Stock-Based Compensation

3 Months Ended

Mar. 23, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The following table summarizes our total stock-based compensation expense:

	12 Weeks Ended
	3/23/2013		3/24/2012
Stock-based compensation expense	$	77	$	56
Merger and integration charges	—		1
Restructuring and impairment benefits	—		(7		)
Total	$	77	$	50

Our weighted-average Black-Scholes fair value assumptions are as follows:

	12 Weeks Ended
	3/23/2013
Expected life	6 years
Risk free interest rate	1.0	%
Expected volatility (a)	17	%
Expected dividend yield	2.7	%

(a) Reflects movements in our stock price over the most recent historical period equivalent to the expected life.

For the 12 weeks ended March 23, 2013 we granted 2.5 million stock options, 3.9 million restricted stock units (RSUs) and 0.4 million PepsiCo equity performance units at a weighted-average grant price of $75.75 under the terms of our 2007 Long-Term Incentive Plan.

We did not grant any stock options or RSUs in the 12 weeks ended March 24, 2012, as our annual equity award was delayed until the second quarter in the prior year, in connection with our Productivity Plan.