Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 02, 2023 | Jun. 11, 2021 | |
Document and Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | $ 224.2 | ||
Entity Common Stock, Shares Outstanding | 1,377,251,316 | ||
Documents Incorporated by Reference [Text Block] | Portions of the Proxy Statement relating to PepsiCo, Inc.’s 2023 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 | 2022 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
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 | ||
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 | ||
Three Point Two Percent Notes Due 2029 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 3.200% Senior Notes Due 2029 | ||
Trading Symbol | PEP29 | ||
Security Exchange Name | NASDAQ | ||
Three Point Five Five Percent Notes Due 2034 | |||
Document and Entity Information [Line Items] | |||
Title of 12(b) Security | 3.550% Senior Notes Due 2034 | ||
Trading Symbol | PEP34 | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Income Statement [Abstract] | |||
Net Revenue | $ 86,392 | $ 79,474 | $ 70,372 |
Cost of sales | 40,576 | 37,075 | 31,797 |
Gross profit | 45,816 | 42,399 | 38,575 |
Selling, general and administrative expenses | 34,459 | 31,237 | 28,453 |
Gain associated with the Juice Transaction | (3,321) | 0 | 0 |
Impairment of Intangible Assets (Excluding Goodwill) | 3,166 | 0 | 42 |
Operating Profit | 11,512 | 11,162 | 10,080 |
Other pension and retiree medical benefits income | 132 | 522 | 117 |
Net interest expense and other | (939) | (1,863) | (1,128) |
Income before income taxes | 10,705 | 9,821 | 9,069 |
Provision for income taxes | 1,727 | 2,142 | 1,894 |
Net income | 8,978 | 7,679 | 7,175 |
Less: Net income attributable to noncontrolling interests | 68 | 61 | 55 |
Net Income Attributable to PepsiCo | $ 8,910 | $ 7,618 | $ 7,120 |
Net Income Attributable to PepsiCo per Common Share | |||
Basic | $ 6.45 | $ 5.51 | $ 5.14 |
Diluted | $ 6.42 | $ 5.49 | $ 5.12 |
Weighted-average common shares outstanding | |||
Basic | 1,380 | 1,382 | 1,385 |
Diluted | 1,387 | 1,389 | 1,392 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Net income | $ 8,978 | $ 7,679 | $ 7,175 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (643) | (369) | (650) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (158) | 155 | 7 |
Other comprehensive loss | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 389 | 770 | (532) |
Pension and retiree medical: | |||
Other Comprehensive Income, Other, Net of Tax | 4 | 22 | (1) |
Other Comprehensive Income/(Loss), after-tax amount | (408) | 578 | (1,176) |
Comprehensive income | 8,570 | 8,257 | 5,999 |
Comprehensive income attributable to noncontrolling interests | 64 | 61 | 55 |
Comprehensive Income Attributable to PepsiCo | $ 8,506 | $ 8,196 | $ 5,944 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Operating Activities | |||
Net income | $ 8,978 | $ 7,679 | $ 7,175 |
Depreciation and amortization | 2,763 | 2,710 | 2,548 |
Gain associated with the Juice Transaction | (3,321) | 0 | 0 |
Impairment and other charges | 3,618 | 0 | 0 |
Operating lease right-of-use asset amortization | 517 | 505 | 478 |
Share-based compensation expense | 343 | 301 | 264 |
Restructuring and impairment charges | 411 | 247 | 289 |
Cash payments for restructuring charges | (224) | (256) | (255) |
Acquisition and divestiture-related charges | 80 | (4) | 255 |
Cash payments for acquisition and divestiture-related charges | (46) | (176) | (131) |
Pension and retiree medical plan expenses | 419 | 123 | 408 |
Pension and retiree medical plan contributions | (384) | (785) | (562) |
Deferred income taxes and other tax charges and credits | (873) | 298 | 361 |
Tax expense related to the TCJ Act | 86 | 190 | 0 |
Tax payments related to the TCJ Act | (309) | (309) | (78) |
Change in assets and liabilities [Abstract] | |||
Accounts and notes receivable | (1,763) | (651) | (420) |
Inventories | (1,142) | (582) | (516) |
Prepaid expenses and other current assets | 118 | 159 | 26 |
Accounts payable and other current liabilities | 1,842 | 1,762 | 766 |
Income taxes payable | 57 | 30 | (159) |
Other, net | (359) | 375 | 164 |
Net Cash Provided by Operating Activities | 10,811 | 11,616 | 10,613 |
Investing Activities | |||
Capital spending | (5,207) | (4,625) | (4,240) |
Sales of property, plant and equipment | 251 | 166 | 55 |
Acquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of intangible and other assets | (873) | (61) | (6,372) |
Proceeds associated with the Juice Transaction | 3,456 | 0 | 0 |
Other divestitures, sales of investments in noncontrolled affiliates and other assets | 49 | 169 | 6 |
Short-term investments, by original maturity: | |||
More than three months - purchases | (291) | 0 | (1,135) |
More than three months - maturities | 150 | 1,135 | 0 |
Three months or less, net | 24 | (58) | 27 |
Other investing, net | 11 | 5 | 40 |
Net Cash Used for Investing Activities | (2,430) | (3,269) | (11,619) |
Financing Activities | |||
Proceeds from issuances of long-term debt | 3,377 | 4,122 | 13,809 |
Payments of long-term debt | (2,458) | (3,455) | (1,830) |
Debt redemptions/cash tender offers | (1,716) | (4,844) | (1,100) |
Short-term borrowings, by original maturity | |||
More than three months - proceeds | 1,969 | 8 | 4,077 |
More than three months - payments | (1,951) | (397) | (3,554) |
Three months or less, net | (31) | 434 | (109) |
Payments of acquisition-related contingent consideration | 0 | (773) | 0 |
Cash dividends paid | (6,172) | (5,815) | (5,509) |
Share repurchases - common | (1,500) | (106) | (2,000) |
Proceeds from exercises of stock options | 138 | 185 | 179 |
Withholding tax payments on restricted stock units (RSUs) and performance stock units (PSUs) converted | (107) | (92) | (96) |
Other financing | (72) | (47) | (48) |
Net Cash (Used for)/Provided by Financing Activities | (8,523) | (10,780) | 3,819 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (465) | (114) | (129) |
Net (Decrease)/Increase in Cash and Cash Equivalents and Restricted Cash | (607) | (2,547) | 2,684 |
Cash and cash equivalents and restricted cash | $ 5,100 | $ 5,707 | $ 8,254 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) shares in Millions, $ in Millions | Dec. 31, 2022 | Dec. 25, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 4,954 | $ 5,596 |
Short-term Investments | 394 | 392 |
Accounts and notes receivable, net | 10,163 | 8,680 |
Inventories | 5,222 | 4,347 |
Prepaid expenses and other current assets | 806 | 980 |
Disposal Group, Including Discontinued Operation, Assets | 0 | 1,788 |
Assets, Current | 21,539 | 21,783 |
Property, Plant and Equipment, net | 24,291 | 22,407 |
Amortizable Intangible Assets, net | 1,277 | 1,538 |
Goodwill | 18,202 | 18,381 |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 14,309 | 17,127 |
Equity Method Investments | 3,073 | 2,350 |
Deferred Income Tax Assets, Net | 4,204 | 4,310 |
Other Assets | 5,292 | 4,481 |
Total Assets | 92,187 | 92,377 |
LIABILITIES AND EQUITY | ||
Short-term debt obligations | 3,414 | 4,308 |
Accounts payable and other current liabilities | 23,371 | 21,159 |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 753 |
Liabilities, Current | 26,785 | 26,220 |
Long-Term Debt Obligations | 35,657 | 36,026 |
Deferred Income Tax Liabilities, Net | 4,133 | 4,826 |
Other Liabilities, Noncurrent | 8,339 | 9,154 |
Liabilities | 74,914 | 76,226 |
Commitments and contingencies | ||
Common stock, authorized | 3,600 | 3,600 |
Common stock, issued | 1,377 | 1,383 |
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 | 4,134 | 4,001 |
Retained Earnings (Accumulated Deficit) | 67,800 | 65,165 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (15,302) | $ (14,898) |
Repurchased common stock, shares | 490 | 484 |
Treasury Stock, Value | $ (39,506) | $ (38,248) |
Stockholders' Equity Attributable to Parent | 17,149 | 16,043 |
Stockholders' Equity Attributable to Noncontrolling Interest | 124 | 108 |
Total Equity | 17,273 | 16,151 |
Liabilities and Equity | 92,187 | 92,377 |
Other Investments | $ 813 | $ 277 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Millions | Dec. 31, 2022 | Dec. 25, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0167 | $ 0.0167 |
Common stock, authorized | 3,600 | 3,600 |
Common stock, issued | 1,377 | 1,383 |
Repurchased common stock, shares | 490 | 484 |
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 | $ (34) | ||||||||
Stock Repurchased During Period, Value | $ (2,000) | ||||||||
Balance, beginning of year (in shares) at Dec. 28, 2019 | (476,000) | ||||||||
Balance, end of year (in shares) at Dec. 26, 2020 | (487,000) | ||||||||
Balance, outstanding, beginning of year (in shares) at Dec. 28, 2019 | 1,391,000 | ||||||||
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, and PSUs 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, net | $ 1 | $ 0 | |||||||
Dividends, Common Stock, Cash | [1] | (5,589) | |||||||
Balance, beginning of year at Dec. 28, 2019 | 23 | 3,886 | 61,946 | $ (14,300) | (36,769) | 82 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
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 | $ 23 | 3,910 | 63,443 | (15,476) | (38,446) | $ 13,454 | 98 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | $ 7,120 | 7,120 | |||||||
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 | ||||||||
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, and PSUs converted | (118) | $ (303) | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (92) | ||||||||
Other | (1) | ||||||||
Share repurchases | $ 0 | ||||||||
Stock option exercises (in shares) | 4,000 | ||||||||
Other (in shares) | 0 | ||||||||
Other, net | $ 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 | $ 23 | 4,001 | 65,165 | (14,898) | (38,248) | 16,043 | 108 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | $ 7,618 | 7,618 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 4.2475 | ||||||||
Acquisitions And Divestitures To Noncontrolling Interest | 0 | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | ||||||||
Stock Repurchased During Period, Value | $ (1,500) | ||||||||
Balance, end of year (in shares) at Dec. 31, 2022 | (490,000) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Repurchased During Period, Shares | (6,000) | (9,000) | |||||||
Balance, outstanding, end of year (in shares) at Dec. 31, 2022 | 1,377,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Share-based compensation expense | 346 | ||||||||
Stock option exercises, RSUs, and PSUs converted | (102) | $ (240) | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (107) | ||||||||
Other | (4) | ||||||||
Share repurchases | $ 0 | ||||||||
Stock option exercises (in shares) | 1,578 | 3,000 | |||||||
Other (in shares) | 0 | ||||||||
Other, net | $ 2 | (4) | |||||||
Dividends, Common Stock, Cash | [1] | (6,275) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 68 | 68 | |||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (69) | ||||||||
Other comprehensive income/(loss) attributable to PepsiCo | (404) | ||||||||
Balance, end of year at Dec. 31, 2022 | 17,273 | $ 23 | $ 4,134 | 67,800 | $ (15,302) | $ (39,506) | $ 17,149 | 124 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | $ 8,910 | $ 8,910 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 4.5250 | ||||||||
Acquisitions And Divestitures To Noncontrolling Interest | $ 21 | ||||||||
[1](a) Cash dividends declared per common share were $4.5250, $4.2475 and $4.0225 for 2022, 2021 and 2020, respectively. |
Basis of Presentation and Our D
Basis of Presentation and Our Divisions | 12 Months Ended |
Dec. 31, 2022 | |
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 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 Russia - Ukraine conflict and the high interest rate and inflationary cost environment 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 financial 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. Beginning in the fourth quarter of 2021, all of our international operations reported on a monthly calendar basis. This change did not have a material impact on our consolidated financial statements. The following chart details our quarterly reporting schedule for 2022, reflecting the additional week in the fourth quarter: 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 17 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) Frito-Lay North America (FLNA), which includes our branded convenient food businesses in the United States and Canada; 2) Quaker Foods North America (QFNA), which includes our branded convenient food businesses, such as cereal, rice, pasta and other branded food, in the United States and Canada; 3) PepsiCo Beverages North America (PBNA), which includes our beverage businesses in the United States and Canada; 4) Latin America (LatAm), which includes all of our beverage and convenient food businesses in Latin America; 5) Europe, which includes all of our beverage and convenient food businesses in Europe; 6) Africa, Middle East and South Asia (AMESA), which includes all of our beverage and convenient food businesses in Africa, the Middle East and South Asia; and 7) Asia Pacific, Australia, and New Zealand and China region (APAC), which includes all of our beverage and convenient food businesses in Asia Pacific, Australia and New Zealand, and China region. 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: 2022 2021 2020 FLNA 13 % 13 % 13 % QFNA 1 % 1 % 1 % PBNA 20 % 19 % 18 % LatAm 6 % 5 % 6 % Europe 11 % 13 % 16 % AMESA 5 % 6 % 6 % APAC 3 % 2 % 2 % Corporate unallocated expenses 41 % 41 % 38 % 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/(Loss) Net revenue and operating profit/(loss) of each division are as follows: Net Revenue Operating Profit/(Loss) 2022 2021 2020 2022 (a) 2021 2020 FLNA $ 23,291 $ 19,608 $ 18,189 $ 6,135 $ 5,633 $ 5,340 QFNA 3,160 2,751 2,742 604 578 669 PBNA (b) 26,213 25,276 22,559 5,426 2,442 1,937 LatAm 9,779 8,108 6,942 1,627 1,369 1,033 Europe (b) 12,724 13,038 11,922 (1,380) 1,292 1,353 AMESA (c) 6,438 6,078 4,573 666 858 600 APAC (c) 4,787 4,615 3,445 537 673 590 Total division 86,392 79,474 70,372 13,615 12,845 11,522 Corporate unallocated expenses — — — (2,103) (1,683) (1,442) Total $ 86,392 $ 79,474 $ 70,372 $ 11,512 $ 11,162 $ 10,080 (a) See below for impairment and other charges taken related to the Russia-Ukraine conflict, brand portfolio impairment and other impairment. (b) In 2022, we recorded a gain of $3,029 million and $292 million in our PBNA and Europe divisions, respectively, associated with the Juice Transaction. The total after-tax amount was $2,888 million or $2.08 per share. See Note 13 for further information. (c) In 2021, the increase in net revenue in our AMESA and APAC divisions reflect our acquisitions of Pioneer Foods and Be & Cheery, respectively. See Note 13 for further information. Disaggregation of Net 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: 2022 2021 2020 Beverages (a) Convenient Foods Beverages (a) Convenient Foods Beverages (a) Convenient Foods LatAm 10 % 90 % 10 % 90 % 10 % 90 % Europe 50 % 50 % 55 % 45 % 55 % 45 % AMESA 30 % 70 % 30 % 70 % 30 % 70 % APAC 25 % 75 % 20 % 80 % 25 % 75 % PepsiCo 40 % 60 % 45 % 55 % 45 % 55 % (a) Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and Europe divisions, is approximately 35% of our consolidated net revenue in 2022 and approximately 40% of our consolidated net revenue in 2021 and 2020. 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 Impairment and Other Charges We recognized Russia-Ukraine conflict charges, brand portfolio impairment charges and other impairment charges as described below. A summary of pre-tax charges taken in 2022 in our Europe division as a result of the Russia-Ukraine conflict is as follows: Russia-Ukraine conflict charges Cost of sales Selling, general and administrative expenses Impairment of intangible assets (a) Total Impairment charges related to intangible assets $ — $ — $ 1,198 $ 1,198 Impairment charges related to property, plant and equipment 103 22 — 125 Allowance for expected credit losses — 12 — 12 Allowance for inventory write downs 28 1 — 29 Other 9 42 — 51 Total $ 140 $ 77 $ 1,198 $ 1,415 After-tax amount $ 1,124 Impact on net income attributable to PepsiCo per common share $ (0.81) (a) See Note 4 for further information. For information on our policies for indefinite-lived intangible assets, see Note 2. A summary of pre-tax charges taken in 2022 as a result of our decision to reposition or discontinue the sale/distribution of certain brands and to sell an investment is as follows: Brand portfolio impairment charges Cost of sales Selling, general and administrative expenses Impairment of intangible assets (a) Total PBNA $ 26 $ 8 $ 126 $ 160 Impairment and other charges associated with distribution rights and inventory due to the termination of Bang energy drinks distribution agreement LatAm — 35 36 71 Loss on sale and impairment of intangible assets related to the sale of certain non-strategic brands Europe 1 10 242 253 Primarily impairment of intangible assets related to the discontinuation or repositioning of certain juice and dairy brands in Russia AMESA 29 121 9 159 Primarily impairment of investment, property, plant and equipment and intangible assets related to the sale or discontinuation of non-strategic investment and brands APAC 5 — — 5 Impairment of property, plant and equipment related to the discontinuation of a non-strategic brand in China Total $ 61 $ 174 $ 413 $ 648 After-tax amount $ 522 Impact on net income attributable to PepsiCo per common share $ (0.38) (a) See Note 4 for further information. For information on our policies for indefinite-lived intangible assets, see Note 2. A summary of pre-tax impairment charges taken in 2022 as a result of our quantitative assessments of certain of our indefinite-lived intangible assets is as follows: Other impairment charges Impairment of intangible assets (a) FLNA $ 88 Related to a baked fruit convenient food brand Europe 1,264 Related to the SodaStream brand AMESA 31 Primarily related to certain juice brands from the Pioneer Foods acquisition APAC 172 Related to the Be & Cheery brand Total $ 1,555 After-tax amount $ 1,301 Impact on net income attributable to PepsiCo per common share $ (0.94) (a) See Note 4 for further information. For information on our policies for indefinite-lived intangible assets, see Note 2. COVID-19 Charges Operating profit includes certain pre-tax charges taken as a result of the COVID-19 pandemic related to incremental employee compensation costs, such as certain leave benefits and labor costs, employee protection costs, allowances for expected credit losses and upfront payments to customers and their related adjustments for changes in estimates as conditions improve, inventory write-downs, product returns and other expenses. These pre-tax charges by division are as follows: COVID-19 charges 2022 2021 2020 FLNA $ 25 $ 56 $ 229 QFNA 1 2 15 PBNA (a) 23 (11) 304 LatAm 15 64 102 Europe 5 21 88 AMESA 5 7 33 APAC 21 9 3 Total $ 95 $ 148 $ 774 (a) Income amount primarily relates to adjustments for changes in estimates of allowances for expected credit losses and upfront payments to customers, due to improved projected default rates and lower at-risk balances. 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, certain gains and losses on equity investments, as well as certain other items. Other Division Information Total assets and capital spending of each division are as follows: Total Assets Capital Spending 2022 2021 2022 2021 2020 FLNA $ 11,042 $ 9,763 $ 1,464 $ 1,411 $ 1,189 QFNA 1,245 1,101 93 92 85 PBNA 40,286 37,801 1,714 1,275 1,245 LatAm 7,886 7,272 581 461 390 Europe 16,230 18,472 668 752 730 AMESA 6,143 6,125 307 325 252 APAC 5,452 5,654 241 203 230 Total division 88,284 86,188 5,068 4,519 4,121 Corporate (a) 3,903 6,189 139 106 119 Total $ 92,187 $ 92,377 $ 5,207 $ 4,625 $ 4,240 (a) Corporate assets consist principally of certain cash and cash equivalents, restricted cash, short-term investments, derivative instruments, property, plant and equipment, pension plan assets and tax assets. In 2022, the change in assets was primarily due to a decrease in cash and cash equivalents. Amortization of intangible assets and depreciation and other amortization of each division are as follows: Amortization of Depreciation and 2022 2021 2020 2022 2021 2020 FLNA $ 11 $ 11 $ 10 $ 653 $ 594 $ 550 QFNA — — — 47 46 41 PBNA 22 25 28 930 926 899 LatAm 3 4 4 306 283 251 Europe 30 37 40 357 364 350 AMESA 4 5 3 179 181 149 APAC 8 9 5 92 102 91 Total division 78 91 90 2,564 2,496 2,331 Corporate — — — 121 123 127 Total $ 78 $ 91 $ 90 $ 2,685 $ 2,619 $ 2,458 Net revenue and long-lived assets by country are as follows: Net Revenue Long-Lived Assets (a) 2022 2021 2020 2022 2021 United States $ 49,390 $ 44,545 $ 40,800 $ 38,240 $ 36,324 Mexico 5,472 4,580 3,924 1,933 1,720 Russia 4,118 3,426 3,009 2,538 3,751 Canada 3,536 3,405 2,989 2,678 2,846 China (b) 2,752 2,679 1,732 1,517 1,745 United Kingdom 1,844 2,102 1,882 847 906 South Africa (c) 1,837 2,008 1,282 1,327 1,389 All other countries 17,443 16,729 14,754 12,885 13,399 Total $ 86,392 $ 79,474 $ 70,372 $ 61,965 $ 62,080 (a) Long-lived assets represent property, plant and equipment, indefinite-lived intangible assets, amortizable intangible assets, investments in noncontrolled affiliates and other investments included in other assets. See Notes 2 and 14 for further information on property, plant and equipment. See Notes 2 and 4 for further information on goodwill and other intangible assets. See Note 14 for further information on other 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) In 2021, the increase in net revenue reflects our acquisition of Be & Cheery. See Note 13 for further information. |
Our Significant Accounting Poli
Our Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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 a high interest rate and inflationary cost environment), 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 2022, sales to Walmart and its affiliates (including Sam’s) represented approximately 14% 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 $242 million as of December 31, 2022 and $262 million as of December 25, 2021 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 $5.2 billion in 2022, $5.1 billion in 2021 and $4.6 billion in 2020, including advertising expenses of $3.5 billion in both 2022 and 2021, and $3.0 billion in 2020. 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 $40 million and $53 million as of December 31, 2022 and December 25, 2021, 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 $15.0 billion in 2022, $13.7 billion in 2021 and $11.9 billion in 2020. 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 25, 2021, 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 $771 million, $752 million and $719 million in 2022, 2021 and 2020, 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 conditions (including those related to the Russia-Ukraine conflict and a high interest rate and inflationary cost environment), 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 Russia-Ukraine conflict and a high interest rate and inflationary cost environment) 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 - Not Yet Adopted In September 2022, the Financial Accounting Standards Board (FASB) issued guidance to enhance the transparency of supplier finance programs to allow financial statement users to understand the effect on working capital, liquidity and cash flows. The new guidance requires disclosure of key terms of the program, including a description of the payment terms, payment timing and assets pledged as security or other forms of guarantees provided to the finance provider or intermediary. Other requirements include the disclosure of the amount that remains unpaid as of the end of the reporting period, a description of where these obligations are presented in the balance sheet and a rollforward of the obligation during the annual period. The guidance is effective in the first quarter of 2023, except for the rollforward, which is effective in 2024. Early adoption is permitted. We will adopt the guidance when effective. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Restructuring and Impairment Charges 2019 Multi-Year Productivity Plan We publicly announced a multi-year productivity plan on February 15, 2019 (2019 Productivity Plan) that will leverage new technology and business models to further simplify, harmonize and automate processes; re-engineer our go-to-market and information systems, including deploying the right automation for each market; and simplify our organization and optimize our manufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan, in the fourth quarter of 2022, we expanded and extended the plan through the end of 2028 to take advantage of additional opportunities within the initiatives described above. As a result, we expect to incur pre-tax charges of approximately $3.65 billion, including cash expenditures of approximately $2.9 billion. These pre-tax charges are expected to consist of approximately 55% of severance and other employee-related costs, 10% for asset impairments (all non-cash) resulting from plant closures and related actions and 35% for other co sts associated with the implementation of our initiatives. The total 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: 2022 2021 2020 Cost of sales $ 33 $ 29 $ 30 Selling, general and administrative expenses 347 208 239 Other pension and retiree medical benefits expense 31 10 20 Total restructuring and impairment charges $ 411 $ 247 $ 289 After-tax amount $ 334 $ 206 $ 231 Impact on net income attributable to PepsiCo per common share $ (0.24) $ (0.15) $ (0.17) 2022 2021 2020 Plan to Date through 12/31/2022 FLNA $ 46 $ 28 $ 83 $ 210 QFNA 7 — 5 19 PBNA 68 20 47 226 LatAm 32 37 31 171 Europe 109 81 48 343 AMESA 12 15 14 82 APAC 16 7 5 77 Corporate 90 49 36 229 380 237 269 1,357 Other pension and retiree medical benefits income 31 10 20 98 Total $ 411 $ 247 $ 289 $ 1,455 Plan to Date through 12/31/2022 Severance and other employee costs $ 807 Asset impairments 190 Other costs 458 Total $ 1,455 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 is as follows: Severance and Other Employee Costs Asset Other Costs Total 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 2022 restructuring charges 243 33 135 411 Cash payments (a) (90) — (134) (224) Non-cash charges and translation (29) (33) — (62) Liability as of December 31, 2022 $ 188 $ — $ 8 $ 196 (a) Excludes cash expenditures of $1 million in 2022 and $2 million in both 2021 and 2020, reported in the cash flow statement in pension and retiree medical plan contributions. Substantially all of the restructuring accrual at December 31, 2022 is expected to be paid by the end of 2023. 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. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Intangible Assets A summary of our amortizable intangible assets is as follows: 2022 2021 2020 Average Gross Accumulated Net Gross Accumulated Net Acquired franchise rights (a) 56 – 60 $ 837 $ (200) $ 637 $ 976 $ (187) $ 789 Customer relationships 10 – 24 571 (237) 334 623 (227) 396 Brands 20 – 40 1,097 (973) 124 1,151 (989) 162 Other identifiable intangibles 10 – 24 447 (265) 182 451 (260) 191 Total $ 2,952 $ (1,675) $ 1,277 $ 3,201 $ (1,663) $ 1,538 Amortization expense $ 78 $ 91 $ 90 (a) Decrease is primarily due to the write-off of our distribution rights for Bang energy drinks. See Note 1 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 2023 2024 2025 2026 2027 Five-year projected amortization $ 77 $ 76 $ 74 $ 67 $ 64 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 In the first quarter of 2022, we discontinued or repositioned certain juice and dairy brands in Russia in our Europe division. As a result, we recognized pre-tax impairment charges (included in brand portfolio impairment charges) of $241 million ($193 million after-tax or $0.14 per share) in impairment of intangible assets, primarily related to indefinite-lived intangible assets in the year ended December 31, 2022. See Note 1 for further information. In the second quarter of 2022, macroeconomic factors, sanctions and other regul ations as a result of the Russia-Ukraine conflict indicated a material deterioration of the significant inputs used to determine the fair value of our indefinite-lived intangible assets in Russia, primarily assumptions underlying the weighted-average cost of capital. These factors required us to perform a quantitative assessment, despite the absence of a material adverse impact on these assets’ financial performance (e.g., sales, operating profit, cash flows). The fair value of our indefinite-lived intangible assets in Russia was estimated using discounted cash flows under the income approach, which we consider to be a Level 3 measurement. We determined that the carrying value exceeds the fair value, with the decrease in the fair value primarily attributable to a significant increase in the weighted-average cost of capital, which reflects the macroeconomic uncertainty in Russia. As a result of the quantitative assessment, we recorded pre-tax impairment charges of $1.2 billion ($958 million after-tax or $0.69 per share) in impairment of intangible assets, related to our juice and dairy brands in Russia in our Europe division, in the year ended December 31, 2022. See Note 1 for further information. As discussed in Note 2, we perform our annual impairment assessment on indefinite-lived intangible assets during our third quarter. The annual impairment assessment on indefinite-lived intangible assets performed in the third quarter of 2022, based on best available market information and our internal forecasts and operating plans at the time, resulted in no impairment. In the fourth quarter of 2022, macroeconomic conditions including a high interest rate and inflationary cost environment, coupled with recent business performance, indicated a deterioration of the significant inputs used to determine the fair value of our indefinite-lived intangible assets in various markets, primarily assumptions underlying the weighted-average cost of capital and the impact of economic uncertainty on current and future financial performance, and required us to perform a quantitative assessment on certain assets. The fair value of our indefinite-lived intangible assets was estimated using discounted cash flows under the income approach, which we consider to be a Level 3 measurement. We determined that the carrying value exceeded the fair value, which reflects the increase in the weighted-average cost of capital as well as our most current estimates of future sales and their contributions to operating profit and expected future cash flows (including perpetuity growth assumptions). As a result of the quantitative assessment, we recorded pre-tax impairment charges of $1.6 billion ($1.3 billion after-tax or $0.94 per share) in impairment of intangible assets, primarily related to the SodaStream brand in our Europe division, in the year ended December 31, 2022. See Note 1 for further information. As of December 31, 2022, 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, as well as further impairment to the carrying value of the SodaStream brand and goodwill, if future sales and their contributions to operating profit do not achieve our expected future cash flows (including perpetuity growth assumptions) or if macroeconomic conditions result in a future increase in the weighted-average cost of capital used to estimate fair value. We did not recognize any impairment charges for goodwill in each of the years ended December 31, 2022, December 25, 2021 and December 26, 2020. We did not recognize any impairment charges for indefinite-lived intangible assets in the year ended December 25, 2021. In 2020, we recognized pre-tax impairment charges of $42 million, primarily related to a coconut water brand in PBNA. 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/(Divestitures) Translation Balance, Acquisitions/(Divestitures) Impairment Translation Balance, FLNA (a) Goodwill $ 465 $ (8) $ 1 $ 458 $ — $ — $ (7) $ 451 Brands 340 — — 340 — (88) (1) 251 Total 805 (8) 1 798 — (88) (8) 702 QFNA Goodwill 189 — — 189 — — — 189 Brands — — — — — — — — Total 189 — — 189 — — — 189 PBNA (b) Goodwill 12,189 (216) 1 11,974 — — (27) 11,947 Reacquired franchise rights 7,107 — — 7,107 — — (46) 7,061 Acquired franchise rights 1,536 1 1 1,538 230 — (10) 1,758 Brands (c) 3,122 (290) (324) 2,508 — — — 2,508 Total 23,954 (505) (322) 23,127 230 — (83) 23,274 LatAm Goodwill 458 — (25) 433 — — 3 436 Brands (d) 108 (1) (7) 100 — (29) 4 75 Total 566 (1) (32) 533 — (29) 7 511 Europe (e) Goodwill (f) 3,806 (28) (78) 3,700 — — (54) 3,646 Reacquired franchise rights (f) 496 (23) (32) 441 — — (20) 421 Acquired franchise rights (f) 172 — (14) 158 — (1) (9) 148 Brands (g) (h) 4,072 — 182 4,254 — (2,684) 94 1,664 Total 8,546 (51) 58 8,553 — (2,685) 11 5,879 AMESA Goodwill 1,096 (2) (31) 1,063 14 — (62) 1,015 Brands (i) 214 — (9) 205 — (36) (13) 156 Total 1,310 (2) (40) 1,268 14 (36) (75) 1,171 APAC Goodwill 554 3 7 564 — — (46) 518 Brands (c) (j) 445 — 31 476 — (172) (37) 267 Total 999 3 38 1,040 — (172) (83) 785 Total goodwill 18,757 (251) (125) 18,381 14 — (193) 18,202 Total reacquired franchise rights 7,603 (23) (32) 7,548 — — (66) 7,482 Total acquired franchise rights 1,708 1 (13) 1,696 230 (1) (19) 1,906 Total brands 8,301 (291) (127) 7,883 — (3,009) 47 4,921 Total $ 36,369 $ (564) $ (297) $ 35,508 $ 244 $ (3,010) $ (231) $ 32,511 (a) Acquisitions/divestitures in 2021 primarily reflect purchase price allocation adjustments related to our acquisition of BFY Brands, Inc. (BFY Brands). Impairment in 2022 is related to a baked fruit convenient food brand. (b) Acquisitions/divestitures in 2021 primarily reflect assets reclassified as held for sale in connection with our Juice Transaction. See Note 13 for further information. Acquisitions/divestitures in 2022 primarily reflect our agreement with Celsius to distribute Celsius energy drinks in the United States. See Note 9 for further information. (c) 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. (d) Impairment in 2022 is related to the sale of certain non-strategic brands. See Note 1 for further information. (e) Acquisitions/divestitures in 2021 primarily reflect assets reclassified as held for sale in connection with our Juice Transaction. See Note 13 for further information. (f) Translation and other primarily reflects the depreciation of the euro in 2021 and the depreciation of British pound and euro, partially offset by appreciation of the Russian ruble in 2022. (g) Impairment in 2022 is related to the SodaStream brand, the decrease in fair value as a result of the Russia-Ukraine conflict and the discontinuation or repositioning of certain juice and dairy brands in Russia. (h) 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes are as follows: 2022 2021 2020 United States $ 7,305 $ 3,740 $ 4,070 Foreign 3,400 6,081 4,999 $ 10,705 $ 9,821 $ 9,069 The provision for income taxes consisted of the following: 2022 2021 2020 Current: U.S. Federal $ 1,137 $ 702 $ 715 Foreign 1,027 955 932 State 246 44 110 2,410 1,701 1,757 Deferred: U.S. Federal 22 375 273 Foreign (709) (14) (167) State 4 80 31 (683) 441 137 $ 1,727 $ 2,142 $ 1,894 A reconciliation of the U.S. Federal statutory tax rate to our annual tax rate is as follows: 2022 2021 2020 U.S. Federal statutory tax rate 21.0 % 21.0 % 21.0 % State income tax, net of U.S. Federal tax benefit 1.8 1.0 1.2 Lower taxes on foreign results (1.5) (1.6) (0.8) One-time mandatory transition tax - TCJ Act 0.8 1.9 — Juice Transaction (2.4) — — Tax settlements (3.0) — — Other, net (0.6) (0.5) (0.5) Annual tax rate 16.1 % 21.8 % 20.9 % Tax Cuts and Jobs Act In 2022, we recorded $86 million ($0.06 per share) of net tax expense related to the TCJ Act as a result of correlating adjustments related to a partial audit settlement with the IRS for tax years 2014 through 2019. 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. As of December 31, 2022, our mandatory transition tax liability was $2.6 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 2022, $309 million in 2021 and $78 million in 2020. We currently expect to pay approximately $309 million of this liability in 2023. 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 ($0.08 per share) in 2021. In 2022 , we came to an agreement with the IRS to settle one of the issues assessed in the 2014 through 2016 tax audit. The agreement covers tax years 2014 through 2019. As a result, we reduced our reserves for uncertain tax positions, including any correlating adjustments impacting the mandatory transition tax liability under the TCJ Act, resulting in a net non-cash tax benefit of $233 million ($0.17 per share) in 2022 . Tax years 2014 through 2019 remain under audit for other issues. On August 16, 2022, the “Inflation Reduction Act” (H.R. 5376) was signed into law in the United States. We do not currently expect the Inflation Reduction Act to have a material impact on our financial results, including on our annual estimated effective tax rate or on our liquidity. 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 2020, we recorded a net tax benefit of $72 million ($0.05 per share) related to the adoption of the TRAF in the Swiss Canton of Bern. Deferred tax liabilities and assets are comprised of the following: 2022 2021 Deferred tax liabilities Debt guarantee of wholly-owned subsidiary $ 578 $ 578 Property, plant and equipment 2,126 2,036 Recapture of net operating losses 492 504 Pension liabilities 189 216 Right-of-use assets 534 450 Investment in TBG 186 — Other 232 254 Gross deferred tax liabilities 4,337 4,038 Deferred tax assets Net carryforwards 5,342 4,974 Intangible assets other than nondeductible goodwill 1,614 1,111 Share-based compensation 120 98 Retiree medical benefits 118 147 Other employee-related benefits 349 379 Deductible state tax and interest benefits 144 149 Lease liabilities 534 450 Capitalized research and development 150 — Other 1,050 842 Gross deferred tax assets 9,421 8,150 Valuation allowances (5,013) (4,628) Deferred tax assets, net 4,408 3,522 Net deferred tax (assets)/liabilities $ (71) $ 516 A summary of our valuation allowance activity is as follows: 2022 2021 2020 Balance, beginning of year $ 4,628 $ 4,686 $ 3,599 Provision 492 (9) 1,082 Other (deductions)/additions (107) (49) 5 Balance, end of year $ 5,013 $ 4,628 $ 4,686 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 2014-2021 2014-2019 Mexico 2014-2021 2014-2017 United Kingdom 2020-2021 None Canada (Domestic) 2016-2021 2016-2019 Canada (International) 2010-2021 2010-2019 Russia 2019-2021 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 31, 2022, 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 $292 million as of December 31, 2022, of which $4 million of tax benefit was recognized in 2022. 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. A reconciliation of unrecognized tax benefits is as follows: 2022 2021 Balance, beginning of year $ 1,900 $ 1,621 Additions for tax positions related to the current year 228 222 Additions for tax positions from prior years 206 681 Reductions for tax positions from prior years (357) (558) Settlement payments (53) (25) Statutes of limitations expiration (36) (39) Translation and other (21) (2) Balance, end of year $ 1,867 $ 1,900 Carryforwards and Allowances Operating loss carryforwards totaling $32.2 billion as of December 31, 2022 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: $0.2 billion in 2023, $27.6 billion between 2024 and 2041 and $4.4 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 31, 2022, we had approximately $9 billion of undistributed international earnings. We intend to continue to reinvest $9 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. 31, 2022 | |
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 31, 2022, 37 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: 2022 2021 2020 Share-based compensation expense - equity awards $ 343 $ 301 $ 264 Share-based compensation expense - liability awards 30 20 11 Acquisition and divestiture-related charges 3 — — Restructuring charges — 1 (1) Total $ 376 $ 322 $ 274 Income tax benefits recognized in earnings related to share-based compensation $ 62 $ 57 $ 48 Excess tax benefits related to share-based compensation $ 44 $ 38 $ 35 As of December 31, 2022, there was $396 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: 2022 2021 2020 Expected life 7 years 7 years 6 years Risk-free interest rate 1.9 % 1.1 % 0.9 % Expected volatility 16 % 14 % 14 % Expected dividend yield 2.5 % 3.1 % 3.4 % 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 31, 2022 is as follows: Options (a) Weighted-Average Exercise Weighted-Average Contractual Aggregate Intrinsic Value (a) Outstanding at December 25, 2021 10,142 $ 110.54 Granted 2,422 $ 163.54 Exercised (1,578) $ 87.33 Forfeited/expired (482) $ 146.13 Outstanding at December 31, 2022 10,504 $ 124.63 6.08 $ 588,549 Exercisable at December 31, 2022 4,892 $ 101.02 3.50 $ 389,547 Expected to vest as of December 31, 2022 5,267 $ 144.58 8.29 $ 190,040 (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 31, 2022 is as follows: RSUs/PSUs (a) Weighted-Average Weighted-Average Contractual Life Aggregate Intrinsic Value (a) Outstanding at December 25, 2021 5,977 $ 127.45 Granted 2,263 $ 163.02 Converted (2,051) $ 120.03 Forfeited (475) $ 141.64 Outstanding at December 31, 2022 (b) 5,714 $ 143.02 1.24 $ 1,032,222 Expected to vest as of December 31, 2022 (c) 5,979 $ 141.94 1.17 $ 1,080,138 (a) In thousands. Outstanding awards are disclosed at target. (b) The outstanding PSUs for which the vesting period has not ended as of December 31, 2022, 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 31, 2022. 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 31, 2022 is as follows: Long-Term Cash Award (a) Balance Sheet Date Fair Value (b) Contractual Life Remaining Outstanding at December 25, 2021 $ 45,792 Granted 18,182 Vested (11,364) Forfeited (2,356) Outstanding at December 31, 2022 (c) $ 50,254 $ 68,167 1.17 Expected to vest as of December 31, 2022 $ 46,841 $ 65,835 1.15 (a) In thousands, disclosed at target. (b) In thousands, based on the most recent valuation as of December 31, 2022. (c) The outstanding awards for which the vesting period has not ended as of December 31, 2022, at the threshold, target and maximum award levels based on the achievement of its market conditions were zero, $50 million and $101 million, respectively. Other Share-Based Compensation Data The following is a summary of other share-based compensation data: 2022 2021 2020 Stock Options Total number of options granted (a) 2,422 2,157 1,847 Weighted-average grant-date fair value of options granted $ 19.72 $ 9.88 $ 8.31 Total intrinsic value of options exercised (a) $ 134,580 $ 153,306 $ 155,096 Total grant-date fair value of options vested (a) $ 9,661 $ 10,605 $ 8,652 RSUs/PSUs Total number of RSUs/PSUs granted (a) 2,263 2,636 2,496 Weighted-average grant-date fair value of RSUs/PSUs granted $ 163.02 $ 131.81 $ 131.21 Total intrinsic value of RSUs/PSUs converted (a) $ 329,705 $ 273,878 $ 303,165 Total grant-date fair value of RSUs/PSUs vested (a) $ 196,649 $ 198,469 $ 235,523 (a) In thousands. As of December 31, 2022 and December 25, 2021, there were approximately 307,000 and 299,000 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. |
Debt Obligations and Commitment
Debt Obligations and Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Debt Obligations The following table summarizes our debt obligations: 2022 (a) 2021 (a) Short-term debt obligations (b) Current maturities of long-term debt $ 3,096 $ 3,872 Commercial paper (0.1% and 0.1%) — 400 Other borrowings (15.0% and 2.2%) 318 36 $ 3,414 $ 4,308 Long-term debt obligations (b) Notes due 2022 (2.4%) $ — $ 3,868 Notes due 2023 (1.7% and 1.5%) 3,094 3,019 Notes due 2024 (2.2% and 2.1%) 2,867 2,986 Notes due 2025 (2.7% and 2.7%) 3,193 3,230 Notes due 2026 (3.1% and 3.2%) 2,396 2,450 Notes due 2027 (2.5% and 2.4% ) 2,523 2,554 Notes due 2028-2060 (2.8% and 2.6%) 24,652 21,759 Other, due 2022-2028 (1.3% and 1.3%) 28 32 38,753 39,898 Less: current maturities of long-term debt obligations 3,096 3,872 Total $ 35,657 $ 36,026 (a) Amounts are shown net of unamortized net discounts of $227 million and $233 million for 2022 and 2021, respectively. (b) The interest rates presented reflect weighted-average effective interest rates at year-end. See Note 9 for further information regarding our interest rate derivative instruments. As of December 31, 2022 and December 25, 2021, our international debt of $304 million and $38 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 2022, we issued the following senior notes: Interest Rate Maturity Date Principal Amount (a) 3.200 % July 2029 £ 300 (b) 3.550 % July 2034 £ 450 (b) 3.600 % February 2028 $ 750 3.900 % July 2032 $ 1,250 4.200 % July 2052 $ 500 (a) Excludes debt issuance costs, discounts and premiums. (b) These notes, issued in British pounds, were designated as net investment hedges to partially offset the effects of foreign currency on our investments in certain of our foreign subsidiaries. The net proceeds from the issuances of the above notes were used for general corporate purposes, including the repayment of commercial paper, except for an amount equivalent to the net proceeds from our 3.900% senior notes due 2032 that will be allocated to fund, in whole or in part, eligible green projects in the categories of investments in recycling and sustainable plastics and packaging, decarbonizing our operations and supply chain, water sustainability, and regenerative agriculture, which promote our selected Sustainable Development Goals, as defined by the United Nations. In 2022, we entered into a new five-year unsecured revolving credit agreement (Five-Year Credit Agreement), which expires on May 27, 2027. The Five-Year Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.8 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 May 28, 2021. Also in 2022, we entered into a new 364-day unsecured revolving credit agreement (364-Day Credit Agreement), which expires on May 26, 2023. The 364-Day Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.8 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 May 28, 2021. 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 31, 2022, there were no outstanding borrowings under the Five-Year Credit Agreement or the 364-Day Credit Agreement. In 2022, we paid $750 million to redeem all $750 million outstanding principal amount of our 2.25% senior notes due May 2022, we paid $800 million to redeem all $800 million outstanding principal amount of our 3.10% senior notes due July 2022 and we paid $154 million to redeem all $133 million outstanding principal amount of our subsidiary, Pepsi-Cola Metropolitan Bottling Company, Inc.’s 7.00% senior notes due March 2029 and 5.50% notes due May 2035. Additionally, we deposited $102 million of U.S. government securities with the Bank of New York Mellon, as trustee, in legal defeasance of $94 million outstanding principal amount of certain notes originally issued by our subsidiary, The Quaker Oats Company (Quaker notes). PepsiCo will be deemed to have paid and discharged the Quaker notes on April 12, 2023. In 2021, we completed cash tender offers to redeem $4.1 billion principal amount of certain notes, with maturity dates ranging from May 2035 to March 2060 and interest rates ranging from 3.375% to 5.500%, for $4.8 billion in cash. 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. Also 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. Also 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. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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 within common shareholders’ equity 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 31, 2022 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 31, 2022 was $235 million. We have posted no collateral under these contracts and no credit-risk-related contingent features were triggered as of December 31, 2022. 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 $1.8 billion as of December 31, 2022 and $1.6 billion as of December 25, 2021. 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 $3.0 billion as of December 31, 2022 and $2.8 billion as of December 25, 2021. The total notional amount of our debt instruments designated as net investment hedges was $2.9 billion as of December 31, 2022 and $2.1 billion as of December 25, 2021. 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. 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 $1.3 billion as of December 31, 2022 and $2.1 billion as of December 25, 2021. As of December 31, 2022, approximately 1% of total debt was subject to variable rates, compared to approximately 2%, after the impact of the related interest rate derivative instruments, as of December 25, 2021. Debt Securities Held-to-Maturity 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. As of December 31, 2022, we had no investments in held-to-maturity debt securities. As of December 25, 2021, we had $130 million of investments in commercial paper recorded in cash and cash equivalents. Held-to-maturity debt securities are recorded at amortized cost, which approximates fair value, and realized gains or losses are reported in earnings. As of December 25, 2021, gross unrecognized gains and losses and the allowance for expected credit losses were not material. Available-for-Sale Investments in available-for-sale debt securities are reported at fair value. Changes in the fair value of available-for-sale debt securities are generally recognized in accumulated other comprehensive loss within common shareholders’ equity. Changes in the fair value of available-for-sale debt securities impact earnings only when such securities are sold, or an allowance for expected credit losses or impairment is recognized. We regularly evaluate our investment portfolio for expected credit losses and impairment. In making this judgment, we evaluate, among other things, the extent to which the fair value of a debt security is less than its amortized cost; the financial condition of the issuer, including the credit quality, and any changes thereto; and our intent to sell, or whether we will more likely than not be required to sell, the debt security before recovery of its amortized cost basis. Our assessment of whether a debt security has a credit loss or is impaired could change in the future due to new developments or changes in assumptions related to any particular debt security. In 2022, we entered into an agreement with Celsius to distribute Celsius energy drinks in the United States (see Note 4 for further information) and invested $550 million in Series A convertible preferred shares issued by Celsius, which included certain conversion and redemption features. The preferred shares automatically convert into Celsius common shares after six years if certain market-based conditions are met, or can be redeemed after seven years. Shares underlying the transaction were priced at $75 per share, and the preferred shares are entitled to a 5% annual dividend, payable either in cash or in-kind. Given our redemption right, we classified our investment in the convertible preferred stock as an available-for-sale debt security. There were no unrealized gains and losses on our investment as of December 31, 2022. There were no impairment charges related to our investment in the year ended December 31, 2022. Fair Value Measurements The fair values of our financial assets and liabilities as of December 31, 2022 and December 25, 2021 are categorized as follows: 2022 2021 Fair Value Hierarchy Levels (a) Assets (a) Liabilities (a) Assets (a) Liabilities (a) Available-for-sale debt securities (b) 2 $ 660 $ — $ — $ — Index funds (c) 1 $ 257 $ — $ 337 $ — Prepaid forward contracts (d) 2 $ 14 $ — $ 21 $ — Deferred compensation (e) 2 $ — $ 434 $ — $ 505 Derivatives designated as cash flow hedging instruments: Foreign exchange (f) 2 $ 24 $ 22 $ 29 $ 14 Interest rate (f) 2 — 164 14 264 Commodity (g) 2 2 60 70 5 $ 26 $ 246 $ 113 $ 283 Derivatives not designated as hedging instruments: Foreign exchange (f) 2 $ 21 $ 21 $ 19 $ 7 Commodity (g) 2 11 51 35 22 $ 32 $ 72 $ 54 $ 29 Total derivatives at fair value (h) $ 58 $ 318 $ 167 $ 312 Total $ 989 $ 752 $ 525 $ 817 (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) Primarily related to our investment in Celsius convertible preferred stock. The fair value of our investment approximates the transaction price and any accrued dividends, as well as the amortized cost. As of December 31, 2022, $3 million, $104 million and $553 million were classified as cash equivalents, short-term investments and other assets, respectively. (c) Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability. (d) Based primarily on the price of our common stock. (e) Based on the fair value of investments corresponding to employees’ investment elections. (f) Based on recently reported market transactions of spot and forward rates. (g) Primarily based on recently reported market transactions of swap arrangements. (h) 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 our balance sheet as of December 31, 2022 and December 25, 2021 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table. The carrying amounts of our cash and cash equivalents and short-term investments recorded at amortized cost approximate fair value (classified as Level 2 in the fair value hierarchy) due to their short-term maturity. The fair value of our debt obligations as of December 31, 2022 and December 25, 2021 was $35 billion and $43 billion, respectively, based upon prices of identical or 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) 2022 2021 2022 2021 2022 2021 Foreign exchange $ (58) $ (4) $ (3) $ (7) $ (21) $ 82 Interest — 56 138 44 159 64 Commodity (179) (218) (57) (285) (267) (194) Net investment — — (120) (192) — — Total $ (237) $ (166) $ (42) $ (440) $ (129) $ (48) (a) Foreign exchange derivative losses/gains are included in selling, general and administrative expenses. Commodity derivative gains included in cost of sales totaled $8 million in 2022 and $109 million in 2021 and commodity derivative gains included in selling, general and administrative expenses totaled $171 million in 2022 and $109 million in 2021. (b) Foreign exchange derivative losses/gains are included in net revenue and 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. See Note 11 for further information. Based on current market conditions, we expect to reclassify net losses of $51 million related to our cash flow hedges from accumulated other comprehensive loss within common shareholders’ equity 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. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Attributable To PepsiCo Per Common Share | Net Income Attributable to PepsiCo per Common Share The computations of basic and diluted net income attributable to PepsiCo per common share are as follows: 2022 2021 2020 Income Shares (a) Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 6.45 $ 5.51 $ 5.14 Net income available for PepsiCo common shareholders $ 8,910 1,380 $ 7,618 1,382 $ 7,120 1,385 Dilutive securities: Stock options, RSUs, PSUs and other (b) — 7 — 7 — 7 Diluted $ 8,910 1,387 $ 7,618 1,389 $ 7,120 1,392 Diluted net income attributable to PepsiCo per common share $ 6.42 $ 5.49 $ 5.12 (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. 31, 2022 | |
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 28, 2019 (b) $ (11,290) $ (3) $ (2,988) $ (19) $ (14,300) Other comprehensive income/(loss) before reclassifications (c) (710) 126 (1,141) (1) (1,726) Amounts reclassified from accumulated other comprehensive loss — (116) 465 — 349 Net other comprehensive income/(loss) (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 (d) (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) Other comprehensive (loss)/income before reclassifications (e) (603) (78) 48 8 (625) Amounts reclassified from accumulated other comprehensive loss — (129) 440 — 311 Net other comprehensive (loss)/income (603) Ye (207) 488 8 (314) Tax amounts (36) 49 (99) (4) (90) Balance as of December 31, 2022 (b) $ (12,948) $ 1 $ (2,361) $ 6 $ (15,302) (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 $1,370 million as of December 28, 2019, $1,514 million as of December 26, 2020, $1,283 million as of December 25, 2021 and $1,184 million as of December 31, 2022. (c) Currency translation adjustment primarily reflects depreciation of the Russian ruble and Mexican peso. (d) Currency translation adjustment primarily reflects depreciation of the Turkish lira, Swiss franc and Mexican peso. (e) Currency translation adjustment primarily reflects depreciation of the Egyptian pound and British pound sterling. 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 2022 2021 2020 Currency translation: Divestitures $ — $ 18 $ — Selling, general and administrative expenses Cash flow hedges: Foreign exchange contracts $ (11) $ 6 $ — Net revenue Foreign exchange contracts (10) 76 (43) Cost of sales Interest rate derivatives 159 64 (129) Selling, general and administrative expenses Commodity contracts (252) (190) 50 Cost of sales Commodity contracts (15) (4) 6 Selling, general and administrative expenses Net gains before tax (129) (48) (116) Tax amounts 23 11 29 Net (gains) after tax $ (106) $ (37) $ (87) Pension and retiree medical items: Amortization of net prior service credit $ (37) $ (44) $ — Other pension and retiree medical benefits income Amortization of net losses 164 289 238 Other pension and retiree medical benefits income Settlement/curtailment losses 313 54 227 Other pension and retiree medical benefits income Net losses before tax 440 299 465 Tax amounts (80) (65) (101) Net losses after tax $ 360 $ 234 $ 364 Total net losses reclassified for the year, net of tax $ 254 $ 215 $ 277 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 2021 2020 Operating lease cost (a) $ 585 $ 563 $ 539 Variable lease cost (b) $ 115 $ 112 $ 111 Short-term lease cost (c) $ 510 $ 469 $ 436 (a) Includes right-of-use asset amortization of $517 million, $505 million, and $478 million in 2022, 2021, and 2020, respectively. (b) Primarily related to adjustments for inflation, common-area maintenance and property tax. (c) Not recorded on our balance sheet. In 2022, 2021 and 2020, we recognized gains of $175 million, $42 million and $7 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: 2022 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 573 $ 567 $ 555 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 871 $ 934 $ 621 Supplemental balance sheet information related to our operating leases is as follows: Balance Sheet Classification 2022 2021 Right-of-use assets Other assets $ 2,373 $ 2,020 Current lease liabilities Accounts payable and other current liabilities $ 483 $ 446 Non-current lease liabilities Other liabilities $ 1,933 $ 1,598 Weighted-average remaining lease term and discount rate for our operating leases are as follows: 2022 2021 2020 Weighted-average remaining lease term 7 years 7 years 6 years Weighted-average discount rate 3 % 3 % 4 % Maturities of lease liabilities by year for our operating leases are as follows: 2023 $ 541 2024 465 2025 386 2026 326 2027 266 2028 and beyond 718 Total lease payments 2,702 Less: Imputed interest 286 Present value of lease liabilities $ 2,416 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. 31, 2022 | |
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. 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 division. 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 division. 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 division. Acquisition and Divestiture-Related Charges 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, gains associated with contingent consideration, employee-related costs, contract termination costs, closing costs and other integration costs. Divestiture-related charges reflect transaction expenses, including consulting, advisory and other professional fees. A summary of our acquisition and divestiture-related charges is as follows: 2022 2021 2020 Cost of sales $ — $ 1 $ 32 Selling, general and administrative expenses (a) 74 (5) 223 Other pension and retiree medical benefits expense 6 — — Total $ 80 $ (4) $ 255 After-tax amount (b) $ 66 $ (27) $ 237 Impact on net income attributable to PepsiCo per common share $ (0.05) $ 0.02 $ (0.17) (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. 2022 2021 2020 Transaction FLNA $ — $ 2 $ 29 BFY Brands PBNA 51 11 66 Juice Transaction, Rockstar Europe 14 8 — Juice Transaction AMESA 3 10 173 Pioneer Foods, Other APAC — 4 7 Be & Cheery Corporate (a) 6 (39) (20) Juice Transaction, Rockstar Total 74 (4) 255 Other pension and retiree medical benefits expense 6 — — Juice Transaction Total acquisition and divestiture-related charges $ 80 $ (4) $ 255 (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. 31, 2022 | |
Supplemental Financial Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | Supplemental Financial Information Balance Sheet 2022 2021 2020 Accounts and notes receivable (a) Trade receivables $ 8,192 $ 7,172 Other receivables 2,121 1,655 Total 10,313 8,827 Allowance, beginning of year 147 201 $ 105 Cumulative effect of accounting change — — 44 Net amounts charged to expense (b) 21 (19) 79 Deductions (c) (12) (25) (32) Other (d) (6) (10) 5 Allowance, end of year 150 147 $ 201 Net receivables $ 10,163 $ 8,680 Inventories (e) Raw materials and packaging $ 2,366 $ 1,898 Work-in-process 114 151 Finished goods 2,742 2,298 Total $ 5,222 $ 4,347 Property, plant and equipment, net (f) Average Land $ 1,142 $ 1,123 Buildings and improvements 15 - 44 10,816 10,279 Machinery and equipment, including fleet and software 5 - 15 33,335 31,486 Construction in progress 4,491 3,940 49,784 46,828 Accumulated depreciation (25,493) (24,421) Total $ 24,291 $ 22,407 Depreciation expense $ 2,523 $ 2,484 $ 2,335 Other assets Noncurrent notes and accounts receivable $ 202 $ 111 Deferred marketplace spending 123 119 Pension plans (g) 948 1,260 Right-of-use assets (h) 2,373 2,020 Other investments (i) 813 277 Other 833 694 Total $ 5,292 $ 4,481 Accounts payable and other current liabilities Accounts payable (j) $ 10,732 $ 9,834 Accrued marketplace spending 3,637 3,087 Accrued compensation and benefits 2,519 2,324 Dividends payable 1,610 1,508 Current lease liabilities (h) 483 446 Other current liabilities 4,390 3,960 Total $ 23,371 $ 21,159 (a) Increase primarily reflects strong revenue performance across much of our portfolio in 2022. (b) 2021 includes reductions in allowance for expected credit losses related to COVID-19 pandemic recorded in 2020. (c) Includes accounts written off. (d) Includes adjustments related primarily to currency translation and other adjustments. (e) Increase reflects higher commodity costs in 2022. Approximately 9% and 7% of the inventory cost in 2022 and 2021, 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. (f) See Note 2 for further information. (g) See Note 7 for further information. (h) See Note 12 for further information. (i) Increase in 2022 primarily reflects our investment in Celsius convertible preferred stock. See Note 9 for further information. (j) Increase reflects higher commodity costs and capital expenditures in 2022. Statement of Cash Flows 2022 2021 2020 Interest paid (a) $ 1,043 $ 1,184 $ 1,156 Income taxes paid, net of refunds (b) $ 2,766 $ 1,933 $ 1,770 (a) 2022 excludes the premiums paid in accordance with the debt transactions. 2021 excludes the charge related to cash tender offers. See Note 8 for further information. (b) In 2022, 2021 and 2020, includes tax payments of $309 million, $309 million and $78 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. 2022 2021 Cash and cash equivalents $ 4,954 $ 5,596 Restricted cash included in other assets (a) 146 111 Total cash and cash equivalents and restricted cash $ 5,100 $ 5,707 (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. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy | The accompanying consolidated financial statements have been prepared in accordance with 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 Russia - Ukraine conflict and the high interest rate and inflationary cost environment 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 financial 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. Beginning in the fourth quarter of 2021, all of our international operations reported on a monthly calendar basis. This change did not have a material impact on our consolidated financial statements. The following chart details our quarterly reporting schedule for 2022, reflecting the additional week in the fourth quarter: 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 17 weeks September, October, November and December |
Our Significant Accounting Po_2
Our Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 a high interest rate and inflationary cost environment), 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 $242 million as of December 31, 2022 and $262 million as of December 25, 2021 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 $5.2 billion in 2022, $5.1 billion in 2021 and $4.6 billion in 2020, including advertising expenses of $3.5 billion in both 2022 and 2021, and $3.0 billion in 2020. 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 $40 million and $53 million as of December 31, 2022 and December 25, 2021, respectively, are classified as prepaid expenses and other current assets on our balance sheet. |
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 $15.0 billion in 2022, $13.7 billion in 2021 and $11.9 billion in 2020. |
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 25, 2021, 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 $771 million, $752 million and $719 million in 2022, 2021 and 2020, 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 conditions (including those related to the Russia-Ukraine conflict and a high interest rate and inflationary cost environment), 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 Russia-Ukraine conflict and a high interest rate and inflationary cost environment) 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 - Not Yet Adopted In September 2022, the Financial Accounting Standards Board (FASB) issued guidance to enhance the transparency of supplier finance programs to allow financial statement users to understand the effect on working capital, liquidity and cash flows. The new guidance requires disclosure of key terms of the program, including a description of the payment terms, payment timing and assets pledged as security or other forms of guarantees provided to the finance provider or intermediary. Other requirements include the disclosure of the amount that remains unpaid as of the end of the reporting period, a description of where these obligations are presented in the balance sheet and a rollforward of the obligation during the annual period. The guidance is effective in the first quarter of 2023, except for the rollforward, which is effective in 2024. Early adoption is permitted. We will adopt the guidance when effective. |
Intangible Assets (Policies)
Intangible Assets (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 conditions (including those related to the Russia-Ukraine conflict and a high interest rate and inflationary cost environment), 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 Russia-Ukraine conflict and a high interest rate and inflationary cost environment) 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. 31, 2022 | |
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. 31, 2022 | |
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 Sa
Pension, Retiree Medical and Savings Plans Pension, Retiree Medical and Savings Plans (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 and 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 within common shareholders’ equity. 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). In 2023, we expect the average remaining service life for participants in Plan H to be approximately 11 years and the average remaining life expectancy for participants in Plan I to be approximately 26 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 Plan H, and the remaining life expectancy for participants in Plan I, 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. |
Financial Instruments Financial
Financial Instruments Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 within common shareholders’ equity 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 31, 2022 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. 31, 2022 | |
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 financial 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. Beginning in the fourth quarter of 2021, all of our international operations reported on a monthly calendar basis. This change did not have a material impact on our consolidated financial statements. The following chart details our quarterly reporting schedule for 2022, reflecting the additional week in the fourth quarter: 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 17 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: 2022 2021 2020 FLNA 13 % 13 % 13 % QFNA 1 % 1 % 1 % PBNA 20 % 19 % 18 % LatAm 6 % 5 % 6 % Europe 11 % 13 % 16 % AMESA 5 % 6 % 6 % APAC 3 % 2 % 2 % Corporate unallocated expenses 41 % 41 % 38 % |
Schedule of Segment Reporting Information, by Segment | Net revenue and operating profit/(loss) of each division are as follows: Net Revenue Operating Profit/(Loss) 2022 2021 2020 2022 (a) 2021 2020 FLNA $ 23,291 $ 19,608 $ 18,189 $ 6,135 $ 5,633 $ 5,340 QFNA 3,160 2,751 2,742 604 578 669 PBNA (b) 26,213 25,276 22,559 5,426 2,442 1,937 LatAm 9,779 8,108 6,942 1,627 1,369 1,033 Europe (b) 12,724 13,038 11,922 (1,380) 1,292 1,353 AMESA (c) 6,438 6,078 4,573 666 858 600 APAC (c) 4,787 4,615 3,445 537 673 590 Total division 86,392 79,474 70,372 13,615 12,845 11,522 Corporate unallocated expenses — — — (2,103) (1,683) (1,442) Total $ 86,392 $ 79,474 $ 70,372 $ 11,512 $ 11,162 $ 10,080 (a) See below for impairment and other charges taken related to the Russia-Ukraine conflict, brand portfolio impairment and other impairment. (b) In 2022, we recorded a gain of $3,029 million and $292 million in our PBNA and Europe divisions, respectively, associated with the Juice Transaction. The total after-tax amount was $2,888 million or $2.08 per share. See Note 13 for further information. (c) In 2021, the increase in net revenue in our AMESA and APAC divisions reflect our acquisitions of Pioneer Foods and Be & Cheery, respectively. See Note 13 for further information. Disaggregation of Net 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: 2022 2021 2020 Beverages (a) Convenient Foods Beverages (a) Convenient Foods Beverages (a) Convenient Foods LatAm 10 % 90 % 10 % 90 % 10 % 90 % Europe 50 % 50 % 55 % 45 % 55 % 45 % AMESA 30 % 70 % 30 % 70 % 30 % 70 % APAC 25 % 75 % 20 % 80 % 25 % 75 % PepsiCo 40 % 60 % 45 % 55 % 45 % 55 % (a) Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and Europe divisions, is approximately 35% of our consolidated net revenue in 2022 and approximately 40% of our consolidated net revenue in 2021 and 2020. 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 |
Schedule of Unusual or Infrequent Items, or Both | Operating profit includes certain pre-tax charges taken as a result of the COVID-19 pandemic related to incremental employee compensation costs, such as certain leave benefits and labor costs, employee protection costs, allowances for expected credit losses and upfront payments to customers and their related adjustments for changes in estimates as conditions improve, inventory write-downs, product returns and other expenses. These pre-tax charges by division are as follows: COVID-19 charges 2022 2021 2020 FLNA $ 25 $ 56 $ 229 QFNA 1 2 15 PBNA (a) 23 (11) 304 LatAm 15 64 102 Europe 5 21 88 AMESA 5 7 33 APAC 21 9 3 Total $ 95 $ 148 $ 774 (a) Income amount primarily relates to adjustments for changes in estimates of allowances for expected credit losses and upfront payments to customers, due to improved projected default rates and lower at-risk balances. |
Segment Reporting Information By Total Assets And Capital Spending | Total assets and capital spending of each division are as follows: Total Assets Capital Spending 2022 2021 2022 2021 2020 FLNA $ 11,042 $ 9,763 $ 1,464 $ 1,411 $ 1,189 QFNA 1,245 1,101 93 92 85 PBNA 40,286 37,801 1,714 1,275 1,245 LatAm 7,886 7,272 581 461 390 Europe 16,230 18,472 668 752 730 AMESA 6,143 6,125 307 325 252 APAC 5,452 5,654 241 203 230 Total division 88,284 86,188 5,068 4,519 4,121 Corporate (a) 3,903 6,189 139 106 119 Total $ 92,187 $ 92,377 $ 5,207 $ 4,625 $ 4,240 (a) Corporate assets consist principally of certain cash and cash equivalents, restricted cash, short-term investments, derivative instruments, property, plant and equipment, pension plan assets and tax assets. In 2022, the change in assets was primarily due to a decrease in cash and cash equivalents. |
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 2022 2021 2020 2022 2021 2020 FLNA $ 11 $ 11 $ 10 $ 653 $ 594 $ 550 QFNA — — — 47 46 41 PBNA 22 25 28 930 926 899 LatAm 3 4 4 306 283 251 Europe 30 37 40 357 364 350 AMESA 4 5 3 179 181 149 APAC 8 9 5 92 102 91 Total division 78 91 90 2,564 2,496 2,331 Corporate — — — 121 123 127 Total $ 78 $ 91 $ 90 $ 2,685 $ 2,619 $ 2,458 |
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) 2022 2021 2020 2022 2021 United States $ 49,390 $ 44,545 $ 40,800 $ 38,240 $ 36,324 Mexico 5,472 4,580 3,924 1,933 1,720 Russia 4,118 3,426 3,009 2,538 3,751 Canada 3,536 3,405 2,989 2,678 2,846 China (b) 2,752 2,679 1,732 1,517 1,745 United Kingdom 1,844 2,102 1,882 847 906 South Africa (c) 1,837 2,008 1,282 1,327 1,389 All other countries 17,443 16,729 14,754 12,885 13,399 Total $ 86,392 $ 79,474 $ 70,372 $ 61,965 $ 62,080 (a) Long-lived assets represent property, plant and equipment, indefinite-lived intangible assets, amortizable intangible assets, investments in noncontrolled affiliates and other investments included in other assets. See Notes 2 and 14 for further information on property, plant and equipment. See Notes 2 and 4 for further information on goodwill and other intangible assets. See Note 14 for further information on other 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) In 2021, the increase in net revenue reflects our acquisition of Be & Cheery. See Note 13 for further information. |
Impairment Related to Russia-Ukraine conflict | Impairment and Other Charges We recognized Russia-Ukraine conflict charges, brand portfolio impairment charges and other impairment charges as described below. A summary of pre-tax charges taken in 2022 in our Europe division as a result of the Russia-Ukraine conflict is as follows: Russia-Ukraine conflict charges Cost of sales Selling, general and administrative expenses Impairment of intangible assets (a) Total Impairment charges related to intangible assets $ — $ — $ 1,198 $ 1,198 Impairment charges related to property, plant and equipment 103 22 — 125 Allowance for expected credit losses — 12 — 12 Allowance for inventory write downs 28 1 — 29 Other 9 42 — 51 Total $ 140 $ 77 $ 1,198 $ 1,415 After-tax amount $ 1,124 Impact on net income attributable to PepsiCo per common share $ (0.81) (a) See Note 4 for further information. For information on our policies for indefinite-lived intangible assets, see Note 2. |
Impairment Charges Related to Brand Portfolio | A summary of pre-tax charges taken in 2022 as a result of our decision to reposition or discontinue the sale/distribution of certain brands and to sell an investment is as follows: Brand portfolio impairment charges Cost of sales Selling, general and administrative expenses Impairment of intangible assets (a) Total PBNA $ 26 $ 8 $ 126 $ 160 Impairment and other charges associated with distribution rights and inventory due to the termination of Bang energy drinks distribution agreement LatAm — 35 36 71 Loss on sale and impairment of intangible assets related to the sale of certain non-strategic brands Europe 1 10 242 253 Primarily impairment of intangible assets related to the discontinuation or repositioning of certain juice and dairy brands in Russia AMESA 29 121 9 159 Primarily impairment of investment, property, plant and equipment and intangible assets related to the sale or discontinuation of non-strategic investment and brands APAC 5 — — 5 Impairment of property, plant and equipment related to the discontinuation of a non-strategic brand in China Total $ 61 $ 174 $ 413 $ 648 After-tax amount $ 522 Impact on net income attributable to PepsiCo per common share $ (0.38) (a) See Note 4 for further information. For information on our policies for indefinite-lived intangible assets, see Note 2. |
Other Impairment Charges | A summary of pre-tax impairment charges taken in 2022 as a result of our quantitative assessments of certain of our indefinite-lived intangible assets is as follows: Other impairment charges Impairment of intangible assets (a) FLNA $ 88 Related to a baked fruit convenient food brand Europe 1,264 Related to the SodaStream brand AMESA 31 Primarily related to certain juice brands from the Pioneer Foods acquisition APAC 172 Related to the Be & Cheery brand Total $ 1,555 After-tax amount $ 1,301 Impact on net income attributable to PepsiCo per common share $ (0.94) (a) See Note 4 for further information. For information on our policies for indefinite-lived intangible assets, see Note 2. |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
2019 Productivity Plan [Member] | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | The total 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: 2022 2021 2020 Cost of sales $ 33 $ 29 $ 30 Selling, general and administrative expenses 347 208 239 Other pension and retiree medical benefits expense 31 10 20 Total restructuring and impairment charges $ 411 $ 247 $ 289 After-tax amount $ 334 $ 206 $ 231 Impact on net income attributable to PepsiCo per common share $ (0.24) $ (0.15) $ (0.17) 2022 2021 2020 Plan to Date through 12/31/2022 FLNA $ 46 $ 28 $ 83 $ 210 QFNA 7 — 5 19 PBNA 68 20 47 226 LatAm 32 37 31 171 Europe 109 81 48 343 AMESA 12 15 14 82 APAC 16 7 5 77 Corporate 90 49 36 229 380 237 269 1,357 Other pension and retiree medical benefits income 31 10 20 98 Total $ 411 $ 247 $ 289 $ 1,455 Plan to Date through 12/31/2022 Severance and other employee costs $ 807 Asset impairments 190 Other costs 458 Total $ 1,455 A summary of our 2019 Productivity Plan is as follows: Severance and Other Employee Costs Asset Other Costs Total 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 2022 restructuring charges 243 33 135 411 Cash payments (a) (90) — (134) (224) Non-cash charges and translation (29) (33) — (62) Liability as of December 31, 2022 $ 188 $ — $ 8 $ 196 (a) Excludes cash expenditures of $1 million in 2022 and $2 million in both 2021 and 2020, reported in the cash flow statement in pension and retiree medical plan contributions. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets, Net | A summary of our amortizable intangible assets is as follows: 2022 2021 2020 Average Gross Accumulated Net Gross Accumulated Net Acquired franchise rights (a) 56 – 60 $ 837 $ (200) $ 637 $ 976 $ (187) $ 789 Customer relationships 10 – 24 571 (237) 334 623 (227) 396 Brands 20 – 40 1,097 (973) 124 1,151 (989) 162 Other identifiable intangibles 10 – 24 447 (265) 182 451 (260) 191 Total $ 2,952 $ (1,675) $ 1,277 $ 3,201 $ (1,663) $ 1,538 Amortization expense $ 78 $ 91 $ 90 (a) Decrease is primarily due to the write-off of our distribution rights for Bang energy drinks. See Note 1 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 2023 2024 2025 2026 2027 Five-year projected amortization $ 77 $ 76 $ 74 $ 67 $ 64 |
Change in Book Value of Nonamortizable Intangible Assets | The change in the book value of indefinite-lived intangible assets is as follows: Balance, Acquisitions/(Divestitures) Translation Balance, Acquisitions/(Divestitures) Impairment Translation Balance, FLNA (a) Goodwill $ 465 $ (8) $ 1 $ 458 $ — $ — $ (7) $ 451 Brands 340 — — 340 — (88) (1) 251 Total 805 (8) 1 798 — (88) (8) 702 QFNA Goodwill 189 — — 189 — — — 189 Brands — — — — — — — — Total 189 — — 189 — — — 189 PBNA (b) Goodwill 12,189 (216) 1 11,974 — — (27) 11,947 Reacquired franchise rights 7,107 — — 7,107 — — (46) 7,061 Acquired franchise rights 1,536 1 1 1,538 230 — (10) 1,758 Brands (c) 3,122 (290) (324) 2,508 — — — 2,508 Total 23,954 (505) (322) 23,127 230 — (83) 23,274 LatAm Goodwill 458 — (25) 433 — — 3 436 Brands (d) 108 (1) (7) 100 — (29) 4 75 Total 566 (1) (32) 533 — (29) 7 511 Europe (e) Goodwill (f) 3,806 (28) (78) 3,700 — — (54) 3,646 Reacquired franchise rights (f) 496 (23) (32) 441 — — (20) 421 Acquired franchise rights (f) 172 — (14) 158 — (1) (9) 148 Brands (g) (h) 4,072 — 182 4,254 — (2,684) 94 1,664 Total 8,546 (51) 58 8,553 — (2,685) 11 5,879 AMESA Goodwill 1,096 (2) (31) 1,063 14 — (62) 1,015 Brands (i) 214 — (9) 205 — (36) (13) 156 Total 1,310 (2) (40) 1,268 14 (36) (75) 1,171 APAC Goodwill 554 3 7 564 — — (46) 518 Brands (c) (j) 445 — 31 476 — (172) (37) 267 Total 999 3 38 1,040 — (172) (83) 785 Total goodwill 18,757 (251) (125) 18,381 14 — (193) 18,202 Total reacquired franchise rights 7,603 (23) (32) 7,548 — — (66) 7,482 Total acquired franchise rights 1,708 1 (13) 1,696 230 (1) (19) 1,906 Total brands 8,301 (291) (127) 7,883 — (3,009) 47 4,921 Total $ 36,369 $ (564) $ (297) $ 35,508 $ 244 $ (3,010) $ (231) $ 32,511 (a) Acquisitions/divestitures in 2021 primarily reflect purchase price allocation adjustments related to our acquisition of BFY Brands, Inc. (BFY Brands). Impairment in 2022 is related to a baked fruit convenient food brand. (b) Acquisitions/divestitures in 2021 primarily reflect assets reclassified as held for sale in connection with our Juice Transaction. See Note 13 for further information. Acquisitions/divestitures in 2022 primarily reflect our agreement with Celsius to distribute Celsius energy drinks in the United States. See Note 9 for further information. (c) 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. (d) Impairment in 2022 is related to the sale of certain non-strategic brands. See Note 1 for further information. (e) Acquisitions/divestitures in 2021 primarily reflect assets reclassified as held for sale in connection with our Juice Transaction. See Note 13 for further information. (f) Translation and other primarily reflects the depreciation of the euro in 2021 and the depreciation of British pound and euro, partially offset by appreciation of the Russian ruble in 2022. (g) Impairment in 2022 is related to the SodaStream brand, the decrease in fair value as a result of the Russia-Ukraine conflict and the discontinuation or repositioning of certain juice and dairy brands in Russia. (h) 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. (i) Impairment in 2022 is primarily related to certain juice brands from the Pioneer Foods acquisition. (j) Impairment in 2022 is related to the Be & Cheery brand. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 2021 2020 United States $ 7,305 $ 3,740 $ 4,070 Foreign 3,400 6,081 4,999 $ 10,705 $ 9,821 $ 9,069 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consisted of the following: 2022 2021 2020 Current: U.S. Federal $ 1,137 $ 702 $ 715 Foreign 1,027 955 932 State 246 44 110 2,410 1,701 1,757 Deferred: U.S. Federal 22 375 273 Foreign (709) (14) (167) State 4 80 31 (683) 441 137 $ 1,727 $ 2,142 $ 1,894 |
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: 2022 2021 2020 U.S. Federal statutory tax rate 21.0 % 21.0 % 21.0 % State income tax, net of U.S. Federal tax benefit 1.8 1.0 1.2 Lower taxes on foreign results (1.5) (1.6) (0.8) One-time mandatory transition tax - TCJ Act 0.8 1.9 — Juice Transaction (2.4) — — Tax settlements (3.0) — — Other, net (0.6) (0.5) (0.5) Annual tax rate 16.1 % 21.8 % 20.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax liabilities and assets are comprised of the following: 2022 2021 Deferred tax liabilities Debt guarantee of wholly-owned subsidiary $ 578 $ 578 Property, plant and equipment 2,126 2,036 Recapture of net operating losses 492 504 Pension liabilities 189 216 Right-of-use assets 534 450 Investment in TBG 186 — Other 232 254 Gross deferred tax liabilities 4,337 4,038 Deferred tax assets Net carryforwards 5,342 4,974 Intangible assets other than nondeductible goodwill 1,614 1,111 Share-based compensation 120 98 Retiree medical benefits 118 147 Other employee-related benefits 349 379 Deductible state tax and interest benefits 144 149 Lease liabilities 534 450 Capitalized research and development 150 — Other 1,050 842 Gross deferred tax assets 9,421 8,150 Valuation allowances (5,013) (4,628) Deferred tax assets, net 4,408 3,522 Net deferred tax (assets)/liabilities $ (71) $ 516 A summary of our valuation allowance activity is as follows: 2022 2021 2020 Balance, beginning of year $ 4,628 $ 4,686 $ 3,599 Provision 492 (9) 1,082 Other (deductions)/additions (107) (49) 5 Balance, end of year $ 5,013 $ 4,628 $ 4,686 |
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 2014-2021 2014-2019 Mexico 2014-2021 2014-2017 United Kingdom 2020-2021 None Canada (Domestic) 2016-2021 2016-2019 Canada (International) 2010-2021 2010-2019 Russia 2019-2021 None |
Reserves Rollforward | A reconciliation of unrecognized tax benefits is as follows: 2022 2021 Balance, beginning of year $ 1,900 $ 1,621 Additions for tax positions related to the current year 228 222 Additions for tax positions from prior years 206 681 Reductions for tax positions from prior years (357) (558) Settlement payments (53) (25) Statutes of limitations expiration (36) (39) Translation and other (21) (2) Balance, end of year $ 1,867 $ 1,900 |
Share-Based Compensation Shar_2
Share-Based Compensation Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 2021 2020 Share-based compensation expense - equity awards $ 343 $ 301 $ 264 Share-based compensation expense - liability awards 30 20 11 Acquisition and divestiture-related charges 3 — — Restructuring charges — 1 (1) Total $ 376 $ 322 $ 274 Income tax benefits recognized in earnings related to share-based compensation $ 62 $ 57 $ 48 Excess tax benefits related to share-based compensation $ 44 $ 38 $ 35 |
Schedule Of Weighted-Average Black-Scholes Fair Value Assumptions | Our weighted-average Black-Scholes fair value assumptions are as follows: 2022 2021 2020 Expected life 7 years 7 years 6 years Risk-free interest rate 1.9 % 1.1 % 0.9 % Expected volatility 16 % 14 % 14 % Expected dividend yield 2.5 % 3.1 % 3.4 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | A summary of our stock option activity for the year ended December 31, 2022 is as follows: Options (a) Weighted-Average Exercise Weighted-Average Contractual Aggregate Intrinsic Value (a) Outstanding at December 25, 2021 10,142 $ 110.54 Granted 2,422 $ 163.54 Exercised (1,578) $ 87.33 Forfeited/expired (482) $ 146.13 Outstanding at December 31, 2022 10,504 $ 124.63 6.08 $ 588,549 Exercisable at December 31, 2022 4,892 $ 101.02 3.50 $ 389,547 Expected to vest as of December 31, 2022 5,267 $ 144.58 8.29 $ 190,040 (a) In thousands. |
Our RSU and PSU Activity | A summary of our RSU and PSU activity for the year ended December 31, 2022 is as follows: RSUs/PSUs (a) Weighted-Average Weighted-Average Contractual Life Aggregate Intrinsic Value (a) Outstanding at December 25, 2021 5,977 $ 127.45 Granted 2,263 $ 163.02 Converted (2,051) $ 120.03 Forfeited (475) $ 141.64 Outstanding at December 31, 2022 (b) 5,714 $ 143.02 1.24 $ 1,032,222 Expected to vest as of December 31, 2022 (c) 5,979 $ 141.94 1.17 $ 1,080,138 (a) In thousands. Outstanding awards are disclosed at target. (b) The outstanding PSUs for which the vesting period has not ended as of December 31, 2022, 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 31, 2022. |
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 31, 2022 is as follows: Long-Term Cash Award (a) Balance Sheet Date Fair Value (b) Contractual Life Remaining Outstanding at December 25, 2021 $ 45,792 Granted 18,182 Vested (11,364) Forfeited (2,356) Outstanding at December 31, 2022 (c) $ 50,254 $ 68,167 1.17 Expected to vest as of December 31, 2022 $ 46,841 $ 65,835 1.15 (a) In thousands, disclosed at target. (b) In thousands, based on the most recent valuation as of December 31, 2022. (c) The outstanding awards for which the vesting period has not ended as of December 31, 2022, at the threshold, target and maximum award levels based on the achievement of its market conditions were zero, $50 million and $101 million, respectively. |
Other Share-Based Compensation Data | The following is a summary of other share-based compensation data: 2022 2021 2020 Stock Options Total number of options granted (a) 2,422 2,157 1,847 Weighted-average grant-date fair value of options granted $ 19.72 $ 9.88 $ 8.31 Total intrinsic value of options exercised (a) $ 134,580 $ 153,306 $ 155,096 Total grant-date fair value of options vested (a) $ 9,661 $ 10,605 $ 8,652 RSUs/PSUs Total number of RSUs/PSUs granted (a) 2,263 2,636 2,496 Weighted-average grant-date fair value of RSUs/PSUs granted $ 163.02 $ 131.81 $ 131.21 Total intrinsic value of RSUs/PSUs converted (a) $ 329,705 $ 273,878 $ 303,165 Total grant-date fair value of RSUs/PSUs vested (a) $ 196,649 $ 198,469 $ 235,523 (a) In thousands. |
Pension, Retiree Medical and _2
Pension, Retiree Medical and Savings Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 and 2021 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 2022 2021 U.S. plan assets (a) Equity securities, including preferred stock (b) 1 $ 4,387 $ 6,387 Government securities (c) 2 1,751 2,523 Corporate bonds (c) 2 4,245 6,210 Mortgage-backed securities (c) 2 142 199 Contracts with insurance companies (d) 3 9 9 Cash and cash equivalents (e) 1, 2 157 352 Sub-total U.S. plan assets 10,691 15,680 Real estate commingled funds measured at net asset value (f) 533 478 Dividends and interest receivable, net of payables 120 45 Total U.S. plan assets $ 11,344 $ 16,203 International plan assets Equity securities (b) 1 $ 1,291 $ 2,232 Government securities (c) 2 736 1,053 Corporate bonds (c) 2 254 400 Fixed income commingled funds (g) 1 628 632 Contracts with insurance companies (d) 3 27 43 Cash and cash equivalents 1 75 34 Sub-total international plan assets 3,011 4,394 Real estate commingled funds measured at net asset value (f) 173 221 Dividends and interest receivable 11 9 Total international plan assets $ 3,195 $ 4,624 (a) Includes $196 million and $299 million in 2022 and 2021, 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 10% and 11% of total U.S. plan assets for 2022 and 2021, 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 represents 32% of total U.S. plan assets for 2022 and 2021. (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 31, 2022 and December 25, 2021. (e) Includes Level 1 assets of $216 million for 2021 and Level 2 assets of $157 million and $136 million for 2022 and 2021, 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 2022 2021 2022 2021 2022 2021 Change in projected benefit obligation Obligation at beginning of year $ 16,216 $ 16,753 $ 4,175 $ 4,430 $ 954 $ 1,006 Service cost 487 518 64 104 37 33 Interest cost 434 324 90 74 19 15 Plan amendments 10 23 — 3 — — Participant contributions — — 2 3 — — Experience gain (3,989) (215) (1,284) (178) (198) (17) Benefit payments (412) (976) (127) (106) (81) (83) Settlement/curtailment (1,109) (220) (5) (99) (14) — Special termination benefits 37 9 — — — — Other, including foreign currency adjustment (131) — (312) (56) (3) — Obligation at end of year $ 11,543 $ 16,216 $ 2,603 $ 4,175 $ 714 $ 954 Change in fair value of plan assets Fair value at beginning of year $ 15,904 $ 15,465 $ 4,624 $ 4,303 $ 299 $ 315 Actual return on plan assets (3,337) 1,052 (1,026) 387 (68) 20 Employer contributions/funding 235 580 101 158 48 47 Participant contributions — — 2 3 — — Benefit payments (412) (976) (127) (106) (81) (83) Settlement (1,117) (217) (5) (52) — — Other, including foreign currency adjustment (125) — (374) (69) (2) — Fair value at end of year $ 11,148 $ 15,904 $ 3,195 $ 4,624 $ 196 $ 299 Funded status $ (395) $ (312) $ 592 $ 449 $ (518) $ (655) Amounts recognized Other assets $ 225 $ 692 $ 708 $ 564 $ — $ — Other current liabilities (56) (48) (7) (1) (54) (57) Other liabilities (564) (956) (109) (114) (464) (598) Net amount recognized $ (395) $ (312) $ 592 $ 449 $ (518) $ (655) Amounts included in accumulated other comprehensive loss (pre-tax) Net loss/(gain) $ 3,337 $ 3,550 $ 571 $ 696 $ (320) $ (220) Prior service credit (21) (63) (9) (11) (25) (34) Total $ 3,316 $ 3,487 $ 562 $ 685 $ (345) $ (254) Changes recognized in net (gain)/loss included in other comprehensive loss Net loss/(gain) arising in current year $ 254 $ (301) $ (40) $ (355) $ (114) $ (22) Amortization and settlement recognition (467) (265) (30) (95) 14 14 Foreign currency translation gain — — (55) (3) — — Total $ (213) $ (566) $ (125) $ (453) $ (100) $ (8) Accumulated benefit obligation at end of year $ 11,104 $ 15,489 $ 2,483 $ 4,021 |
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 2022 2021 2020 2022 2021 2020 2022 2021 2020 Service cost $ 487 $ 518 $ 434 $ 64 $ 104 $ 86 $ 37 $ 33 $ 25 Other pension and retiree medical benefits (income)/expense: Interest cost $ 434 $ 324 $ 435 $ 90 $ 74 $ 85 $ 19 $ 15 $ 25 Expected return on plan assets (912) (970) (929) (218) (231) (202) (16) (15) (16) Amortization of prior service (credit)/cost (28) (31) 12 (1) (2) — (8) (11) (12) Amortization of net losses/(gains) 149 224 196 29 77 61 (14) (14) (23) Settlement/curtailment losses/(gains) (a) 322 40 213 1 (11) 19 (16) — — Special termination benefits 37 9 19 — — — — — — Total other pension and retiree medical benefits (income)/expense $ 2 $ (404) $ (54) $ (99) $ (93) $ (37) $ (35) $ (25) $ (26) Total $ 489 $ 114 $ 380 $ (35) $ 11 $ 49 $ 2 $ 8 $ (1) |
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 2022 2021 2020 2022 2021 2020 2022 2021 2020 Net Periodic Benefit Cost Service cost discount rate (a) 3.1 % 2.6 % 3.4 % 4.2 % 2.7 % 3.2 % 2.8 % 2.3 % 3.2 % Interest cost discount rate (a) 3.1 % 2.0 % 2.9 % 2.3 % 1.7 % 2.4 % 2.1 % 1.6 % 2.6 % Expected return on plan assets (a) 6.7 % 6.4 % 6.8 % 5.3 % 5.3 % 5.6 % 5.7 % 5.4 % 5.8 % Rate of salary increases 3.0 % 3.0 % 3.1 % 3.3 % 3.3 % 3.3 % Projected Benefit Obligation Discount rate 5.4 % 2.9 % 2.5 % 5.3 % 2.4 % 2.0 % 5.4 % 2.7 % 2.3 % Rate of salary increases 3.2 % 3.0 % 3.0 % 4.2 % 3.3 % 3.3 % |
Future Benefit Payments | Our estimated future benefit payments are as follows: 2023 2024 2025 2026 2027 2028 - 2032 Pension $ 945 $ 1,070 $ 910 $ 955 $ 975 $ 5,100 Retiree medical (a) $ 90 $ 85 $ 80 $ 80 $ 75 $ 330 (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 2023 through 2027 and approximately $3 million in total for 2028 through 2032. |
Target Investment Allocation | For 2023 and 2022, our expected long-term rate of return on U.S. plan assets is 7.4% and 6.7%, respectively. Our target investment allocations for U.S. plan assets for both 2023 and 2022 are as follows: Fixed income 56 % U.S. equity 22 % International equity 18 % Real estate 4 % |
Effects Of 1-Percentage-Point Change In The Assumed Health Care Trend Rate | Retiree Medical Cost Trend Rates The assumed health care cost trend rates are as follows: 2023 2022 Average increase assumed 6 % 6 % Ultimate projected increase 4 % 4 % Year of ultimate projected increase 2046 2046 |
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 2022 2021 2022 2021 2022 2021 Selected information for plans with accumulated benefit obligation in excess of plan assets Obligation for service to date $ (584) $ (1,499) $ (158) $ (127) Fair value of plan assets $ — $ 705 $ 129 $ 102 Selected information for plans with projected benefit obligation in excess of plan assets Benefit obligation $ (620) $ (1,709) $ (273) $ (286) $ (714) $ (954) Fair value of plan assets $ — $ 705 $ 157 $ 171 $ 196 $ 299 |
Employer Contributions | Contributions to our pension and retiree medical plans were as follows: Pension Retiree Medical 2022 2021 2020 2022 2021 2020 Discretionary (a) $ 160 $ 525 $ 339 $ — $ — $ — Non-discretionary 176 213 168 48 47 55 Total $ 336 $ 738 $ 507 $ 48 $ 47 $ 55 |
Debt Obligations and Commitme_2
Debt Obligations and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long and Short-Term Debt Contractural Commitments | The following table summarizes our debt obligations: 2022 (a) 2021 (a) Short-term debt obligations (b) Current maturities of long-term debt $ 3,096 $ 3,872 Commercial paper (0.1% and 0.1%) — 400 Other borrowings (15.0% and 2.2%) 318 36 $ 3,414 $ 4,308 Long-term debt obligations (b) Notes due 2022 (2.4%) $ — $ 3,868 Notes due 2023 (1.7% and 1.5%) 3,094 3,019 Notes due 2024 (2.2% and 2.1%) 2,867 2,986 Notes due 2025 (2.7% and 2.7%) 3,193 3,230 Notes due 2026 (3.1% and 3.2%) 2,396 2,450 Notes due 2027 (2.5% and 2.4% ) 2,523 2,554 Notes due 2028-2060 (2.8% and 2.6%) 24,652 21,759 Other, due 2022-2028 (1.3% and 1.3%) 28 32 38,753 39,898 Less: current maturities of long-term debt obligations 3,096 3,872 Total $ 35,657 $ 36,026 (a) Amounts are shown net of unamortized net discounts of $227 million and $233 million for 2022 and 2021, respectively. |
Schedule of Debt Issuances | In 2022, we issued the following senior notes: Interest Rate Maturity Date Principal Amount (a) 3.200 % July 2029 £ 300 (b) 3.550 % July 2034 £ 450 (b) 3.600 % February 2028 $ 750 3.900 % July 2032 $ 1,250 4.200 % July 2052 $ 500 (a) Excludes debt issuance costs, discounts and premiums. (b) These notes, issued in British pounds, were designated as net investment hedges to partially offset the effects of foreign currency on our investments in certain of our foreign subsidiaries. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 31, 2022 and December 25, 2021 are categorized as follows: 2022 2021 Fair Value Hierarchy Levels (a) Assets (a) Liabilities (a) Assets (a) Liabilities (a) Available-for-sale debt securities (b) 2 $ 660 $ — $ — $ — Index funds (c) 1 $ 257 $ — $ 337 $ — Prepaid forward contracts (d) 2 $ 14 $ — $ 21 $ — Deferred compensation (e) 2 $ — $ 434 $ — $ 505 Derivatives designated as cash flow hedging instruments: Foreign exchange (f) 2 $ 24 $ 22 $ 29 $ 14 Interest rate (f) 2 — 164 14 264 Commodity (g) 2 2 60 70 5 $ 26 $ 246 $ 113 $ 283 Derivatives not designated as hedging instruments: Foreign exchange (f) 2 $ 21 $ 21 $ 19 $ 7 Commodity (g) 2 11 51 35 22 $ 32 $ 72 $ 54 $ 29 Total derivatives at fair value (h) $ 58 $ 318 $ 167 $ 312 Total $ 989 $ 752 $ 525 $ 817 (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) Primarily related to our investment in Celsius convertible preferred stock. The fair value of our investment approximates the transaction price and any accrued dividends, as well as the amortized cost. As of December 31, 2022, $3 million, $104 million and $553 million were classified as cash equivalents, short-term investments and other assets, respectively. (c) Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability. (d) Based primarily on the price of our common stock. (e) Based on the fair value of investments corresponding to employees’ investment elections. (f) Based on recently reported market transactions of spot and forward rates. (g) Primarily based on recently reported market transactions of swap arrangements. (h) 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 our balance sheet as of December 31, 2022 and December 25, 2021 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table. |
Effective Portion Of Pre-Tax (Gains)/Losses On Derivative Instruments | Losses/(gains) on our hedging instruments are categorized as follows: 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) 2022 2021 2022 2021 2022 2021 Foreign exchange $ (58) $ (4) $ (3) $ (7) $ (21) $ 82 Interest — 56 138 44 159 64 Commodity (179) (218) (57) (285) (267) (194) Net investment — — (120) (192) — — Total $ (237) $ (166) $ (42) $ (440) $ (129) $ (48) (a) Foreign exchange derivative losses/gains are included in selling, general and administrative expenses. Commodity derivative gains included in cost of sales totaled $8 million in 2022 and $109 million in 2021 and commodity derivative gains included in selling, general and administrative expenses totaled $171 million in 2022 and $109 million in 2021. (b) Foreign exchange derivative losses/gains are included in net revenue and 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. See Note 11 for further information. |
Net Income Attributable to Pe_2
Net Income Attributable to PepsiCo per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Net Income Attributable To PepsiCo Per Common Share | The computations of basic and diluted net income attributable to PepsiCo per common share are as follows: 2022 2021 2020 Income Shares (a) Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 6.45 $ 5.51 $ 5.14 Net income available for PepsiCo common shareholders $ 8,910 1,380 $ 7,618 1,382 $ 7,120 1,385 Dilutive securities: Stock options, RSUs, PSUs and other (b) — 7 — 7 — 7 Diluted $ 8,910 1,387 $ 7,618 1,389 $ 7,120 1,392 Diluted net income attributable to PepsiCo per common share $ 6.42 $ 5.49 $ 5.12 (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. 31, 2022 | |
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 28, 2019 (b) $ (11,290) $ (3) $ (2,988) $ (19) $ (14,300) Other comprehensive income/(loss) before reclassifications (c) (710) 126 (1,141) (1) (1,726) Amounts reclassified from accumulated other comprehensive loss — (116) 465 — 349 Net other comprehensive income/(loss) (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 (d) (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) Other comprehensive (loss)/income before reclassifications (e) (603) (78) 48 8 (625) Amounts reclassified from accumulated other comprehensive loss — (129) 440 — 311 Net other comprehensive (loss)/income (603) Ye (207) 488 8 (314) Tax amounts (36) 49 (99) (4) (90) Balance as of December 31, 2022 (b) $ (12,948) $ 1 $ (2,361) $ 6 $ (15,302) (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 $1,370 million as of December 28, 2019, $1,514 million as of December 26, 2020, $1,283 million as of December 25, 2021 and $1,184 million as of December 31, 2022. (c) Currency translation adjustment primarily reflects depreciation of the Russian ruble and Mexican peso. (d) Currency translation adjustment primarily reflects depreciation of the Turkish lira, Swiss franc and Mexican peso. (e) Currency translation adjustment primarily reflects depreciation of the Egyptian pound and British pound sterling. |
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 2022 2021 2020 Currency translation: Divestitures $ — $ 18 $ — Selling, general and administrative expenses Cash flow hedges: Foreign exchange contracts $ (11) $ 6 $ — Net revenue Foreign exchange contracts (10) 76 (43) Cost of sales Interest rate derivatives 159 64 (129) Selling, general and administrative expenses Commodity contracts (252) (190) 50 Cost of sales Commodity contracts (15) (4) 6 Selling, general and administrative expenses Net gains before tax (129) (48) (116) Tax amounts 23 11 29 Net (gains) after tax $ (106) $ (37) $ (87) Pension and retiree medical items: Amortization of net prior service credit $ (37) $ (44) $ — Other pension and retiree medical benefits income Amortization of net losses 164 289 238 Other pension and retiree medical benefits income Settlement/curtailment losses 313 54 227 Other pension and retiree medical benefits income Net losses before tax 440 299 465 Tax amounts (80) (65) (101) Net losses after tax $ 360 $ 234 $ 364 Total net losses reclassified for the year, net of tax $ 254 $ 215 $ 277 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 573 $ 567 $ 555 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations $ 871 $ 934 $ 621 |
Lease, Cost [Table Text Block] | Components of lease cost are as follows: 2022 2021 2020 Operating lease cost (a) $ 585 $ 563 $ 539 Variable lease cost (b) $ 115 $ 112 $ 111 Short-term lease cost (c) $ 510 $ 469 $ 436 (a) Includes right-of-use asset amortization of $517 million, $505 million, and $478 million in 2022, 2021, and 2020, 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 2022 2021 Right-of-use assets Other assets $ 2,373 $ 2,020 Current lease liabilities Accounts payable and other current liabilities $ 483 $ 446 Non-current lease liabilities Other liabilities $ 1,933 $ 1,598 |
Lessee Operating Lease Weighted Averages Table [Table Text Block] | Weighted-average remaining lease term and discount rate for our operating leases are as follows: 2022 2021 2020 Weighted-average remaining lease term 7 years 7 years 6 years Weighted-average discount rate 3 % 3 % 4 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities by year for our operating leases are as follows: 2023 $ 541 2024 465 2025 386 2026 326 2027 266 2028 and beyond 718 Total lease payments 2,702 Less: Imputed interest 286 Present value of lease liabilities $ 2,416 |
Acquisitions & Divestitures (Ta
Acquisitions & Divestitures (Tables) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 25, 2021 | |
Acquisitions & Divestitures [Abstract] | ||
Business Combination, Separately Recognized Transactions | A summary of our acquisition and divestiture-related charges is as follows: 2022 2021 2020 Cost of sales $ — $ 1 $ 32 Selling, general and administrative expenses (a) 74 (5) 223 Other pension and retiree medical benefits expense 6 — — Total $ 80 $ (4) $ 255 After-tax amount (b) $ 66 $ (27) $ 237 Impact on net income attributable to PepsiCo per common share $ (0.05) $ 0.02 $ (0.17) (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. 2022 2021 2020 Transaction FLNA $ — $ 2 $ 29 BFY Brands PBNA 51 11 66 Juice Transaction, Rockstar Europe 14 8 — Juice Transaction AMESA 3 10 173 Pioneer Foods, Other APAC — 4 7 Be & Cheery Corporate (a) 6 (39) (20) Juice Transaction, Rockstar Total 74 (4) 255 Other pension and retiree medical benefits expense 6 — — Juice Transaction Total acquisition and divestiture-related charges $ 80 $ (4) $ 255 (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. 31, 2022 | |
Supplemental Financial Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | Supplemental Financial Information Balance Sheet 2022 2021 2020 Accounts and notes receivable (a) Trade receivables $ 8,192 $ 7,172 Other receivables 2,121 1,655 Total 10,313 8,827 Allowance, beginning of year 147 201 $ 105 Cumulative effect of accounting change — — 44 Net amounts charged to expense (b) 21 (19) 79 Deductions (c) (12) (25) (32) Other (d) (6) (10) 5 Allowance, end of year 150 147 $ 201 Net receivables $ 10,163 $ 8,680 Inventories (e) Raw materials and packaging $ 2,366 $ 1,898 Work-in-process 114 151 Finished goods 2,742 2,298 Total $ 5,222 $ 4,347 Property, plant and equipment, net (f) Average Land $ 1,142 $ 1,123 Buildings and improvements 15 - 44 10,816 10,279 Machinery and equipment, including fleet and software 5 - 15 33,335 31,486 Construction in progress 4,491 3,940 49,784 46,828 Accumulated depreciation (25,493) (24,421) Total $ 24,291 $ 22,407 Depreciation expense $ 2,523 $ 2,484 $ 2,335 Other assets Noncurrent notes and accounts receivable $ 202 $ 111 Deferred marketplace spending 123 119 Pension plans (g) 948 1,260 Right-of-use assets (h) 2,373 2,020 Other investments (i) 813 277 Other 833 694 Total $ 5,292 $ 4,481 Accounts payable and other current liabilities Accounts payable (j) $ 10,732 $ 9,834 Accrued marketplace spending 3,637 3,087 Accrued compensation and benefits 2,519 2,324 Dividends payable 1,610 1,508 Current lease liabilities (h) 483 446 Other current liabilities 4,390 3,960 Total $ 23,371 $ 21,159 (a) Increase primarily reflects strong revenue performance across much of our portfolio in 2022. (b) 2021 includes reductions in allowance for expected credit losses related to COVID-19 pandemic recorded in 2020. (c) Includes accounts written off. (d) Includes adjustments related primarily to currency translation and other adjustments. (e) Increase reflects higher commodity costs in 2022. Approximately 9% and 7% of the inventory cost in 2022 and 2021, 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. (f) See Note 2 for further information. (g) See Note 7 for further information. (h) See Note 12 for further information. (i) Increase in 2022 primarily reflects our investment in Celsius convertible preferred stock. See Note 9 for further information. (j) Increase reflects higher commodity costs and capital expenditures in 2022. Statement of Cash Flows 2022 2021 2020 Interest paid (a) $ 1,043 $ 1,184 $ 1,156 Income taxes paid, net of refunds (b) $ 2,766 $ 1,933 $ 1,770 (a) 2022 excludes the premiums paid in accordance with the debt transactions. 2021 excludes the charge related to cash tender offers. See Note 8 for further information. (b) In 2022, 2021 and 2020, includes tax payments of $309 million, $309 million and $78 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. 2022 2021 Cash and cash equivalents $ 4,954 $ 5,596 Restricted cash included in other assets (a) 146 111 Total cash and cash equivalents and restricted cash $ 5,100 $ 5,707 (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. 31, 2022 segment country | |
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% |
Basis of Presentation and Our_5
Basis of Presentation and Our Divisions (Schedule of Quarterly Reporting) (Details) | 3 Months Ended | 4 Months Ended | ||
Sep. 03, 2022 | Jun. 11, 2022 | Mar. 19, 2022 | Dec. 31, 2022 | |
U.S. and Canada | ||||
Segment Reporting Information [Line Items] | ||||
Quarterly reporting calendar, period | 84 days | 84 days | 84 days | 119 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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Frito Lay North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 13% | 13% | 13% |
Quaker Foods North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 1% | 1% | 1% |
PepsiCo Beverages North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 20% | 19% | 18% |
Africa, Middle East and South Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 5% | 6% | 6% |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 3% | 2% | 2% |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 6% | 5% | 6% |
Europe | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 11% | 13% | 16% |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Share Based Compensation Percentage Allocation by Division | 41% | 41% | 38% |
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Segment Reporting Information [Line Items] | |||
Net Revenue | $ 86,392 | $ 79,474 | $ 70,372 |
Operating Profit | 11,512 | 11,162 | 10,080 |
Frito Lay North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 23,291 | 19,608 | 18,189 |
Operating Profit | 6,135 | 5,633 | 5,340 |
Quaker Foods North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 3,160 | 2,751 | 2,742 |
Operating Profit | 604 | 578 | 669 |
PepsiCo Beverages North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 26,213 | 25,276 | 22,559 |
Operating Profit | 5,426 | 2,442 | 1,937 |
Africa, Middle East and South Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 6,438 | 6,078 | 4,573 |
Operating Profit | 666 | 858 | 600 |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 4,787 | 4,615 | 3,445 |
Operating Profit | 537 | 673 | 590 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 12,724 | 13,038 | 11,922 |
Operating Profit | (1,380) | 1,292 | 1,353 |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 9,779 | 8,108 | 6,942 |
Operating Profit | 1,627 | 1,369 | 1,033 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 13,615 | 12,845 | 11,522 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 0 | 0 | 0 |
Operating Profit | $ (2,103) | $ (1,683) | $ (1,442) |
Basis of Presentation and Our_8
Basis of Presentation and Our Divisions - Schedule of Pre-Tax Charges Russia-Ukraine Conflict Impact on Operating Profit (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares | |
Unusual or Infrequent Item, or Both [Line Items] | |
Impairment charges related to property, plant and equipment - impact of Russia-Ukraine conflict | $ 125 |
Allowance for expected credit losses - impact of Russia-Ukraine conflict | 12 |
Inventory write-downs - impact of Russia-Ukraine conflict | 29 |
Charges related to the Russia-Ukraine conflict - other | 51 |
Charges related to the Russia-Ukraine conflict - after-tax | $ 1,124 |
Charges related to the Russia-Ukraine conflict - per share amount | $ / shares | $ (0.81) |
Charges related to the russia ukraine conflict | $ 1,415 |
Impairment charges related to indefinite-lived intangible assets - impact of Russia-Ukraine conflict | 1,198 |
Cost of sales | |
Unusual or Infrequent Item, or Both [Line Items] | |
Impairment charges related to property, plant and equipment - impact of Russia-Ukraine conflict | 103 |
Allowance for expected credit losses - impact of Russia-Ukraine conflict | 0 |
Inventory write-downs - impact of Russia-Ukraine conflict | 28 |
Charges related to the Russia-Ukraine conflict - other | 9 |
Russia-Ukraine conflict charges | 140 |
Impairment charges related to indefinite-lived intangible assets - impact of Russia-Ukraine conflict | 0 |
Selling, general and administrative expenses | |
Unusual or Infrequent Item, or Both [Line Items] | |
Impairment charges related to property, plant and equipment - impact of Russia-Ukraine conflict | 22 |
Allowance for expected credit losses - impact of Russia-Ukraine conflict | 12 |
Inventory write-downs - impact of Russia-Ukraine conflict | 1 |
Charges related to the Russia-Ukraine conflict - other | 42 |
Russia-Ukraine conflict charges | 77 |
Impairment charges related to indefinite-lived intangible assets - impact of Russia-Ukraine conflict | 0 |
Impairment of intangible assets | |
Unusual or Infrequent Item, or Both [Line Items] | |
Impairment charges related to property, plant and equipment - impact of Russia-Ukraine conflict | 0 |
Allowance for expected credit losses - impact of Russia-Ukraine conflict | 0 |
Inventory write-downs - impact of Russia-Ukraine conflict | 0 |
Charges related to the Russia-Ukraine conflict - other | 0 |
Russia-Ukraine conflict charges | 1,198 |
Impairment charges related to indefinite-lived intangible assets - impact of Russia-Ukraine conflict | $ 1,198 |
Basis of Presentation and Our_9
Basis of Presentation and Our Divisions - Schedule of Pre-Tax BPIC (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | $ 648 |
Brand portfolio impairment charges - after-tax amount | $ 522 |
Brand portfolio impairment charges - per-share amount | $ / shares | $ (0.38) |
PepsiCo Beverages North America [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | $ 160 |
Latin America | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 71 |
Europe | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 253 |
Africa, Middle East and South Asia [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 159 |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 5 |
Cost of sales | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 61 |
Cost of sales | PepsiCo Beverages North America [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 26 |
Cost of sales | Latin America | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 0 |
Cost of sales | Europe | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 1 |
Cost of sales | Africa, Middle East and South Asia [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 29 |
Cost of sales | Asia Pacific, Australia and New Zealand, and China Region [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 5 |
Selling, general and administrative expenses | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 174 |
Selling, general and administrative expenses | PepsiCo Beverages North America [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 8 |
Selling, general and administrative expenses | Latin America | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 35 |
Selling, general and administrative expenses | Europe | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 10 |
Selling, general and administrative expenses | Africa, Middle East and South Asia [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 121 |
Selling, general and administrative expenses | Asia Pacific, Australia and New Zealand, and China Region [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 0 |
Impairment of intangible assets | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 413 |
Impairment of intangible assets | PepsiCo Beverages North America [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 126 |
Impairment of intangible assets | Latin America | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 36 |
Impairment of intangible assets | Europe | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 242 |
Impairment of intangible assets | Africa, Middle East and South Asia [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | 9 |
Impairment of intangible assets | Asia Pacific, Australia and New Zealand, and China Region [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Brand portfolio impairment charges | $ 0 |
Basis of Presentation and Ou_10
Basis of Presentation and Our Divisions - Schedule of Pre-Tax Other Impairment Charges (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares | |
Unusual or Infrequent Item, or Both [Line Items] | |
Other impairment charges | $ 1,555 |
Other impairment charges - impairment of intangible assets - per-share amount | $ / shares | $ (0.94) |
Other impairment charges - impairment of intangible assets - after-tax | $ 1,301 |
Europe | |
Unusual or Infrequent Item, or Both [Line Items] | |
Other impairment charges | 1,264 |
Africa, Middle East and South Asia [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Other impairment charges | 31 |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Other impairment charges | 172 |
Frito Lay North America [Member] | |
Unusual or Infrequent Item, or Both [Line Items] | |
Other impairment charges | $ 88 |
Basis of Presentation and Ou_11
Basis of Presentation and Our Divisions (Segment Reporting Information by % of Disaggregated Net Revenue) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 40% | 45% | 45% |
Disaggregation of Net Revenue - Convenient Foods | 60% | 55% | 55% |
Disaggregation of beverage revenue from company-owned bottlers | 35% | 40% | 40% |
Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 10% | 10% | 10% |
Disaggregation of Net Revenue - Convenient Foods | 90% | 90% | 90% |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 25% | 20% | 25% |
Disaggregation of Net Revenue - Convenient Foods | 75% | 80% | 75% |
Africa, Middle East and South Asia [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 30% | 30% | 30% |
Disaggregation of Net Revenue - Convenient Foods | 70% | 70% | 70% |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 50% | 55% | 55% |
Disaggregation of Net Revenue - Convenient Foods | 50% | 45% | 45% |
Basis of Presentation and Ou_12
Basis of Presentation and Our Divisions (COVID-19) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Segment Reporting Information [Line Items] | |||
Charges Related to Novel Coronavirus (COVID-19) | $ 95 | $ 148 | $ 774 |
Frito Lay North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Charges Related to Novel Coronavirus (COVID-19) | 25 | 56 | 229 |
Quaker Foods North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Charges Related to Novel Coronavirus (COVID-19) | 1 | 2 | 15 |
PepsiCo Beverages North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Charges Related to Novel Coronavirus (COVID-19) | 23 | (11) | 304 |
Africa, Middle East and South Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Charges Related to Novel Coronavirus (COVID-19) | 5 | 7 | 33 |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Charges Related to Novel Coronavirus (COVID-19) | 21 | 9 | 3 |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Charges Related to Novel Coronavirus (COVID-19) | 15 | 64 | 102 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Charges Related to Novel Coronavirus (COVID-19) | $ 5 | $ 21 | $ 88 |
Basis of Presentation and Ou_13
Basis of Presentation and Our Divisions (Segment Reporting Information by Total Assets and Capital Spending) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 92,187 | $ 92,377 | |
Capital Spending | 5,207 | 4,625 | $ 4,240 |
Frito Lay North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 11,042 | 9,763 | |
Capital Spending | 1,464 | 1,411 | 1,189 |
Quaker Foods North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 1,245 | 1,101 | |
Capital Spending | 93 | 92 | 85 |
PepsiCo Beverages North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 40,286 | 37,801 | |
Capital Spending | 1,714 | 1,275 | 1,245 |
Africa, Middle East and South Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 6,143 | 6,125 | |
Capital Spending | 307 | 325 | 252 |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 5,452 | 5,654 | |
Capital Spending | 241 | 203 | 230 |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 7,886 | 7,272 | |
Capital Spending | 581 | 461 | 390 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 16,230 | 18,472 | |
Capital Spending | 668 | 752 | 730 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 88,284 | 86,188 | |
Capital Spending | 5,068 | 4,519 | 4,121 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 3,903 | 6,189 | |
Capital Spending | $ 139 | $ 106 | $ 119 |
Basis of Presentation and Ou_14
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | $ 78 | $ 91 | $ 90 |
Depreciation and Other Amortization | 2,685 | 2,619 | 2,458 |
Frito Lay North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 11 | 11 | 10 |
Depreciation and Other Amortization | 653 | 594 | 550 |
Quaker Foods North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 0 | 0 | 0 |
Depreciation and Other Amortization | 47 | 46 | 41 |
PepsiCo Beverages North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 22 | 25 | 28 |
Depreciation and Other Amortization | 930 | 926 | 899 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 30 | 37 | 40 |
Depreciation and Other Amortization | 357 | 364 | 350 |
Africa, Middle East and South Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 4 | 5 | 3 |
Depreciation and Other Amortization | 179 | 181 | 149 |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 8 | 9 | 5 |
Depreciation and Other Amortization | 92 | 102 | 91 |
Latin America | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 3 | 4 | 4 |
Depreciation and Other Amortization | 306 | 283 | 251 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 78 | 91 | 90 |
Depreciation and Other Amortization | 2,564 | 2,496 | 2,331 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Amortization of Intangible Assets | 0 | 0 | 0 |
Depreciation and Other Amortization | $ 121 | $ 123 | $ 127 |
Basis of Presentation and Ou_15
Basis of Presentation and Our Divisions (Segment Reporting Information by Net Revenue and Long-Lived Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Segment Reporting Information [Line Items] | |||
Net Revenue | $ 86,392 | $ 79,474 | $ 70,372 |
Long-Lived Assets | 61,965 | 62,080 | |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 49,390 | 44,545 | 40,800 |
Long-Lived Assets | 38,240 | 36,324 | |
MEXICO | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 5,472 | 4,580 | 3,924 |
Long-Lived Assets | 1,933 | 1,720 | |
RUSSIAN FEDERATION | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 4,118 | 3,426 | 3,009 |
Long-Lived Assets | 2,538 | 3,751 | |
CANADA | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 3,536 | 3,405 | 2,989 |
Long-Lived Assets | 2,678 | 2,846 | |
UNITED KINGDOM | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 1,844 | 2,102 | 1,882 |
Long-Lived Assets | 847 | 906 | |
CHINA | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 2,752 | 2,679 | 1,732 |
Long-Lived Assets | 1,517 | 1,745 | |
SOUTH AFRICA | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 1,837 | 2,008 | 1,282 |
Long-Lived Assets | 1,327 | 1,389 | |
All Other Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenue | 17,443 | 16,729 | $ 14,754 |
Long-Lived Assets | $ 12,885 | $ 13,399 |
Our Significant Accounting Po_3
Our Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized Computer Software, Amortization | $ 123 | $ 135 | $ 152 |
Capitalized Computer Software, Net | $ 1,100 | $ 800 | |
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Capitalized Computer Software, Net | $ 1,100 | $ 800 | |
Capitalized Computer Software, Amortization | 123 | 135 | $ 152 |
Shipping and handling expenses | 15,000 | 13,700 | 11,900 |
Research and development costs | 771 | 752 | 719 |
Amount of prepaid incentive arrangements | 242 | 262 | |
Advertising and other marketing activities | 5,200 | 5,100 | 4,600 |
Advertising expenses | 3,500 | 3,500 | 3,000 |
Deferred advertising costs | 40 | 53 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification (Pre-Tax) | $ 0 | $ 0 | $ 44 |
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. 31, 2022 | |
Customer Concentration Risk | Wal-Mart | Revenue, Net | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 14% |
Restructuring and Impairment _3
Restructuring and Impairment Charges (Expected Pre-Tax Charges for 2019 Productivity Plan) (Details) - 2019 Productivity Plan [Member] $ in Millions | Dec. 31, 2022 USD ($) |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | $ 3,650 |
Restructuring and Related Cost, Expected Cash Expenditures | $ 2,900 |
Severance and Other Employee Costs | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 55% |
Asset Impairments | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 10% |
Other Costs | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 35% |
Corporate | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 15% |
Frito Lay North America [Member] | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 15% |
Quaker Foods North America [Member] | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 1% |
PepsiCo Beverages North America [Member] | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 25% |
Latin America | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 10% |
Europe | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 25% |
Africa, Middle East and South Asia [Member] | |
Total Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 5% |
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% |
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | $ 0 | $ 1 | $ (1) |
Cash payments for restructuring charges | (224) | (256) | (255) |
2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 71 | 127 | 149 |
Restructuring and impairment charges | 411 | 247 | 289 |
Cash payments for restructuring charges | (224) | (256) | (255) |
Non-cash charges and translation | (62) | (47) | (56) |
Ending Balance | $ 196 | $ 71 | $ 127 |
Impact on net income attributable to PepsiCo per common share | $ (0.24) | $ (0.15) | $ (0.17) |
Plan to Date through 12/31/2022 | $ 1,455 | ||
Cash payments reported on the cash flow statement in pension and retiree medical contributions | 1 | $ 2 | $ 2 |
Frito Lay North America [Member] | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 46 | 28 | 83 |
Plan to Date through 12/31/2022 | 210 | ||
Quaker Foods North America [Member] | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 7 | 0 | 5 |
Plan to Date through 12/31/2022 | 19 | ||
PepsiCo Beverages North America [Member] | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 68 | 20 | 47 |
Plan to Date through 12/31/2022 | 226 | ||
Africa, Middle East and South Asia [Member] | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 12 | 15 | 14 |
Plan to Date through 12/31/2022 | 82 | ||
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 | 16 | 7 | 5 |
Plan to Date through 12/31/2022 | 77 | ||
Latin America | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 32 | 37 | 31 |
Plan to Date through 12/31/2022 | 171 | ||
Europe | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 109 | 81 | 48 |
Plan to Date through 12/31/2022 | 343 | ||
Severance and Other Employee Costs | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 64 | 122 | 128 |
Restructuring and impairment charges | 243 | 120 | 158 |
Cash payments for restructuring charges | (90) | (163) | (138) |
Non-cash charges and translation | (29) | (15) | (26) |
Ending Balance | 188 | 64 | 122 |
Plan to Date through 12/31/2022 | 807 | ||
Asset Impairments | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 0 | 0 | 0 |
Restructuring and impairment charges | 33 | 32 | 33 |
Cash payments for restructuring charges | 0 | 0 | 0 |
Non-cash charges and translation | (33) | (32) | (33) |
Ending Balance | 0 | 0 | 0 |
Plan to Date through 12/31/2022 | 190 | ||
Other Costs | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | 7 | 5 | 21 |
Restructuring and impairment charges | 135 | 95 | 98 |
Cash payments for restructuring charges | (134) | (93) | (117) |
Non-cash charges and translation | 0 | 0 | 3 |
Ending Balance | 8 | 7 | 5 |
Plan to Date through 12/31/2022 | 458 | ||
Cost of sales | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 33 | 29 | 30 |
Selling, general and administrative expenses | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 347 | 208 | 239 |
Other pension and retiree medical benefits expense | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 31 | 10 | 20 |
Plan to Date through 12/31/2022 | 98 | ||
After-tax amount | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 334 | 206 | 231 |
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 | 380 | 237 | 269 |
Plan to Date through 12/31/2022 | 1,357 | ||
Corporate | 2019 Productivity Plan [Member] | |||
Total Restructuring Cost and Reserve [Line Items] | |||
Restructuring and impairment charges | 90 | $ 49 | $ 36 |
Plan to Date through 12/31/2022 | $ 229 |
Intangible Assets - Impairment
Intangible Assets - Impairment of Intangible Assets (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment changes related to indefinite-lived intangible assets - impact of Russia-Ukraine conflict - Pre-tax | $ 1,200 |
Impairment changes related to indefinite-lived intangible assets - impact of Russia-Ukraine conflict - After-tax | $ 958 |
Impairment of Intangible assets (excluding goodwill) - per share amount - impact of Russia-Ukraine conflict | $ / shares | $ 0.69 |
Impairment of Intangible Assets (Excluding Goodwill) - Pretax | $ 241 |
Impairment of Intangible assets, indefinite-lived (excluding goodwill) - after-tax | $ 193 |
Impairment of Intangible assets, indefinite-lived (excluding goodwill) - per share amount | $ / shares | $ 0.14 |
Impairment charges related to indefinite-lived intangible assets - Other Impairment Charges - Pre-tax | $ 1,600 |
Impairment charges related to indefinite-lived intangible assets - Other Impairment Charges - After-tax | $ 1,300 |
Impairment charges related to indefinite-lived intangible assets - Other Impairment Charges - Per Share Amount | $ / shares | $ 0.94 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Change in Book Value of Nonamortizable Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | $ 32,511 | $ 35,508 | $ 36,369 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 244 | (564) | |
Acquisitions/(Divestitures) | (231) | (297) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | (3,010) | ||
Frito Lay North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 702 | 798 | 805 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | (8) | |
Acquisitions/(Divestitures) | (8) | 1 | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | (88) | ||
PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 23,274 | 23,127 | 23,954 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 230 | (505) | |
Acquisitions/(Divestitures) | (83) | (322) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 785 | 1,040 | 999 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 3 | |
Acquisitions/(Divestitures) | (83) | 38 | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | (172) | ||
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/(Divestitures) | 0 | 0 | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Africa, Middle East and South Asia [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,171 | 1,268 | 1,310 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 14 | (2) | |
Acquisitions/(Divestitures) | (75) | (40) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | (36) | ||
Europe | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 5,879 | 8,553 | 8,546 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | (51) | |
Acquisitions/(Divestitures) | 11 | 58 | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | (2,685) | ||
Latin America | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 511 | 533 | 566 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | (1) | |
Acquisitions/(Divestitures) | 7 | (32) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | (29) | ||
Goodwill [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 18,202 | 18,381 | 18,757 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 14 | (251) | |
Acquisitions/(Divestitures) | (193) | (125) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Goodwill [Member] | Frito Lay North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 451 | 458 | 465 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | (8) | |
Acquisitions/(Divestitures) | (7) | 1 | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Goodwill [Member] | PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 11,947 | 11,974 | 12,189 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | (216) | |
Acquisitions/(Divestitures) | (27) | 1 | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Goodwill [Member] | Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 518 | 564 | 554 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 3 | |
Acquisitions/(Divestitures) | (46) | 7 | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
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/(Divestitures) | 0 | 0 | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Goodwill [Member] | Africa, Middle East and South Asia [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,015 | 1,063 | 1,096 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 14 | (2) | |
Acquisitions/(Divestitures) | (62) | (31) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Goodwill [Member] | Europe | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 3,646 | 3,700 | 3,806 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | (28) | |
Acquisitions/(Divestitures) | (54) | (78) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Goodwill [Member] | Latin America | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 436 | 433 | 458 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions/(Divestitures) | 3 | (25) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Reacquired Franchise Rights | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 7,482 | 7,548 | 7,603 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | (23) | |
Acquisitions/(Divestitures) | (66) | (32) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Reacquired Franchise Rights | PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 7,061 | 7,107 | 7,107 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions/(Divestitures) | (46) | ||
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Reacquired Franchise Rights | Europe | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 421 | 441 | 496 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | (23) | |
Acquisitions/(Divestitures) | (20) | (32) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Brands [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 4,921 | 7,883 | 8,301 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | (291) | |
Acquisitions/(Divestitures) | 47 | (127) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | (3,009) | ||
Brands [Member] | Frito Lay North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 251 | 340 | 340 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions/(Divestitures) | (1) | ||
Goodwill and Indefinite-lived Intangible Assets, Impairment | (88) | ||
Brands [Member] | PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 2,508 | 2,508 | 3,122 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | (290) | |
Acquisitions/(Divestitures) | (324) | ||
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Brands [Member] | Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 267 | 476 | 445 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions/(Divestitures) | (37) | 31 | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | (172) | ||
Brands [Member] | Quaker Foods North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 0 | 0 | |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions/(Divestitures) | 0 | 0 | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Brands [Member] | Africa, Middle East and South Asia [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 156 | 205 | 214 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions/(Divestitures) | (13) | (9) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | (36) | ||
Brands [Member] | Europe | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,664 | 4,254 | 4,072 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions/(Divestitures) | 94 | 182 | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | (2,684) | ||
Brands [Member] | Latin America | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 75 | 100 | 108 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | (1) | |
Acquisitions/(Divestitures) | 4 | (7) | |
Goodwill and Indefinite-lived Intangible Assets, Impairment | (29) | ||
Acquired Franchise Rights | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,906 | 1,696 | 1,708 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 230 | 1 | |
Acquisitions/(Divestitures) | (19) | (13) | |
Acquired Franchise Rights | PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 1,758 | 1,538 | 1,536 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 230 | 1 | |
Acquisitions/(Divestitures) | (10) | 1 | |
Acquired Franchise Rights | Europe | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets | 148 | 158 | $ 172 |
Goodwill and Indefinite-lived Intangible Assets, Acquired (Divested) During Period | 0 | 0 | |
Acquisitions/(Divestitures) | (9) | $ (14) | |
Acquired Franchise Rights | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill and Indefinite-lived Intangible Assets, Impairment | (1) | ||
Acquired Franchise Rights | PepsiCo Beverages North America [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill and Indefinite-lived Intangible Assets, Impairment | 0 | ||
Acquired Franchise Rights | Europe | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill and Indefinite-lived Intangible Assets, Impairment | $ (1) |
Intangible Assets (Future Amort
Intangible Assets (Future Amortization) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 77 |
2023 | 76 |
2024 | 74 |
2025 | 67 |
2026 | $ 64 |
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross | $ 2,952 | $ 3,201 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,675 | 1,663 | |
Amortizable intangible assets, net | 1,277 | 1,538 | |
Amortization of intangible assets | 78 | 91 | $ 90 |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortizable intangible assets, gross | 571 | 623 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 237 | 227 | |
Amortizable intangible assets, net | $ 334 | 396 | |
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 | $ 837 | 976 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 200 | 187 | |
Amortizable intangible assets, net | $ 637 | 789 | |
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 | $ 1,097 | 1,151 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 973 | 989 | |
Amortizable intangible assets, net | $ 124 | 162 | |
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 | $ 447 | 451 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 265 | 260 | |
Amortizable intangible assets, net | $ 182 | $ 191 | |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Impairment of Intangible Assets (Excluding Goodwill) [Abstract] | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 3,166 | $ 0 | $ 42 |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Goodwill and Intangible Assets | $ 1,614 | $ 1,111 | |
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | $ 86 | $ 190 | $ 0 |
Net tax (benefit)/expense related to the TCJ Act per share | $ 0.06 | $ 0.14 | |
Reserves For Income Taxes | $ (1,900) | ||
Interest accrued | 292 | $ 326 | |
Interest accrued recognized | 4 | 3 | |
Operating loss carryforwards | 32,200 | ||
Income tax undistributed international earnings | 9,000 | ||
Transition tax liability | 2,600 | ||
Transition tax, expected payments | 309 | ||
Transition tax, payments made | 309 | $ 309 | $ 78 |
Expire in 2016 | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 200 | ||
Expire Between 2017 and 2035 Years | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 27,600 | ||
Carried Forward Indefinitely | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | $ 4,400 |
Income Taxes (Income Taxes) (De
Income Taxes (Income Taxes) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Income Tax Contingency [Line Items] | |||
Tax Adjustments, Settlements, and Unusual Provisions | $ 233 | $ 112 | |
Impact of Swiss Tax Reform | 72 | ||
Transition tax, payments made | 309 | 309 | $ 78 |
Income before income taxes in U.S | 7,305 | 3,740 | 4,070 |
Income before income taxes in Foreign | 3,400 | 6,081 | 4,999 |
Income before income taxes | 10,705 | 9,821 | 9,069 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current: U.S. Federal | 1,137 | 702 | 715 |
Current: Foreign | 1,027 | 955 | 932 |
Current: State | 246 | 44 | 110 |
Provision for income taxes, Current total | 2,410 | 1,701 | 1,757 |
Deferred: U.S. Federal | 22 | 375 | 273 |
Deferred: Foreign | (709) | (14) | (167) |
Deferred: State | 4 | 80 | 31 |
Provision for income taxes, Deferred total | (683) | 441 | 137 |
Provision for income taxes | $ 1,727 | $ 2,142 | $ 1,894 |
U.S. Federal statutory tax rate | |||
U.S. Federal statutory tax rate | 21% | 21% | 21% |
State income tax, net of U.S. Federal tax benefit | 1.80% | 1% | 1.20% |
Lower taxes on foreign results | (1.50%) | (1.60%) | (0.80%) |
Provisional One Time Mandatory Repatriation TCJ Act, Percent | 0.80% | 1.90% | 0% |
International Reorganization | (2.40%) | 0% | 0% |
Effective Income Tax Rate Reconciliation, Percent | 16.10% | 21.80% | 20.90% |
Other, net | (0.60%) | (0.50%) | (0.50%) |
Annual tax rate | 16.10% | 21.80% | 20.90% |
Deferred tax liabilities | |||
Debt guarantee of wholly-owned subsidiary | $ 578 | $ 578 | |
Property, plant and equipment | 2,126 | 2,036 | |
Deferred tax liability, recapture of NOL | 492 | 504 | |
Deferred Tax Liabilities, Deferred Expense | 189 | 216 | |
Deferred Tax - Lease liability | 534 | 450 | |
Deferred Tax Liability - Investment in TBG | 186 | 0 | |
Other | 232 | 254 | |
Gross deferred tax liabilities | 4,337 | 4,038 | |
Deferred tax assets | |||
Net carryforwards | 5,342 | 4,974 | |
Deferred Tax Assets, Goodwill and Intangible Assets | 1,614 | 1,111 | |
Share-based compensation | 120 | 98 | |
Retiree medical benefits | 118 | 147 | |
Other employee-related benefits | 349 | 379 | |
Deductible state tax and interest benefits | 144 | 149 | |
Deferred Tax - Right of Use Asset | 534 | 450 | |
Deferred Tax Asset - capitalized research and development | 150 | 0 | |
Other | 1,050 | 842 | |
Gross deferred tax assets | 9,421 | 8,150 | |
Valuation allowances | (5,013) | (4,628) | $ (4,686) |
Deferred tax assets, net | 4,408 | 3,522 | |
Deferred Tax Assets, Net | 516 | ||
Deferred Tax Assets, Net | 71 | ||
Valuation Allowance [Abstract] | |||
Balance, beginning of year | (4,628) | (4,686) | (3,599) |
Provision | 492 | (9) | 1,082 |
Other (deductions)/additions | (107) | (49) | 5 |
Balance, end of year | $ (5,013) | $ (4,628) | (4,686) |
Net tax (benefit)/expense related to the TCJ Act per share | $ 0.06 | $ 0.14 | |
Unrecognized Tax Benefits | $ 1,867 | $ 1,900 | $ 1,621 |
Additions for tax positions related to the current year | 228 | 222 | |
Additions for tax positions from prior years | 206 | 681 | |
Reductions for tax positions from prior years | (357) | (558) | |
Settlement payments | (53) | (25) | |
Statutes of limitations expiration | (36) | (39) | |
Translation and other | $ (21) | $ (2) | |
Tax benefits | (3.00%) | 0% | 0% |
Net non-cash tax benefit related to the TCJ Act - per share | $ 0.17 | ||
Tax adjustments, settlements, and unusual - per share | $ 0.08 | ||
Impact of Swiss Tax reform - per share | $ 0.05 |
Share-Based Compensation Shar_3
Share-Based Compensation Share-Based Compensation (Narrative) (Details) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) option / rSU shares | Dec. 25, 2021 USD ($) | Dec. 26, 2020 USD ($) | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Common stock, capital shares reserved for future issuance | shares | 37 | ||
Share-based Payment Arrangement, Expense | $ 343 | $ 301 | $ 264 |
Allocated Share-Based Compensation Liability Awards | 30 | 20 | 11 |
Restructuring and impairment charges | 0 | 1 | (1) |
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | 376 | 322 | 274 |
Income tax benefits recognized in earnings related to share-based compensation | 62 | 57 | 48 |
Unrecognized compensation cost related to nonvested share-based compensation grants | $ 396 | ||
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% | ||
Proceeds and Excess Tax Benefit from Share-based Compensation | $ 44 | 38 | 35 |
Share-based Compensation | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Acquisition and divestiture-related charges | $ 3 | $ 0 | $ 0 |
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% |
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||
Expected life | 7 years | 7 years | 6 years |
Risk-free interest rate | 1.90% | 1.10% | 0.90% |
Expected volatility | 16% | 14% | 14% |
Expected dividend yield | 2.50% | 3.10% | 3.40% |
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at December 25, 2021 | 10,142 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,422 | 2,157 | 1,847 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (1,578) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (482) | ||
Outstanding at December 31, 2022 | 10,504 | 10,142 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding at December 25, 2021 | $ 110.54 | ||
Granted (in USD per share) | 163.54 | ||
Exercised (in USD per share) | 87.33 | ||
Forfeited/expired (in USD per share) | 146.13 | ||
Outstanding at December 31, 2022 | 124.63 | $ 110.54 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price | 101.02 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 144.58 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 588,549 | ||
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 4,892 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 6 months | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ 389,547 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 5,267 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 8 years 3 months 14 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 190,040 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 29 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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
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 | 5,977 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 5,714 | 5,977 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 5,979 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 2,263 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | (475) | ||
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 | $ 163.02 | $ 131.81 | $ 131.21 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (2,051) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 120.03 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 141.64 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 2 months 26 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Aggregate Intrinsic Value | $ 1,032,222 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ 141.94 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Weighted Average Remaining Contractual Term | 1 year 2 months 1 day | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Aggregate Intrinsic Value | $ 1,080,138 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 143.02 | $ 127.45 | |
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, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | 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 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,422 | 2,157 | 1,847 |
Weighted-average grant-date fair value of options granted | $ 19.72 | $ 9.88 | $ 8.31 |
Total intrinsic value of options exercised (a) | $ 134,580 | $ 153,306 | $ 155,096 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 9,661 | 10,605 | $ 8,652 |
LiabilityAwards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
LiabilityAwardsNonvestedNumber | 50,254 | $ 45,792 | |
LiabilityAwardsNonvestedBalanceSheetFairValue | $ 68,167 | ||
LiabilityAwardsNonvestedRemainingContractualTerm | 1 year 2 months 1 day | ||
LiabilityAwardsGranted | $ 18,182 | ||
Liability Awards Vested | (11,364) | ||
LiabilityAwardsForfeituresExpirations | (2,356) | ||
LiabilityAwardsExpectedtoVest,Outstanding,Number | 46,841 | ||
LiabilityAwardsExpectedtoVest,BalanceSheetFairValue | $ 65,835 | ||
LiabilityAwardsExpectedtoVest,RemainingContractualTerm | 1 year 1 month 24 days | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
LiabilityAwardsPerformanceAssumptionAdjustmentAwardsOutstanding | $ 50,000 | ||
Performance Shares [Member] | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
LiabilityAwardsPerformanceAssumptionAdjustmentAwardsOutstanding | 0 | ||
Performance Shares [Member] | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
LiabilityAwardsPerformanceAssumptionAdjustmentAwardsOutstanding | $ 101,000 | ||
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 | 2,263 | 2,636 | 2,496 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 163.02 | $ 131.81 | $ 131.21 |
Total intrinsic value of converted units | $ 329,705 | $ 273,878 | $ 303,165 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 196,649 | $ 198,469 | $ 235,523 |
Share-Based Compensation Share
Share-Based Compensation Share Based Compensation (PEP unit + BOD activity paragraphs) (Details) - shares | Dec. 31, 2022 | Dec. 25, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Phantom Units Granted Under Director Deferral Program, Shares Outstanding | 307,000 | 299,000 |
Pension, Retiree Medical and _3
Pension, Retiree Medical and Savings Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension strategy investment term, years | 5 years | |||
Defined Contribution Plan, Cost | $ 283 | $ 246 | $ 225 | |
amortization corridor | 10% | |||
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] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | $ 318 | |||
Expected return on plan assets (a) | 6.70% | 6.40% | 6.80% | |
Pre-tax non-cash settlement charge, net of tax, per share | $ 0.18 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 246 | |||
Pension Cost (Reversal of Cost) | $ 70 | |||
Defined Benefit Plan, Benefit Obligation, Divestiture | $ 145 | |||
Domestic - Plan A [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Average remaining service period of active plan participants, pension expense | 9 years | |||
Domestic-Plan I [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Average remaining life expectancy of Inactive Plan Participants, Pension Expense | 27 years | |||
Retiree Medical Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets (a) | 5.70% | 5.40% | 5.80% | |
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 plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pre-tax non-cash settlement charge, net of tax, per share | $ 0.11 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 158 | |||
Forecast [Member] | Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets (a) | 7.40% | |||
Forecast [Member] | Domestic-Plan I [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Average remaining life expectancy of Inactive Plan Participants, Pension Expense | 26 years | |||
Forecast [Member] | Domestic plan -Plan H [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Average remaining service period of active plan participants, pension expense | 11 years |
Pension, Retiree Medical and _4
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 | |
Pension Plans, Defined Benefit | |||
Change in fair value of plan assets | |||
Employer contributions/funding | $ 336 | $ 738 | $ 507 |
Retiree Medical Plan | |||
Change in projected benefit obligation | |||
Obligation at beginning of year | 954 | 1,006 | |
Service cost | 37 | 33 | 25 |
Interest cost | 19 | 15 | 25 |
Plan amendments | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
Experience gain | (198) | (17) | |
Settlement/curtailment | (14) | 0 | |
Special termination benefits | 0 | 0 | |
Other, including foreign currency adjustment | (3) | 0 | |
Obligation at end of year | 714 | 954 | 1,006 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (81) | (83) | |
Change in fair value of plan assets | |||
Fair value at beginning of year | 299 | 315 | |
Actual return on plan assets | (68) | 20 | |
Employer contributions/funding | 48 | 47 | 55 |
Participant contributions | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (81) | (83) | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Other, including foreign currency adjustment | (2) | 0 | |
Fair value at end of year | 196 | 299 | 315 |
Funded status | (518) | (655) | |
Amounts recognized | |||
Other assets | 0 | 0 | |
Other current liabilities | (54) | (57) | |
Other liabilities | (464) | (598) | |
Net amount recognized | (518) | (655) | |
Amounts included in accumulated other comprehensive loss (pre-tax) | |||
Net loss/(gain) | (320) | (220) | |
Prior service credit | (25) | (34) | |
Total | (345) | (254) | |
Changes recognized in net (gain)/loss included in other comprehensive loss | |||
Net loss/(gain) arising in current year | (114) | (22) | |
Amortization and settlement recognition | 14 | 14 | |
Foreign currency translation gain | 0 | 0 | |
Total | (100) | (8) | |
Domestic Plan [Member] | |||
Change in projected benefit obligation | |||
Obligation at beginning of year | 16,216 | 16,753 | |
Service cost | 487 | 518 | 434 |
Interest cost | 434 | 324 | 435 |
Plan amendments | 10 | 23 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
Experience gain | (3,989) | (215) | |
Settlement/curtailment | (1,109) | (220) | |
Special termination benefits | 37 | 9 | |
Other, including foreign currency adjustment | (131) | 0 | |
Obligation at end of year | 11,543 | 16,216 | 16,753 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (412) | (976) | |
Change in fair value of plan assets | |||
Fair value at beginning of year | 15,904 | 15,465 | |
Actual return on plan assets | (3,337) | 1,052 | |
Employer contributions/funding | 235 | 580 | |
Participant contributions | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (412) | (976) | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (1,117) | (217) | |
Other, including foreign currency adjustment | (125) | 0 | |
Fair value at end of year | 11,148 | 15,904 | 15,465 |
Funded status | (395) | (312) | |
Amounts recognized | |||
Other assets | 225 | 692 | |
Other current liabilities | (56) | (48) | |
Other liabilities | (564) | (956) | |
Net amount recognized | (395) | (312) | |
Amounts included in accumulated other comprehensive loss (pre-tax) | |||
Net loss/(gain) | 3,337 | 3,550 | |
Prior service credit | (21) | (63) | |
Total | 3,316 | 3,487 | |
Changes recognized in net (gain)/loss included in other comprehensive loss | |||
Net loss/(gain) arising in current year | 254 | (301) | |
Amortization and settlement recognition | (467) | (265) | |
Foreign currency translation gain | 0 | 0 | |
Total | (213) | (566) | |
Accumulated benefit obligation at end of year | 11,104 | 15,489 | |
Foreign Plan [Member] | |||
Change in projected benefit obligation | |||
Obligation at beginning of year | 4,175 | 4,430 | |
Service cost | 64 | 104 | 86 |
Interest cost | 90 | 74 | 85 |
Plan amendments | 0 | 3 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 2 | 3 | |
Experience gain | (1,284) | (178) | |
Settlement/curtailment | (5) | (99) | |
Special termination benefits | 0 | 0 | |
Other, including foreign currency adjustment | (312) | (56) | |
Obligation at end of year | 2,603 | 4,175 | 4,430 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (127) | (106) | |
Change in fair value of plan assets | |||
Fair value at beginning of year | 4,624 | 4,303 | |
Actual return on plan assets | (1,026) | 387 | |
Employer contributions/funding | 101 | 158 | |
Participant contributions | 2 | 3 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (127) | (106) | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (5) | (52) | |
Other, including foreign currency adjustment | (374) | (69) | |
Fair value at end of year | 3,195 | 4,624 | $ 4,303 |
Funded status | 592 | 449 | |
Amounts recognized | |||
Other assets | 708 | 564 | |
Other current liabilities | (7) | (1) | |
Other liabilities | (109) | (114) | |
Net amount recognized | 592 | 449 | |
Amounts included in accumulated other comprehensive loss (pre-tax) | |||
Net loss/(gain) | 571 | 696 | |
Prior service credit | (9) | (11) | |
Total | 562 | 685 | |
Changes recognized in net (gain)/loss included in other comprehensive loss | |||
Net loss/(gain) arising in current year | (40) | (355) | |
Amortization and settlement recognition | (30) | (95) | |
Foreign currency translation gain | (55) | (3) | |
Total | (125) | (453) | |
Accumulated benefit obligation at end of year | $ 2,483 | $ 4,021 |
Pension, Retiree Medical and _5
Pension, Retiree Medical and Savings Plans (Components of Benefit Expense) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Domestic - Plan A [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement/curtailment losses/(gains) (a) | $ (205) | ||
United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 487 | $ 518 | 434 |
Interest cost | 434 | 324 | 435 |
Expected return on plan assets | (912) | (970) | (929) |
Amortization of prior service (credit)/cost | (28) | (31) | 12 |
Amortization of net losses/(gains) | 149 | 224 | 196 |
Settlement/curtailment losses/(gains) (a) | 322 | 40 | 213 |
Special termination benefits | 37 | 9 | 19 |
Defined Benefit Plan, Other Cost (Credit) | 2 | (404) | (54) |
Total | $ 489 | 114 | 380 |
Pre-tax non-cash settlement charge, net of tax, per share | $ 0.18 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 246 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 318 | ||
International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 64 | 104 | 86 |
Interest cost | 90 | 74 | 85 |
Expected return on plan assets | (218) | (231) | (202) |
Amortization of prior service (credit)/cost | (1) | (2) | 0 |
Amortization of net losses/(gains) | 29 | 77 | 61 |
Settlement/curtailment losses/(gains) (a) | 1 | (11) | 19 |
Special termination benefits | 0 | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (99) | (93) | (37) |
Total | (35) | 11 | 49 |
Retiree Medical Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 37 | 33 | 25 |
Interest cost | 19 | 15 | 25 |
Expected return on plan assets | (16) | (15) | (16) |
Amortization of prior service (credit)/cost | (8) | (11) | (12) |
Amortization of net losses/(gains) | (14) | (14) | (23) |
Settlement/curtailment losses/(gains) (a) | (16) | 0 | 0 |
Special termination benefits | 0 | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (35) | (25) | (26) |
Total | $ 2 | $ 8 | $ (1) |
Defined benefit plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pre-tax non-cash settlement charge, net of tax, per share | $ 0.11 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), after Tax | $ 158 |
Pension, Retiree Medical and _6
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.40% | 2.90% | 2.50% |
Service Cost Discount Rate | 3.10% | 2.60% | 3.40% |
Interest cost discount rate | 3.10% | 2% | 2.90% |
Expected return on plan assets (a) | 6.70% | 6.40% | 6.80% |
Rate of salary increases | 3.20% | 3% | 3% |
Rate of salary increases | 3% | 3% | 3.10% |
International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.30% | 2.40% | 2% |
Service Cost Discount Rate | 4.20% | 2.70% | 3.20% |
Interest cost discount rate | 2.30% | 1.70% | 2.40% |
Expected return on plan assets (a) | 5.30% | 5.30% | 5.60% |
Rate of salary increases | 4.20% | 3.30% | 3.30% |
Rate of salary increases | 3.30% | 3.30% | 3.30% |
Retiree Medical Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.40% | 2.70% | 2.30% |
Service Cost Discount Rate | 2.80% | 2.30% | 3.20% |
Interest cost discount rate | 2.10% | 1.60% | 2.60% |
Expected return on plan assets (a) | 5.70% | 5.40% | 5.80% |
Pension, Retiree Medical and _7
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. 31, 2022 | Dec. 25, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit, Unfunded plans | $ 625 | |
Domestic Plan [Member] | ||
Selected information for plans with accumulated benefit obligation in excess of plan assets | ||
Obligation for service to date | (584) | $ (1,499) |
Fair value of plan assets | 705 | |
Selected information for plans with projected benefit obligation in excess of plan assets | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | (620) | (1,709) |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 705 | |
Foreign Plan [Member] | ||
Selected information for plans with accumulated benefit obligation in excess of plan assets | ||
Obligation for service to date | (158) | (127) |
Fair value of plan assets | 129 | 102 |
Selected information for plans with projected benefit obligation in excess of plan assets | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | (273) | (286) |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | 157 | 171 |
Retiree Medical Plan | ||
Selected information for plans with projected benefit obligation in excess of plan assets | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | (714) | (954) |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 196 | $ 299 |
Pension, Retiree Medical and _8
Pension, Retiree Medical and Savings Plans (Estimated Future Benefit Payments) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions/funding | $ 235 | $ 580 | ||
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discretionary | 160 | 525 | $ 339 | |
Non-discretionary | 176 | 213 | 168 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year One | 945 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 1,070 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 910 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 955 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 975 | |||
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | 5,100 | |||
Employer contributions/funding | 336 | 738 | 507 | |
Retiree Medical Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discretionary | 0 | 0 | 0 | |
Non-discretionary | 48 | 47 | 55 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year One | 90 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 85 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 80 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 80 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 75 | |||
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | 330 | |||
Employer contributions/funding | 48 | 47 | 55 | |
us-gaap_DomesticPlanMember-Discretionary contributions | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discretionary | 150 | $ 500 | $ 325 | |
Years 2025 Through 2029 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Subsidies expected to be received under the 2003 Medicare Act | 3 | |||
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, Expected Future Employer Contributions [Abstract] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year, Description | 125 million | |||
Forecast [Member] | Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Non-discretionary | $ 90 | |||
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, Expected Future Employer Contributions [Abstract] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year, Description | 125 million |
Pension, Retiree Medical and _9
Pension, Retiree Medical and Savings Plans Pension, Retiree Medical and Savings Plans (Target Asset Allocations) (Details) | Dec. 30, 2023 | Dec. 31, 2022 |
Fixed Income | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 56% | |
U.S. Equity | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 22% | |
International Equity | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 18% | |
Real Estate Funds [Member] | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 4% | |
Forecast [Member] | Fixed Income | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 56% | |
Forecast [Member] | U.S. Equity | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 22% | |
Forecast [Member] | International Equity | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 18% | |
Forecast [Member] | Real Estate Funds [Member] | ||
Target Asset Allocation [Line Items] | ||
Target investment allocation percentage | 4% |
Pension, Retiree Medical and_10
Pension, Retiree Medical and Savings Plans (Categorized Plan Assets Measured at Fair Value) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
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 | $ 11,344 | $ 16,203 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,195 | 4,624 | $ 4,303 |
United States Pension Plan of US Entity, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 11,148 | 15,904 | 15,465 |
Postretirement Health Coverage [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 196 | $ 299 | $ 315 |
Defined Benefit Plan, Equity Securities, Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Representation of one fund in total U.S. plan assets | 10% | 11% | |
Fixed Income Commingled funds [Member] | Level 1 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 628 | $ 632 | |
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 | 142 | 199 | |
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 | 1,751 | 2,523 | |
Corporate Bonds [Member] | Level 2 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 254 | 400 | |
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 | 4,245 | 6,210 | |
Government Securities | Level 2 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 736 | $ 1,053 | |
Corporate Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 32% | ||
Contracts With Insurance Companies | Level 3 | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 27 | $ 43 | |
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 | 75 | 34 | |
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 | ||
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 | 157 | 136 | |
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 | 157 | 352 | |
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 | 173 | 221 | |
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 | 533 | 478 | |
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 | 11 | 9 | |
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 | 120 | 45 | |
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 | 4,387 | 6,387 | |
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 | 1,291 | 2,232 | |
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 | 10,691 | 15,680 | |
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 | $ 3,011 | $ 4,394 |
Pension, Retiree Medical and_11
Pension, Retiree Medical and Savings Plans Retiree Medical Cost Trend Rates (Details) | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4% | |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2046 | |
Forecast [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4% | |
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, 2021 USD ($) $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | |
Debt Instrument [Line Items] | |||
Debt, Current | $ 4,308,000,000 | $ 3,414,000,000 | |
Long-term Debt | 39,898,000,000 | 38,753,000,000 | |
Long-Term Debt Obligations | 36,026,000,000 | 35,657,000,000 | |
Debt Instrument, Unamortized Discount | 233,000,000 | $ 227,000,000 | |
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% | 15% | 15% |
Other borrowings | $ 36,000,000 | $ 318,000,000 | |
Commercial Paper | $ 400,000,000 | $ 0 | |
Commercial Paper | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 0.10% | 0.10% | 0.10% |
Current Maturities Of Long Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | $ 3,872,000,000 | $ 3,096,000,000 | |
Long-term Debt, Current Maturities | $ (3,872,000,000) | (3,096,000,000) | |
Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.40% | ||
Notes due | $ 3,868,000,000 | $ 0 | |
Notes Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.50% | 1.70% | 1.70% |
Notes due | $ 3,019,000,000 | $ 3,094,000,000 | |
Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.10% | 2.20% | 2.20% |
Notes due | $ 2,986,000,000 | $ 2,867,000,000 | |
Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.70% | 2.70% | 2.70% |
Notes due | $ 3,230,000,000 | $ 3,193,000,000 | |
Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | 3.10% | 3.10% |
Notes due | $ 2,450,000,000 | $ 2,396,000,000 | |
Notes Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.40% | 2.50% | 2.50% |
Notes due | $ 2,554,000,000 | $ 2,523,000,000 | |
Less: Current Maturities Of Long Term Debt Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | 3,872,000,000 | 3,096,000,000 | |
Long-term Debt, Current Maturities | $ (3,872,000,000) | $ (3,096,000,000) | |
Notes due 2028-2060 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.60% | 2.80% | 2.80% |
Notes due | $ 21,759,000,000 | $ 24,652,000,000 | |
Other Debt Instruments due 2022-2028 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.30% | 1.30% | 1.30% |
Other notes due | $ 32,000,000 | $ 28,000,000 | |
Notes Due 2029 | Three Point Two Percent Notes Due 2029 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | £ | £ 300,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | 3.20% | |
Notes Due 2034 | Three Point Five Five Percent Notes Due 2034 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | £ | £ 450,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.55% | 3.55% | |
Notes Due 2028 | Three Point Six Percent Notes Due 2028 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 750,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | 3.60% | |
Notes Due 2052 | Four Point Two Percent Notes Due 2052 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 500,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | 4.20% | |
Notes Due 2032 | Three Point Nine Percent Notes Due 2032 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,250,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | 3.90% |
Debt Obligations and Commitme_4
Debt Obligations and Commitments (Narrative) (Details) R in Billions | Dec. 31, 2022 USD ($) | Dec. 25, 2021 USD ($) | May 28, 2021 USD ($) | Dec. 26, 2020 USD ($) | Dec. 26, 2020 ZAR (R) |
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 0 | ||||
Debt Instrument, Repurchase Amount | $ 4,800,000,000 | ||||
International Divisions | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Amount Outstanding | $ 304,000,000 | 38,000,000 | |||
Two Point One Five Percent Notes Due 2020 [Member] | Note Due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchase Amount | $ 1,100,000,000 | ||||
Interest rate on debt | 2.15% | 2.15% | |||
Debt Instrument, Repurchased Face Amount | $ 1,100,000,000 | ||||
Interest Rate Swap [Member] | Note Due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | 800,000,000 | ||||
Interest Rate Swap [Member] | Note Due October 2021 | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | 250,000,000 | ||||
One Point Seven Percent Notes Due October 2021 | Note Due October 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchase Amount | $ 750,000,000 | ||||
Interest rate on debt | 1.70% | ||||
Debt Instrument, Repurchased Face Amount | $ 750,000,000 | ||||
Three Point Nine Percent Notes Due 2032 | Notes Due 2032 | |||||
Debt Instrument [Line Items] | |||||
Interest rate on debt | 3.90% | ||||
Debt Instrument, Face Amount | $ 1,250,000,000 | ||||
Two Point Two Five Percent Notes Due 2022 | Notes Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchase Amount | $ 750,000,000 | ||||
Interest rate on debt | 2.25% | ||||
Debt Instrument, Repurchased Face Amount | $ 750,000,000 | ||||
Three Point Ten Percent Notes Due 2022 | Notes Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchase Amount | $ 800,000,000 | ||||
Interest rate on debt | 3.10% | ||||
Debt Instrument, Repurchased Face Amount | $ 800,000,000 | ||||
Seven Percent Notes Due 2029 and Five Point Five Percent Notes Due 2035 [Member] | Notes Due 2029 And 2035 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchase Amount | 154,000,000 | ||||
Debt Instrument, Repurchased Face Amount | 133,000,000 | ||||
Multi Tranche Notes Due 2023-2026 | Defeasance of Long Term Debt | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchase Amount | 102,000,000 | ||||
Debt Instrument, Face Amount | $ 94,000,000 | ||||
Seven Percent Notes Due 2029 | Notes Due 2029 | |||||
Debt Instrument [Line Items] | |||||
Interest rate on debt | 7% | ||||
Five Point Five Percent Notes Due 2035 | Notes Due 2035 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on debt | 5.50% | 5.50% | |||
Three Point Three Seven Five Percent To Five Point Five Percent Notes Due 2035 to 2060. | Notes Due 2035 To 2060 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Face Amount | $ 4,100,000,000 | ||||
Three Point Three Seven Five Percent Notes Due 2049 [Member] | Notes Due 2049 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on debt | 3.375% | ||||
Pioneer Bridge Loan Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,300,000,000 | R 21.7 | |||
Five Year Unsecured Revolving Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 3,800,000,000 | $ 3,750,000,000 | |||
Line of Credit Swing Line Subfacility | 750,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,500,000,000 | ||||
364 Day Unsecured Revolving Credity Agreement Member | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 3,800,000,000 | $ 3,750,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500,000,000 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Derivatives, Fair Value [Line Items] | ||||
Derivative, Net Liability Position, Aggregate Fair Value | $ 235,000,000 | |||
Collateral Already Posted, Aggregate Fair Value | 0 | |||
Debt instrument, fair value | 35,000,000,000 | $ 43,000,000,000 | ||
Expected reclassification of net gain/(losses) related to hedge from accumulated OCI into net income within the next 12 months | (51,000,000) | |||
Cash and cash equivalents and restricted cash | 5,100,000,000 | 5,707,000,000 | $ 8,254,000,000 | $ 5,570,000,000 |
Short-term Investments | 394,000,000 | 392,000,000 | ||
Debt Securities, Held-to-maturity | 0 | |||
Payments to Acquire Debt Securities, Available-for-Sale | $ 550,000,000 | |||
Preferred Stock, Convertible, Conversion Price | $ 75 | |||
Preferred Stock, Dividend Rate, Percentage | 5% | |||
Debt Securities, Available-for-Sale, Unrealized Gain (Loss) | $ 0 | |||
Preferred Stock, Convertible, Terms | six | |||
Impairment Losses, Investments, Available-for-Sale Securities1 | $ 0 | |||
Preferred Stock, Redemption Terms | seven | |||
Additional Collateral, Aggregate Fair Value | $ 0 | |||
Fair Value/Non-Designated Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Losses/(Gains) on Derivative Instruments, Net, Pretax | $ (237,000,000) | $ (166,000,000) | ||
Interest Rate Contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1% | 2% | ||
Commodity Contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Higher Remaining Maturity Date | 3 years | |||
Derivative, Notional Amount | $ 1,800,000,000 | $ 1,600,000,000 | ||
Commodity Contracts | Fair Value/Non-Designated Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Losses/(Gains) on Derivative Instruments, Net, Pretax | $ (179,000,000) | (218,000,000) | ||
Foreign Exchange Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Higher Remaining Maturity Date | 2 years | |||
Derivative, Notional Amount | $ 3,000,000,000 | 2,800,000,000 | ||
Net Investment Hedging [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 2,900,000,000 | 2,100,000,000 | ||
Net Investment Hedging [Member] | Fair Value/Non-Designated Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Losses/(Gains) on Derivative Instruments, Net, Pretax | 0 | 0 | ||
Interest Rate Contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 1,300,000,000 | 2,100,000,000 | ||
Interest Rate Contracts | Fair Value/Non-Designated Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Losses/(Gains) on Derivative Instruments, Net, Pretax | $ 0 | 56,000,000 | ||
Cross Currency Interest Rate Contract [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Higher Remaining Maturity Date | 12 years | |||
Commercial Paper | ||||
Derivatives, Fair Value [Line Items] | ||||
Debt Securities, Held-to-maturity | 130,000,000 | |||
Commodity Contract Gains Included in Cost of Sales | Fair Value/Non-Designated Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Losses/(Gains) on Derivative Instruments, Net, Pretax | $ (8,000,000) | (109,000,000) | ||
Commodity Contract Gains Included in Selling, General and Administrative Expenses | Fair Value/Non-Designated Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Losses/(Gains) on Derivative Instruments, Net, Pretax | $ (171,000,000) | $ (109,000,000) |
Financial Instruments (Fair Val
Financial Instruments (Fair Values of Financial Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 25, 2021 |
Derivatives, Fair Value [Line Items] | ||
Short-term Investments | $ 394 | $ 392 |
Total asset derivatives at fair value | 58 | 167 |
Total liability derivatives at fair value | 318 | 312 |
Total Financial Assets at Fair Value | 989 | 525 |
Total Financial Liabilities at Fair Value | 752 | 817 |
Derivatives Designated As Cash Flow Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as hedging instruments, Assets, Total | 26 | 113 |
Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as hedging instruments, Liabilities, Total | 246 | 283 |
Derivatives Not Designated As Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging instruments, Assets, Total | 32 | 54 |
Derivatives Not Designated As Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 72 | 29 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Designated As Cash Flow Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Exchange Forward contracts | 24 | 29 |
Interest rate derivatives | 0 | 14 |
Commodity contracts - other | 2 | 70 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Exchange Forward contracts | 22 | 14 |
Interest rate derivatives | 164 | 264 |
Commodity contracts - other | 60 | 5 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Not Designated As Hedging Instruments Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Exchange Forward contracts | 21 | 19 |
Commodity contracts - other | 11 | 35 |
Fair Value, Inputs, Level 2 [Member] | Derivatives Not Designated As Hedging Instruments Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Exchange Forward contracts | 21 | 7 |
Commodity contracts - other | 51 | 22 |
Fair Value, Inputs, Level 2 [Member] | Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Forward Asset Fair Value | 14 | 21 |
Deferred compensation | 0 | 0 |
Business Combinations [Abstract] | ||
Debt Securities, Available-for-sale | 660 | 0 |
Fair Value, Inputs, Level 2 [Member] | Liability [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Prepaid Forward Asset Fair Value | 0 | 0 |
Deferred compensation | 434 | 505 |
Business Combinations [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments | ||
Business Combinations [Abstract] | ||
Debt Securities, Available-for-sale | 104 | |
Fair Value, Inputs, Level 2 [Member] | Other Assets | ||
Business Combinations [Abstract] | ||
Debt Securities, Available-for-sale | 553 | |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents | ||
Business Combinations [Abstract] | ||
Debt Securities, Available-for-sale | 3 | |
Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Short-term Investments | 257 | 337 |
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 | $ 1,800 | $ 1,600 |
Financial Instruments (Effectiv
Financial Instruments (Effective Portion of Pre-Tax (Gains)/Losses on Derivative Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Fair Value/Non-Designated Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Losses/(Gains) Recognized in Income Statement(a) | $ (237) | $ (166) | |
Cash Flow Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b) | (129) | (48) | |
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, before Reclassification, Tax | (42) | (440) | |
Foreign Exchange Forward Contracts | Fair Value/Non-Designated Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Losses/(Gains) Recognized in Income Statement(a) | (58) | (4) | |
Foreign Exchange Forward Contracts | Cash Flow Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b) | (21) | 82 | |
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, before Reclassification, Tax | (3) | (7) | |
Interest Rate Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 1,300 | 2,100 | |
Interest Rate Contracts | Fair Value/Non-Designated Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Losses/(Gains) Recognized in Income Statement(a) | 0 | 56 | |
Interest Rate Contracts | Cash Flow Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b) | 159 | 64 | $ (129) |
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, before Reclassification, Tax | 138 | 44 | |
Commodity Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 1,800 | 1,600 | |
Commodity Contracts | Fair Value/Non-Designated Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Losses/(Gains) Recognized in Income Statement(a) | (179) | (218) | |
Commodity Contracts | Cash Flow Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b) | (267) | (194) | |
Other Comprehensive (Income) Loss, Cash Flow Hedge, (Gain) Loss, before Reclassification, Tax | (57) | (285) | |
Net Investment Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 2,900 | 2,100 | |
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 | $ (120) | $ (192) |
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Earnings Per Share [Abstract] | |||
Net income | $ 8,910 | $ 7,618 | $ 7,120 |
Net income available for PepsiCo common shareholders - Value | $ 8,910 | $ 7,618 | $ 7,120 |
Net income available for PepsiCo common stockholders - Shares | 1,380 | 1,382 | 1,385 |
Basic net income attributable to PepsiCo per common share | $ 6.45 | $ 5.51 | $ 5.14 |
Stock options and RSUs - Shares | 7 | 7 | 7 |
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | $ 0 |
Diluted shares - Value | $ 8,910 | $ 7,618 | $ 7,120 |
Diluted shares - Shares | 1,387 | 1,389 | 1,392 |
Diluted net income attributable to PepsiCo per common share | $ 6.42 | $ 5.49 | $ 5.12 |
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Currency translation adjustment | $ (12,948) | $ (12,309) | $ (11,940) | $ (11,290) |
Unamortized pension and retiree medical, net of tax (b) | (2,361) | (2,750) | (3,520) | (2,988) |
Other | 6 | 2 | (20) | (19) |
Accumulated other comprehensive loss attributable to PepsiCo | (15,302) | (14,898) | (15,476) | (14,300) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (603) | (322) | (710) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 488 | 1,001 | (676) | |
Other Comprehensive Income, Other, Before Tax | 8 | 22 | (1) | |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (314) | 901 | (1,377) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (603) | (340) | (710) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | 48 | 702 | (1,141) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 8 | 22 | (1) | |
OCI, before Reclassifications, before Tax, Attributable to Parent | (625) | 632 | (1,726) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 18 | 0 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 440 | 299 | 465 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 311 | 269 | 349 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (36) | (47) | 60 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (99) | (231) | 144 | |
Other Comprehensive Income, Other, Taxes | (4) | 0 | 0 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (90) | (323) | 201 | |
Net of taxes decrease to opening balance of accumulated other comprehensive loss attributable to Pepsico | 1,184 | 1,283 | 1,514 | 1,370 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (78) | 248 | 126 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (129) | (48) | (116) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (207) | 200 | 10 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Parent | 49 | (45) | (3) | |
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 1 | $ 159 | $ 4 | $ (3) |
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
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 | $ (37) | $ (44) | $ 0 |
Amortization and settlement of (losses)/gains | 164 | 289 | 238 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 313 | 54 | 227 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 440 | 299 | 465 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (80) | (65) | (101) |
Remeasurement of net liabilities and translation | $ 360 | $ 234 | $ 364 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, general and administrative expenses | Selling, general and administrative expenses | Selling, general and administrative expenses |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ (129) | $ (48) | $ (116) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 23 | 11 | 29 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (106) | (37) | (87) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 254 | 215 | 277 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 0 | 18 | 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 | (129) | (48) | |
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 | (21) | 82 | |
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 | (11) | 6 | 0 |
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 | (10) | 76 | (43) |
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 | 159 | 64 | (129) |
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 | (267) | (194) | |
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 | (252) | (190) | 50 |
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 | $ (15) | $ (4) | $ 6 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Option to Extend | five years | ||
Lessee, Operating Lease, Option to Terminate | one year | ||
Operating Lease, Cost | $ 585 | $ 563 | $ 539 |
Variable Lease, Cost | 115 | 112 | 111 |
Short-term Lease, Cost | 510 | 469 | 436 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 871 | 934 | 621 |
Operating Lease, Payments | 573 | 567 | $ 555 |
Operating Lease, Right-of-Use Asset | $ 2,373 | $ 2,020 | |
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 | $ 483 | $ 446 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Operating Lease, Liability, Noncurrent | $ 1,933 | $ 1,598 | |
Operating Lease, Liability | $ 2,416 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3% | 3% | 4% |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 7 years | 6 years |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 541 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 465 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 386 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 326 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 266 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 718 | ||
Lessee, Operating Lease, Liability, Payments, Due | 2,702 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 286 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | ||
Sale and Leaseback Transaction, Gain (Loss), Net | $ 175 | $ 42 | $ 7 |
Operating lease right-of-use asset amortization | $ 517 | $ 505 | $ 478 |
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 & Divestiture - Su
Acquisitions & Divestiture - Summary of Acquisition and Divestiture-Related Charges (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Acquisitions & Divestitures [Line Items] | |||
Acquisition and divestiture-related charges | $ 80 | $ (4) | $ 255 |
Acquisition and divestiture-related charges, after-tax | $ 66 | $ (27) | $ 237 |
Acquisition and divestiture-related charges, PerShare | $ (0.05) | $ 0.02 | $ (0.17) |
Frito Lay North America [Member] | |||
Acquisitions & Divestitures [Line Items] | |||
Acquisition and divestiture-related charges | $ 0 | $ 2 | $ 29 |
PepsiCo Beverages North America [Member] | |||
Acquisitions & Divestitures [Line Items] | |||
Acquisition and divestiture-related charges | 51 | 11 | 66 |
Europe | |||
Acquisitions & Divestitures [Line Items] | |||
Acquisition and divestiture-related charges | 14 | 8 | 0 |
Africa, Middle East and South Asia [Member] | |||
Acquisitions & Divestitures [Line Items] | |||
Acquisition and divestiture-related charges | 3 | 10 | 173 |
Asia Pacific, Australia and New Zealand, and China Region [Member] | |||
Acquisitions & Divestitures [Line Items] | |||
Acquisition and divestiture-related charges | 0 | 4 | 7 |
Corporate Segment [Member] | |||
Acquisitions & Divestitures [Line Items] | |||
Acquisition and divestiture-related charges | 6 | (39) | (20) |
Selling, general and administrative expenses | |||
Acquisitions & Divestitures [Line Items] | |||
Acquisition and divestiture-related charges | 74 | (5) | 223 |
Cost of sales | |||
Acquisitions & Divestitures [Line Items] | |||
Acquisition and divestiture-related charges | 0 | 1 | 32 |
Other pension and retiree medical benefits expense | |||
Acquisitions & Divestitures [Line Items] | |||
Acquisition and divestiture-related charges | $ 6 | $ 0 | $ 0 |
Acquisitions & Divestitures - J
Acquisitions & Divestitures - Juice Transaction (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | Jan. 24, 2022 | |
Acquisitions & Divestitures [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 3,500 | |||
Gain associated with the Juice Transaction | $ (3,321) | $ 0 | $ 0 | |
Gain associated with the Juice Transaction - tax impact | (433) | |||
Gain associated with Juice Transaction, after-tax | $ (2,888) | |||
Gain associated with Juice Transaction, per share amount | $ 2.08 | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 520 | |||
Juice Transaction - Pension Impact, pre-tax | (10) | |||
Juice Transaction - Pension Impact, tax impact | 3 | |||
Juice Transaction - Pension Impact, after-tax impact | $ (7) | |||
Juice Transaction - Pension Impact, per share impact | $ 0.01 | |||
Total Juice Transaction - Pre-tax | $ (3,260) | |||
Total Juice Transaction - Provision for income taxes | 423 | |||
Total Juice Transaction - After-tax amount | $ (2,837) | |||
Total Juice Transaction - Per share amount | $ 2.04 | |||
Juice Transaction - Deferred Tax Expense | $ 186 | |||
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, Assets | 0 | 1,788 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 500 | |||
Disposal Group, Including Discontinued Operation, Liabilities | $ 0 | 753 | ||
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities | 600 | |||
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | $ 200 | |||
Tropicana JV | ||||
Acquisitions & Divestitures [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 39% | |||
Retiree Medical Plan [Member] | ||||
Acquisitions & Divestitures [Line Items] | ||||
Curtailment Gain | $ 16 | |||
Selling, general and administrative expenses | ||||
Acquisitions & Divestitures [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses - Juice | 71 | |||
Business Combination, Separately Recognized Transactions, Net Gains and Losses - tax - Juice | (13) | |||
Business Combination, Separately Recognized Transactions, Net Gains and Losses - after tax - Juice | $ 58 | |||
Business Combination, Separately Recognized Transactions, Net Gains and Losses - Juice, Per Share | $ (0.04) | |||
Juice Transaction - Operating Profit Impact | $ (3,250) | |||
Juice Transaction - Operating Profit, tax impact | 420 | |||
Juice Transaction - Operating Profit, after-tax impact | $ (2,830) | |||
Juice Transaction - Operating Profit, per share impact | $ 2.04 | |||
PepsiCo Beverages North America [Member] | ||||
Acquisitions & Divestitures [Line Items] | ||||
Gain associated with the Juice Transaction | $ (3,029) | |||
Business Combination, Separately Recognized Transactions, Net Gains and Losses - Juice | 51 | |||
PepsiCo Beverages North America [Member] | Selling, general and administrative expenses | ||||
Acquisitions & Divestitures [Line Items] | ||||
Juice Transaction - Operating Profit Impact | (2,978) | |||
Europe | ||||
Acquisitions & Divestitures [Line Items] | ||||
Gain associated with the Juice Transaction | (292) | |||
Business Combination, Separately Recognized Transactions, Net Gains and Losses - Juice | 14 | |||
Europe | Selling, general and administrative expenses | ||||
Acquisitions & Divestitures [Line Items] | ||||
Juice Transaction - Operating Profit Impact | (278) | |||
Corporate Segment [Member] | ||||
Acquisitions & Divestitures [Line Items] | ||||
Gain associated with the Juice Transaction | 0 | |||
Business Combination, Separately Recognized Transactions, Net Gains and Losses - Juice | 6 | |||
Corporate Segment [Member] | Selling, general and administrative expenses | ||||
Acquisitions & Divestitures [Line Items] | ||||
Juice Transaction - Operating Profit Impact | $ 6 |
Acquisitions & Divestitures - 2
Acquisitions & Divestitures - 2020 Acquisitions (Details) R / shares in Units, $ in Millions, R in Billions | 12 Months Ended | |||||||
Dec. 31, 2022 USD ($) | Dec. 26, 2020 USD ($) | Dec. 26, 2020 ZAR (R) | Dec. 25, 2021 USD ($) | Jun. 01, 2020 USD ($) | Apr. 24, 2020 USD ($) | Mar. 23, 2020 USD ($) | Mar. 23, 2020 ZAR (R) R / shares | |
Acquisitions & Divestitures [Line Items] | ||||||||
Goodwill | $ 18,202 | $ 18,381 | ||||||
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 | |||||||
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 |
Supplemental Financial Inform_3
Supplemental Financial Information (Schedule of Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Accounts and notes receivable | |||
Trade receivables | $ 8,192 | $ 7,172 | |
Other receivables | 2,121 | 1,655 | |
Total receivables | 10,313 | 8,827 | |
Analysis of valuation allowances | |||
Allowance, beginning of year | 147 | 201 | $ 105 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification (Pre-Tax) | 0 | 0 | 44 |
Net amounts charged to expense | 21 | (19) | 79 |
Deductions | (12) | (25) | (32) |
Other | (6) | (10) | 5 |
Allowance, end of year | 150 | 147 | 201 |
Net receivables | 10,163 | 8,680 | |
Inventories (c) | |||
Raw materials | 2,366 | 1,898 | |
Work-in-process | 114 | 151 | |
Finished goods | 2,742 | 2,298 | |
Inventories | 5,222 | 4,347 | |
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | 49,784 | 46,828 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 25,493 | 24,421 | |
Property, Plant and Equipment, net | 24,291 | 22,407 | |
Depreciation | 2,523 | 2,484 | $ 2,335 |
Other assets | |||
Other Assets | 5,292 | 4,481 | |
Noncurrent notes and accounts receivable | 202 | 111 | |
Deferred marketplace spending | 123 | 119 | |
Prepaid Expense and Other Assets, Noncurrent | 948 | 1,260 | |
Operating Lease, Right-of-Use Asset | 2,373 | 2,020 | |
Other Assets, Miscellaneous | 833 | 694 | |
Accounts payable and other current liabilities | |||
Accounts payable | 10,732 | 9,834 | |
Accrued marketplace spending | 3,637 | 3,087 | |
Accrued compensation and benefits | 2,519 | 2,324 | |
Dividends payable | 1,610 | 1,508 | |
Operating Lease, Liability, Current | 483 | 446 | |
Other current liabilities | 4,390 | 3,960 | |
Accounts payable and other current liabilities | 23,371 | 21,159 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 49,784 | $ 46,828 | |
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of LIFO Inventory | 9% | 7% | |
Percentage of LIFO Inventory | 9% | 7% | |
Land [Member] | |||
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | $ 1,142 | $ 1,123 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,142 | 1,123 | |
Buildings And Improvements | |||
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | 10,816 | 10,279 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 10,816 | 10,279 | |
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 | $ 4,491 | 3,940 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,491 | 3,940 | |
Machinery And Equipment, Including Fleet And Software | |||
Property, plant and equipment, net [Abstract] | |||
Property, plant and equipment, gross | 33,335 | 31,486 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 33,335 | $ 31,486 | |
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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Supplemental Financial Information [Abstract] | ||||
Interest paid | $ 1,043 | $ 1,184 | $ 1,156 | |
Income taxes paid, net of refunds | 2,766 | 1,933 | 1,770 | |
Tax payments related to the TCJ Act | 309 | 309 | 78 | |
Cash and cash equivalents | 4,954 | 5,596 | ||
Restricted Cash, Noncurrent | 146 | 111 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 5,100 | 5,707 | $ 8,254 | $ 5,570 |
Treasury Stock, Value | $ (39,506) | $ (38,248) |