Share-Based Compensation

3 Months Ended

Mar. 19, 2022

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
	3/19/2022		3/20/2021
Share-based compensation expense – equity awards	$	81	$	79
Share-based compensation expense – liability awards	5		4
Acquisition and divestiture-related charges	3		—
Restructuring charges	(1)		1
Total	$	88	$	84

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

	12 Weeks Ended
	3/19/2022			3/20/2021
	Granted(a)	Weighted-Average Grant Price		Granted(a)	Weighted-Average Grant Price
Stock options	2.1	$	163.00	1.8	$	131.25
RSUs and PSUs	2.3	$	163.00	2.6	$	131.25

(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 $18 million and $17 million during the 12 weeks ended March 19, 2022 and March 20, 2021, respectively.

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

	12 Weeks Ended
	3/19/2022		3/20/2021
Expected life	7 years		7 years
Risk-free interest rate	1.7	%	1.1	%
Expected volatility	16	%	14	%
Expected dividend yield	2.5	%	3.1	%