Basis of Presentation and Our Divisions (Tables)

3 Months Ended

Mar. 25, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Segment Reporting Information By Net Revenue

Net revenue of each division is as follows:

	12 Weeks Ended
	3/25/2023		3/19/2022
FLNA	$	5,583	$	4,839
QFNA	777		713
PBNA	5,798		5,353
LatAm	1,777		1,474
Europe	1,886		1,797
AMESA	1,019		1,004
APAC	1,006		1,020
Total	$	17,846	$	16,200

Summary of Segment Reporting Information by Percentage of Disaggregated Net Revenue

Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following tables reflect the approximate percentage of net revenue generated between our beverage business and our convenient food business for each of our international divisions, as well as our consolidated net revenue:

	12 Weeks Ended
	3/25/2023				3/19/2022
	Beverages(a)		Convenient Foods		Beverages(a)		Convenient Foods
LatAm	10	%	90	%	10	%	90	%
Europe	45	%	55	%	50	%	50	%
AMESA	30	%	70	%	30	%	70	%
APAC	15	%	85	%	15	%	85	%
PepsiCo	40	%	60	%	40	%	60	%

(a)Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and Europe divisions, is approximately 35% of our consolidated net revenue in each of the 12 weeks ended March 25, 2023 and March 19, 2022. Generally, our finished goods beverage operations produce higher net revenue but lower operating margin as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages.

Summary of Segment Reporting Information by Operating Profit

Operating profit of each division is as follows:

	12 Weeks Ended
	3/25/2023		3/19/2022
FLNA	$	1,599	$	1,296
QFNA	188		159
PBNA (a)	483		3,434
LatAm	364		323
Europe (a) (b)	71		(136)
AMESA	168		180
APAC	227		215
Total divisions	3,100		5,471
Corporate unallocated expenses	(471)		(204)
Total	$	2,629	$	5,267

(a)In the 12 weeks ended March 19, 2022, we recorded a gain of $3,024 million and $298 million in our PBNA and Europe divisions, respectively, associated with the Juice Transaction. The total after-tax amount was $2,870 million or $2.06 per share. See Note 12 for further information.

(b)In the 12 weeks ended March 19, 2022, we recognized impairment and other charges/credits as follows:

(1)Pre-tax charges of $241 million ($241 million after-tax or $0.17 per share), as a result of the Russia-Ukraine conflict, including impairment related to property, plant and equipment, allowance for expected credit losses, inventory write downs and other charges, with $140 million recorded in cost of sales, $100 million recorded in selling, general and administrative expenses and $1 million recorded in impairment of intangible assets.

(2)Pre-tax brand portfolio impairment charges of $241 million ($193 million after-tax or $0.14 per share) in impairment of intangible assets related to the repositioning or discontinuation of certain juice and dairy brands in Russia. See Note 4 for further information. For information on indefinite-lived intangible assets, see Notes 2 and 4 to our consolidated financial statements in our 2022 Form 10-K.