks Ended 9/5/2020 Allowances for Expected Credit Losses (a) Upfront Payments to Customers (b) Inventory Write-Downs and Product Returns (c) Employee Compensation Expense (d) Employee Protection Costs (e) Other (f) Total FLNA $ 19 $ — $ 8 $ 124 $ 49 $ 3 $ 203 QFNA 2 — — 7 2 1 12 PBNA 48 46 30 98 43 30 295 LatAm 1 — 12 35 14 4 66 Europe 5 2 10 17 14 17 65 AMESA 1 — 1 8 6 7 23 APAC (g) — — 3 (3) 2 2 4 Total $ 76 $ 48 $ 64 $ 286 $ 130 $ 64 $ 668 (a) Allowances reflect the expected impact of the global economic uncertainty caused by COVID-19, leveraging estimates of credit worthiness, default and recovery rates for certain of our customers, including foodservice and vending businesses. (b) Upfront payments relate to promotional spending for which benefit is not expected to be received. (c) Includes a reserve for product returns of $3 million and $19 million in the 12 and 36 weeks ended September 5, 2020, respectively. (d) Includes incremental frontline incentive pay, crisis child care and other leave benefits and labor costs. (e) Includes costs associated with personal protective equipment, temperature scans, cleaning and other sanitization services. (f) Includes write-downs of property, plant and equipment, donations of cash and product, and other costs. (g) Income amounts include a social welfare relief credit of $7 million in the 12 and 36 weeks ended September 5, 2020. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements (Notes) | 8 Months Ended |
Sep. 05, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Recently Issued Accounting Pronouncements Adopted In 2016, the Financial Accounting Standards Board (FASB) issued guidance that changes the impairment model used to measure credit losses for most financial assets. For our trade receivables, certain other receivables and certain other financial instruments, we are required to use a new forward-looking expected credit loss model that replaced the existing incurred credit loss model. The new model generally results in earlier recognition of allowances for credit losses. We adopted this guidance in the first quarter of 2020 and the adoption did not have a material impact on our condensed consolidated financial statements or disclosures. On initial recognition, we recorded an after-tax cumulative effect decrease to retained earnings of $34 million ($44 million pre-tax) as of the beginning of 2020. Not Yet Adopted In 2019, the FASB issued guidance to simplify the accounting for income taxes. The guidance primarily addresses how to (1) recognize a deferred tax liability after we transition to or from the equity method of accounting, (2) evaluate if a step-up in the tax basis of goodwill is related to a business combination or is a separate transaction, (3) recognize all of the effects of a change in tax law in the period of enactment, including adjusting the estimated annual tax rate, and (4) include the amount of tax based on income in the income tax provision and any incremental amount as a tax not based on income for hybrid tax regimes. The guidance is effective in the first quarter of 2021 with early adoption permitted. We will adopt the guidance when it becomes effective in the first quarter of 2021. The guidance is not expected to have a material impact on our consolidated financial statements or related disclosures. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges Restructuring and Impairment Charges (Notes) | 8 Months Ended |
Sep. 05, 2020 | |
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. In connection with this plan, we expect to incur pre-tax charges of approximately $2.5 billion and cash expenditures of approximately $1.6 billion. These pre-tax charges are expected to consist of approximately 70% of severance and other employee-related costs, 15% for asset impairments (all non-cash) resulting from plant closures and related actions, and 15% for other costs associated with the implementation of our initiatives. We expect to complete this plan by 2023. 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 11 % 2 % 30 % 10 % 25 % 8 % 5 % 9 % A summary of our 2019 Productivity Plan charges is as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Cost of sales $ 1 $ 10 $ 4 $ 100 Selling, general and administrative expenses 59 83 112 182 Other pension and retiree medical benefits expense 1 5 8 — Total restructuring and impairment charges $ 61 $ 98 $ 124 $ 282 After-tax amount $ 48 $ 82 $ 101 $ 225 Net income attributable to PepsiCo per common share $ 0.03 $ 0.06 $ 0.07 $ 0.16 12 Weeks Ended 36 Weeks Ended Plan to Date 9/5/2020 9/7/2019 9/5/2020 9/7/2019 through 9/5/2020 FLNA $ 2 $ 16 $ 9 $ 22 $ 62 QFNA — 2 1 2 8 PBNA 29 26 32 42 123 LatAm 5 22 14 43 85 Europe 13 15 29 74 134 AMESA 2 5 9 21 50 APAC 1 4 4 41 53 Corporate 8 3 18 37 72 60 93 116 282 587 Other pension and retiree medical benefits expense 1 5 8 — 45 Total $ 61 $ 98 $ 124 $ 282 $ 632 12 Weeks Ended 36 Weeks Ended Plan to Date 9/5/2020 9/7/2019 9/5/2020 9/7/2019 through 9/5/2020 Severance and other employee costs $ 23 $ 65 $ 47 $ 105 $ 333 Asset impairments 15 3 20 87 112 Other costs (a) 23 30 57 90 187 Total $ 61 $ 98 $ 124 $ 282 $ 632 (a) Includes other costs associated with the implementation of our initiatives, including contract termination costs, consulting and other professional fees. A summary of our 2019 Productivity Plan activity for the 36 weeks ended September 5, 2020 is as follows: Severance and Other Employee Costs Asset Other Costs Total Liability as of December 28, 2019 $ 128 $ — $ 21 $ 149 2020 restructuring charges 47 20 57 124 Cash payments (a) (92) — (74) (166) Non-cash charges and translation (10) (20) 4 (26) Liability as of September 5, 2020 $ 73 $ — $ 8 $ 81 (a) Excludes cash expenditures of $1 million reported in the cash flow statement in pension and retiree medical contributions. Substantially all of the restructuring accrual at September 5, 2020 is expected to be paid by the end of 2020. Other Productivity Initiatives There were no material charges related to other productivity and efficiency initiatives outside the scope of the 2019 Productivity Plan. |
Intangible Assets
Intangible Assets | 8 Months Ended |
Sep. 05, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets A summary of our amortizable intangible assets is as follows: 9/5/2020 12/28/2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Acquired franchise rights $ 845 $ (167) $ 678 $ 846 $ (158) $ 688 Reacquired franchise rights 106 (106) — 106 (105) 1 Brands 1,317 (1,082) 235 1,326 (1,066) 260 Other identifiable intangibles (a) 941 (339) 602 810 (326) 484 Total $ 3,209 $ (1,694) $ 1,515 $ 3,088 $ (1,655) $ 1,433 (a) The change in other identifiable intangibles primarily reflects our acquisitions of Pioneer Foods and Hangzhou Haomusi Food Co., Ltd. (Be & Cheery). The change in the book value of indefinite-lived intangible assets is as follows: Balance 12/28/2019 Acquisitions Translation Balance 9/5/2020 FLNA (a) Goodwill $ 299 $ 163 $ — $ 462 Brands 162 179 (1) 340 Total 461 342 (1) 802 QFNA Goodwill 189 — — 189 Brands 11 — — 11 Total 200 — — 200 PBNA (b) Goodwill 9,898 2,241 — 12,139 Reacquired franchise rights 7,089 — — 7,089 Acquired franchise rights 1,517 142 — 1,659 Brands (c) 763 2,400 (41) 3,122 Total 19,267 4,783 (41) 24,009 LatAm Goodwill 501 — (57) 444 Brands 125 — (21) 104 Total 626 — (78) 548 Europe (d) Goodwill 3,961 16 (175) 3,802 Reacquired franchise rights 505 — (10) 495 Acquired franchise rights 157 — 10 167 Brands 4,181 — (135) 4,046 Total 8,804 16 (310) 8,510 AMESA (e) Goodwill 446 521 24 991 Brands — 208 11 219 Total 446 729 35 1,210 APAC (f) Goodwill 207 357 12 576 Brands 100 307 12 419 Total 307 664 24 995 Total goodwill 15,501 3,298 (196) 18,603 Total reacquired franchise rights 7,594 — (10) 7,584 Total acquired franchise rights 1,674 142 10 1,826 Total brands 5,342 3,094 (175) 8,261 Total $ 30,111 $ 6,534 $ (371) $ 36,274 (a) The change in acquisitions primarily reflects our acquisition of BFY Brands, Inc. (BFY Brands). (b) The change in acquisitions primarily reflects our acquisition of Rockstar Energy Beverages (Rockstar). (c) In the 12 and 36 weeks ended September 5, 2020, we recorded an impairment charge of $41 million related to a coconut water brand. (d) The change in translation and other primarily reflects the depreciation of the Russian ruble. (e) The change in acquisitions primarily reflects our acquisition of Pioneer Foods. (f) The change in acquisitions primarily reflects our acquisition of Be & Cheery. |
Income Taxes
Income Taxes | 8 Months Ended |
Sep. 05, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Tax Cuts and Jobs Act During the fourth quarter of 2017, the TCJ Act was enacted in the United States. The related provisional measurement period allowed by the U.S. Securities and Exchange Commission (SEC) ended in the fourth quarter of 2018. While our accounting for the recorded impact of the TCJ Act was deemed to be complete, additional guidance issued by the Internal Revenue Service (IRS) impacted our recorded amounts after December 29, 2018. There were no tax amounts recognized in the 36 weeks ended September 5, 2020 related to the TCJ Act. In the 36 weeks ended September 7, 2019, we recognized tax benefits of $29 million ($0.02 per share) related to the TCJ Act. For further information and discussion of the impact of the TCJ Act, refer to Note 5 to our consolidated financial statements in our 2019 Form 10-K. Other Tax Matters On May 19, 2019, a public referendum held in Switzerland passed the Federal Act on Tax Reform and AHV Financing (TRAF), effective January 1, 2020. In the 12 and 36 weeks ended September 5, 2020, we recorded net tax benefits of $77 million primarily related to the adoption of the TRAF in the Swiss Canton of Bern in the third quarter of 2020. In the 12 and 36 weeks ended September 7, 2019, we recorded net tax benefits of $45 million and $33 million, respectively, related to the TRAF. While the accounting for the impacts of the TRAF are deemed to be complete, further adjustments to our financial statements and related disclosures could be made in future quarters, including in connection with final tax return filings . For further information and discussion of the TRAF, refer to Note 5 to our consolidated financial statements in our 2019 Form 10-K. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020 in the United States. The CARES Act and related notices include several significant provisions, including delaying certain payroll tax payments, mandatory transition tax payments under the TCJ Act and estimated income tax payments that we are deferring to future periods. Estimated federal income tax payments and mandatory transition tax payments under the TCJ Act were made in the third quarter of 2020 and are no longer deferred. Additionally, we expect to pay the previously deferred payroll taxes in the fourth quarter of 2020. We do not currently expect the CARES Act to have a material impact on our financial results, including on our annual estimated effective tax rate or on our liquidity. We will continue to monitor and assess the impact the CARES Act and similar legislation in other countries may have on our business and financial results. |
Share-Based Compensation
Share-Based Compensation | 8 Months Ended |
Sep. 05, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Share-Based Compensation The following table summarizes our total share-based compensation expense: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Share-based compensation expense - equity awards $ 85 $ 51 $ 186 $ 169 Share-based compensation expense - liability awards 3 3 10 7 Restructuring charges — — — 1 Total (a) $ 88 $ 54 $ 196 $ 177 (a) Primarily recorded in selling, general and administrative expenses. The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan: 36 Weeks Ended 9/5/2020 9/7/2019 Granted (a) Weighted-Average Grant Price Granted (a) Weighted-Average Grant Price Stock options 1.8 $ 131.45 1.2 $ 117.21 RSUs and PSUs 2.5 $ 131.18 2.8 $ 116.05 (a) In millions. All grant activity is disclosed at target. For the 12 weeks ended September 5, 2020 and September 7, 2019, our grants of stock options, RSUs, PSUs and long-term cash awards were nominal. We granted long-term cash awards to certain executive officers and other senior executives with an aggregate target value of $19 million and $16 million during the 36 weeks ended September 5, 2020 and September 7, 2019, respectively. Our weighted-average Black-Scholes fair value assumptions are as follows: 36 Weeks Ended 9/5/2020 9/7/2019 Expected life 6 years 5 years Risk-free interest rate 0.9 % 2.5 % Expected volatility 14 % 14 % Expected dividend yield 3.4 % 3.1 % |
Pension and Retiree Medical Ben
Pension and Retiree Medical Benefits (Notes) | 8 Months Ended |
Sep. 05, 2020 | |
Pension and Retiree Medical Benefits [Abstract] | |
Retirement Benefits [Text Block] | Pension and Retiree Medical Benefits The components of net periodic benefit cost/(income) for pension and retiree medical plans are as follows: 12 Weeks Ended Pension Retiree Medical 9/5/2020 9/7/2019 9/5/2020 9/7/2019 9/5/2020 9/7/2019 U.S. International Service cost $ 100 $ 87 $ 22 $ 18 $ 6 $ 5 Other pension and retiree medical benefits expense/(income): Interest cost 100 125 21 24 6 9 Expected return on plan assets (214) (205) (52) (46) (3) (4) Amortization of prior service cost/(credits) 3 2 — — (3) (4) Amortization of net losses/(gains) 45 37 16 8 (6) (7) Settlement losses — 15 — 3 — — Special termination benefits 1 5 — — — — Total other pension and retiree medical benefits income (65) (21) (15) (11) (6) (6) Total $ 35 $ 66 $ 7 $ 7 $ — $ (1) 36 Weeks Ended Pension Retiree Medical U.S. International 9/5/2020 9/7/2019 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Service cost $ 300 $ 263 $ 59 $ 49 $ 17 $ 16 Other pension and retiree medical benefits expense/(income): Interest cost 300 376 58 64 17 25 Expected return on plan assets (643) (617) (138) (124) (11) (12) Amortization of prior service cost/(credits) 8 7 — — (8) (13) Amortization of net losses/(gains) 136 111 42 21 (16) (19) Settlement losses — 15 — 3 — — Special termination benefits 8 — — — — — Total other pension and retiree medical benefits income (191) (108) (38) (36) (18) (19) Total $ 109 $ 155 $ 21 $ 13 $ (1) $ (3) We continue to monitor the impact of the COVID-19 pandemic and related global economic conditions and uncertainty on the net unfunded status of our pension and retiree medical plans. We also regularly evaluate opportunities to reduce risk and volatility associated with our pension and retiree medical plans. In addition, lump sum payments may result in settlement charges that would be reflected as an item affecting comparability in future periods. During the 36 weeks ended September 5, 2020, we made discretionary contributions of $325 million to the PepsiCo Employees Retirement Plan A (Plan A) in the United States and $14 million to our international plans. During the 36 weeks ended September 7, 2019, we made discretionary contributions of $150 million to Plan A in the United States and $17 million to our international plans. |
Debt Obligations and Commitment
Debt Obligations and Commitments | 8 Months Ended |
Sep. 05, 2020 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Debt Obligations In the 36 weeks ended September 5, 2020, we issued the following senior notes: Interest Rate Maturity Date Amount (a) 2.250 % March 2025 $ 1,500 2.625 % March 2027 $ 500 2.750 % March 2030 $ 1,500 3.500 % March 2040 $ 750 3.625 % March 2050 $ 1,500 3.875 % March 2060 $ 750 0.750 % May 2023 $ 1,000 1.625 % May 2030 $ 1,000 0.250 % May 2024 € 1,000 0.500 % May 2028 € 1,000 (a) Represents gross proceeds from issuances of long-term debt excluding debt issuance costs, discounts and premiums. The net proceeds from the issuances of the above notes were used for general corporate purposes, including the repayment of commercial paper. In the 36 weeks ended September 5, 2020, $750 million of senior notes matured and were paid. As of September 5, 2020, we had $2.1 billion of commercial paper outstanding. In the second quarter of 2020, we entered into a new 364-day unsecured revolving credit agreement (364-Day Credit Agreement) which expires on May 31, 2021. The 364-Day Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.75 billion in U.S. dollars and/or euros, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion in U.S. dollars and/or euros. We may request renewal of this facility for an additional 364-day period or convert any amounts outstanding into a term loan for a period of up to one year, which term loan would mature no later than the anniversary of the then effective termination date. The 364-Day Credit Agreement replaced our $3.75 billion 364-day credit agreement, dated as of June 3, 2019. Funds borrowed under the 364-Day Credit Agreement may be used for general corporate purposes. Subject to certain conditions, we may borrow, prepay and reborrow amounts under this agreement. The 364-Day Credit Agreement is in addition to our existing $3.75 billion unsecured revolving credit agreement which expires on June 3, 2024 (Five-Year Credit Agreement). As of September 5, 2020, there were no outstanding borrowings under either the 364-Day Credit Agreement or the Five-Year Credit Agreement. On March 12, 2020, one of our international consolidated subsidiaries borrowed 21.7 billion South African rand, or approximately $1.3 billion, from our two unsecured bridge loan facilities (Bridge Loan Facilities) to fund our acquisition of Pioneer Foods. These borrowings were fully repaid in April 2020 and no further borrowings under these Bridge Loan Facilities are permitted. In the fourth quarter of 2020, we paid $1.1 billion to redeem all $1.1 billion outstanding principal amount of our 2.15% senior notes due October 2020 and terminated associated interest rate swaps with a notional amount of $0.8 billion. |
Financial Instruments
Financial Instruments | 8 Months Ended |
Sep. 05, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments We are exposed to market risks arising from adverse changes in: • commodity prices, affecting the cost of our raw materials and energy; • foreign exchange rates and currency restrictions; and • interest rates. There have been no material changes during the 36 weeks ended September 5, 2020 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 2019 Form 10-K. 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 these levels. The fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position as of September 5, 2020 was $376 million. We have posted no collateral under these contracts and no credit-risk-related contingent features were triggered as of September 5, 2020. The notional amounts of our financial instruments used to hedge the above risks as of September 5, 2020 and December 28, 2019 are as follows: Notional Amounts (a) 9/5/2020 12/28/2019 Commodity $ 1.0 $ 1.1 Foreign exchange $ 2.0 $ 1.9 Interest rate $ 4.2 $ 5.0 Net investment (b) $ 2.6 $ 2.5 (a) In billions. (b) The total notional of our net investment hedge consists of non-derivative debt instruments. As of September 5, 2020, approximately 10% of total debt, after the impact of the related interest rate derivative instruments, was subject to variable rates, compared to approximately 9% as of December 28, 2019. Fair Value Measurements The fair values of our financial assets and liabilities as of September 5, 2020 and December 28, 2019 are categorized as follows: 9/5/2020 12/28/2019 Fair Value Hierarchy Levels Assets (a) Liabilities (a) Assets (a) Liabilities (a) Short-term investments: Index funds (b) 1 $ 211 $ — $ 229 $ — Time deposits (c) 2 400 — — — $ 611 $ — $ 229 $ — Prepaid forward contracts (d) 2 $ 17 $ — $ 17 $ — Deferred compensation (e) 2 $ — $ 449 $ — $ 468 Contingent consideration (f) 3 $ — $ 874 $ — $ — Derivatives designated as fair value hedging instruments: Interest rate (g) 2 $ 4 $ — $ — $ 5 Derivatives designated as cash flow hedging instruments: Foreign exchange (h) 2 $ 21 $ 41 $ 5 $ 32 Interest rate (h) 2 — 366 — 390 Commodity (i) 1 — — 2 5 Commodity (j) 2 8 6 2 5 $ 29 $ 413 $ 9 $ 432 Derivatives not designated as hedging instruments: Foreign exchange (h) 2 $ 26 $ 3 $ 3 $ 2 Commodity (i) 1 — — 23 7 Commodity (j) 2 11 24 6 24 $ 37 $ 27 $ 32 $ 33 Total derivatives at fair value (k) $ 70 $ 440 $ 41 $ 470 Total $ 698 $ 1,763 $ 287 $ 938 (a) Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. (b) Based on 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) Time deposits classified as short-term investments approximate fair value due to their short-term maturity. (d) Based primarily on the price of our common stock. (e) Based on the fair value of investments corresponding to employees’ investment elections. (f) In connection with our acquisition of Rockstar, we recorded a liability for tax-related contingent consideration payable over up to 15 years, with an option to accelerate all remaining payments, with estimated maximum payments of approximately $1.1 billion, using current tax rates. The fair value of the liability is estimated using probability-weighted, discounted future cash flows at current tax rates. The significant unobservable inputs (Level 3) used to estimate the fair value include the expected future tax benefits associated with the acquisition, the probability that the option to accelerate all remaining payments will be exercised and discount rates. The expected annual future tax benefits range from approximately $40 million to $100 million, with an average of $70 million. The probability, in any given year, that the option to accelerate will be exercised ranges from 0 to 10 percent, with a weighted-average payment period of approximately 7 years. The discount rates range from less than 1 percent to 5 percent, with a weighted average of 2 percent. The contingent consideration measured at fair value using unobservable inputs as of September 5, 2020 is $874 million, comprised of an $848 million liability recognized at the acquisition date of Rockstar and a fair value increase of $10 million and $26 million in the 12 and 36 weeks ended September 5, 2020, respectively, recorded in selling, general and administrative expenses. (g) Based on London Interbank Offered Rate forward rates. As of September 5, 2020 and December 28, 2019, the carrying amount of hedged fixed-rate debt was $1.5 billion and $2.2 billion, respectively, and classified on our balance sheet within short-term and long-term debt obligations. As of September 5, 2020 and December 28, 2019, the cumulative amount of fair value hedging adjustments to hedged fixed-rate debt was a $4 million gain and a $5 million loss, respectively. As of September 5, 2020 and December 28, 2019, the cumulative amount of fair value hedging adjustments on discontinued hedges was a $28 million loss and a $49 million loss, respectively, which is being amortized over the remaining life of the related debt obligations. (h) Based on recently reported market transactions of spot and forward rates. (i) Based on quoted contract prices on futures exchange markets. (j) Based on recently reported market transactions of swap arrangements. (k) Derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on the balance sheet as of September 5, 2020 and December 28, 2019 were not material. Collateral received or posted against our asset or liability positions was not material. Collateral posted of $61 million and $58 million as of September 5, 2020 and December 28, 2019, respectively, is classified as restricted cash. The carrying amounts of our cash and cash equivalents approximate fair value due to their short-term maturity. The fair value of our debt obligations as of September 5, 2020 and December 28, 2019 was $50 billion and $34 billion, respectively, based upon prices of similar instruments in the marketplace, which are considered Level 2 inputs. Losses/(gains) on our hedging instruments are categorized as follows: 12 Weeks Ended Fair Value/Non- Cash Flow and Net Investment Hedges Losses/(Gains) (a) Losses/(Gains) Losses/(Gains) (b) 9/5/2020 9/7/2019 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Foreign exchange $ (10) $ 11 $ 31 $ (2) $ (22) $ 4 Interest rate 4 (12) (117) 65 (102) 38 Commodity (37) 27 (29) 32 24 1 Net investment — — 118 (40) — — Total $ (43) $ 26 $ 3 $ 55 $ (100) $ 43 36 Weeks Ended Fair Value/Non- Cash Flow and Net Investment Hedges Losses/(Gains) (a) Losses/(Gains) Losses/(Gains) (b) 9/5/2020 9/7/2019 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Foreign exchange $ (11) $ 15 $ (47) $ 16 $ (37) $ — Interest rate (8) (62) (24) 117 (73) 54 Commodity 120 16 48 19 40 3 Net investment — — 159 (55) — — Total $ 101 $ (31) $ 136 $ 97 $ (70) $ 57 (a) Foreign exchange derivative losses/gains are primarily included in selling, general and administrative expenses. Interest rate derivative losses/gains are primarily from fair value hedges and are included in net interest expense and other. These losses/gains are substantially offset by decreases/increases in the value of the underlying debt, which are also included in net interest expense and other. 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 included in cost of sales. Interest rate derivative losses/gains are included in net interest expense and other. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. Based on current market conditions, we expect to reclassify net losses of $46 million related to our cash flow hedges from accumulated other comprehensive loss into net income during the next 12 months. |
Net Income Attributable to Peps
Net Income Attributable to PepsiCo per Common Share | 8 Months Ended |
Sep. 05, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Attributable to PepsiCo per Common Share | Net Income Attributable to PepsiCo per Common Share The computations of basic and diluted net income attributable to PepsiCo per common share are as follows: 12 Weeks Ended 9/5/2020 9/7/2019 Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 1.66 $ 1.50 Net income available for PepsiCo common shareholders $ 2,291 1,384 $ 2,100 1,397 Dilutive securities: Stock options, RSUs, PSUs and other (b) — 6 — 8 Diluted $ 2,291 1,390 $ 2,100 1,405 Diluted net income attributable to PepsiCo per common share $ 1.65 $ 1.49 36 Weeks Ended 9/5/2020 9/7/2019 Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 3.80 $ 3.96 Net income available for PepsiCo common shareholders $ 5,275 1,387 $ 5,548 1,401 Dilutive securities: Stock options, RSUs, PSUs and other (b) — 6 — 8 Diluted $ 5,275 1,393 $ 5,548 1,409 Diluted net income attributable to PepsiCo per common share $ 3.79 $ 3.94 (a) Weighted-average common shares outstanding (in millions). (b) The dilutive effect of these securities is calculated using the treasury stock method. Out-of-the-money options excluded from the calculation of diluted earnings per common share are as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Out-of-the-money options (a) 0.1 — 0.6 0.4 Average exercise price per option $ 137.25 $ — $ 131.76 $ 115.98 (a) In millions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Notes) | 8 Months Ended |
Sep. 05, 2020 | |
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 28, 2019 (a) $ (11,290) $ (3) $ (2,988) $ (19) $ (14,300) Other comprehensive (loss)/income before reclassifications (b) (735) (236) 21 1 (949) Amounts reclassified from accumulated other comprehensive loss — 157 50 — 207 Net other comprehensive (loss)/income (735) (79) 71 1 (742) Tax amounts (19) 18 (14) — (15) Balance as of March 21, 2020 (a) $ (12,044) $ (64) $ (2,931) $ (18) $ (15,057) Other comprehensive (loss)/income before reclassifications (c) (827) 144 25 (1) (659) Amounts reclassified from accumulated other comprehensive loss — (127) 57 — (70) Net other comprehensive (loss)/income (827) 17 82 (1) (729) Tax amounts 31 (4) (19) — 8 Balance as of June 13, 2020 (a) $ (12,840) $ (51) $ (2,868) $ (19) $ (15,778) Other comprehensive (loss)/income before reclassifications (d) 385 115 (59) (3) 438 Amounts reclassified from accumulated other comprehensive loss — (100) 55 — (45) Net other comprehensive (loss)/income 385 15 (4) (3) 393 Tax amounts 29 (4) 3 — 28 Balance as of September 5, 2020 (a) $ (12,426) $ (40) $ (2,869) $ (22) $ (15,357) (a) Pension and retiree medical amounts are net of taxes of $1,370 million as of December 28, 2019, $1,356 million as of March 21, 2020, $1,337 million as of June 13, 2020 and $1,340 million as of September 5, 2020. (b) Currency translation adjustment primarily reflects depreciation of the Russian ruble, Canadian dollar and Mexican peso. (c) Currency translation adjustment primarily reflects depreciation of the Mexican peso, Russian ruble and euro. (d) Currency translation adjustment primarily reflects appreciation of the Pound sterling, Canadian dollar and Australian dollar, partially offset by the depreciation of the Russian ruble. Currency Translation Adjustment Cash Flow Hedges Pension and Retiree Medical Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 29, 2018 (a) $ (11,918) $ 87 $ (3,271) $ (17) $ (15,119) Other comprehensive (loss)/income before reclassifications (b) 475 (20) (16) — 439 Amounts reclassified from accumulated other comprehensive loss — (15) 34 — 19 Net other comprehensive (loss)/income 475 (35) 18 — 458 Tax amounts (2) 8 (1) — 5 Balance as of March 23, 2019 (a) $ (11,445) $ 60 $ (3,254) $ (17) $ (14,656) Other comprehensive (loss)/income before reclassifications (c) (365) (37) 16 1 (385) Amounts reclassified from accumulated other comprehensive loss — 29 37 — 66 Net other comprehensive (loss)/income (365) (8) 53 1 (319) Tax amounts — 2 (11) — (9) Balance as of June 15, 2019 (a) $ (11,810) $ 54 $ (3,212) $ (16) $ (14,984) Other comprehensive (loss)/income before reclassifications (d) (149) (95) 19 (1) (226) Amounts reclassified from accumulated other comprehensive loss — 43 54 — 97 Net other comprehensive (loss)/income (149) (52) 73 (1) (129) Tax amounts (10) 14 (17) — (13) Balance as of September 7, 2019 (a) $ (11,969) $ 16 $ (3,156) $ (17) $ (15,126) (a) Pension and retiree medical amounts are net of taxes of $1,466 million as of December 29, 2018, $1,465 million as of March 23, 2019 and $1,454 million as of June 15, 2019 and $1,437 million as of September 7, 2019. (b) Currency translation adjustment primarily reflects appreciation of the Russian ruble, Mexican peso and Pound sterling. (c) Currency translation adjustment primarily reflects depreciation of the euro, Mexican peso and Swiss franc. (d) Currency translation adjustment primarily reflects depreciation of the Pound sterling, Russian ruble and Mexican peso. The reclassifications from accumulated other comprehensive loss to the income statement are summarized as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Affected Line Item in the Income Statement Cash flow hedges: Foreign exchange contracts $ — $ — $ — $ 1 Net revenue Foreign exchange contracts (22) 4 (37) (1) Cost of sales Interest rate derivatives (102) 38 (73) 54 Net interest expense and other Commodity contracts 22 — 36 2 Cost of sales Commodity contracts 2 1 4 1 Selling, general and administrative expenses Net (gains)/losses before tax (100) 43 (70) 57 Tax amounts 25 (11) 17 (13) Net (gains)/losses after tax $ (75) $ 32 $ (53) $ 44 Pension and retiree medical items: Amortization of prior service credits $ — $ (2) $ — $ (6) Other pension and retiree medical benefits income Amortization of net losses 55 38 162 113 Other pension and retiree medical benefits income Settlement losses — 18 — 18 Other pension and retiree medical benefits income Net losses before tax 55 54 162 125 Tax amounts (12) (12) (34) (27) Net losses after tax $ 43 $ 42 $ 128 $ 98 Total net (gains)/losses reclassified, net of tax $ (32) $ 74 $ 75 $ 142 |
Acquisitions & Divestitures (No
Acquisitions & Divestitures (Notes) | 8 Months Ended |
Sep. 05, 2020 | |
Acquisitions & Divestitures [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Acquisitions and Divestitures Acquisition of Pioneer Food Group Ltd. On March 23, 2020, we acquired all of the outstanding shares of Pioneer Foods, a food and beverage company in South Africa with exports to countries across the globe, for 110.00 South African rand per share in cash. The total consideration transferred was approximately $1.2 billion and was funded by the Bridge Loan Facilities entered into by one of our international consolidated subsidiaries. See Note 8 for further information. We accounted for the transaction as a business combination. We recognized and measured the identifiable assets acquired and liabilities assumed at their estimated fair values on the date of acquisition, in our AMESA segment. The assets acquired and liabilities assumed in Pioneer Foods as of the acquisition date, which primarily include goodwill and other intangible assets of $0.8 billion and property, plant and equipment of $0.4 billion, are based on preliminary estimates that are subject to revisions and may result in adjustments to preliminary values as valuations are finalized. We expect to finalize these amounts as soon as possible, but no later than the second quarter of 2021. In connection with our acquisition of Pioneer Foods, we have made certain commitments to the South Africa Competition Commission, including a commitment to provide the equivalent of 7.7 billion South African rand, or approximately $0.5 billion as of the end of the third quarter of 2020, in value for the benefit of our employees, agricultural development, education, developing Pioneer Foods’ operations and enterprise development programs in South Africa. Included in this commitment is 2.2 billion South Acquisition of Rockstar Energy Beverages On April 24, 2020, we acquired Rockstar, an energy drink maker with whom we had a distribution agreement, for an upfront cash payment of approximately $3.85 billion and contingent consideration related to estimated future tax benefits associated with the acquisition of approximately $0.85 billion. See Note 9 for further information about the contingent consideration. The purchase price will also be adjusted for net working capital amounts as of the acquisition date compared to targeted amounts set forth in the acquisition agreement. We accounted for the transaction as a business combination. We recognized and measured the identifiable assets acquired and liabilities assumed at their estimated fair values on the date of acquisition, primarily in our PBNA segment. The assets acquired and liabilities assumed in Rockstar as of the acquisition date, which primarily include goodwill and other intangible assets of $4.6 billion, are based on preliminary estimates that are subject to revisions and may result in adjustments to preliminary values as valuations are finalized. We expect to finalize these amounts as soon as possible, but no later than the second quarter of 2021. In addition to our acquisition of Rockstar, as part of our overall energy strategy, we entered into an agreement with Vital Pharmaceuticals, Inc. in the second quarter of 2020 for us and our bottlers to exclusively distribute Bang Energy drinks in the United States. Acquisition of Hangzhou Haomusi Food Co., Ltd. On June 1, 2020, we acquired all of the outstanding shares of Be & Cheery, one of the largest online snacks companies in China, from Haoxiangni Health Food Co., Ltd. for cash. The total consideration transferred was approximately $0.7 billion. The purchase price will be adjusted for net working capital amounts as of the acquisition date compared to targeted amounts set forth in the acquisition agreement. We accounted for the transaction as a business combination. We recognized and measured the identifiable assets acquired and liabilities assumed at their estimated fair values on the date of acquisition, in our APAC segment. The assets acquired and liabilities assumed in Be & Cheery as of the acquisition date, which primarily include goodwill and other intangible assets of $0.7 billion, are based on preliminary estimates that are subject to revisions and may result in adjustments to preliminary values as valuations are finalized. We expect to finalize these amounts as soon as possible, but no later than the third quarter of 2021. Acquisition of SodaStream International Ltd. (SodaStream) Inventory Fair Value Adjustments and Merger and Integration Charges A summary of our inventory fair value adjustments and merger and integration charges is as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Cost of sales $ 11 $ — $ 30 $ 34 Selling, general and administrative expenses 32 7 256 12 Total $ 43 $ 7 $ 286 $ 46 After-tax amount $ 27 $ 6 $ 254 $ 38 Net income attributable to PepsiCo per common share $ 0.02 $ — $ 0.18 $ 0.03 Inventory fair value adjustments and merger and integration charges include fair value adjustments to the acquired inventory included in the acquisition-date balance sheets (recorded in cost of sales) and closing costs, employee-related costs, changes in the fair value of contingent consideration and contract termination costs (recorded in selling, general and administrative expenses). Merger and integration charges also include liabilities to support socioeconomic programs in South Africa (recorded in selling, general and administrative expenses). Inventory fair value adjustments and merger and integration charges by division are as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Acquisition FLNA $ 1 $ — $ 26 $ — BFY Brands PBNA 17 — 60 — Rockstar Europe — 5 — 43 SodaStream AMESA 10 2 169 2 Pioneer Foods APAC 5 — 5 — Be & Cheery Corporate 10 — 26 1 Rockstar, SodaStream Total $ 43 $ 7 $ 286 $ 46 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 8 Months Ended |
Sep. 05, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy | Recently Issued Accounting Pronouncements Adopted In 2016, the Financial Accounting Standards Board (FASB) issued guidance that changes the impairment model used to measure credit losses for most financial assets. For our trade receivables, certain other receivables and certain other financial instruments, we are required to use a new forward-looking expected credit loss model that replaced the existing incurred credit loss model. The new model generally results in earlier recognition of allowances for credit losses. We adopted this guidance in the first quarter of 2020 and the adoption did not have a material impact on our condensed consolidated financial statements or disclosures. On initial recognition, we recorded an after-tax cumulative effect decrease to retained earnings of $34 million ($44 million pre-tax) as of the beginning of 2020. Not Yet Adopted In 2019, the FASB issued guidance to simplify the accounting for income taxes. The guidance primarily addresses how to (1) recognize a deferred tax liability after we transition to or from the equity method of accounting, (2) evaluate if a step-up in the tax basis of goodwill is related to a business combination or is a separate transaction, (3) recognize all of the effects of a change in tax law in the period of enactment, including adjusting the estimated annual tax rate, and (4) include the amount of tax based on income in the income tax provision and any incremental amount as a tax not based on income for hybrid tax regimes. The guidance is effective in the first quarter of 2021 with early adoption permitted. We will adopt the guidance when it becomes effective in the first quarter of 2021. The guidance is not expected to have a material impact on our consolidated financial statements or related disclosures. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 8 Months Ended |
Sep. 05, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Segment Reporting Disclosure [Text Block] | Net revenue of each division is as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 FLNA $ 4,399 $ 4,105 $ 12,746 $ 11,930 QFNA 608 576 1,906 1,710 PBNA 5,958 5,643 15,766 15,475 LatAm 1,654 1,904 4,531 5,031 Europe 3,323 3,222 7,887 7,842 AMESA (a) 1,252 957 2,866 2,533 APAC 897 781 2,215 2,000 Total $ 18,091 $ 17,188 $ 47,917 $ 46,521 Our primary performance obligation is the distribution and sales of beverage, food and snack products to our customers. The following tables reflect the approximate percentage of net revenue generated between our beverage business and our food and snack business for each of our international divisions, as well as our consolidated net revenue: 12 Weeks Ended 9/5/2020 9/7/2019 Beverage (a) Food/Snack Beverage (a) Food/Snack LatAm 10 % 90 % 10 % 90 % Europe 55 % 45 % 55 % 45 % AMESA (b) 30 % 70 % 45 % 55 % APAC 25 % 75 % 30 % 70 % PepsiCo 45 % 55 % 50 % 50 % 36 Weeks Ended 9/5/2020 9/7/2019 Beverage (a) Food/Snack Beverage (a) Food/Snack LatAm 10 % 90 % 10 % 90 % Europe 55 % 45 % 55 % 45 % AMESA (b) 35 % 65 % 45 % 55 % APAC 25 % 75 % 25 % 75 % PepsiCo 45 % 55 % 45 % 55 % (a) Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and Europe segments, is approximately 40% of our consolidated net revenue. Generally, our finished goods beverage operations produce higher net revenue, but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages. (b) The increase in the approximate percentage of net revenue generated by the food/snack business primarily reflects our acquisition of Pioneer Foods. See Note 12 for further information. Operating profit of each division is as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 FLNA $ 1,353 $ 1,286 $ 3,833 $ 3,694 QFNA 145 126 491 391 PBNA 697 640 1,391 1,719 LatAm 250 277 700 785 Europe 480 455 977 909 AMESA 193 210 386 551 APAC 163 166 494 388 Total division $ 3,281 $ 3,160 $ 8,272 $ 8,437 Corporate unallocated expenses (270) (305) (1,018) (845) Total $ 3,011 $ 2,855 $ 7,254 $ 7,592 Operating profit in the 12 and 36 weeks ended September 5, 2020 includes certain pre-tax charges taken as a result of the COVID-19 pandemic. These pre-tax charges by division are as follows: 12 Weeks Ended 9/5/2020 Allowances for Expected Credit Losses (a) Upfront Payments to Customers (b) Inventory Write-Downs and Product Returns (c) Employee Compensation Expense (d) Employee Protection Costs (e) Other (f) Total FLNA $ — $ — $ 1 $ 24 $ 16 $ — $ 41 QFNA — — — 1 1 1 3 PBNA 3 — 1 14 12 20 50 LatAm — — 6 19 6 1 32 Europe 1 1 — 8 6 — 16 AMESA — — — 1 2 3 6 APAC (g) — — 2 (5) 1 1 (1) Total $ 4 $ 1 $ 10 $ 62 $ 44 $ 26 $ 147 36 Weeks Ended 9/5/2020 Allowances for Expected Credit Losses (a) Upfront Payments to Customers (b) Inventory Write-Downs and Product Returns (c) Employee Compensation Expense (d) Employee Protection Costs (e) Other (f) Total FLNA $ 19 $ — $ 8 $ 124 $ 49 $ 3 $ 203 QFNA 2 — — 7 2 1 12 PBNA 48 46 30 98 43 30 295 LatAm 1 — 12 35 14 4 66 Europe 5 2 10 17 14 17 65 AMESA 1 — 1 8 6 7 23 APAC (g) — — 3 (3) 2 2 4 Total $ 76 $ 48 $ 64 $ 286 $ 130 $ 64 $ 668 (a) Allowances reflect the expected impact of the global economic uncertainty caused by COVID-19, leveraging estimates of credit worthiness, default and recovery rates for certain of our customers, including foodservice and vending businesses. (b) Upfront payments relate to promotional spending for which benefit is not expected to be received. (c) Includes a reserve for product returns of $3 million and $19 million in the 12 and 36 weeks ended September 5, 2020, respectively. (d) Includes incremental frontline incentive pay, crisis child care and other leave benefits and labor costs. (e) Includes costs associated with personal protective equipment, temperature scans, cleaning and other sanitization services. (f) Includes write-downs of property, plant and equipment, donations of cash and product, and other costs. (g) Income amounts include a social welfare relief credit of $7 million in the 12 and 36 weeks ended September 5, 2020. |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 8 Months Ended |
Sep. 05, 2020 | |
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 11 % 2 % 30 % 10 % 25 % 8 % 5 % 9 % A summary of our 2019 Productivity Plan charges is as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Cost of sales $ 1 $ 10 $ 4 $ 100 Selling, general and administrative expenses 59 83 112 182 Other pension and retiree medical benefits expense 1 5 8 — Total restructuring and impairment charges $ 61 $ 98 $ 124 $ 282 After-tax amount $ 48 $ 82 $ 101 $ 225 Net income attributable to PepsiCo per common share $ 0.03 $ 0.06 $ 0.07 $ 0.16 12 Weeks Ended 36 Weeks Ended Plan to Date 9/5/2020 9/7/2019 9/5/2020 9/7/2019 through 9/5/2020 FLNA $ 2 $ 16 $ 9 $ 22 $ 62 QFNA — 2 1 2 8 PBNA 29 26 32 42 123 LatAm 5 22 14 43 85 Europe 13 15 29 74 134 AMESA 2 5 9 21 50 APAC 1 4 4 41 53 Corporate 8 3 18 37 72 60 93 116 282 587 Other pension and retiree medical benefits expense 1 5 8 — 45 Total $ 61 $ 98 $ 124 $ 282 $ 632 12 Weeks Ended 36 Weeks Ended Plan to Date 9/5/2020 9/7/2019 9/5/2020 9/7/2019 through 9/5/2020 Severance and other employee costs $ 23 $ 65 $ 47 $ 105 $ 333 Asset impairments 15 3 20 87 112 Other costs (a) 23 30 57 90 187 Total $ 61 $ 98 $ 124 $ 282 $ 632 (a) Includes other costs associated with the implementation of our initiatives, including contract termination costs, consulting and other professional fees. A summary of our 2019 Productivity Plan activity for the 36 weeks ended September 5, 2020 is as follows: Severance and Other Employee Costs Asset Other Costs Total Liability as of December 28, 2019 $ 128 $ — $ 21 $ 149 2020 restructuring charges 47 20 57 124 Cash payments (a) (92) — (74) (166) Non-cash charges and translation (10) (20) 4 (26) Liability as of September 5, 2020 $ 73 $ — $ 8 $ 81 (a) Excludes cash expenditures of $1 million reported in the cash flow statement in pension and retiree medical contributions. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 8 Months Ended |
Sep. 05, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | A summary of our amortizable intangible assets is as follows: 9/5/2020 12/28/2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Acquired franchise rights $ 845 $ (167) $ 678 $ 846 $ (158) $ 688 Reacquired franchise rights 106 (106) — 106 (105) 1 Brands 1,317 (1,082) 235 1,326 (1,066) 260 Other identifiable intangibles (a) 941 (339) 602 810 (326) 484 Total $ 3,209 $ (1,694) $ 1,515 $ 3,088 $ (1,655) $ 1,433 (a) The change in other identifiable intangibles primarily reflects our acquisitions of Pioneer Foods and Hangzhou Haomusi Food Co., Ltd. (Be & Cheery). |
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 12/28/2019 Acquisitions Translation Balance 9/5/2020 FLNA (a) Goodwill $ 299 $ 163 $ — $ 462 Brands 162 179 (1) 340 Total 461 342 (1) 802 QFNA Goodwill 189 — — 189 Brands 11 — — 11 Total 200 — — 200 PBNA (b) Goodwill 9,898 2,241 — 12,139 Reacquired franchise rights 7,089 — — 7,089 Acquired franchise rights 1,517 142 — 1,659 Brands (c) 763 2,400 (41) 3,122 Total 19,267 4,783 (41) 24,009 LatAm Goodwill 501 — (57) 444 Brands 125 — (21) 104 Total 626 — (78) 548 Europe (d) Goodwill 3,961 16 (175) 3,802 Reacquired franchise rights 505 — (10) 495 Acquired franchise rights 157 — 10 167 Brands 4,181 — (135) 4,046 Total 8,804 16 (310) 8,510 AMESA (e) Goodwill 446 521 24 991 Brands — 208 11 219 Total 446 729 35 1,210 APAC (f) Goodwill 207 357 12 576 Brands 100 307 12 419 Total 307 664 24 995 Total goodwill 15,501 3,298 (196) 18,603 Total reacquired franchise rights 7,594 — (10) 7,584 Total acquired franchise rights 1,674 142 10 1,826 Total brands 5,342 3,094 (175) 8,261 Total $ 30,111 $ 6,534 $ (371) $ 36,274 (a) The change in acquisitions primarily reflects our acquisition of BFY Brands, Inc. (BFY Brands). (b) The change in acquisitions primarily reflects our acquisition of Rockstar Energy Beverages (Rockstar). (c) In the 12 and 36 weeks ended September 5, 2020, we recorded an impairment charge of $41 million related to a coconut water brand. (d) The change in translation and other primarily reflects the depreciation of the Russian ruble. (e) The change in acquisitions primarily reflects our acquisition of Pioneer Foods. (f) The change in acquisitions primarily reflects our acquisition of Be & Cheery. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 8 Months Ended |
Sep. 05, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes our total share-based compensation expense: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Share-based compensation expense - equity awards $ 85 $ 51 $ 186 $ 169 Share-based compensation expense - liability awards 3 3 10 7 Restructuring charges — — — 1 Total (a) $ 88 $ 54 $ 196 $ 177 (a) Primarily recorded in selling, general and administrative expenses. |
Schedule of Share-based Payment Award, PepsiCo, Inc. Long-Term Incentive Plan | The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan: 36 Weeks Ended 9/5/2020 9/7/2019 Granted (a) Weighted-Average Grant Price Granted (a) Weighted-Average Grant Price Stock options 1.8 $ 131.45 1.2 $ 117.21 RSUs and PSUs 2.5 $ 131.18 2.8 $ 116.05 |
Schedule Of Weighted-Average Black-Scholes Fair Value Assumptions | Our weighted-average Black-Scholes fair value assumptions are as follows: 36 Weeks Ended 9/5/2020 9/7/2019 Expected life 6 years 5 years Risk-free interest rate 0.9 % 2.5 % Expected volatility 14 % 14 % Expected dividend yield 3.4 % 3.1 % |
Pension and Retiree Medical B_2
Pension and Retiree Medical Benefits Periodic Benefit Cost (Tables) | 8 Months Ended |
Sep. 05, 2020 | |
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 9/5/2020 9/7/2019 9/5/2020 9/7/2019 9/5/2020 9/7/2019 U.S. International Service cost $ 100 $ 87 $ 22 $ 18 $ 6 $ 5 Other pension and retiree medical benefits expense/(income): Interest cost 100 125 21 24 6 9 Expected return on plan assets (214) (205) (52) (46) (3) (4) Amortization of prior service cost/(credits) 3 2 — — (3) (4) Amortization of net losses/(gains) 45 37 16 8 (6) (7) Settlement losses — 15 — 3 — — Special termination benefits 1 5 — — — — Total other pension and retiree medical benefits income (65) (21) (15) (11) (6) (6) Total $ 35 $ 66 $ 7 $ 7 $ — $ (1) 36 Weeks Ended Pension Retiree Medical U.S. International 9/5/2020 9/7/2019 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Service cost $ 300 $ 263 $ 59 $ 49 $ 17 $ 16 Other pension and retiree medical benefits expense/(income): Interest cost 300 376 58 64 17 25 Expected return on plan assets (643) (617) (138) (124) (11) (12) Amortization of prior service cost/(credits) 8 7 — — (8) (13) Amortization of net losses/(gains) 136 111 42 21 (16) (19) Settlement losses — 15 — 3 — — Special termination benefits 8 — — — — — Total other pension and retiree medical benefits income (191) (108) (38) (36) (18) (19) Total $ 109 $ 155 $ 21 $ 13 $ (1) $ (3) |
Debt Obligations and Commitme_2
Debt Obligations and Commitments (Tables) | 8 Months Ended |
Sep. 05, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Issuances [Table Text Block] | In the 36 weeks ended September 5, 2020, we issued the following senior notes: Interest Rate Maturity Date Amount (a) 2.250 % March 2025 $ 1,500 2.625 % March 2027 $ 500 2.750 % March 2030 $ 1,500 3.500 % March 2040 $ 750 3.625 % March 2050 $ 1,500 3.875 % March 2060 $ 750 0.750 % May 2023 $ 1,000 1.625 % May 2030 $ 1,000 0.250 % May 2024 € 1,000 0.500 % May 2028 € 1,000 (a) Represents gross proceeds from issuances of long-term debt excluding debt issuance costs, discounts and premiums. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 8 Months Ended |
Sep. 05, 2020 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The notional amounts of our financial instruments used to hedge the above risks as of September 5, 2020 and December 28, 2019 are as follows: Notional Amounts (a) 9/5/2020 12/28/2019 Commodity $ 1.0 $ 1.1 Foreign exchange $ 2.0 $ 1.9 Interest rate $ 4.2 $ 5.0 Net investment (b) $ 2.6 $ 2.5 (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 | Fair Value Measurements The fair values of our financial assets and liabilities as of September 5, 2020 and December 28, 2019 are categorized as follows: 9/5/2020 12/28/2019 Fair Value Hierarchy Levels Assets (a) Liabilities (a) Assets (a) Liabilities (a) Short-term investments: Index funds (b) 1 $ 211 $ — $ 229 $ — Time deposits (c) 2 400 — — — $ 611 $ — $ 229 $ — Prepaid forward contracts (d) 2 $ 17 $ — $ 17 $ — Deferred compensation (e) 2 $ — $ 449 $ — $ 468 Contingent consideration (f) 3 $ — $ 874 $ — $ — Derivatives designated as fair value hedging instruments: Interest rate (g) 2 $ 4 $ — $ — $ 5 Derivatives designated as cash flow hedging instruments: Foreign exchange (h) 2 $ 21 $ 41 $ 5 $ 32 Interest rate (h) 2 — 366 — 390 Commodity (i) 1 — — 2 5 Commodity (j) 2 8 6 2 5 $ 29 $ 413 $ 9 $ 432 Derivatives not designated as hedging instruments: Foreign exchange (h) 2 $ 26 $ 3 $ 3 $ 2 Commodity (i) 1 — — 23 7 Commodity (j) 2 11 24 6 24 $ 37 $ 27 $ 32 $ 33 Total derivatives at fair value (k) $ 70 $ 440 $ 41 $ 470 Total $ 698 $ 1,763 $ 287 $ 938 (a) Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. (b) Based on 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) Time deposits classified as short-term investments approximate fair value due to their short-term maturity. (d) Based primarily on the price of our common stock. (e) Based on the fair value of investments corresponding to employees’ investment elections. (f) In connection with our acquisition of Rockstar, we recorded a liability for tax-related contingent consideration payable over up to 15 years, with an option to accelerate all remaining payments, with estimated maximum payments of approximately $1.1 billion, using current tax rates. The fair value of the liability is estimated using probability-weighted, discounted future cash flows at current tax rates. The significant unobservable inputs (Level 3) used to estimate the fair value include the expected future tax benefits associated with the acquisition, the probability that the option to accelerate all remaining payments will be exercised and discount rates. The expected annual future tax benefits range from approximately $40 million to $100 million, with an average of $70 million. The probability, in any given year, that the option to accelerate will be exercised ranges from 0 to 10 percent, with a weighted-average payment period of approximately 7 years. The discount rates range from less than 1 percent to 5 percent, with a weighted average of 2 percent. The contingent consideration measured at fair value using unobservable inputs as of September 5, 2020 is $874 million, comprised of an $848 million liability recognized at the acquisition date of Rockstar and a fair value increase of $10 million and $26 million in the 12 and 36 weeks ended September 5, 2020, respectively, recorded in selling, general and administrative expenses. (g) Based on London Interbank Offered Rate forward rates. As of September 5, 2020 and December 28, 2019, the carrying amount of hedged fixed-rate debt was $1.5 billion and $2.2 billion, respectively, and classified on our balance sheet within short-term and long-term debt obligations. As of September 5, 2020 and December 28, 2019, the cumulative amount of fair value hedging adjustments to hedged fixed-rate debt was a $4 million gain and a $5 million loss, respectively. As of September 5, 2020 and December 28, 2019, the cumulative amount of fair value hedging adjustments on discontinued hedges was a $28 million loss and a $49 million loss, respectively, which is being amortized over the remaining life of the related debt obligations. (h) Based on recently reported market transactions of spot and forward rates. (i) Based on quoted contract prices on futures exchange markets. (j) Based on recently reported market transactions of swap arrangements. (k) Derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on the balance sheet as of September 5, 2020 and December 28, 2019 were not material. Collateral received or posted against our asset or liability positions was not material. Collateral posted of $61 million and $58 million as of September 5, 2020 and December 28, 2019, respectively, is classified as restricted cash. |
Effective Portion Of Pre-Tax (Gains)/Losses On Derivative Instruments | Losses/(gains) on our hedging instruments are categorized as follows: 12 Weeks Ended Fair Value/Non- Cash Flow and Net Investment Hedges Losses/(Gains) (a) Losses/(Gains) Losses/(Gains) (b) 9/5/2020 9/7/2019 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Foreign exchange $ (10) $ 11 $ 31 $ (2) $ (22) $ 4 Interest rate 4 (12) (117) 65 (102) 38 Commodity (37) 27 (29) 32 24 1 Net investment — — 118 (40) — — Total $ (43) $ 26 $ 3 $ 55 $ (100) $ 43 36 Weeks Ended Fair Value/Non- Cash Flow and Net Investment Hedges Losses/(Gains) (a) Losses/(Gains) Losses/(Gains) (b) 9/5/2020 9/7/2019 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Foreign exchange $ (11) $ 15 $ (47) $ 16 $ (37) $ — Interest rate (8) (62) (24) 117 (73) 54 Commodity 120 16 48 19 40 3 Net investment — — 159 (55) — — Total $ 101 $ (31) $ 136 $ 97 $ (70) $ 57 (a) Foreign exchange derivative losses/gains are primarily included in selling, general and administrative expenses. Interest rate derivative losses/gains are primarily from fair value hedges and are included in net interest expense and other. These losses/gains are substantially offset by decreases/increases in the value of the underlying debt, which are also included in net interest expense and other. 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 included in cost of sales. Interest rate derivative losses/gains are included in net interest expense and other. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. |
Net Income Attributable to Pe_2
Net Income Attributable to PepsiCo per Common Share (Tables) | 8 Months Ended |
Sep. 05, 2020 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Net Income Attributable To PepsiCo Per Common Share | The computations of basic and diluted net income attributable to PepsiCo per common share are as follows: 12 Weeks Ended 9/5/2020 9/7/2019 Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 1.66 $ 1.50 Net income available for PepsiCo common shareholders $ 2,291 1,384 $ 2,100 1,397 Dilutive securities: Stock options, RSUs, PSUs and other (b) — 6 — 8 Diluted $ 2,291 1,390 $ 2,100 1,405 Diluted net income attributable to PepsiCo per common share $ 1.65 $ 1.49 36 Weeks Ended 9/5/2020 9/7/2019 Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 3.80 $ 3.96 Net income available for PepsiCo common shareholders $ 5,275 1,387 $ 5,548 1,401 Dilutive securities: Stock options, RSUs, PSUs and other (b) — 6 — 8 Diluted $ 5,275 1,393 $ 5,548 1,409 Diluted net income attributable to PepsiCo per common share $ 3.79 $ 3.94 (a) Weighted-average common shares outstanding (in millions). (b) The dilutive effect of these securities is calculated using the treasury stock method. Out-of-the-money options excluded from the calculation of diluted earnings per common share are as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Out-of-the-money options (a) 0.1 — 0.6 0.4 Average exercise price per option $ 137.25 $ — $ 131.76 $ 115.98 (a) In millions. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 8 Months Ended |
Sep. 05, 2020 | |
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 28, 2019 (a) $ (11,290) $ (3) $ (2,988) $ (19) $ (14,300) Other comprehensive (loss)/income before reclassifications (b) (735) (236) 21 1 (949) Amounts reclassified from accumulated other comprehensive loss — 157 50 — 207 Net other comprehensive (loss)/income (735) (79) 71 1 (742) Tax amounts (19) 18 (14) — (15) Balance as of March 21, 2020 (a) $ (12,044) $ (64) $ (2,931) $ (18) $ (15,057) Other comprehensive (loss)/income before reclassifications (c) (827) 144 25 (1) (659) Amounts reclassified from accumulated other comprehensive loss — (127) 57 — (70) Net other comprehensive (loss)/income (827) 17 82 (1) (729) Tax amounts 31 (4) (19) — 8 Balance as of June 13, 2020 (a) $ (12,840) $ (51) $ (2,868) $ (19) $ (15,778) Other comprehensive (loss)/income before reclassifications (d) 385 115 (59) (3) 438 Amounts reclassified from accumulated other comprehensive loss — (100) 55 — (45) Net other comprehensive (loss)/income 385 15 (4) (3) 393 Tax amounts 29 (4) 3 — 28 Balance as of September 5, 2020 (a) $ (12,426) $ (40) $ (2,869) $ (22) $ (15,357) (a) Pension and retiree medical amounts are net of taxes of $1,370 million as of December 28, 2019, $1,356 million as of March 21, 2020, $1,337 million as of June 13, 2020 and $1,340 million as of September 5, 2020. (b) Currency translation adjustment primarily reflects depreciation of the Russian ruble, Canadian dollar and Mexican peso. (c) Currency translation adjustment primarily reflects depreciation of the Mexican peso, Russian ruble and euro. (d) Currency translation adjustment primarily reflects appreciation of the Pound sterling, Canadian dollar and Australian dollar, partially offset by the depreciation of the Russian ruble. Currency Translation Adjustment Cash Flow Hedges Pension and Retiree Medical Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 29, 2018 (a) $ (11,918) $ 87 $ (3,271) $ (17) $ (15,119) Other comprehensive (loss)/income before reclassifications (b) 475 (20) (16) — 439 Amounts reclassified from accumulated other comprehensive loss — (15) 34 — 19 Net other comprehensive (loss)/income 475 (35) 18 — 458 Tax amounts (2) 8 (1) — 5 Balance as of March 23, 2019 (a) $ (11,445) $ 60 $ (3,254) $ (17) $ (14,656) Other comprehensive (loss)/income before reclassifications (c) (365) (37) 16 1 (385) Amounts reclassified from accumulated other comprehensive loss — 29 37 — 66 Net other comprehensive (loss)/income (365) (8) 53 1 (319) Tax amounts — 2 (11) — (9) Balance as of June 15, 2019 (a) $ (11,810) $ 54 $ (3,212) $ (16) $ (14,984) Other comprehensive (loss)/income before reclassifications (d) (149) (95) 19 (1) (226) Amounts reclassified from accumulated other comprehensive loss — 43 54 — 97 Net other comprehensive (loss)/income (149) (52) 73 (1) (129) Tax amounts (10) 14 (17) — (13) Balance as of September 7, 2019 (a) $ (11,969) $ 16 $ (3,156) $ (17) $ (15,126) (a) Pension and retiree medical amounts are net of taxes of $1,466 million as of December 29, 2018, $1,465 million as of March 23, 2019 and $1,454 million as of June 15, 2019 and $1,437 million as of September 7, 2019. (b) Currency translation adjustment primarily reflects appreciation of the Russian ruble, Mexican peso and Pound sterling. (c) Currency translation adjustment primarily reflects depreciation of the euro, Mexican peso and Swiss franc. (d) Currency translation adjustment primarily reflects depreciation of the Pound sterling, Russian ruble and Mexican peso. |
Reclassifications out of Accumulated Other Comprehensive Loss | The reclassifications from accumulated other comprehensive loss to the income statement are summarized as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Affected Line Item in the Income Statement Cash flow hedges: Foreign exchange contracts $ — $ — $ — $ 1 Net revenue Foreign exchange contracts (22) 4 (37) (1) Cost of sales Interest rate derivatives (102) 38 (73) 54 Net interest expense and other Commodity contracts 22 — 36 2 Cost of sales Commodity contracts 2 1 4 1 Selling, general and administrative expenses Net (gains)/losses before tax (100) 43 (70) 57 Tax amounts 25 (11) 17 (13) Net (gains)/losses after tax $ (75) $ 32 $ (53) $ 44 Pension and retiree medical items: Amortization of prior service credits $ — $ (2) $ — $ (6) Other pension and retiree medical benefits income Amortization of net losses 55 38 162 113 Other pension and retiree medical benefits income Settlement losses — 18 — 18 Other pension and retiree medical benefits income Net losses before tax 55 54 162 125 Tax amounts (12) (12) (34) (27) Net losses after tax $ 43 $ 42 $ 128 $ 98 Total net (gains)/losses reclassified, net of tax $ (32) $ 74 $ 75 $ 142 |
Acquisitions & Divestitures (Ta
Acquisitions & Divestitures (Tables) | 8 Months Ended |
Sep. 05, 2020 | |
Acquisitions & Divestitures [Abstract] | |
Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block] | A summary of our inventory fair value adjustments and merger and integration charges is as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Cost of sales $ 11 $ — $ 30 $ 34 Selling, general and administrative expenses 32 7 256 12 Total $ 43 $ 7 $ 286 $ 46 After-tax amount $ 27 $ 6 $ 254 $ 38 Net income attributable to PepsiCo per common share $ 0.02 $ — $ 0.18 $ 0.03 Inventory fair value adjustments and merger and integration charges include fair value adjustments to the acquired inventory included in the acquisition-date balance sheets (recorded in cost of sales) and closing costs, employee-related costs, changes in the fair value of contingent consideration and contract termination costs (recorded in selling, general and administrative expenses). Merger and integration charges also include liabilities to support socioeconomic programs in South Africa (recorded in selling, general and administrative expenses). Inventory fair value adjustments and merger and integration charges by division are as follows: 12 Weeks Ended 36 Weeks Ended 9/5/2020 9/7/2019 9/5/2020 9/7/2019 Acquisition FLNA $ 1 $ — $ 26 $ — BFY Brands PBNA 17 — 60 — Rockstar Europe — 5 — 43 SodaStream AMESA 10 2 169 2 Pioneer Foods APAC 5 — 5 — Be & Cheery Corporate 10 — 26 1 Rockstar, SodaStream Total $ 43 $ 7 $ 286 $ 46 |
Segment Reporting Information b
Segment Reporting Information by Net Revenue and Operating Profit (Detail) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 05, 2020 | Sep. 07, 2019 | Sep. 05, 2020 | Sep. 07, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net Revenue | $ 18,091 | $ 17,188 | $ 47,917 | $ 46,521 |
Operating Profit | $ 3,011 | $ 2,855 | $ 7,254 | $ 7,592 |
Disaggregation of Net Revenue - Beverages | 45.00% | 50.00% | 45.00% | 45.00% |
Disaggregation of Net Revenue - Food/Snack | 55.00% | 50.00% | 55.00% | 55.00% |
Disaggregation of beverage revenue from company-owned bottlers | 40.00% | 40.00% | 40.00% | 40.00% |
Charges Related to Novel Coronavirus (COVID-19) | $ 147 | $ 668 | ||
Reserve for Product Returns Novel Coronavirus (COVID-19) Impact | 3 | 19 | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | 4 | 76 | ||
Prepaid Incentives Novel Coronavirus (COVID-19 ) Impact | 1 | 48 | ||
Inventory Write-down and Product Returns Novel Coronavirus (COVID-19) Impact | 10 | 64 | ||
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 62 | 286 | ||
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 44 | 130 | ||
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 26 | 64 | ||
Social Welfare Credit Novel Coronavirus (COVID-19) Impact | 7 | 7 | ||
Frito Lay North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 4,399 | $ 4,105 | 12,746 | $ 11,930 |
Operating Profit | 1,353 | 1,286 | 3,833 | 3,694 |
Charges Related to Novel Coronavirus (COVID-19) | 41 | 203 | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | 0 | 19 | ||
Prepaid Incentives Novel Coronavirus (COVID-19 ) Impact | 0 | 0 | ||
Inventory Write-down and Product Returns Novel Coronavirus (COVID-19) Impact | 1 | 8 | ||
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 24 | 124 | ||
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 16 | 49 | ||
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 0 | 3 | ||
Quaker Foods North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 608 | 576 | 1,906 | 1,710 |
Operating Profit | 145 | 126 | 491 | 391 |
Charges Related to Novel Coronavirus (COVID-19) | 3 | 12 | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | 0 | 2 | ||
Prepaid Incentives Novel Coronavirus (COVID-19 ) Impact | 0 | 0 | ||
Inventory Write-down and Product Returns Novel Coronavirus (COVID-19) Impact | 0 | 0 | ||
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 1 | 7 | ||
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 1 | 2 | ||
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 1 | 1 | ||
PepsiCo Beverages North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 5,958 | 5,643 | 15,766 | 15,475 |
Operating Profit | 697 | 640 | 1,391 | 1,719 |
Charges Related to Novel Coronavirus (COVID-19) | 50 | 295 | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | 3 | 48 | ||
Prepaid Incentives Novel Coronavirus (COVID-19 ) Impact | 0 | 46 | ||
Inventory Write-down and Product Returns Novel Coronavirus (COVID-19) Impact | 1 | 30 | ||
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 14 | 98 | ||
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 12 | 43 | ||
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 20 | 30 | ||
Latin America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 1,654 | 1,904 | 4,531 | 5,031 |
Operating Profit | $ 250 | $ 277 | $ 700 | $ 785 |
Disaggregation of Net Revenue - Beverages | 10.00% | 10.00% | 10.00% | 10.00% |
Disaggregation of Net Revenue - Food/Snack | 90.00% | 90.00% | 90.00% | 90.00% |
Charges Related to Novel Coronavirus (COVID-19) | $ 32 | $ 66 | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | 0 | 1 | ||
Prepaid Incentives Novel Coronavirus (COVID-19 ) Impact | 0 | 0 | ||
Inventory Write-down and Product Returns Novel Coronavirus (COVID-19) Impact | 6 | 12 | ||
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 19 | 35 | ||
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 6 | 14 | ||
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 1 | 4 | ||
Europe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 3,323 | $ 3,222 | 7,887 | $ 7,842 |
Operating Profit | $ 480 | $ 455 | $ 977 | $ 909 |
Disaggregation of Net Revenue - Beverages | 55.00% | 55.00% | 55.00% | 55.00% |
Disaggregation of Net Revenue - Food/Snack | 45.00% | 45.00% | 45.00% | 45.00% |
Charges Related to Novel Coronavirus (COVID-19) | $ 16 | $ 65 | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | 1 | 5 | ||
Prepaid Incentives Novel Coronavirus (COVID-19 ) Impact | 1 | 2 | ||
Inventory Write-down and Product Returns Novel Coronavirus (COVID-19) Impact | 0 | 10 | ||
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 8 | 17 | ||
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 6 | 14 | ||
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 0 | 17 | ||
Africa, Middle East and South Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 1,252 | $ 957 | 2,866 | $ 2,533 |
Operating Profit | $ 193 | $ 210 | $ 386 | $ 551 |
Disaggregation of Net Revenue - Beverages | 30.00% | 45.00% | 35.00% | 45.00% |
Disaggregation of Net Revenue - Food/Snack | 70.00% | 55.00% | 65.00% | 55.00% |
Charges Related to Novel Coronavirus (COVID-19) | $ 6 | $ 23 | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | 0 | 1 | ||
Prepaid Incentives Novel Coronavirus (COVID-19 ) Impact | 0 | 0 | ||
Inventory Write-down and Product Returns Novel Coronavirus (COVID-19) Impact | 0 | 1 | ||
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 1 | 8 | ||
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 2 | 6 | ||
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 3 | 7 | ||
Asia Pacific, Australia and New Zealand, and China Region [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenue | 897 | $ 781 | 2,215 | $ 2,000 |
Operating Profit | $ 163 | $ 166 | $ 494 | $ 388 |
Disaggregation of Net Revenue - Beverages | 25.00% | 30.00% | 25.00% | 25.00% |
Disaggregation of Net Revenue - Food/Snack | 75.00% | 70.00% | 75.00% | 75.00% |
Charges Related to Novel Coronavirus (COVID-19) | $ (1) | $ 4 | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | 0 | 0 | ||
Prepaid Incentives Novel Coronavirus (COVID-19 ) Impact | 0 | 0 | ||
Inventory Write-down and Product Returns Novel Coronavirus (COVID-19) Impact | 2 | 3 | ||
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | (5) | (3) | ||
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 1 | 2 | ||
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 1 | 2 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit | 3,281 | $ 3,160 | 8,272 | $ 8,437 |
Corporate Unallocated [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit | $ (270) | $ (305) | $ (1,018) | $ (845) |
United States and Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Fiscal Period Duration | 84 days |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Details) $ in Millions | 8 Months Ended |
Sep. 05, 2020USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification (After-Tax) | $ 34 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification (Pre-Tax) | $ 44 |
Restructuring and Impairment _3
Restructuring and Impairment Charges Restructuring and Impairment Charges (Summary of 2019 Productivity Plan Charges) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 05, 2020 | Sep. 07, 2019 | Sep. 05, 2020 | Sep. 07, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Cash payments | $ (166) | $ (248) | ||
Cash payments reported on the cash flow statement in pension and retiree medical contributions | 1 | |||
2019 Productivity Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 2,500 | 2,500 | ||
Restructuring and Related Cost, Expected Cash Expenditures | 1,600 | 1,600 | ||
Liability as of December 28, 2019 | 149 | |||
Restructuring Charges | 61 | $ 98 | 124 | $ 282 |
Cash payments | (166) | |||
Non-cash charges and translation | (26) | |||
Liability as of September 5, 2020 | $ 81 | $ 81 | ||
Net income attributable to PepsiCo per common share | $ 0.03 | $ 0.06 | $ 0.07 | $ 0.16 |
Restructuring and Related Cost, Cost Incurred to Date | $ 632 | $ 632 | ||
2019 Productivity Plan [Member] | Frito Lay North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 11.00% | 11.00% | ||
Restructuring Charges | $ 2 | $ 16 | $ 9 | $ 22 |
Restructuring and Related Cost, Cost Incurred to Date | $ 62 | $ 62 | ||
2019 Productivity Plan [Member] | Quaker Foods North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 2.00% | 2.00% | ||
Restructuring Charges | $ 0 | 2 | $ 1 | 2 |
Restructuring and Related Cost, Cost Incurred to Date | $ 8 | $ 8 | ||
2019 Productivity Plan [Member] | PepsiCo Beverages North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 30.00% | 30.00% | ||
Restructuring Charges | $ 29 | 26 | $ 32 | 42 |
Restructuring and Related Cost, Cost Incurred to Date | $ 123 | $ 123 | ||
2019 Productivity Plan [Member] | Latin America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 10.00% | 10.00% | ||
Restructuring Charges | $ 5 | 22 | $ 14 | 43 |
Restructuring and Related Cost, Cost Incurred to Date | $ 85 | $ 85 | ||
2019 Productivity Plan [Member] | Europe [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 25.00% | 25.00% | ||
Restructuring Charges | $ 13 | 15 | $ 29 | 74 |
Restructuring and Related Cost, Cost Incurred to Date | $ 134 | $ 134 | ||
2019 Productivity Plan [Member] | Africa, Middle East and South Asia [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 8.00% | 8.00% | ||
Restructuring Charges | $ 2 | 5 | $ 9 | 21 |
Restructuring and Related Cost, Cost Incurred to Date | $ 50 | $ 50 | ||
2019 Productivity Plan [Member] | Asia Pacific, Australia and New Zealand, and China Region [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 5.00% | 5.00% | ||
Restructuring Charges | $ 1 | 4 | $ 4 | 41 |
Restructuring and Related Cost, Cost Incurred to Date | $ 53 | $ 53 | ||
Corporate Unallocated [Member] | 2019 Productivity Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 9.00% | 9.00% | ||
Restructuring Charges | $ 8 | 3 | $ 18 | 37 |
Restructuring and Related Cost, Cost Incurred to Date | $ 72 | $ 72 | ||
Severance and Other Employee Costs | 2019 Productivity Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 70.00% | 70.00% | ||
Liability as of December 28, 2019 | $ 128 | |||
Restructuring Charges | $ 23 | 65 | 47 | 105 |
Cash payments | (92) | |||
Non-cash charges and translation | (10) | |||
Liability as of September 5, 2020 | 73 | 73 | ||
Restructuring and Related Cost, Cost Incurred to Date | $ 333 | $ 333 | ||
Asset Impairments | 2019 Productivity Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 15.00% | 15.00% | ||
Liability as of December 28, 2019 | $ 0 | |||
Restructuring Charges | $ 15 | 3 | 20 | 87 |
Cash payments | 0 | |||
Non-cash charges and translation | (20) | |||
Liability as of September 5, 2020 | 0 | 0 | ||
Restructuring and Related Cost, Cost Incurred to Date | $ 112 | $ 112 | ||
Other Costs | 2019 Productivity Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Percentage of Expect Costs | 15.00% | 15.00% | ||
Liability as of December 28, 2019 | $ 21 | |||
Restructuring Charges | $ 23 | 30 | 57 | 90 |
Cash payments | (74) | |||
Non-cash charges and translation | 4 | |||
Liability as of September 5, 2020 | 8 | 8 | ||
Restructuring and Related Cost, Cost Incurred to Date | 187 | 187 | ||
Cost of sales | 2019 Productivity Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 1 | 10 | 4 | 100 |
Selling, general and administrative expenses | 2019 Productivity Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 59 | 83 | 112 | 182 |
Other pension and retiree medical benefits expense | 2019 Productivity Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 1 | 5 | 8 | 0 |
Restructuring and Related Cost, Cost Incurred to Date | 45 | 45 | ||
After-tax amount | 2019 Productivity Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 48 | 82 | 101 | 225 |
Restructuring, Settlement and Impairment Provisions, less Other pension and retiree medical benefits expense [Member] | 2019 Productivity Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 60 | $ 93 | 116 | $ 282 |
Restructuring and Related Cost, Cost Incurred to Date | $ 587 | $ 587 |
Intangible Assets Amortizable I
Intangible Assets Amortizable Intangible Assets, net (Detail) - USD ($) $ in Millions | Sep. 05, 2020 | Dec. 28, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 3,209 | $ 3,088 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,694) | (1,655) |
Amortizable Intangible Assets, net | 1,515 | 1,433 |
Other Identifiable Intangibles [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 941 | 810 |
Finite-Lived Intangible Assets, Accumulated Amortization | (339) | (326) |
Amortizable Intangible Assets, net | 602 | 484 |
Brands | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,317 | 1,326 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,082) | (1,066) |
Amortizable Intangible Assets, net | 235 | 260 |
Reacquired Franchise Rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 106 | 106 |
Finite-Lived Intangible Assets, Accumulated Amortization | (106) | (105) |
Amortizable Intangible Assets, net | 0 | 1 |
Acquired Franchise Rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 845 | 846 |
Finite-Lived Intangible Assets, Accumulated Amortization | (167) | (158) |
Amortizable Intangible Assets, net | $ 678 | $ 688 |
Change in Book Value of Nonamor
Change in Book Value of Nonamortizable Intangible Assets (Detail) - USD ($) $ in Millions | 8 Months Ended | |
Sep. 05, 2020 | Dec. 28, 2019 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | $ 36,274 | $ 30,111 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 6,534 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (371) | |
Impairment of Intangible Assets (Excluding Goodwill) | 41 | |
Frito Lay North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 802 | 461 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 342 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (1) | |
QFNA | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 200 | 200 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
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 | 24,009 | 19,267 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 4,783 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (41) | |
Latin America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 548 | 626 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (78) | |
Europe [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 8,510 | 8,804 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 16 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (310) | |
Africa, Middle East and South Asia [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 1,210 | 446 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 729 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 35 | |
Asia Pacific, Australia and New Zealand, and China Region [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 995 | 307 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 664 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 24 | |
Goodwill | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 18,603 | 15,501 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 3,298 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (196) | |
Goodwill | Frito Lay North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 462 | 299 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 163 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 0 | |
Goodwill | QFNA | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 189 | 189 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
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 | 12,139 | 9,898 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 2,241 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 0 | |
Goodwill | Latin America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 444 | 501 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (57) | |
Goodwill | Europe [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 3,802 | 3,961 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 16 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (175) | |
Goodwill | Africa, Middle East and South Asia [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 991 | 446 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 521 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 24 | |
Goodwill | Asia Pacific, Australia and New Zealand, and China Region [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 576 | 207 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 357 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 12 | |
Brands | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 8,261 | 5,342 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 3,094 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (175) | |
Brands | Frito Lay North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 340 | 162 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 179 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (1) | |
Brands | QFNA | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 11 | 11 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
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 | 3,122 | 763 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 2,400 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (41) | |
Brands | Latin America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 104 | 125 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (21) | |
Brands | Europe [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 4,046 | 4,181 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (135) | |
Brands | Africa, Middle East and South Asia [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 219 | |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 208 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 11 | |
Brands | Asia Pacific, Australia and New Zealand, and China Region [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 419 | 100 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 307 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 12 | |
Reacquired Franchise Rights | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 7,584 | 7,594 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (10) | |
Reacquired Franchise Rights | PepsiCo Beverages North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 7,089 | 7,089 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 0 | |
Reacquired Franchise Rights | Europe [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 495 | 505 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | (10) | |
Acquired franchise rights | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 1,826 | 1,674 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 142 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 10 | |
Acquired franchise rights | PepsiCo Beverages North America [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 1,659 | 1,517 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 142 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | 0 | |
Acquired franchise rights | Europe [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 167 | $ 157 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Translation and Other | $ 10 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 05, 2020 | Sep. 07, 2019 | Sep. 05, 2020 | Sep. 07, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | $ 0 | $ (29) | ||
Net tax (benefit)/expense related to the TCJ Act per share | $ (0.02) | |||
Prior Year QTD Swiss Tax Reform (TRAF) | $ 45 | |||
Prior Year YTD Swiss Tax Reform (TRAF) | $ 33 | |||
Swiss Tax Reform (TRAF) | $ 77 | $ 77 |
Weighted Average Black Scholes
Weighted Average Black Scholes Fair Value Assumptions (Detail) | 8 Months Ended | |
Sep. 05, 2020 | Sep. 07, 2019 | |
Black Scholes valuation assumptions [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.90% | 2.50% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 14.00% | 14.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.40% | 3.10% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 05, 2020 | Sep. 07, 2019 | Sep. 05, 2020 | Sep. 07, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | $ 85 | $ 51 | $ 186 | $ 169 |
Compensation cost for share-based liabilities | 3 | 3 | 10 | 7 |
Recognized stock-based compensation expense | 88 | 54 | 196 | 177 |
Share based liability awards granted, target | 19 | 16 | ||
Share-based Compensation [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restructuring and impairment charges | $ 0 | $ 0 | $ 0 | $ 1 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1.8 | 1.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Price | $ 131.45 | $ 117.21 | ||
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 | 2.5 | 2.8 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Weighted Average Grant Price | $ 131.18 | $ 116.05 |
Pension and Retiree Medical B_3
Pension and Retiree Medical Benefits Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 05, 2020 | Sep. 07, 2019 | Sep. 05, 2020 | Sep. 07, 2019 | |
Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer, Discretionary | $ 325 | $ 150 | ||
Defined Benefit Plan, Service Cost | $ 100 | $ 87 | 300 | 263 |
Defined Benefit Plan, Interest Cost | 100 | 125 | 300 | 376 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (214) | (205) | (643) | (617) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 3 | 2 | 8 | 7 |
Defined Benefit Plan, Amortization of Gain (Loss) | 45 | 37 | 136 | 111 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 15 | 0 | 15 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 1 | 5 | 8 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (65) | (21) | (191) | (108) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 35 | 66 | 109 | 155 |
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer, Discretionary | 14 | 17 | ||
Defined Benefit Plan, Service Cost | 22 | 18 | 59 | 49 |
Defined Benefit Plan, Interest Cost | 21 | 24 | 58 | 64 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (52) | (46) | (138) | (124) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | 16 | 8 | 42 | 21 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 3 | 0 | 3 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (15) | (11) | (38) | (36) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 7 | 7 | 21 | 13 |
Retiree Medical Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | 6 | 5 | 17 | 16 |
Defined Benefit Plan, Interest Cost | 6 | 9 | 17 | 25 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (3) | (4) | (11) | (12) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (3) | (4) | (8) | (13) |
Defined Benefit Plan, Amortization of Gain (Loss) | (6) | (7) | (16) | (19) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (6) | (6) | (18) | (19) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 0 | $ (1) | $ (1) | $ (3) |
Pension and Retiree Medical B_4
Pension and Retiree Medical Benefits Narrative (Details) - USD ($) $ in Millions | 8 Months Ended | |
Sep. 05, 2020 | Sep. 07, 2019 | |
Domestic Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer, Discretionary | $ 325 | $ 150 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer, Discretionary | $ 14 | $ 17 |
Debt Obligations and Commitme_3
Debt Obligations and Commitments - Additional Information (Detail) € in Millions, $ in Millions, R in Billions | Sep. 05, 2020USD ($) | Sep. 05, 2020EUR (€) | Sep. 05, 2020ZAR (R) |
Notes Due 2023 [Member] | Zero Point Seven Five Percent Notes Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | 0.75% | 0.75% |
Notes Due 2024 [Member] | Zero Point Two Five Percent Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | € | € 1,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.25% | 0.25% | 0.25% |
Notes Due 2025 [Member] | Two Point Two Five Percent Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | 2.25% | 2.25% |
Notes Due 2027 [Member] | Two Point Six Two Five Percent Notes Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.625% | 2.625% | 2.625% |
Notes Due 2028 [Member] | Zero Point Five Percent Notes Due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | € | € 1,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | 0.50% | 0.50% |
Notes Due 2030 [Member] | Two Point Seven Five Percent Notes Due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% |
Notes Due 2030 [Member] | One Point Six Two Five Percent Notes Due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.625% | 1.625% | 1.625% |
Notes Due 2040 [Member] | Three Point Five Percent Notes Due 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 750 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | 3.50% |
Notes Due 2050 [Member] | Three Point Six Two Five Percent Notes Due 2050 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | 3.625% | 3.625% |
Notes Due 2060 [Member] | Three Point Eight Seven Five Percent Notes Due 2060 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 750 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | 3.875% | 3.875% |
Pioneer Bridge Loan Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 1,300 | R 21.7 |
Debt Obligations and Commitme_4
Debt Obligations and Commitments Debt Obligations and Commitments (Narrative) (Details) R in Billions | 4 Months Ended | ||||
Dec. 26, 2020USD ($) | Sep. 05, 2020USD ($) | Sep. 05, 2020ZAR (R) | Dec. 28, 2019USD ($) | Jun. 03, 2019USD ($) | |
Debt Instrument [Line Items] | |||||
Long-term Debt, Current Maturities | $ 750,000,000 | ||||
Derivative, Notional Amount | 800,000,000 | ||||
Commercial Paper | 2,100,000,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | 3,750,000,000 | $ 3,750,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 4,500,000,000 | ||||
Interest rate derivatives | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | 4,200,000,000 | $ 5,000,000,000 | |||
Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | $ 1,100,000,000 | ||||
Two Point One Five Percent Notes Due 2020 [Member] | Subsequent Event [Member] | Note Due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | $ 1,100,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.15% | ||||
Debt Instrument, Repurchased Face Amount | $ 1,100,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.15% | ||||
Pioneer Bridge Loan Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 1,300,000,000 | R 21.7 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Sep. 05, 2020 | Dec. 28, 2019 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Credit Risk Derivative Liabilities, at Fair Value | $ 376 | |
Derivative, Notional Amount | 800 | |
Debt Instrument, Fair Value Disclosure | 50,000 | $ 34,000 |
Commodity contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 1,000 | 1,100 |
Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 2,000 | 1,900 |
Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 4,200 | $ 5,000 |
Interest rate derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 10.00% | 9.00% |
Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 2,600 | $ 2,500 |
Fair Values of Financial Assets
Fair Values of Financial Assets and Liabilities (Detail) $ in Millions | 3 Months Ended | 8 Months Ended | |
Sep. 05, 2020USD ($) | Sep. 05, 2020USD ($) | Dec. 28, 2019USD ($) | |
Derivatives, Fair Value [Line Items] | |||
Senior Notes | $ 1,500 | $ 1,500 | $ 2,200 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 4 | 4 | (5) |
Short-term Investments | 611 | 611 | 229 |
Derivative Asset, Fair Value, Gross Asset | 70 | 70 | 41 |
Derivative Liability, Fair Value, Gross Liability | 440 | 440 | 470 |
Total Financial Assets At Fair Value | 698 | 698 | 287 |
Total Financial Liabilities At Fair Value | 1,763 | 1,763 | 938 |
Derivatives not designated as hedging instruments: | |||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 28 | 28 | 49 |
Collateral Already Posted, Aggregate Fair Value | 61 | 61 | 58 |
Business Combinations [Abstract] | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1,100 | 1,100 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 874 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 848 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 10 | $ 26 | |
Duration of contingent consideration arrangement | 15 years | ||
Business Combination, Contingent Consideration, Asset | 0 | $ 0 | 0 |
Business Combination, Contingent Consideration, Liability | 874 | 874 | 0 |
Derivatives Designated As Cash Flow Hedging Instruments Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 29 | 29 | 9 |
Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 413 | 413 | 432 |
Derivatives Not Designated As Hedging Instruments Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 37 | 37 | 32 |
Derivatives Not Designated As Hedging Instruments Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 27 | 27 | 33 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Designated As Fair Value Hedging Instruments Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Fair Value Hedge Asset at Fair Value | 4 | 4 | 0 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Designated As Fair Value Hedging Instruments Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Fair Value Hedge Liability at Fair Value | 0 | 0 | 5 |
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 | 21 | 21 | 5 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 | 0 |
Price Risk Cash Flow Hedge Asset, at Fair Value | 8 | 8 | 2 |
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 | 41 | 41 | 32 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 366 | 366 | 390 |
Price Risk Cash Flow Hedge Liability, at Fair Value | 6 | 6 | 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 | 26 | 26 | 3 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 11 | 11 | 6 |
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 | 3 | 3 | 2 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 24 | 24 | 24 |
Fair Value, Inputs, Level 2 [Member] | Liability [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Prepaid Forward Asset Fair Value | 0 | 0 | 0 |
Deferred Compensation Liability, Current and Noncurrent | 449 | 449 | 468 |
Fair Value, Inputs, Level 2 [Member] | Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Prepaid Forward Asset Fair Value | 17 | 17 | 17 |
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Derivatives Designated As Cash Flow Hedging Instruments Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Price Risk Cash Flow Hedge Asset, at Fair Value | 0 | 0 | 2 |
Fair Value, Inputs, Level 1 [Member] | Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Price Risk Cash Flow Hedge Liability, at Fair Value | 0 | 0 | 5 |
Fair Value, Inputs, Level 1 [Member] | Derivatives Not Designated As Hedging Instruments Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 0 | 0 | 23 |
Fair Value, Inputs, Level 1 [Member] | Derivatives Not Designated As Hedging Instruments Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 0 | 0 | 7 |
Liability [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Short-term Investments | 0 | 0 | 0 |
Liability [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Short-term Investments | 0 | 0 | 0 |
Liability [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Short-term Investments | 0 | 0 | 0 |
Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Short-term Investments | 611 | 611 | 229 |
Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Short-term Investments | 400 | 400 | 0 |
Assets [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Short-term Investments | $ 211 | $ 211 | $ 229 |
Fair Value, Inputs, Level 3, estimated range of payments, low [Member] | |||
Business Combinations [Abstract] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 40,000,000 | 40,000,000 | |
Fair Value, Inputs, Level 3, estimated range of payments, high [Member] | |||
Business Combinations [Abstract] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 100,000,000 | 100,000,000 | |
Fair Value, Inputs, Level 3, estimated range of payments, average [Member] | |||
Business Combinations [Abstract] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 70,000,000 | 70,000,000 | |
Fair Value, Inputs, Level 3, estimated range of probabilities of acceleration, low [Member] | |||
Business Combinations [Abstract] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0 | 0 | |
Fair Value, Inputs, Level 3, estimated range of probabilities of acceleration, high [Member] | |||
Business Combinations [Abstract] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.10 | 0.10 | |
Fair Value, Inputs, Level 3, weighted average payment period [Member] | |||
Business Combinations [Abstract] | |||
Duration of contingent consideration arrangement | 7 years | ||
Fair Value, Inputs, Level 3, estimated range of discount rates, low [Member] | |||
Business Combinations [Abstract] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.01 | 0.01 | |
Fair Value, Inputs, Level 3, estimated range of discount rates, high [Member] | |||
Business Combinations [Abstract] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.05 | 0.05 | |
Fair Value, Inputs, Level 3, weighted average discount rate [Member] | |||
Business Combinations [Abstract] | |||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.02 | 0.02 |
Effective Portion of Pre Tax Ga
Effective Portion of Pre Tax Gains and Losses on Derivative Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | ||||||
Sep. 05, 2020 | Jun. 13, 2020 | Mar. 21, 2020 | Sep. 07, 2019 | Jun. 15, 2019 | Mar. 23, 2019 | Sep. 05, 2020 | Sep. 07, 2019 | |
Derivatives, Fair Value [Line Items] | ||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | $ (115) | $ (144) | $ 236 | $ 95 | $ 37 | $ 20 | ||
Cash Flow Hedge Gain/(Loss) to be Reclassified within Twelve Months | $ (46) | |||||||
Fair Value/Non-designated Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
(Gains)/Losses Recognized in Income Statement (a) | (43) | 26 | 101 | $ (31) | ||||
Cash Flow Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | 3 | 55 | 136 | 97 | ||||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | (100) | 43 | (70) | 57 | ||||
Foreign Exchange Forward [Member] | Fair Value/Non-designated Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
(Gains)/Losses Recognized in Income Statement (a) | (10) | 11 | (11) | 15 | ||||
Foreign Exchange Forward [Member] | Cash Flow Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | 31 | (2) | (47) | 16 | ||||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | (22) | 4 | (37) | 0 | ||||
Interest Rate Contract [Member] | Fair Value/Non-designated Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
(Gains)/Losses Recognized in Income Statement (a) | 4 | (12) | (8) | (62) | ||||
Interest Rate Contract [Member] | Cash Flow Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | (117) | 65 | (24) | 117 | ||||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | (102) | 38 | (73) | 54 | ||||
Commodity Contract [Member] | Fair Value/Non-designated Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
(Gains)/Losses Recognized in Income Statement (a) | (37) | 27 | 120 | 16 | ||||
Commodity Contract [Member] | Cash Flow Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | (29) | 32 | 48 | 19 | ||||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | 24 | 1 | 40 | 3 | ||||
Net Investment Hedging [Member] | Fair Value/Non-designated Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
(Gains)/Losses Recognized in Income Statement (a) | 0 | 0 | 0 | 0 | ||||
Net Investment Hedging [Member] | Cash Flow Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss | 118 | (40) | 159 | (55) | ||||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and Diluted Net Income At
Basic and Diluted Net Income Attributable to PepsiCo (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 8 Months Ended | ||
Sep. 05, 2020 | Sep. 07, 2019 | Sep. 05, 2020 | Sep. 07, 2019 | |
Preferred Stock [Abstract] | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 2,291 | $ 2,100 | $ 5,275 | $ 5,548 |
Weighted Average Number of Shares Outstanding, Basic | 1,384 | 1,397 | 1,387 | 1,401 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 6 | 8 | 6 | 8 |
Net Income (Loss) Attributable to Parent | $ 2,291 | $ 2,100 | $ 5,275 | $ 5,548 |
Earnings Per Share, Basic | $ 1.66 | $ 1.50 | $ 3.80 | $ 3.96 |
Dilutive Securities [Abstract] | ||||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | $ 0 | $ 0 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 2,291 | $ 2,100 | $ 5,275 | $ 5,548 |
Weighted Average Number of Shares Outstanding, Diluted | 1,390 | 1,405 | 1,393 | 1,409 |
Earnings Per Share, Diluted | $ 1.65 | $ 1.49 | $ 3.79 | $ 3.94 |
Net Income Attributable to Pe_3
Net Income Attributable to PepsiCo per Common Share Out-of-the-money options excluded from the calculation of diluted earnings per common share (Details) - $ / shares | 3 Months Ended | 8 Months Ended | ||
Sep. 05, 2020 | Sep. 07, 2019 | Sep. 05, 2020 | Sep. 07, 2019 | |
Out-of-the-money options [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.1 | 0 | 0.6 | 0.4 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share, Average Exercise per Share Amount | $ 137.25 | $ 0 | $ 131.76 | $ 115.98 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | ||||||||
Sep. 05, 2020 | Jun. 13, 2020 | Mar. 21, 2020 | Sep. 07, 2019 | Jun. 15, 2019 | Mar. 23, 2019 | Sep. 05, 2020 | Sep. 07, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | |
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Post retirement Plans Taxes | $ 1,340 | $ 1,337 | $ 1,356 | $ 1,437 | $ 1,454 | $ 1,465 | $ 1,340 | $ 1,437 | $ 1,370 | $ 1,466 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (12,426) | (12,840) | (12,044) | (11,969) | (11,810) | (11,445) | (12,426) | (11,969) | (11,290) | (11,918) |
Losses/(gains) on cash flow hedges: | ||||||||||
Total before tax | (100) | (127) | 157 | 43 | 29 | (15) | (70) | 57 | ||
Tax amounts | 25 | (11) | 17 | (13) | ||||||
Net (gains)/losses after tax | (75) | 32 | (53) | 44 | ||||||
Amortization of pension and retiree medical items: | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | (2) | 0 | (6) | ||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 55 | 38 | 162 | 113 | ||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0 | 18 | 0 | 18 | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 55 | 57 | 50 | 54 | 37 | 34 | 162 | 125 | ||
Tax amounts | (12) | (12) | (34) | (27) | ||||||
Net losses after tax | 43 | 42 | 128 | 98 | ||||||
Total net (gains)/losses reclassified, net of tax | (32) | 74 | 75 | 142 | ||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (40) | (51) | (64) | 16 | 54 | 60 | (40) | 16 | (3) | 87 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (2,869) | (2,868) | (2,931) | (3,156) | (3,212) | (3,254) | (2,869) | (3,156) | (2,988) | (3,271) |
Accumulated Other Comprehensive Income Loss Other | (22) | (19) | (18) | (17) | (16) | (17) | (22) | (17) | (19) | (17) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (15,357) | (15,778) | (15,057) | (15,126) | (14,984) | (14,656) | (15,357) | (15,126) | $ (14,300) | $ (15,119) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 385 | (827) | (735) | (149) | (365) | 475 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 115 | 144 | (236) | (95) | (37) | (20) | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | (59) | 25 | 21 | 19 | 16 | (16) | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (3) | (1) | 1 | (1) | 1 | 0 | ||||
OCI, before Reclassifications, before Tax, Attributable to Parent | 438 | (659) | (949) | (226) | (385) | 439 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | (45) | (70) | 207 | 97 | 66 | 19 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 385 | (827) | (735) | (149) | (365) | 475 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 15 | 17 | (79) | (52) | (8) | (35) | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (4) | 82 | 71 | 73 | 53 | 18 | ||||
Other Comprehensive Income, Other, Before Tax | (3) | (1) | 1 | (1) | 1 | 0 | ||||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 393 | (729) | (742) | (129) | (319) | 458 | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 29 | 31 | (19) | (10) | 0 | (2) | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | (4) | (4) | 18 | 14 | 2 | 8 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 3 | (19) | (14) | (17) | (11) | (1) | ||||
Other Comprehensive Income, Other, Taxes | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 28 | $ 8 | $ (15) | (13) | $ (9) | $ 5 | ||||
Cash Flow Hedges | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | (100) | 43 | (70) | 57 | ||||||
Amortization of pension and retiree medical items: | ||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (3) | (55) | (136) | (97) | ||||||
Cash Flow Hedges | Foreign exchange contracts | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | (22) | 4 | (37) | 0 | ||||||
Amortization of pension and retiree medical items: | ||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (31) | 2 | 47 | (16) | ||||||
Cash Flow Hedges | Foreign exchange contracts | Revenue, Net [Member] | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | 0 | 0 | 0 | 1 | ||||||
Cash Flow Hedges | Foreign exchange contracts | Cost of sales | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | (22) | 4 | (37) | (1) | ||||||
Cash Flow Hedges | Interest rate derivatives | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | (102) | 38 | (73) | 54 | ||||||
Amortization of pension and retiree medical items: | ||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 117 | (65) | 24 | (117) | ||||||
Cash Flow Hedges | Interest rate derivatives | Interest Expense | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | (102) | 38 | (73) | 54 | ||||||
Cash Flow Hedges | Commodity contracts | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | 24 | 1 | 40 | 3 | ||||||
Amortization of pension and retiree medical items: | ||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 29 | (32) | (48) | (19) | ||||||
Cash Flow Hedges | Commodity contracts | Cost of sales | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | 22 | 0 | 36 | 2 | ||||||
Cash Flow Hedges | Commodity contracts | Selling, general and administrative expenses | ||||||||||
Losses/(gains) on cash flow hedges: | ||||||||||
Losses/(gains) on cash flow hedges | $ 2 | $ 1 | $ 4 | $ 1 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | ||||||||
Sep. 05, 2020 | Jun. 13, 2020 | Mar. 21, 2020 | Sep. 07, 2019 | Jun. 15, 2019 | Mar. 23, 2019 | Sep. 05, 2020 | Sep. 07, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | $ 0 | $ 2 | $ 0 | $ 6 | ||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 55 | 38 | 162 | 113 | ||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0 | 18 | 0 | 18 | ||||||
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Post retirement Plans Taxes | 1,340 | $ 1,337 | $ 1,356 | 1,437 | $ 1,454 | $ 1,465 | 1,340 | 1,437 | $ 1,370 | $ 1,466 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (12,426) | (12,840) | (12,044) | (11,969) | (11,810) | (11,445) | (12,426) | (11,969) | (11,290) | (11,918) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (40) | (51) | (64) | 16 | 54 | 60 | (40) | 16 | (3) | 87 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (2,869) | (2,868) | (2,931) | (3,156) | (3,212) | (3,254) | (2,869) | (3,156) | (2,988) | (3,271) |
Accumulated Other Comprehensive Income Loss Other | (22) | (19) | (18) | (17) | (16) | (17) | (22) | (17) | (19) | (17) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (15,357) | (15,778) | (15,057) | (15,126) | (14,984) | (14,656) | (15,357) | (15,126) | $ (14,300) | $ (15,119) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | 385 | (827) | (735) | (149) | (365) | 475 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 115 | 144 | (236) | (95) | (37) | (20) | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | (59) | 25 | 21 | 19 | 16 | (16) | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (3) | (1) | 1 | (1) | 1 | 0 | ||||
OCI, before Reclassifications, before Tax, Attributable to Parent | 438 | (659) | (949) | (226) | (385) | 439 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (100) | (127) | 157 | 43 | 29 | (15) | (70) | 57 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 55 | 57 | 50 | 54 | 37 | 34 | 162 | 125 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | (45) | (70) | 207 | 97 | 66 | 19 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 385 | (827) | (735) | (149) | (365) | 475 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 15 | 17 | (79) | (52) | (8) | (35) | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (4) | 82 | 71 | 73 | 53 | 18 | ||||
Other Comprehensive Income, Other, Before Tax | (3) | (1) | 1 | (1) | 1 | 0 | ||||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 393 | (729) | (742) | (129) | (319) | 458 | ||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 29 | 31 | (19) | (10) | 0 | (2) | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | (4) | (4) | 18 | 14 | 2 | 8 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 3 | (19) | (14) | (17) | (11) | (1) | ||||
Other Comprehensive Income, Other, Taxes | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 28 | $ 8 | $ (15) | (13) | $ (9) | $ 5 | ||||
Cash Flow Hedging [Member] | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 100 | (43) | 70 | (57) | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (3) | (55) | (136) | (97) | ||||||
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 22 | (4) | 37 | 0 | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (31) | $ 2 | $ 47 | $ (16) |
Acquisitions & Divestitures (De
Acquisitions & Divestitures (Details) R / shares in Units, $ / shares in Units, $ in Millions, R in Billions | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
Sep. 05, 2020USD ($)$ / shares | Sep. 07, 2019USD ($)$ / shares | Sep. 05, 2020USD ($)$ / shares | Sep. 05, 2020ZAR (R) | Sep. 07, 2019USD ($)$ / shares | Dec. 29, 2018USD ($)$ / shares | Sep. 05, 2020ZAR (R)R / shares | Jun. 01, 2020USD ($) | Apr. 24, 2020USD ($) | Mar. 23, 2020USD ($) | |
Acquisitions & Divestitures [Line Items] | ||||||||||
Business Combination, Integration Related Costs | $ 43 | $ 7 | $ 286 | $ 46 | ||||||
Business Combination, Integration Related Costs, after-tax | $ 27 | $ 6 | $ 254 | $ 38 | ||||||
Merger and Integration Charges, Per Share | $ / shares | $ 0.02 | $ 0 | $ 0.18 | $ 0.03 | ||||||
PepsiCo Beverages North America [Member] | ||||||||||
Acquisitions & Divestitures [Line Items] | ||||||||||
Business Combination, Integration Related Costs | $ 17 | $ 0 | $ 60 | $ 0 | ||||||
Business Combination, Consideration Transferred | 3,850 | |||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 850 | |||||||||
Rockstar Goodwill and Indefinite-lived Intangible Assets | $ 4,600 | |||||||||
Asia Pacific, Australia and New Zealand, and China Region [Member] | ||||||||||
Acquisitions & Divestitures [Line Items] | ||||||||||
Business Combination, Integration Related Costs | 5 | 0 | 5 | 0 | ||||||
Business Combination, Consideration Transferred | 700 | |||||||||
Be & Cheery Goodwill and Indefinite-lived Intangible Assets | $ 700 | |||||||||
Frito Lay North America [Member] | ||||||||||
Acquisitions & Divestitures [Line Items] | ||||||||||
Business Combination, Integration Related Costs | 1 | 0 | 26 | 0 | ||||||
Europe [Member] | ||||||||||
Acquisitions & Divestitures [Line Items] | ||||||||||
Business Combination, Integration Related Costs | 0 | 5 | 0 | 43 | ||||||
Business Acquisition, Share Price | $ / shares | $ 144 | |||||||||
Business Combination, Consideration Transferred | $ 3,300 | |||||||||
SodaStream Consideration Transferred,, net of cash and cash equivalents acquired | $ 3,200 | |||||||||
Africa, Middle East and South Asia [Member] | ||||||||||
Acquisitions & Divestitures [Line Items] | ||||||||||
Business Combination, Integration Related Costs | 10 | 2 | 169 | 2 | ||||||
Business Acquisition, Share Price | R / shares | R 110 | |||||||||
Business Combination, Consideration Transferred | 1,200 | |||||||||
Pioneer Goodwill and Indefinite-lived Intangible Assets | $ 800 | |||||||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 400 | |||||||||
Corporate Segment [Member] | ||||||||||
Acquisitions & Divestitures [Line Items] | ||||||||||
Business Combination, Integration Related Costs | 10 | 0 | 26 | 1 | ||||||
Recorded and unrecorded Pioneer commitment [Member] | ||||||||||
Acquisitions & Divestitures [Line Items] | ||||||||||
Other Commitment | 500 | 500 | R 7.7 | |||||||
Recorded Pioneer commitment [Member] | ||||||||||
Acquisitions & Divestitures [Line Items] | ||||||||||
Business Combination, Pioneer Commitment Expense | $ 100 | R 2.2 | ||||||||
Duration of Pioneer Commitment | 12 months | 12 months | ||||||||
Unrecorded Pioneer commitment [Member] [Member] | ||||||||||
Acquisitions & Divestitures [Line Items] | ||||||||||
Other Commitment | 300 | $ 300 | R 5.5 | |||||||
Duration of Pioneer Commitment | 5 years | 5 years | ||||||||
Cost of sales | ||||||||||
Acquisitions & Divestitures [Line Items] | ||||||||||
Business Combination, Integration Related Costs | 11 | 0 | $ 30 | 34 | ||||||
Selling, general and administrative expenses | ||||||||||
Acquisitions & Divestitures [Line Items] | ||||||||||
Business Combination, Integration Related Costs | $ 32 | $ 7 | $ 256 | $ 12 |