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Share-Based Compensation | 3 Months Ended
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Mar. 25, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Share-Based Compensation The following table summarizes our total share-based compensation expense, which is primarily recorded in selling, general and administrative expenses:
|  |  | 12 Weeks Ended
|  |  |  |  | 3/25/2023 |  | 3/19/2022
Share-based compensation expense – equity awards |  |  |  |  | $ | 93 |  |  | $ | 81 |
Share-based compensation expense – liability awards |  |  |  |  | 6 |  |  | 5 |
Acquisition and divestiture-related charges |  |  |  |  | — |  |  | 3 |
Restructuring charges |  |  |  |  | 1 |  |  | (1) |
Total |  |  |  |  | $ | 100 |  |  | $ | 88 |
The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan:
| 12 Weeks Ended
| 3/25/2023 |  | 3/19/2022
| 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 |  |  | $ | 171.00 |  |  | 2.3 |  |  | $ | 163.00 |
(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 $19 million and $18 million during the 12 weeks ended March 25, 2023 and March 19, 2022, respectively. Our weighted-average Black-Scholes fair value assumptions are as follows:
| 12 Weeks Ended
| 3/25/2023 |  | 3/19/2022
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 | %

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