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Share-Based Compensation
 3 Months Ended
Mar. 23, 2024
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
3/23/20243/25/2023
Share-based compensation expense – equity awards$97 $93 
Share-based compensation expense – liability awards5 6 
Restructuring charges(5)1 
Total$97 $100 
The following table summarizes share-based awards granted under the terms of the PepsiCo, Inc. Long-Term Incentive Plan:
12 Weeks Ended
3/23/20243/25/2023
Granted(a)
Weighted-Average Grant Price
Granted(a)
Weighted-Average Grant Price
Stock options1.8 $164.25 2.0 $171.00 
RSUs and PSUs2.3 $164.25 2.1 $171.00 
(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 for both the 12 weeks ended March 23, 2024 and March 25, 2023.
Our weighted-average Black-Scholes fair value assumptions are as follows: 
 12 Weeks Ended
 3/23/20243/25/2023
Expected life7 years7 years
Risk-free interest rate4.2 %4.2 %
Expected volatility16 %16 %
Expected dividend yield2.9 %2.7 %