XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.22.2

Pension and Retiree Medical Benefits (Notes) | 6 Months Ended
--- | ---
Jun. 11, 2022
Pension and Retiree Medical Benefits [Abstract] |
Retirement Benefits [Text Block] | Pension and Retiree Medical Benefits In the 12 and 24 weeks ended June 11, 2022, we recognized a pre-tax settlement charge of $131 million ($101 million after-tax or $0.07 per share) in a U.S. qualified defined benefit pension plan due to lump sum distributions to retired or terminated employees. The settlement charge was triggered when the cumulative lump sum distributions exceeded the total annual service and interest cost in 2022. As a result, related plan assets and benefit obligations were remeasured using assumptions as of June 11, 2022, the remeasurement date. The weighted-average discount rate for the U.S. defined benefit plans’ projected benefit obligations increased from 2.9% to 3.4% as a result of the remeasurement. In addition, the U.S. defined benefit pension plans’ weighted-average interest cost discount rate and expected return on plan assets used to determine 2022 net periodic benefit cost/(income) increased from 2.4% and 6.3% to 3.1% and 6.7%, respectively. For further information on our policies for pension, retiree-medical and savings plans, refer to Note 7 to our consolidated financial statements in our 2021 Form 10-K. In the 24 weeks ended June 11, 2022, we transferred pension and retiree medical obligations of $145 million and related assets to the Tropicana JV in connection with the Juice Transaction. See Note 11 for further information. The components of net periodic benefit cost/(income) for pension and retiree medical plans are as follows:
| 12 Weeks Ended
| Pension |  | Retiree Medical
| U.S. |  | International |  |
| 6/11/2022 |  | 6/12/2021 |  | 6/11/2022 |  | 6/12/2021 |  | 6/11/2022 |  | 6/12/2021
Service cost | $ | 115 |  |  | $ | 120 |  |  | $ | 17 |  |  | $ | 25 |  |  | $ | 9 |  |  | $ | 7 |
Other pension and retiree medical benefits expense/(income):
Interest cost | 87 |  |  | 74 |  |  | 23 |  |  | 19 |  |  | 4 |  |  | 4 |
Expected return on plan assets | (216) |  |  | (224) |  |  | (56) |  |  | (57) |  |  | (4) |  |  | (3) |
Amortization of prior service credits | (7) |  |  | (7) |  |  | — |  |  | (1) |  |  | (2) |  |  | (3) |
Amortization of net losses/(gains) | 35 |  |  | 52 |  |  | 7 |  |  | 19 |  |  | (3) |  |  | (3) |
Settlement/curtailment losses | 131 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |
Special termination benefits | 3 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Total other pension and retiree medical benefits expense/(income) | 33 |  |  | (106) |  |  | (26) |  |  | (15) |  |  | (5) |  |  | (5) |
Total | $ | 148 |  |  | $ | 14 |  |  | $ | (9) |  |  | $ | 10 |  |  | $ | 4 |  |  | $ | 2 |
| 24 Weeks Ended
| Pension |  | Retiree Medical
| U.S. |  | International |  |
| 6/11/2022 |  | 6/12/2021 |  | 6/11/2022 |  | 6/12/2021 |  | 6/11/2022 |  | 6/12/2021
Service cost | $ | 229 |  |  | $ | 240 |  |  | $ | 34 |  |  | $ | 44 |  |  | $ | 17 |  |  | $ | 15 |
Other pension and retiree medical benefits income: |  |  |  |
Interest cost | 175 |  |  | 149 |  |  | 40 |  |  | 32 |  |  | 8 |  |  | 7 |
Expected return on plan assets | (431) |  |  | (448) |  |  | (98) |  |  | (98) |  |  | (7) |  |  | (7) |
Amortization of prior service credits | (13) |  |  | (14) |  |  | — |  |  | (1) |  |  | (4) |  |  | (5) |
Amortization of net losses/(gains) | 68 |  |  | 103 |  |  | 12 |  |  | 32 |  |  | (6) |  |  | (6) |
Settlement/curtailment losses/(gains) | 131 |  |  | — |  |  | — |  |  | 5 |  |  | (16) |  |  | — |
Special termination benefits | 9 |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |
Total other pension and retiree medical benefits income | (61) |  |  | (205) |  |  | (46) |  |  | (30) |  |  | (25) |  |  | (11) |
Total | $ | 168 |  |  | $ | 35 |  |  | $ | (12) |  |  | $ | 14 |  |  | $ | (8) |  |  | $ | 4 |
We regularly evaluate opportunities to reduce risk and volatility associated with our pension and retiree medical plans. During the 24 weeks ended June 11, 2022 and June 12, 2021, we made discretionary contributions of $75 million and $300 million, respectively, to our U.S. qualified defined benefit plans, and $10 million and $25 million, respectively, to our international defined benefit plans. We expect to make an additional discretionary contribution of $75 million to our U.S. qualified defined benefit plans in the third quarter of 2022.

X
- Definition Pension and Retiree Medical Benefits [Abstract] + References No definition available. + Details
Name: | pep_PensionandRetireeMedicalBenefitsAbstract
Namespace Prefix: | pep_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section S99 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(i) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (o) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (p) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI https://asc.fasb.org/topic&trid=2235017 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 3 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (q) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (r)(1) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (r)(2) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration