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Share-Based Compensation
 6 Months Ended
Jun. 11, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Share-Based Compensation
Beginning in 2016, certain executive officers and other senior executives were granted long-term cash awards for which final payout is based on PepsiCo’s Total Shareholder Return relative to a specific set of peer companies and achievement of a specified performance target over a three-year performance period. These qualify as liability awards under share-based compensation guidance and are valued through the end of the performance period on a mark-to-market basis using a Monte Carlo simulation model until actual performance is determined.
The following table summarizes our total share-based compensation expense:
 
 
12 Weeks Ended
 
24 Weeks Ended
 
 
6/11/2016

 
6/13/2015

 
6/11/2016

 
6/13/2015

Share-based compensation expense - equity awards
 
$
54

 
$
68

 
$
123

 
$
144

Share-based compensation expense - liability awards
 
1

 
—

 
3

 
—

Restructuring and impairment charges
 
1

 
1

 
2

 
1

Total
 
$
56

 
$
69

 
$
128

 
$
145


For the 12 weeks ended June 11, 2016 and June 13, 2015, our grants of stock options, restricted stock units (RSUs), performance stock units (PSUs), PepsiCo equity performance units (PEPunits) and long-term cash awards were nominal.
The following table summarizes share-based awards granted under the terms of our 2007 Long-Term Incentive Plan:
 
 
24 Weeks Ended
 
 
6/11/2016
 
6/13/2015
 
 
Granted (a)
 
Weighted-Average Grant Price
 
Granted (a)
 
Weighted-Average Grant Price
Stock options
 
1.5

 
$
98.75

 
1.6

 
$
99.25

RSUs and PSUs
 
2.9

 
$
98.83

 
2.6

 
$
99.25

PEPunits
 
—

 
$
—

 
0.3

 
$
99.25

(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 $17 million during the 24 weeks ended June 11, 2016.
Our weighted-average Black-Scholes fair value assumptions are as follows: 
 
24 Weeks Ended
 
6/11/2016

 
6/13/2015

Expected life
6 years

 
7 years

Risk-free interest rate
1.5
%
 
1.8
%
Expected volatility
12
%
 
15
%
Expected dividend yield
2.7
%
 
2.7
%