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Restructuring and Impairment Charges (Tables) | 8 Months Ended
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Sep. 09, 2023
2019 Productivity Plan |
Restructuring Cost and Reserve [Line Items] |
Summary of Productivity Plan Activity | Restructuring and Impairment Charges 2019 Multi-Year Productivity Plan We publicly announced a multi-year productivity plan on February 15, 2019 (2019 Productivity Plan) that will leverage new technology and business models to further simplify, harmonize and automate processes; re-engineer our go-to-market and information systems, including deploying the right automation for each market; and simplify our organization and optimize our manufacturing and supply chain footprint. To build on the successful implementation of the 2019 Productivity Plan, in 2022, we expanded and extended the plan through the end of 2028 to take advantage of additional opportunities within the initiatives described above. As a result, we expect to incur pre-tax charges of approximately $3.65 billion, including cash expenditures of approximately $2.9 billion. These pre-tax charges are expected to consist of approximately 55% of severance and other employee-related costs, 10% for asset impairments (all non-cash) resulting from plant closures and related actions, and 35% for other costs associated with the implementation of our initiatives. The total plan pre-tax charges are expected to be incurred by division approximately as follows:
| FLNA |  | QFNA |  | PBNA |  | LatAm |  | Europe |  | AMESA |  | APAC |  | Corporate
Expected pre-tax charges | 15 | % |  | 1 | % |  | 25 | % |  | 10 | % |  | 25 | % |  | 5 | % |  | 4 | % |  | 15 | %
A summary of our 2019 Productivity Plan charges is as follows:
| 12 Weeks Ended |  | 36 Weeks Ended
| 9/9/2023 |  | 9/3/2022 |  | 9/9/2023 |  | 9/3/2022
Cost of sales | $ | 4 |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | 6 |
Selling, general and administrative expenses | 79 |  |  | 50 |  |  | 278 |  |  | 117 |
Other pension and retiree medical benefits (income)/expense (a) | — |  |  | — |  |  | (1) |  |  | 3 |
Total restructuring and impairment charges | $ | 83 |  |  | $ | 51 |  |  | $ | 287 |  |  | $ | 126 |
After-tax amount | $ | 67 |  |  | $ | 40 |  |  | $ | 228 |  |  | $ | 101 |
Impact on net income attributable to PepsiCo per common share | $ | (0.05) |  |  | $ | (0.03) |  |  | $ | (0.16) |  |  | $ | (0.07) |
| 12 Weeks Ended |  | 36 Weeks Ended |  | Plan to Date
| 9/9/2023 |  | 9/3/2022 |  | 9/9/2023 |  | 9/3/2022 |  | through 9/9/2023
FLNA | $ | 6 |  |  | $ | 4 |  |  | $ | 19 |  |  | $ | 10 |  |  | $ | 229 |
QFNA | — |  |  | 1 |  |  | — |  |  | 1 |  |  | 19 |
PBNA | 8 |  |  | 4 |  |  | 18 |  |  | 9 |  |  | 244 |
LatAm | 8 |  |  | 3 |  |  | 19 |  |  | 17 |  |  | 190 |
Europe | 44 |  |  | 21 |  |  | 185 |  |  | 40 |  |  | 528 |
AMESA | 5 |  |  | — |  |  | 10 |  |  | 5 |  |  | 92 |
APAC | 2 |  |  | 4 |  |  | 7 |  |  | 8 |  |  | 84 |
Corporate | 10 |  |  | 14 |  |  | 30 |  |  | 33 |  |  | 259 |
| 83 |  |  | 51 |  |  | 288 |  |  | 123 |  |  | 1,645 |
Other pension and retiree medical benefits (income)/expense (a) | — |  |  | — |  |  | (1) |  |  | 3 |  |  | 97 |
Total | $ | 83 |  |  | $ | 51 |  |  | $ | 287 |  |  | $ | 126 |  |  | $ | 1,742 |
(a)Income amount represents adjustments for changes in estimates of previously recorded amounts.
| 12 Weeks Ended |  | 36 Weeks Ended |  | Plan to Date
| 9/9/2023 |  | 9/3/2022 |  | 9/9/2023 |  | 9/3/2022 |  | through 9/9/2023
Severance and other employee costs | $ | 39 |  |  | $ | 10 |  |  | $ | 181 |  |  | $ | 41 |  |  | $ | 988 |
Asset impairments | 1 |  |  | 7 |  |  | 1 |  |  | 7 |  |  | 191 |
Other costs | 43 |  |  | 34 |  |  | 105 |  |  | 78 |  |  | 563 |
Total | $ | 83 |  |  | $ | 51 |  |  | $ | 287 |  |  | $ | 126 |  |  | $ | 1,742 |
A summary of our 2019 Productivity Plan activity for the 36 weeks ended September 9, 2023 is as follows:
| Severance and Other Employee Costs |  | Asset Impairments |  | Other Costs |  | Total
Liability as of December 31, 2022 | $ | 188 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 196 |
2023 restructuring charges | 181 |  |  | 1 |  |  | 105 |  |  | 287 |
Cash payments | (174) |  |  | — |  |  | (109) |  |  | (283) |
Non-cash charges and translation | (8) |  |  | (1) |  |  | 1 |  |  | (8) |
Liability as of September 9, 2023 | $ | 187 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 192 |

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