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Basis of Presentation and Our Divisions (Tables)
 6 Months Ended
Jun. 15, 2024
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 Ended24 Weeks Ended
6/15/20246/17/20236/15/20246/17/2023
FLNA$5,874 $5,904 $11,550 $11,487 
QFNA561 684 1,154 1,461 
PBNA6,811 6,755 12,685 12,553 
LatAm3,045 2,856 5,112 4,633 
Europe3,515 3,428 5,451 5,314 
AMESA1,592 1,568 2,632 2,587 
APAC1,103 1,127 2,167 2,133 
Total$22,501 $22,322 $40,751 $40,168 
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 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
6/15/20246/17/2023
Beverages(a)
Convenient Foods
Beverages(a)
Convenient Foods
LatAm10 %90 %9 %91 %
Europe48 %52 %49 %51 %
AMESA33 %67 %31 %69 %
APAC28 %72 %26 %74 %
PepsiCo43 %57 %42 %58 %
24 Weeks Ended
6/15/20246/17/2023
Beverages(a)
Convenient Foods
Beverages(a)
Convenient Foods
LatAm9 %91 %9 %91 %
Europe47 %53 %48 %52 %
AMESA33 %67 %31 %69 %
APAC21 %79 %21 %79 %
PepsiCo42 %58 %42 %58 %
(a)Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and Europe divisions, was 36% and 35% of our consolidated net revenue in the 12 and 24 weeks ended June 15, 2024, respectively, and 37% and 36% of our consolidated net revenue in the 12 and 24 weeks ended June 17, 2023, respectively. 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 Ended24 Weeks Ended
6/15/20246/17/20236/15/20246/17/2023
FLNA$1,592 $1,647 $3,146 $3,246 
QFNA (a)
85 129 36 317 
PBNA (b)
987 723 1,497 1,206 
LatAm
637 592 1,122 956 
Europe 620 476 822 547 
AMESA241 250 393 418 
APAC223 223 456 450 
Total divisions4,385 4,040 7,472 7,140 
Corporate unallocated expenses (c)
(337)(381)(707)(852)
Total$4,048 $3,659 $6,765 $6,288 
(a)In the 12 weeks ended June 15, 2024, we recorded a pre-tax charge of $15 million ($11 million after-tax or $0.01 per share) associated with a previously announced voluntary recall of certain bars and cereals in our QFNA division (Quaker Recall) with $8 million recorded in cost of sales and $7 million recorded in selling, general and administrative expenses. In the 24 weeks ended June 15, 2024, we recorded a pre-tax charge of $182 million ($139 million after-tax or $0.10 per share) associated with the Quaker Recall, with $175 million recorded in cost of sales related to property, plant and equipment write-offs, employee severance costs and other costs and $7 million recorded in selling, general and administrative expenses.
(b)In the 12 and 24 weeks ended June 17, 2023, we recorded our proportionate 39% share of Tropicana Brands Group’s (TBG) impairment of indefinite-lived intangible assets, and recorded an other-than-temporary impairment of our equity method investment, both of which resulted in pre-tax impairment charges of $113 million ($86 million after-tax or $0.06 per share), recorded in selling, general and administrative expenses. See Note 9 for further information.
(c)In both the 12 and 24 weeks ended June 15, 2024 and June 17, 2023, we recorded a pre-tax gain of $76 million ($57 million after-tax or $0.04 per share) and $85 million ($65 million after-tax or $0.05 per share), respectively, in selling, general and administrative expenses as a result of the sale of corporate assets.