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	%