The following table summarizes our total share-based compensation expense, which is primarily recorded in selling, general and administrative expenses:


	12 Weeks Ended				24 Weeks Ended
	6/17/2023		6/11/2022		6/17/2023		6/11/2022
Share-based compensation expense – equity awards	$	86	$	75	$	179	$	156
Share-based compensation expense – liability awards	6		7		12		12
Acquisition and divestiture-related charges	—		—		—		3
Restructuring charges	(1)		1		—		—
Total	$	91	$	83	$	191	$	171

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


	24 Weeks Ended
	6/17/2023			6/11/2022
	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	$	171.11	2.3	$	163.00

We granted long-term cash awards to certain executive officers and other senior executives with an aggregate target value of $20 million and $18 million during the 24 weeks ended June 17, 2023 and June 11, 2022, respectively.

For the 12 weeks ended June 17, 2023 and June 11, 2022, 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
	6/17/2023		6/11/2022
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	%