Share-Based Compensation

6 Months Ended

Jun. 12, 2021

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 and general and administrative expenses:

	12 Weeks Ended				24 Weeks Ended
	6/12/2021		6/13/2020		6/12/2021		6/13/2020
Share-based compensation expense – equity awards	$	65	$	40	$	144	$	101
Share-based compensation expense – liability awards	—		4		4		7
Restructuring charges	—		(1)		1		—
Total	$	65	$	43	$	149	$	108

The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan:

	24 Weeks Ended
	6/12/2021			6/13/2020
	Granted(a)	Weighted-Average Grant Price		Granted(a)	Weighted-Average Grant Price
Stock options	1.8	$	131.25	1.6	$	131.25
RSUs and PSUs	2.6	$	131.27	2.5	$	131.20

(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 and $18 million during the 24 weeks ended June 12, 2021 and June 13, 2020, respectively.

For the 12 weeks ended June 12, 2021 and June 13, 2020, our grants of stock options, RSUs, PSUs and long-term cash awards were nominal.

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

	24 Weeks Ended
	6/12/2021		6/13/2020
Expected life	7 years		6 years
Risk-free interest rate	1.1	%	1.0	%
Expected volatility	14	%	14	%
Expected dividend yield	3.1	%	3.5	%