Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 25, 2021 | Feb. 03, 2022 | Jun. 11, 2021 | |
Document and Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 25, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-1183 | ||
Entity Registrant Name | PepsiCo, Inc. | ||
Entity Incorporation, State or Country Code | NC | ||
Entity Tax Identification Number | 13-1584302 | ||
Entity Address, Address Line One | 700 Anderson Hill Road | ||
Entity Address, City or Town | Purchase | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10577 | ||
City Area Code | (914) | ||
Local Phone Number | 253-2000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 203.9 | ||
Entity Common Stock, Shares Outstanding | 1,383,451,400 | ||
Documents Incorporated by Reference [Text Block] | Portions of the Proxy Statement relating to PepsiCo, Inc.’s 2022 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000077476 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-25 | ||
ICFR Auditor Attestation Flag | true | ||
Common Stock | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value 1-2/3 cents per share | ||
Trading Symbol | PEP | ||
Security Exchange Name | NASDAQ | ||
Two Point Five Percent Notes Due 2022 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 2.500% Senior Notes Due 2022 | ||
Trading Symbol | PEP22a | ||
Security Exchange Name | NASDAQ | ||
Zero Point Two Five Percent Notes Due 2024 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 0.250% Senior Notes Due 2024 | ||
Trading Symbol | PEP24 | ||
Security Exchange Name | NASDAQ | ||
Two Point Six Two Five Percent Notes Due 2026 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 2.625% Senior Notes Due 2026 | ||
Trading Symbol | PEP26 | ||
Security Exchange Name | NASDAQ | ||
Zero Point Seven Five Percent Notes Due 2027 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 0.750% Senior Notes Due 2027 | ||
Trading Symbol | PEP27 | ||
Security Exchange Name | NASDAQ | ||
Zero Point Eight Seven Five Percent Notes Due 2028 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 0.875% Senior Notes Due 2028 | ||
Trading Symbol | PEP28 | ||
Security Exchange Name | NASDAQ | ||
Zero Point Five Percent Notes Due 2028 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 0.500% Senior Notes Due 2028 | ||
Trading Symbol | PEP28a | ||
Security Exchange Name | NASDAQ | ||
One Point One Two Five Percent Notes Due 2031 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 1.125% Senior Notes Due 2031 | ||
Trading Symbol | PEP31 | ||
Security Exchange Name | NASDAQ | ||
Zero Point Four Percent Notes Due 2032 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 0.400% Senior Notes Due 2032 | ||
Trading Symbol | PEP32 | ||
Security Exchange Name | NASDAQ | ||
Zero Point Seven Five Percent Notes Due 2033 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 0.750% Senior Notes Due 2033 | ||
Trading Symbol | PEP33 | ||
Security Exchange Name | NASDAQ | ||
Zero Point Eight Seven Five Notes Due 2039 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 0.875% Senior Notes Due 2039 | ||
Trading Symbol | PEP39 | ||
Security Exchange Name | NASDAQ | ||
One Point Zero Five Percent Notes Due 2050 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 1.050% Senior Notes Due 2050 | ||
Trading Symbol | PEP50 | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 25, 2021 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 185 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Income Statement [Abstract] | |||
Net Revenue | $ 79,474 | $ 70,372 | $ 67,161 |
Cost of sales | 37,075 | 31,797 | 30,132 |
Gross profit | 42,399 | 38,575 | 37,029 |
Selling, general and administrative expenses | 31,237 | 28,495 | 26,738 |
Operating Profit | 11,162 | 10,080 | 10,291 |
Other pension and retiree medical benefits income/(expense) | 522 | 117 | (44) |
Net interest expense and other | (1,863) | (1,128) | (935) |
Income before income taxes | 9,821 | 9,069 | 9,312 |
Provision for income taxes | 2,142 | 1,894 | 1,959 |
Net income | 7,679 | 7,175 | 7,353 |
Less: Net income attributable to noncontrolling interests | 61 | 55 | 39 |
Net Income Attributable to PepsiCo | $ 7,618 | $ 7,120 | $ 7,314 |
Net Income Attributable to PepsiCo per Common Share | |||
Basic | $ 5.51 | $ 5.14 | $ 5.23 |
Diluted | $ 5.49 | $ 5.12 | $ 5.20 |
Weighted-average common shares outstanding | |||
Basic | 1,382 | 1,385 | 1,399 |
Diluted | 1,389 | 1,392 | 1,407 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Net income | $ 7,679 | $ 7,175 | $ 7,353 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (369) | (650) | 628 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 155 | 7 | (90) |
Other comprehensive loss | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 770 | (532) | 283 |
Pension and retiree medical: | |||
Other Comprehensive Income, Other, Net of Tax | 22 | (1) | (2) |
Other Comprehensive Income/(Loss), after-tax amount | 578 | (1,176) | 819 |
Comprehensive income | 8,257 | 5,999 | 8,172 |
Comprehensive income attributable to noncontrolling interests | 61 | 55 | 39 |
Comprehensive Income Attributable to PepsiCo | $ 8,196 | $ 5,944 | $ 8,133 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Operating Activities | |||
Net income | $ 7,679 | $ 7,175 | $ 7,353 |
Depreciation and amortization | 2,710 | 2,548 | 2,432 |
Operating lease right-of-use asset amortization | 505 | 478 | 412 |
Share-based compensation expense | 301 | 264 | 237 |
Restructuring and impairment charges | 247 | 289 | 370 |
Cash payments for restructuring charges | (256) | (255) | (350) |
Acquisition and divestiture-related charges | (4) | 255 | 55 |
Cash payments for acquisition and divestiture-related charges | (176) | (131) | (10) |
Pension and retiree medical plan expenses | 123 | 408 | 519 |
Pension and retiree medical plan contributions | (785) | (562) | (716) |
Deferred income taxes and other tax charges and credits | 298 | 361 | 453 |
Tax expense/(benefit) related to the TCJ Act | 190 | 0 | (8) |
Tax payments related to the TCJ Act | (309) | (78) | (423) |
Change in assets and liabilities [Abstract] | |||
Accounts and notes receivable | (651) | (420) | (650) |
Inventories | (582) | (516) | (190) |
Prepaid expenses and other current assets | 159 | 26 | (87) |
Accounts payable and other current liabilities | 1,762 | 766 | 735 |
Income taxes payable | 30 | (159) | (287) |
Other, net | 375 | 164 | (196) |
Net Cash Provided by Operating Activities | 11,616 | 10,613 | 9,649 |
Investing Activities | |||
Capital spending | (4,625) | (4,240) | (4,232) |
Sales of property, plant and equipment | 166 | 55 | 170 |
Acquisitions, net of cash acquired, and investments in noncontrolled affiliates | (61) | (6,372) | (2,717) |
Divestitures and sales of investments in noncontrolled affiliates | 169 | 6 | 253 |
Short-term investments, by original maturity: | |||
More than three months - purchases | 0 | (1,135) | 0 |
More than three months - maturities | 1,135 | 0 | 16 |
More than three months - sales | 0 | 0 | 62 |
Three months or less, net | (58) | 27 | 19 |
Other investing, net | 5 | 40 | (8) |
Net Cash Used for Investing Activities | (3,269) | (11,619) | (6,437) |
Financing Activities | |||
Proceeds from issuances of long-term debt | 4,122 | 13,809 | 4,621 |
Payments of long-term debt | (3,455) | (1,830) | (3,970) |
Cash tender offers/debt redemption | (4,844) | (1,100) | (1,007) |
Short-term borrowings, by original maturity | |||
More than three months - proceeds | 8 | 4,077 | 6 |
More than three months - payments | (397) | (3,554) | (2) |
Three months or less, net | 434 | (109) | (3) |
Payments of acquisition-related contingent consideration | (773) | 0 | 0 |
Cash dividends paid | (5,815) | (5,509) | (5,304) |
Share repurchases - common | (106) | (2,000) | (3,000) |
Proceeds from exercises of stock options | 185 | 179 | 329 |
Withholding tax payments on restricted stock units (RSUs) and performance stock units (PSUs) converted | (92) | (96) | (114) |
Other financing | (47) | (48) | (45) |
Net Cash (Used for)/Provided by Financing Activities | (10,780) | 3,819 | (8,489) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (114) | (129) | 78 |
Net (Decrease)/Increase in Cash and Cash Equivalents and Restricted Cash | (2,547) | 2,684 | (5,199) |
Cash and cash equivalents and restricted cash | $ 5,707 | $ 8,254 | $ 5,570 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) shares in Millions, $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 5,596 | $ 8,185 |
Short-term Investments | 392 | 1,366 |
Accounts and notes receivable, net | 8,680 | 8,404 |
Inventories | 4,347 | 4,172 |
Prepaid expenses and other current assets | 980 | 874 |
Disposal Group, Including Discontinued Operation, Assets | 1,788 | 0 |
Assets, Current | 21,783 | 23,001 |
Property, Plant and Equipment, net | 22,407 | 21,369 |
Amortizable Intangible Assets, net | 1,538 | 1,703 |
Goodwill | 18,381 | 18,757 |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 17,127 | 17,612 |
Equity Method Investments | 2,627 | 2,792 |
Deferred Income Tax Assets, Net | 4,310 | 4,372 |
Other Assets | 4,204 | 3,312 |
Total Assets | 92,377 | 92,918 |
LIABILITIES AND EQUITY | ||
Short-term debt obligations | 4,308 | 3,780 |
Accounts payable and other current liabilities | 21,159 | 19,592 |
Disposal Group, Including Discontinued Operation, Liabilities | 753 | 0 |
Liabilities, Current | 26,220 | 23,372 |
Long-Term Debt Obligations | 36,026 | 40,370 |
Deferred Income Tax Liabilities, Net | 4,826 | 4,284 |
Other Liabilities, Noncurrent | 9,154 | 11,340 |
Liabilities | 76,226 | 79,366 |
Commitments and contingencies | ||
Common stock, authorized | 3,600 | 3,600 |
Common stock, issued | 1,383 | 1,380 |
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: 1,380 and 1,391 shares, respectively) | $ 23 | $ 23 |
Additional Paid in Capital, Common Stock | 4,001 | 3,910 |
Retained Earnings (Accumulated Deficit) | 65,165 | 63,443 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (14,898) | $ (15,476) |
Repurchased common stock, shares | 484 | 487 |
Treasury Stock, Value | $ (38,248) | $ (38,446) |
Stockholders' Equity Attributable to Parent | 16,043 | 13,454 |
Stockholders' Equity Attributable to Noncontrolling Interest | 108 | 98 |
Total Equity | 16,151 | 13,552 |
Liabilities and Equity | $ 92,377 | $ 92,918 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0167 | $ 0.0167 |
Common stock, authorized | 3,600 | 3,600 |
Common stock, issued | 1,383 | 1,380 |
Repurchased common stock, shares | 484 | 487 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Capital In Excess Of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Repurchased Common Stock | Total Common Shareholders' Equity | Noncontrolling Interests | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 8 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 84 | ||||||||
Common Stocks, Including Additional Paid in Capital | $ 3,953 | ||||||||
Treasury Stock, Value | $ (34,286) | ||||||||
Stockholders' Equity Attributable to Parent at Dec. 29, 2018 | $ 23 | ||||||||
Stock Repurchased During Period, Value | $ (3,000) | ||||||||
Balance, beginning of year (in shares) at Dec. 29, 2018 | (458,000) | ||||||||
Balance, end of year (in shares) at Dec. 28, 2019 | (476,000) | ||||||||
Balance, outstanding, beginning of year (in shares) at Dec. 29, 2018 | 1,409,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Repurchased During Period, Shares | (18,000) | (24,000) | |||||||
Balance, outstanding, end of year (in shares) at Dec. 28, 2019 | 1,391,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Share-based compensation expense | 235 | ||||||||
Stock option exercises, RSUs, PSUs and PEPunits converted | (188) | $ (516) | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (114) | ||||||||
Other | 0 | ||||||||
Share repurchases | $ 0 | ||||||||
Stock option exercises (in shares) | 6,000 | ||||||||
Other (in shares) | 0 | ||||||||
Other | $ 1 | 1 | |||||||
Dividends, Common Stock, Cash | [1] | (5,323) | |||||||
Balance, beginning of year at Dec. 29, 2018 | 59,947 | $ (15,119) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 39 | 39 | |||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (42) | ||||||||
Other comprehensive income/(loss) attributable to PepsiCo | 819 | ||||||||
Balance, end of year at Dec. 28, 2019 | 14,868 | 61,946 | (14,300) | $ 14,786 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | $ 7,314 | 7,314 | |||||||
Stockholders' Equity Attributable to Parent at Dec. 28, 2019 | $ 23 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 3.7925 | ||||||||
Acquisitions And Divestitures To Noncontrolling Interest | 0 | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (34) | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 82 | ||||||||
Common Stocks, Including Additional Paid in Capital | 3,886 | ||||||||
Treasury Stock, Value | (36,769) | ||||||||
Stock Repurchased During Period, Value | $ (2,000) | ||||||||
Balance, end of year (in shares) at Dec. 26, 2020 | (487,000) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Repurchased During Period, Shares | (11,000) | (15,000) | |||||||
Balance, outstanding, end of year (in shares) at Dec. 26, 2020 | 1,380,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Share-based compensation expense | 263 | ||||||||
Stock option exercises, RSUs, PSUs and PEPunits converted | (143) | $ (322) | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (96) | ||||||||
Other | 0 | ||||||||
Share repurchases | $ 0 | ||||||||
Stock option exercises (in shares) | 4,000 | ||||||||
Other (in shares) | 0 | ||||||||
Other | $ 1 | 0 | |||||||
Dividends, Common Stock, Cash | [1] | (5,589) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 55 | 55 | |||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (44) | ||||||||
Other comprehensive income/(loss) attributable to PepsiCo | (1,176) | ||||||||
Balance, end of year at Dec. 26, 2020 | 13,552 | 63,443 | (15,476) | 13,454 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 7,120 | 7,120 | |||||||
Stockholders' Equity Attributable to Parent at Dec. 26, 2020 | $ 13,454 | $ 23 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 4.0225 | ||||||||
Acquisitions And Divestitures To Noncontrolling Interest | 5 | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 98 | 98 | |||||||
Common Stocks, Including Additional Paid in Capital | 3,910 | ||||||||
Treasury Stock, Value | $ 38,446 | (38,446) | |||||||
Stock Repurchased During Period, Value | $ (106) | ||||||||
Balance, end of year (in shares) at Dec. 25, 2021 | (484,000) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Repurchased During Period, Shares | 3,000 | (1,000) | |||||||
Balance, outstanding, end of year (in shares) at Dec. 25, 2021 | 1,383,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Share-based compensation expense | 302 | ||||||||
Stock option exercises, RSUs, PSUs and PEPunits converted | (118) | $ (303) | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (92) | ||||||||
Other | (1) | ||||||||
Share repurchases | $ 0 | ||||||||
Stock option exercises (in shares) | 2,321 | 4,000 | |||||||
Other (in shares) | 0 | ||||||||
Other | $ 1 | (2) | |||||||
Dividends, Common Stock, Cash | [1] | (5,896) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 61 | 61 | |||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (49) | ||||||||
Other comprehensive income/(loss) attributable to PepsiCo | 578 | ||||||||
Balance, end of year at Dec. 25, 2021 | 16,151 | 65,165 | $ (14,898) | $ 16,043 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 7,618 | $ 7,618 | |||||||
Stockholders' Equity Attributable to Parent at Dec. 25, 2021 | $ 16,043 | $ 23 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 4.2475 | ||||||||
Acquisitions And Divestitures To Noncontrolling Interest | 0 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 108 | $ 108 | |||||||
Common Stocks, Including Additional Paid in Capital | $ 4,001 | ||||||||
Treasury Stock, Value | $ 38,248 | $ (38,248) | |||||||
[1] | (a) Cash dividends declared per common share were $4.2475, $4.0225 and $3.7925 for 2021, 2020 and 2019, respectively. |
Basis of Presentation and Our D
Basis of Presentation and Our Divisions | 12 Months Ended |
Dec. 25, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation and Our Divisions | Basis of Presentation and Our Divisions Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and include the consolidated accounts of PepsiCo, Inc. and the affiliates that we control. In addition, we include our share of the results of certain other affiliates using the equity method based on our economic ownership interest, our ability to exercise significant influence over the operating or financial decisions of these affiliates or our ability to direct their economic resources. We do not control these other affiliates, as our ownership in these other affiliates is generally 50% or less. Intercompany balances and transactions are eliminated. As a result of exchange restrictions and other operating restrictions, we do not have control over our Venezuelan subsidiaries. As such, our Venezuelan subsidiaries are not included within our consolidated financial results for any period presented. Raw materials, direct labor and plant overhead, as well as purchasing and receiving costs, costs directly related to production planning, inspection costs and raw materials handling facilities, are included in cost of sales. The costs of moving, storing and delivering finished product, including merchandising activities, are included in selling, general and administrative expenses. The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities. Estimates are used in determining, among other items, sales incentives accruals, tax reserves, share-based compensation, pension and retiree medical accruals, amounts and useful lives for intangible assets and future cash flows associated with impairment testing for indefinite-lived intangible assets, goodwill and other long-lived assets. We evaluate our estimates on an ongoing basis using our historical experience, as well as other factors we believe appropriate under the circumstances, such as current economic conditions, and adjust or revise our estimates as circumstances change. Additionally, the business and economic uncertainty resulting from the COVID-19 pandemic has made such estimates and assumptions more difficult to calculate. As future events and their effect cannot be determined with precision, actual results could differ significantly from those estimates. Our fiscal year ends on the last Saturday of each December, resulting in a 53 rd reporting week every five or six years, including in our 2022 financial results. While our North America results are reported on a weekly calendar basis, substantially all of our international operations reported on a monthly calendar basis prior to the fourth quarter of 2021, and beginning in the fourth quarter of 2021, all of our international operations report on a monthly calendar basis. This change did not have a material impact on our consolidated financial statements. The following chart details our quarterly reporting schedule for the three years presented: Quarter United States and Canada International First Quarter 12 weeks January, February Second Quarter 12 weeks March, April and May Third Quarter 12 weeks June, July and August Fourth Quarter 16 weeks September, October, November and December 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 consolidated financial statements to conform to the current year presentation. Our Divisions We are organized into seven reportable segments (also referred to as divisions), as follows: 1) FLNA, which includes our branded convenient food businesses in the United States and Canada; 2) QFNA, which includes our branded convenient food businesses, such as cereal, rice, pasta and other branded food, in the United States and Canada; 3) PBNA, which includes our beverage businesses in the United States and Canada; 4) LatAm, which includes all of our beverage and convenient food businesses in Latin America; 5) Europe, which includes all of our beverage and convenient food businesses in Europe; 6) AMESA, which includes all of our beverage and convenient food businesses in Africa, the Middle East and South Asia; and 7) APAC, which includes all of our beverage and convenient food businesses in Asia Pacific, Australia and New Zealand, and China region. Through our operations, authorized bottlers, contract manufacturers and other third parties, we make, market, distribute and sell a wide variety of beverages and convenient foods, serving customers and consumers in more than 200 countries and territories with our largest operations in the United States, Mexico, Russia, Canada, China, the United Kingdom and South Africa. The accounting policies for the divisions are the same as those described in Note 2, except for the following allocation methodologies: • share-based compensation expense; • pension and retiree medical expense; and • derivatives. Share-Based Compensation Expense Our divisions are held accountable for share-based compensation expense and, therefore, this expense is allocated to our divisions as an incremental employee compensation cost. The allocation of share-based compensation expense of each division is as follows: 2021 2020 2019 FLNA 13 % 13 % 13 % QFNA 1 % 1 % 1 % PBNA 19 % 18 % 17 % LatAm 5 % 6 % 7 % Europe 13 % 16 % 17 % AMESA 6 % 6 % 3 % APAC 2 % 2 % 5 % Corporate unallocated expenses 41 % 38 % 37 % The expense allocated to our divisions excludes any impact of changes in our assumptions during the year which reflect market conditions over which division management has no control. Therefore, any variances between allocated expense and our actual expense are recognized in corporate unallocated expenses. Pension and Retiree Medical Expense Pension and retiree medical service costs measured at fixed discount rates are reflected in division results. The variance between the fixed discount rate used to determine the service cost reflected in division results and the discount rate as disclosed in Note 7 is reflected in corporate unallocated expenses. Derivatives We centrally manage commodity derivatives on behalf of our divisions. These commodity derivatives include agricultural products, energy and metals. Commodity derivatives that do not qualify for hedge accounting treatment are marked to market each period with the resulting gains and losses recorded in corporate unallocated expenses as either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. These gains and losses are subsequently reflected in division results when the divisions recognize the cost of the underlying commodity in operating profit. Therefore, the divisions realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility, which remains in corporate unallocated expenses. These derivatives hedge underlying commodity price risk and were not entered into for trading or speculative purposes. Net Revenue and Operating Profit Net revenue and operating profit of each division are as follows: Net Revenue Operating Profit 2021 2020 2019 2021 2020 2019 FLNA $ 19,608 $ 18,189 $ 17,078 $ 5,633 $ 5,340 $ 5,258 QFNA 2,751 2,742 2,482 578 669 544 PBNA 25,276 22,559 21,730 2,442 1,937 2,179 LatAm 8,108 6,942 7,573 1,369 1,033 1,141 Europe 13,038 11,922 11,728 1,292 1,353 1,327 AMESA (a) 6,078 4,573 3,651 858 600 671 APAC (b) 4,615 3,445 2,919 673 590 477 Total division 79,474 70,372 67,161 12,845 11,522 11,597 Corporate unallocated expenses — — — (1,683) (1,442) (1,306) Total $ 79,474 $ 70,372 $ 67,161 $ 11,162 $ 10,080 $ 10,291 (a) The increase in net revenue reflects our acquisition of Pioneer Foods. See Note 13 for further information. (b) The increase in net revenue reflects our acquisition of Be & Cheery. See Note 13 for further information. Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following table reflects the approximate percentage of net revenue generated between our beverage business and our convenient food business for each of our international divisions, as well as our consolidated net revenue: 2021 2020 2019 Beverage (a) Convenient Food Beverage (a) Convenient Food Beverage (a) Convenient Food LatAm 10 % 90 % 10 % 90 % 10 % 90 % Europe 55 % 45 % 55 % 45 % 55 % 45 % AMESA (b) 30 % 70 % 30 % 70 % 40 % 60 % APAC 20 % 80 % 25 % 75 % 25 % 75 % PepsiCo 45 % 55 % 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 our convenient food business in 2020 primarily reflects our acquisition of Pioneer Foods. See Note 13 for further information. Operating profit in 2021 and 2020 includes certain pre-tax charges/credits taken as a result of the COVID-19 pandemic. These pre-tax charges/credits by division are as follows: 2021 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 $ (8) $ — $ — $ 35 $ 27 $ 2 $ 56 QFNA (1) — — 2 1 — 2 PBNA (19) (21) — 31 14 (16) (11) LatAm — — 1 44 15 4 64 Europe (3) (2) — 13 8 5 21 AMESA (1) — (2) 1 3 6 7 APAC — — — 2 2 5 9 Total $ (32) $ (23) $ (1) $ 128 $ 70 $ 6 $ 148 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 $ 17 $ — $ 8 $ 145 $ 59 $ — $ 229 QFNA 2 — — 9 3 1 15 PBNA 29 56 28 115 50 26 304 LatAm 1 — 19 56 18 8 102 Europe 5 3 11 23 22 24 88 AMESA 2 — 3 9 7 12 33 APAC — — 3 (7) 2 5 3 Total $ 56 $ 59 $ 72 $ 350 $ 161 $ 76 $ 774 (a) Reflects the expected impact of the global economic uncertainty caused by COVID-19, leveraging estimates of creditworthiness and projections of default and recovery rates for certain of our customers, including foodservice and vending businesses. Income amounts represent reductions in the previously recorded reserves due to improved projected default rates and lower at-risk receivable balances. (b) Relates to promotional spending for which benefit is not expected to be received. Income amounts represent reductions in previously recorded reserves due to improved projected default rates and lower overall advance balances. (c) Income amount represents a true-up of inventory write-downs. Includes a reserve for product returns of $20 million in 2020. (d) Includes incremental frontline incentive pay, crisis child care and other leave benefits and labor costs. Income amount includes a social welfare relief credit of $11 million. (e) Includes costs associated with personal protective equipment, temperature scans, cleaning and other sanitization services. (f) Includes certain reserves for property, plant and equipment, donations of cash and product, and other costs. Income amount represents adjustments for changes in estimates of previously recorded amounts. Corporate Unallocated Expenses Corporate unallocated expenses include costs of our corporate headquarters, centrally managed initiatives such as commodity derivative gains and losses, foreign exchange transaction gains and losses, our ongoing business transformation initiatives, unallocated research and development costs, unallocated insurance and benefit programs, tax-related contingent consideration, certain acquisition and divestiture-related charges, as well as certain other items. Other Division Information Total assets and capital spending of each division are as follows: Total Assets Capital Spending 2021 2020 2021 2020 2019 FLNA $ 9,763 $ 8,730 $ 1,411 $ 1,189 $ 1,227 QFNA 1,101 1,021 92 85 104 PBNA 37,801 37,079 1,275 1,245 1,053 LatAm 7,272 6,977 461 390 557 Europe 18,472 17,917 752 730 613 AMESA 6,125 5,942 325 252 267 APAC 5,654 5,770 203 230 195 Total division 86,188 83,436 4,519 4,121 4,016 Corporate (a) 6,189 9,482 106 119 216 Total $ 92,377 $ 92,918 $ 4,625 $ 4,240 $ 4,232 (a) Corporate assets consist principally of certain cash and cash equivalents, restricted cash, short-term investments, derivative instruments, property, plant and equipment and tax assets. In 2021, the change in assets was primarily due to a decrease in cash and cash equivalents and short-term investments. Refer to the cash flow statement for further information. Amortization of intangible assets and depreciation and other amortization of each division are as follows: Amortization of Depreciation and 2021 2020 2019 2021 2020 2019 FLNA $ 11 $ 10 $ 7 $ 594 $ 550 $ 492 QFNA — — — 46 41 44 PBNA 25 28 29 926 899 857 LatAm 4 4 5 283 251 270 Europe 37 40 37 364 350 341 AMESA 5 3 2 181 149 116 APAC 9 5 1 102 91 76 Total division 91 90 81 2,496 2,331 2,196 Corporate — — — 123 127 155 Total $ 91 $ 90 $ 81 $ 2,619 $ 2,458 $ 2,351 Net revenue and long-lived assets by country are as follows: Net Revenue Long-Lived Assets (a) 2021 2020 2019 2021 2020 United States $ 44,545 $ 40,800 $ 38,644 $ 36,324 $ 36,657 Mexico 4,580 3,924 4,190 1,720 1,708 Russia 3,426 3,009 3,263 3,751 3,644 Canada 3,405 2,989 2,831 2,846 2,794 China (b) 2,679 1,732 1,300 1,745 1,649 United Kingdom 2,102 1,882 1,723 906 874 South Africa (c) 2,008 1,282 405 1,389 1,484 All other countries 16,729 14,754 14,805 13,399 13,423 Total $ 79,474 $ 70,372 $ 67,161 $ 62,080 $ 62,233 (a) Long-lived assets represent property, plant and equipment, indefinite-lived intangible assets, amortizable intangible assets and investments in noncontrolled affiliates. See Note 2 and Note 14 for further information on property, plant and equipment. See Note 2 and Note 4 for further information on goodwill and other intangible assets. Investments in noncontrolled affiliates are evaluated for impairment upon a significant change in the operating or macroeconomic environment. These assets are reported in the country where they are primarily used. (b) The increase in net revenue reflects our acquisition of Be & Cheery. See Note 13 for further information. (c) The increase in net revenue reflects our acquisition of Pioneer Foods. See Note 13 for further information. |
Our Significant Accounting Poli
Our Significant Accounting Policies | 12 Months Ended |
Dec. 25, 2021 | |
Accounting Policies [Abstract] | |
Our Significant Accounting Policies | Our Significant Accounting Policies Revenue Recognition We recognize revenue when our performance obligation is satisfied. Our primary performance obligation (the distribution and sales of beverage and convenient food products) is satisfied upon the shipment or delivery of products to our customers, which is also when control is transferred. Merchandising activities are performed after a customer obtains control of the product, are accounted for as fulfillment of our performance obligation to ship or deliver product to our customers and are recorded in selling, general and administrative expenses. Merchandising activities are immaterial in the context of our contracts. In addition, we exclude from net revenue all sales, use, value-added and certain excise taxes assessed by government authorities on revenue producing transactions. The transfer of control of products to our customers is typically based on written sales terms that do not allow for a right of return. However, our policy for DSD, including certain chilled products, is to remove and replace damaged and out-of-date products from store shelves to ensure that consumers receive the product quality and freshness they expect. Similarly, our policy for certain warehouse-distributed products is to replace damaged and out-of-date products. As a result, we record reserves, based on estimates, for anticipated damaged and out-of-date produc ts. Our products are sold for cash or on credit terms. Our credit terms, which are established in accordance with local and industry practices, typically require payment within 30 days of delivery in the United States, and generally within 30 to 90 days internationally, and may allow discounts for early payment. We estimate and reserve for our expected credit loss exposure based on our experience with past due accounts and collectibility, write-off history, the aging of accounts receivable, our analysis of customer data, and forward-looking information (including the expected impact of the global economic uncertainty related to the COVID-19 pandemic), leveraging estimates of creditworthiness and projections of default and recovery rates for certain of our customers. We are exposed to concentration of credit risk from our major customers, including Walmart. We have not experienced credit issues with these customers. In 2021, sales to Walmart and its affiliates (including Sam’s) represented approximately 13% of our consolidated net revenue, including concentrate sales to our independent bottlers, which were used in finished goods sold by them to Walmart. Total Marketplace Spending We offer sales incentives and discounts through various programs to customers and consumers. Total marketplace spending includes sales incentives, discounts, advertising and other marketing activities. Sales incentives and discounts are primarily accounted for as a reduction of revenue and include payments to customers for performing activities on our behalf, such as payments for in-store displays, payments to gain distribution of new products, payments for shelf space and discounts to promote lower retail prices. Sales incentives and discounts also include support provided to our independent bottlers through funding of advertising and other marketing activities. A number of our sales incentives, such as bottler funding to independent bottlers and customer volume rebates, are based on annual targets, and accruals are established during the year, as products are delivered, for the expected payout, which may occur after year end once reconciled and settled. These accruals are based on contract terms and our historical experience with similar programs and require management judgment with respect to estimating customer and consumer participation and performance levels. Differences between estimated expense and actual incentive costs are normally insignificant and are recognized in earnings in the period such differences are determined. In addition, certain advertising and marketing costs are also based on annual targets and recognized during the year as incurred. The terms of most of our incentive arrangements do not exceed one year and, therefore, do not require highly uncertain long-term estimates. Certain arrangements, such as fountain pouring rights, may extend beyond one year. Upfront payments to customers under these arrangements are recognized over the shorter of the economic or contractual life, primarily as a reduction of revenue, and the remaining balances of $262 million as of December 25, 2021 and $299 million as of December 26, 2020 are included in prepaid expenses and other current assets and other assets on our balance sheet. For interim reporting, our policy is to allocate our forecasted full-year sales incentives for most of our programs to each of our interim reporting periods in the same year that benefits from the programs. The allocation methodology is based on our forecasted sales incentives for the full year and the proportion of each interim period’s actual gross revenue or volume, as applicable, to our forecasted annual gross revenue or volume, as applicable. Based on our review of the forecasts at each interim period, any changes in estimates and the related allocation of sales incentives are recognized beginning in the interim period that they are identified. In addition, we apply a similar allocation methodology for interim reporting purposes for certain advertising and other marketing activities. Our annual consolidated financial statements are not impacted by this interim allocation methodology. Advertising and other marketing activities, reported as selling, general and administrative expenses, totaled $5.1 billion in 2021, $4.6 billion in 2020 and $4.7 billion in 2019, including advertising expenses of $3.5 billion in 2021 and $3.0 billion in both 2020 and 2019. Deferred advertising costs are not expensed until the year first used and consist of: • media and personal service prepayments; • promotional materials in inventory; and • production costs of future media advertising. Deferred advertising costs of $53 million and $48 million as of December 25, 2021 and December 26, 2020, respectively, are classified as prepaid expenses and other current assets on our balance sheet. Distribution Costs Distribution costs, including the costs of shipping and handling activities, which include certain merchandising activities, are reported as selling, general and administrative expenses. Shipping and handling expenses were $13.7 billion in 2021, $11.9 billion in 2020 and $10.9 billion in 2019. Software Costs We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs include (1) external direct costs of materials and services utilized in developing or obtaining computer software, (2) compensation and related benefits for employees who are directly associated with the software projects and (3) interest costs incurred while developing internal-use computer software. Capitalized software costs are included in property, plant and equipment on our balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximate five and December 26, 2020, respectively. Commitments and Contingencies We are subject to various claims and contingencies related to lawsuits, certain taxes and environmental matters, as well as commitments under contractual and other commercial obligations. We recognize liabilities for contingencies and commitments when a loss is probable and estimable. Research and Development We engage in a variety of research and development activities and continue to invest to accelerate growth and to drive innovation globally. Consumer research is excluded from research and development costs and included in other marketing costs. Research and development costs were $752 million, $719 million and $711 million in 2021, 2020 and 2019, respectively, and are reported within selling, general and administrative expenses. Goodwill and Other Intangible Assets Indefinite-lived intangible assets and goodwill are not amortized and, as a result, are assessed for impairment at least annually, using either a qualitative or quantitative approach. We perform this annual assessment during our third quarter, or more frequently if circumstances indicate that the carrying value may not be recoverable. Where we use the qualitative assessment, first we determine if, based on qualitative factors, it is more likely than not that an impairment exists. Factors considered include macroeconomic (including those related to the COVID-19 pandemic), industry and competitive conditions, legal and regulatory environment, historical financial performance and significant changes in the brand or reporting unit. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is performed. In the quantitative assessment for indefinite-lived intangible assets and goodwill, an assessment is performed to determine the fair value of the indefinite-lived intangible asset and the reporting unit, respectively. Estimated fair value is determined using discounted cash flows and requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates, perpetuity growth assumptions and the selection of assumptions underlying a discount rate (weighted-average cost of capital) based on market data available at the time. Significant management judgment is necessary to estimate the impact of competitive operating, macroeconomic and other factors (including those related to the COVID-19 pandemic) to estimate future levels of sales, operating profit or cash flows. All assumptions used in our impairment evaluations for indefinite-lived intangible assets and goodwill, such as forecasted growth rates (including perpetuity growth assumptions) and weighted-average cost of capital, are based on the best available market information and are consistent with our internal forecasts and operating plans. A deterioration in these assumptions could adversely impact our results. Amortizable intangible assets are only evaluated for impairment upon a significant change in the operating or macroeconomic environment. If an evaluation of the undiscounted future cash flows indicates impairment, the asset is written down to its estimated fair value, which is based on its discounted future cash flows. See Note 4 for further information. Other Significant Accounting Policies Our other significant accounting policies are disclosed as follows: • Basis of Presentation – Note 1 includes a description of our policies regarding use of estimates, basis of presentation and consolidation. • Income Taxes – Note 5. • Share-Based Compensation – Note 6. • Pension, Retiree Medical and Savings Plans – Note 7. • Financial Instruments – Note 9. • Cash Equivalents – Cash equivalents are highly liquid investments with original maturities of three months or less. • Inventories – Note 14. Inventories are valued at the lower of cost or net realizable value. Cost is determined using the average; first-in, first-out (FIFO); or, in limited instances, last-in, first-out (LIFO) methods. • Property, Plant and Equipment – Note 14. Property, plant and equipment is recorded at historical cost. Depreciation is recognized on a straight-line basis over an asset’s estimated useful life. Construction in progress is not depreciated until ready for service. • Translation of Financial Statements of Foreign Subsidiaries – Financial statements of foreign subsidiaries are translated into U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for revenues and expenses. Adjustments resulting from translating net assets are reported as a separate component of accumulated other comprehensive loss within common shareholders’ equity as currency translation adjustment. Recently Issued Accounting Pronouncements - Adopted In 2019, the Financial Accounting Standards Board (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. We adopted the guidance in the first quarter of 2021. The adoption did not have a material impact on our consolidated financial statements or related disclosures. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 12 Months Ended |
Dec. 25, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Restructuring and Impairment Charges 2019 Multi-Year Productivity Plan The 2019 Productivity Plan, publicly announced on February 15, 2019, will leverage new technology and business models to further simplify, harmonize and automate processes; re-engineer our go-to-market and information systems, including deploying the right automation for each market; and simplify our organization and optimize our manufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan to date, we expanded and extended the plan through the end of 2026 to take advantage of additional opportunities within the initiatives described above. We now expect to incur pre-tax charges of approximately $3.15 billion, including cash expenditures of approximately $2.4 billion, as compared to our previous estimate of pre-tax charges of approximately $2.5 billion, which included cash expenditures of approximately $1.6 billion. These pre-tax charges are expected to consist of approximately 55% of severance and other employee-related costs, 10% for asset impairments (all non-cash) resulting from plant closures and related actions and 35% for other costs associated with the implementation of our initiatives. The total expected plan pre-tax charges are expected to be incurred by division approximately as follows: FLNA QFNA PBNA LatAm Europe AMESA APAC Corporate Expected pre-tax charges 15 % 1 % 25 % 10 % 25 % 5 % 4 % 15 % A summary of our 2019 Productivity Plan charges is as follows: 2021 2020 2019 Cost of sales $ 29 $ 30 $ 115 Selling, general and administrative expenses 208 239 253 Other pension and retiree medical benefits expense 10 20 2 Total restructuring and impairment charges $ 247 $ 289 $ 370 After-tax amount $ 206 $ 231 $ 303 Impact on net income attributable to PepsiCo per common share $ (0.15) $ (0.17) $ (0.21) 2021 2020 2019 Plan to Date through 12/25/2021 FLNA $ 28 $ 83 $ 22 $ 164 QFNA — 5 2 12 PBNA 20 47 51 158 LatAm 37 31 62 139 Europe 81 48 99 234 AMESA 15 14 38 70 APAC 7 5 47 61 Corporate 49 36 47 139 237 269 368 977 Other pension and retiree medical benefits expense 10 20 2 67 Total $ 247 $ 289 $ 370 $ 1,044 Plan to Date through 12/25/2021 Severance and other employee costs $ 564 Asset impairments 157 Other costs 323 Total $ 1,044 Severance and other employee costs primarily include severance and other termination benefits, as well as voluntary separation arrangements. Other costs primarily include costs associated with the implementation of our initiatives, including contract termination costs, consulting and other professional fees. A summary of our 2019 Productivity Plan activity is as follows: Severance and Other Employee Costs Asset Other Costs Total Liability as of December 29, 2018 $ 105 $ — $ 1 $ 106 2019 restructuring charges 149 92 129 370 Cash payments (a) (138) — (119) (257) Non-cash charges and translation 12 (92) 10 (70) Liability as of December 28, 2019 128 — 21 149 2020 restructuring charges 158 33 98 289 Cash payments (a) (138) — (117) (255) Non-cash charges and translation (26) (33) 3 (56) Liability as of December 26, 2020 122 — 5 127 2021 restructuring charges 120 32 95 247 Cash payments (a) (163) — (93) (256) Non-cash charges and translation (15) (32) — (47) Liability as of December 25, 2021 $ 64 $ — $ 7 $ 71 (a) Excludes cash expenditures of $2 million in both 2021 and 2020, and $4 million in 2019, reported in the cash flow statement in pension and retiree medical plan contributions. Substantially all of the restructuring accrual at December 25, 2021 is expected to be paid by the end of 2022. 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 | 12 Months Ended |
Dec. 25, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Intangible Assets A summary of our amortizable intangible assets is as follows: 2021 2020 2019 Average Gross Accumulated Net Gross Accumulated Net Acquired franchise rights (a) 56 – 60 $ 976 $ (187) $ 789 $ 976 $ (173) $ 803 Customer relationships 10 – 24 623 (227) 396 642 (204) 438 Brands (b) 20 – 40 1,151 (989) 162 1,348 (1,099) 249 Other identifiable intangibles 10 – 24 451 (260) 191 474 (261) 213 Total $ 3,201 $ (1,663) $ 1,538 $ 3,440 $ (1,737) $ 1,703 Amortization expense $ 91 $ 90 $ 81 (a) Acquired franchise rights includes our distribution agreement with Vital Pharmaceuticals, Inc., with an expected residual value higher than our carrying value. The distribution agreement’s useful life is three (b) The change primarily reflects assets reclassified as held for sale in connection with our Juice Transaction. See Note 13 for further information. Amortization is recognized on a straight-line basis over an intangible asset’s estimated useful life. Amortization of intangible assets for each of the next five 2022 2023 2024 2025 2026 Five-year projected amortization $ 84 $ 84 $ 83 $ 81 $ 72 Depreciable and amortizable assets are evaluated for impairment upon a significant change in the operating or macroeconomic environment. In these circumstances, if an evaluation of the undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value, which is based on discounted future cash flows. Useful lives are periodically evaluated to determine whether events or circumstances have occurred which indicate the need for revision. Indefinite-Lived Intangible Assets We did not recognize any impairment charges for goodwill in each of the years ended December 25, 2021, December 26, 2020 and December 28, 2019. We did not recognize any impairment charges for indefinite-lived intangible assets in the year ended December 25, 2021. In 2020, we recognized a pre-tax impairment charge of $41 million related to a coconut water brand in PBNA. We did not recognize any material impairment charges for indefinite-lived intangible assets in the year ended December 28, 2019. As of December 25, 2021, the estimated fair values of our indefinite-lived reacquired and acquired franchise rights recorded at PBNA exceeded their carrying values. However, there could be an impairment of the carrying value of PBNA’s reacquired and acquired franchise rights if future revenues and their contribution to the operating results of PBNA’s CSD business do not achieve our expected future cash flows or if macroeconomic conditions result in a future increase in the weighted-average cost of capital used to estimate fair value. We have also analyzed the impact of the macroeconomic conditions in Russia on the estimated fair value of our indefinite-lived intangible assets in Russia and have concluded that there are no impairments for the year ended December 25, 2021. The estimated fair value of indefinite-lived intangible assets is dependent on macroeconomic conditions (including a resulting increase in the weighted-average cost of capital used to estimate fair value), future revenues and their contributions to operating results and expected future cash flows (including perpetuity growth assumptions), and significant changes in the decisions regarding assets that do not perform consistent with our expectations. Subsequent to December 25, 2021, we discontinued or repositioned certain juice and dairy brands in Russia in our Europe segment. As a result, we will recognize pre-tax impairment charges of approximately $0.2 billion in the first quarter of 2022 in selling, general and administrative expenses. For further information on our policies for indefinite-lived intangible assets, see Note 2. The change in the book value of indefinite-lived intangible assets is as follows: Balance, Acquisitions Translation Balance, Acquisitions/(Divestitures) Translation Balance, FLNA (a) Goodwill $ 299 $ 164 $ 2 $ 465 $ (8) $ 1 $ 458 Brands 162 179 (1) 340 — — 340 Total 461 343 1 805 (8) 1 798 QFNA Goodwill 189 — — 189 — — 189 Brands 11 — (11) — — — — Total 200 — (11) 189 — — 189 PBNA (b) (c) Goodwill 9,898 2,280 11 12,189 (216) 1 11,974 Reacquired franchise rights 7,089 — 18 7,107 — — 7,107 Acquired franchise rights 1,517 16 3 1,536 1 1 1,538 Brands (d) 763 2,400 (41) 3,122 (290) (324) 2,508 Total 19,267 4,696 (9) 23,954 (505) (322) 23,127 LatAm Goodwill 501 — (43) 458 — (25) 433 Brands 125 — (17) 108 (1) (7) 100 Total 626 — (60) 566 (1) (32) 533 Europe (b) Goodwill (e) 3,961 (2) (153) 3,806 (28) (78) 3,700 Reacquired franchise rights (e) 505 — (9) 496 (23) (32) 441 Acquired franchise rights (e) 157 — 15 172 — (14) 158 Brands (f) 4,181 — (109) 4,072 — 182 4,254 Total 8,804 (2) (256) 8,546 (51) 58 8,553 AMESA (g) Goodwill 446 560 90 1,096 (2) (31) 1,063 Brands — 183 31 214 — (9) 205 Total 446 743 121 1,310 (2) (40) 1,268 APAC (h) Goodwill 207 306 41 554 3 7 564 Brands (d) 100 309 36 445 — 31 476 Total 307 615 77 999 3 38 1,040 Total goodwill 15,501 3,308 (52) 18,757 (251) (125) 18,381 Total reacquired franchise rights 7,594 — 9 7,603 (23) (32) 7,548 Total acquired franchise rights 1,674 16 18 1,708 1 (13) 1,696 Total brands 5,342 3,071 (112) 8,301 (291) (127) 7,883 Total $ 30,111 $ 6,395 $ (137) $ 36,369 $ (564) $ (297) $ 35,508 (a) Acquisitions/divestitures in 2021 and acquisitions in 2020 primarily reflect our acquisition of BFY Brands. (b) Acquisitions/divestitures in 2021 primarily reflects assets reclassified as held for sale in connection with our Juice Transaction. See Note 13 for further information. (c) Acquisitions in 2020 primarily reflects our acquisition of Rockstar. See Note 13 for further information. (d) Translation and other in 2021 primarily reflects the allocation of the Rockstar brand to the respective divisions, which was finalized in 2021 as part of purchase price allocation. (e) Translation and other primarily reflects the depreciation of the euro in 2021 and depreciation of the Russian ruble in 2020. (f) Translation and other in 2021 reflects the allocation of the Rockstar brand from PBNA, which was finalized in 2021 as part of purchase price allocation, partially offset by the depreciation of the euro. Translation and other in 2020 primarily reflects the depreciation of the Russian ruble. (g) Acquisitions in 2020 primarily reflects our acquisition of Pioneer Foods. See Note 13 for further information. (h) Acquisitions in 2020 primarily reflects our acquisition of Be & Cheery. See Note 13 for further information. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 25, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes are as follows: 2021 2020 2019 United States $ 3,740 $ 4,070 $ 4,123 Foreign 6,081 4,999 5,189 $ 9,821 $ 9,069 $ 9,312 The provision for income taxes consisted of the following: 2021 2020 2019 Current: U.S. Federal $ 702 $ 715 $ 652 Foreign 955 932 807 State 44 110 196 1,701 1,757 1,655 Deferred: U.S. Federal 375 273 325 Foreign (14) (167) (31) State 80 31 10 441 137 304 $ 2,142 $ 1,894 $ 1,959 A reconciliation of the U.S. Federal statutory tax rate to our annual tax rate is as follows: 2021 2020 2019 U.S. Federal statutory tax rate 21.0 % 21.0 % 21.0 % State income tax, net of U.S. Federal tax benefit 1.0 1.2 1.6 Lower taxes on foreign results (1.6) (0.8) (0.9) One-time mandatory transition tax - TCJ Act 1.9 — (0.1) Other, net (0.5) (0.5) (0.6) Annual tax rate 21.8 % 20.9 % 21.0 % Tax Cuts and Jobs Act In 2021, we recorded $190 million ($0.14 per share) of net tax expense related to the TCJ Act as a result of adjustments related to the final assessment of the 2014 through 2016 IRS audit . There were no tax amounts recognized in 2020 related to the TCJ Act. In 2019, we recognized a net tax benefit totaling $8 million ($0.01 per share) related to the TCJ Act. As of December 25, 2021, our mandatory transition tax liability was $2.9 billion, which must be paid through 2026 under the provisions of the TCJ Act. We reduced our liability through cash payments and application of tax overpayments by $309 million in 2021, $78 million in 2020 and $663 million in 2019. We currently expect to pay approximately $309 million of this liability in 2022. The TCJ Act also created a requirement that certain income earned by foreign subsidiaries, known as global intangible low-tax income (GILTI), must be included in the gross income of their U.S. shareholder. The FASB allows an accounting policy election of either recognizing deferred taxes for temporary differences expected to reverse as GILTI in future years or recognizing such taxes as a current-period expense when incurred. We elected to treat the tax effect of GILTI as a current-period expense when incurred. Other Tax Matters In 2021, we received a final assessment from the IRS audit for the tax years 2014 through 2016. The assessment included both agreed and unagreed issues. On October 29, 2021, we filed a formal written protest of the assessment and requested an appeals conference. As a result of the analysis of the 2014 through 2016 final assessment, we remeasured all applicable reserves for uncertain tax positions for all years open under the statute of limitations, including any correlating adjustments impacting the mandatory transition tax liability under the TCJ Act, resulting in a net non-cash tax expense of $112 million in 2021. 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. The enactment of certain provisions of the TRAF resulted in adjustments to our deferred taxes. During 2021, no income tax adjustments related to the TRAF were recorded. During 2020, we recorded a net tax benefit of $72 million related to the adoption of the TRAF in the Swiss Canton of Bern. During 2019, we recorded a net tax expense of $24 million related to the impact of 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. Deferred tax liabilities and assets are comprised of the following: 2021 2020 Deferred tax liabilities Debt guarantee of wholly-owned subsidiary $ 578 $ 578 Property, plant and equipment 2,036 1,851 Recapture of net operating losses 504 504 Pension liabilities 216 — Right-of-use assets 450 371 Other 254 159 Gross deferred tax liabilities 4,038 3,463 Deferred tax assets Net carryforwards 4,974 5,008 Intangible assets other than nondeductible goodwill 1,111 1,146 Share-based compensation 98 90 Retiree medical benefits 147 153 Other employee-related benefits 379 373 Pension benefits — 80 Deductible state tax and interest benefits 149 150 Lease liabilities 450 371 Other 842 866 Gross deferred tax assets 8,150 8,237 Valuation allowances (4,628) (4,686) Deferred tax assets, net 3,522 3,551 Net deferred tax liabilities/(assets) $ 516 $ (88) A summary of our valuation allowance activity is as follows: 2021 2020 2019 Balance, beginning of year $ 4,686 $ 3,599 $ 3,753 Provision (9) 1,082 (124) Other (deductions)/additions (49) 5 (30) Balance, end of year $ 4,628 $ 4,686 $ 3,599 Reserves A number of years may elapse before a particular matter, for which we have established a reserve, is audited and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. Our major taxing jurisdictions and the related open tax audits are as follows: Jurisdiction Years Open to Audit Years Currently Under Audit United States 2014-2020 2014-2019 Mexico 2014-2020 2014-2016 United Kingdom 2018-2020 None Canada (Domestic) 2016-2020 2016-2017 Canada (International) 2010-2020 2010-2017 Russia 2018-2020 None Our annual tax rate is based on our income, statutory tax rates and tax planning strategies and transactions, including transfer pricing arrangements, available to us in the various jurisdictions in which we operate. Significant judgment is required in determining our annual tax rate and in evaluating our tax positions. We establish reserves when, despite our belief that our tax return positions are fully supportable, we believe that certain positions are subject to challenge and that we likely will not succeed. We adjust these reserves, as well as the related interest, in light of changing facts and circumstances, such as the progress of a tax audit, new tax laws, relevant court cases or tax authority settlements. Settlement of any particular issue would usually require the use of cash. Favorable resolution would be recognized as a reduction to our annual tax rate in the year of resolution. As of December 25, 2021, the total gross amount of reserves for income taxes, reported in other liabilities, was $1.9 billion. We accrue interest related to reserves for income taxes in our provision for income taxes and any associated penalties are recorded in selling, general and administrative expenses. The gross amount of interest accrued, reported in other liabilities, was $326 million as of December 25, 2021, of which $3 million of tax benefit was recognized in 2021. The gross amount of interest accrued, reported in other liabilities, was $338 million as of December 26, 2020, of which $93 million of tax expense was recognized in 2020. A reconciliation of unrecognized tax benefits is as follows: 2021 2020 Balance, beginning of year $ 1,621 $ 1,395 Additions for tax positions related to the current year 222 128 Additions for tax positions from prior years 681 153 Reductions for tax positions from prior years (558) (22) Settlement payments (25) (13) Statutes of limitations expiration (39) (23) Translation and other (2) 3 Balance, end of year $ 1,900 $ 1,621 Carryforwards and Allowances Operating loss carryforwards totaling $30.0 billion as of December 25, 2021 are being carried forward in a number of foreign and state jurisdictions where we are permitted to use tax operating losses from prior periods to reduce future taxable income. These operating losses will expire as follows: $0.3 billion in 2022, $26.8 billion between 2023 and 2041 and $2.9 billion may be carried forward indefinitely. We establish valuation allowances for our deferred tax assets if, based on the available evidence, it is not more likely than not that some portion or all of the deferred tax assets will be realized. Undistributed International Earnings As of December 25, 2021, we had approximately $7 billion of undistributed international earnings. We intend to continue to reinvest $7 billion of earnings outside the United States for the foreseeable future and while future distribution of these earnings would not be subject to U.S. federal tax expense, no deferred tax liabilities with respect to items such as certain foreign exchange gains or losses, foreign withholding taxes or state taxes have been recognized. It is not practicable for us to determine the amount of unrecognized tax expense on these reinvested international earnings. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 25, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Share-Based Compensation Our share-based compensation program is designed to attract and retain employees while also aligning employees’ interests with the interests of our shareholders. PepsiCo has granted stock options, RSUs, PSUs and long-term cash awards to employees under the shareholder-approved PepsiCo, Inc. Long-Term Incentive Plan (LTIP). Executives who are awarded long-term incentives based on their performance may generally elect to receive their grant in the form of stock options or RSUs, or a combination thereof. Executives who elect stock options receive four stock options for every one RSU that would have otherwise been granted. Certain executive officers and other senior executives do not have a choice and are granted 66% PSUs and 34% long-term cash, each of which are subject to pre-established performance targets. The Company may use authorized and unissued shares to meet share requirements resulting from the exercise of stock options and the vesting of RSUs and PSUs. As of December 25, 2021, 44 million shares were available for future share-based compensation grants under the LTIP. The following table summarizes our total share-based compensation expense, which is primarily recorded in selling, general and administrative expenses, and excess tax benefits recognized: 2021 2020 2019 Share-based compensation expense - equity awards $ 301 $ 264 $ 237 Share-based compensation expense - liability awards 20 11 8 Restructuring charges 1 (1) (2) Total $ 322 $ 274 $ 243 Income tax benefits recognized in earnings related to share-based compensation $ 57 $ 48 $ 39 Excess tax benefits related to share-based compensation $ 38 $ 35 $ 50 As of December 25, 2021, there was $372 million of total unrecognized compensation cost related to nonvested share-based compensation grants. This unrecognized compensation cost is expected to be recognized over a weighted-average period of two years. Method of Accounting and Our Assumptions The fair value of share-based award grants is amortized to expense over the vesting period, primarily three years. Awards to employees eligible for retirement prior to the award becoming fully vested are amortized to expense over the period through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn the award. In addition, we use historical data to estimate forfeiture rates and record share-based compensation expense only for those awards that are expected to vest. We do not backdate, reprice or grant share-based compensation awards retroactively. Repricing of awards would require shareholder approval under the LTIP. Stock Options A stock option permits the holder to purchase shares of PepsiCo common stock at a specified price. We account for our employee stock options under the fair value method of accounting using a Black-Scholes valuation model to measure stock option expense at the date of grant. All stock option grants have an exercise price equal to the fair market value of our common stock on the date of grant and generally have a 10-year term. Our weighted-average Black-Scholes fair value assumptions are as follows: 2021 2020 2019 Expected life 7 years 6 years 5 years Risk-free interest rate 1.1 % 0.9 % 2.4 % Expected volatility 14 % 14 % 14 % Expected dividend yield 3.1 % 3.4 % 3.1 % The expected life is the period over which our employee groups are expected to hold their options. It is based on our historical experience with similar grants. The risk-free interest rate is based on the expected U.S. Treasury rate over the expected life. Volatility reflects movements in our stock price over the most recent historical period equivalent to the expected life. Dividend yield is estimated over the expected life based on our stated dividend policy and forecasts of net income, share repurchases and stock price. A summary of our stock option activity for the year ended December 25, 2021 is as follows: Options (a) Weighted-Average Exercise Weighted-Average Contractual Aggregate Intrinsic Value (a) Outstanding at December 26, 2020 10,640 $ 99.54 Granted 2,157 $ 134.25 Exercised (2,321) $ 79.87 Forfeited/expired (334) $ 125.35 Outstanding at December 25, 2021 10,142 $ 110.54 5.79 $ 600,755 Exercisable at December 25, 2021 5,407 $ 93.49 3.47 $ 412,524 Expected to vest as of December 25, 2021 4,419 $ 129.78 8.41 $ 176,771 (a) In thousands. Restricted Stock Units and Performance Stock Units Each RSU represents our obligation to deliver to the holder one share of PepsiCo common stock when the award vests at the end of the service period. PSUs are awards pursuant to which a number of shares are delivered to the holder upon vesting at the end of the service period based on PepsiCo’s performance against specified financial performance metrics. The number of shares may be increased to the maximum or reduced to the minimum threshold based on the results of these performance metrics in accordance with the terms established at the time of the award. During the vesting period, RSUs and PSUs accrue dividend equivalents that pay out in cash (without interest) if and when the applicable RSU or PSU vests and becomes payable. The fair value of RSUs and PSUs are measured at the market price of the Company’s stock on the date of grant. A summary of our RSU and PSU activity for the year ended December 25, 2021 is as follows: RSUs/PSUs (a) Weighted-Average Weighted-Average Contractual Life Aggregate Intrinsic Value (a) Outstanding at December 26, 2020 6,127 $ 119.92 Granted 2,636 $ 131.81 Converted (2,229) $ 112.09 Forfeited (557) $ 126.70 Outstanding at December 25, 2021 (b) 5,977 $ 127.45 1.31 $ 1,014,854 Expected to vest as of December 25, 2021 (c) 6,016 $ 127.59 1.30 $ 1,021,312 (a) In thousands. Outstanding awards are disclosed at target. (b) The outstanding PSUs for which the vesting period has not ended as of December 25, 2021, at the threshold, target and maximum award levels were zero, 1 million and 2 million, respectively. (c) Represents the number of outstanding awards expected to vest, including estimated performance adjustments on all outstanding PSUs as of December 25, 2021. Long-Term Cash Certain executive officers and other senior executives were granted long-term cash awards for which final payout is based on PepsiCo’s Total Shareholder Return relative to a specific set of peer companies and achievement of a specified performance target over a three-year performance period. Long-term cash awards that qualify as liability awards under share-based compensation guidance are valued through the end of the performance period on a mark-to-market basis using the Monte Carlo simulation model. A summary of our long-term cash activity for the year ended December 25, 2021 is as follows: Long-Term Cash Award (a) Balance Sheet Date Fair Value (a) Contractual Life Remaining Outstanding at December 26, 2020 $ 47,513 Granted 16,507 Vested (16,567) Forfeited (1,661) Outstanding at December 25, 2021 (b) $ 45,792 $ 50,238 1.29 Expected to vest as of December 25, 2021 (c) $ 43,480 $ 47,771 1.27 (a) In thousands. Outstanding awards are disclosed at target. (b) The outstanding awards for which the vesting period has not ended as of December 25, 2021, at the threshold, target and maximum award levels based on the achievement of its market conditions were zero, $46 million and $92 million, respectively. (c) Represents the number of outstanding awards expected to vest, based on the most recent valuation as of December 25, 2021. Other Share-Based Compensation Data The following is a summary of other share-based compensation data: 2021 2020 2019 Stock Options Total number of options granted (a) 2,157 1,847 1,286 Weighted-average grant-date fair value of options granted $ 9.88 $ 8.31 $ 10.89 Total intrinsic value of options exercised (a) $ 153,306 $ 155,096 $ 275,745 Total grant-date fair value of options vested (a) $ 10,605 $ 8,652 $ 9,838 RSUs/PSUs Total number of RSUs/PSUs granted (a) 2,636 2,496 2,754 Weighted-average grant-date fair value of RSUs/PSUs granted $ 131.81 $ 131.21 $ 116.87 Total intrinsic value of RSUs/PSUs converted (a) $ 273,878 $ 303,165 $ 333,951 Total grant-date fair value of RSUs/PSUs vested (a) $ 198,469 $ 235,523 $ 275,234 (a) In thousands. As of December 25, 2021 and December 26, 2020, there were approximately 299,000 and 287,000 outstanding awards, respectively, consisting primarily of phantom stock units that were granted under the PepsiCo Director Deferral Program and will be settled in shares of PepsiCo common stock pursuant to the LTIP at the end of the applicable deferral period, not included in the tables above. |
Pension, Retiree Medical and Sa
Pension, Retiree Medical and Savings Plans | 12 Months Ended |
Dec. 25, 2021 | |
Retirement Benefits, Description [Abstract] | |
Pension, Retiree Medical and Savings Plans | Pension, Retiree Medical and Savings Plans In connection with our Juice Transaction subsequent to December 25, 2021, we transferred pension and retiree medical obligations of approximately $150 million and related assets to the newly formed joint venture. In 2021, we adopted a change to the Canadian defined benefit plans to freeze pension accruals for salaried participants, effective January 1, 2024, and to close the hourly plan to new non-union employees hired on or after January 1, 2022. After the effective date, all salaried participants will receive an employer contribution to the defined contribution plan based on age and years of service regardless of employee contribution and will have the opportunity to receive employer contributions to match employee contributions up to defined limits. We also adopted a change to the U.K. defined benefit plan to freeze pension accruals for all participants effective March 31, 2022. After the effective date, participants will have the opportunity to receive employer contributions to match employee contributions up to defined limits. Pre-tax pension benefits expense will decrease after the effective dates, partially offset by contributions to defined contribution plans. In 2021, we adopted a change to the U.S. qualified defined benefit plans to transfer certain participants from PepsiCo Employees Retirement Plan A (Plan A) to PepsiCo Employees Retirement Plan I (Plan I), effective January 1, 2022. The benefits offered to the plans’ participants were unchanged. There is no material impact to pre-tax pension benefits expense from this transaction. In 2020, lump sum distributions exceeded the total of annual service and interest cost and triggered a pre-tax settlement charge in Plan A of $205 million ($158 million after-tax or $0.11 per share). In 2020, we adopted an amendment to the U.S. defined benefit pension plans to freeze benefit accruals for salaried participants, effective December 31, 2025. Since 2011, salaried new hires are not eligible to participate in the defined benefit plan. After the effective date, all salaried participants will receive an employer contribution to the 401(k) savings plan based on age and years of service regardless of employee contribution and will have the opportunity to receive employer contributions to match employee contributions up to defined limits. As a result of this amendment, pre-tax pension benefits expense decreased $70 million in 2021, primarily impacting corporate unallocated expenses. In 2020, we approved an amendment to reorganize the U.S. qualified defined benefit pension plans that resulted in the transfer of certain participants from Plan A to Plan I and to a newly created plan, PepsiCo Employees Retirement Hourly Plan (Plan H), effective January 1, 2021. The benefits offered to the plans’ participants were unchanged. The reorganization facilitated a more targeted investment strategy and provided additional flexibility in evaluating opportunities to reduce risk and volatility. There was no material impact to pre-tax pension benefits expense as a result of this reorganization. In 2020, we adopted an amendment, effective January 1, 2021, to enhance the pay credit benefits of certain participants in Plan H. As a result of this amendment, pre-tax pension benefits expense increased $45 million in 2021, primarily impacting service cost expense. In 2019, Plan A purchased a group annuity contract whereby a third-party insurance company assumed the obligation to pay and administer future annuity payments for certain retirees. This transaction triggered a pre-tax settlement charge in 2019 of $220 million ($170 million after-tax or $0.12 per share). Also in 2019, certain former employees who had vested benefits in our U.S. defined benefit pension plans were offered the option of receiving a one-time lump sum payment equal to the present value of the participant’s pension benefit. This transaction triggered a pre-tax settlement charge in 2019 of $53 million ($41 million after-tax or $0.03 per share). Collectively, the group annuity contract and one-time lump sum payments to certain former employees who had vested benefits resulted in settlement charges in 2019 of $273 million ($211 million after-tax or $0.15 per share). Gains and losses resulting from actual experience differing from our assumptions, including the difference between the actual return on plan assets and the expected return on plan assets, as well as changes in our assumptions, are determined at each measurement date. These differences are recognized as a component of net gain or loss in accumulated other comprehensive loss. If this net accumulated gain or loss exceeds 10% of the greater of the market-related value of plan assets or plan obligations, a portion of the net gain or loss is included in other pension and retiree medical benefits (expense)/income for the following year based upon the average remaining service life for participants in Plan A (approximately 9 years), Plan H (approximately 11 years) and retiree medical (approximately 9 years), and the remaining life expectancy for participants in Plan I (approximately 27 years). The cost or benefit of plan changes that increase or decrease benefits for prior employee service (prior service cost/(credit)) is included in other pension and retiree medical benefits (expense)/income on a straight-line basis over the average remaining service life for participants in both Plan A and Plan H, except that prior service cost/(credit) for salaried participants subject to the freeze is amortized on a straight-line basis over the period up to the effective date of the freeze, or the remaining life expectancy for participants in Plan I. Selected financial information for our pension and retiree medical plans is as follows: Pension Retiree Medical U.S. International 2021 2020 2021 2020 2021 2020 Change in projected benefit obligation Obligation at beginning of year $ 16,753 $ 15,230 $ 4,430 $ 3,753 $ 1,006 $ 988 Service cost 518 434 104 86 33 25 Interest cost 324 435 74 85 15 25 Plan amendments 23 (221) 3 (17) — (25) Participant contributions — — 3 2 — — Experience (gain)/loss (215) 2,042 (178) 467 (17) 81 Benefit payments (976) (378) (106) (92) (83) (89) Settlement/curtailment (220) (808) (99) (24) — — Special termination benefits 9 19 — — — — Other, including foreign currency adjustment — — (56) 170 — 1 Obligation at end of year $ 16,216 $ 16,753 $ 4,175 $ 4,430 $ 954 $ 1,006 Change in fair value of plan assets Fair value at beginning of year $ 15,465 $ 14,302 $ 4,303 $ 3,732 $ 315 $ 302 Actual return on plan assets 1,052 1,908 387 401 20 47 Employer contributions/funding 580 387 158 120 47 55 Participant contributions — — 3 2 — — Benefit payments (976) (378) (106) (92) (83) (89) Settlement (217) (754) (52) (29) — — Other, including foreign currency adjustment — — (69) 169 — — Fair value at end of year $ 15,904 $ 15,465 $ 4,624 $ 4,303 $ 299 $ 315 Funded status $ (312) $ (1,288) $ 449 $ (127) $ (655) $ (691) Amounts recognized Other assets $ 692 $ 797 $ 564 $ 110 $ — $ — Other current liabilities (48) (53) (1) (1) (57) (51) Other liabilities (956) (2,032) (114) (236) (598) (640) Net amount recognized $ (312) $ (1,288) $ 449 $ (127) $ (655) $ (691) Amounts included in accumulated other comprehensive loss (pre-tax) Net loss/(gain) $ 3,550 $ 4,116 $ 696 $ 1,149 $ (220) $ (212) Prior service (credit)/cost (63) (119) (11) (19) (34) (45) Total $ 3,487 $ 3,997 $ 685 $ 1,130 $ (254) $ (257) Changes recognized in net (gain)/loss included in other comprehensive loss Net (gain)/loss arising in current year $ (301) $ 1,009 $ (355) $ 268 $ (22) $ 50 Amortization and settlement recognition (265) (409) (95) (75) 14 23 Foreign currency translation (gain)/loss — — (3) 42 — — Total $ (566) $ 600 $ (453) $ 235 $ (8) $ 73 Accumulated benefit obligation at end of year $ 15,489 $ 15,949 $ 4,021 $ 4,108 The net gain arising in the current year is primarily attributable to the increase in discount rate offset by actual experience differing from demographic assumptions. The amount we report in operating profit as pension and retiree medical cost is service cost, which is the value of benefits earned by employees for working during the year. The amounts we report below operating profit as pension and retiree medical cost consist of the following components: • Interest cost is the accrued interest on the projected benefit obligation due to the passage of time. • Expected return on plan assets is the long-term return we expect to earn on plan investments for our funded plans that will be used to settle future benefit obligations. • Amortization of prior service cost/(credit) represents the recognition in the income statement of benefit changes resulting from plan amendments. • Amortization of net loss/(gain) represents the recognition in the income statement of changes in the amount of plan assets and the projected benefit obligation based on changes in assumptions and actual experience. • Settlement/curtailment loss/(gain) represents the result of actions that effectively eliminate all or a portion of related projected benefit obligations. Settlements are triggered when payouts to settle the projected benefit obligation of a plan due to lump sums or other events exceed the annual service and interest cost. Settlements are recognized when actions are irrevocable and we are relieved of the primary responsibility and risk for projected benefit obligations. Lump sum payouts are generally higher when interest rates are lower. Curtailments are recognized when events such as plant closures, the sale of a business, or plan changes result in a significant reduction of future service or benefits. Curtailment losses are recognized when an event is probable and estimable, while curtailment gains are recognized when an event has occurred (when the related employees terminate or an amendment is adopted). • Special termination benefits are the additional benefits offered to employees upon departure due to actions such as restructuring. The components of total pension and retiree medical benefit costs are as follows: Pension Retiree Medical U.S. International 2021 2020 2019 2021 2020 2019 2021 2020 2019 Service cost $ 518 $ 434 $ 381 $ 104 $ 86 $ 73 $ 33 $ 25 $ 23 Other pension and retiree medical benefits (income)/expense: Interest cost $ 324 $ 435 $ 543 $ 74 $ 85 $ 97 $ 15 $ 25 $ 36 Expected return on plan assets (970) (929) (892) (231) (202) (188) (15) (16) (18) Amortization of prior service (credits)/cost (31) 12 10 (2) — — (11) (12) (19) Amortization of net losses/(gains) 224 196 161 77 61 32 (14) (23) (27) Settlement/curtailment losses/(gains) (a) 40 213 296 (11) 19 12 — — — Special termination benefits 9 19 1 — — — — — — Total other pension and retiree medical benefits (income)/expense $ (404) $ (54) $ 119 $ (93) $ (37) $ (47) $ (25) $ (26) $ (28) Total $ 114 $ 380 $ 500 $ 11 $ 49 $ 26 $ 8 $ (1) $ (5) (a) In 2020, U.S. includes a settlement charge of $205 million ($158 million after-tax or $0.11 per share) related to lump sum distributions exceeding the total of annual service and interest cost. In 2019, U.S. includes settlement charges related to the purchase of a group annuity contract of $220 million ($170 million after-tax or $0.12 per share) and a pension lump sum settlement charge of $53 million ($41 million after-tax or $0.03 per share). The following table provides the weighted-average assumptions used to determine net periodic benefit cost and projected benefit obligation for our pension and retiree medical plans: Pension Retiree Medical U.S. International 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net Periodic Benefit Cost Service cost discount rate 2.6 % 3.4 % 4.4 % 2.7 % 3.2 % 4.2 % 2.3 % 3.2 % 4.3 % Interest cost discount rate 2.0 % 2.9 % 4.1 % 1.7 % 2.4 % 3.2 % 1.6 % 2.6 % 3.8 % Expected return on plan assets 6.4 % 6.8 % 7.1 % 5.3 % 5.6 % 5.8 % 5.4 % 5.8 % 6.6 % Rate of salary increases 3.0 % 3.1 % 3.1 % 3.3 % 3.3 % 3.7 % Projected Benefit Obligation Discount rate 2.9 % 2.5 % 3.3 % 2.4 % 2.0 % 2.5 % 2.7 % 2.3 % 3.1 % Rate of salary increases 3.0 % 3.0 % 3.1 % 3.3 % 3.3 % 3.3 % The following table provides selected information about plans with accumulated benefit obligation and total projected benefit obligation in excess of plan assets: Pension Retiree Medical U.S. International 2021 2020 2021 2020 2021 2020 Selected information for plans with accumulated benefit obligation in excess of plan assets (a) Obligation for service to date $ (1,499) $ (5,537) $ (127) $ (172) Fair value of plan assets $ 705 $ 4,156 $ 102 $ 123 Selected information for plans with projected benefit obligation in excess of plan assets (a) Benefit obligation $ (1,709) $ (9,172) $ (286) $ (2,933) $ (954) $ (1,006) Fair value of plan assets $ 705 $ 7,088 $ 171 $ 2,696 $ 299 $ 315 (a) The decrease in U.S. pension plans with obligations in excess of plan assets primarily reflects employer contributions to Plan H. Of the total projected pension benefit obligation as of December 25, 2021, approximately $810 million relates to plans that we do not fund because the funding of such plans does not receive favorable tax treatment. Future Benefit Payments Our estimated future benefit payments are as follows: 2022 2023 2024 2025 2026 2027 - 2031 Pension $ 1,110 $ 960 $ 960 $ 995 $ 1,030 $ 5,385 Retiree medical (a) $ 95 $ 90 $ 90 $ 85 $ 80 $ 355 (a) Expected future benefit payments for our retiree medical plans do not reflect any estimated subsidies expected to be received under the 2003 Medicare Act. Subsidies are expected to be approximately $1 million for each of the years from 2022 through 2026 and approximately $4 million in total for 2027 through 2031. These future benefit payments to beneficiaries include payments from both funded and unfunded plans. Funding Contributions to our pension and retiree medical plans were as follows: Pension Retiree Medical 2021 2020 2019 2021 2020 2019 Discretionary (a) $ 525 $ 339 $ 417 $ — $ — $ — Non-discretionary 213 168 255 47 55 44 Total $ 738 $ 507 $ 672 $ 47 $ 55 $ 44 (a) Includes $500 million contribution in 2021, $325 million contribution in 2020 and $400 million contribution in 2019 to fund our qualified defined benefit plans in the United States. We made a discretionary contribution of $75 million to our U.S. qualified defined benefit plans in January 2022 and expect to make an additional $75 million contribution in the third quarter of 2022. In addition, in 2022, we expect to make non-discretionary contributions of approximately $135 million to our U.S. and international pension benefit plans and approximately $55 million for retiree medical benefits. 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. Plan Assets Our pension plan investment strategy includes the use of actively managed accounts and is reviewed periodically in conjunction with plan obligations, an evaluation of market conditions, tolerance for risk and cash requirements for benefit payments. This strategy is also applicable to funds held for the retiree medical plans. Our investment objective includes ensuring that funds are available to meet the plans’ benefit obligations when they become due. Assets contributed to our pension plans are no longer controlled by us, but become the property of our individual pension plans. However, we are indirectly impacted by changes in these plan assets as compared to changes in our projected obligations. Our overall investment policy is to prudently invest plan assets in a well-diversified portfolio of equity and high-quality debt securities and real estate to achieve our long-term return expectations. Our investment policy also permits the use of derivative instruments, such as futures and forward contracts, to reduce interest rate and foreign currency risks. Futures contracts represent commitments to purchase or sell securities at a future date and at a specified price. Forward contracts consist of currency forwards. For 2022 and 2021, our expected long-term rate of return on U.S. plan assets is 6.3% and 6.4%, respectively. Our target investment allocations for U.S. plan assets are as follows: 2022 2021 Fixed income 56 % 51 % U.S. equity 22 % 24 % International equity 18 % 21 % Real estate 4 % 4 % Actual investment allocations may vary from our target investment allocations due to prevailing market conditions. We regularly review our actual investment allocations and periodically rebalance our investments. The expected return on plan assets is based on our investment strategy and our expectations for long-term rates of return by asset class, taking into account volatility and correlation among asset classes and our historical experience. We also review current levels of interest rates and inflation to assess the reasonableness of the long-term rates. We evaluate our expected return assumptions annually to ensure that they are reasonable. To calculate the expected return on plan assets, our market-related value of assets for fixed income is the actual fair value. For all other asset categories, such as equity securities, we use a method that recognizes investment gains or losses (the difference between the expected and actual return based on the market-related value of assets) over a five-year period. This has the effect of reducing year-to-year volatility. Plan assets measured at fair value as of year-end 2021 and 2020 are categorized consistently by Level 1 (quoted prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) in both years and are as follows: Fair Value Hierarchy Level 2021 2020 U.S. plan assets (a) Equity securities, including preferred stock (b) 1 $ 6,387 $ 7,179 Government securities (c) 2 2,523 2,177 Corporate bonds (c) 2 6,210 5,437 Mortgage-backed securities (c) 2 199 119 Contracts with insurance companies (d) 3 9 9 Cash and cash equivalents (e) 1, 2 352 278 Sub-total U.S. plan assets 15,680 15,199 Real estate commingled funds measured at net asset value (f) 478 517 Dividends and interest receivable, net of payables 45 64 Total U.S. plan assets $ 16,203 $ 15,780 International plan assets Equity securities (b) 1 $ 2,232 $ 2,119 Government securities (c) 2 1,053 937 Corporate bonds (c) 2 400 445 Fixed income commingled funds (g) 1 632 509 Contracts with insurance companies (d) 3 43 50 Cash and cash equivalents 1 34 33 Sub-total international plan assets 4,394 4,093 Real estate commingled funds measured at net asset value (f) 221 202 Dividends and interest receivable 9 8 Total international plan assets $ 4,624 $ 4,303 (a) Includes $299 million and $315 million in 2021 and 2020, respectively, of retiree medical plan assets that are restricted for purposes of providing health benefits for U.S. retirees and their beneficiaries. (b) Invested in U.S. and international common stock and commingled funds, and the preferred stock portfolio was invested in domestic and international corporate preferred stock investments. The common and preferred stock investments are based on quoted prices in active markets. The commingled funds are based on the published price of the fund and include one large-cap fund that represents 11% and 13% of total U.S. plan assets for 2021 and 2020, respectively. (c) These investments are based on quoted bid prices for comparable securities in the marketplace and broker/dealer quotes in active markets. Corporate bonds of U.S.-based companies represent 32% and 30% of total U.S. plan assets for 2021 and 2020, respectively. (d) Based on the fair value of the contracts as determined by the insurance companies using inputs that are not observable. The changes in Level 3 amounts were not significant in the years ended December 25, 2021 and December 26, 2020. (e) Includes Level 1 assets of $216 million and $178 million for 2021 and 2020, respectively, and Level 2 assets of $136 million and $100 million for 2021 and 2020, respectively. (f) The real estate commingled funds include investments in limited partnerships. These funds are based on the net asset value of the appraised value of investments owned by these funds as determined by independent third parties using inputs that are not observable. The majority of the funds are redeemable quarterly subject to availability of cash and have notice periods ranging from 45 to 90 days. (g) Based on the published price of the fund. Retiree Medical Cost Trend Rates 2022 2021 Average increase assumed 6 % 6 % Ultimate projected increase 4 % 5 % Year of ultimate projected increase 2046 2040 These assumed health care cost trend rates have an impact on the retiree medical plan expense and obligation, however the cap on our share of retiree medical costs limits the impact. Savings Plan Certain U.S. employees are eligible to participate in a 401(k) savings plan, which is a voluntary defined contribution plan. The plan is designed to help employees accumulate savings for retirement and we make Company matching contributions for certain employees on a portion of employee contributions based on years of service. Certain U.S. salaried employees, who are not eligible to participate in a defined benefit pension plan, are also eligible to receive an employer contribution based on age and years of service regardless of employee contribution. In 2021, 2020 and 2019, our total Company contributions were $246 million, $225 million and $197 million, respectively. |
Debt Obligations and Commitment
Debt Obligations and Commitments | 12 Months Ended |
Dec. 25, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Debt Obligations The following table summarizes our debt obligations: 2021 (a) 2020 (a) Short-term debt obligations (b) Current maturities of long-term debt $ 3,872 $ 3,358 Commercial paper (0.1% and 0.2%) 400 396 Other borrowings (2.2% and 1.7%) 36 26 $ 4,308 $ 3,780 Long-term debt obligations (b) Notes due 2021 (2.2%) $ — $ 3,356 Notes due 2022 (2.4% and 2.5%) 3,868 3,867 Notes due 2023 (1.5% and 1.5%) 3,019 3,017 Notes due 2024 (2.1% and 2.1%) 2,986 3,067 Notes due 2025 (2.7% and 2.7%) 3,230 3,227 Notes due 2026 (3.2% and 3.2%) 2,450 2,492 Notes due 2027-2060 (2.6% and 2.8%) 24,313 24,673 Other, due 2021-2027 (1.3% and 1.3%) 32 29 39,898 43,728 Less: current maturities of long-term debt obligations 3,872 3,358 Total $ 36,026 $ 40,370 (a) Amounts are shown net of unamortized net discounts of $233 million and $260 million for 2021 and 2020, respectively. (b) The interest rates presented reflect weighted-average effective interest rates at year-end. Certain of our fixed rate indebtedness have been swapped to floating rates through the use of interest rate derivative instruments. See Note 9 for further information regarding our interest rate derivative instruments. As of December 25, 2021 and December 26, 2020, our international debt of $38 million and $29 million, respectively, was related to borrowings from external parties, including various lines of credit. These lines of credit are subject to normal banking terms and conditions and are fully committed at least to the extent of our borrowings. In 2021, we issued the following senior notes: Interest Rate Maturity Date Amount (a) 0.750 % October 2033 € 1,000 1.950 % October 2031 $ 1,250 2.625 % October 2041 $ 750 2.750 % October 2051 $ 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 will be used for general corporate purposes, including the repurchase of outstanding indebtedness and the repayment of commercial paper. In 2021, we paid $4.8 billion in cash in connection with the tender of certain notes redeemed in the following amounts: Interest Rate Maturity Date Principal Amount Tendered 5.500 % May 2035 $ 8 5.500 % May 2035 $ 1 (a) 5.500 % January 2040 $ 26 3.500 % March 2040 $ 443 4.875 % November 2040 $ 30 4.000 % March 2042 $ 261 3.600 % August 2042 $ 210 4.250 % October 2044 $ 190 4.600 % July 2045 $ 203 4.450 % April 2046 $ 532 3.450 % October 2046 $ 622 4.000 % May 2047 $ 212 3.375 % July 2049 $ 508 3.625 % March 2050 $ 611 3.875 % March 2060 $ 240 (a) Series A. As a result of the cash tender offers, we recorded a pre-tax charge of $842 million ($677 million after-tax or $0.49 per share) to net interest expense and other, primarily representing the tender price paid over the carrying value of the tendered notes and loss on treasury rate locks used to mitigate the interest rate risk on the cash tender offers. See Note 9 to our consolidated financial statements for the mark-to-market impact of treasury rate locks associated with the cash tender offers. In 2021, we entered into a new five-year unsecured revolving credit agreement (Five-Year Credit Agreement), which expires on May 28, 2026. The Five-Year Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.75 billion in U.S. dollars and/or euros, including a $0.75 billion swing line subfacility for euro-denominated borrowings permitted to be borrowed on a same-day basis, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion (or the equivalent amount in euros). Additionally, we may, once a year, request renewal of the agreement for an additional one-year period. The Five-Year Credit Agreement replaced our $3.75 billion five year credit agreement, dated as of June 3, 2019. Also in 2021, we entered into a new 364-day unsecured revolving credit agreement (364-Day Credit Agreement), which expires on May 27, 2022. The 364-Day Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.75 billion in U.S. dollars and/or euros, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion (or the equivalent amount in euros). We may request renewal of this facility for an additional 364-day period or convert any amounts outstanding into a term loan for a period of up to one year, which 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 1, 2020. Funds borrowed under the Five-Year Credit Agreement and the 364-Day Credit Agreement may be used for general corporate purposes. Subject to certain conditions, we may borrow, prepay and reborrow amounts under these agreements. As of December 25, 2021, there were no outstanding borrowings under the Five-Year Credit Agreement or the 364-Day Credit Agreement. In 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 2021, we paid $750 million to redeem all $750 million outstanding principal amount of our 1.70% senior notes due 2021 and terminated the associated interest rate swap with a notional amount of $250 million. In 2020, we paid $1.1 billion to redeem all $1.1 billion outstanding principal amount of our 2.15% senior notes due 2020 and terminated associated interest rate swaps with a notional amount of $0.8 billion. In 2019, we paid $1.0 billion to redeem all $1.0 billion outstanding principal amount of our 4.50% senior notes due 2020. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 25, 2021 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Financial Instruments | Financial Instruments Derivatives and Hedging 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. In the normal course of business, we manage commodity price, foreign exchange and interest rate risks through a variety of strategies, including productivity initiatives, global purchasing programs and hedging. Ongoing productivity initiatives involve the identification and effective implementation of meaningful cost-saving opportunities or efficiencies, including the use of derivatives. We do not use derivative instruments for trading or speculative purposes. Our global purchasing programs include fixed-price contracts and purchase orders and pricing agreements. Our hedging strategies include the use of derivatives and, in the case of our net investment hedges, debt instruments. Certain derivatives are designated as either cash flow or fair value hedges and qualify for hedge accounting treatment, while others do not qualify and are marked to market through earnings. The accounting for qualifying hedges allows changes in a hedging instrument’s fair value to offset corresponding changes in the hedged item in the same reporting period that the hedged item impacts earnings. Gains or losses on derivatives designated as cash flow hedges are recorded in accumulated other comprehensive loss and reclassified to our income statement when the hedged transaction affects earnings. If it becomes probable that the hedged transaction will not occur, we immediately recognize the related hedging gains or losses in earnings; such gains or losses reclassified during the year ended December 25, 2021 were not material. Cash flows from derivatives used to manage commodity price, foreign exchange or interest rate risks are classified as operating activities in the cash flow statement. We classify both the earnings and cash flow impact from these derivatives consistent with the underlying hedged item. Credit Risk We perform assessments of our counterparty credit risk regularly, including reviewing netting agreements, if any, and a review of credit ratings, credit default swap rates and potential nonperformance of the counterparty. Based on our most recent assessment of our counterparty credit risk, we consider this risk to be low. In addition, we enter into derivative contracts with a variety of financial institutions that we believe are creditworthy in order to reduce our concentration of credit risk. Certain of our agreements with our counterparties require us to post full collateral on derivative instruments in a net liability position if our credit rating is at A2 (Moody’s Investors Service, Inc.) or A (S&P Global Ratings) and we have been placed on credit watch for possible downgrade or if our credit rating falls below either of these levels. The fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position as of December 25, 2021 was $247 million. We have posted no collateral under these contracts and no credit-risk-related contingent features were triggered as of December 25, 2021. Commodity Prices We are subject to commodity price risk because our ability to recover increased costs through higher pricing may be limited in the competitive environment in which we operate. This risk is managed through the use of fixed-price contracts and purchase orders, pricing agreements and derivative instruments, which primarily include swaps and futures. In addition, risk to our supply of certain raw materials is mitigated through purchases from multiple geographies and suppliers. We use derivatives, with terms of no more than three years, to hedge price fluctuations related to a portion of our anticipated commodity purchases, primarily for agricultural products, energy and metals. Derivatives used to hedge commodity price risk that do not qualify for hedge accounting treatment are marked to market each period with the resulting gains and losses recorded in corporate unallocated expenses as either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. These gains and losses are subsequently reflected in division results when the divisions recognize the cost of the underlying commodity in operating profit. Our commodity derivatives had a total notional value of $1.6 billion as of December 25, 2021 and $1.1 billion as of December 26, 2020. Foreign Exchange We are exposed to foreign exchange risks in the international markets in which our products are made, manufactured, distributed or sold. Additionally, we are exposed to foreign exchange risk from net investments in foreign subsidiaries, foreign currency purchases and foreign currency assets and liabilities created in the normal course of business. We manage this risk through sourcing purchases from local suppliers, negotiating contracts in local currencies with foreign suppliers and through the use of derivatives, primarily forward contracts with terms of no more than two years. Exchange rate gains or losses related to foreign currency transactions are recognized as transaction gains or losses on our income statement as incurred. We also use net investment hedges to partially offset the effects of foreign currency on our investments in certain of our foreign subsidiaries. Our foreign currency derivatives had a total notional value of $2.8 billion as of December 25, 2021 and $1.9 billion as of December 26, 2020. The total notional amount of our debt instruments designated as net investment hedges was $2.1 billion as of December 25, 2021 and $2.7 billion as of December 26, 2020. For foreign currency derivatives that do not qualify for hedge accounting treatment, gains and losses were offset by changes in the underlying hedged items, resulting in no material net impact on earnings. Interest Rates We centrally manage our debt and investment portfolios considering investment opportunities and risks, tax consequences and overall financing strategies. We use various interest rate derivative instruments including, but not limited to, interest rate swaps, cross-currency interest rate swaps, Treasury locks and swap locks to manage our overall interest expense and foreign exchange risk. These instruments effectively change the interest rate and currency of specific debt issuances. Certain of our fixed rate indebtedness have been swapped to floating rates. The notional amount, interest payment and maturity date of the interest rate and cross-currency interest rate swaps match the principal, interest payment and maturity date of the related debt. Our cross-currency interest rate swaps have terms of no more than twelve years. Our Treasury locks and swap locks are entered into to protect against unfavorable interest rate changes relating to forecasted debt transactions. Our interest rate derivatives had a total notional value of $2.1 billion as of December 25, 2021 and $3.0 billion as of December 26, 2020. As of December 25, 2021, approximately 2% of total debt was subject to variable rates, compared to approximately 3%, after the impact of the related interest rate derivative instruments, as of December 26, 2020. Held-to-Maturity Debt Securities Investments in debt securities that we have the positive intent and ability to hold until maturity are classified as held-to-maturity. Highly liquid debt securities with original maturities of three months or less are recorded as cash equivalents. Our held-to-maturity debt securities consist of U.S. Treasury securities and commercial paper. As of December 25, 2021, we had no investments in U.S. Treasury securities. As of December 26, 2020, we had $2.1 billion of investments in U.S. Treasury securities with $2.0 billion recorded in cash and cash equivalents and $0.1 billion in short-term investments. As of December 25, 2021, we had $130 million of investments in commercial paper recorded in cash and cash equivalents. As of December 26, 2020, we had $260 million of investments in commercial paper with $75 million recorded in cash and cash equivalents and $185 million in short-term investments. Held-to-maturity debt securities are recorded at amortized cost, which approximates fair value, and realized gains or losses are reported in earnings. Our investments mature in less than one year. As of December 25, 2021 and December 26, 2020, gross unrecognized gains and losses and the allowance for expected credit losses were not material. Fair Value Measurements The fair values of our financial assets and liabilities as of December 25, 2021 and December 26, 2020 are categorized as follows: 2021 2020 Fair Value Hierarchy Levels (a) Assets (a) Liabilities (a) Assets (a) Liabilities (a) Index funds (b) 1 $ 337 $ — $ 231 $ — Prepaid forward contracts (c) 2 $ 21 $ — $ 18 $ — Deferred compensation (d) 2 $ — $ 505 $ — $ 477 Contingent consideration (e) 3 $ — $ — $ — $ 861 Derivatives designated as fair value hedging instruments: Interest rate (f) 2 $ — $ — $ 2 $ — Derivatives designated as cash flow hedging instruments: Foreign exchange (g) 2 $ 29 $ 14 $ 9 $ 71 Interest rate (g) 2 14 264 13 307 Commodity (h) 2 70 5 32 — $ 113 $ 283 $ 54 $ 378 Derivatives not designated as hedging instruments: Foreign exchange (g) 2 $ 19 $ 7 $ 4 $ 8 Commodity (h) 2 35 22 19 7 $ 54 $ 29 $ 23 $ 15 Total derivatives at fair value (i) $ 167 $ 312 $ 79 $ 393 Total $ 525 $ 817 $ 328 $ 1,731 (a) Fair value hierarchy levels are defined in Note 7. Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. (b) Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability. (c) Based primarily on the price of our common stock. (d) Based on the fair value of investments corresponding to employees’ investment elections. (e) 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. In the fourth quarter of 2021, we exercised our option to accelerate all remaining payments. The change in the contingent consideration in 2021 is comprised of the fourth quarter payment of $773 million, a recognized pre-tax gain of $86 million ($66 million after-tax or $0.05 per share), recorded in selling, general and administrative expenses, and a fair value decrease of $2 million, recorded in goodwill as a result of the finalization of purchase price allocation. (f) Based on London Interbank Offered Rate forward rates. As of December 25, 2021, we had no hedged fixed-rate debt. As of December 26, 2020, the carrying amount of hedged fixed-rate debt was $0.2 billion and classified on our balance sheet within short-term debt obligations. As of December 25, 2021, there were no fair value hedging adjustments to hedged fixed-rate debt. As of December 26, 2020, the cumulative amount of fair value hedging adjustments to hedged fixed-rate debt was a $2 million gain. As of December 25, 2021, the cumulative amount of fair value hedging adjustments on discontinued hedges was a $2 million net loss, which is being amortized over the remaining life of the related debt obligations. (g) Based on recently reported market transactions of spot and forward rates. (h) Primarily based on recently reported market transactions of swap arrangements. (i) 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 December 25, 2021 and December 26, 2020 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table as of December 25, 2021. The carrying amounts of our cash and cash equivalents and short-term investments recorded at amortized cost approximate fair value (classified as Level 2 in the fair value hierarchy) due to their short-term maturity. The fair value of our debt obligations as of December 25, 2021 and December 26, 2020 was $43 billion and $50 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: Fair Value/Non- Cash Flow and Net Investment Hedges Losses/(Gains) Recognized in Income Statement (a) Losses/(Gains) Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) 2021 2020 2021 2020 2021 2020 Foreign exchange $ (4) $ — $ (7) $ (9) $ 82 $ (43) Interest 56 (6) 44 (96) 64 (129) Commodity (218) 53 (285) (21) (194) 56 Net investment — — (192) 235 — — Total $ (166) $ 47 $ (440) $ 109 $ (48) $ (116) (a) Foreign exchange derivative losses/gains are primarily included in selling, general and administrative expenses. Interest rate derivative losses/gains are primarily from treasury rate locks, with a total notional value of $3.2 billion, to mitigate the interest rate risk on the cash tender offers and are included in net interest expense and other. See Note 8 to our consolidated financial statements for further information. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. (b) Foreign exchange derivative losses/gains are primarily included in cost of sales. Interest rate derivative losses/gains on cross-currency interest rate swaps are included in selling, general and administrative expenses. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. Based on current market conditions, we expect to reclassify net gains of $176 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 | 12 Months Ended |
Dec. 25, 2021 | |
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: 2021 2020 2019 Income Shares (a) Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 5.51 $ 5.14 $ 5.23 Net income available for PepsiCo common shareholders $ 7,618 1,382 $ 7,120 1,385 $ 7,314 1,399 Dilutive securities: Stock options, RSUs, PSUs and other (b) — 7 — 7 — 8 Diluted $ 7,618 1,389 $ 7,120 1,392 $ 7,314 1,407 Diluted net income attributable to PepsiCo per common share $ 5.49 $ 5.12 $ 5.20 (a) Weighted-average common shares outstanding (in millions). (b) The dilutive effect of these securities is calculated using the treasury stock method. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Attributable to Pepsico | 12 Months Ended |
Dec. 25, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [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 (a) Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 29, 2018 (b) $ (11,918) $ 87 $ (3,271) $ (17) $ (15,119) Other comprehensive income/(loss) before reclassifications (c) 636 (131) (89) (2) 414 Amounts reclassified from accumulated other comprehensive loss — 14 468 — 482 Net other comprehensive income/(loss) 636 (117) 379 (2) 896 Tax amounts (8) 27 (96) — (77) Balance as of December 28, 2019 (b) (11,290) (3) (2,988) (19) (14,300) Other comprehensive (loss)/income before reclassifications (d) (710) 126 (1,141) (1) (1,726) Amounts reclassified from accumulated other comprehensive loss — (116) 465 — 349 Net other comprehensive (loss)/income (710) 10 (676) (1) (1,377) Tax amounts 60 (3) 144 — 201 Balance as of December 26, 2020 (b) (11,940) 4 (3,520) (20) (15,476) Other comprehensive (loss)/income before reclassifications (e) (340) 248 702 22 632 Amounts reclassified from accumulated other comprehensive loss 18 (48) 299 — 269 Net other comprehensive (loss)/income (322) 200 1,001 22 901 Tax amounts (47) (45) (231) — (323) Balance as of December 25, 2021 (b) $ (12,309) $ 159 $ (2,750) $ 2 $ (14,898) (a) The change in 2021 primarily comprises fair value increases in available-for-sale securities. (b) Pension and retiree medical amounts are net of taxes of $1,466 million as of December 29, 2018, $1,370 million as of December 28, 2019, $1,514 million as of December 26, 2020 and $1,283 million as of December 25, 2021. (c) Currency translation adjustment primarily reflects the appreciation of the Russian ruble, Canadian dollar, Mexican peso and Pound sterling. (d) Currency translation adjustment primarily reflects the depreciation of the Russian ruble and Mexican peso. (e) Currency translation adjustment primarily reflects the depreciation of the Turkish lira, Swiss franc and Mexican peso. The following table summarizes the reclassifications from accumulated other comprehensive loss to the income statement: Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Income Statement 2021 2020 2019 Currency translation: Divestitures $ 18 $ — $ — Selling, general and administrative expenses Cash flow hedges: Foreign exchange contracts $ 6 $ — $ 1 Net revenue Foreign exchange contracts 76 (43) 2 Cost of sales Interest rate derivatives 64 (129) 7 Selling, general and administrative expenses Commodity contracts (190) 50 3 Cost of sales Commodity contracts (4) 6 1 Selling, general and administrative expenses Net (gains)/losses before tax (48) (116) 14 Tax amounts 11 29 (2) Net (gains)/losses after tax $ (37) $ (87) $ 12 Pension and retiree medical items: Amortization of net prior service credit $ (44) $ — $ (9) Other pension and retiree medical benefits income/(expense) Amortization of net losses 289 238 169 Other pension and retiree medical benefits income/(expense) Settlement/curtailment losses 54 227 308 Other pension and retiree medical benefits income/(expense) Net losses before tax 299 465 468 Tax amounts (65) (101) (102) Net losses after tax $ 234 $ 364 $ 366 Total net losses reclassified for the year, net of tax $ 215 $ 277 $ 378 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 25, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases | Leases Lessee We determine whether an arrangement is a lease at inception. We have operating leases for plants, warehouses, distribution centers, storage facilities, offices and other facilities, as well as machinery and equipment, including fleet. Our leases generally have remaining lease terms of up to 20 years, some of which include options to extend the lease term for up to five years and some of which include options to terminate the lease within one year. We consider these options in determining the lease term used to establish our right-of-use assets and lease liabilities. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We have lease agreements that contain both lease and non-lease components. For real estate leases, we account for lease components together with non-lease components (e.g., common-area maintenance). Components of lease cost are as follows: 2021 2020 2019 Operating lease cost (a) $ 563 $ 539 $ 474 Variable lease cost (b) $ 112 $ 111 $ 101 Short-term lease cost (c) $ 469 $ 436 $ 379 (a) Includes right-of-use asset amortization of $505 million, $478 million, and $412 million in 2021, 2020, and 2019, respectively. (b) Primarily related to adjustments for inflation, common-area maintenance and property tax. (c) Not recorded on our balance sheet. In 2021, 2020 and 2019, we recognized gains of $42 million, $7 million and $77 million, respectively, on sale-leaseback transactions with terms under five years. Supplemental cash flow information and non-cash activity related to our operating leases are as follows: 2021 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 567 $ 555 $ 478 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 934 $ 621 $ 479 Supplemental balance sheet information related to our operating leases is as follows: Balance Sheet Classification 2021 2020 Right-of-use assets Other assets $ 2,020 $ 1,670 Current lease liabilities Accounts payable and other current liabilities $ 446 $ 460 Non-current lease liabilities Other liabilities $ 1,598 $ 1,233 Weighted-average remaining lease term and discount rate for our operating leases are as follows: 2021 2020 2019 Weighted-average remaining lease term 7 years 6 years 6 years Weighted-average discount rate 3 % 4 % 4 % Maturities of lease liabilities by year for our operating leases are as follows: 2022 $ 511 2023 402 2024 314 2025 245 2026 202 2027 and beyond 677 Total lease payments 2,351 Less: Imputed interest 307 Present value of lease liabilities $ 2,044 Lessor We have various arrangements for certain foodservice and vending equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material. |
Acquisitions & Divestitures (No
Acquisitions & Divestitures (Notes) | 12 Months Ended |
Dec. 25, 2021 | |
Acquisitions & Divestitures [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Acquisitions and Divestitures 2020 Acquisitions 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 two unsecured bridge loan facilities entered into by one of our international consolidated subsidiaries, which were fully repaid in April 2020. 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 8.8 billion South African rand, or approximately $0.5 billion as of the acquisition date, 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 2.3 billion South African rand, or approximately $0.1 billion, relating to the implementation of an employee ownership plan and an agricultural, entrepreneurship and educational development fund, which is an irrevocable condition of the acquisition. This commitment was recorded in selling, general and administrative expenses primarily in the year ended December 26, 2020 and was primarily settled in the fourth quarter of 2021. The remaining commitment of 6.5 billion South African rand, or approximately $0.4 billion as of the acquisition date, relates to capital expenditures and/or business-related costs which will be incurred and recorded over a five-year period from the acquisition date. On April 24, 2020, we acquired Rockstar, an energy drink maker with whom we had a distribution agreement prior to the acquisition, 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 $0.88 billion. In the fourth quarter of 2021, we exercised our option to accelerate all remaining payments due under the contingent consideration arrangement. See Note 9 for further information about the contingent consideration. On June 1, 2020, we acquired all of the outstanding shares of Be & Cheery, one of the largest online convenient food companies in China, from Haoxiangni Health Food Co., Ltd. for cash. The total consideration transferred was approximately $0.7 billion. We accounted for the 2020 transactions as business combinations. We recognized and measured the identifiable assets acquired and liabilities assumed at their estimated fair values on the respective dates of acquisition. The purchase price allocations for each of the 2020 acquisitions were finalized in the second quarter of 2021. The fair value of identifiable assets acquired and liabilities assumed in the acquisitions of Pioneer Foods, Rockstar and Be & Cheery and the resulting goodwill as of the respective acquisition dates is summarized as follows: Pioneer Foods Rockstar Be & Cheery Acquisition date March 23, 2020 April 24, 2020 June 1, 2020 Inventories $ 229 $ 52 $ 45 Property, plant and equipment 379 8 60 Amortizable intangible assets 52 — 98 Nonamortizable intangible assets 183 2,400 309 Other assets and liabilities (53) (9) (24) Net deferred income taxes (117) — (99) Noncontrolling interest (5) — — Total identifiable net assets 668 2,451 389 Goodwill 558 2,278 309 Total purchase price $ 1,226 $ 4,729 $ 698 Goodwill is calculated as the excess of the aggregate of the fair value of the consideration transferred over the fair value of the net assets recognized. The goodwill recorded as part of the acquisition of Pioneer Foods primarily reflects synergies expected to arise from our combined brand portfolios and distribution networks, and is not deductible for tax purposes. All of the goodwill is recorded in the AMESA segment. The goodwill recorded as part of the acquisition of Rockstar primarily represents the value of PepsiCo’s expected new innovation in the energy category and is deductible for tax purposes. All of the goodwill is recorded in the PBNA segment. The goodwill recorded as part of the acquisition of Be & Cheery primarily reflects growth opportunities for PepsiCo as we leverage Be & Cheery’s direct-to-consumer and supply chain capabilities and is not deductible for tax purposes. All of the goodwill is recorded in the APAC segment. Juice Transaction In the first quarter of 2022, we sold our Tropicana, Naked and other select juice brands to PAI Partners for approximately $3.5 billion in cash and a 39% noncontrolling interest in a newly formed joint venture that will operate across North America and Europe. The North America portion of the transaction was completed on January 24, 2022 and the Europe portion of the transaction was completed on February 1, 2022. In the U.S., PepsiCo acts as the exclusive distributor for the new joint venture’s portfolio of brands for small-format and foodservice customers with chilled direct-store-delivery. In connection with the sale, we entered into a transition services agreement with PAI Partners, under which we will provide certain services to the joint venture to help facilitate an orderly transition of the business following the sale. In return for these services, the new joint venture is required to pay certain agreed upon fees to reimburse us for our actual costs without markup. Subsequent to the transaction close date, the purchase price will be adjusted for net working capital and net debt amounts as of the transaction close date compared to targeted amounts set forth in the purchase agreement. We expect to record a pre-tax gain of approximately $3 billion in our PBNA and Europe segments in the first quarter of 2022 as a result of this transaction. We have reclassified $1.8 billion of assets, primarily accounts receivable, net, and inventories of $0.5 billion, goodwill and other intangible assets of $0.6 billion and property, plant and equipment of $0.5 billion, and liabilities of $0.8 billion, primarily accounts payable and other liabilities of $0.6 billion and deferred income taxes of $0.2 billion, related to the Juice Transaction as held for sale in our consolidated balance sheet as of December 25, 2021. The Juice Transaction does not meet the criteria to be classified as discontinued operations. Acquisition and Divestiture-Related Charges A summary of our acquisition and divestiture-related charges is as follows: 2021 2020 2019 Cost of sales $ 1 $ 32 $ 34 Selling, general and administrative expenses (a) (5) 223 21 Total $ (4) $ 255 $ 55 After-tax amount (b) $ (27) $ 237 $ 47 Impact on net income attributable to PepsiCo per common share $ 0.02 $ (0.17) $ (0.03) (a) The income amount primarily relates to the acceleration payment made in the fourth quarter of 2021 under the contingent consideration arrangement associated with our acquisition of Rockstar, which is partially offset by other acquisition and divestiture-related charges. (b) In 2021, includes a tax benefit related to contributions to socioeconomic programs in South Africa. Acquisition and divestiture-related charges primarily include fair value adjustments to the acquired inventory included in the acquisition-date balance sheets (recorded in cost of sales), merger and integration charges and costs associated with divestitures (recorded in selling, general and administrative expenses). Merger and integration charges include liabilities to support socioeconomic programs in South Africa, closing costs, employee-related costs, gains associated with contingent consideration, contract termination costs and other integration costs. Acquisition and divestiture-related charges by division are as follows: 2021 2020 2019 Transaction FLNA $ 2 $ 29 $ — BFY Brands PBNA 11 66 — Juice Transaction, Rockstar Europe 8 — 46 Juice Transaction, SodaStream International Ltd. AMESA 10 173 7 Pioneer Foods APAC 4 7 — Be & Cheery Corporate (a) (39) (20) 2 Rockstar, Juice Transaction Total $ (4) $ 255 $ 55 (a) In 2021, the income amount primarily relates to the acceleration payment made in the fourth quarter of 2021 under the contingent consideration arrangement associated with our acquisition of Rockstar, which is partially offset by divestiture-related charges associated with the Juice Transaction. In 2020, the income amount primarily relates to the change in the fair value of the Rockstar contingent consideration. |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 25, 2021 | |
Supplemental Financial Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | Supplemental Financial Information Balance Sheet 2021 2020 2019 Accounts and notes receivable Trade receivables $ 7,172 $ 6,892 Other receivables 1,655 1,713 Total 8,827 8,605 Allowance, beginning of year 201 105 $ 101 Cumulative effect of accounting change — 44 — Net amounts charged to expense (a) (19) 79 22 Deductions (b) (25) (32) (30) Other (c) (10) 5 12 Allowance, end of year 147 201 $ 105 Net receivables $ 8,680 $ 8,404 Inventories (d) Raw materials and packaging $ 1,898 $ 1,720 Work-in-process 151 205 Finished goods 2,298 2,247 Total $ 4,347 $ 4,172 Property, plant and equipment, net (e) Average Land $ 1,123 $ 1,171 Buildings and improvements 15 - 44 10,279 10,214 Machinery and equipment, including fleet and software 5 - 15 31,486 31,276 Construction in progress 3,940 3,679 46,828 46,340 Accumulated depreciation (24,421) (24,971) Total $ 22,407 $ 21,369 Depreciation expense $ 2,484 $ 2,335 $ 2,257 Other assets Noncurrent notes and accounts receivable $ 111 $ 109 Deferred marketplace spending 119 130 Pension plans (f) 1,260 910 Right-of-use assets (g) 2,020 1,670 Other 694 493 Total $ 4,204 $ 3,312 Accounts payable and other current liabilities Accounts payable (h) $ 9,834 $ 8,853 Accrued marketplace spending 3,087 2,935 Accrued compensation and benefits 2,324 2,059 Dividends payable 1,508 1,430 Current lease liabilities (g) 446 460 Other current liabilities 3,960 3,855 Total $ 21,159 $ 19,592 (a) 2021 includes reductions in the previously recorded reserves of $32 million, while 2020 includes an allowance for expected credit losses of $56 million, related to the COVID-19 pandemic. See Note 1 for further information. (b) Includes accounts written off. (c) Includes adjustments related primarily to currency translation and other adjustments. (d) Approximately 7% and 6% of the inventory cost in 2021 and 2020, respectively, were computed using the LIFO method. The differences between LIFO and FIFO methods of valuing these inventories were not material. See Note 2 for further information. (e) See Note 2 for further information. (f) See Note 7 for further information. (g) See Note 12 for further information. (h) Increase reflects higher production payables due to strong business performance across a number of our divisions as well as higher commodity prices, partially offset by liabilities reclassified as held for sale in connection with our Juice Transaction. Statement of Cash Flows 2021 2020 2019 Interest paid (a) $ 1,184 $ 1,156 $ 1,076 Income taxes paid, net of refunds (b) $ 1,933 $ 1,770 $ 2,226 (a) In 2021, excludes the charge related to cash tender offers. See Note 8 for further information. (b) In 2021, 2020 and 2019, includes tax payments of $309 million, $78 million and $423 million, respectively, related to the TCJ Act. The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported within the balance sheet to the same items as reported in the cash flow statement. 2021 2020 Cash and cash equivalents $ 5,596 $ 8,185 Restricted cash included in other assets (a) 111 69 Total cash and cash equivalents and restricted cash $ 5,707 $ 8,254 (a) Primarily relates to collateral posted against certain of our derivative positions. |
Basis of Presentation and Our_2
Basis of Presentation and Our Divisions Basis of Presentation and Our Divisions (Policies) | 12 Months Ended |
Dec. 25, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy | The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and include the consolidated accounts of PepsiCo, Inc. and the affiliates that we control. In addition, we include our share of the results of certain other affiliates using the equity method based on our economic ownership interest, our ability to exercise significant influence over the operating or financial decisions of these affiliates or our ability to direct their economic resources. We do not control these other affiliates, as our ownership in these other affiliates is generally 50% or less. Intercompany balances and transactions are eliminated. As a result of exchange restrictions and other operating restrictions, we do not have control over our Venezuelan subsidiaries. As such, our Venezuelan subsidiaries are not included within our consolidated financial results for any period presented. |
Use of Estimates, Policy | The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities. Estimates are used in determining, among other items, sales incentives accruals, tax reserves, share-based compensation, pension and retiree medical accruals, amounts and useful lives for intangible assets and future cash flows associated with impairment testing for indefinite-lived intangible assets, goodwill and other long-lived assets. We evaluate our estimates on an ongoing basis using our historical experience, as well as other factors we believe appropriate under the circumstances, such as current economic conditions, and adjust or revise our estimates as circumstances change. Additionally, the business and economic uncertainty resulting from the COVID-19 pandemic has made such estimates and assumptions more difficult to calculate. As future events and their effect cannot be determined with precision, actual results could differ significantly from those estimates. |
Fiscal Period, Policy | Our fiscal year ends on the last Saturday of each December, resulting in a 53 rd reporting week every five or six years, including in our 2022 financial results. While our North America results are reported on a weekly calendar basis, substantially all of our international operations reported on a monthly calendar basis prior to the fourth quarter of 2021, and beginning in the fourth quarter of 2021, all of our international operations report on a monthly calendar basis. This change did not have a material impact on our consolidated financial statements. The following chart details our quarterly reporting schedule for the three years presented: Quarter United States and Canada International First Quarter 12 weeks January, February Second Quarter 12 weeks March, April and May Third Quarter 12 weeks June, July and August Fourth Quarter 16 weeks September, October, November and December |
Our Significant Accounting Po_2
Our Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 25, 2021 | |
Accounting Policies [Abstract] | |
Revenue [Policy Text Block] | Revenue Recognition We recognize revenue when our performance obligation is satisfied. Our primary performance obligation (the distribution and sales of beverage and convenient food products) is satisfied upon the shipment or delivery of products to our customers, which is also when control is transferred. Merchandising activities are performed after a customer obtains control of the product, are accounted for as fulfillment of our performance obligation to ship or deliver product to our customers and are recorded in selling, general and administrative expenses. Merchandising activities are immaterial in the context of our contracts. In addition, we exclude from net revenue all sales, use, value-added and certain excise taxes assessed by government authorities on revenue producing transactions. The transfer of control of products to our customers is typically based on written sales terms that do not allow for a right of return. However, our policy for DSD, including certain chilled products, is to remove and replace damaged and out-of-date products from store shelves to ensure that consumers receive the product quality and freshness they expect. Similarly, our policy for certain warehouse-distributed products is to replace damaged and out-of-date products. As a result, we record reserves, based on estimates, for anticipated damaged and out-of-date produc ts. Our products are sold for cash or on credit terms. Our credit terms, which are established in accordance with local and industry practices, typically require payment within 30 days of delivery in the United States, and generally within 30 to 90 days internationally, and may allow discounts for early payment. We estimate and reserve for our expected credit loss exposure based on our experience with past due accounts and collectibility, write-off history, the aging of accounts receivable, our analysis of customer data, and forward-looking information (including the expected impact of the global economic uncertainty related to the COVID-19 pandemic), leveraging estimates of creditworthiness and projections of default and recovery rates for certain of our customers. |
Sales Incentives And Other Marketplace Spending, Policy [Policy Text Block] | Total Marketplace Spending We offer sales incentives and discounts through various programs to customers and consumers. Total marketplace spending includes sales incentives, discounts, advertising and other marketing activities. Sales incentives and discounts are primarily accounted for as a reduction of revenue and include payments to customers for performing activities on our behalf, such as payments for in-store displays, payments to gain distribution of new products, payments for shelf space and discounts to promote lower retail prices. Sales incentives and discounts also include support provided to our independent bottlers through funding of advertising and other marketing activities. A number of our sales incentives, such as bottler funding to independent bottlers and customer volume rebates, are based on annual targets, and accruals are established during the year, as products are delivered, for the expected payout, which may occur after year end once reconciled and settled. These accruals are based on contract terms and our historical experience with similar programs and require management judgment with respect to estimating customer and consumer participation and performance levels. Differences between estimated expense and actual incentive costs are normally insignificant and are recognized in earnings in the period such differences are determined. In addition, certain advertising and marketing costs are also based on annual targets and recognized during the year as incurred. The terms of most of our incentive arrangements do not exceed one year and, therefore, do not require highly uncertain long-term estimates. Certain arrangements, such as fountain pouring rights, may extend beyond one year. Upfront payments to customers under these arrangements are recognized over the shorter of the economic or contractual life, primarily as a reduction of revenue, and the remaining balances of $262 million as of December 25, 2021 and $299 million as of December 26, 2020 are included in prepaid expenses and other current assets and other assets on our balance sheet. For interim reporting, our policy is to allocate our forecasted full-year sales incentives for most of our programs to each of our interim reporting periods in the same year that benefits from the programs. The allocation methodology is based on our forecasted sales incentives for the full year and the proportion of each interim period’s actual gross revenue or volume, as applicable, to our forecasted annual gross revenue or volume, as applicable. Based on our review of the forecasts at each interim period, any changes in estimates and the related allocation of sales incentives are recognized beginning in the interim period that they are identified. In addition, we apply a similar allocation methodology for interim reporting purposes for certain advertising and other marketing activities. Our annual consolidated financial statements are not impacted by this interim allocation methodology. Advertising and other marketing activities, reported as selling, general and administrative expenses, totaled $5.1 billion in 2021, $4.6 billion in 2020 and $4.7 billion in 2019, including advertising expenses of $3.5 billion in 2021 and $3.0 billion in both 2020 and 2019. Deferred advertising costs are not expensed until the year first used and consist of: • media and personal service prepayments; • promotional materials in inventory; and • production costs of future media advertising. Deferred advertising costs of $53 million and $48 million as of December 25, 2021 and December 26, 2020, respectively, are classified as prepaid expenses and other current assets on our balance sheet. |
Internal Use Software, Policy [Policy Text Block] | Software Costs We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs include (1) external direct costs of materials and services utilized in developing or obtaining computer software, (2) compensation and related benefits for employees who are directly associated with the software projects and (3) interest costs incurred while developing internal-use computer software. Capitalized software costs are included in property, plant and equipment on our balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximate five and December 26, 2020, respectively. |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and Contingencies We are subject to various claims and contingencies related to lawsuits, certain taxes and environmental matters, as well as commitments under contractual and other commercial obligations. We recognize liabilities for contingencies and commitments when a loss is probable and estimable. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development We engage in a variety of research and development activities and continue to invest to accelerate growth and to drive innovation globally. Consumer research is excluded from research and development costs and included in other marketing costs. Research and development costs were $752 million, $719 million and $711 million in 2021, 2020 and 2019, respectively, and are reported within selling, general and administrative expenses. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Indefinite-lived intangible assets and goodwill are not amortized and, as a result, are assessed for impairment at least annually, using either a qualitative or quantitative approach. We perform this annual assessment during our third quarter, or more frequently if circumstances indicate that the carrying value may not be recoverable. Where we use the qualitative assessment, first we determine if, based on qualitative factors, it is more likely than not that an impairment exists. Factors considered include macroeconomic (including those related to the COVID-19 pandemic), industry and competitive conditions, legal and regulatory environment, historical financial performance and significant changes in the brand or reporting unit. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is performed. In the quantitative assessment for indefinite-lived intangible assets and goodwill, an assessment is performed to determine the fair value of the indefinite-lived intangible asset and the reporting unit, respectively. Estimated fair value is determined using discounted cash flows and requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates, perpetuity growth assumptions and the selection of assumptions underlying a discount rate (weighted-average cost of capital) based on market data available at the time. Significant management judgment is necessary to estimate the impact of competitive operating, macroeconomic and other factors (including those related to the COVID-19 pandemic) to estimate future levels of sales, operating profit or cash flows. All assumptions used in our impairment evaluations for indefinite-lived intangible assets and goodwill, such as forecasted growth rates (including perpetuity growth assumptions) and weighted-average cost of capital, are based on the best available market information and are consistent with our internal forecasts and operating plans. A deterioration in these assumptions could adversely impact our results. Amortizable intangible assets are only evaluated for impairment upon a significant change in the operating or macroeconomic environment. If an evaluation of the undiscounted future cash flows indicates impairment, the asset is written down to its estimated fair value, which is based on its discounted future cash flows. |
Other Significant Accounting Policies [Policy Text Block] | Other Significant Accounting Policies Our other significant accounting policies are disclosed as follows: • Basis of Presentation – Note 1 includes a description of our policies regarding use of estimates, basis of presentation and consolidation. • Income Taxes – Note 5. • Share-Based Compensation – Note 6. • Pension, Retiree Medical and Savings Plans – Note 7. • Financial Instruments – Note 9. • Cash Equivalents – Cash equivalents are highly liquid investments with original maturities of three months or less. • Inventories – Note 14. Inventories are valued at the lower of cost or net realizable value. Cost is determined using the average; first-in, first-out (FIFO); or, in limited instances, last-in, first-out (LIFO) methods. • Property, Plant and Equipment – Note 14. Property, plant and equipment is recorded at historical cost. Depreciation is recognized on a straight-line basis over an asset’s estimated useful life. Construction in progress is not depreciated until ready for service. • Translation of Financial Statements of Foreign Subsidiaries – Financial statements of foreign subsidiaries are translated into U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for revenues and expenses. Adjustments resulting from translating net assets are reported as a separate component of accumulated other comprehensive loss within common shareholders’ equity as currency translation adjustment. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements - Adopted In 2019, the Financial Accounting Standards Board (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. We adopted the guidance in the first quarter of 2021. The adoption did not have a material impact on our consolidated financial statements or related disclosures. |
Selling, General and Administrative Expenses, Policy | Distribution Costs Distribution costs, including the costs of shipping and handling activities, which include certain merchandising activities, are reported as selling, general and administrative expenses. Shipping and handling expenses were $13.7 billion in 2021, $11.9 billion in 2020 and $10.9 billion in 2019. |
Intangible Assets (Policies)
Intangible Assets (Policies) | 12 Months Ended |
Dec. 25, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Property, Plant and Equipment, Impairment | Depreciable and amortizable assets are evaluated for impairment upon a significant change in the operating or macroeconomic environment. In these circumstances, if an evaluation of the undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value, which is based on discounted future cash flows. Useful lives are periodically evaluated to determine whether events or circumstances have occurred which indicate the need for revision. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Indefinite-lived intangible assets and goodwill are not amortized and, as a result, are assessed for impairment at least annually, using either a qualitative or quantitative approach. We perform this annual assessment during our third quarter, or more frequently if circumstances indicate that the carrying value may not be recoverable. Where we use the qualitative assessment, first we determine if, based on qualitative factors, it is more likely than not that an impairment exists. Factors considered include macroeconomic (including those related to the COVID-19 pandemic), industry and competitive conditions, legal and regulatory environment, historical financial performance and significant changes in the brand or reporting unit. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is performed. In the quantitative assessment for indefinite-lived intangible assets and goodwill, an assessment is performed to determine the fair value of the indefinite-lived intangible asset and the reporting unit, respectively. Estimated fair value is determined using discounted cash flows and requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates, perpetuity growth assumptions and the selection of assumptions underlying a discount rate (weighted-average cost of capital) based on market data available at the time. Significant management judgment is necessary to estimate the impact of competitive operating, macroeconomic and other factors (including those related to the COVID-19 pandemic) to estimate future levels of sales, operating profit or cash flows. All assumptions used in our impairment evaluations for indefinite-lived intangible assets and goodwill, such as forecasted growth rates (including perpetuity growth assumptions) and weighted-average cost of capital, are based on the best available market information and are consistent with our internal forecasts and operating plans. A deterioration in these assumptions could adversely impact our results. Amortizable intangible assets are only evaluated for impairment upon a significant change in the operating or macroeconomic environment. If an evaluation of the undiscounted future cash flows indicates impairment, the asset is written down to its estimated fair value, which is based on its discounted future cash flows. |
Income Taxes (Policies)
Income Taxes (Policies) | 12 Months Ended |
Dec. 25, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax, Policy | Our annual tax rate is based on our income, statutory tax rates and tax planning strategies and transactions, including transfer pricing arrangements, available to us in the various jurisdictions in which we operate. Significant judgment is required in determining our annual tax rate and in evaluating our tax positions. We establish reserves when, despite our belief that our tax return positions are fully supportable, we believe that certain positions are subject to challenge and that we likely will not succeed. We adjust these reserves, as well as the related interest, in light of changing facts and circumstances, such as the progress of a tax audit, new tax laws, relevant court cases or tax authority settlements. Settlement of any particular issue would usually require the use of cash. Favorable resolution would be recognized as a reduction to our annual tax rate in the year of resolution. |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation (Policies) | 12 Months Ended |
Dec. 25, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement | The fair value of share-based award grants is amortized to expense over the vesting period, primarily three years. Awards to employees eligible for retirement prior to the award becoming fully vested are amortized to expense over the period through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn the award. In addition, we use historical data to estimate forfeiture rates and record share-based compensation expense only for those awards that are expected to vest. We do not backdate, reprice or grant share-based compensation awards retroactively. Repricing of awards would require shareholder approval under the LTIP. |
Pension, Retiree Medical and _2
Pension, Retiree Medical and Savings Plans Pension, Retiree Medical and Savings Plans (Policies) | 12 Months Ended |
Dec. 25, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Gains and losses resulting from actual experience differing from our assumptions, including the difference between the actual return on plan assets and the expected return on plan assets, as well as changes in our assumptions, are determined at each measurement date. These differences are recognized as a component of net gain or loss in accumulated other comprehensive loss. If this net accumulated gain or loss exceeds 10% of the greater of the market-related value of plan assets or plan obligations, a portion of the net gain or loss is included in other pension and retiree medical benefits (expense)/income for the following year based upon the average remaining service life for participants in Plan A (approximately 9 years), Plan H (approximately 11 years) and retiree medical (approximately 9 years), and the remaining life expectancy for participants in Plan I (approximately 27 years). The cost or benefit of plan changes that increase or decrease benefits for prior employee service (prior service cost/(credit)) is included in other pension and retiree medical benefits (expense)/income on a straight-line basis over the average remaining service life for participants in both Plan A and Plan H, except that prior service cost/(credit) for salaried participants subject to the freeze is amortized on a straight-line basis over the period up to the effective date of the freeze, or the remaining life expectancy for participants in Plan I. |
Financial Instruments Financial
Financial Instruments Financial Instruments (Policies) | 12 Months Ended |
Dec. 25, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy | We do not use derivative instruments for trading or speculative purposes. Our global purchasing programs include fixed-price contracts and purchase orders and pricing agreements. Our hedging strategies include the use of derivatives and, in the case of our net investment hedges, debt instruments. Certain derivatives are designated as either cash flow or fair value hedges and qualify for hedge accounting treatment, while others do not qualify and are marked to market through earnings. The accounting for qualifying hedges allows changes in a hedging instrument’s fair value to offset corresponding changes in the hedged item in the same reporting period that the hedged item impacts earnings. Gains or losses on derivatives designated as cash flow hedges are recorded in accumulated other comprehensive loss and reclassified to our income statement when the hedged transaction affects earnings. If it becomes probable that the hedged transaction will not occur, we immediately recognize the related hedging gains or losses in earnings; such gains or losses reclassified during the year ended December 25, 2021 were not material. Cash flows from derivatives used to manage commodity price, foreign exchange or interest rate risks are classified as operating activities in the cash flow statement. We classify both the earnings and cash flow impact from these derivatives consistent with the underlying hedged item. Credit Risk We perform assessments of our counterparty credit risk regularly, including reviewing netting agreements, if any, and a review of credit ratings, credit default swap rates and potential nonperformance of the counterparty. Based on our most recent assessment of our counterparty credit risk, we consider this risk to be low. In addition, we enter into derivative contracts with a variety of financial institutions that we believe are creditworthy in order to reduce our concentration of credit risk. |
Basis of Presentation and Our_3
Basis of Presentation and Our Divisions (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period | Our fiscal year ends on the last Saturday of each December, resulting in a 53 rd reporting week every five or six years, including in our 2022 financial results. While our North America results are reported on a weekly calendar basis, substantially all of our international operations reported on a monthly calendar basis prior to the fourth quarter of 2021, and beginning in the fourth quarter of 2021, all of our international operations report on a monthly calendar basis. This change did not have a material impact on our consolidated financial statements. The following chart details our quarterly reporting schedule for the three years presented: Quarter United States and Canada International First Quarter 12 weeks January, February Second Quarter 12 weeks March, April and May Third Quarter 12 weeks June, July and August Fourth Quarter 16 weeks September, October, November and December |
Share Based Compensation Percentage Allocation by Division [Table Text Block] | The allocation of share-based compensation expense of each division is as follows: 2021 2020 2019 FLNA 13 % 13 % 13 % QFNA 1 % 1 % 1 % PBNA 19 % 18 % 17 % LatAm 5 % 6 % 7 % Europe 13 % 16 % 17 % AMESA 6 % 6 % 3 % APAC 2 % 2 % 5 % Corporate unallocated expenses 41 % 38 % 37 % |
Schedule of Segment Reporting Information, by Segment | Net revenue and operating profit of each division are as follows: Net Revenue Operating Profit 2021 2020 2019 2021 2020 2019 FLNA $ 19,608 $ 18,189 $ 17,078 $ 5,633 $ 5,340 $ 5,258 QFNA 2,751 2,742 2,482 578 669 544 PBNA 25,276 22,559 21,730 2,442 1,937 2,179 LatAm 8,108 6,942 7,573 1,369 1,033 1,141 Europe 13,038 11,922 11,728 1,292 1,353 1,327 AMESA (a) 6,078 4,573 3,651 858 600 671 APAC (b) 4,615 3,445 2,919 673 590 477 Total division 79,474 70,372 67,161 12,845 11,522 11,597 Corporate unallocated expenses — — — (1,683) (1,442) (1,306) Total $ 79,474 $ 70,372 $ 67,161 $ 11,162 $ 10,080 $ 10,291 (a) The increase in net revenue reflects our acquisition of Pioneer Foods. See Note 13 for further information. |
Disaggregation of Revenue | Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following table reflects the approximate percentage of net revenue generated between our beverage business and our convenient food business for each of our international divisions, as well as our consolidated net revenue: 2021 2020 2019 Beverage (a) Convenient Food Beverage (a) Convenient Food Beverage (a) Convenient Food LatAm 10 % 90 % 10 % 90 % 10 % 90 % Europe 55 % 45 % 55 % 45 % 55 % 45 % AMESA (b) 30 % 70 % 30 % 70 % 40 % 60 % APAC 20 % 80 % 25 % 75 % 25 % 75 % PepsiCo 45 % 55 % 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 our convenient food business in 2020 primarily reflects our acquisition of Pioneer Foods. See Note 13 for further information. |
Schedule of Unusual or Infrequent Items, or Both | Operating profit in 2021 and 2020 includes certain pre-tax charges/credits taken as a result of the COVID-19 pandemic. These pre-tax charges/credits by division are as follows: 2021 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 $ (8) $ — $ — $ 35 $ 27 $ 2 $ 56 QFNA (1) — — 2 1 — 2 PBNA (19) (21) — 31 14 (16) (11) LatAm — — 1 44 15 4 64 Europe (3) (2) — 13 8 5 21 AMESA (1) — (2) 1 3 6 7 APAC — — — 2 2 5 9 Total $ (32) $ (23) $ (1) $ 128 $ 70 $ 6 $ 148 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 $ 17 $ — $ 8 $ 145 $ 59 $ — $ 229 QFNA 2 — — 9 3 1 15 PBNA 29 56 28 115 50 26 304 LatAm 1 — 19 56 18 8 102 Europe 5 3 11 23 22 24 88 AMESA 2 — 3 9 7 12 33 APAC — — 3 (7) 2 5 3 Total $ 56 $ 59 $ 72 $ 350 $ 161 $ 76 $ 774 (a) Reflects the expected impact of the global economic uncertainty caused by COVID-19, leveraging estimates of creditworthiness and projections of default and recovery rates for certain of our customers, including foodservice and vending businesses. Income amounts represent reductions in the previously recorded reserves due to improved projected default rates and lower at-risk receivable balances. (b) Relates to promotional spending for which benefit is not expected to be received. Income amounts represent reductions in previously recorded reserves due to improved projected default rates and lower overall advance balances. (c) Income amount represents a true-up of inventory write-downs. Includes a reserve for product returns of $20 million in 2020. (d) Includes incremental frontline incentive pay, crisis child care and other leave benefits and labor costs. Income amount includes a social welfare relief credit of $11 million. (e) Includes costs associated with personal protective equipment, temperature scans, cleaning and other sanitization services. (f) Includes certain reserves for property, plant and equipment, donations of cash and product, and other costs. Income amount represents adjustments for changes in estimates of previously recorded amounts. |
Segment Reporting Information By Total Assets And Capital Spending | Total assets and capital spending of each division are as follows: Total Assets Capital Spending 2021 2020 2021 2020 2019 FLNA $ 9,763 $ 8,730 $ 1,411 $ 1,189 $ 1,227 QFNA 1,101 1,021 92 85 104 PBNA 37,801 37,079 1,275 1,245 1,053 LatAm 7,272 6,977 461 390 557 Europe 18,472 17,917 752 730 613 AMESA 6,125 5,942 325 252 267 APAC 5,654 5,770 203 230 195 Total division 86,188 83,436 4,519 4,121 4,016 Corporate (a) 6,189 9,482 106 119 216 Total $ 92,377 $ 92,918 $ 4,625 $ 4,240 $ 4,232 (a) Corporate assets consist principally of certain cash and cash equivalents, restricted cash, short-term investments, derivative instruments, property, plant and equipment and tax assets. In 2021, the change in assets was primarily due to a decrease in cash and cash equivalents and short-term investments. Refer to the cash flow statement for further information. |
Segment Reporting Information By Amortization Of Intangible Assets And Depreciation And Other Amortization | Amortization of intangible assets and depreciation and other amortization of each division are as follows: Amortization of Depreciation and 2021 2020 2019 2021 2020 2019 FLNA $ 11 $ 10 $ 7 $ 594 $ 550 $ 492 QFNA — — — 46 41 44 PBNA 25 28 29 926 899 857 LatAm 4 4 5 283 251 270 Europe 37 40 37 364 350 341 AMESA 5 3 2 181 149 116 APAC 9 5 1 102 91 76 Total division 91 90 81 2,496 2,331 2,196 Corporate — — — 123 127 155 Total $ 91 $ 90 $ 81 $ 2,619 $ 2,458 $ 2,351 |
Segment Reporting Information By Net Revenue And Long-Lived Assets | Net revenue and long-lived assets by country are as follows: Net Revenue Long-Lived Assets (a) 2021 2020 2019 2021 2020 United States $ 44,545 $ 40,800 $ 38,644 $ 36,324 $ 36,657 Mexico 4,580 3,924 4,190 1,720 1,708 Russia 3,426 3,009 3,263 3,751 3,644 Canada 3,405 2,989 2,831 2,846 2,794 China (b) 2,679 1,732 1,300 1,745 1,649 United Kingdom 2,102 1,882 1,723 906 874 South Africa (c) 2,008 1,282 405 1,389 1,484 All other countries 16,729 14,754 14,805 13,399 13,423 Total $ 79,474 $ 70,372 $ 67,161 $ 62,080 $ 62,233 (a) Long-lived assets represent property, plant and equipment, indefinite-lived intangible assets, amortizable intangible assets and investments in noncontrolled affiliates. See Note 2 and Note 14 for further information on property, plant and equipment. See Note 2 and Note 4 for further information on goodwill and other intangible assets. Investments in noncontrolled affiliates are evaluated for impairment upon a significant change in the operating or macroeconomic environment. These assets are reported in the country where they are primarily used. (b) The increase in net revenue reflects our acquisition of Be & Cheery. See Note 13 for further information. (c) The increase in net revenue reflects our acquisition of Pioneer Foods. See Note 13 for further information. |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
2019 Productivity Plan [Member] | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | The total expected plan pre-tax charges are expected to be incurred by division approximately as follows: FLNA QFNA PBNA LatAm Europe AMESA APAC Corporate Expected pre-tax charges 15 % 1 % 25 % 10 % 25 % 5 % 4 % 15 % A summary of our 2019 Productivity Plan charges is as follows: 2021 2020 2019 Cost of sales $ 29 $ 30 $ 115 Selling, general and administrative expenses 208 239 253 Other pension and retiree medical benefits expense 10 20 2 Total restructuring and impairment charges $ 247 $ 289 $ 370 After-tax amount $ 206 $ 231 $ 303 Impact on net income attributable to PepsiCo per common share $ (0.15) $ (0.17) $ (0.21) 2021 2020 2019 Plan to Date through 12/25/2021 FLNA $ 28 $ 83 $ 22 $ 164 QFNA — 5 2 12 PBNA 20 47 51 158 LatAm 37 31 62 139 Europe 81 48 99 234 AMESA 15 14 38 70 APAC 7 5 47 61 Corporate 49 36 47 139 237 269 368 977 Other pension and retiree medical benefits expense 10 20 2 67 Total $ 247 $ 289 $ 370 $ 1,044 Plan to Date through 12/25/2021 Severance and other employee costs $ 564 Asset impairments 157 Other costs 323 Total $ 1,044 A summary of our 2019 Productivity Plan activity is as follows: Severance and Other Employee Costs Asset Other Costs Total Liability as of December 29, 2018 $ 105 $ — $ 1 $ 106 2019 restructuring charges 149 92 129 370 Cash payments (a) (138) — (119) (257) Non-cash charges and translation 12 (92) 10 (70) Liability as of December 28, 2019 128 — 21 149 2020 restructuring charges 158 33 98 289 Cash payments (a) (138) — (117) (255) Non-cash charges and translation (26) (33) 3 (56) Liability as of December 26, 2020 122 — 5 127 2021 restructuring charges 120 32 95 247 Cash payments (a) (163) — (93) (256) Non-cash charges and translation (15) (32) — (47) Liability as of December 25, 2021 $ 64 $ — $ 7 $ 71 (a) Excludes cash expenditures of $2 million in both 2021 and 2020, and $4 million in 2019, reported in the cash flow statement in pension and retiree medical plan contributions. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets, Net | A summary of our amortizable intangible assets is as follows: 2021 2020 2019 Average Gross Accumulated Net Gross Accumulated Net Acquired franchise rights (a) 56 – 60 $ 976 $ (187) $ 789 $ 976 $ (173) $ 803 Customer relationships 10 – 24 623 (227) 396 642 (204) 438 Brands (b) 20 – 40 1,151 (989) 162 1,348 (1,099) 249 Other identifiable intangibles 10 – 24 451 (260) 191 474 (261) 213 Total $ 3,201 $ (1,663) $ 1,538 $ 3,440 $ (1,737) $ 1,703 Amortization expense $ 91 $ 90 $ 81 (a) Acquired franchise rights includes our distribution agreement with Vital Pharmaceuticals, Inc., with an expected residual value higher than our carrying value. The distribution agreement’s useful life is three (b) The change primarily reflects assets reclassified as held for sale in connection with our Juice Transaction. See Note 13 for further information. |
Future Amortization of Intangible Assets | Amortization is recognized on a straight-line basis over an intangible asset’s estimated useful life. Amortization of intangible assets for each of the next five 2022 2023 2024 2025 2026 Five-year projected amortization $ 84 $ 84 $ 83 $ 81 $ 72 |
Change in Book Value of Nonamortizable Intangible Assets | The change in the book value of indefinite-lived intangible assets is as follows: Balance, Acquisitions Translation Balance, Acquisitions/(Divestitures) Translation Balance, FLNA (a) Goodwill $ 299 $ 164 $ 2 $ 465 $ (8) $ 1 $ 458 Brands 162 179 (1) 340 — — 340 Total 461 343 1 805 (8) 1 798 QFNA Goodwill 189 — — 189 — — 189 Brands 11 — (11) — — — — Total 200 — (11) 189 — — 189 PBNA (b) (c) Goodwill 9,898 2,280 11 12,189 (216) 1 11,974 Reacquired franchise rights 7,089 — 18 7,107 — — 7,107 Acquired franchise rights 1,517 16 3 1,536 1 1 1,538 Brands (d) 763 2,400 (41) 3,122 (290) (324) 2,508 Total 19,267 4,696 (9) 23,954 (505) (322) 23,127 LatAm Goodwill 501 — (43) 458 — (25) 433 Brands 125 — (17) 108 (1) (7) 100 Total 626 — (60) 566 (1) (32) 533 Europe (b) Goodwill (e) 3,961 (2) (153) 3,806 (28) (78) 3,700 Reacquired franchise rights (e) 505 — (9) 496 (23) (32) 441 Acquired franchise rights (e) 157 — 15 172 — (14) 158 Brands (f) 4,181 — (109) 4,072 — 182 4,254 Total 8,804 (2) (256) 8,546 (51) 58 8,553 AMESA (g) Goodwill 446 560 90 1,096 (2) (31) 1,063 Brands — 183 31 214 — (9) 205 Total 446 743 121 1,310 (2) (40) 1,268 APAC (h) Goodwill 207 306 41 554 3 7 564 Brands (d) 100 309 36 445 — 31 476 Total 307 615 77 999 3 38 1,040 Total goodwill 15,501 3,308 (52) 18,757 (251) (125) 18,381 Total reacquired franchise rights 7,594 — 9 7,603 (23) (32) 7,548 Total acquired franchise rights 1,674 16 18 1,708 1 (13) 1,696 Total brands 5,342 3,071 (112) 8,301 (291) (127) 7,883 Total $ 30,111 $ 6,395 $ (137) $ 36,369 $ (564) $ (297) $ 35,508 (a) Acquisitions/divestitures in 2021 and acquisitions in 2020 primarily reflect our acquisition of BFY Brands. (b) Acquisitions/divestitures in 2021 primarily reflects assets reclassified as held for sale in connection with our Juice Transaction. See Note 13 for further information. (c) Acquisitions in 2020 primarily reflects our acquisition of Rockstar. See Note 13 for further information. (d) Translation and other in 2021 primarily reflects the allocation of the Rockstar brand to the respective divisions, which was finalized in 2021 as part of purchase price allocation. (e) Translation and other primarily reflects the depreciation of the euro in 2021 and depreciation of the Russian ruble in 2020. (f) Translation and other in 2021 reflects the allocation of the Rockstar brand from PBNA, which was finalized in 2021 as part of purchase price allocation, partially offset by the depreciation of the euro. Translation and other in 2020 primarily reflects the depreciation of the Russian ruble. (g) Acquisitions in 2020 primarily reflects our acquisition of Pioneer Foods. See Note 13 for further information. (h) Acquisitions in 2020 primarily reflects our acquisition of Be & Cheery. See Note 13 for further information. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Income Tax Contingency [Line Items] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income before income taxes are as follows: 2021 2020 2019 United States $ 3,740 $ 4,070 $ 4,123 Foreign 6,081 4,999 5,189 $ 9,821 $ 9,069 $ 9,312 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consisted of the following: 2021 2020 2019 Current: U.S. Federal $ 702 $ 715 $ 652 Foreign 955 932 807 State 44 110 196 1,701 1,757 1,655 Deferred: U.S. Federal 375 273 325 Foreign (14) (167) (31) State 80 31 10 441 137 304 $ 2,142 $ 1,894 $ 1,959 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the U.S. Federal statutory tax rate to our annual tax rate is as follows: 2021 2020 2019 U.S. Federal statutory tax rate 21.0 % 21.0 % 21.0 % State income tax, net of U.S. Federal tax benefit 1.0 1.2 1.6 Lower taxes on foreign results (1.6) (0.8) (0.9) One-time mandatory transition tax - TCJ Act 1.9 — (0.1) Other, net (0.5) (0.5) (0.6) Annual tax rate 21.8 % 20.9 % 21.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax liabilities and assets are comprised of the following: 2021 2020 Deferred tax liabilities Debt guarantee of wholly-owned subsidiary $ 578 $ 578 Property, plant and equipment 2,036 1,851 Recapture of net operating losses 504 504 Pension liabilities 216 — Right-of-use assets 450 371 Other 254 159 Gross deferred tax liabilities 4,038 3,463 Deferred tax assets Net carryforwards 4,974 5,008 Intangible assets other than nondeductible goodwill 1,111 1,146 Share-based compensation 98 90 Retiree medical benefits 147 153 Other employee-related benefits 379 373 Pension benefits — 80 Deductible state tax and interest benefits 149 150 Lease liabilities 450 371 Other 842 866 Gross deferred tax assets 8,150 8,237 Valuation allowances (4,628) (4,686) Deferred tax assets, net 3,522 3,551 Net deferred tax liabilities/(assets) $ 516 $ (88) A summary of our valuation allowance activity is as follows: 2021 2020 2019 Balance, beginning of year $ 4,686 $ 3,599 $ 3,753 Provision (9) 1,082 (124) Other (deductions)/additions (49) 5 (30) Balance, end of year $ 4,628 $ 4,686 $ 3,599 |
Summary of Income Tax Contingencies [Table Text Block] | Our major taxing jurisdictions and the related open tax audits are as follows: Jurisdiction Years Open to Audit Years Currently Under Audit United States 2014-2020 2014-2019 Mexico 2014-2020 2014-2016 United Kingdom 2018-2020 None Canada (Domestic) 2016-2020 2016-2017 Canada (International) 2010-2020 2010-2017 Russia 2018-2020 None |
Reserves Rollforward | A reconciliation of unrecognized tax benefits is as follows: 2021 2020 Balance, beginning of year $ 1,621 $ 1,395 Additions for tax positions related to the current year 222 128 Additions for tax positions from prior years 681 153 Reductions for tax positions from prior years (558) (22) Settlement payments (25) (13) Statutes of limitations expiration (39) (23) Translation and other (2) 3 Balance, end of year $ 1,900 $ 1,621 |
Share-Based Compensation Shar_2
Share-Based Compensation Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | The following table summarizes our total share-based compensation expense, which is primarily recorded in selling, general and administrative expenses, and excess tax benefits recognized: 2021 2020 2019 Share-based compensation expense - equity awards $ 301 $ 264 $ 237 Share-based compensation expense - liability awards 20 11 8 Restructuring charges 1 (1) (2) Total $ 322 $ 274 $ 243 Income tax benefits recognized in earnings related to share-based compensation $ 57 $ 48 $ 39 Excess tax benefits related to share-based compensation $ 38 $ 35 $ 50 |
Schedule Of Weighted-Average Black-Scholes Fair Value Assumptions | Our weighted-average Black-Scholes fair value assumptions are as follows: 2021 2020 2019 Expected life 7 years 6 years 5 years Risk-free interest rate 1.1 % 0.9 % 2.4 % Expected volatility 14 % 14 % 14 % Expected dividend yield 3.1 % 3.4 % 3.1 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | A summary of our stock option activity for the year ended December 25, 2021 is as follows: Options (a) Weighted-Average Exercise Weighted-Average Contractual Aggregate Intrinsic Value (a) Outstanding at December 26, 2020 10,640 $ 99.54 Granted 2,157 $ 134.25 Exercised (2,321) $ 79.87 Forfeited/expired (334) $ 125.35 Outstanding at December 25, 2021 10,142 $ 110.54 5.79 $ 600,755 Exercisable at December 25, 2021 5,407 $ 93.49 3.47 $ 412,524 Expected to vest as of December 25, 2021 4,419 $ 129.78 8.41 $ 176,771 (a) In thousands. |
Our RSU and PSU Activity | A summary of our RSU and PSU activity for the year ended December 25, 2021 is as follows: RSUs/PSUs (a) Weighted-Average Weighted-Average Contractual Life Aggregate Intrinsic Value (a) Outstanding at December 26, 2020 6,127 $ 119.92 Granted 2,636 $ 131.81 Converted (2,229) $ 112.09 Forfeited (557) $ 126.70 Outstanding at December 25, 2021 (b) 5,977 $ 127.45 1.31 $ 1,014,854 Expected to vest as of December 25, 2021 (c) 6,016 $ 127.59 1.30 $ 1,021,312 (a) In thousands. Outstanding awards are disclosed at target. (b) The outstanding PSUs for which the vesting period has not ended as of December 25, 2021, at the threshold, target and maximum award levels were zero, 1 million and 2 million, respectively. (c) Represents the number of outstanding awards expected to vest, including estimated performance adjustments on all outstanding PSUs as of December 25, 2021. |
Schedule of Liability Award Vested and Expected to Vest [Table Text Block] | A summary of our long-term cash activity for the year ended December 25, 2021 is as follows: Long-Term Cash Award (a) Balance Sheet Date Fair Value (a) Contractual Life Remaining Outstanding at December 26, 2020 $ 47,513 Granted 16,507 Vested (16,567) Forfeited (1,661) Outstanding at December 25, 2021 (b) $ 45,792 $ 50,238 1.29 Expected to vest as of December 25, 2021 (c) $ 43,480 $ 47,771 1.27 (a) In thousands. Outstanding awards are disclosed at target. (b) The outstanding awards for which the vesting period has not ended as of December 25, 2021, at the threshold, target and maximum award levels based on the achievement of its market conditions were zero, $46 million and $92 million, respectively. (c) Represents the number of outstanding awards expected to vest, based on the most recent valuation as of December 25, 2021. |
Other Share-Based Compensation Data | The following is a summary of other share-based compensation data: 2021 2020 2019 Stock Options Total number of options granted (a) 2,157 1,847 1,286 Weighted-average grant-date fair value of options granted $ 9.88 $ 8.31 $ 10.89 Total intrinsic value of options exercised (a) $ 153,306 $ 155,096 $ 275,745 Total grant-date fair value of options vested (a) $ 10,605 $ 8,652 $ 9,838 RSUs/PSUs Total number of RSUs/PSUs granted (a) 2,636 2,496 2,754 Weighted-average grant-date fair value of RSUs/PSUs granted $ 131.81 $ 131.21 $ 116.87 Total intrinsic value of RSUs/PSUs converted (a) $ 273,878 $ 303,165 $ 333,951 Total grant-date fair value of RSUs/PSUs vested (a) $ 198,469 $ 235,523 $ 275,234 (a) In thousands. |
Pension, Retiree Medical and _3
Pension, Retiree Medical and Savings Plans (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Plan Assets Measured At Fair Value Table Text Block | Plan assets measured at fair value as of year-end 2021 and 2020 are categorized consistently by Level 1 (quoted prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) in both years and are as follows: Fair Value Hierarchy Level 2021 2020 U.S. plan assets (a) Equity securities, including preferred stock (b) 1 $ 6,387 $ 7,179 Government securities (c) 2 2,523 2,177 Corporate bonds (c) 2 6,210 5,437 Mortgage-backed securities (c) 2 199 119 Contracts with insurance companies (d) 3 9 9 Cash and cash equivalents (e) 1, 2 352 278 Sub-total U.S. plan assets 15,680 15,199 Real estate commingled funds measured at net asset value (f) 478 517 Dividends and interest receivable, net of payables 45 64 Total U.S. plan assets $ 16,203 $ 15,780 International plan assets Equity securities (b) 1 $ 2,232 $ 2,119 Government securities (c) 2 1,053 937 Corporate bonds (c) 2 400 445 Fixed income commingled funds (g) 1 632 509 Contracts with insurance companies (d) 3 43 50 Cash and cash equivalents 1 34 33 Sub-total international plan assets 4,394 4,093 Real estate commingled funds measured at net asset value (f) 221 202 Dividends and interest receivable 9 8 Total international plan assets $ 4,624 $ 4,303 (a) Includes $299 million and $315 million in 2021 and 2020, respectively, of retiree medical plan assets that are restricted for purposes of providing health benefits for U.S. retirees and their beneficiaries. (b) Invested in U.S. and international common stock and commingled funds, and the preferred stock portfolio was invested in domestic and international corporate preferred stock investments. The common and preferred stock investments are based on quoted prices in active markets. The commingled funds are based on the published price of the fund and include one large-cap fund that represents 11% and 13% of total U.S. plan assets for 2021 and 2020, respectively. (c) These investments are based on quoted bid prices for comparable securities in the marketplace and broker/dealer quotes in active markets. Corporate bonds of U.S.-based companies represent 32% and 30% of total U.S. plan assets for 2021 and 2020, respectively. (d) Based on the fair value of the contracts as determined by the insurance companies using inputs that are not observable. The changes in Level 3 amounts were not significant in the years ended December 25, 2021 and December 26, 2020. (e) Includes Level 1 assets of $216 million and $178 million for 2021 and 2020, respectively, and Level 2 assets of $136 million and $100 million for 2021 and 2020, respectively. (f) The real estate commingled funds include investments in limited partnerships. These funds are based on the net asset value of the appraised value of investments owned by these funds as determined by independent third parties using inputs that are not observable. The majority of the funds are redeemable quarterly subject to availability of cash and have notice periods ranging from 45 to 90 days. (g) Based on the published price of the fund. |
Selected Financial Information For Pension And Retiree Medical Plans | Selected financial information for our pension and retiree medical plans is as follows: Pension Retiree Medical U.S. International 2021 2020 2021 2020 2021 2020 Change in projected benefit obligation Obligation at beginning of year $ 16,753 $ 15,230 $ 4,430 $ 3,753 $ 1,006 $ 988 Service cost 518 434 104 86 33 25 Interest cost 324 435 74 85 15 25 Plan amendments 23 (221) 3 (17) — (25) Participant contributions — — 3 2 — — Experience (gain)/loss (215) 2,042 (178) 467 (17) 81 Benefit payments (976) (378) (106) (92) (83) (89) Settlement/curtailment (220) (808) (99) (24) — — Special termination benefits 9 19 — — — — Other, including foreign currency adjustment — — (56) 170 — 1 Obligation at end of year $ 16,216 $ 16,753 $ 4,175 $ 4,430 $ 954 $ 1,006 Change in fair value of plan assets Fair value at beginning of year $ 15,465 $ 14,302 $ 4,303 $ 3,732 $ 315 $ 302 Actual return on plan assets 1,052 1,908 387 401 20 47 Employer contributions/funding 580 387 158 120 47 55 Participant contributions — — 3 2 — — Benefit payments (976) (378) (106) (92) (83) (89) Settlement (217) (754) (52) (29) — — Other, including foreign currency adjustment — — (69) 169 — — Fair value at end of year $ 15,904 $ 15,465 $ 4,624 $ 4,303 $ 299 $ 315 Funded status $ (312) $ (1,288) $ 449 $ (127) $ (655) $ (691) Amounts recognized Other assets $ 692 $ 797 $ 564 $ 110 $ — $ — Other current liabilities (48) (53) (1) (1) (57) (51) Other liabilities (956) (2,032) (114) (236) (598) (640) Net amount recognized $ (312) $ (1,288) $ 449 $ (127) $ (655) $ (691) Amounts included in accumulated other comprehensive loss (pre-tax) Net loss/(gain) $ 3,550 $ 4,116 $ 696 $ 1,149 $ (220) $ (212) Prior service (credit)/cost (63) (119) (11) (19) (34) (45) Total $ 3,487 $ 3,997 $ 685 $ 1,130 $ (254) $ (257) Changes recognized in net (gain)/loss included in other comprehensive loss Net (gain)/loss arising in current year $ (301) $ 1,009 $ (355) $ 268 $ (22) $ 50 Amortization and settlement recognition (265) (409) (95) (75) 14 23 Foreign currency translation (gain)/loss — — (3) 42 — — Total $ (566) $ 600 $ (453) $ 235 $ (8) $ 73 Accumulated benefit obligation at end of year $ 15,489 $ 15,949 $ 4,021 $ 4,108 |
Schedule of Net Benefit Costs [Table Text Block] | The components of total pension and retiree medical benefit costs are as follows: Pension Retiree Medical U.S. International 2021 2020 2019 2021 2020 2019 2021 2020 2019 Service cost $ 518 $ 434 $ 381 $ 104 $ 86 $ 73 $ 33 $ 25 $ 23 Other pension and retiree medical benefits (income)/expense: Interest cost $ 324 $ 435 $ 543 $ 74 $ 85 $ 97 $ 15 $ 25 $ 36 Expected return on plan assets (970) (929) (892) (231) (202) (188) (15) (16) (18) Amortization of prior service (credits)/cost (31) 12 10 (2) — — (11) (12) (19) Amortization of net losses/(gains) 224 196 161 77 61 32 (14) (23) (27) Settlement/curtailment losses/(gains) (a) 40 213 296 (11) 19 12 — — — Special termination benefits 9 19 1 — — — — — — Total other pension and retiree medical benefits (income)/expense $ (404) $ (54) $ 119 $ (93) $ (37) $ (47) $ (25) $ (26) $ (28) Total $ 114 $ 380 $ 500 $ 11 $ 49 $ 26 $ 8 $ (1) $ (5) |
Weighted-Average Assumptions Used To Determine Projected Benefit Liability And Benefit Expense For Pension And Retiree Medical Plans | The following table provides the weighted-average assumptions used to determine net periodic benefit cost and projected benefit obligation for our pension and retiree medical plans: Pension Retiree Medical U.S. International 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net Periodic Benefit Cost Service cost discount rate 2.6 % 3.4 % 4.4 % 2.7 % 3.2 % 4.2 % 2.3 % 3.2 % 4.3 % Interest cost discount rate 2.0 % 2.9 % 4.1 % 1.7 % 2.4 % 3.2 % 1.6 % 2.6 % 3.8 % Expected return on plan assets 6.4 % 6.8 % 7.1 % 5.3 % 5.6 % 5.8 % 5.4 % 5.8 % 6.6 % Rate of salary increases 3.0 % 3.1 % 3.1 % 3.3 % 3.3 % 3.7 % Projected Benefit Obligation Discount rate 2.9 % 2.5 % 3.3 % 2.4 % 2.0 % 2.5 % 2.7 % 2.3 % 3.1 % Rate of salary increases 3.0 % 3.0 % 3.1 % 3.3 % 3.3 % 3.3 % |
Future Benefit Payments | Our estimated future benefit payments are as follows: 2022 2023 2024 2025 2026 2027 - 2031 Pension $ 1,110 $ 960 $ 960 $ 995 $ 1,030 $ 5,385 Retiree medical (a) $ 95 $ 90 $ 90 $ 85 $ 80 $ 355 (a) Expected future benefit payments for our retiree medical plans do not reflect any estimated subsidies expected to be received under the 2003 Medicare Act. Subsidies are expected to be approximately $1 million for each of the years from 2022 through 2026 and approximately $4 million in total for 2027 through 2031. |
Target Investment Allocation | For 2022 and 2021, our expected long-term rate of return on U.S. plan assets is 6.3% and 6.4%, respectively. Our target investment allocations for U.S. plan assets are as follows: 2022 2021 Fixed income 56 % 51 % U.S. equity 22 % 24 % International equity 18 % 21 % Real estate 4 % 4 % |
Effects Of 1-Percentage-Point Change In The Assumed Health Care Trend Rate | Retiree Medical Cost Trend Rates 2022 2021 Average increase assumed 6 % 6 % Ultimate projected increase 4 % 5 % Year of ultimate projected increase 2046 2040 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets | The following table provides selected information about plans with accumulated benefit obligation and total projected benefit obligation in excess of plan assets: Pension Retiree Medical U.S. International 2021 2020 2021 2020 2021 2020 Selected information for plans with accumulated benefit obligation in excess of plan assets (a) Obligation for service to date $ (1,499) $ (5,537) $ (127) $ (172) Fair value of plan assets $ 705 $ 4,156 $ 102 $ 123 Selected information for plans with projected benefit obligation in excess of plan assets (a) Benefit obligation $ (1,709) $ (9,172) $ (286) $ (2,933) $ (954) $ (1,006) Fair value of plan assets $ 705 $ 7,088 $ 171 $ 2,696 $ 299 $ 315 (a) The decrease in U.S. pension plans with obligations in excess of plan assets primarily reflects employer contributions to Plan H. |
Employer Contributions | Contributions to our pension and retiree medical plans were as follows: Pension Retiree Medical 2021 2020 2019 2021 2020 2019 Discretionary (a) $ 525 $ 339 $ 417 $ — $ — $ — Non-discretionary 213 168 255 47 55 44 Total $ 738 $ 507 $ 672 $ 47 $ 55 $ 44 (a) Includes $500 million contribution in 2021, $325 million contribution in 2020 and $400 million contribution in 2019 to fund our qualified defined benefit plans in the United States. |
Debt Obligations and Commitme_2
Debt Obligations and Commitments (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long and Short-Term Debt Contractural Commitments | The following table summarizes our debt obligations: 2021 (a) 2020 (a) Short-term debt obligations (b) Current maturities of long-term debt $ 3,872 $ 3,358 Commercial paper (0.1% and 0.2%) 400 396 Other borrowings (2.2% and 1.7%) 36 26 $ 4,308 $ 3,780 Long-term debt obligations (b) Notes due 2021 (2.2%) $ — $ 3,356 Notes due 2022 (2.4% and 2.5%) 3,868 3,867 Notes due 2023 (1.5% and 1.5%) 3,019 3,017 Notes due 2024 (2.1% and 2.1%) 2,986 3,067 Notes due 2025 (2.7% and 2.7%) 3,230 3,227 Notes due 2026 (3.2% and 3.2%) 2,450 2,492 Notes due 2027-2060 (2.6% and 2.8%) 24,313 24,673 Other, due 2021-2027 (1.3% and 1.3%) 32 29 39,898 43,728 Less: current maturities of long-term debt obligations 3,872 3,358 Total $ 36,026 $ 40,370 (a) Amounts are shown net of unamortized net discounts of $233 million and $260 million for 2021 and 2020, respectively. |
Schedule of Debt Issuances | In 2021, we issued the following senior notes: Interest Rate Maturity Date Amount (a) 0.750 % October 2033 € 1,000 1.950 % October 2031 $ 1,250 2.625 % October 2041 $ 750 2.750 % October 2051 $ 1,000 (a) Represents gross proceeds from issuances of long-term debt excluding debt issuance costs, discounts and premiums. In 2021, we paid $4.8 billion in cash in connection with the tender of certain notes redeemed in the following amounts: Interest Rate Maturity Date Principal Amount Tendered 5.500 % May 2035 $ 8 5.500 % May 2035 $ 1 (a) 5.500 % January 2040 $ 26 3.500 % March 2040 $ 443 4.875 % November 2040 $ 30 4.000 % March 2042 $ 261 3.600 % August 2042 $ 210 4.250 % October 2044 $ 190 4.600 % July 2045 $ 203 4.450 % April 2046 $ 532 3.450 % October 2046 $ 622 4.000 % May 2047 $ 212 3.375 % July 2049 $ 508 3.625 % March 2050 $ 611 3.875 % March 2060 $ 240 (a) Series A. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Fair Values Of Financial Assets And Liabilities | The fair values of our financial assets and liabilities as of December 25, 2021 and December 26, 2020 are categorized as follows: 2021 2020 Fair Value Hierarchy Levels (a) Assets (a) Liabilities (a) Assets (a) Liabilities (a) Index funds (b) 1 $ 337 $ — $ 231 $ — Prepaid forward contracts (c) 2 $ 21 $ — $ 18 $ — Deferred compensation (d) 2 $ — $ 505 $ — $ 477 Contingent consideration (e) 3 $ — $ — $ — $ 861 Derivatives designated as fair value hedging instruments: Interest rate (f) 2 $ — $ — $ 2 $ — Derivatives designated as cash flow hedging instruments: Foreign exchange (g) 2 $ 29 $ 14 $ 9 $ 71 Interest rate (g) 2 14 264 13 307 Commodity (h) 2 70 5 32 — $ 113 $ 283 $ 54 $ 378 Derivatives not designated as hedging instruments: Foreign exchange (g) 2 $ 19 $ 7 $ 4 $ 8 Commodity (h) 2 35 22 19 7 $ 54 $ 29 $ 23 $ 15 Total derivatives at fair value (i) $ 167 $ 312 $ 79 $ 393 Total $ 525 $ 817 $ 328 $ 1,731 (a) Fair value hierarchy levels are defined in Note 7. Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. (b) Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability. (c) Based primarily on the price of our common stock. (d) Based on the fair value of investments corresponding to employees’ investment elections. (e) 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. In the fourth quarter of 2021, we exercised our option to accelerate all remaining payments. The change in the contingent consideration in 2021 is comprised of the fourth quarter payment of $773 million, a recognized pre-tax gain of $86 million ($66 million after-tax or $0.05 per share), recorded in selling, general and administrative expenses, and a fair value decrease of $2 million, recorded in goodwill as a result of the finalization of purchase price allocation. (f) Based on London Interbank Offered Rate forward rates. As of December 25, 2021, we had no hedged fixed-rate debt. As of December 26, 2020, the carrying amount of hedged fixed-rate debt was $0.2 billion and classified on our balance sheet within short-term debt obligations. As of December 25, 2021, there were no fair value hedging adjustments to hedged fixed-rate debt. As of December 26, 2020, the cumulative amount of fair value hedging adjustments to hedged fixed-rate debt was a $2 million gain. As of December 25, 2021, the cumulative amount of fair value hedging adjustments on discontinued hedges was a $2 million net loss, which is being amortized over the remaining life of the related debt obligations. (g) Based on recently reported market transactions of spot and forward rates. (h) Primarily based on recently reported market transactions of swap arrangements. (i) 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 December 25, 2021 and December 26, 2020 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table as of December 25, 2021. |
Effective Portion Of Pre-Tax (Gains)/Losses On Derivative Instruments | Losses/(gains) on our hedging instruments are categorized as follows: Fair Value/Non- Cash Flow and Net Investment Hedges Losses/(Gains) Recognized in Income Statement (a) Losses/(Gains) Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (b) 2021 2020 2021 2020 2021 2020 Foreign exchange $ (4) $ — $ (7) $ (9) $ 82 $ (43) Interest 56 (6) 44 (96) 64 (129) Commodity (218) 53 (285) (21) (194) 56 Net investment — — (192) 235 — — Total $ (166) $ 47 $ (440) $ 109 $ (48) $ (116) (a) Foreign exchange derivative losses/gains are primarily included in selling, general and administrative expenses. Interest rate derivative losses/gains are primarily from treasury rate locks, with a total notional value of $3.2 billion, to mitigate the interest rate risk on the cash tender offers and are included in net interest expense and other. See Note 8 to our consolidated financial statements for further information. 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) | 12 Months Ended |
Dec. 25, 2021 | |
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: 2021 2020 2019 Income Shares (a) Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 5.51 $ 5.14 $ 5.23 Net income available for PepsiCo common shareholders $ 7,618 1,382 $ 7,120 1,385 $ 7,314 1,399 Dilutive securities: Stock options, RSUs, PSUs and other (b) — 7 — 7 — 8 Diluted $ 7,618 1,389 $ 7,120 1,392 $ 7,314 1,407 Diluted net income attributable to PepsiCo per common share $ 5.49 $ 5.12 $ 5.20 (a) Weighted-average common shares outstanding (in millions). (b) The dilutive effect of these securities is calculated using the treasury stock method. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss Attributable to Pepsico (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income | 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 (a) Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 29, 2018 (b) $ (11,918) $ 87 $ (3,271) $ (17) $ (15,119) Other comprehensive income/(loss) before reclassifications (c) 636 (131) (89) (2) 414 Amounts reclassified from accumulated other comprehensive loss — 14 468 — 482 Net other comprehensive income/(loss) 636 (117) 379 (2) 896 Tax amounts (8) 27 (96) — (77) Balance as of December 28, 2019 (b) (11,290) (3) (2,988) (19) (14,300) Other comprehensive (loss)/income before reclassifications (d) (710) 126 (1,141) (1) (1,726) Amounts reclassified from accumulated other comprehensive loss — (116) 465 — 349 Net other comprehensive (loss)/income (710) 10 (676) (1) (1,377) Tax amounts 60 (3) 144 — 201 Balance as of December 26, 2020 (b) (11,940) 4 (3,520) (20) (15,476) Other comprehensive (loss)/income before reclassifications (e) (340) 248 702 22 632 Amounts reclassified from accumulated other comprehensive loss 18 (48) 299 — 269 Net other comprehensive (loss)/income (322) 200 1,001 22 901 Tax amounts (47) (45) (231) — (323) Balance as of December 25, 2021 (b) $ (12,309) $ 159 $ (2,750) $ 2 $ (14,898) (a) The change in 2021 primarily comprises fair value increases in available-for-sale securities. (b) Pension and retiree medical amounts are net of taxes of $1,466 million as of December 29, 2018, $1,370 million as of December 28, 2019, $1,514 million as of December 26, 2020 and $1,283 million as of December 25, 2021. (c) Currency translation adjustment primarily reflects the appreciation of the Russian ruble, Canadian dollar, Mexican peso and Pound sterling. (d) Currency translation adjustment primarily reflects the depreciation of the Russian ruble and Mexican peso. (e) Currency translation adjustment primarily reflects the depreciation of the Turkish lira, Swiss franc and Mexican peso. |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table summarizes the reclassifications from accumulated other comprehensive loss to the income statement: Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Income Statement 2021 2020 2019 Currency translation: Divestitures $ 18 $ — $ — Selling, general and administrative expenses Cash flow hedges: Foreign exchange contracts $ 6 $ — $ 1 Net revenue Foreign exchange contracts 76 (43) 2 Cost of sales Interest rate derivatives 64 (129) 7 Selling, general and administrative expenses Commodity contracts (190) 50 3 Cost of sales Commodity contracts (4) 6 1 Selling, general and administrative expenses Net (gains)/losses before tax (48) (116) 14 Tax amounts 11 29 (2) Net (gains)/losses after tax $ (37) $ (87) $ 12 Pension and retiree medical items: Amortization of net prior service credit $ (44) $ — $ (9) Other pension and retiree medical benefits income/(expense) Amortization of net losses 289 238 169 Other pension and retiree medical benefits income/(expense) Settlement/curtailment losses 54 227 308 Other pension and retiree medical benefits income/(expense) Net losses before tax 299 465 468 Tax amounts (65) (101) (102) Net losses after tax $ 234 $ 364 $ 366 Total net losses reclassified for the year, net of tax $ 215 $ 277 $ 378 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Leases [Abstract] | |
Lessee Operating Leases Supplemental Cash Flow Information and Noncash Activity Table [Table Text Block] | Supplemental cash flow information and non-cash activity related to our operating leases are as follows: 2021 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 567 $ 555 $ 478 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 934 $ 621 $ 479 |
Lease, Cost [Table Text Block] | Components of lease cost are as follows: 2021 2020 2019 Operating lease cost (a) $ 563 $ 539 $ 474 Variable lease cost (b) $ 112 $ 111 $ 101 Short-term lease cost (c) $ 469 $ 436 $ 379 (a) Includes right-of-use asset amortization of $505 million, $478 million, and $412 million in 2021, 2020, and 2019, respectively. (b) Primarily related to adjustments for inflation, common-area maintenance and property tax. (c) Not recorded on our balance sheet. |
Lessee Operating Lease Balance Sheet Amounts and Lines [Table Text Block] | Supplemental balance sheet information related to our operating leases is as follows: Balance Sheet Classification 2021 2020 Right-of-use assets Other assets $ 2,020 $ 1,670 Current lease liabilities Accounts payable and other current liabilities $ 446 $ 460 Non-current lease liabilities Other liabilities $ 1,598 $ 1,233 |
Lessee Operating Lease Weighted Averages Table [Table Text Block] | Weighted-average remaining lease term and discount rate for our operating leases are as follows: 2021 2020 2019 Weighted-average remaining lease term 7 years 6 years 6 years Weighted-average discount rate 3 % 4 % 4 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities by year for our operating leases are as follows: 2022 $ 511 2023 402 2024 314 2025 245 2026 202 2027 and beyond 677 Total lease payments 2,351 Less: Imputed interest 307 Present value of lease liabilities $ 2,044 |
Acquisitions & Divestitures (Ta
Acquisitions & Divestitures (Tables) | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Acquisitions & Divestitures [Abstract] | ||
Business Combination, Separately Recognized Transactions | A summary of our acquisition and divestiture-related charges is as follows: 2021 2020 2019 Cost of sales $ 1 $ 32 $ 34 Selling, general and administrative expenses (a) (5) 223 21 Total $ (4) $ 255 $ 55 After-tax amount (b) $ (27) $ 237 $ 47 Impact on net income attributable to PepsiCo per common share $ 0.02 $ (0.17) $ (0.03) (a) The income amount primarily relates to the acceleration payment made in the fourth quarter of 2021 under the contingent consideration arrangement associated with our acquisition of Rockstar, which is partially offset by other acquisition and divestiture-related charges. (b) In 2021, includes a tax benefit related to contributions to socioeconomic programs in South Africa. Acquisition and divestiture-related charges by division are as follows: 2021 2020 2019 Transaction FLNA $ 2 $ 29 $ — BFY Brands PBNA 11 66 — Juice Transaction, Rockstar Europe 8 — 46 Juice Transaction, SodaStream International Ltd. AMESA 10 173 7 Pioneer Foods APAC 4 7 — Be & Cheery Corporate (a) (39) (20) 2 Rockstar, Juice Transaction Total $ (4) $ 255 $ 55 (a) In 2021, the income amount primarily relates to the acceleration payment made in the fourth quarter of 2021 under the contingent consideration arrangement associated with our acquisition of Rockstar, which is partially offset by divestiture-related charges associated with the Juice Transaction. In 2020, the income amount primarily relates to the change in the fair value of the Rockstar contingent consideration. | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The fair value of identifiable assets acquired and liabilities assumed in the acquisitions of Pioneer Foods, Rockstar and Be & Cheery and the resulting goodwill as of the respective acquisition dates is summarized as follows: Pioneer Foods Rockstar Be & Cheery Acquisition date March 23, 2020 April 24, 2020 June 1, 2020 Inventories $ 229 $ 52 $ 45 Property, plant and equipment 379 8 60 Amortizable intangible assets 52 — 98 Nonamortizable intangible assets 183 2,400 309 Other assets and liabilities (53) (9) (24) Net deferred income taxes (117) — (99) Noncontrolling interest (5) — — Total identifiable net assets 668 2,451 389 Goodwill 558 2,278 309 Total purchase price $ 1,226 $ 4,729 $ 698 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 25, 2021 | |
Supplemental Financial Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | Supplemental Financial Information Balance Sheet 2021 2020 2019 Accounts and notes receivable Trade receivables $ 7,172 $ 6,892 Other receivables 1,655 1,713 Total 8,827 8,605 Allowance, beginning of year 201 105 $ 101 Cumulative effect of accounting change — 44 — Net amounts charged to expense (a) (19) 79 22 Deductions (b) (25) (32) (30) Other (c) (10) 5 12 Allowance, end of year 147 201 $ 105 Net receivables $ 8,680 $ 8,404 Inventories (d) Raw materials and packaging $ 1,898 $ 1,720 Work-in-process 151 205 Finished goods 2,298 2,247 Total $ 4,347 $ 4,172 Property, plant and equipment, net (e) Average Land $ 1,123 $ 1,171 Buildings and improvements 15 - 44 10,279 10,214 Machinery and equipment, including fleet and software 5 - 15 31,486 31,276 Construction in progress 3,940 3,679 46,828 46,340 Accumulated depreciation (24,421) (24,971) Total $ 22,407 $ 21,369 Depreciation expense $ 2,484 $ 2,335 $ 2,257 Other assets Noncurrent notes and accounts receivable $ 111 $ 109 Deferred marketplace spending 119 130 Pension plans (f) 1,260 910 Right-of-use assets (g) 2,020 1,670 Other 694 493 Total $ 4,204 $ 3,312 Accounts payable and other current liabilities Accounts payable (h) $ 9,834 $ 8,853 Accrued marketplace spending 3,087 2,935 Accrued compensation and benefits 2,324 2,059 Dividends payable 1,508 1,430 Current lease liabilities (g) 446 460 Other current liabilities 3,960 3,855 Total $ 21,159 $ 19,592 (a) 2021 includes reductions in the previously recorded reserves of $32 million, while 2020 includes an allowance for expected credit losses of $56 million, related to the COVID-19 pandemic. See Note 1 for further information. (b) Includes accounts written off. (c) Includes adjustments related primarily to currency translation and other adjustments. (d) Approximately 7% and 6% of the inventory cost in 2021 and 2020, respectively, were computed using the LIFO method. The differences between LIFO and FIFO methods of valuing these inventories were not material. See Note 2 for further information. (e) See Note 2 for further information. (f) See Note 7 for further information. (g) See Note 12 for further information. (h) Increase reflects higher production payables due to strong business performance across a number of our divisions as well as higher commodity prices, partially offset by liabilities reclassified as held for sale in connection with our Juice Transaction. Statement of Cash Flows 2021 2020 2019 Interest paid (a) $ 1,184 $ 1,156 $ 1,076 Income taxes paid, net of refunds (b) $ 1,933 $ 1,770 $ 2,226 (a) In 2021, excludes the charge related to cash tender offers. See Note 8 for further information. (b) In 2021, 2020 and 2019, includes tax payments of $309 million, $78 million and $423 million, respectively, related to the TCJ Act. The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported within the balance sheet to the same items as reported in the cash flow statement. 2021 2020 Cash and cash equivalents $ 5,596 $ 8,185 Restricted cash included in other assets (a) 111 69 Total cash and cash equivalents and restricted cash $ 5,707 $ 8,254 (a) Primarily relates to collateral posted against certain of our derivative positions. |
Basis of Presentation and Our_4
Basis of Presentation and Our Divisions (Narrative) (Details) | 12 Months Ended |
Dec. 25, 2021countrysegment | |
Basis Of Presentation And Our Divisions [Line Items] | |
Number of Reportable Segments | segment | 7 |
Manufacture and sell in (number of countries) | country | 200 |
Maximum [Member] | |
Basis Of Presentation And Our Divisions [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% |
Basis of Presentation and Our_5
Basis of Presentation and Our Divisions (Schedule of Quarterly Reporting) (Details) | 3 Months Ended | 4 Months Ended | ||
Sep. 04, 2021 | Jun. 12, 2021 | Mar. 20, 2021 | Dec. 25, 2021 | |
U.S. and Canada | ||||
Segment Reporting Information [Line Items] | ||||
Quarterly reporting calendar, period | 84 days | 84 days | 84 days | 112 days |
International Divisions | ||||
Segment Reporting Information [Line Items] | ||||
Quarterly Financial Information, Reporting Calendar, Period | June, July and August | March, April and May | January, February | September, October, November and December |
Basis of Presentation and Our_6
Basis of Presentation and Our Divisions (Share-Based Compensation Expense) (Details) | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Frito Lay North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 13.00% | 13.00% | 13.00% |
Quaker Foods North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 1.00% | 1.00% | 1.00% |
PepsiCo Beverages North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 19.00% | 18.00% | 17.00% |
Africa, Middle East and South Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 6.00% | 6.00% | 3.00% |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 2.00% | 2.00% | 5.00% |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 5.00% | 6.00% | 7.00% |
Europe | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 13.00% | 16.00% | 17.00% |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 41.00% | 38.00% | 37.00% |
Basis of Presentation and Our_7
Basis of Presentation and Our Divisions (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Segment Reporting Information [Line Items] | |||
Net Revenue | $ 79,474 | $ 70,372 | $ 67,161 |
Operating Profit | 11,162 | 10,080 | 10,291 |
Frito Lay North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 19,608 | 18,189 | 17,078 |
Operating Profit | 5,633 | 5,340 | 5,258 |
Quaker Foods North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 2,751 | 2,742 | 2,482 |
Operating Profit | 578 | 669 | 544 |
PepsiCo Beverages North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 25,276 | 22,559 | 21,730 |
Operating Profit | 2,442 | 1,937 | 2,179 |
Africa, Middle East and South Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 6,078 | 4,573 | 3,651 |
Operating Profit | 858 | 600 | 671 |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 4,615 | 3,445 | 2,919 |
Operating Profit | 673 | 590 | 477 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 13,038 | 11,922 | 11,728 |
Operating Profit | 1,292 | 1,353 | 1,327 |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 8,108 | 6,942 | 7,573 |
Operating Profit | 1,369 | 1,033 | 1,141 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 12,845 | 11,522 | 11,597 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 0 | 0 | 0 |
Operating Profit | $ (1,683) | $ (1,442) | $ (1,306) |
Basis of Presentation and Our_8
Basis of Presentation and Our Divisions (Segment Reporting Information by % of Disaggregated Net Revenue) (Details) | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 45.00% | 45.00% | 45.00% |
Disaggregation of Net Revenue - Convenient Foods | 55.00% | 55.00% | 55.00% |
Disaggregation of beverage revenue from company-owned bottlers | 40.00% | 40.00% | 40.00% |
Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 10.00% | 10.00% | 10.00% |
Disaggregation of Net Revenue - Convenient Foods | 90.00% | 90.00% | 90.00% |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 20.00% | 25.00% | 25.00% |
Disaggregation of Net Revenue - Convenient Foods | 80.00% | 75.00% | 75.00% |
Africa, Middle East and South Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 30.00% | 30.00% | 40.00% |
Disaggregation of Net Revenue - Convenient Foods | 70.00% | 70.00% | 60.00% |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 55.00% | 55.00% | 55.00% |
Disaggregation of Net Revenue - Convenient Foods | 45.00% | 45.00% | 45.00% |
Basis of Presentation and Our_9
Basis of Presentation and Our Divisions (COVID-19) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Segment Reporting Information [Line Items] | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | $ (32) | $ 56 |
Prepaid Incentives Novel Coronavirus (COVID-19) Impact | (23) | 59 |
Inventory Write-down and Product Returns Novel Coronavirus (COVID-19) Impact | (1) | 72 |
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 128 | 350 |
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 70 | 161 |
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 6 | 76 |
Charges Related to Novel Coronavirus (COVID-19) | 148 | 774 |
Reserve for Product Returns Novel Coronavirus (COVID-19) Impact | 20 | |
Social Welfare Credit Novel Coronavirus (COVID-19) Impact | 11 | |
Frito Lay North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | (8) | 17 |
Prepaid Incentives Novel Coronavirus (COVID-19) Impact | 0 | 0 |
Inventory Write-down and Product Returns Novel Coronavirus (COVID-19) Impact | 0 | 8 |
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 35 | 145 |
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 27 | 59 |
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 2 | 0 |
Charges Related to Novel Coronavirus (COVID-19) | 56 | 229 |
Quaker Foods North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | (1) | 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 | 2 | 9 |
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 1 | 3 |
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 0 | 1 |
Charges Related to Novel Coronavirus (COVID-19) | 2 | 15 |
PepsiCo Beverages North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | (19) | 29 |
Prepaid Incentives Novel Coronavirus (COVID-19) Impact | (21) | 56 |
Inventory Write-down and Product Returns Novel Coronavirus (COVID-19) Impact | 0 | 28 |
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 31 | 115 |
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 14 | 50 |
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | (16) | 26 |
Charges Related to Novel Coronavirus (COVID-19) | (11) | 304 |
Africa, Middle East and South Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | (1) | 2 |
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 | 1 | 9 |
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 3 | 7 |
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 6 | 12 |
Charges Related to Novel Coronavirus (COVID-19) | 7 | 33 |
Asia Pacific, Australia and New Zealand, and China Region [Member] | ||
Segment Reporting Information [Line Items] | ||
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 | 0 | 3 |
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 2 | (7) |
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 2 | 2 |
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 5 | 5 |
Charges Related to Novel Coronavirus (COVID-19) | 9 | 3 |
Latin America | ||
Segment Reporting Information [Line Items] | ||
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 | 1 | 19 |
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 44 | 56 |
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 15 | 18 |
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 4 | 8 |
Charges Related to Novel Coronavirus (COVID-19) | 64 | 102 |
Europe | ||
Segment Reporting Information [Line Items] | ||
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | (3) | 5 |
Prepaid Incentives Novel Coronavirus (COVID-19) Impact | (2) | 3 |
Inventory Write-down and Product Returns Novel Coronavirus (COVID-19) Impact | 0 | 11 |
Employee Compensation Expense Novel Coronavirus (COVID-19) Impact | 13 | 23 |
Employee Protection Costs Novel Coronavirus (COVID-19) Impact | 8 | 22 |
Charges Related to Novel Coronavirus (COVID-19) Impact - Other | 5 | 24 |
Charges Related to Novel Coronavirus (COVID-19) | $ 21 | $ 88 |
Basis of Presentation and Ou_10
Basis of Presentation and Our Divisions (Segment Reporting Information by Total Assets and Capital Spending) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 92,377 | $ 92,918 | |
Capital Spending | 4,625 | 4,240 | $ 4,232 |
Frito Lay North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 9,763 | 8,730 | |
Capital Spending | 1,411 | 1,189 | 1,227 |
Quaker Foods North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 1,101 | 1,021 | |
Capital Spending | 92 | 85 | 104 |
PepsiCo Beverages North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 37,801 | 37,079 | |
Capital Spending | 1,275 | 1,245 | 1,053 |
Africa, Middle East and South Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 6,125 | 5,942 | |
Capital Spending | 325 | 252 | 267 |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 5,654 | 5,770 | |
Capital Spending | 203 | 230 | 195 |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 7,272 | 6,977 | |
Capital Spending | 461 | 390 | 557 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 18,472 | 17,917 | |
Capital Spending | 752 | 730 | 613 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 86,188 | 83,436 | |
Capital Spending | 4,519 | 4,121 | 4,016 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 6,189 | 9,482 | |
Capital Spending | $ 106 | $ 119 | $ 216 |
Basis of Presentation and Ou_11
Basis of Presentation and Our Divisions (Segment Reporting Information by Amortization of Intangible Assets and Depreciation and Other Amortization) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | $ 91 | $ 90 | $ 81 |
Depreciation and Other Amortization | 2,619 | 2,458 | 2,351 |
Frito Lay North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 11 | 10 | 7 |
Depreciation and Other Amortization | 594 | 550 | 492 |
Quaker Foods North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 0 | 0 | 0 |
Depreciation and Other Amortization | 46 | 41 | 44 |
PepsiCo Beverages North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 25 | 28 | 29 |
Depreciation and Other Amortization | 926 | 899 | 857 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 37 | 40 | 37 |
Depreciation and Other Amortization | 364 | 350 | 341 |
Africa, Middle East and South Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 5 | 3 | 2 |
Depreciation and Other Amortization | 181 | 149 | 116 |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 9 | 5 | 1 |
Depreciation and Other Amortization | 102 | 91 | 76 |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 4 | 4 | 5 |
Depreciation and Other Amortization | 283 | 251 | 270 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 91 | 90 | 81 |
Depreciation and Other Amortization | 2,496 | 2,331 | 2,196 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 0 | 0 | 0 |
Depreciation and Other Amortization | $ 123 | $ 127 | $ 155 |
Basis of Presentation and Ou_12
Basis of Presentation and Our Divisions (Segment Reporting Information by Net Revenue and Long-Lived Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Segment Reporting Information [Line Items] | |||
Net Revenue | $ 79,474 | $ 70,372 | $ 67,161 |
Long-Lived Assets | 62,080 | 62,233 | |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 44,545 | 40,800 | 38,644 |
Long-Lived Assets | 36,324 | 36,657 | |
MEXICO | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 4,580 | 3,924 | 4,190 |
Long-Lived Assets | 1,720 | 1,708 | |
RUSSIAN FEDERATION | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 3,426 | 3,009 | 3,263 |
Long-Lived Assets | 3,751 | 3,644 | |
CANADA | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 3,405 | 2,989 | 2,831 |
Long-Lived Assets | 2,846 | 2,794 | |
UNITED KINGDOM | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 2,102 | 1,882 | 1,723 |
Long-Lived Assets | 906 | 874 | |
CHINA | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 2,679 | 1,732 | 1,300 |
Long-Lived Assets | 1,745 | 1,649 | |
SOUTH AFRICA | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 2,008 | 1,282 | 405 |
Long-Lived Assets | 1,389 | 1,484 | |
All Other Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 16,729 | 14,754 | $ 14,805 |
Long-Lived Assets | $ 13,399 | $ 13,423 |
Our Significant Accounting Po_3
Our Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized Computer Software, Amortization | $ 135 | $ 152 | $ 166 |
Capitalized Computer Software, Net | $ 809 | $ 664 | |
Minimum | Software | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Maximum | Software | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Our Significant Accounting Po_4
Our Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Capitalized Computer Software, Net | $ 809 | $ 664 | |
Capitalized Computer Software, Amortization | 135 | 152 | $ 166 |
Shipping and handling expenses | 13,700 | 11,900 | 10,900 |
Research and development costs | 752 | 719 | 711 |
Amount of prepaid incentive arrangements | 262 | 299 | |
Advertising and other marketing activities | 5,100 | 4,600 | 4,700 |
Advertising expenses | 3,500 | 3,000 | 3,000 |
Deferred advertising costs | 53 | 48 | |
Reserve for Product Returns Novel Coronavirus (COVID-19) Impact | 20 | ||
Prepaid Incentives Novel Coronavirus (COVID-19) Impact | (23) | 59 | |
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | (32) | 56 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification (Pre-Tax) | $ 0 | $ 44 | $ 0 |
Credit Terms, Receivables [Abstract] | |||
Credit Terms, Receivable U.S. | 30 days | ||
Credit Terms, Receivables International (Outside U.S.) Maximum | 90 days | ||
Credit Terms, Receivables International (Outside U.S.) minimum | 30 days |
Our Significant Accounting Po_5
Our Significant Accounting Policies (Concentration of Credit Risk) (Details) | 12 Months Ended |
Dec. 25, 2021 | |
Customer Concentration Risk | Wal-Mart | Revenue, Net | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 13.00% |
Restructuring and Impairment _3
Restructuring and Impairment Charges (Expected Pre-Tax Charges for 2019 Productivity Plan) (Details) - 2019 Productivity Plan [Member] $ in Millions | Dec. 25, 2021USD ($) |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | $ 3,150 |
Restructuring and Related Cost, Expected Cash Expenditures | 2,400 |
Previous Estimate | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 2,500 |
Restructuring and Related Cost, Expected Cash Expenditures | $ 1,600 |
Severance and Other Employee Costs | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 55.00% |
Asset Impairments | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 10.00% |
Other Costs | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 35.00% |
Corporate | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 15.00% |
Frito Lay North America [Member] | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 15.00% |
Quaker Foods North America [Member] | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 1.00% |
PepsiCo Beverages North America [Member] | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 25.00% |
Latin America | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 10.00% |
Europe | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 25.00% |
Africa, Middle East and South Asia [Member] | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 5.00% |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 4.00% |
Restructuring and Impairment _4
Restructuring and Impairment Charges (Summary of 2019 Productivity Plan Charges) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | $ 1 | $ (1) | $ (2) |
Cash payments for restructuring charges | (256) | (255) | (350) |
2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 127 | 149 | 106 |
Restructuring and impairment charges | 247 | 289 | 370 |
Cash payments for restructuring charges | (256) | (255) | (257) |
Non-cash charges and translation | (47) | (56) | (70) |
Ending Balance | $ 71 | $ 127 | $ 149 |
Impact on net income attributable to PepsiCo per common share | $ (0.15) | $ (0.17) | $ (0.21) |
Plan to Date through 12/25/2021 | $ 1,044 | ||
Cash payments reported on the cash flow statement in pension and retiree medical contributions | 2 | $ 2 | $ 4 |
Frito Lay North America [Member] | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 28 | 83 | 22 |
Plan to Date through 12/25/2021 | 164 | ||
Quaker Foods North America [Member] | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 0 | 5 | 2 |
Plan to Date through 12/25/2021 | 12 | ||
PepsiCo Beverages North America [Member] | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 20 | 47 | 51 |
Plan to Date through 12/25/2021 | 158 | ||
Africa, Middle East and South Asia [Member] | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 15 | 14 | 38 |
Plan to Date through 12/25/2021 | 70 | ||
Asia Pacific, Australia and New Zealand, and China Region [Member] | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 7 | 5 | 47 |
Plan to Date through 12/25/2021 | 61 | ||
Latin America | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 37 | 31 | 62 |
Plan to Date through 12/25/2021 | 139 | ||
Europe | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 81 | 48 | 99 |
Plan to Date through 12/25/2021 | 234 | ||
Severance and Other Employee Costs | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 122 | 128 | 105 |
Restructuring and impairment charges | 120 | 158 | 149 |
Cash payments for restructuring charges | (163) | (138) | (138) |
Non-cash charges and translation | (15) | (26) | 12 |
Ending Balance | 64 | 122 | 128 |
Plan to Date through 12/25/2021 | 564 | ||
Asset Impairments | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 0 | 0 | 0 |
Restructuring and impairment charges | 32 | 33 | 92 |
Cash payments for restructuring charges | 0 | 0 | 0 |
Non-cash charges and translation | (32) | (33) | (92) |
Ending Balance | 0 | 0 | 0 |
Plan to Date through 12/25/2021 | 157 | ||
Other Costs | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 5 | 21 | 1 |
Restructuring and impairment charges | 95 | 98 | 129 |
Cash payments for restructuring charges | (93) | (117) | (119) |
Non-cash charges and translation | 0 | 3 | 10 |
Ending Balance | 7 | 5 | 21 |
Plan to Date through 12/25/2021 | 323 | ||
Cost of sales | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 29 | 30 | 115 |
Selling, general and administrative expenses | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 208 | 239 | 253 |
Other pension and retiree medical benefits expense | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 10 | 20 | 2 |
Plan to Date through 12/25/2021 | 67 | ||
After-tax amount | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 206 | 231 | 303 |
Restructuring, Settlement and Impairment Provisions, less Other pension and retiree medical benefits expense [Member] | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 237 | 269 | 368 |
Plan to Date through 12/25/2021 | 977 | ||
Corporate | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 49 | $ 36 | $ 47 |
Plan to Date through 12/25/2021 | $ 139 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Change in Book Value of Nonamortizable Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | $ 35,508 | $ 36,369 | $ 30,111 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (564) | 6,395 | |
Acquisitions | (297) | (137) | |
Frito Lay North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 798 | 805 | 461 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (8) | 343 | |
Acquisitions | 1 | 1 | |
PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 23,127 | 23,954 | 19,267 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (505) | 4,696 | |
Acquisitions | (322) | (9) | |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,040 | 999 | 307 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 3 | 615 | |
Acquisitions | 38 | 77 | |
Quaker Foods North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 189 | 189 | 200 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions | 0 | (11) | |
Africa, Middle East and South Asia [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,268 | 1,310 | 446 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (2) | 743 | |
Acquisitions | (40) | 121 | |
Europe | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 8,553 | 8,546 | 8,804 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (51) | (2) | |
Acquisitions | 58 | (256) | |
Latin America | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 533 | 566 | 626 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (1) | 0 | |
Acquisitions | (32) | (60) | |
Goodwill [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 18,381 | 18,757 | 15,501 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (251) | 3,308 | |
Acquisitions | (125) | (52) | |
Goodwill [Member] | Frito Lay North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 458 | 465 | 299 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (8) | 164 | |
Acquisitions | 1 | 2 | |
Goodwill [Member] | PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 11,974 | 12,189 | 9,898 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (216) | 2,280 | |
Acquisitions | 1 | 11 | |
Goodwill [Member] | Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 564 | 554 | 207 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 3 | 306 | |
Acquisitions | 7 | 41 | |
Goodwill [Member] | Quaker Foods North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 189 | 189 | 189 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions | 0 | 0 | |
Goodwill [Member] | Africa, Middle East and South Asia [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,063 | 1,096 | 446 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (2) | 560 | |
Acquisitions | (31) | 90 | |
Goodwill [Member] | Europe | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 3,700 | 3,806 | 3,961 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (28) | (2) | |
Acquisitions | (78) | (153) | |
Goodwill [Member] | Latin America | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 433 | 458 | 501 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions | (25) | (43) | |
Reacquired Franchise Rights | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 7,548 | 7,603 | 7,594 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (23) | 0 | |
Acquisitions | (32) | 9 | |
Reacquired Franchise Rights | PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 7,107 | 7,107 | 7,089 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions | 0 | 18 | |
Reacquired Franchise Rights | Europe | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 441 | 496 | 505 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (23) | 0 | |
Acquisitions | (32) | (9) | |
Brands [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 7,883 | 8,301 | 5,342 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (291) | 3,071 | |
Acquisitions | (127) | (112) | |
Brands [Member] | Frito Lay North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 340 | 340 | 162 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 179 | |
Acquisitions | 0 | (1) | |
Brands [Member] | PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 2,508 | 3,122 | 763 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (290) | 2,400 | |
Acquisitions | (324) | (41) | |
Brands [Member] | Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 476 | 445 | 100 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 309 | |
Acquisitions | 31 | 36 | |
Brands [Member] | Quaker Foods North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 0 | 0 | 11 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions | 0 | (11) | |
Brands [Member] | Africa, Middle East and South Asia [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 205 | 214 | 0 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 183 | |
Acquisitions | (9) | 31 | |
Brands [Member] | Europe | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 4,254 | 4,072 | 4,181 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions | 182 | (109) | |
Brands [Member] | Latin America | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 100 | 108 | 125 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | (1) | 0 | |
Acquisitions | (7) | (17) | |
Acquired Franchise Rights | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,696 | 1,708 | 1,674 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 1 | 16 | |
Acquisitions | (13) | 18 | |
Acquired Franchise Rights | PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,538 | 1,536 | 1,517 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 1 | 16 | |
Acquisitions | 1 | 3 | |
Acquired Franchise Rights | Europe | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 158 | 172 | $ 157 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions | $ (14) | $ 15 |
Intangible Assets (Future Amort
Intangible Assets (Future Amortization) (Details) $ in Millions | 12 Months Ended |
Dec. 25, 2021USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 84 |
2023 | 84 |
2024 | 83 |
2025 | 81 |
2026 | $ 72 |
Finite-Lived Intangible Assets, Expected Amortization | 5 years |
Intangible Assets (Schedule o_2
Intangible Assets (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross | $ 3,201 | $ 3,440 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,663 | 1,737 | |
Amortizable intangible assets, net | 1,538 | 1,703 | |
Amortization of intangible assets | 91 | $ 90 | $ 81 |
Vital Pharmaceuticals, Inc. Distribution Agreement Useful Life | 3 years | ||
Vital Pharmaceutical, Inc. Termination Notice | 3 years | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross | 623 | $ 642 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 227 | 204 | |
Amortizable intangible assets, net | $ 396 | 438 | |
Customer Relationships [Member] | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Customer Relationships [Member] | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 24 years | ||
Acquired Franchise Rights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross | $ 976 | 976 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 187 | 173 | |
Amortizable intangible assets, net | $ 789 | 803 | |
Acquired Franchise Rights | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 56 years | ||
Acquired Franchise Rights | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 60 years | ||
Brands [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross | $ 1,151 | 1,348 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 989 | 1,099 | |
Amortizable intangible assets, net | $ 162 | 249 | |
Brands [Member] | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Brands [Member] | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 40 years | ||
Other Identifiable Intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross | $ 451 | 474 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 260 | 261 | |
Amortizable intangible assets, net | $ 191 | $ 213 | |
Other Identifiable Intangibles | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Other Identifiable Intangibles | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 24 years |
Intangible Assets (Indefinite-L
Intangible Assets (Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 19, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 41 | ||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | |
Subsequent Event | ||||
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 200 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Goodwill and Intangible Assets | $ 1,111 | $ 1,146 | |
Tax expense/(benefit) related to the TCJ Act | $ 190 | 0 | $ (8) |
Net tax (benefit)/expense related to the TCJ Act per share | $ 0.14 | $ (0.01) | |
Total gross amount of reserves for income taxes | $ 1,900 | ||
Interest accrued | 326 | 338 | |
Interest accrued recognized | (3) | $ (93) | |
Operating loss carryforwards | 30,000 | ||
Income tax undistributed international earnings | $ 7,000 | ||
Effective Income Tax Rate Reconciliation, Percent | 21.80% | 20.90% | 21.00% |
Transition tax liability | $ 2,900 | ||
Transition tax, expected payments | 309 | ||
Transition tax, payments made | 309 | $ 78 | $ 663 |
Expire in 2016 | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 300 | ||
Expire Between 2017 and 2035 Years | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 26,800 | ||
Carried Forward Indefinitely | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | $ 2,900 |
Income Taxes (Income Taxes) (De
Income Taxes (Income Taxes) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Income Tax Contingency [Line Items] | |||
Tax Adjustments, Settlements, and Unusual Provisions | $ 112 | ||
Impact of Swiss Tax Reform | 0 | $ 72 | $ 24 |
Transition tax, payments made | 309 | 78 | 663 |
Tax expense/(benefit) related to the TCJ Act | 190 | 0 | (8) |
Income before income taxes in U.S | 3,740 | 4,070 | 4,123 |
Income before income taxes in Foreign | 6,081 | 4,999 | 5,189 |
Income before income taxes | 9,821 | 9,069 | 9,312 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current: U.S. Federal | 702 | 715 | 652 |
Current: Foreign | 955 | 932 | 807 |
Current: State | 44 | 110 | 196 |
Provision for income taxes, Current total | 1,701 | 1,757 | 1,655 |
Deferred: U.S. Federal | 375 | 273 | 325 |
Deferred: Foreign | (14) | (167) | (31) |
Deferred: State | 80 | 31 | 10 |
Provision for income taxes, Deferred total | 441 | 137 | 304 |
Provision for income taxes | $ 2,142 | $ 1,894 | $ 1,959 |
U.S. Federal statutory tax rate | |||
U.S. Federal statutory tax rate | 21.00% | 21.00% | 21.00% |
State income tax, net of U.S. Federal tax benefit | 1.00% | 1.20% | 1.60% |
Lower taxes on foreign results | (1.60%) | (0.80%) | (0.90%) |
Provisional One Time Mandatory Repatriation TCJ Act, Percent | 1.90% | 0.00% | (0.10%) |
Other, net | (0.50%) | (0.50%) | (0.60%) |
Annual tax rate | 21.80% | 20.90% | 21.00% |
Deferred tax liabilities | |||
Debt guarantee of wholly-owned subsidiary | $ 578 | $ 578 | |
Property, plant and equipment | 2,036 | 1,851 | |
Deferred tax liability, recapture of NOL | 504 | 504 | |
Deferred Tax Liabilities, Deferred Expense | 216 | 0 | |
Deferred Tax - Lease liability | 450 | 371 | |
Other | 254 | 159 | |
Gross deferred tax liabilities | 4,038 | 3,463 | |
Deferred tax assets | |||
Net carryforwards | 4,974 | 5,008 | |
Deferred Tax Assets, Goodwill and Intangible Assets | 1,111 | 1,146 | |
Share-based compensation | 98 | 90 | |
Retiree medical benefits | 147 | 153 | |
Other employee-related benefits | 379 | 373 | |
Pension benefits | 0 | 80 | |
Deductible state tax and interest benefits | 149 | 150 | |
Deferred Tax - Right of Use Asset | 450 | 371 | |
Other | 842 | 866 | |
Gross deferred tax assets | 8,150 | 8,237 | |
Valuation allowances | (4,628) | (4,686) | $ (3,599) |
Deferred tax assets, net | 3,522 | 3,551 | |
Valuation Allowance [Abstract] | |||
Balance, beginning of year | (4,686) | (3,599) | (3,753) |
Provision | (9) | 1,082 | (124) |
Other (deductions)/additions | (49) | 5 | (30) |
Balance, end of year | $ (4,628) | (4,686) | $ (3,599) |
Net tax (benefit)/expense related to the TCJ Act per share | $ 0.14 | $ (0.01) | |
Deferred Tax Liabilities, Net | $ 516 | ||
Deferred Tax Assets, Net | (88) | ||
Unrecognized Tax Benefits | 1,900 | 1,621 | $ 1,395 |
Additions for tax positions related to the current year | 222 | 128 | |
Additions for tax positions from prior years | 681 | 153 | |
Reductions for tax positions from prior years | (558) | (22) | |
Settlement payments | (25) | (13) | |
Statutes of limitations expiration | (39) | (23) | |
Translation and other | $ (2) | $ 3 |
Share-Based Compensation Shar_3
Share-Based Compensation Share-Based Compensation (Narrative) (Details) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 25, 2021USD ($)option / rSUshares | Dec. 26, 2020USD ($) | Dec. 28, 2019USD ($) | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Common stock, capital shares reserved for future issuance | shares | 44 | ||
Share-based Payment Arrangement, Expense | $ 301 | $ 264 | $ 237 |
Allocated Share-Based Compensation Liability Awards | 20 | 11 | 8 |
Restructuring and impairment charges | 1 | (1) | (2) |
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | 322 | 274 | 243 |
Income tax benefits recognized in earnings related to share-based compensation | 57 | 48 | 39 |
Unrecognized compensation cost related to nonvested share-based compensation grants | $ 372 | ||
Weighted-average period for recognizing unrecognized compensation | 2 years | ||
Acquisition-related awards remaining vesting period | 3 years | ||
Percent of liability awards granted to senior officers | 34.00% | ||
Proceeds and Excess Tax Benefit from Share-based Compensation | $ 38 | $ 35 | $ 50 |
Restricted Stock Units (RSUs) | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Award equivalence, ratio of stock options to RSUs | option / rSU | 4 | ||
Stock Options | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Stock option exercisable life | 10 years | ||
Award equivalence, ratio of stock options to RSUs | option / rSU | 1 | ||
PEP Equity Performance Unit [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Percent of equity awards granted to Senior Officers as performance-based RSUs | 66.00% |
Share-Based Compensation Shar_4
Share-Based Compensation Share-Based Compensation (Schedule of Weighted-Average Black-Scholes Fair Value Assumptions) (Details) | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Expected life | 7 years | 6 years | 5 years |
Risk-free interest rate | 1.10% | 0.90% | 2.40% |
Expected volatility | 14.00% | 14.00% | 14.00% |
Expected dividend yield | 3.10% | 3.40% | 3.10% |
Share-Based Compensation Shar_5
Share-Based Compensation Share-Based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at December 26, 2020 | 10,640 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,157 | 1,847 | 1,286 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (2,321) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (334) | ||
Outstanding at December 25, 2021 | 10,142 | 10,640 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding at December 28, 2019 (in USD per share) | $ 99.54 | ||
Granted (in USD per share) | 134.25 | ||
Exercised (in USD per share) | 79.87 | ||
Forfeited/expired (in USD per share) | 125.35 | ||
Outstanding at December 26, 2020 (in USD per share) | $ 110.54 | $ 99.54 | |
Outstanding Aggregate Intrinsic Value, at December 26, 2020 | $ 600,755 | ||
Exercisable at December 25, 2021 | 5,407 | ||
Exercisable at December 26, 2020 - average price | $ 93.49 | ||
Exercisable at December 26, 2020 - average life | 3 years 5 months 19 days | ||
Exercisable Aggregate Intrinsic Value, at December 26, 2020 | $ 412,524 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 4,419 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 129.78 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years 4 months 28 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 176,771 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 10,142 | 10,640 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 110.54 | $ 99.54 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,157 | 1,847 | 1,286 |
Granted (in USD per share) | $ 134.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,321 | ||
Exercised (in USD per share) | $ 79.87 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 334 | ||
Forfeited/expired (in USD per share) | $ 125.35 | ||
Outstanding Aggregate Intrinsic Value, at December 26, 2020 | $ 600,755 | ||
Exercisable at December 25, 2021 | 5,407 | ||
Exercisable at December 26, 2020 - average price | $ 93.49 | ||
Exercisable at December 26, 2020 - average life | 3 years 5 months 19 days | ||
Exercisable Aggregate Intrinsic Value, at December 26, 2020 | $ 412,524 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 4,419 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 129.78 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years 4 months 28 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 176,771 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding at December 26, 2020 - average life | 5 years 9 months 14 days | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at December 26, 2020 - average life | 5 years 9 months 14 days |
Share-Based Compensation Shar_6
Share-Based Compensation Share-Based Compensation (Restricted Stock Units Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 6,127 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 5,977 | 6,127 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 6,016 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 2,636 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | (557) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 131.81 | $ 131.21 | $ 116.87 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (2,229) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 112.09 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 126.70 | ||
Outstanding, average life, at December 26, 2020 | 1 year 3 months 21 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Aggregate Intrinsic Value | $ 1,014,854 | ||
Expected to vest as of December 26, 2020 (in USD per share) | $ 127.59 | ||
Expected to vest, average life, at December 26, 2020 | 1 year 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Aggregate Intrinsic Value | $ 1,021,312 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 127.45 | $ 119.92 | |
Performance Shares [Member] | Target Award Level | |||
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, Performance Assumption Adjustment, Shares | 1,000 | ||
Performance Shares [Member] | Minimum | |||
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, Performance Assumption Adjustment, Shares | 0 | ||
Performance Shares [Member] | Maximum | |||
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, Performance Assumption Adjustment, Shares | 2,000 |
Share-Based Compensation Shar_7
Share-Based Compensation Share-Based Compensation (Other Stock-Based Compensation Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,157,000 | 1,847,000 | 1,286,000 |
Weighted-average grant-date fair value of options granted | $ 9.88 | $ 8.31 | $ 10.89 |
Total intrinsic value of options exercised (a) | $ 153,306 | $ 155,096 | $ 275,745 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 10,605 | $ 8,652 | $ 9,838 |
Equity Instruments Other Than Options | |||
Phantom Units Granted Under Director Deferral Program, Shares Outstanding | 299,000 | 287,000 | |
LiabilityAwards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
LiabilityAwardsNonvestedNumber | $ 45,792 | $ 47,513 | |
LiabilityAwardsNonvestedBalanceSheetFairValue | $ 50,238 | ||
LiabilityAwardsNonvestedRemainingContractualTerm | 1 year 3 months 14 days | ||
Equity Instruments Other Than Options | |||
LiabilityAwardsGranted | $ 16,507 | ||
Liability Awards Vested | (16,567) | ||
LiabilityAwardsForfeituresExpirations | (1,661) | ||
LiabilityAwardsExpectedtoVest,Outstanding,Number | 43,480 | ||
LiabilityAwardsExpectedtoVest,BalanceSheetFairValue | $ 47,771 | ||
LiabilityAwardsExpectedtoVest,RemainingContractualTerm | 1 year 3 months 7 days | ||
Performance Shares [Member] | |||
Equity Instruments Other Than Options | |||
LiabilityAwardsPerformanceAssumptionAdjustmentAwardsOutstanding | $ 46,000 | ||
Performance Shares [Member] | Minimum | |||
Equity Instruments Other Than Options | |||
Share-based Compensation Arrangement by Share-Based Payment Award, Equity instruments other than options, Performance Assumption Adjustment, Shares | 0 | ||
LiabilityAwardsPerformanceAssumptionAdjustmentAwardsOutstanding | $ 0 | ||
Performance Shares [Member] | Maximum | |||
Equity Instruments Other Than Options | |||
Share-based Compensation Arrangement by Share-Based Payment Award, Equity instruments other than options, Performance Assumption Adjustment, Shares | 2,000,000 | ||
LiabilityAwardsPerformanceAssumptionAdjustmentAwardsOutstanding | $ 92,000 | ||
Restricted Stock Units (RSUs) | |||
Equity Instruments Other Than Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,636,000 | 2,496,000 | 2,754,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 131.81 | $ 131.21 | $ 116.87 |
Total intrinsic value of converted units | $ 273,878 | $ 303,165 | $ 333,951 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 198,469 | $ 235,523 | $ 275,234 |
Share-Based Compensation Share
Share-Based Compensation Share Based Compensation (PEP unit + BOD activity paragraphs) (Details) - shares | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Phantom Units Granted Under Director Deferral Program, Shares Outstanding | 299,000 | 287,000 |
Pension, Retiree Medical and _4
Pension, Retiree Medical and Savings Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension strategy investment term, years | 5 years | |||
Defined Contribution Plan, Cost | $ 246 | $ 225 | $ 197 | |
amortization corridor | 10.00% | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ 54 | $ 227 | $ 308 | |
Defined Benefit Plan, Average Remaining Service Period of Active Plan Participants, Retiree Medical Expense | 9 years | |||
Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 6.40% | 6.80% | 7.10% | |
Pension Cost (Reversal of Cost) | $ 70 | |||
Domestic - Plan A [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ 205 | $ 220 | ||
Average remaining service period of active plan participants, pension expense | 9 years | |||
Pre-tax non-cash settlement charge, net of tax, per share | $ 0.11 | $ 0.12 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 158 | $ 170 | ||
Domestic-Plan I [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ 53 | |||
Defined Benefit Plan, Average remaining life expectancy of Inactive Plan Participants, Pension Expense | 27 years | |||
Pre-tax non-cash settlement charge, net of tax, per share | $ 0.03 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 41 | |||
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pre-tax non-cash settlement charge, net of tax, per share | $ 0.12 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 170 | |||
Retiree Medical Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 5.40% | 5.80% | 6.60% | |
Domestic plan -Plan H [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Average remaining service period of active plan participants, pension expense | 11 years | |||
Pension Cost (Reversal of Cost) | $ 45 | |||
Defined Benefit Plan, Funded Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ 273 | |||
Pre-tax non-cash settlement charge, net of tax, per share | $ 0.15 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 211 | |||
Forecast [Member] | Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 6.30% | |||
Defined Benefit Plan, Benefit Obligation, Divestiture | $ 150 |
Pension, Retiree Medical and _5
Pension, Retiree Medical and Savings Plans (Selected Financial Information for Pension and Retiree Medical Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Pension Plans, Defined Benefit | ||||
Change in fair value of plan assets | ||||
Employer contributions/funding | $ 738 | $ 507 | $ 672 | |
Retiree Medical Plan | ||||
Change in projected benefit obligation | ||||
Obligation at beginning of year | $ 954 | 1,006 | 988 | |
Service cost | 33 | 25 | 23 | |
Interest cost | 15 | 25 | 36 | |
Plan amendments | 0 | (25) | ||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | ||
Experience (gain)/loss | (17) | 81 | ||
Settlement/curtailment | 0 | 0 | ||
Special termination benefits | 0 | 0 | ||
Other, including foreign currency adjustment | 0 | 1 | ||
Obligation at end of year | 954 | 1,006 | 988 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (83) | (89) | ||
Change in fair value of plan assets | ||||
Fair value at beginning of year | 299 | 315 | 302 | |
Actual return on plan assets | 20 | 47 | ||
Employer contributions/funding | 47 | 55 | 44 | |
Participant contributions | 0 | 0 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | (83) | (89) | ||
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | ||
Other, including foreign currency adjustment | 0 | 0 | ||
Fair value at end of year | 299 | 315 | 302 | |
Funded status | (655) | (691) | ||
Amounts recognized | ||||
Other assets | 0 | 0 | ||
Other current liabilities | (57) | (51) | ||
Other liabilities | (598) | (640) | ||
Net amount recognized | (655) | (691) | ||
Amounts included in accumulated other comprehensive loss (pre-tax) | ||||
Net loss/(gain) | (220) | (212) | ||
Prior service (credit)/cost | (34) | (45) | ||
Total | (254) | (257) | ||
Changes recognized in net (gain)/loss included in other comprehensive loss | ||||
Net (gain)/loss arising in current year | (22) | 50 | ||
Amortization and settlement recognition | 14 | 23 | ||
Foreign currency translation (gain)/loss | 0 | 0 | ||
Total | (8) | 73 | ||
Domestic Plan [Member] | ||||
Change in projected benefit obligation | ||||
Obligation at beginning of year | 16,216 | 16,753 | 15,230 | |
Service cost | 518 | 434 | 381 | |
Interest cost | 324 | 435 | 543 | |
Plan amendments | 23 | (221) | ||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | ||
Experience (gain)/loss | (215) | 2,042 | ||
Settlement/curtailment | (220) | (808) | ||
Special termination benefits | 9 | 19 | ||
Other, including foreign currency adjustment | 0 | 0 | ||
Obligation at end of year | 16,216 | 16,753 | 15,230 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (976) | (378) | ||
Change in fair value of plan assets | ||||
Fair value at beginning of year | 15,904 | 15,465 | 14,302 | |
Actual return on plan assets | 1,052 | 1,908 | ||
Employer contributions/funding | 580 | 387 | ||
Participant contributions | 0 | 0 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | (976) | (378) | ||
Defined Benefit Plan, Plan Assets, Payment for Settlement | (217) | (754) | ||
Other, including foreign currency adjustment | 0 | 0 | ||
Fair value at end of year | 15,904 | 15,465 | 14,302 | |
Funded status | (312) | (1,288) | ||
Amounts recognized | ||||
Other assets | 692 | 797 | ||
Other current liabilities | (48) | (53) | ||
Other liabilities | (956) | (2,032) | ||
Net amount recognized | (312) | (1,288) | ||
Amounts included in accumulated other comprehensive loss (pre-tax) | ||||
Net loss/(gain) | 3,550 | 4,116 | ||
Prior service (credit)/cost | (63) | (119) | ||
Total | 3,487 | 3,997 | ||
Changes recognized in net (gain)/loss included in other comprehensive loss | ||||
Net (gain)/loss arising in current year | (301) | 1,009 | ||
Amortization and settlement recognition | (265) | (409) | ||
Foreign currency translation (gain)/loss | 0 | 0 | ||
Total | (566) | 600 | ||
Accumulated benefit obligation at end of year | 15,489 | 15,949 | ||
Foreign Plan [Member] | ||||
Change in projected benefit obligation | ||||
Obligation at beginning of year | 4,175 | 4,430 | 3,753 | |
Service cost | 104 | 86 | 73 | |
Interest cost | 74 | 85 | 97 | |
Plan amendments | 3 | (17) | ||
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 3 | 2 | ||
Experience (gain)/loss | (178) | 467 | ||
Settlement/curtailment | (99) | (24) | ||
Special termination benefits | 0 | 0 | ||
Other, including foreign currency adjustment | (56) | 170 | ||
Obligation at end of year | 4,175 | 4,430 | 3,753 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (106) | (92) | ||
Change in fair value of plan assets | ||||
Fair value at beginning of year | 4,624 | 4,303 | 3,732 | |
Actual return on plan assets | 387 | 401 | ||
Employer contributions/funding | 158 | 120 | ||
Participant contributions | 3 | 2 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | (106) | (92) | ||
Defined Benefit Plan, Plan Assets, Payment for Settlement | (52) | (29) | ||
Other, including foreign currency adjustment | (69) | 169 | ||
Fair value at end of year | 4,624 | 4,303 | $ 3,732 | |
Funded status | 449 | (127) | ||
Amounts recognized | ||||
Other assets | 564 | 110 | ||
Other current liabilities | (1) | (1) | ||
Other liabilities | (114) | (236) | ||
Net amount recognized | 449 | (127) | ||
Amounts included in accumulated other comprehensive loss (pre-tax) | ||||
Net loss/(gain) | 696 | 1,149 | ||
Prior service (credit)/cost | (11) | (19) | ||
Total | 685 | 1,130 | ||
Changes recognized in net (gain)/loss included in other comprehensive loss | ||||
Net (gain)/loss arising in current year | (355) | 268 | ||
Amortization and settlement recognition | (95) | (75) | ||
Foreign currency translation (gain)/loss | (3) | 42 | ||
Total | (453) | 235 | ||
Accumulated benefit obligation at end of year | $ 4,021 | $ 4,108 | ||
Forecast [Member] | Domestic Plan [Member] | ||||
Change in fair value of plan assets | ||||
Employer contributions/funding | $ 75 |
Pension, Retiree Medical and _6
Pension, Retiree Medical and Savings Plans (Components of Benefit Expense) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ 54 | $ 227 | $ 308 |
Domestic - Plan A [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement/curtailment losses/(gains) (a) | $ (205) | $ 220 | |
Pre-tax non-cash settlement charge, net of tax, per share | $ 0.11 | $ 0.12 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 158 | $ 170 | |
Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pre-tax non-cash settlement charge, net of tax, per share | $ 0.12 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 170 | ||
United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 518 | 434 | 381 |
Interest cost | 324 | 435 | 543 |
Expected return on plan assets | (970) | (929) | (892) |
Amortization of prior service (credits)/cost | (31) | 12 | 10 |
Amortization of net losses/(gains) | 224 | 196 | 161 |
Settlement/curtailment losses/(gains) (a) | 40 | 213 | 296 |
Special termination benefits | 9 | 19 | 1 |
Defined Benefit Plan, Other Cost (Credit) | (404) | (54) | 119 |
Total | 114 | 380 | 500 |
International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 104 | 86 | 73 |
Interest cost | 74 | 85 | 97 |
Expected return on plan assets | (231) | (202) | (188) |
Amortization of prior service (credits)/cost | (2) | 0 | 0 |
Amortization of net losses/(gains) | 77 | 61 | 32 |
Settlement/curtailment losses/(gains) (a) | (11) | 19 | 12 |
Special termination benefits | 0 | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (93) | (37) | (47) |
Total | 11 | 49 | 26 |
Retiree Medical Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 33 | 25 | 23 |
Interest cost | 15 | 25 | 36 |
Expected return on plan assets | (15) | (16) | (18) |
Amortization of prior service (credits)/cost | (11) | (12) | (19) |
Amortization of net losses/(gains) | (14) | (23) | (27) |
Settlement/curtailment losses/(gains) (a) | 0 | 0 | 0 |
Special termination benefits | 0 | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (25) | (26) | (28) |
Total | $ 8 | (1) | (5) |
Domestic-Plan I [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement/curtailment losses/(gains) (a) | $ 53 | ||
Pre-tax non-cash settlement charge, net of tax, per share | $ 0.03 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 41 | ||
Defined benefit plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ 158 | ||
Pre-tax non-cash settlement charge, net of tax, per share | $ 0.11 | $ 0.03 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 41 |
Pension, Retiree Medical and _7
Pension, Retiree Medical and Savings Plans (Weighted-Average Assumptions to Determine Projected Benefit Liability and Benefit Expense for Pension and Retiree Medical Plans) (Details) | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.90% | 2.50% | 3.30% |
Service Cost Discount Rate | 2.60% | 3.40% | 4.40% |
Interest cost discount rate | 2.00% | 2.90% | 4.10% |
Expected return on plan assets | 6.40% | 6.80% | 7.10% |
Rate of salary increases | 3.00% | 3.00% | 3.10% |
Rate of salary increases | 3.00% | 3.10% | 3.10% |
International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.40% | 2.00% | 2.50% |
Service Cost Discount Rate | 2.70% | 3.20% | 4.20% |
Interest cost discount rate | 1.70% | 2.40% | 3.20% |
Expected return on plan assets | 5.30% | 5.60% | 5.80% |
Rate of salary increases | 3.30% | 3.30% | 3.30% |
Rate of salary increases | 3.30% | 3.30% | 3.70% |
Retiree Medical Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.70% | 2.30% | 3.10% |
Service Cost Discount Rate | 2.30% | 3.20% | 4.30% |
Interest cost discount rate | 1.60% | 2.60% | 3.80% |
Expected return on plan assets | 5.40% | 5.80% | 6.60% |
Pension, Retiree Medical and _8
Pension, Retiree Medical and Savings Plans (Selected Information About Plans with Liability for Service to Date and Total Benefit Liability in Excess of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 25, 2021 | Dec. 26, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit, Unfunded plans | $ 810 | |
Domestic Plan [Member] | ||
Selected information for plans with accumulated benefit obligation in excess of plan assets (a) | ||
Obligation for service to date | (1,499) | $ (5,537) |
Fair value of plan assets | 705 | 4,156 |
Selected information for plans with projected benefit obligation in excess of plan assets (a) | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | (1,709) | (9,172) |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 705 | 7,088 |
Foreign Plan [Member] | ||
Selected information for plans with accumulated benefit obligation in excess of plan assets (a) | ||
Obligation for service to date | (127) | (172) |
Fair value of plan assets | 102 | 123 |
Selected information for plans with projected benefit obligation in excess of plan assets (a) | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | (286) | (2,933) |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 171 | 2,696 |
Retiree Medical Plan | ||
Selected information for plans with projected benefit obligation in excess of plan assets (a) | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | (954) | (1,006) |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 299 | $ 315 |
Pension, Retiree Medical and _9
Pension, Retiree Medical and Savings Plans (Estimated Future Benefit Payments) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Member-Plan A [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions/funding | $ 325 | $ 400 | ||
Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions/funding | $ 580 | 387 | ||
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discretionary | 525 | 339 | 417 | |
Non-discretionary | 213 | 168 | 255 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year One | 1,110 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 960 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 960 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 995 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1,030 | |||
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | 5,385 | |||
Employer contributions/funding | 738 | 507 | 672 | |
Retiree Medical Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discretionary | 0 | 0 | 0 | |
Non-discretionary | 47 | 55 | 44 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year One | 95 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 90 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 90 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 85 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 80 | |||
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | 355 | |||
Employer contributions/funding | 47 | $ 55 | $ 44 | |
Defined Benefit Plan, Funded Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions/funding | 500 | |||
Years 2025 Through 2029 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Subsidies expected to be received under the 2003 Medicare Act | 4 | |||
Maximum | Years 2020 Through 2024 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Subsidies expected to be received under the 2003 Medicare Act | $ 1 | |||
Forecast [Member] | Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions/funding | $ 75 | |||
Forecast [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Non-discretionary | 135 | |||
Forecast [Member] | Retiree Medical Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Non-discretionary | 55 | |||
Forecast [Member] | Domestic plan -Plan H [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions/funding | $ 75 |
Pension, Retiree Medical and_10
Pension, Retiree Medical and Savings Plans Pension, Retiree Medical and Savings Plans (Target Asset Allocations) (Details) | Dec. 31, 2022 | Dec. 25, 2021 |
Fixed Income | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 51.00% | |
U.S. Equity | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 24.00% | |
International Equity | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 21.00% | |
Real Estate Funds [Member] | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 4.00% | |
Forecast [Member] | Fixed Income | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 56.00% | |
Forecast [Member] | U.S. Equity | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 22.00% | |
Forecast [Member] | International Equity | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 18.00% | |
Forecast [Member] | Real Estate Funds [Member] | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 4.00% |
Pension, Retiree Medical and_11
Pension, Retiree Medical and Savings Plans (Categorized Plan Assets Measured at Fair Value) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum Real estate notice period | 90 days | ||
Minimum Real estate notice period | 45 days | ||
US Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 16,203 | $ 15,780 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4,624 | 4,303 | $ 3,732 |
United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 15,904 | 15,465 | 14,302 |
Postretirement Health Coverage [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 299 | $ 315 | $ 302 |
Defined Benefit Plan, Equity Securities, Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Representation of one fund in total U.S. plan assets | 11.00% | 13.00% | |
Fixed Income Commingled funds [Member] | Level 1 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 632 | $ 509 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | Level 2 | United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 199 | 119 | |
US Government Agencies Debt Securities [Member] | Level 2 | United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,523 | 2,177 | |
Corporate Bonds [Member] | Level 2 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 400 | 445 | |
Corporate Bonds [Member] | Level 2 | United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6,210 | 5,437 | |
Government Securities | Level 2 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 1,053 | $ 937 | |
Corporate Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 32.00% | 30.00% | |
Contracts With Insurance Companies | Level 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 43 | $ 50 | |
Contracts With Insurance Companies | Level 3 | United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 9 | 9 | |
Cash And Cash Equivalents | Level 1 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 34 | 33 | |
Cash And Cash Equivalents | Level 1 | United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 216 | 178 | |
Cash And Cash Equivalents | Level 2 | United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 136 | 100 | |
Cash And Cash Equivalents | Fair Value, Inputs, Level 1, 2 and 3 | United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 352 | 278 | |
Real Estate Funds [Member] | Fair Value Measured at Net Asset Value Per Share | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 221 | 202 | |
Real Estate Funds [Member] | Fair Value Measured at Net Asset Value Per Share | United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 478 | 517 | |
Dividends And Interest Receivable | Fair Value Measured at Net Asset Value Per Share | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 9 | 8 | |
Dividends And Interest Receivable | Fair Value Measured at Net Asset Value Per Share | United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 45 | 64 | |
Equity Securities [Member] | Level 1 | United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6,387 | 7,179 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,232 | 2,119 | |
Sub-Total U.S. Plan Assets | Fair Value, Inputs, Level 1, 2 and 3 | United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 15,680 | 15,199 | |
Sub-Total International Plan Assets | Fair Value, Inputs, Level 1, 2 and 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 4,394 | $ 4,093 |
Pension, Retiree Medical and_12
Pension, Retiree Medical and Savings Plans (Level 3 Assets) (Details) | Dec. 25, 2021 | Dec. 26, 2020 |
Corporate Bonds | ||
Change in fair value of plan assets | ||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 32.00% | 30.00% |
Pension, Retiree Medical and_13
Pension, Retiree Medical and Savings Plans Retiree Medical Cost Trend Rates (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 25, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.00% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2040 | |
Forecast [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.00% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.00% | |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2046 |
Debt Obligations and Commitme_3
Debt Obligations and Commitments (Schedule of Long and Short-Term Debt Contractual Commitments) (Details) | 12 Months Ended | ||
Dec. 25, 2021USD ($)$ / shares | Dec. 25, 2021EUR (€) | Dec. 26, 2020USD ($) | |
Debt Instrument [Line Items] | |||
Debt, Current | $ 4,308,000,000 | $ 3,780,000,000 | |
Notes due | 0 | 200,000,000 | |
Long-term Debt | 39,898,000,000 | 43,728,000,000 | |
Long-Term Debt Obligations | 36,026,000,000 | 40,370,000,000 | |
Debt Instrument, Unamortized Discount | 233,000,000 | $ 260,000,000 | |
Gain (Loss) on Extinguishment of Debt | (842,000,000) | ||
Extinguishment of Debt, Gain (Loss), Net of Tax | $ (677,000,000) | ||
Extinguishment of Debt, Gain (Loss), Per Share, Net of Tax | $ / shares | $ (0.49) | ||
Other Borrowings Short-term [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.20% | 2.20% | 1.70% |
Other borrowings | $ 36,000,000 | $ 26,000,000 | |
Commercial Paper | $ 400,000,000 | $ 396,000,000 | |
Commercial Paper | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 0.10% | 0.10% | 0.20% |
Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | 3.20% | 3.20% |
Notes due | $ 2,450,000,000 | $ 2,492,000,000 | |
Current Maturities Of Long Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | 3,872,000,000 | 3,358,000,000 | |
Long-term Debt, Current Maturities | (3,872,000,000) | $ (3,358,000,000) | |
Notes Due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.20% | ||
Notes due | $ 0 | $ 3,356,000,000 | |
Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.40% | 2.40% | 2.50% |
Notes due | $ 3,868,000,000 | $ 3,867,000,000 | |
Notes Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.50% | 1.50% | 1.50% |
Notes due | $ 3,019,000,000 | $ 3,017,000,000 | |
Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.10% | 2.10% | 2.10% |
Notes due | $ 2,986,000,000 | $ 3,067,000,000 | |
Notes Due 2025 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.70% | 2.70% | 2.70% |
Notes due | $ 3,230,000,000 | $ 3,227,000,000 | |
Less: Current Maturities Of Long Term Debt Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | 3,872,000,000 | 3,358,000,000 | |
Long-term Debt, Current Maturities | $ (3,872,000,000) | $ (3,358,000,000) | |
Notes due 2027-2060 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.60% | 2.60% | 2.80% |
Notes due | $ 24,313,000,000 | $ 24,673,000,000 | |
Other Debt Instruments due 2021-2027 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.30% | 1.30% | 1.30% |
Other notes due | $ 32,000,000 | $ 29,000,000 | |
Notes Due 2033 | Zero Point Seven Five Percent Notes Due 2033 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | € | € 1,000,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | 0.75% | |
Notes Due 2031 [Member] | One Point Nine Five Percent Notes Due 2031 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,250,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.95% | 1.95% | |
Notes Due 2041 | Two Point Six Two Five Notes Due 2041 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 750,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.625% | 2.625% | |
Notes Due 2051 | Two Point Seven Five Zero Notes Due 2051 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,000,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | |
Notes Due 2035 [Member] | Five Point Five Percent Notes Due 2035 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | |
Debt Instrument, Repurchased Face Amount | $ 8,000,000 | ||
Notes Due 2035 [Member] | Five Point Five Percent Notes Due 2035, Series A | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | |
Debt Instrument, Repurchased Face Amount | $ 1,000,000 | ||
Notes Due 2040 [Member] | Five Point Five Percent Notes Due 2040 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | |
Debt Instrument, Repurchased Face Amount | $ 26,000,000 | ||
Notes Due 2040 [Member] | Three Point Five Percent Notes Due 2040 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | |
Debt Instrument, Repurchased Face Amount | $ 443,000,000 | ||
Notes Due 2040 [Member] | Four Point Eight Seven Five Percent Notes Due 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% | |
Debt Instrument, Repurchased Face Amount | $ 30,000,000 | ||
Notes Due 2042 | Four Point Zero Percent Notes Due 2042 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |
Debt Instrument, Repurchased Face Amount | $ 261,000,000 | ||
Notes Due 2042 | Three Point Six Zero Percent Notes Due 2042 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | 3.60% | |
Debt Instrument, Repurchased Face Amount | $ 210,000,000 | ||
Notes Due 2044 | Four Point Two Five Zero Percent Notes Due 2044 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | |
Debt Instrument, Repurchased Face Amount | $ 190,000,000 | ||
Notes Due 2045 | Four Point Six Zero Percent Notes Due 2045 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.60% | 4.60% | |
Debt Instrument, Repurchased Face Amount | $ 203,000,000 | ||
Notes Due 2046 | Four Point Four Five Percent Notes Due 2046 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | 4.45% | |
Debt Instrument, Repurchased Face Amount | $ 532,000,000 | ||
Notes Due 2046 | Three Point Four Five Zero Percent Notes Due 2046 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | 3.45% | |
Debt Instrument, Repurchased Face Amount | $ 622,000,000 | ||
Notes Due 2047 | Four Percent Notes Due 2047 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |
Debt Instrument, Repurchased Face Amount | $ 212,000,000 | ||
Notes Due 2049 [Member] | Three Point Three Seven Five Percent Notes Due 2049 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | 3.375% | |
Debt Instrument, Repurchased Face Amount | $ 508,000,000 | ||
Notes Due 2050 | Three Point Six Two Five Percent Notes Due 2050 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | 3.625% | |
Debt Instrument, Repurchased Face Amount | $ 611,000,000 | ||
Notes Due 2060 | Three Point Eight Seven Five Percent Notes Due 2060 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | 3.875% | |
Debt Instrument, Repurchased Face Amount | $ 240,000,000 |
Debt Obligations and Commitme_4
Debt Obligations and Commitments (Narrative) (Details) $ in Millions, R in Billions | Dec. 25, 2021USD ($) | Dec. 26, 2020USD ($) | Dec. 26, 2020ZAR (R) | Jun. 01, 2020USD ($) | Dec. 28, 2019USD ($) | Jun. 03, 2019USD ($) |
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 0 | |||||
Debt Instrument, Repurchase Amount | 4,800 | |||||
International Divisions | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Amount Outstanding | 38 | $ 29 | ||||
Four Point Five Zero Percent Notes Due 2020 [Member] | Note Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchase Amount | $ 1,000 | |||||
Interest rate on debt | 4.50% | |||||
Debt Instrument, Repurchased Face Amount | $ 1,000 | |||||
Two Point One Five Percent Notes Due 2020 [Member] | Note Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchase Amount | $ 1,100 | |||||
Interest rate on debt | 2.15% | 2.15% | ||||
Debt Instrument, Repurchased Face Amount | $ 1,100 | |||||
Interest Rate Swap [Member] | Note Due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Notional Amount | 800 | |||||
Interest Rate Swap [Member] | Note Due October 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Notional Amount | 250 | |||||
One Point Seven Percent Notes Due October 2021 | Note Due October 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchase Amount | $ 750 | |||||
Interest rate on debt | 1.70% | |||||
Debt Instrument, Repurchased Face Amount | $ 750 | |||||
Pioneer Bridge Loan Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,300 | R 21.7 | ||||
Five Year Unsecured Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | 3,750 | $ 3,750 | ||||
Line of Credit Swing Line Subfacility | 750 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,500 | |||||
364 Day Unsecured Revolving Credity Agreement Member | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | 3,750 | $ 3,750 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Derivatives, Fair Value [Line Items] | ||||
Senior Notes | $ 0 | $ 200,000,000 | ||
Derivative, Net Liability Position, Aggregate Fair Value | 247,000,000 | |||
Collateral Already Posted, Aggregate Fair Value | 0 | |||
Debt instrument, fair value | 43,000,000,000 | 50,000,000,000 | ||
Expected reclassification of net gain/(losses) related to hedge from accumulated OCI into net income within the next 12 months | 176,000,000 | |||
Cash and cash equivalents and restricted cash | 5,707,000,000 | 8,254,000,000 | $ 5,570,000,000 | $ 10,769,000,000 |
Short-term Investments | 392,000,000 | 1,366,000,000 | ||
Debt Securities, Held-to-maturity | 0 | $ 2,100,000,000 | ||
Derivative, Amount of Hedged Item | 2,000,000 | |||
Additional Collateral, Aggregate Fair Value | $ 0 | |||
Interest Rate Contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.00% | 3.00% | ||
Commodity Contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Higher Remaining Maturity Date | 3 years | |||
Derivative, Notional Amount | $ 1,600,000,000 | $ 1,100,000,000 | ||
Foreign Exchange Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Higher Remaining Maturity Date | 2 years | |||
Derivative, Notional Amount | $ 2,800,000,000 | 1,900,000,000 | ||
Net Investment Hedging [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 2,100,000,000 | 2,700,000,000 | ||
Interest Rate Contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | $ 2,100,000,000 | 3,000,000,000 | ||
Cross Currency Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Higher Remaining Maturity Date | 12 years | |||
U.S. Treasury Securities - STI [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Securities, Held-to-maturity | 100,000,000 | |||
Commercial Paper | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Securities, Held-to-maturity | $ 130,000,000 | 260,000,000 | ||
Commercial Paper - Cash and Cash Equivalents [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Securities, Held-to-maturity | 75,000,000 | |||
Commercial paper - STI [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Securities, Held-to-maturity | 185,000,000 | |||
U.S Treasury Securities - Cash and Cash Equivalents [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Securities, Held-to-maturity | $ 2,000,000,000 |
Financial Instruments (Fair Val
Financial Instruments (Fair Values of Financial Assets and Liabilities) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Derivatives, Fair Value [Line Items] | ||
Senior Notes | $ 0 | $ 200 |
Short-term Investments | 392 | 1,366 |
Total asset derivatives at fair value | 167 | 79 |
Total liability derivatives at fair value | 312 | 393 |
Total Financial Assets at Fair Value | 525 | 328 |
Total Financial Liabilities at Fair Value | 817 | 1,731 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 2 |
Business Combinations [Abstract] | ||
Business Combination, Contingent Consideration, Liability | 0 | 861 |
Business Combination, Contingent Consideration, Asset | $ 0 | 0 |
Duration of contingent consideration arrangement | 15 years | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | $ 2 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 773 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 86 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings, after tax | $ 66 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings, after tax, per share impact | $ 0.05 | |
PepsiCo Beverages North America [Member] | ||
Business Combinations [Abstract] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 1,100 | |
Derivatives Designated As Cash Flow Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as hedging instruments, Assets, Total | 113 | 54 |
Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as hedging instruments, Liabilities, Total | 283 | 378 |
Derivatives Not Designated As Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging instruments, Assets, Total | 54 | 23 |
Derivatives Not Designated As Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 29 | 15 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Designated As Fair Value Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivatives | 0 | 2 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Designated As Fair Value Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivatives | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Designated As Cash Flow Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Exchange Forward contracts | 29 | 9 |
Interest rate derivatives | 14 | 13 |
Commodity contracts - other | 70 | 32 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Exchange Forward contracts | 14 | 71 |
Interest rate derivatives | 264 | 307 |
Commodity contracts - other | 5 | 0 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Not Designated As Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Exchange Forward contracts | 19 | 4 |
Commodity contracts - other | 35 | 19 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Not Designated As Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Exchange Forward contracts | 7 | 8 |
Commodity contracts - other | 22 | 7 |
Fair Value, Inputs, Level 2 [Member] | Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Forward Asset Fair Value | 21 | 18 |
Deferred compensation | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Liability [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Forward Asset Fair Value | 0 | 0 |
Deferred compensation | 505 | 477 |
Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Short-term Investments | 337 | 231 |
Liability [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Short-term Investments | 0 | 0 |
Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1,600 | $ 1,100 |
Financial Instruments (Effectiv
Financial Instruments (Effective Portion of Pre-Tax (Gains)/Losses on Derivative Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 25, 2021 | Dec. 26, 2020 | |
Fair Value/Non-Designated Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Recognized in Income Statement(a) | $ (166) | $ 47 |
Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b) | (48) | (116) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 440 | (109) |
Foreign Exchange Forward Contracts | Fair Value/Non-Designated Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Recognized in Income Statement(a) | (4) | 0 |
Foreign Exchange Forward Contracts | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b) | 82 | (43) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 7 | 9 |
Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,100 | 3,000 |
Interest Rate Contracts | Fair Value/Non-Designated Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Recognized in Income Statement(a) | 56 | (6) |
Interest Rate Contracts | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b) | 64 | (129) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (44) | 96 |
Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,600 | 1,100 |
Commodity Contracts | Fair Value/Non-Designated Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Recognized in Income Statement(a) | (218) | 53 |
Commodity Contracts | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b) | (194) | 56 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 285 | 21 |
Net Investment Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,100 | 2,700 |
Net Investment Hedging [Member] | Fair Value/Non-Designated Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Recognized in Income Statement(a) | 0 | 0 |
Net Investment Hedging [Member] | Cash Flow Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b) | 0 | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 192 | $ (235) |
Treasury Lock | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 3,200 |
Net Income Attributable to Pe_3
Net Income Attributable to PepsiCo per Common Share (Basic and Diluted Net Income Attributable to PepsiCo per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Earnings Per Share [Abstract] | |||
Net income | $ 7,618 | $ 7,120 | $ 7,314 |
Net income available for PepsiCo common shareholders - Value | $ 7,618 | $ 7,120 | $ 7,314 |
Net income available for PepsiCo common stockholders - Shares | 1,382 | 1,385 | 1,399 |
Basic net income attributable to PepsiCo per common share | $ 5.51 | $ 5.14 | $ 5.23 |
Stock options and RSUs - Shares | 7 | 7 | 8 |
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | $ 0 |
Diluted shares - Value | $ 7,618 | $ 7,120 | $ 7,314 |
Diluted shares - Shares | 1,389 | 1,392 | 1,407 |
Diluted net income attributable to PepsiCo per common share | $ 5.49 | $ 5.12 | $ 5.20 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss Attributable to Pepsico (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Currency translation adjustment | $ (12,309) | $ (11,940) | $ (11,290) | $ (11,918) |
Unamortized pension and retiree medical, net of tax (b) | (2,750) | (3,520) | (2,988) | (3,271) |
Other | 2 | (20) | (19) | (17) |
Accumulated other comprehensive loss attributable to PepsiCo | (14,898) | (15,476) | (14,300) | (15,119) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (322) | (710) | 636 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 1,001 | (676) | 379 | |
Other Comprehensive Income, Other, Before Tax | 22 | (1) | (2) | |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 901 | (1,377) | 896 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (340) | (710) | 636 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | 702 | (1,141) | (89) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 22 | (1) | (2) | |
OCI, before Reclassifications, before Tax, Attributable to Parent | 632 | (1,726) | 414 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 18 | 0 | 0 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 299 | 465 | 468 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 269 | 349 | 482 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (47) | 60 | (8) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (231) | 144 | (96) | |
Other Comprehensive Income, Other, Taxes | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (323) | 201 | (77) | |
Net of taxes decrease to opening balance of accumulated other comprehensive loss attributable to Pepsico | 1,283 | 1,514 | 1,370 | 1,466 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 248 | 126 | (131) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (48) | (116) | 14 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 200 | 10 | (117) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Parent | (45) | (3) | 27 | |
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 159 | $ 4 | $ (3) | $ 87 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss Attributable to Pepsico Reclassification of Accumulated Other Comprehensive Loss to the Condensed Consolidated Statement of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
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 | $ (44) | $ 0 | $ (9) |
Amortization and settlement of (losses)/gains | 289 | 238 | 169 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 54 | 227 | 308 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 299 | 465 | 468 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (65) | (101) | (102) |
Remeasurement of net liabilities and translation | 234 | 364 | 366 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (48) | (116) | 14 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 11 | 29 | (2) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (37) | (87) | 12 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 215 | 277 | 378 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 18 | 0 | 0 |
Cash Flow Hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (48) | (116) | |
Foreign Exchange Forward Contracts | Cash Flow Hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 82 | (43) | |
Foreign Exchange Forward Contracts | Revenue Benchmark [Member] | Cash Flow Hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 6 | 0 | 1 |
Foreign Exchange Forward Contracts | Cost of sales | Cash Flow Hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 76 | (43) | 2 |
Interest Rate Contracts | Cash Flow Hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 64 | (129) | |
Interest Rate Contracts | Selling, general and administrative expenses | Cash Flow Hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 64 | (129) | 7 |
Commodity Contracts | Cash Flow Hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (194) | 56 | |
Commodity Contracts | Cost of sales | Cash Flow Hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (190) | 50 | 3 |
Commodity Contracts | Selling, general and administrative expenses | Cash Flow Hedges | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (4) | $ 6 | $ 1 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Option to Extend | five years | ||
Lessee, Operating Lease, Option to Terminate | one year | ||
Operating Lease, Cost | $ 563 | $ 539 | $ 474 |
Variable Lease, Cost | 112 | 111 | 101 |
Short-term Lease, Cost | 469 | 436 | 379 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 934 | 621 | 479 |
Operating Lease, Payments | 567 | 555 | $ 478 |
Operating Lease, Right-of-Use Asset | $ 2,020 | $ 1,670 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and other current liabilities | Accounts payable and other current liabilities | |
Operating Lease, Liability, Current | $ 446 | $ 460 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Operating Lease, Liability, Noncurrent | $ 1,598 | $ 1,233 | |
Operating Lease, Liability | $ 2,044 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.00% | 4.00% | 4.00% |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 6 years | 6 years |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 511 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 402 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 314 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 245 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 202 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 677 | ||
Lessee, Operating Lease, Liability, Payments, Due | 2,351 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 307 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | ||
Sale and Leaseback Transaction, Gain (Loss), Net | $ 42 | $ 7 | $ 77 |
Operating lease right-of-use asset amortization | $ 505 | $ 478 | $ 412 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 20 years |
Acquisitions & Divestitures (De
Acquisitions & Divestitures (Details) R / shares in Units, $ / shares in Units, $ in Millions, R in Billions | Jan. 24, 2022USD ($) | Dec. 25, 2021USD ($)$ / shares | Dec. 26, 2020USD ($)$ / shares | Dec. 26, 2020ZAR (R) | Dec. 28, 2019USD ($)$ / shares | Jun. 01, 2020USD ($) | Apr. 24, 2020USD ($) | Mar. 23, 2020USD ($) | Mar. 23, 2020ZAR (R)R / shares |
Acquisitions & Divestitures [Line Items] | |||||||||
Acquisition and divestiture-related charges | $ (4) | $ 255 | $ 55 | ||||||
Goodwill | 18,381 | 18,757 | |||||||
Disposal Group, Including Discontinued Operation, Assets | 1,788 | 0 | |||||||
Disposal Group, Including Discontinued Operations, Accounts Receivable, net and Inventories | 500 | ||||||||
Disposal Group, Including Discontinued Operations, Goodwill and Other Intangible Assets | 600 | ||||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 500 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 753 | $ 0 | |||||||
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities | 600 | ||||||||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | $ 200 | ||||||||
Acquisition and divestiture-related charges, PerShare | $ / shares | $ 0.02 | $ (0.17) | $ (0.03) | ||||||
Acquisition and divestiture-related charges, after-tax | $ (27) | $ 237 | $ 47 | ||||||
Subsequent Event | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 3,500 | ||||||||
Sale of Stock, Percentage of Ownership after Transaction | 39.00% | ||||||||
[Gain on divestiture] | $ 3,000 | ||||||||
Africa, Middle East and South Asia [Member] | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Business Combination, Consideration Transferred | 1,200 | ||||||||
Business Acquisition, Share Price | R / shares | R 110 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 229 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 379 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 52 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 183 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets and Liabilities | (53) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (117) | ||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | (5) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 668 | ||||||||
Goodwill | 558 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 1,226 | ||||||||
PepsiCo Beverages North America [Member] | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Business Combination, Consideration Transferred | 3,850 | ||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 880 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 52 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 2,400 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets and Liabilities | (9) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 0 | ||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 0 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 2,451 | ||||||||
Goodwill | 2,278 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 4,729 | ||||||||
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Business Combination, Consideration Transferred | 700 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 45 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 60 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 98 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 309 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets and Liabilities | (24) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (99) | ||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 0 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 389 | ||||||||
Goodwill | 309 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 698 | ||||||||
Frito Lay North America [Member] | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Acquisition and divestiture-related charges | 2 | 29 | 0 | ||||||
PepsiCo Beverages North America [Member] | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Acquisition and divestiture-related charges | 11 | 66 | 0 | ||||||
Africa, Middle East and South Asia [Member] | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Acquisition and divestiture-related charges | 10 | 173 | 7 | ||||||
Corporate Segment [Member] | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Acquisition and divestiture-related charges | (39) | (20) | 2 | ||||||
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Acquisition and divestiture-related charges | 4 | 7 | 0 | ||||||
Europe | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Acquisition and divestiture-related charges | $ 8 | 0 | 46 | ||||||
Recorded and unrecorded Pioneer commitment [Member] | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Other Commitment | 500 | R 8.8 | |||||||
Unrecorded Pioneer commitment [Member] [Member] | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Duration of Pioneer Commitment | 5 years | ||||||||
Other Commitment | $ 400 | R 6.5 | |||||||
Recorded Pioneer commitment [Member] | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Business Combination, Pioneer Commitment Expense | 100 | R 2.3 | |||||||
Cost of sales | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Acquisition and divestiture-related charges | $ 1 | 32 | 34 | ||||||
Selling, general and administrative expenses | |||||||||
Acquisitions & Divestitures [Line Items] | |||||||||
Acquisition and divestiture-related charges | $ (5) | $ 223 | $ 21 |
Supplemental Financial Inform_3
Supplemental Financial Information (Schedule of Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Accounts and notes receivable | |||
Trade receivables | $ 7,172 | $ 6,892 | |
Other receivables | 1,655 | 1,713 | |
Total receivables | 8,827 | 8,605 | |
Analysis of valuation allowances | |||
Allowance, beginning of year | 201 | 105 | $ 101 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification (Pre-Tax) | 0 | 44 | 0 |
Net amounts charged to expense | (19) | 79 | 22 |
Accounts Receivable, Credit Loss Expense (reversal) Novel Coronavirus (COVID-19) Impact | (32) | 56 | |
Deductions | (25) | (32) | (30) |
Other | (10) | 5 | 12 |
Allowance, end of year | 147 | 201 | 105 |
Net receivables | 8,680 | 8,404 | |
Inventories (c) | |||
Raw materials | 1,898 | 1,720 | |
Work-in-process | 151 | 205 | |
Finished goods | 2,298 | 2,247 | |
Inventories | 4,347 | 4,172 | |
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | 46,828 | 46,340 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 24,421 | 24,971 | |
Property, Plant and Equipment, net | 22,407 | 21,369 | |
Depreciation | 2,484 | 2,335 | $ 2,257 |
Other assets | |||
Other Assets | 4,204 | 3,312 | |
Noncurrent notes and accounts receivable | 111 | 109 | |
Deferred marketplace spending | 119 | 130 | |
Prepaid Expense and Other Assets, Noncurrent | 1,260 | 910 | |
Operating Lease, Right-of-Use Asset | 2,020 | 1,670 | |
Other Assets, Miscellaneous | 694 | 493 | |
Accounts payable and other current liabilities | |||
Accounts payable | 9,834 | 8,853 | |
Accrued marketplace spending | 3,087 | 2,935 | |
Accrued compensation and benefits | 2,324 | 2,059 | |
Dividends payable | 1,508 | 1,430 | |
Business Combination, Contingent Consideration, Liability | 0 | 861 | |
Operating Lease, Liability, Current | 446 | 460 | |
Other current liabilities | 3,960 | 3,855 | |
Accounts payable and other current liabilities | 21,159 | 19,592 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 46,828 | $ 46,340 | |
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of LIFO Inventory | 7.00% | 6.00% | |
Percentage of LIFO Inventory | 7.00% | 6.00% | |
Land [Member] | |||
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | $ 1,123 | $ 1,171 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,123 | 1,171 | |
Buildings And Improvements | |||
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | 10,279 | 10,214 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 10,279 | 10,214 | |
Buildings And Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Average Useful Life (Years) | 44 years | ||
Buildings And Improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Average Useful Life (Years) | 15 years | ||
Construction In Progress | |||
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | $ 3,940 | 3,679 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 3,940 | 3,679 | |
Machinery And Equipment, Including Fleet And Software | |||
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | 31,486 | 31,276 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 31,486 | $ 31,276 | |
Machinery And Equipment, Including Fleet And Software | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Average Useful Life (Years) | 15 years | ||
Machinery And Equipment, Including Fleet And Software | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Average Useful Life (Years) | 5 years |
Supplemental Financial Inform_4
Supplemental Financial Information (Schedule of Other Supplemental Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Supplemental Financial Information [Abstract] | ||||
Interest paid | $ 1,184 | $ 1,156 | $ 1,076 | |
Income taxes paid, net of refunds | 1,933 | 1,770 | 2,226 | |
Tax payments related to the TCJ Act | 309 | 78 | 423 | |
Cash and cash equivalents | 5,596 | 8,185 | ||
Restricted Cash, Noncurrent | 111 | 69 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 5,707 | $ 8,254 | $ 5,570 | $ 10,769 |