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Share-Based Compensation

3 Months Ended

Mar. 20, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

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


	12 Weeks Ended
		3/20/2021		3/21/2020
Share-based compensation expense - equity awards		$	79	$	61
Share-based compensation expense - liability awards		4		3
Restructuring charges		1		1
Total		$	84	$	65

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


	12 Weeks Ended
	3/20/2021			3/21/2020
	Granted(a)	Weighted-Average Grant Price		Granted(a)	Weighted-Average Grant Price
Stock options	1.8	$	131.25	1.6	$	131.25
RSUs and PSUs	2.6	$	131.25	2.4	$	131.28

(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 $17 million and $18 million during the 12 weeks ended March 20, 2021 and March 21, 2020, respectively.

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


	12 Weeks Ended
	3/20/2021		3/21/2020
Expected life	7 years		6 years
Risk-free interest rate	1.1	%	1.0	%
Expected volatility	14	%	14	%
Expected dividend yield	3.1	%	3.5	%