Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 25, 2023 | Apr. 18, 2023 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 25, 2023 | |
Entity File Number | 1-1183 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Registrant Name | PepsiCo, Inc. | |
Entity Incorporation, State or Country Code | NC | |
Entity Address, City or Town | Purchase | |
Entity Address, State or Province | NY | |
Entity Tax Identification Number | 13-1584302 | |
Entity Address, Address Line One | 700 Anderson Hill Road | |
Entity Address, Postal Zip Code | 10577 | |
City Area Code | 914 | |
Local Phone Number | 253-2000 | |
Entity Common Stock, Shares Outstanding | 1,377,693,115 | |
Entity Central Index Key | 0000077476 | |
Current Fiscal Year End Date | --12-30 | |
Document Fiscal Year Focus | 2023 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value 1-2/3 cents per share | |
Trading Symbol | PEP | |
Name of Exchange on which Security is Registered | NASDAQ | |
0.250% Senior Notes Due 2024 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.250% Senior Notes Due 2024 | |
Trading Symbol | PEP24 | |
Name of Exchange on which Security is Registered | NASDAQ | |
2.625% Senior Notes Due 2026 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 2.625% Senior Notes Due 2026 | |
Trading Symbol | PEP26 | |
Name of Exchange on which Security is Registered | NASDAQ | |
0.750% Senior Notes Due 2027 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.750% Senior Notes Due 2027 | |
Trading Symbol | PEP27 | |
Name of Exchange on which Security is Registered | NASDAQ | |
0.875% Senior Notes Due 2028 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.875% Senior Notes Due 2028 | |
Trading Symbol | PEP28 | |
Name of Exchange on which Security is Registered | NASDAQ | |
0.500% Senior Notes Due 2028 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.500% Senior Notes Due 2028 | |
Trading Symbol | PEP28a | |
Name of Exchange on which Security is Registered | NASDAQ | |
3.200% Senior Notes Due 2029 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 3.200% Senior Notes Due 2029 | |
Trading Symbol | PEP29 | |
Name of Exchange on which Security is Registered | NASDAQ | |
1.125% Senior Notes Due 2031 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 1.125% Senior Notes Due 2031 | |
Trading Symbol | PEP31 | |
Name of Exchange on which Security is Registered | NASDAQ | |
0.400% Senior Notes Due 2032 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.400% Senior Notes Due 2032 | |
Trading Symbol | PEP32 | |
Name of Exchange on which Security is Registered | NASDAQ | |
0.750% Senior Notes Due 2033 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.750% Senior Notes Due 2033 | |
Trading Symbol | PEP33 | |
Name of Exchange on which Security is Registered | NASDAQ | |
3.550% Senior Notes Due 2034 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 3.550% Senior Notes Due 2034 | |
Trading Symbol | PEP34 | |
Name of Exchange on which Security is Registered | NASDAQ | |
0.875% Senior Notes Due 2039 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 0.875% Senior Notes Due 2039 | |
Trading Symbol | PEP39 | |
Name of Exchange on which Security is Registered | NASDAQ | |
1.050% Senior Notes Due 2050 | ||
Document and Entity Information [Line Items] | ||
Title of 12(b) Security | 1.050% Senior Notes Due 2050 | |
Trading Symbol | PEP50 | |
Name of Exchange on which Security is Registered | NASDAQ |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Net Revenue | $ 17,846 | $ 16,200 |
Cost of sales | 7,988 | 7,433 |
Gross profit | 9,858 | 8,767 |
Selling, general and administrative expenses | 7,229 | 6,580 |
Gain associated with the Juice Transaction | 0 | (3,322) |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 242 |
Operating Profit | 2,629 | 5,267 |
Other pension and retiree medical benefits income | 61 | 134 |
Net interest expense and other | (200) | (240) |
Income before income taxes | 2,490 | 5,161 |
Provision for income taxes | 546 | 888 |
Net income | 1,944 | 4,273 |
Net Income (Loss) Attributable to Noncontrolling Interest | 12 | 12 |
Net Income Attributable to PepsiCo | $ 1,932 | $ 4,261 |
Earnings Per Share [Abstract] | ||
Earnings Per Share, Basic (in USD per share) | $ 1.40 | $ 3.08 |
Earnings Per Share, Diluted (in USD per share) | $ 1.40 | $ 3.06 |
Weighted-average common shares outstanding | ||
Weighted Average Number of Shares Outstanding, Basic (in shares) | 1,378 | 1,383 |
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 1,384 | 1,391 |
Tropicana JV | ||
Income Statement Additional Disclosure | ||
Equity Method Investment, Ownership Percentage | 39% |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,944 | $ 4,273 |
Net currency translation adjustment | (235) | (560) |
Net change on cash flow hedges | (59) | 106 |
Net pension and retiree medical adjustments | (4) | 13 |
Other | (1) | (4) |
Other comprehensive loss, net of taxes: | (299) | (445) |
Comprehensive income | 1,645 | 3,828 |
Less: Comprehensive income attributable to noncontrolling interests | 12 | 12 |
Comprehensive Income Attributable to PepsiCo | $ 1,633 | $ 3,816 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Operating Activities | ||
Net income | $ 1,944 | $ 4,273 |
Depreciation and amortization | 590 | 555 |
Gain associated with the Juice Transaction | 0 | (3,322) |
Impairment and other (credits)/charges | (13) | 482 |
Operating lease right-of-use asset amortization | 116 | 103 |
Share-based compensation expense | 93 | 81 |
Restructuring and impairment charges | 112 | 27 |
Cash payments for restructuring charges | (64) | (32) |
Acquisition and divestiture-related charges | 2 | 56 |
Cash payments for acquisition and divestiture-related charges | (4) | (17) |
Pension and retiree medical plan expense/(income) | 30 | (1) |
Pension and retiree medical plan contributions | (175) | (178) |
Deferred income taxes and other tax charges and credits | 78 | 257 |
Change in assets and liabilities: | ||
Accounts and notes receivable | (348) | (837) |
Inventories | (542) | (549) |
Prepaid expenses and other current assets | (288) | (190) |
Accounts payable and other current liabilities | (2,259) | (1,238) |
Income taxes payable | 290 | 489 |
Other, net | 46 | (133) |
Net Cash Used for Operating Activities | (392) | (174) |
Investing Activities | ||
Capital spending | (581) | (522) |
Sales of property, plant and equipment | 19 | 3 |
Acquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of intangible and other assets | (16) | (13) |
Proceeds associated with the Juice Transaction | 0 | 3,456 |
Other divestitures, sales of investments in noncontrolled affiliates and other assets | 85 | 5 |
Short-term investments, by original maturity: | ||
More than three months - purchases | (158) | 0 |
More than three months - maturities | 100 | 0 |
Three months or less, net | 19 | 22 |
Other investing, net | 0 | 4 |
Net Cash (Used for)/Provided by Investing Activities | (532) | 2,955 |
Financing Activities | ||
Proceeds from issuances of long-term debt | 2,986 | 0 |
Payments of long-term debt | (1,251) | (1,251) |
Short-term borrowings, by original maturity: | ||
More than three months - proceeds | 393 | 559 |
More than three months - payments | (1) | 0 |
Three months or less, net | 491 | 647 |
Cash dividends paid | (1,608) | (1,505) |
Share repurchases - common | (160) | (193) |
Proceeds from exercises of stock options | 46 | 49 |
Withholding tax payments on restricted stock units (RSUs) and performance stock units (PSUs) converted | (116) | (85) |
Other financing | (3) | (1) |
Net Cash Provided by/(Used for) Financing Activities | 777 | (1,780) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (116) | (17) |
Net (Decrease)/Increase in Cash and Cash Equivalents and Restricted Cash | (263) | 984 |
Cash and Cash Equivalents and Restricted Cash, Beginning of Year | 5,100 | 5,707 |
Cash and Cash Equivalents and Restricted Cash, End of Period | 4,837 | 6,691 |
Supplemental Non-Cash Activity | ||
Right-of-use assets obtained in exchange for lease obligations | $ 213 | $ 100 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) shares in Millions, $ in Millions | Mar. 25, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 4,770 | $ 4,954 |
Short-term investments | 434 | 394 |
Accounts and notes receivable, less allowance ($184 and $150, respectively) | 10,469 | 10,163 |
Inventories: | ||
Raw materials and packaging | 2,435 | 2,366 |
Work-in-process | 115 | 114 |
Finished goods | 3,147 | 2,742 |
Inventory, Net, Total | 5,697 | 5,222 |
Prepaid expenses and other current assets | 1,057 | 806 |
Total Current Assets | 22,427 | 21,539 |
Property, plant and equipment | 50,022 | 49,784 |
Accumulated depreciation | (25,794) | (25,493) |
Property, Plant and Equipment, net | 24,228 | 24,291 |
Amortizable Intangible Assets, net | 1,250 | 1,277 |
Goodwill | 18,089 | 18,202 |
Other Indefinite-Lived Intangible Assets | 14,273 | 14,309 |
Investments in Noncontrolled Affiliates | 3,123 | 3,073 |
Deferred Income Taxes | 4,211 | 4,204 |
Other Assets | 5,441 | 5,292 |
Total Assets | 93,042 | 92,187 |
Current Liabilities | ||
Short-term debt obligations | 4,281 | 3,414 |
Accounts payable and other current liabilities | 21,556 | 23,371 |
Total Current Liabilities | 25,837 | 26,785 |
Long-Term Debt Obligations | 37,486 | 35,657 |
Deferred Income Taxes | 4,039 | 4,133 |
Other Liabilities | 8,505 | 8,339 |
Total Liabilities | 75,867 | 74,914 |
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: 1,378 and 1,377 shares, respectively) | 23 | 23 |
Capital in excess of par value | 3,996 | 4,134 |
Retained earnings | 68,142 | 67,800 |
Accumulated other comprehensive loss | (15,601) | (15,302) |
Repurchased common stock, in excess of par value (489 and 490 shares, respectively) | (39,518) | (39,506) |
Total PepsiCo Common Shareholders’ Equity | 17,042 | 17,149 |
Noncontrolling interests | 133 | 124 |
Total Equity | 17,175 | 17,273 |
Total Liabilities and Equity | $ 93,042 | $ 92,187 |
Treasury Stock, Common, Shares | 489 | 490 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares shares in Millions | Mar. 25, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in USD per share) | $ 0.0167 | $ 0.0167 |
Common stock, authorized (in shares) | 3,600 | 3,600 |
Common stock, issued (in shares) | 1,378 | 1,377 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Total PepsiCo Common Shareholders’ Equity | Noncontrolling Interests | Treasury Stock, Common | |
Common stock, dividends, declared (in USD per share) | $ 1.075 | ||||||||
Balance, beginning of period, shares (in shares) at Dec. 25, 2021 | 1,383 | ||||||||
Balance, beginning of period at Dec. 25, 2021 | $ 23 | $ 4,001 | $ 65,165 | $ (14,898) | $ 108 | $ (38,248) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Changes in repurchased common stock (in shares) | 1 | (1) | |||||||
Change in repurchased common stock | $ 0 | ||||||||
Share-based compensation expense | 83 | ||||||||
Stock option exercises, RSUs and PSUs converted | (106) | $ 156 | |||||||
Withholding tax on RSUs and PSUs converted | (85) | ||||||||
Net income attributable to PepsiCo | $ 4,261 | 4,261 | |||||||
Cash dividends declared - common | [1] | (1,492) | |||||||
Other comprehensive loss attributable to PepsiCo | (445) | ||||||||
Balance, beginning of period, shares issued (in shares) at Dec. 25, 2021 | (484) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises, RSUs and PSUs converted (in shares) | 2 | ||||||||
Share repurchases | $ (213) | ||||||||
Balance, end of period, shares issued (in shares) at Mar. 19, 2022 | (483) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to noncontrolling interest | 12 | 12 | |||||||
Distributions to noncontrolling interests | 0 | ||||||||
Other, net | (2) | ||||||||
Balance, end of period, shares (in shares) at Mar. 19, 2022 | 1,384 | ||||||||
Balance, end of period at Mar. 19, 2022 | $ 18,320 | $ 23 | 3,893 | 67,934 | (15,343) | $ 18,202 | 118 | $ (38,305) | |
Common stock, dividends, declared (in USD per share) | $ 1.15 | ||||||||
Balance, beginning of period, shares (in shares) at Dec. 31, 2022 | 1,377 | ||||||||
Balance, beginning of period at Dec. 31, 2022 | $ 17,273 | $ 23 | 4,134 | 67,800 | (15,302) | 124 | $ (39,506) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Changes in repurchased common stock (in shares) | 1 | (1) | |||||||
Change in repurchased common stock | $ 0 | ||||||||
Share-based compensation expense | 94 | ||||||||
Stock option exercises, RSUs and PSUs converted | (116) | $ 162 | |||||||
Withholding tax on RSUs and PSUs converted | (116) | ||||||||
Net income attributable to PepsiCo | 1,932 | 1,932 | |||||||
Cash dividends declared - common | [1] | (1,590) | |||||||
Other comprehensive loss attributable to PepsiCo | (299) | ||||||||
Balance, beginning of period, shares issued (in shares) at Dec. 31, 2022 | (490) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises, RSUs and PSUs converted (in shares) | 2 | ||||||||
Share repurchases | $ (174) | ||||||||
Balance, end of period, shares issued (in shares) at Mar. 25, 2023 | (489) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to noncontrolling interest | 12 | 12 | |||||||
Distributions to noncontrolling interests | (1) | ||||||||
Other, net | (2) | ||||||||
Balance, end of period, shares (in shares) at Mar. 25, 2023 | 1,378 | ||||||||
Balance, end of period at Mar. 25, 2023 | $ 17,175 | $ 23 | $ 3,996 | $ 68,142 | $ (15,601) | $ 17,042 | $ 133 | $ (39,518) | |
[1] Cash dividends declared per common share were $1.15 and $1.075 for the 12 weeks ended March 25, 2023 and March 19, 2022, respectively. |
Basis of Presentation and Our D
Basis of Presentation and Our Divisions | 3 Months Ended |
Mar. 25, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Other Divisions | Basis of Presentation and Our Divisions Basis of Presentation When used in this report, the terms “we,” “us,” “our,” “PepsiCo” and the “Company” mean PepsiCo, Inc. and its consolidated subsidiaries, collectively. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the rules and regulations for reporting the Quarterly Report on Form 10-Q (Form 10-Q). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (2022 Form 10-K). This report should be read in conjunction with our 2022 Form 10-K. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation. The results for the 12 weeks ended March 25, 2023 are not necessarily indicative of the results expected for any future period or the full year. 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. While our financial results in the United States and Canada (North America) are reported on a 12-week basis, all of our international operations are reported on a monthly calendar basis for which the months of January and February are reflected in our results for the 12 weeks ended March 25, 2023 and March 19, 2022. The preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and related disclosures. Additionally, the business and economic uncertainty resulting from the Russia-Ukraine conflict and the high interest rate and inflationary cost environment has made such estimates and assumptions more difficult to calculate. Accordingly, actual results and outcomes could differ from those estimates. Our significant interim accounting policies include the recognition of a pro rata share of certain estimated annual sales incentives and certain advertising and marketing costs in proportion to revenue or volume, as applicable, and the recognition of income taxes using an estimated annual effective tax rate. Unless otherwise noted, tabular dollars are in millions, except per share amounts. All per share amounts reflect common per share amounts, assume dilution unless otherwise noted, and are based on unrounded amounts. Certain reclassifications were made to the prior year’s financial statements to conform to the current year presentation. Our Divisions We are organized into seven reportable segments (also referred to as divisions), as follows: 1) Frito-Lay North America (FLNA), which includes our branded convenient food businesses in the United States and Canada; 2) Quaker Foods North America (QFNA), which includes our branded convenient food businesses, such as cereal, rice, pasta and other branded food, in the United States and Canada; 3) PepsiCo Beverages North America (PBNA), which includes our beverage businesses in the United States and Canada; 4) Latin America (LatAm), which includes all of our beverage and convenient food businesses in Latin America; 5) Europe, which includes all of our beverage and convenient food businesses in Europe; 6) Africa, Middle East and South Asia (AMESA), which includes all of our beverage and convenient food businesses in Africa, the Middle East and South Asia; and 7) Asia Pacific, Australia and New Zealand and China region (APAC), which includes all of our beverage and convenient food businesses in Asia Pacific, Australia and New Zealand, and China region. Net revenue of each division is as follows: 12 Weeks Ended 3/25/2023 3/19/2022 FLNA $ 5,583 $ 4,839 QFNA 777 713 PBNA 5,798 5,353 LatAm 1,777 1,474 Europe 1,886 1,797 AMESA 1,019 1,004 APAC 1,006 1,020 Total $ 17,846 $ 16,200 Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following tables reflect the approximate percentage of net revenue generated between our beverage business and our convenient food business for each of our international divisions, as well as our consolidated net revenue: 12 Weeks Ended 3/25/2023 3/19/2022 Beverages (a) Convenient Foods Beverages (a) Convenient Foods LatAm 10 % 90 % 10 % 90 % Europe 45 % 55 % 50 % 50 % AMESA 30 % 70 % 30 % 70 % APAC 15 % 85 % 15 % 85 % PepsiCo 40 % 60 % 40 % 60 % (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 each of the 12 weeks ended March 25, 2023 and March 19, 2022. Generally, our finished goods beverage operations produce higher net revenue but lower operating margin as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages. Operating profit of each division is as follows: 12 Weeks Ended 3/25/2023 3/19/2022 FLNA $ 1,599 $ 1,296 QFNA 188 159 PBNA (a) 483 3,434 LatAm 364 323 Europe (a) (b) 71 (136) AMESA 168 180 APAC 227 215 Total divisions 3,100 5,471 Corporate unallocated expenses (471) (204) Total $ 2,629 $ 5,267 (a) In the 12 weeks ended March 19, 2022, we recorded a gain of $3,024 million and $298 million in our PBNA and Europe divisions, respectively, associated with the Juice Transaction. The total after-tax amount was $2,870 million or $2.06 per share. See Note 12 for further information. (b) In the 12 weeks ended March 19, 2022, we recognized impairment and other charges/credits as follows: (1) Pre-tax charges of $241 million ($241 million after-tax or $0.17 per share), as a result of the Russia-Ukraine conflict, including impairment related to property, plant and equipment, allowance for expected credit losses, inventory write downs and other charges, with $140 million recorded in cost of sales, $100 million recorded in selling, general and administrative expenses and $1 million recorded in impairment of intangible assets. (2) Pre-tax brand portfolio impairment charges of $241 million ($193 million after-tax or $0.14 per share) in impairment of intangible assets related to the repositioning or discontinuation of certain juice and dairy brands in Russia. See Note 4 for further information. For information on indefinite-lived intangible assets, see Notes 2 and 4 to our consolidated financial statements in our 2022 Form 10-K. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements (Notes) | 3 Months Ended |
Mar. 25, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adopted In September 2022, the Financial Accounting Standards Board 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. We adopted the guidance in the first quarter of 2023, except for the rollforward, which is effective in fiscal year 2024 with early adoption permitted. We currently plan to adopt the rollforward guidance when effective. See Note 13 for disclosures currently required under this guidance. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 3 Months Ended |
Mar. 25, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Impairment Charges | 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 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 costs 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: 12 Weeks Ended 3/25/2023 3/19/2022 Cost of sales $ 3 $ 5 Selling, general and administrative expenses 110 22 Other pension and retiree medical benefits income (a) (1) — Total restructuring and impairment charges $ 112 $ 27 After-tax amount $ 98 $ 21 Impact on net income attributable to PepsiCo per common share $ (0.07) $ (0.02) 12 Weeks Ended Plan to Date 3/25/2023 3/19/2022 through 3/25/2023 FLNA $ 7 $ 3 $ 217 QFNA — — 19 PBNA 5 3 231 LatAm 5 6 176 Europe 89 7 432 AMESA 5 2 87 APAC 1 1 78 Corporate 1 5 230 113 27 1,470 Other pension and retiree medical benefits (income)/expense (a) (1) — 97 Total $ 112 $ 27 $ 1,567 (a) Income amount represents adjustments for changes in estimates of previously recorded amounts. 12 Weeks Ended Plan to Date 3/25/2023 3/19/2022 through 3/25/2023 Severance and other employee costs $ 92 $ 11 $ 899 Asset impairments — — 190 Other costs 20 16 478 Total $ 112 $ 27 $ 1,567 Severance and other employee costs primarily include severance and other termination benefits, as well as voluntary separation arrangements. Other costs primarily include costs associated with the implementation of our initiatives, including contract termination costs, consulting and other professional fees. A summary of our 2019 Productivity Plan activity for the 12 weeks ended March 25, 2023 is as follows: Severance and Other Employee Costs Other Costs Total Liability as of December 31, 2022 $ 188 $ 8 $ 196 2023 restructuring charges 92 20 112 Cash payments (44) (20) (64) Non-cash charges and translation (4) — (4) Liability as of March 25, 2023 $ 232 $ 8 $ 240 Substantially all of the restructuring accrual at March 25, 2023 is expected to be paid by the end of 2023. Other Productivity Initiatives There were no charges related to other productivity and efficiency initiatives outside the scope of the 2019 Productivity Plan. We regularly evaluate different productivity initiatives beyond the productivity plan and other initiatives described above. See Notes 1 and 4 for impairment and other charges/credits taken related to the Russia-Ukraine conflict and brand portfolio impairment charges. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 25, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets During the 12 weeks ended March 19, 2022, we repositioned or discontinued 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. See Note 1 for further information. For further information on indefinite-lived intangible assets, see Notes 2 and 4 to our consolidated financial statements in our 2022 Form 10-K. A summary of our amortizable intangible assets is as follows: 3/25/2023 12/31/2022 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Acquired franchise rights $ 833 $ (202) $ 631 $ 837 $ (200) $ 637 Customer relationships 563 (240) 323 571 (237) 334 Brands 1,085 (969) 116 1,097 (973) 124 Other identifiable intangibles 445 (265) 180 447 (265) 182 Total $ 2,926 $ (1,676) $ 1,250 $ 2,952 $ (1,675) $ 1,277 The change in the book value of indefinite-lived intangible assets is as follows: Balance 12/31/2022 Translation Balance 3/25/2023 FLNA Goodwill $ 451 $ (2) $ 449 Brands 251 — 251 Total 702 (2) 700 QFNA Goodwill 189 — 189 Total 189 — 189 PBNA Goodwill 11,947 (7) 11,940 Reacquired franchise rights 7,061 (12) 7,049 Acquired franchise rights 1,758 (2) 1,756 Brands 2,508 1 2,509 Total 23,274 (20) 23,254 LatAm Goodwill 436 7 443 Brands 75 2 77 Total 511 9 520 Europe Goodwill 3,646 (56) 3,590 Reacquired franchise rights 421 (8) 413 Acquired franchise rights 148 (1) 147 Brands 1,664 (1) 1,663 Total 5,879 (66) 5,813 AMESA Goodwill 1,015 (52) 963 Brands 156 (13) 143 Total 1,171 (65) 1,106 APAC Goodwill 518 (3) 515 Brands 267 (2) 265 Total 785 (5) 780 Total goodwill 18,202 (113) 18,089 Total reacquired franchise rights 7,482 (20) 7,462 Total acquired franchise rights 1,906 (3) 1,903 Total brands 4,921 (13) 4,908 Total $ 32,511 $ (149) $ 32,362 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 25, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In 2021, we received a final assessment from the Internal Revenue Service (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. 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 adjusted our reserves for uncertain tax positions, including any correlating adjustments impacting the mandatory transition tax liability under the Tax Cuts and Jobs Act (TCJ Act). Tax years 2014 through 2019 remain under audit for other issues . See Note 5 to our consolidated financial statements in our 2022 Form 10-K for further information. There were no tax amounts recognized in the 12 weeks ended March 25, 2023 and March 19, 2022 from this agreement. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 25, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Share-Based Compensation The following table summarizes our total share-based compensation expense, which is primarily recorded in selling, general and administrative expenses: 12 Weeks Ended 3/25/2023 3/19/2022 Share-based compensation expense – equity awards $ 93 $ 81 Share-based compensation expense – liability awards 6 5 Acquisition and divestiture-related charges — 3 Restructuring charges 1 (1) Total $ 100 $ 88 The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan: 12 Weeks Ended 3/25/2023 3/19/2022 Granted (a) Weighted-Average Grant Price Granted (a) Weighted-Average Grant Price Stock options 2.0 $ 171.00 2.1 $ 163.00 RSUs and PSUs 2.1 $ 171.00 2.3 $ 163.00 (a) In millions. All grant activity is disclosed at target. We granted long-term cash awards to certain executive officers and other senior executives with an aggregate target value of $19 million and $18 million during the 12 weeks ended March 25, 2023 and March 19, 2022, respectively. Our weighted-average Black-Scholes fair value assumptions are as follows: 12 Weeks Ended 3/25/2023 3/19/2022 Expected life 7 years 7 years Risk-free interest rate 4.2 % 1.7 % Expected volatility 16 % 16 % Expected dividend yield 2.7 % 2.5 % |
Pension and Retiree Medical Ben
Pension and Retiree Medical Benefits (Notes) | 3 Months Ended |
Mar. 25, 2023 | |
Pension and Retiree Medical Benefits [Abstract] | |
Pension and Retiree Medical Benefits | Pension and Retiree Medical Benefits The components of net periodic benefit cost/(income) for pension and retiree medical plans are as follows: 12 Weeks Ended Pension Retiree Medical U.S. International 3/25/2023 3/19/2022 3/25/2023 3/19/2022 3/25/2023 3/19/2022 Service cost $ 76 $ 114 $ 8 $ 17 $ 6 $ 8 Other pension and retiree medical benefits income: Interest cost 137 88 25 17 8 4 Expected return on plan assets (197) (215) (35) (42) (3) (3) Amortization of prior service credits (6) (6) — — (1) (2) Amortization of net losses/(gains) 16 33 2 5 (6) (3) Settlement/curtailment gains — — — — — (16) Special termination benefits (1) 6 — — — — Total other pension and retiree medical benefits income (51) (94) (8) (20) (2) (20) Total $ 25 $ 20 $ — $ (3) $ 4 $ (12) We regularly evaluate opportunities to reduce risk and volatility associated with our pension and retiree medical plans. During the 12 weeks ended March 25, 2023 and March 19, 2022, we made discretionary contributions of $125 million and $75 million, respectively, to our U.S. qualified defined benefit plans, and $17 million and $10 million, respectively, to our international defined benefit plans. We expect to make an additional discretionary contribution of $125 million to our U.S. qualified defined benefit plans in the third quarter of 2023. |
Debt Obligations
Debt Obligations | 3 Months Ended |
Mar. 25, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Debt Obligations In the 12 weeks ended March 25, 2023, we issued the following notes: Interest Rate Maturity Date Principal Amount (a) Floating rate February 2026 $ 350 4.550 % February 2026 $ 500 4.450 % May 2028 $ 650 4.450 % February 2033 $ 1,000 4.650 % February 2053 $ 500 (a) Excludes debt issuance costs, discounts and premiums. The net proceeds from the issuances of the above notes were used for general corporate purposes, including the repayment of commercial paper. In the 12 weeks ended March 25, 2023, $1.3 billion of USD-denominated senior notes matured and were paid. Subsequent to March 25, 2023, we discharged via legal defeasance $94 million outstanding principal amount of certain notes originally issued by our subsidiary, The Quaker Oats Company, following the deposit of $102 million of U.S. government securities with the Bank of New York Mellon, as trustee, in the fourth quarter of 2022. As of March 25, 2023, we had $800 million of commercial paper outstanding, excluding discounts. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 25, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments We are exposed to market risks arising from adverse changes in: • commodity prices, affecting the cost of our raw materials and energy; • foreign exchange rates and currency restrictions; and • interest rates. There have been no material changes during the 12 weeks ended March 25, 2023 with respect to our risk management policies or strategies and valuation techniques used in measuring the fair value of the financial assets or liabilities disclosed in Note 9 to our consolidated financial statements in our 2022 Form 10-K. Certain of our agreements with our counterparties require us to post full collateral on derivative instruments in a net liability position if our credit rating is at A2 (Moody’s Investors Service, Inc.) or A (S&P Global Ratings) and we have been placed on credit watch for possible downgrade or if our credit rating falls below either of these levels. The fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position as of March 25, 2023 was $228 million. We have posted no collateral under these contracts and no credit-risk-related contingent features were triggered as of March 25, 2023. The notional amounts of our financial instruments used to hedge the above risks as of March 25, 2023 and December 31, 2022 are as follows: Notional Amounts (a) 3/25/2023 12/31/2022 Commodity $ 1.8 $ 1.8 Foreign exchange $ 2.8 $ 3.0 Interest rate $ 1.3 $ 1.3 Net investment (b) $ 2.9 $ 2.9 (a) In billions. (b) The total notional of our net investment hedge consists of non-derivative debt instruments. As of March 25, 2023, approximately 4% of total debt, after the impact of the related interest rate derivative instruments, was subject to variable rates, compared to 1% as of December 31, 2022. Debt Securities 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. There were no unrealized gains and losses on our investments as of March 25, 2023. There were no impairment charges related to our investments for the 12 weeks ended March 25, 2023. Fair Value Measurements The fair values of our financial assets and liabilities as of March 25, 2023 and December 31, 2022 are categorized as follows: 3/25/2023 12/31/2022 Fair Value Hierarchy Levels (a) Assets (a) Liabilities (a) Assets (a) Liabilities (a) Available-for-sale debt securities (b) 2 $ 658 $ — $ 660 $ — Index funds (c) 1 $ 250 $ — $ 257 $ — Prepaid forward contracts (d) 2 $ 14 $ — $ 14 $ — Deferred compensation (e) 2 $ — $ 432 $ — $ 434 Derivatives designated as cash flow hedging instruments: Foreign exchange (f) 2 $ 23 $ 34 $ 24 $ 22 Interest rate (f) 2 — 175 — 164 Commodity (g) 2 2 50 2 60 $ 25 $ 259 $ 26 $ 246 Derivatives not designated as hedging instruments: Foreign exchange (f) 2 $ 17 $ 17 $ 21 $ 21 Commodity (g) 2 9 45 11 51 $ 26 $ 62 $ 32 $ 72 Total derivatives at fair value (h) $ 51 $ 321 $ 58 $ 318 Total $ 973 $ 753 $ 989 $ 752 (a) Fair value hierarchy levels are categorized consistently by Level 1 (quoted prices in active markets for identical assets) and Level 2 (significant other observable inputs) in both years. Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. (b) Primarily related to our investment in Celsius Holdings, Inc. 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 March 25, 2023, $99 million and $559 million were classified as short-term investments and other assets, respectively. 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 March 25, 2023 and December 31, 2022 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table. The carrying amounts of our cash and cash equivalents and short-term investments recorded at amortized cost approximate fair value (classified as Level 2 in the fair value hierarchy) due to their short-term maturity. The fair value of our debt obligations as of March 25, 2023 and December 31, 2022 was $39 billion and $35 billion, respectively, based upon prices of identical or similar instruments in the marketplace, which are considered Level 2 inputs. Losses/(gains) on our cash flow and net investment hedges are categorized as follows: 12 Weeks Ended Losses/(Gains) Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (a) 3/25/2023 3/19/2022 3/25/2023 3/19/2022 Foreign exchange $ 16 $ (8) $ 1 $ (4) Interest rate 11 (3) 3 20 Commodity 65 (189) 9 (78) Net investment 37 (51) — — Total $ 129 $ (251) $ 13 $ (62) (a) Foreign exchange derivative losses/(gains) are included in net revenue and cost of sales. Interest rate derivative losses/(gains) 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 $119 million related to our cash flow hedges from accumulated other comprehensive loss within common shareholders’ equity into net income during the next 12 months. Losses/(gains) recognized in the income statement related to our non-designated hedges are categorized as follows: 12 Weeks Ended 3/25/2023 3/19/2022 Cost of sales Selling, general and administrative expenses Total Cost of sales Selling, general and administrative expenses Total Foreign exchange $ (1) $ (5) $ (6) $ 11 $ (27) $ (16) Commodity 31 50 81 (74) (92) (166) Total $ 30 $ 45 $ 75 $ (63) $ (119) $ (182) |
Net Income Attributable to Peps
Net Income Attributable to PepsiCo per Common Share | 3 Months Ended |
Mar. 25, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Attributable to PepsiCo per Common Share | Net Income Attributable to PepsiCo per Common Share The computations of basic and diluted net income attributable to PepsiCo per common share are as follows: 12 Weeks Ended 3/25/2023 3/19/2022 Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 1.40 $ 3.08 Net income available for PepsiCo common shareholders $ 1,932 1,378 $ 4,261 1,383 Dilutive securities: Stock options, RSUs, PSUs and other (b) — 6 — 8 Diluted $ 1,932 1,384 $ 4,261 1,391 Diluted net income attributable to PepsiCo per common share $ 1.40 $ 3.06 (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 | 3 Months Ended |
Mar. 25, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss Attributable to PepsiCo | Accumulated Other Comprehensive Loss Attributable to PepsiCo The changes in the balances of each component of accumulated other comprehensive loss attributable to PepsiCo are as follows: Currency Translation Adjustment Cash Flow Hedges Pension and Retiree Medical Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 31, 2022 (a) $ (12,948) $ 1 $ (2,361) $ 6 $ (15,302) Other comprehensive (loss) before reclassifications (b) (350) (92) (9) (1) (452) Amounts reclassified from accumulated other comprehensive loss (c) 108 13 5 — 126 Net other comprehensive (loss) (242) (79) (4) (1) (326) Tax amounts 7 20 — — 27 Balance as of March 25, 2023 (a) $ (13,183) $ (58) $ (2,365) $ 5 $ (15,601) (a) Pension and retiree medical amounts are net of taxes of $1,184 million as of both December 31, 2022 and March 25, 2023. (b) Currency translation adjustment primarily reflects depreciation of the Egyptian pound and Russian ruble. (c) Release of currency translation adjustment is in relation to the sale of a non-strategic brand and an investment within our AMESA division. Currency Translation Adjustment Cash Flow Hedges Pension and Retiree Medical Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 25, 2021 (a) $ (12,309) $ 159 $ (2,750) $ 2 $ (14,898) Other comprehensive (loss)/income before reclassifications (b) (549) 200 (8) — (357) Amounts reclassified from accumulated other comprehensive loss — (62) 25 — (37) Net other comprehensive (loss)/income (549) 138 17 — (394) Tax amounts (11) (32) (4) (4) (51) Balance as of March 19, 2022 (a) $ (12,869) $ 265 $ (2,737) $ (2) $ (15,343) (a) Pension and retiree medical amounts are net of taxes of $1,283 million as of December 25, 2021 and $1,279 million as of March 19, 2022. (b) Currency translation adjustment primarily reflects depreciation of the Russian ruble, partially offset by the appreciation of the South African rand, Brazilian real and Canadian dollar. The reclassifications from accumulated other comprehensive loss to the income statement are summarized as follows: 12 Weeks Ended 3/25/2023 3/19/2022 Affected Line Item in the Income Statement Currency translation: Divestitures $ 108 $ — Selling, general and administrative expenses Cash flow hedges: Foreign exchange contracts $ (2) $ (2) Net revenue Foreign exchange contracts 3 (2) Cost of sales Interest rate derivatives 3 20 Selling, general and administrative expenses Commodity contracts 10 (76) Cost of sales Commodity contracts (1) (2) Selling, general and administrative expenses Net losses/(gains) before tax 13 (62) Tax amounts (4) 10 Net losses/(gains) after tax $ 9 $ (52) Pension and retiree medical items: Amortization of prior service credits $ (7) $ (8) Other pension and retiree medical benefits income Amortization of net losses 12 35 Other pension and retiree medical benefits income Settlement/curtailment gains — (2) Other pension and retiree medical benefits income Net losses before tax 5 25 Tax amounts (1) (6) Net losses after tax $ 4 $ 19 Total net losses/(gains) reclassified, net of tax $ 121 $ (33) |
Acquisitions & Divestitures
Acquisitions & Divestitures | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Acquisitions & Divestitures [Abstract] | ||
Acquisitions and Divestitures | Acquisitions and Divestitures Acquisition and Divestiture-Related Charges Acquisition and divestiture-related charges include merger and integration charges and costs associated with divestitures. Divestiture-related charges reflect transaction expenses, including consulting, advisory and other professional fees. A summary of our acquisition and divestiture-related charges is as follows: 12 Weeks Ended 3/25/2023 3/19/2022 PBNA $ 2 $ 37 Europe — 10 Corporate — 3 Total (a) 2 50 Other pension and retiree medical benefits expense — 6 Total acquisition and divestiture-related charges $ 2 $ 56 After-tax amount $ 1 $ 47 Impact on net income attributable to PepsiCo per common share $ — $ (0.03) (a) Recorded in selling, general and administrative expenses. | Juice Transaction In the 12 weeks ended March 19, 2022, we sold our Tropicana, Naked and other select juice brands to PAI Partners for $3.5 billion in cash and a 39% noncontrolling interest in TBG, operating across North America and Europe. In the United States, PepsiCo acts as the exclusive distributor for TBG’s portfolio of brands for small-format and foodservice customers with chilled direct-store-delivery. We have significant influence over our investment in TBG and account for our investment under the equity method, recognizing our proportionate share of TBG’s earnings on our income statement (recorded in selling, general and administrative expenses). As a result of this transaction, in the year ended December 31, 2022, we recorded a pre-tax gain of $3.3 billion ($2.9 billion after-tax or $2.08 per share) in our PBNA and Europe divisions, including $520 million related to the remeasurement of our 39% ownership in TBG at fair value using a combination of the transaction price, discounted cash flo ws and an option pricing model related to our liquidation preference in TBG . See Note 13 to our consolidated financial statements in our 2022 Form 10-K for further information. |
Supply Chain Financing
Supply Chain Financing | 3 Months Ended |
Mar. 25, 2023 | |
Text Block [Abstract] | |
Supply Chain Financing | Supply Chain Financing ArrangementsAs part of our evolving market practices, we work with our suppliers to optimize our terms and conditions, which include the extension of payment terms. Our current payment terms with a majority of our suppliers generally range from 60 to 90 days, which we deem to be commercially reasonable. We will continue to monitor economic conditions and market practice working with our suppliers to adjust as necessary. We also maintain voluntary supply chain finance agreements with several participating global financial institutions. Under these agreements, our suppliers, at their sole discretion, may elect to sell their accounts receivable with PepsiCo to these participating global financial institutions. Supplier participation in these financing arrangements is voluntary. Our suppliers negotiate their financing agreements directly with the respective global financial institutions and we are not a party to these agreements. These financing arrangements allow participating suppliers to leverage PepsiCo’s creditworthiness in establishing credit spreads and associated costs, which generally provides our suppliers with more favorable terms than they would be able to secure on their own. Neither PepsiCo nor any of its subsidiaries provide any guarantees to any third party in connection with these financing arrangements. We have no economic interest in our suppliers’ decision to participate in these agreements. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted. All outstanding amounts related to suppliers participating in such financing arrangements are recorded within accounts payable and other current liabilities in our condensed consolidated balance sheet. As of March 25, 2023 and December 31, 2022, $1.9 billion and $1.7 billion, respectively, of our accounts payable are to suppliers participating in these financing arrangements. |
Basis of Presentation and Our_2
Basis of Presentation and Our Divisions (Policies) | 3 Months Ended |
Mar. 25, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period, Policy | While our financial results in the United States and Canada (North America) are reported on a 12-week basis, all of our international operations are reported on a monthly calendar basis for which the months of January and February are reflected in our results for the 12 weeks ended |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 25, 2023 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adopted In September 2022, the Financial Accounting Standards Board 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. We adopted the guidance in the first quarter of 2023, except for the rollforward, which is effective in fiscal year 2024 with early adoption permitted. We currently plan to adopt the rollforward guidance when effective. See Note 13 for disclosures currently required under this guidance. |
Basis of Presentation and Our_3
Basis of Presentation and Our Divisions (Tables) | 3 Months Ended |
Mar. 25, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Segment Reporting Information By Net Revenue | Net revenue of each division is as follows: 12 Weeks Ended 3/25/2023 3/19/2022 FLNA $ 5,583 $ 4,839 QFNA 777 713 PBNA 5,798 5,353 LatAm 1,777 1,474 Europe 1,886 1,797 AMESA 1,019 1,004 APAC 1,006 1,020 Total $ 17,846 $ 16,200 |
Summary of Segment Reporting Information by Percentage of Disaggregated Net Revenue | Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following tables reflect the approximate percentage of net revenue generated between our beverage business and our convenient food business for each of our international divisions, as well as our consolidated net revenue: 12 Weeks Ended 3/25/2023 3/19/2022 Beverages (a) Convenient Foods Beverages (a) Convenient Foods LatAm 10 % 90 % 10 % 90 % Europe 45 % 55 % 50 % 50 % AMESA 30 % 70 % 30 % 70 % APAC 15 % 85 % 15 % 85 % PepsiCo 40 % 60 % 40 % 60 % (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 each of the 12 weeks ended March 25, 2023 and March 19, 2022. Generally, our finished goods beverage operations produce higher net revenue but lower operating margin as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages. |
Summary of Segment Reporting Information by Operating Profit | Operating profit of each division is as follows: 12 Weeks Ended 3/25/2023 3/19/2022 FLNA $ 1,599 $ 1,296 QFNA 188 159 PBNA (a) 483 3,434 LatAm 364 323 Europe (a) (b) 71 (136) AMESA 168 180 APAC 227 215 Total divisions 3,100 5,471 Corporate unallocated expenses (471) (204) Total $ 2,629 $ 5,267 (a) In the 12 weeks ended March 19, 2022, we recorded a gain of $3,024 million and $298 million in our PBNA and Europe divisions, respectively, associated with the Juice Transaction. The total after-tax amount was $2,870 million or $2.06 per share. See Note 12 for further information. (b) In the 12 weeks ended March 19, 2022, we recognized impairment and other charges/credits as follows: (1) Pre-tax charges of $241 million ($241 million after-tax or $0.17 per share), as a result of the Russia-Ukraine conflict, including impairment related to property, plant and equipment, allowance for expected credit losses, inventory write downs and other charges, with $140 million recorded in cost of sales, $100 million recorded in selling, general and administrative expenses and $1 million recorded in impairment of intangible assets. (2) Pre-tax brand portfolio impairment charges of $241 million ($193 million after-tax or $0.14 per share) in impairment of intangible assets related to the repositioning or discontinuation of certain juice and dairy brands in Russia. See Note 4 for further information. For information on indefinite-lived intangible assets, see Notes 2 and 4 to our consolidated financial statements in our 2022 Form 10-K. |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 3 Months Ended |
Mar. 25, 2023 | |
2019 Productivity Plan | |
Restructuring Cost and Reserve [Line Items] | |
Summary of Productivity Plan Activity | 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: 12 Weeks Ended 3/25/2023 3/19/2022 Cost of sales $ 3 $ 5 Selling, general and administrative expenses 110 22 Other pension and retiree medical benefits income (a) (1) — Total restructuring and impairment charges $ 112 $ 27 After-tax amount $ 98 $ 21 Impact on net income attributable to PepsiCo per common share $ (0.07) $ (0.02) 12 Weeks Ended Plan to Date 3/25/2023 3/19/2022 through 3/25/2023 FLNA $ 7 $ 3 $ 217 QFNA — — 19 PBNA 5 3 231 LatAm 5 6 176 Europe 89 7 432 AMESA 5 2 87 APAC 1 1 78 Corporate 1 5 230 113 27 1,470 Other pension and retiree medical benefits (income)/expense (a) (1) — 97 Total $ 112 $ 27 $ 1,567 (a) Income amount represents adjustments for changes in estimates of previously recorded amounts. 12 Weeks Ended Plan to Date 3/25/2023 3/19/2022 through 3/25/2023 Severance and other employee costs $ 92 $ 11 $ 899 Asset impairments — — 190 Other costs 20 16 478 Total $ 112 $ 27 $ 1,567 A summary of our 2019 Productivity Plan activity for the 12 weeks ended March 25, 2023 is as follows: Severance and Other Employee Costs Other Costs Total Liability as of December 31, 2022 $ 188 $ 8 $ 196 2023 restructuring charges 92 20 112 Cash payments (44) (20) (64) Non-cash charges and translation (4) — (4) Liability as of March 25, 2023 $ 232 $ 8 $ 240 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 25, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | A summary of our amortizable intangible assets is as follows: 3/25/2023 12/31/2022 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Acquired franchise rights $ 833 $ (202) $ 631 $ 837 $ (200) $ 637 Customer relationships 563 (240) 323 571 (237) 334 Brands 1,085 (969) 116 1,097 (973) 124 Other identifiable intangibles 445 (265) 180 447 (265) 182 Total $ 2,926 $ (1,676) $ 1,250 $ 2,952 $ (1,675) $ 1,277 |
Schedule Of Change In Book Value Of Indefinite-Lived Intangible Assets | The change in the book value of indefinite-lived intangible assets is as follows: Balance 12/31/2022 Translation Balance 3/25/2023 FLNA Goodwill $ 451 $ (2) $ 449 Brands 251 — 251 Total 702 (2) 700 QFNA Goodwill 189 — 189 Total 189 — 189 PBNA Goodwill 11,947 (7) 11,940 Reacquired franchise rights 7,061 (12) 7,049 Acquired franchise rights 1,758 (2) 1,756 Brands 2,508 1 2,509 Total 23,274 (20) 23,254 LatAm Goodwill 436 7 443 Brands 75 2 77 Total 511 9 520 Europe Goodwill 3,646 (56) 3,590 Reacquired franchise rights 421 (8) 413 Acquired franchise rights 148 (1) 147 Brands 1,664 (1) 1,663 Total 5,879 (66) 5,813 AMESA Goodwill 1,015 (52) 963 Brands 156 (13) 143 Total 1,171 (65) 1,106 APAC Goodwill 518 (3) 515 Brands 267 (2) 265 Total 785 (5) 780 Total goodwill 18,202 (113) 18,089 Total reacquired franchise rights 7,482 (20) 7,462 Total acquired franchise rights 1,906 (3) 1,903 Total brands 4,921 (13) 4,908 Total $ 32,511 $ (149) $ 32,362 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 25, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes our total share-based compensation expense, which is primarily recorded in selling, general and administrative expenses: 12 Weeks Ended 3/25/2023 3/19/2022 Share-based compensation expense – equity awards $ 93 $ 81 Share-based compensation expense – liability awards 6 5 Acquisition and divestiture-related charges — 3 Restructuring charges 1 (1) Total $ 100 $ 88 |
Schedule of Share-based Payment Award, PepsiCo, Inc. Long-Term Incentive Plan | The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan: 12 Weeks Ended 3/25/2023 3/19/2022 Granted (a) Weighted-Average Grant Price Granted (a) Weighted-Average Grant Price Stock options 2.0 $ 171.00 2.1 $ 163.00 RSUs and PSUs 2.1 $ 171.00 2.3 $ 163.00 |
Schedule Of Weighted-Average Black-Scholes Fair Value Assumptions | Our weighted-average Black-Scholes fair value assumptions are as follows: 12 Weeks Ended 3/25/2023 3/19/2022 Expected life 7 years 7 years Risk-free interest rate 4.2 % 1.7 % Expected volatility 16 % 16 % Expected dividend yield 2.7 % 2.5 % |
Pension and Retiree Medical B_2
Pension and Retiree Medical Benefits - Periodic Benefit Cost (Tables) | 3 Months Ended |
Mar. 25, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The components of net periodic benefit cost/(income) for pension and retiree medical plans are as follows: 12 Weeks Ended Pension Retiree Medical U.S. International 3/25/2023 3/19/2022 3/25/2023 3/19/2022 3/25/2023 3/19/2022 Service cost $ 76 $ 114 $ 8 $ 17 $ 6 $ 8 Other pension and retiree medical benefits income: Interest cost 137 88 25 17 8 4 Expected return on plan assets (197) (215) (35) (42) (3) (3) Amortization of prior service credits (6) (6) — — (1) (2) Amortization of net losses/(gains) 16 33 2 5 (6) (3) Settlement/curtailment gains — — — — — (16) Special termination benefits (1) 6 — — — — Total other pension and retiree medical benefits income (51) (94) (8) (20) (2) (20) Total $ 25 $ 20 $ — $ (3) $ 4 $ (12) |
Debt Obligations (Tables)
Debt Obligations (Tables) | 3 Months Ended |
Mar. 25, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Issuances | In the 12 weeks ended March 25, 2023, we issued the following notes: Interest Rate Maturity Date Principal Amount (a) Floating rate February 2026 $ 350 4.550 % February 2026 $ 500 4.450 % May 2028 $ 650 4.450 % February 2033 $ 1,000 4.650 % February 2053 $ 500 (a) Excludes debt issuance costs, discounts and premiums. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 25, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Financial Instruments | The notional amounts of our financial instruments used to hedge the above risks as of March 25, 2023 and December 31, 2022 are as follows: Notional Amounts (a) 3/25/2023 12/31/2022 Commodity $ 1.8 $ 1.8 Foreign exchange $ 2.8 $ 3.0 Interest rate $ 1.3 $ 1.3 Net investment (b) $ 2.9 $ 2.9 (a) In billions. (b) The total notional of our net investment hedge consists of non-derivative debt instruments. |
Summary of Fair Values of Financial Assets and Liabilities | The fair values of our financial assets and liabilities as of March 25, 2023 and December 31, 2022 are categorized as follows: 3/25/2023 12/31/2022 Fair Value Hierarchy Levels (a) Assets (a) Liabilities (a) Assets (a) Liabilities (a) Available-for-sale debt securities (b) 2 $ 658 $ — $ 660 $ — Index funds (c) 1 $ 250 $ — $ 257 $ — Prepaid forward contracts (d) 2 $ 14 $ — $ 14 $ — Deferred compensation (e) 2 $ — $ 432 $ — $ 434 Derivatives designated as cash flow hedging instruments: Foreign exchange (f) 2 $ 23 $ 34 $ 24 $ 22 Interest rate (f) 2 — 175 — 164 Commodity (g) 2 2 50 2 60 $ 25 $ 259 $ 26 $ 246 Derivatives not designated as hedging instruments: Foreign exchange (f) 2 $ 17 $ 17 $ 21 $ 21 Commodity (g) 2 9 45 11 51 $ 26 $ 62 $ 32 $ 72 Total derivatives at fair value (h) $ 51 $ 321 $ 58 $ 318 Total $ 973 $ 753 $ 989 $ 752 (a) Fair value hierarchy levels are categorized consistently by Level 1 (quoted prices in active markets for identical assets) and Level 2 (significant other observable inputs) in both years. Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. (b) Primarily related to our investment in Celsius Holdings, Inc. 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 March 25, 2023, $99 million and $559 million were classified as short-term investments and other assets, respectively. 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 March 25, 2023 and December 31, 2022 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. |
Summary of Losses (Gains) On Derivative Instruments | Losses/(gains) on our cash flow and net investment hedges are categorized as follows: 12 Weeks Ended Losses/(Gains) Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement (a) 3/25/2023 3/19/2022 3/25/2023 3/19/2022 Foreign exchange $ 16 $ (8) $ 1 $ (4) Interest rate 11 (3) 3 20 Commodity 65 (189) 9 (78) Net investment 37 (51) — — Total $ 129 $ (251) $ 13 $ (62) (a) Foreign exchange derivative losses/(gains) are included in net revenue and cost of sales. Interest rate derivative losses/(gains) 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. Losses/(gains) recognized in the income statement related to our non-designated hedges are categorized as follows: 12 Weeks Ended 3/25/2023 3/19/2022 Cost of sales Selling, general and administrative expenses Total Cost of sales Selling, general and administrative expenses Total Foreign exchange $ (1) $ (5) $ (6) $ 11 $ (27) $ (16) Commodity 31 50 81 (74) (92) (166) Total $ 30 $ 45 $ 75 $ (63) $ (119) $ (182) |
Net Income Attributable to Pe_2
Net Income Attributable to PepsiCo per Common Share (Tables) | 3 Months Ended |
Mar. 25, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic And Diluted Net Income Per Common Share | The computations of basic and diluted net income attributable to PepsiCo per common share are as follows: 12 Weeks Ended 3/25/2023 3/19/2022 Income Shares (a) Income Shares (a) Basic net income attributable to PepsiCo per common share $ 1.40 $ 3.08 Net income available for PepsiCo common shareholders $ 1,932 1,378 $ 4,261 1,383 Dilutive securities: Stock options, RSUs, PSUs and other (b) — 6 — 8 Diluted $ 1,932 1,384 $ 4,261 1,391 Diluted net income attributable to PepsiCo per common share $ 1.40 $ 3.06 (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) | 3 Months Ended |
Mar. 25, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the balances of each component of accumulated other comprehensive loss attributable to PepsiCo are as follows: Currency Translation Adjustment Cash Flow Hedges Pension and Retiree Medical Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 31, 2022 (a) $ (12,948) $ 1 $ (2,361) $ 6 $ (15,302) Other comprehensive (loss) before reclassifications (b) (350) (92) (9) (1) (452) Amounts reclassified from accumulated other comprehensive loss (c) 108 13 5 — 126 Net other comprehensive (loss) (242) (79) (4) (1) (326) Tax amounts 7 20 — — 27 Balance as of March 25, 2023 (a) $ (13,183) $ (58) $ (2,365) $ 5 $ (15,601) (a) Pension and retiree medical amounts are net of taxes of $1,184 million as of both December 31, 2022 and March 25, 2023. (b) Currency translation adjustment primarily reflects depreciation of the Egyptian pound and Russian ruble. (c) Release of currency translation adjustment is in relation to the sale of a non-strategic brand and an investment within our AMESA division. Currency Translation Adjustment Cash Flow Hedges Pension and Retiree Medical Other Accumulated Other Comprehensive Loss Attributable to PepsiCo Balance as of December 25, 2021 (a) $ (12,309) $ 159 $ (2,750) $ 2 $ (14,898) Other comprehensive (loss)/income before reclassifications (b) (549) 200 (8) — (357) Amounts reclassified from accumulated other comprehensive loss — (62) 25 — (37) Net other comprehensive (loss)/income (549) 138 17 — (394) Tax amounts (11) (32) (4) (4) (51) Balance as of March 19, 2022 (a) $ (12,869) $ 265 $ (2,737) $ (2) $ (15,343) (a) Pension and retiree medical amounts are net of taxes of $1,283 million as of December 25, 2021 and $1,279 million as of March 19, 2022. (b) Currency translation adjustment primarily reflects depreciation of the Russian ruble, partially offset by the appreciation of the South African rand, Brazilian real and Canadian dollar. |
Reclassifications out of Accumulated Other Comprehensive Loss | The reclassifications from accumulated other comprehensive loss to the income statement are summarized as follows: 12 Weeks Ended 3/25/2023 3/19/2022 Affected Line Item in the Income Statement Currency translation: Divestitures $ 108 $ — Selling, general and administrative expenses Cash flow hedges: Foreign exchange contracts $ (2) $ (2) Net revenue Foreign exchange contracts 3 (2) Cost of sales Interest rate derivatives 3 20 Selling, general and administrative expenses Commodity contracts 10 (76) Cost of sales Commodity contracts (1) (2) Selling, general and administrative expenses Net losses/(gains) before tax 13 (62) Tax amounts (4) 10 Net losses/(gains) after tax $ 9 $ (52) Pension and retiree medical items: Amortization of prior service credits $ (7) $ (8) Other pension and retiree medical benefits income Amortization of net losses 12 35 Other pension and retiree medical benefits income Settlement/curtailment gains — (2) Other pension and retiree medical benefits income Net losses before tax 5 25 Tax amounts (1) (6) Net losses after tax $ 4 $ 19 Total net losses/(gains) reclassified, net of tax $ 121 $ (33) |
Acquisitions & Divestitures (Ta
Acquisitions & Divestitures (Tables) | 3 Months Ended |
Mar. 25, 2023 | |
Acquisitions & Divestitures [Abstract] | |
Summary of Acquisition and Divestiture-Related Charges | A summary of our acquisition and divestiture-related charges is as follows: 12 Weeks Ended 3/25/2023 3/19/2022 PBNA $ 2 $ 37 Europe — 10 Corporate — 3 Total (a) 2 50 Other pension and retiree medical benefits expense — 6 Total acquisition and divestiture-related charges $ 2 $ 56 After-tax amount $ 1 $ 47 Impact on net income attributable to PepsiCo per common share $ — $ (0.03) (a) Recorded in selling, general and administrative expenses. |
Basis of Presentation and Our_4
Basis of Presentation and Our Divisions (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 25, 2023 segment | Mar. 19, 2022 USD ($) $ / shares | Dec. 31, 2022 $ / shares | |
Basis Of Presentation And Our Divisions [Line Items] | |||
Number of Reportable Segments | segment | 7 | ||
Disaggregation of Net Revenue - Beverages | 40% | 40% | |
Disaggregation of Net Revenue - Convenient Food | 60% | 60% | |
Gain associated with the Juice Transaction, after-tax | $ 2,870 | ||
Gain associated with the Juice Transaction, - per share amount | $ / shares | $ (2.06) | $ (2.08) | |
Impairment of Intangible Assets (Excluding Goodwill) - Pretax | $ 241 | ||
Impairment of Intangible assets, indefinite-lived (excluding goodwill) - after-tax | $ 193 | ||
LatAm | |||
Basis Of Presentation And Our Divisions [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 10% | 10% | |
Disaggregation of Net Revenue - Convenient Food | 90% | 90% | |
Europe | |||
Basis Of Presentation And Our Divisions [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 45% | 50% | |
Disaggregation of Net Revenue - Convenient Food | 55% | 50% | |
AMESA | |||
Basis Of Presentation And Our Divisions [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 30% | 30% | |
Disaggregation of Net Revenue - Convenient Food | 70% | 70% | |
APAC | |||
Basis Of Presentation And Our Divisions [Line Items] | |||
Disaggregation of Net Revenue - Beverages | 15% | 15% | |
Disaggregation of Net Revenue - Convenient Food | 85% | 85% | |
United States and Canada | |||
Basis Of Presentation And Our Divisions [Line Items] | |||
Fiscal Period Duration | 84 days |
Basis of Presentation and Our_5
Basis of Presentation and Our Divisions - Segment Reporting Information by Net Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | $ 17,846 | $ 16,200 |
FLNA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | 5,583 | 4,839 |
QFNA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | 777 | 713 |
PBNA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | 5,798 | 5,353 |
LatAm | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | 1,777 | 1,474 |
Europe | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | 1,886 | 1,797 |
AMESA | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | 1,019 | 1,004 |
APAC | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Net Revenue | $ 1,006 | $ 1,020 |
Basis of Presentation and Our_6
Basis of Presentation and Our Divisions - Segment Reporting Information by % of Disaggregated Net Revenue (Details) | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Disaggregation of Net Revenue - Beverages | 40% | 40% |
Disaggregation of Net Revenue - Convenient Food | 60% | 60% |
Disaggregation of beverage revenue from company-owned bottlers | 35% | |
LatAm | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregation of Net Revenue - Beverages | 10% | 10% |
Disaggregation of Net Revenue - Convenient Food | 90% | 90% |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregation of Net Revenue - Beverages | 45% | 50% |
Disaggregation of Net Revenue - Convenient Food | 55% | 50% |
AMESA | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregation of Net Revenue - Beverages | 30% | 30% |
Disaggregation of Net Revenue - Convenient Food | 70% | 70% |
APAC | ||
Disaggregation of Revenue [Line Items] | ||
Disaggregation of Net Revenue - Beverages | 15% | 15% |
Disaggregation of Net Revenue - Convenient Food | 85% | 85% |
Basis of Presentation and Our_7
Basis of Presentation and Our Divisions - Segment Reporting Information by Operating Profit (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Operating Profit | $ 2,629 | $ 5,267 | |
Gain associated with the Juice Transaction | 0 | (3,322) | |
Gain associated with the Juice Transaction, after-tax | $ 2,870 | ||
Gain associated with the Juice Transaction, - per share amount | $ 2.06 | $ 2.08 | |
Impairment of Intangible assets, indefinite-lived (excluding goodwill) - after-tax | $ 193 | ||
Impairment of Intangible assets, indefinite-lived (excluding goodwill) - per share amount | $ 0.14 | ||
Impairment of Intangible Assets (Excluding Goodwill) - Pretax | $ 241 | ||
Impairment of Intangible Assets (Excluding Goodwill) Russia-Ukraine Conflict | 241 | ||
Impairment of Intangible assets (excluding Goodwill) Russia-Ukraine Conflict - after tax | $ 241 | ||
Impairment of Intangible Assets (excluding Goodwill) Russia-Ukraine Conflict - per share amount | $ 0.17 | ||
Cost of sales | |||
Segment Reporting Information [Line Items] | |||
Impairment of Intangible Assets (Excluding Goodwill) Russia-Ukraine Conflict | $ 140 | ||
Selling, general and administrative expenses | |||
Segment Reporting Information [Line Items] | |||
Impairment of Intangible Assets (Excluding Goodwill) Russia-Ukraine Conflict | 100 | ||
Impairment of Intangible Assets | |||
Segment Reporting Information [Line Items] | |||
Impairment of Intangible Assets (Excluding Goodwill) Russia-Ukraine Conflict | 1 | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 3,100 | 5,471 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | (471) | (204) | |
FLNA | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 1,599 | 1,296 | |
QFNA | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 188 | 159 | |
PBNA | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 483 | 3,434 | |
Gain associated with the Juice Transaction | (3,024) | ||
LatAm | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 364 | 323 | |
Europe | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 71 | (136) | |
Gain associated with the Juice Transaction | (298) | ||
AMESA | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | 168 | 180 | |
APAC | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | $ 227 | $ 215 |
Restructuring and Impairment _3
Restructuring and Impairment Charges - (Expected Pre-Tax Charges for 2019 Productivity Plan) (Details) - 2019 Productivity Plan $ in Millions | Mar. 25, 2023 USD ($) |
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 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 55% |
[Asset Impairments] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 10% |
Other Costs | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 35% |
Corporate | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 15% |
FLNA | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 15% |
QFNA | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 1% |
PBNA | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 25% |
LatAm | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 10% |
Europe | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 25% |
AMESA | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Percentage of Expect Costs | 5% |
APAC | |
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 | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Cash payments | $ (64) | $ (32) |
2019 Productivity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Liability as of December 31, 2022 | 196 | |
2023 restructuring charges | 112 | $ 27 |
Cash payments | (64) | |
Non-cash charges and translation | (4) | |
Liability as of March 25, 2023 | $ 240 | |
Impact on net income attributable to PepsiCo per common share | $ (0.07) | $ (0.02) |
Restructuring and Related Cost, Cost Incurred to Date | $ 1,567 | |
2019 Productivity Plan | FLNA | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 7 | $ 3 |
Restructuring and Related Cost, Cost Incurred to Date | 217 | |
2019 Productivity Plan | QFNA | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 0 | 0 |
Restructuring and Related Cost, Cost Incurred to Date | 19 | |
2019 Productivity Plan | PBNA | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 5 | 3 |
Restructuring and Related Cost, Cost Incurred to Date | 231 | |
2019 Productivity Plan | AMESA | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 5 | 2 |
Restructuring and Related Cost, Cost Incurred to Date | 87 | |
2019 Productivity Plan | APAC | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 1 | 1 |
Restructuring and Related Cost, Cost Incurred to Date | 78 | |
2019 Productivity Plan | LatAm | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 5 | 6 |
Restructuring and Related Cost, Cost Incurred to Date | 176 | |
2019 Productivity Plan | Europe | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 89 | 7 |
Restructuring and Related Cost, Cost Incurred to Date | 432 | |
Other than 2019 Productivity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 0 | |
Corporate | 2019 Productivity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 1 | 5 |
Restructuring and Related Cost, Cost Incurred to Date | 230 | |
Severance and Other Employee Costs | 2019 Productivity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Liability as of December 31, 2022 | 188 | |
2023 restructuring charges | 92 | 11 |
Cash payments | (44) | |
Non-cash charges and translation | (4) | |
Liability as of March 25, 2023 | 232 | |
Restructuring and Related Cost, Cost Incurred to Date | 899 | |
[Asset Impairments] | 2019 Productivity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 0 | 0 |
Restructuring and Related Cost, Cost Incurred to Date | 190 | |
Other Costs | 2019 Productivity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Liability as of December 31, 2022 | 8 | |
2023 restructuring charges | 20 | 16 |
Cash payments | (20) | |
Non-cash charges and translation | 0 | |
Liability as of March 25, 2023 | 8 | |
Restructuring and Related Cost, Cost Incurred to Date | 478 | |
Cost of sales | 2019 Productivity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 3 | 5 |
Selling, general and administrative expenses | 2019 Productivity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 110 | 22 |
Other pension and retiree medical benefits income (a) | 2019 Productivity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | (1) | 0 |
Restructuring and Related Cost, Cost Incurred to Date | 97 | |
Restructuring, Settlement and Impairment Provisions, less Other pension and retiree medical benefits expense | 2019 Productivity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | 113 | 27 |
Restructuring and Related Cost, Cost Incurred to Date | 1,470 | |
After-tax amount | 2019 Productivity Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
2023 restructuring charges | $ 98 | $ 21 |
Intangible Assets - Impairment
Intangible Assets - Impairment of Intangible Assets (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 19, 2022 USD ($) $ / shares | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment of Intangible Assets (Excluding Goodwill) - Pretax | $ 241 |
Impairment of Intangible assets, indefinite-lived (excluding goodwill) - after-tax | $ 193 |
Impairment of Intangible assets, indefinite-lived (excluding goodwill) - per share amount | $ / shares | $ 0.14 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Millions | Mar. 25, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 2,926 | $ 2,952 |
Accumulated Amortization | (1,676) | (1,675) |
Amortizable Intangible Assets, net | 1,250 | 1,277 |
Acquired Franchise Rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 833 | 837 |
Accumulated Amortization | (202) | (200) |
Amortizable Intangible Assets, net | 631 | 637 |
Reacquired Franchise Rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 563 | 571 |
Accumulated Amortization | (240) | (237) |
Amortizable Intangible Assets, net | 323 | 334 |
Brands | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,085 | 1,097 |
Accumulated Amortization | (969) | (973) |
Amortizable Intangible Assets, net | 116 | 124 |
Other identifiable intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 445 | 447 |
Accumulated Amortization | (265) | (265) |
Amortizable Intangible Assets, net | $ 180 | $ 182 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Change in Book Value of Indefinite-Lived Intangible Assets (Detail) $ in Millions | 3 Months Ended |
Mar. 25, 2023 USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | $ 32,511 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (149) |
Balance 3/25/2023 | 32,362 |
FLNA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 702 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (2) |
Balance 3/25/2023 | 700 |
QFNA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 189 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | 0 |
Balance 3/25/2023 | 189 |
PBNA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 23,274 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (20) |
Balance 3/25/2023 | 23,254 |
AMESA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 1,171 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (65) |
Balance 3/25/2023 | 1,106 |
APAC | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 785 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (5) |
Balance 3/25/2023 | 780 |
LatAm | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 511 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | 9 |
Balance 3/25/2023 | 520 |
Europe | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 5,879 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (66) |
Balance 3/25/2023 | 5,813 |
Goodwill | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 18,202 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (113) |
Balance 3/25/2023 | 18,089 |
Goodwill | FLNA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 451 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (2) |
Balance 3/25/2023 | 449 |
Goodwill | QFNA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 189 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | 0 |
Balance 3/25/2023 | 189 |
Goodwill | PBNA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 11,947 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (7) |
Balance 3/25/2023 | 11,940 |
Goodwill | AMESA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 1,015 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (52) |
Balance 3/25/2023 | 963 |
Goodwill | APAC | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 518 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (3) |
Balance 3/25/2023 | 515 |
Goodwill | LatAm | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 436 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | 7 |
Balance 3/25/2023 | 443 |
Goodwill | Europe | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 3,646 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (56) |
Balance 3/25/2023 | 3,590 |
Brands | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 4,921 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (13) |
Balance 3/25/2023 | 4,908 |
Brands | FLNA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 251 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | 0 |
Balance 3/25/2023 | 251 |
Brands | PBNA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 2,508 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | 1 |
Balance 3/25/2023 | 2,509 |
Brands | AMESA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 156 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (13) |
Balance 3/25/2023 | 143 |
Brands | APAC | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 267 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (2) |
Balance 3/25/2023 | 265 |
Brands | LatAm | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 75 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | 2 |
Balance 3/25/2023 | 77 |
Brands | Europe | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 1,664 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (1) |
Balance 3/25/2023 | 1,663 |
Reacquired franchise rights | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 7,482 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (20) |
Balance 3/25/2023 | 7,462 |
Reacquired franchise rights | PBNA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 7,061 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (12) |
Balance 3/25/2023 | 7,049 |
Reacquired franchise rights | Europe | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 421 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (8) |
Balance 3/25/2023 | 413 |
Acquired franchise rights | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 1,906 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (3) |
Balance 3/25/2023 | 1,903 |
Acquired franchise rights | PBNA | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 1,758 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (2) |
Balance 3/25/2023 | 1,756 |
Acquired franchise rights | Europe | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance 12/31/2022 | 148 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Translation and Other | (1) |
Balance 3/25/2023 | $ 147 |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted Average Black Scholes Fair Value Assumptions (Detail) | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Black Scholes valuation assumptions [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years | 7 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.20% | 1.70% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 16% | 16% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.70% | 2.50% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognized stock-based compensation expense | $ 93 | $ 81 |
Compensation cost for share-based liabilities | 6 | 5 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | 100 | 88 |
Share based liability awards granted, target | 19 | 18 |
Share-based Compensation | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Acquisition and divestiture-related charges | 0 | 3 |
Share-based Compensation | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restructuring and impairment charges | $ 1 | $ (1) |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2 | 2.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Price | $ 171 | $ 163 |
RSUs and PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2.1 | 2.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Weighted Average Grant Price | $ 171 | $ 163 |
Pension and Retiree Medical B_3
Pension and Retiree Medical Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Domestic Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 76 | $ 114 |
Defined Benefit Plan, Interest Cost | 137 | 88 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (197) | (215) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (6) | (6) |
Defined Benefit Plan, Amortization of Gain (Loss) | 16 | 33 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Curtailment | 0 | |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | (1) | |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 6 | |
Defined Benefit Plan, Other Cost (Credit) | (51) | (94) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 25 | 20 |
Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | 8 | 17 |
Defined Benefit Plan, Interest Cost | 25 | 17 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (35) | (42) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | 2 | 5 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Curtailment | 0 | 0 |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (8) | (20) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | (3) | |
Retiree Medical Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | 6 | 8 |
Defined Benefit Plan, Interest Cost | 8 | 4 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (3) | (3) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (1) | (2) |
Defined Benefit Plan, Amortization of Gain (Loss) | (6) | (3) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Curtailment | 0 | (16) |
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | (2) | (20) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 4 | $ (12) |
Pension and Retiree Medical B_4
Pension and Retiree Medical Benefits - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 25, 2023 | Mar. 19, 2022 | Sep. 09, 2023 | |
Domestic Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 125 | $ 75 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), (Gain) Loss Due to Settlement | 0 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 25 | 20 | |
Domestic Plan | Forecast | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 125 | ||
Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 17 | 10 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (3) |
Debt Obligations - Summary of S
Debt Obligations - Summary of Senior Notes (Detail) $ in Millions | Mar. 25, 2023 USD ($) |
Notes Due 2028 | Four Point Four Five Percent Notes due 2028 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.45% |
Debt Instrument, Face Amount | $ 650 |
Notes Due 2026 | Four Point Five Five Percent Notes due 2026 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.55% |
Debt Instrument, Face Amount | $ 500 |
Notes Due 2026 | Floating Rate Percent Notes due 2026 | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 350 |
Notes Due 2033 | Four Point Four Five Percent Notes due 2033 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.45% |
Debt Instrument, Face Amount | $ 1,000 |
Notes Due 2053 | Four Point Six Five Percent Notes due 2053 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 4.65% |
Debt Instrument, Face Amount | $ 500 |
Debt Obligations - (Narrative)
Debt Obligations - (Narrative) (Details) $ in Millions | Mar. 25, 2023 USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Current Maturities | $ 1,300 |
Commercial Paper | 800 |
Multi Tranche Notes Due 2023-2026 | Defeasance of Long Term Debt | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | 94 |
Debt Instrument, Repurchase Amount | $ 102 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 25, 2023 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 228,000,000 | |
Additional Collateral, Aggregate Fair Value | 0 | |
Debt Securities, Available-for-Sale, Unrealized Gain (Loss) | 0 | |
Impairment Losses, Investments, Available-for-Sale Securities | 0 | |
Debt Instrument, Fair Value Disclosure | 39,000,000,000 | $ 35,000,000,000 |
Cash Flow Hedge Gain/(Loss) to be Reclassified within Twelve Months | (119,000,000) | |
Collateral Already Posted, Aggregate Fair Value | $ 0 | |
Interest Rate Contract | ||
Derivatives, Fair Value [Line Items] | ||
Total Debt, Percentage Bearing Variable Interest, Percentage Rate | 4% | 1% |
Financial Instruments - Notiona
Financial Instruments - Notional Amounts of Financial Instruments (Detail) - USD ($) $ in Billions | Mar. 25, 2023 | Dec. 31, 2022 |
Net Investment Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 2.9 | $ 2.9 |
Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1.8 | 1.8 |
Foreign Exchange Contract | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2.8 | 3 |
Interest Rate Contract | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 1.3 | $ 1.3 |
Financial Instruments - Fair Va
Financial Instruments - Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Mar. 25, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Short-term Investments | $ 434 | $ 394 |
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 321 | 318 |
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 51 | 58 |
Total Financial Assets At Fair Value | 973 | 989 |
Total Financial Liabilities At Fair Value | 753 | 752 |
Derivatives Designated As Cash Flow Hedging Instruments Assets | ||
Derivatives, Fair Value [Line Items] | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 25 | 26 |
Derivatives Designated As Cash Flow Hedging Instruments Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 259 | 246 |
Derivatives Not Designated As Hedging Instruments Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 26 | 32 |
Derivatives Not Designated As Hedging Instruments Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 62 | 72 |
Fair Value, Inputs, Level 2 | Derivatives Designated As Cash Flow Hedging Instruments Assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Asset at Fair Value | 23 | 24 |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | 0 |
Price Risk Cash Flow Hedge Asset, at Fair Value | 2 | 2 |
Fair Value, Inputs, Level 2 | Derivatives Designated As Cash Flow Hedging Instruments Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 34 | 22 |
Interest Rate Cash Flow Hedge Liability at Fair Value | 175 | 164 |
Price Risk Cash Flow Hedge Liability, at Fair Value | 50 | 60 |
Fair Value, Inputs, Level 2 | Derivatives Not Designated As Hedging Instruments Assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 17 | 21 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 9 | 11 |
Fair Value, Inputs, Level 2 | Derivatives Not Designated As Hedging Instruments Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 17 | 21 |
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 45 | 51 |
Fair Value, Inputs, Level 2 | Assets | ||
Derivatives, Fair Value [Line Items] | ||
Debt Securities, Available-for-Sale | 658 | 660 |
Prepaid Forward Asset Fair Value | 14 | 14 |
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 2 | Liability | ||
Derivatives, Fair Value [Line Items] | ||
Debt Securities, Available-for-Sale | 0 | 0 |
Prepaid Forward Asset Fair Value | 0 | 0 |
Deferred Compensation Liability, Current and Noncurrent | 432 | 434 |
Fair Value, Inputs, Level 2 | Short-Term Investments | ||
Derivatives, Fair Value [Line Items] | ||
Debt Securities, Available-for-Sale | 99 | 104 |
Fair Value, Inputs, Level 2 | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Debt Securities, Available-for-Sale | 559 | 553 |
Fair Value, Inputs, Level 2 | Cash Equivalents | ||
Derivatives, Fair Value [Line Items] | ||
Debt Securities, Available-for-Sale | 3 | |
Fair Value, Inputs, Level 1 | Assets | ||
Derivatives, Fair Value [Line Items] | ||
Short-term Investments | 250 | 257 |
Fair Value, Inputs, Level 1 | Liability | ||
Derivatives, Fair Value [Line Items] | ||
Short-term Investments | $ 0 | $ 0 |
Financial Instruments - Losses
Financial Instruments - Losses (Gains) On Derivative Instruments - Cash-flow and Net Investment Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Derivative Instruments, Loss (Gain) [Line Items] | ||
Other Comprehensive Loss (Income), Cash Flow Hedge, Loss (Gain), before Reclassification and Tax | $ 92 | $ (200) |
Cash Flow Hedging [Member] | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Other Comprehensive Loss (Income), Cash Flow Hedge, Loss (Gain), before Reclassification and Tax | 129 | (251) |
Derivative Instruments, Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 13 | (62) |
Foreign exchange | Cash Flow Hedging [Member] | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Other Comprehensive Loss (Income), Cash Flow Hedge, Loss (Gain), before Reclassification and Tax | 16 | (8) |
Derivative Instruments, Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | (4) |
Commodity Contract [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Other Comprehensive Loss (Income), Cash Flow Hedge, Loss (Gain), before Reclassification and Tax | 65 | (189) |
Derivative Instruments, Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 9 | (78) |
Net Investment Hedging [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Other Comprehensive Loss (Income), Cash Flow Hedge, Loss (Gain), before Reclassification and Tax | 37 | (51) |
Derivative Instruments, Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 |
Interest Rate Contract | Cash Flow Hedging [Member] | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Other Comprehensive Loss (Income), Cash Flow Hedge, Loss (Gain), before Reclassification and Tax | 11 | (3) |
Derivative Instruments, Loss (Gain) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 3 | $ 20 |
Financial Instruments - Losse_2
Financial Instruments - Losses (Gains) Recognized in the Income Statement - Non-designated Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Losses/(Gains) Recognized in Income Statement | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Loss (Gain) on Derivative Instruments, Net, Pretax | $ 75 | $ (182) |
Fair Value Nondesignated Hedges - Cost of Sales | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Loss (Gain) on Derivative Instruments, Net, Pretax | 30 | (63) |
Fair Value Nondesignated Hedges - Selling, General and Administrative Expenses | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Loss (Gain) on Derivative Instruments, Net, Pretax | 45 | (119) |
Foreign Exchange Contract Losses/(Gains) Included in Cost of Sales | Losses/(Gains) Recognized in Income Statement | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Loss (Gain) on Derivative Instruments, Net, Pretax | (1) | 11 |
Foreign Exchange Contract Losses/(Gains) Included in Selling, General and Administrative Expenses | Losses/(Gains) Recognized in Income Statement | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Loss (Gain) on Derivative Instruments, Net, Pretax | (5) | (27) |
Foreign exchange | Losses/(Gains) Recognized in Income Statement | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Loss (Gain) on Derivative Instruments, Net, Pretax | (6) | (16) |
Commodity Contract Losses/(Gains) Included in Cost of Sales | Losses/(Gains) Recognized in Income Statement | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Loss (Gain) on Derivative Instruments, Net, Pretax | 31 | (74) |
Commodity Contract Losses/(Gains) Included in Selling, General and Administrative Expenses | Losses/(Gains) Recognized in Income Statement | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Loss (Gain) on Derivative Instruments, Net, Pretax | 50 | (92) |
Commodity Contract [Member] | Losses/(Gains) Recognized in Income Statement | ||
Derivative Instruments, Loss (Gain) [Line Items] | ||
Loss (Gain) on Derivative Instruments, Net, Pretax | $ 81 | $ (166) |
Net Income Attributable to Pe_3
Net Income Attributable to PepsiCo per Common Share - Basic And Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Earnings Per Share [Abstract] | ||
Earnings Per Share, Basic (in USD per share) | $ 1.40 | $ 3.08 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,932 | $ 4,261 |
Weighted Average Number of Shares Outstanding, Basic (in shares) | 1,378 | 1,383 |
Dilutive Securities [Abstract] | ||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 6 | 8 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 1,932 | $ 4,261 |
Weighted Average Number of Shares Outstanding, Diluted | 1,384 | 1,391 |
Earnings Per Share, Diluted (in USD per share) | $ 1.40 | $ 3.06 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss Attributable to PepsiCo - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 25, 2023 | Mar. 19, 2022 | Dec. 31, 2022 | Dec. 25, 2021 | |
Statement of Other Comprehensive Income [Abstract] | ||||
Beginning balance | $ (12,948) | $ (12,309) | ||
Other comprehensive (loss)/income before reclassifications (b) | (350) | (549) | ||
Amounts reclassified from accumulated other comprehensive loss | 108 | 0 | ||
Net other comprehensive (loss)/income | (242) | (549) | ||
Tax amounts | 7 | (11) | ||
Ending balance | (13,183) | (12,869) | ||
Beginning balance | 1 | 159 | ||
Other comprehensive (loss)/income before reclassifications (b) | (92) | 200 | ||
Amounts reclassified from accumulated other comprehensive loss | 13 | (62) | ||
Net other comprehensive (loss)/income | (79) | 138 | ||
Tax amounts | 20 | (32) | ||
Ending balance | (58) | 265 | ||
Beginning balance | 2,361 | 2,750 | ||
Other comprehensive income/(loss) before reclassifications (c) | (9) | (8) | ||
Amounts reclassified from accumulated other comprehensive loss | 5 | 25 | ||
Net other comprehensive income/(loss) | (4) | 17 | ||
Tax amounts | 0 | (4) | ||
Ending balance | 2,365 | 2,737 | ||
Beginning balance | 6 | 2 | ||
Other comprehensive (loss)/income before reclassifications (d) | (1) | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Net other comprehensive (loss)/income | (1) | 0 | ||
Tax amounts | 0 | (4) | ||
Ending balance | 5 | (2) | ||
OCI, before Reclassifications, before Tax, Attributable to Parent | (452) | (357) | ||
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 126 | (37) | ||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (326) | (394) | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 27 | (51) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (15,601) | (15,343) | $ (15,302) | $ (14,898) |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, general and administrative expenses | |||
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Post retirement Plans Taxes | $ 1,184 | $ 1,279 | $ 1,184 | $ 1,283 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss Attributable to PepsiCo - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Reclassification Adjustments out of Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive loss | $ 108 | $ 0 |
Cash flow hedges: | ||
Amounts reclassified from accumulated other comprehensive loss | 13 | (62) |
Tax amounts | (4) | 10 |
Net losses/(gains) after tax | 9 | (52) |
Pension and retiree medical items: | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (7) | (8) |
Amortization of net losses | 12 | 35 |
Settlement/curtailment gains | 0 | (2) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 5 | 25 |
Tax amounts | (1) | (6) |
Net losses after tax | 4 | 19 |
Total net losses/(gains) reclassified, net of tax | 121 | (33) |
Net other comprehensive (loss)/income | (79) | 138 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (13) | 62 |
Tax amounts | (4) | 10 |
Net losses/(gains) after tax | 9 | (52) |
Cash Flow Hedging [Member] | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | 13 | (62) |
Cash Flow Hedging [Member] | Foreign exchange | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | 1 | (4) |
Cash Flow Hedging [Member] | Foreign exchange | Revenue, Net | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | (2) | (2) |
Cash Flow Hedging [Member] | Foreign exchange | Cost of sales | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | 3 | (2) |
Cash Flow Hedging [Member] | Interest Rate Contract | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | 3 | 20 |
Cash Flow Hedging [Member] | Commodity contracts | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | 9 | (78) |
Cash Flow Hedging [Member] | Commodity contracts | Cost of sales | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | 10 | (76) |
Cash Flow Hedging [Member] | Commodity contracts | Selling, general and administrative expenses | ||
Cash flow hedges: | ||
Losses/(gains) on cash flow hedges | $ (1) | $ (2) |
Acquisitions & Divestitures - S
Acquisitions & Divestitures - Summary of Income Statement (Juice Transaction) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 19, 2022 | Dec. 31, 2022 | Jan. 24, 2022 | |
Acquisitions & Divestitures [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 3,500 | ||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 520 | ||
Gain associated with the Juice Transaction, - per share amount | $ 2.06 | $ 2.08 | |
Gain Associated with the Juice Transaction, pre-tax | $ 3,300 | $ 3,300 | |
Gain Associated with the Juice Transaction, after-tax | $ 2,900 | $ 2,900 | |
Tropicana JV | |||
Acquisitions & Divestitures [Line Items] | |||
Equity Method Investment, Ownership Percentage | 39% |
Acquisitions & Divestiture - Su
Acquisitions & Divestiture - Summary of Acquisition and Divestiture-Related Charges (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 25, 2023 | Mar. 19, 2022 | |
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | $ 2 | $ 56 |
Acquisition and divestiture-related charges, after-tax | $ 1 | $ 47 |
Acquisition and divestiture-related charges, PerShare | $ 0 | $ (0.03) |
PBNA | ||
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | $ 2 | $ 37 |
Europe | ||
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | 0 | 10 |
Corporate Segment | ||
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | 0 | 3 |
Selling, general and administrative expenses | ||
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | 2 | 50 |
Other pension and retiree medical benefits expense | ||
Acquisitions & Divestitures [Line Items] | ||
Acquisition and divestiture-related charges | $ 0 | $ 6 |
Supply Chain Financing (Details
Supply Chain Financing (Details) - USD ($) $ in Billions | Mar. 25, 2023 | Dec. 31, 2022 |
Text Block [Abstract] | ||
Utilization under Supply Chain Financing Programs | $ 1.9 | $ 1.7 |