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Basis of Presentation and Our Divisions (Tables) | 12 Months Ended
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Dec. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Fiscal Period | Our fiscal year ends on the last Saturday of each December, resulting in a 53 rd reporting week every five or six years, including in our 2022 financial results. While our North America results are reported on a weekly calendar basis, substantially all of our international operations reported on a monthly calendar basis prior to the fourth quarter of 2021, and beginning in the fourth quarter of 2021, all of our international operations report on a monthly calendar basis. This change did not have a material impact on our consolidated financial statements. The following chart details our quarterly reporting schedule for the three years presented:
Quarter |  | United States and Canada |  | International
First Quarter |  | 12 weeks |  | January, February
Second Quarter |  | 12 weeks |  | March, April and May
Third Quarter |  | 12 weeks |  | June, July and August
Fourth Quarter |  | 16 weeks |  | September, October, November and December
Share Based Compensation Percentage Allocation by Division [Table Text Block] | The allocation of share-based compensation expense of each division is as follows:
| 2021 |  | 2020 |  | 2019
FLNA | 13 | % |  | 13 | % |  | 13 | %
QFNA | 1 | % |  | 1 | % |  | 1 | %
PBNA | 19 | % |  | 18 | % |  | 17 | %
LatAm | 5 | % |  | 6 | % |  | 7 | %
Europe | 13 | % |  | 16 | % |  | 17 | %
AMESA | 6 | % |  | 6 | % |  | 3 | %
APAC | 2 | % |  | 2 | % |  | 5 | %
Corporate unallocated expenses | 41 | % |  | 38 | % |  | 37 | %
Schedule of Segment Reporting Information, by Segment | Net revenue and operating profit of each division are as follows:
| Net Revenue |  | Operating Profit
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
FLNA | $ | 19,608 |  |  | $ | 18,189 |  |  | $ | 17,078 |  |  | $ | 5,633 |  |  | $ | 5,340 |  |  | $ | 5,258 |
QFNA | 2,751 |  |  | 2,742 |  |  | 2,482 |  |  | 578 |  |  | 669 |  |  | 544 |
PBNA | 25,276 |  |  | 22,559 |  |  | 21,730 |  |  | 2,442 |  |  | 1,937 |  |  | 2,179 |
LatAm | 8,108 |  |  | 6,942 |  |  | 7,573 |  |  | 1,369 |  |  | 1,033 |  |  | 1,141 |
Europe | 13,038 |  |  | 11,922 |  |  | 11,728 |  |  | 1,292 |  |  | 1,353 |  |  | 1,327 |
AMESA (a) | 6,078 |  |  | 4,573 |  |  | 3,651 |  |  | 858 |  |  | 600 |  |  | 671 |
APAC (b) | 4,615 |  |  | 3,445 |  |  | 2,919 |  |  | 673 |  |  | 590 |  |  | 477 |
Total division | 79,474 |  |  | 70,372 |  |  | 67,161 |  |  | 12,845 |  |  | 11,522 |  |  | 11,597 |
Corporate unallocated expenses | — |  |  | — |  |  | — |  |  | (1,683) |  |  | (1,442) |  |  | (1,306) |
Total | $ | 79,474 |  |  | $ | 70,372 |  |  | $ | 67,161 |  |  | $ | 11,162 |  |  | $ | 10,080 |  |  | $ | 10,291 |
(a)The increase in net revenue reflects our acquisition of Pioneer Foods. See Note 13 for further information. (b)The increase in net revenue reflects our acquisition of Be & Cheery. See Note 13 for further information.
Disaggregation of Revenue | Our primary performance obligation is the distribution and sales of beverage and convenient food products to our customers. The following table reflects 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:
| 2021 |  | 2020 |  | 2019
| Beverage(a) |  | Convenient Food |  | Beverage(a) |  | Convenient Food |  | Beverage(a) |  | Convenient Food
LatAm | 10 | % |  | 90 | % |  | 10 | % |  | 90 | % |  | 10 | % |  | 90 | %
Europe | 55 | % |  | 45 | % |  | 55 | % |  | 45 | % |  | 55 | % |  | 45 | %
AMESA (b) | 30 | % |  | 70 | % |  | 30 | % |  | 70 | % |  | 40 | % |  | 60 | %
APAC | 20 | % |  | 80 | % |  | 25 | % |  | 75 | % |  | 25 | % |  | 75 | %
PepsiCo | 45 | % |  | 55 | % |  | 45 | % |  | 55 | % |  | 45 | % |  | 55 | %
(a)Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and Europe segments, is approximately 40% of our consolidated net revenue. Generally, our finished goods beverage operations produce higher net revenue, but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages. (b)The increase in the approximate percentage of net revenue generated by our convenient food business in 2020 primarily reflects our acquisition of Pioneer Foods. See Note 13 for further information.
Schedule of Unusual or Infrequent Items, or Both | Operating profit in 2021 and 2020 includes certain pre-tax charges/credits taken as a result of the COVID-19 pandemic. These pre-tax charges/credits by division are as follows:
| 2021
| Allowances for Expected Credit Losses(a) |  | Upfront Payments to Customers(b) |  | Inventory Write-Downs and Product Returns(c) |  | Employee Compensation Expense(d) |  | Employee Protection Costs(e) |  | Other(f) |  | Total
FLNA | $ | (8) |  |  | $ | — |  |  | $ | — |  |  | $ | 35 |  |  | $ | 27 |  |  | $ | 2 |  |  | $ | 56 |
QFNA | (1) |  |  | — |  |  | — |  |  | 2 |  |  | 1 |  |  | — |  |  | 2 |
PBNA | (19) |  |  | (21) |  |  | — |  |  | 31 |  |  | 14 |  |  | (16) |  |  | (11) |
LatAm | — |  |  | — |  |  | 1 |  |  | 44 |  |  | 15 |  |  | 4 |  |  | 64 |
Europe | (3) |  |  | (2) |  |  | — |  |  | 13 |  |  | 8 |  |  | 5 |  |  | 21 |
AMESA | (1) |  |  | — |  |  | (2) |  |  | 1 |  |  | 3 |  |  | 6 |  |  | 7 |
APAC | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | 5 |  |  | 9 |
Total | $ | (32) |  |  | $ | (23) |  |  | $ | (1) |  |  | $ | 128 |  |  | $ | 70 |  |  | $ | 6 |  |  | $ | 148 |
| 2020
| Allowances for Expected Credit Losses(a) |  | Upfront Payments to Customers(b) |  | Inventory Write-Downs and Product Returns(c) |  | Employee Compensation Expense(d) |  | Employee Protection Costs(e) |  | Other(f) |  | Total
FLNA | $ | 17 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 145 |  |  | $ | 59 |  |  | $ | — |  |  | $ | 229 |
QFNA | 2 |  |  | — |  |  | — |  |  | 9 |  |  | 3 |  |  | 1 |  |  | 15 |
PBNA | 29 |  |  | 56 |  |  | 28 |  |  | 115 |  |  | 50 |  |  | 26 |  |  | 304 |
LatAm | 1 |  |  | — |  |  | 19 |  |  | 56 |  |  | 18 |  |  | 8 |  |  | 102 |
Europe | 5 |  |  | 3 |  |  | 11 |  |  | 23 |  |  | 22 |  |  | 24 |  |  | 88 |
AMESA | 2 |  |  | — |  |  | 3 |  |  | 9 |  |  | 7 |  |  | 12 |  |  | 33 |
APAC | — |  |  | — |  |  | 3 |  |  | (7) |  |  | 2 |  |  | 5 |  |  | 3 |
Total | $ | 56 |  |  | $ | 59 |  |  | $ | 72 |  |  | $ | 350 |  |  | $ | 161 |  |  | $ | 76 |  |  | $ | 774 |
(a)Reflects the expected impact of the global economic uncertainty caused by COVID-19, leveraging estimates of creditworthiness and projections of default and recovery rates for certain of our customers, including foodservice and vending businesses. Income amounts represent reductions in the previously recorded reserves due to improved projected default rates and lower at-risk receivable balances. (b)Relates to promotional spending for which benefit is not expected to be received. Income amounts represent reductions in previously recorded reserves due to improved projected default rates and lower overall advance balances. (c)Income amount represents a true-up of inventory write-downs. Includes a reserve for product returns of $20 million in 2020. (d)Includes incremental frontline incentive pay, crisis child care and other leave benefits and labor costs. Income amount includes a social welfare relief credit of $11 million. (e)Includes costs associated with personal protective equipment, temperature scans, cleaning and other sanitization services. (f)Includes certain reserves for property, plant and equipment, donations of cash and product, and other costs. Income amount represents adjustments for changes in estimates of previously recorded amounts.
Segment Reporting Information By Total Assets And Capital Spending | Total assets and capital spending of each division are as follows:
| Total Assets |  | Capital Spending
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2019
FLNA | $ | 9,763 |  |  | $ | 8,730 |  |  | $ | 1,411 |  |  | $ | 1,189 |  |  | $ | 1,227 |
QFNA | 1,101 |  |  | 1,021 |  |  | 92 |  |  | 85 |  |  | 104 |
PBNA | 37,801 |  |  | 37,079 |  |  | 1,275 |  |  | 1,245 |  |  | 1,053 |
LatAm | 7,272 |  |  | 6,977 |  |  | 461 |  |  | 390 |  |  | 557 |
Europe | 18,472 |  |  | 17,917 |  |  | 752 |  |  | 730 |  |  | 613 |
AMESA | 6,125 |  |  | 5,942 |  |  | 325 |  |  | 252 |  |  | 267 |
APAC | 5,654 |  |  | 5,770 |  |  | 203 |  |  | 230 |  |  | 195 |
Total division | 86,188 |  |  | 83,436 |  |  | 4,519 |  |  | 4,121 |  |  | 4,016 |
Corporate (a) | 6,189 |  |  | 9,482 |  |  | 106 |  |  | 119 |  |  | 216 |
Total | $ | 92,377 |  |  | $ | 92,918 |  |  | $ | 4,625 |  |  | $ | 4,240 |  |  | $ | 4,232 |
(a)Corporate assets consist principally of certain cash and cash equivalents, restricted cash, short-term investments, derivative instruments, property, plant and equipment and tax assets. In 2021, the change in assets was primarily due to a decrease in cash and cash equivalents and short-term investments. Refer to the cash flow statement for further information.
Segment Reporting Information By Amortization Of Intangible Assets And Depreciation And Other Amortization | Amortization of intangible assets and depreciation and other amortization of each division are as follows:
| Amortization of Intangible Assets |  | Depreciation and Other Amortization
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
FLNA | $ | 11 |  |  | $ | 10 |  |  | $ | 7 |  |  | $ | 594 |  |  | $ | 550 |  |  | $ | 492 |
QFNA | — |  |  | — |  |  | — |  |  | 46 |  |  | 41 |  |  | 44 |
PBNA | 25 |  |  | 28 |  |  | 29 |  |  | 926 |  |  | 899 |  |  | 857 |
LatAm | 4 |  |  | 4 |  |  | 5 |  |  | 283 |  |  | 251 |  |  | 270 |
Europe | 37 |  |  | 40 |  |  | 37 |  |  | 364 |  |  | 350 |  |  | 341 |
AMESA | 5 |  |  | 3 |  |  | 2 |  |  | 181 |  |  | 149 |  |  | 116 |
APAC | 9 |  |  | 5 |  |  | 1 |  |  | 102 |  |  | 91 |  |  | 76 |
Total division | 91 |  |  | 90 |  |  | 81 |  |  | 2,496 |  |  | 2,331 |  |  | 2,196 |
Corporate | — |  |  | — |  |  | — |  |  | 123 |  |  | 127 |  |  | 155 |
Total | $ | 91 |  |  | $ | 90 |  |  | $ | 81 |  |  | $ | 2,619 |  |  | $ | 2,458 |  |  | $ | 2,351 |
Segment Reporting Information By Net Revenue And Long-Lived Assets | Net revenue and long-lived assets by country are as follows:
| Net Revenue |  | Long-Lived Assets(a)
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020
United States | $ | 44,545 |  |  | $ | 40,800 |  |  | $ | 38,644 |  |  | $ | 36,324 |  |  | $ | 36,657 |
Mexico | 4,580 |  |  | 3,924 |  |  | 4,190 |  |  | 1,720 |  |  | 1,708 |
Russia | 3,426 |  |  | 3,009 |  |  | 3,263 |  |  | 3,751 |  |  | 3,644 |
Canada | 3,405 |  |  | 2,989 |  |  | 2,831 |  |  | 2,846 |  |  | 2,794 |
China (b) | 2,679 |  |  | 1,732 |  |  | 1,300 |  |  | 1,745 |  |  | 1,649 |
United Kingdom | 2,102 |  |  | 1,882 |  |  | 1,723 |  |  | 906 |  |  | 874 |
South Africa (c) | 2,008 |  |  | 1,282 |  |  | 405 |  |  | 1,389 |  |  | 1,484 |
All other countries | 16,729 |  |  | 14,754 |  |  | 14,805 |  |  | 13,399 |  |  | 13,423 |
Total | $ | 79,474 |  |  | $ | 70,372 |  |  | $ | 67,161 |  |  | $ | 62,080 |  |  | $ | 62,233 |
(a)Long-lived assets represent property, plant and equipment, indefinite-lived intangible assets, amortizable intangible assets and investments in noncontrolled affiliates. See Note 2 and Note 14 for further information on property, plant and equipment. See Note 2 and Note 4 for further information on goodwill and other intangible assets. Investments in noncontrolled affiliates are evaluated for impairment upon a significant change in the operating or macroeconomic environment. These assets are reported in the country where they are primarily used. (b)The increase in net revenue reflects our acquisition of Be & Cheery. See Note 13 for further information. (c)The increase in net revenue reflects our acquisition of Pioneer Foods. See Note 13 for further information.

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