Interest and Other Income

Operating Profit

9,785

8,353

9,581

Interest expense

(1,342)

(970)

(909)

110

Income before income taxes

8,553

7,442

8,757

Provision for income taxes

2,174

1,941

2,199

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

6,379

5,501

6,558

Less: Net income attributable to noncontrolling interests

Net Income Attributable to PepsiCo

$ 6,329

$ 5,452

$ 6,513

Net Income Attributable to PepsiCo per Common Share

Basic

$ 4.39

$ 3.71

$ 4.31

Diluted

$ 4.36

$ 3.67

$ 4.27

Weighted-average common shares outstanding

Basic

^[1]

1,439

1,469

1,509

Diluted

^[1]

1,452

1,485

1,527

Cash dividends declared per common share

$ 2.96

$ 2.7625

$ 2.5325

[1]	Weighted-average common shares outstanding (in millions).

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 6,379	$ 5,501	$ 6,558
Other comprehensive loss
Currency translation adjustment, pre-tax amount	(309)	(2,938)	(5,010)
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax	7	0	0
Currency translation adjustment, after-tax amount	(302)	(2,938)	(5,010)
Reclassification associated with Venezuela impairment charges	0	111	0
Reclassification associated with Venezuela impairment charges, tax amount		0
Reclassification associated with Venezuela impairment charges, after-tax		111
Cash flow hedges:
Reclassification of net losses to net income, pre-tax amount	150	97	249
Reclassification of net losses to net income, tax benefit/(expense)	(63)	(47)	(95)
Reclassification of net losses to net income, after-tax amount	87	50	154
Net derivative losses, pre-tax amount	(74)	(95)	(88)
Net derivative losses, tax benefit/(expense)	33	48	44
Net derivative losses, after-tax amount	(41)	(47)	(44)
Pension and retiree medical:
Reclassification of net losses to net income	407	246	369
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax	(144)	(74)	(122)
Net prior service cost, after-tax	263	172	247
Reclassification associated with Venezuela impairment charges - Pension	0	20	0
reclassification associated with Venezuela impairment charge, tax amount - Pension	0	(4)	0
reclassification associated with venezuela impairment charges, net of tax - pension	0	16	0
Remeasurement of net liabilities and translation	(750)	(88)	(1,323)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, before Reclassification Adjustments, Tax	171	71	437
Net (losses)/gains, after-tax amount	(579)	(17)	(886)
Unrealized (losses)/gains on securities, pre-tax amount	(43)	3	(11)
Unrealized (losses)/gains on securities, tax benefit/(expense)	19	(2)	5
Unrealized (losses)/gains on securities, net of tax	(24)	1	(6)
Other, pre-tax amount			1
Other Comprehensive Income, Other, Net of Tax			1
Total Other Comprehensive Income (Loss), pre-tax amount	(619)	(2,644)	(5,813)
Total Other Comprehensive Income/(Loss), tax benefit/(expense)	23	(8)	269
Other Comprehensive Income/(Loss), after-tax amount	(596)	(2,652)	(5,544)
Comprehensive income	5,783	2,849	1,014
Comprehensive income attributable to noncontrolling interests	(54)	(47)	(43)
Comprehensive Income Attributable to PepsiCo	$ 5,729	$ 2,802	$ 971

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Statement of Cash Flows [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 6,379	$ 5,501	$ 6,558
Operating Activities
Depreciation and amortization	2,368	2,416	2,625
Share-based compensation expense	284	295	297
Restructuring and impairment charges	160	230	418
Cash payments for restructuring charges	(125)	(208)	(266)
Charges related to the transaction with Tingyi	373	73	0
Venezuela impairment charges	0	1,359	0
Venezuela remeasurement charge	0	0	105
Excess tax benefits from share-based payment arrangements	(139)	(133)	(114)
Pension and retiree medical plan expenses	501	467	667
Pension and retiree medical plan contributions	(695)	(205)	(655)
Deferred income taxes and other tax charges and credits	452	78	(19)
Accounts and notes receivable	(349)	(461)	(343)
Inventories	(75)	(244)	(111)
Prepaid expenses and other current assets	10	(50)	80
Accounts payable and other current liabilities	997	1,692	1,162
Income taxes payable	329	55	371
Other, net	(66)	(285)	(269)
Net Cash Provided by Operating Activities	10,404	10,580	10,506
Investing Activities
Capital spending	(3,040)	(2,758)	(2,859)
Sales of property, plant and equipment	99	86	115
Acquisitions and investments in noncontrolled affiliates	(212)	(86)	(88)
Reduction of cash due to Venezuela deconsolidation	0	(568)	0
Divestitures	85	76	203
Short-term investments, by original maturity:
More than three months - purchases	(12,504)	(4,428)	(6,305)
More than three months - maturities	8,399	4,111	3,891
Three months or less, net	16	3	116
Other investing, net	9	(5)	(10)
Net Cash Used for Investing Activities	(7,148)	(3,569)	(4,937)
Financing Activities
Proceeds from issuances of long-term debt	7,818	8,702	3,855
Payments of long-term debt	(3,105)	(4,095)	(2,189)
Debt redemptions	(2,504)	0	0
Short-term borrowings, by original maturity
Proceeds from Short-term Debt, Maturing in More than Three Months	59	15	50
More than three months - payments	(27)	(43)	(10)
Three months or less, net	1,505	53	(2,037)
Cash dividends paid	(4,227)	(4,040)	(3,730)
Share repurchases - common	(3,000)	(5,000)	(5,012)
Share repurchases - preferred	(7)	(5)	(10)
Proceeds from exercises of stock options	465	504	755
Excess tax benefits from share-based payment arrangements	139	133	114
Other financing	(58)	(52)	(50)
Net Cash Used for Financing Activities	(2,942)	(3,828)	(8,264)
Effect of exchange rate changes on cash and cash equivalents	(252)	(221)	(546)
Net Increase/(Decrease) in Cash and Cash Equivalents	62	2,962	(3,241)
Cash and Cash Equivalents, Beginning of Year	9,096	6,134	9,375
Cash and Cash Equivalents, End of Year	$ 9,158	$ 9,096	$ 6,134

Consolidated Balance Sheet - USD ($)
$ in Millions

Dec. 31, 2016

Dec. 26, 2015

ASSETS

Cash and cash equivalents

$ 9,158

$ 9,096

Accounts and notes receivable, net

6,967

2,913

6,694

6,437

Inventories

^[1]

2,723

2,720

Prepaid expenses and other current assets

1,547

1,865

Assets, Current

27,089

23,031

Property, Plant and Equipment, net

16,591

16,317

Amortizable Intangible Assets, net

1,237

1,270

Goodwill

14,430

14,177

Indefinite-Lived Intangible Assets (Excluding Goodwill)

12,196

11,811

Equity Method Investments

26,626

25,988

1,950

2,311

Other Assets

636

750

Total Assets

74,129

69,667

Short-term debt obligations

6,892

4,071

Accounts payable and other current liabilities

14,243

13,507

Liabilities, Current

21,135

17,578

Long-Term Debt Obligations

30,053

29,213

Other Liabilities, Noncurrent

6,669

5,887

Deferred Income Taxes

5,073

4,959

Liabilities

62,930

57,637

Commitments and contingencies

Preferred Stock, no par value

PepsiCo Common Shareholders’ Equity

11,246

12,068

Common stock, par value 12/3¢ per share (authorized 3,600 shares, issued, net of repurchased common stock at par value: 1,428 and 1,448 shares, respectively)

Additional Paid in Capital, Common Stock

4,091

4,076

Retained Earnings (Accumulated Deficit)

52,518

50,472

Accumulated Other Comprehensive Income (Loss), Net of Tax

(13,919)

(13,319)

Stockholders' Equity Attributable to Noncontrolling Interest

104

107

Total Equity

11,199

12,030

Liabilities and Equity

74,129

69,667

Preferred Stock

Additional Paid-in Capital [Member]

192

186

Retained Earnings [Member]

4,091

4,076

AOCI Attributable to Parent [Member]

52,518

50,472

(13,919)

(13,319)

Treasury Stock [Member]

31,468

29,185

Common Stock

Stockholders' Equity Attributable to Noncontrolling Interest

$ 24

[1]	Approximately 5% and 4% of the inventory cost in 2016 and 2015, respectively, were computed using the LIFO method. The differences between LIFO and FIFO methods of valuing these inventories were not material.

Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2016	Dec. 26, 2015
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0167	$ 0.0167
Common stock, authorized	3,600	3,600
Common stock, issued	1,428	1,448
Repurchased common stock, shares	438	418

Consolidated Statement of Equity - USD ($)
$ in Millions

Total

Preferred Stock

Repurchased Preferred Stock

Common Stock

Capital In Excess Of Par Value

Retained Earnings

Accumulated Other Comprehensive Loss

Repurchased Common Stock

Total Common Shareholders' Equity

Noncontrolling Interests

$ 110

Stockholders' Equity Attributable to Parent at Dec. 28, 2013

$ (171)

$ (25)

$ (4,095)

$ (46,420)

$ 5,127

$ 21,004

Stock Repurchased During Period, Shares

$ 6,513

6,513

(41,000,000)

(57,000,000)

Stock Repurchased During Period, Value

$ (5,012)

Stock option exercises/RSUs converted, tax benefit

Preferred Stock, Shares Issued, Beginning of year at Dec. 28, 2013

600,000

Balance, beginning of year (in shares) at Dec. 28, 2013

(337,000,000)

Balance, outstanding, beginning of year (in shares) at Dec. 28, 2013

1,529,000,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Redemptions (in shares)

(100,000)

Redemptions

$ (10)

Share-based compensation expense

294

Stock Options Exercises RSUs and Performance Stock Units Converted

^[1]

(200)

(91)

Stock option exercises (in shares)

15,000,000

Stock option exercises, RSUs, PSUs and PEPunits converted

$ 1,030

Net Income (Loss) Attributable to Noncontrolling Interest

Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders

(41)

Dividends, Common Stock, Cash

(3,840)

Dividends, Preferred Stock, Cash

(1)

Other comprehensive income/(loss) attributable to PepsiCo

5,542

(5,542)

(2)

Other (in shares)

1,000,000

Balance, end of year at Dec. 27, 2014

$ 1

(2)

17,548

Balance, end of year (in shares) at Dec. 27, 2014

(378,000,000)

Balance, outstanding, end of year (in shares) at Dec. 27, 2014

1,488,000,000

Preferred Stock, Shares Issued, End of year at Dec. 27, 2014

800,000

700,000

Stockholders' Equity Attributable to Parent at Dec. 27, 2014

$ (181)

$ (25)

(4,115)

(49,092)

10,669

$ 24,985

$ (17,578)

Stockholders' Equity Attributable to Noncontrolling Interest

110

Preferred Stock, Value, Outstanding

$ 41

Stock Repurchased During Period, Shares

5,452

(40,000,000)

(52,000,000)

Stock Repurchased During Period, Value

$ (4,999)

Stock option exercises/RSUs converted, tax benefit

107

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Redemptions

$ (5)

Share repurchases

$ (1)

Share-based compensation expense

299

Stock Options Exercises RSUs and Performance Stock Units Converted

^[1]

(182)

(151)

Stock option exercises (in shares)

(5)

12,000,000

Stock option exercises, RSUs, PSUs and PEPunits converted

$ 794

Net Income (Loss) Attributable to Noncontrolling Interest

Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders

(48)

Dividends, Common Stock, Cash

(4,071)

Dividends, Preferred Stock, Cash

(1)

Other comprehensive income/(loss) attributable to PepsiCo

2,650

(2,650)

(2)

Balance, end of year at Dec. 26, 2015

$ 5

(2)

12,030

Balance, end of year (in shares) at Dec. 26, 2015

(418,000,000)

Balance, outstanding, end of year (in shares) at Dec. 26, 2015

1,448,000,000

Preferred Stock, Shares Issued, End of year at Dec. 26, 2015

803,953

700,000

Stockholders' Equity Attributable to Parent at Dec. 26, 2015

(12,068)

$ (186)

$ (24)

(4,076)

(50,472)

13,319

$ (29,185)

(12,068)

Stockholders' Equity Attributable to Noncontrolling Interest

107

Preferred Stock, Value, Outstanding

$ 41

Stock Repurchased During Period, Shares

6,329

(20,000,000)

(29,000,000)

Stock Repurchased During Period, Value

$ (3,000)

Stock option exercises/RSUs converted, tax benefit

$ 110

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Redemptions (in shares)

Redemptions

$ (6)

Share-based compensation expense

289

Stock Options Exercises RSUs and Performance Stock Units Converted

^[1]

(138)

(130)

Stock option exercises (in shares)

(6)

7,303,000

^[2]

9,000,000

Stock option exercises, RSUs, PSUs and PEPunits converted

$ 712

Net Income (Loss) Attributable to Noncontrolling Interest

$ 50

Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders

(55)

Dividends, Common Stock, Cash

(4,282)

Dividends, Preferred Stock, Cash

(1)

Other comprehensive income/(loss) attributable to PepsiCo

600

(600)

Other (in shares)

Balance, end of year at Dec. 31, 2016

$ 5

(2)

11,199

Balance, end of year (in shares) at Dec. 31, 2016

(438,000,000)

Balance, outstanding, end of year (in shares) at Dec. 31, 2016

1,428,000,000

Preferred Stock, Shares Issued, End of year at Dec. 31, 2016

803,953

700,000

Stockholders' Equity Attributable to Parent at Dec. 31, 2016

(11,246)

$ (192)

$ (24)

$ (4,091)

$ (52,518)

$ 13,919

$ (31,468)

$ (11,246)

Stockholders' Equity Attributable to Noncontrolling Interest

104

$ 104

Preferred Stock, Value, Outstanding

$ 41

[1]	Includes total tax benefits of $110 million in 2016, $107 million in 2015 and $74 million in 2014.
[2]	Options are in thousands and include options previously granted under The Pepsi Bottling Group, Inc. (PBG) plan. No additional options or shares were granted under the PBG plan after 2009.

Basis of Presentation and Our Divisions

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis Of Presentation and Our Divisions

Note 1 — Basis of Presentation and Our Divisions

Basis of Presentation

The accompanying financial statements have been prepared in accordance with U.S. GAAP and include the consolidated accounts of PepsiCo, Inc. and the affiliates that we control. In addition, we include our share of the results of certain other affiliates using the equity method based on our economic ownership interest, our ability to exercise significant influence over the operating or financial decisions of these affiliates or our ability to direct their economic resources. We do not control these other affiliates, as our ownership in these other affiliates is generally 50% or less. Intercompany balances and transactions are eliminated.

Raw materials, direct labor and plant overhead, as well as purchasing and receiving costs, costs directly related to production planning, inspection costs and raw materials handling facilities, are included in cost of sales. The costs of moving, storing and delivering finished product are included in selling, general and administrative expenses.

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities. Estimates are used in determining, among other items, sales incentives accruals, tax reserves, share-based compensation, pension and retiree medical accruals, amounts and useful lives for intangible assets and future cash flows associated with impairment testing for perpetual brands, goodwill and other long-lived assets. We evaluate our estimates on an ongoing basis using our historical experience, as well as other factors we believe appropriate under the circumstances, such as current economic conditions, and adjust or revise our estimates as circumstances change. As future events and their effect cannot be determined with precision, actual results could differ significantly from these estimates.

Effective as of the end of the third quarter of 2015, we deconsolidated our Venezuelan subsidiaries from our consolidated financial statements and began accounting for our investments in our wholly-owned Venezuelan subsidiaries and joint venture using the cost method of accounting. See subsequent discussion of “Venezuela.”

Our fiscal year ends on the last Saturday of each December, resulting in an additional week of results every five or six years. Our fiscal 2016 results include an extra week. While our North America results are reported on a weekly calendar basis, most of our international operations report on a monthly calendar basis. Certain operations in our ESSA segment report on a weekly calendar basis. The following chart details our quarterly reporting schedule for 2016, reflecting the extra week in the fourth quarter:



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	17 weeks	September, October, November and December

See “Our Divisions” below, and for additional unaudited information on items affecting the comparability of our consolidated results, see further unaudited information in “Items Affecting Comparability” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Unless otherwise noted, tabular dollars are in millions, except per share amounts. All per share amounts reflect common per share amounts, assume dilution unless noted, and are based on unrounded amounts. Reclassifications were made to prior years’ amounts to conform to the current year presentation, including the presentation of certain functional support costs associated with the manufacturing and production of our products within cost of sales. These costs were previously included in selling, general and administrative expenses. For the years ended December 26, 2015 and December 27, 2014, these reclassifications resulted in an increase in cost of sales of $347 million and $354 million, respectively, with a corresponding reduction to gross profit and selling, general and administrative expenses in the same years. These reclassifications reflect changes in how we are classifying costs of certain support functions as a result of ongoing productivity and efficiency initiatives. These reclassifications had no impact on our consolidated net revenue, operating profit, net interest expense, provision for income taxes, net income or EPS.

Our Divisions

Through our operations, authorized bottlers, contract manufacturers and other third parties, we make, market, distribute and sell a wide variety of convenient and enjoyable beverages, foods and snacks, serving customers and consumers in more than 200 countries and territories with our largest operations in North America, Mexico, Russia, the United Kingdom and Brazil. Division results are based on how our Chief Executive Officer assesses the performance of and allocates resources to our divisions and are considered our reportable segments. For additional unaudited information on our divisions, see “Our Operations” contained in “Item 1. Business.” The accounting policies for the divisions are the same as those described in Note 2, except for the following allocation methodologies:


•	share-based compensation expense;


•	pension and retiree medical expense; and


•	derivatives.

Share-Based Compensation Expense

Our divisions are held accountable for share-based compensation expense and, therefore, this expense is allocated to our divisions as an incremental employee compensation cost. The allocation of share-based compensation expense in 2016 was approximately 14% to FLNA, 2% to QFNA, 22% to NAB, 7% to Latin America, 11% to ESSA, 10% to AMENA and 34% to corporate unallocated expenses. We had similar allocations of share-based compensation expense to our divisions in 2015 and 2014. The expense allocated to our divisions excludes any impact of changes in our assumptions during the year which reflect market conditions over which division management has no control. Therefore, any variances between allocated expense and our actual expense are recognized in corporate unallocated expenses.

Pension and Retiree Medical Expense

Pension and retiree medical service costs measured at fixed discount rates, as well as amortization of costs related to certain pension plan amendments and gains and losses due to demographics (including mortality assumptions and salary experience) are reflected in division results for North American employees. Division results also include interest costs, measured at fixed discount rates, for retiree medical plans. Interest costs for the pension plans, pension asset returns and the impact of pension funding, and gains and losses other than those due to demographics, are all reflected in corporate unallocated expenses. In addition, for our North American plans, corporate unallocated expenses include the difference between the service costs measured at a fixed discount rate (included in division results as noted above) and the total service costs determined using the plans’ discount rates as disclosed in Note 7.

Derivatives

We centrally manage commodity derivatives on behalf of our divisions. These commodity derivatives include agricultural products, energy and metals. Commodity derivatives that do not qualify for hedge accounting treatment are marked to market each period with the resulting gains and losses recorded in corporate unallocated expenses as either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. These gains and losses are subsequently reflected in division results when the divisions recognize the cost of the underlying commodity in operating profit. Therefore, the divisions realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility, which remains in corporate unallocated expenses. These derivatives hedge underlying commodity price risk and were not entered into for trading or speculative purposes.

Net revenue and operating profit/(loss) of each division are as follows:



	Net Revenue						Operating Profit/(Loss)^(a)
	2016		2015		2014		2016			2015			2014
FLNA	$	15,549	$	14,782	$	14,502	$	4,659		$	4,304		$	4,054
QFNA	2,564		2,543		2,568		653			560			621
NAB	21,312		20,618		20,171		2,959			2,785			2,421
Latin America	6,820		8,228		9,425		887			(206		)	1,636
ESSA	10,216		10,510		13,399		1,108			1,081			1,389
AMENA	6,338		6,375		6,618		619			941			985
Total division	62,799		63,056		66,683		10,885			9,465			11,106
Corporate Unallocated	—		—		—		(1,100		)	(1,112		)	(1,525		)
	$	62,799	$	63,056	$	66,683	$	9,785		$	8,353		$	9,581


(a)	For further unaudited information on certain items that impacted our financial performance, see “Item 6. Selected Financial Data.”

Corporate Unallocated

Corporate unallocated includes costs of our corporate headquarters, centrally managed initiatives such as research and development projects, unallocated insurance and benefit programs, foreign exchange transaction gains and losses, commodity derivative gains and losses, our ongoing business transformation initiatives and certain other items.

Other Division Information

Total assets and capital spending of each division are as follows:



	Total Assets				Capital Spending
	2016		2015		2016		2015		2014
FLNA	$	5,759	$	5,375	$	801	$	608	$	519
QFNA	826		872		41		40		58
NAB	28,452		28,128		769		695		708
Latin America	4,640		4,284		507		368		379
ESSA	12,406		12,225		439		404		502
AMENA	5,303		5,901		381		441		517
Total division	57,386		56,785		2,938		2,556		2,683
Corporate^(a)	16,743		12,882		102		202		176
	$	74,129	$	69,667	$	3,040	$	2,758	$	2,859


(a)	Corporate assets consist principally of certain cash and cash equivalents, short-term investments, derivative instruments, property, plant and equipment, pension and tax assets. In 2016, the change in total Corporate assets was primarily due to an increase in short-term investments.

Amortization of intangible assets and depreciation and other amortization of each division are as follows:



	Amortization of Intangible Assets						Depreciation and Other Amortization
	2016		2015		2014		2016		2015		2014
FLNA	$	7	$	7	$	7	$	435	$	427	$	424
QFNA	—		—		—		50		51		51
NAB	37		38		43		809		813		837
Latin America	5		7		10		211		238		273
ESSA	18		20		28		321		353		471
AMENA	3		3		4		294		293		313
Total division	70		75		92		2,120		2,175		2,369
Corporate	—		—		—		178		166		164
	$	70	$	75	$	92	$	2,298	$	2,341	$	2,533

Net revenue and long-lived assets by country are as follows:



	Net Revenue						Long-Lived Assets^(a)
	2016		2015		2014		2016		2015
United States	$	36,732	$	35,266	$	34,219	$	28,382	$	27,876
Mexico	3,431		3,687		4,113		998		994
Canada	2,692		2,677		3,022		2,499		2,386
Russia ^(b)	2,648		2,797		4,414		4,373		3,614
United Kingdom	1,737		1,966		2,174		852		1,107
Brazil	1,305		1,289		1,790		796		649
All other countries ^(c)	14,254		15,374		16,951		8,504		9,260
	$	62,799	$	63,056	$	66,683	$	46,404	$	45,886


(a)	Long-lived assets represent property, plant and equipment, nonamortizable intangible assets, amortizable intangible assets and investments in noncontrolled affiliates. These assets are reported in the country where they are primarily used.


(b)	Change in long-lived assets in 2016 primarily reflects appreciation of the Russian ruble. Change in net revenue in 2015 primarily reflects the depreciation of the Russian ruble.


(c)	Included in long-lived assets in all other countries as of December 31, 2016 and December 26, 2015 are $166 million and $538 million, respectively, related to our 5% indirect equity interest in TAB.

Venezuela

Prior to the end of the third quarter of 2015, the financial position and results of operations of our Venezuelan snack and beverage businesses, which consist of our wholly-owned subsidiaries and our beverage joint venture with our franchise bottler in Venezuela, were included in our consolidated financial statements and reported under highly-inflationary accounting, with the functional currency of the U.S. dollar.

Conditions in Venezuela, including restrictive exchange control regulations and reduced access to U.S. dollars through official currency exchange markets, have resulted in an other-than-temporary lack of exchangeability between the Venezuelan bolivar and the U.S. dollar. The exchange restrictions and other conditions have significantly impacted our ability to effectively manage our businesses in Venezuela, including limiting our ability to import certain raw materials and to settle U.S. dollar-denominated obligations, and have restricted our ability to realize the earnings generated out of our Venezuelan businesses. We expect these conditions will continue for the foreseeable future.

As a result of these factors, we concluded that, effective as of the end of the third quarter of 2015, we did not meet the accounting criteria for control over our wholly-owned Venezuelan subsidiaries, and we no longer had significant influence over our beverage joint venture with our franchise bottler in Venezuela. Therefore, effective at the end of the third quarter of 2015, we deconsolidated our Venezuelan subsidiaries and began accounting for our investments in our Venezuelan subsidiaries and joint venture using the cost method of accounting. We recorded pre- and after-tax charges of $1.4 billion in our income statement to reduce the value of the cost method investments to their estimated fair values, resulting in a full impairment. The impairment charges primarily included approximately $1.2 billion related to our investments in previously consolidated Venezuelan subsidiaries and our joint venture and $111 million related to the reclassification of cumulative translation losses. The estimated fair value of the investments in our Venezuelan entities was derived using discounted cash flow analyses, including U.S. dollar exchange and discount rate assumptions that reflected the inflation and economic uncertainty in Venezuela, and are considered non-recurring Level 3 measurements within the fair value hierarchy. The factors that led to the above-mentioned conclusions at the end of the third quarter of 2015 continued to exist through the end of 2016.

As of the end of 2016, consistent with the end of the third quarter of 2015, we did not consolidate the assets and liabilities of our Venezuelan subsidiaries in our balance sheet. Beginning in the fourth quarter of 2015, our financial results have not included the results of our Venezuelan businesses. We do not have any guarantees related to our Venezuelan entities, and our ongoing contractual commitments to our Venezuelan businesses are not material. We will recognize income from dividends and sales of inventory to our Venezuelan entities, which have not been and are not expected to be material, to the extent cash in U.S. dollars is received. We did not receive any cash in U.S. dollars from our Venezuelan entities during the fourth quarter of 2015 or fiscal year 2016. We will continue to monitor the conditions in Venezuela and their impact on our accounting and disclosures. For further unaudited information, see “Our Business Risks” and “Our Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Our Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Our Significant Accounting Policies

Revenue Recognition

We recognize revenue upon shipment or delivery to our customers based on written sales terms that do not allow for a right of return. However, our policy for DSD and certain chilled products is to remove and replace damaged and out-of-date products from store shelves to ensure that consumers receive the product quality and freshness they expect. Similarly, our policy for certain warehouse-distributed products is to replace damaged and out-of-date products. Based on our experience with this practice, we have reserved for anticipated damaged and out-of-date products. For additional unaudited information on our revenue recognition and related policies, including our policy on bad debts, see “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

We are exposed to concentration of credit risk from our major customers, including Wal-Mart. In 2016, sales to Wal-Mart (including Sam’s) represented approximately 13% of our total net revenue, including concentrate sales to our independent bottlers, which are used in finished goods sold by them to Wal-Mart. We have not experienced credit issues with these customers.

Total Marketplace Spending

We offer sales incentives and discounts through various programs to customers and consumers. Total marketplace spending includes sales incentives, discounts, advertising and other marketing activities. Sales incentives and discounts are primarily accounted for as a reduction of revenue and include payments to customers for performing merchandising activities on our behalf, such as payments for in-store displays, payments to gain distribution of new products, payments for shelf space and discounts to promote lower retail prices. It also includes support provided to our independent bottlers through funding of advertising and other marketing activities. While most of these incentive arrangements have terms of no more than one year, certain arrangements, such as fountain pouring rights, may extend beyond one year. Costs incurred to obtain these arrangements are recognized over the shorter of the economic or contractual life, primarily as a reduction of revenue, and the remaining balances of $291 million as of December 31, 2016 and $321 million as of December 26, 2015 are included in prepaid expenses and other current assets and other assets on our balance sheet. For additional unaudited information on our sales incentives, see “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Advertising and other marketing activities, reported as selling, general and administrative expenses, totaled $4.2 billion in 2016 and $3.9 billion in both 2015 and 2014, including advertising expenses of $2.5 billion in 2016, $2.4 billion in 2015 and $2.3 billion in 2014. Deferred advertising costs are not expensed until the year first used and consist of:


•	media and personal service prepayments;


•	promotional materials in inventory; and


•	production costs of future media advertising.

Deferred advertising costs of $32 million and $40 million as of December 31, 2016 and December 26, 2015, respectively, are classified as prepaid expenses and other current assets on our balance sheet.

Distribution Costs

Distribution costs, including the costs of shipping and handling activities, are reported as selling, general and administrative expenses. Shipping and handling expenses were $9.7 billion in 2016, $9.4 billion in 2015 and $9.7 billion in 2014.

Cash Equivalents

Cash equivalents are highly liquid investments with original maturities of three months or less.

Software Costs

We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended. Capitalized software costs include only (i) external direct costs of materials and services utilized in developing or obtaining computer software, (ii) compensation and related benefits for employees who are directly associated with the software projects and (iii) interest costs incurred while developing internal-use computer software. Capitalized software costs are included in property, plant and equipment on our balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software, which approximate five to 10 years. Software amortization totaled $214 million in 2016, $202 million in 2015 and $208 million in 2014. Net capitalized software and development costs were $791 million and $863 million as of December 31, 2016 and December 26, 2015, respectively.

Commitments and Contingencies

We are subject to various claims and contingencies related to lawsuits, certain taxes and environmental matters, as well as commitments under contractual and other commercial obligations. We recognize liabilities for contingencies and commitments when a loss is probable and estimable. For additional unaudited information on our commitments, see “Our Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Research and Development

We engage in a variety of research and development activities and continue to invest to accelerate growth and to drive innovation globally. Consumer research is excluded from research and development costs and included in other marketing costs. Research and development costs were $760 million, $754 million and $718 million in 2016, 2015 and 2014, respectively, and are reported within selling, general and administrative expenses.

See “Research and Development” in “Item 1. Business” for additional unaudited information about our research and development activities.

Goodwill and Other Intangible Assets

Indefinite-lived intangible assets and goodwill are not amortized and are assessed for impairment at least annually, using either a qualitative or quantitative approach. We perform this annual assessment during our third quarter. Where we use the qualitative assessment, first we determine if, based on qualitative factors, it is more likely than not that an impairment exists. Factors considered include macroeconomic, industry and competitive conditions, legal and regulatory environment, historical financial performance and significant changes in the brand or reporting unit. If the qualitative assessment indicates that it is more likely than not that an impairment exists, then a quantitative assessment is performed.

In the quantitative assessment of indefinite-lived intangible assets, if the carrying amount of the indefinite-lived intangible asset exceeds its estimated fair value, as determined by its discounted cash flows, an impairment loss is recognized in an amount equal to that excess. Quantitative assessment of goodwill is performed using a two-step impairment test at the reporting unit level. A reporting unit can be a division or business within a division. The first step compares the carrying value of a reporting unit, including goodwill, with its estimated fair value, as determined by its discounted cash flows. If the carrying value of a reporting unit exceeds its estimated fair value, we complete the second step to determine the amount of goodwill impairment loss that we should record, if any. In the second step, we determine an implied fair value of the reporting unit’s goodwill by allocating the estimated fair value of the reporting unit to all of the assets and liabilities other than goodwill (including any unrecognized intangible assets). The amount of impairment loss is equal to the excess of the carrying value of the goodwill over the implied fair value of that goodwill. The quantitative assessment, described above requires an analysis of several estimates including future cash flows or income consistent with management’s strategic business plans, annual sales growth rates, perpetuity growth assumptions and the selection of assumptions underlying a discount rate (weighted average cost of capital) based on market data available at the time. Significant management judgment is necessary to estimate the impact of competitive operating, macroeconomic and other factors to estimate future levels of sales, operating profit or cash flows. All assumptions used in our impairment evaluations for nonamortizable intangible assets, such as forecasted growth rates and weighted-average cost of capital, are based on the best available market information and are consistent with our internal forecasts and operating plans.

Amortizable intangible assets are only evaluated for impairment upon a significant change in the operating or macroeconomic environment. If an evaluation of the undiscounted future cash flows indicates impairment, the asset is written down to its estimated fair value, which is based on its discounted future cash flows.

See also Note 4, and for additional unaudited information on goodwill and other intangible assets, see “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Other Significant Accounting Policies

Our other significant accounting policies are disclosed as follows:


•	Basis of Presentation – Note 1 - Basis of Presentation for a description of our policies regarding use of estimates, basis of presentation and consolidation.


•	Property, Plant and Equipment – Note 4.


•	Income Taxes – Note 5, and for additional unaudited information see, “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.


•	Share-Based Compensation – Note 6.


•	Pension, Retiree Medical and Savings Plans – Note 7, and for additional unaudited information, see “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.


•	Financial Instruments – Note 9, and for additional unaudited information, see “Our Business Risks” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.


•	Inventories – Note 13. Inventories are valued at the lower of cost or net realizable value. Cost is determined using the average; first-in, first-out (FIFO) or last-in, first-out (LIFO) methods.

•

Translation of Financial Statements of Foreign Subsidiaries – Financial statements of foreign subsidiaries are translated into U.S. dollars using period-end exchange rates for assets and liabilities and weighted-average exchange rates for revenues and expenses. Adjustments resulting from translating net assets are reported as a separate component of accumulated other comprehensive loss within common shareholders’ equity as currency translation adjustment.

Recently Issued Accounting Pronouncements - Adopted

In 2016, the Financial Accounting Standards Board (FASB) issued guidance to clarify how certain cash receipts and payments should be presented in the cash flow statement. The guidance is effective in 2018 with early adoption permitted. We early adopted the provisions of this guidance retrospectively during our fourth quarter of 2016, including in connection with the debt redemption discussed in Note 8; the adoption did not have a material impact on our financial statements.

In 2015, the FASB issued guidance that changes the subsequent measurement for certain inventory methods from the lower of cost or market to the lower of cost and net realizable value. We adopted the provisions of this guidance during our fourth quarter of 2016; the adoption did not have a material impact on our financial statements.

Recently Issued Accounting Pronouncements - Not Yet Adopted

In 2016, the FASB issued guidance to clarify how restricted cash should be presented in the cash flow statement. The guidance is effective in 2018 with early adoption permitted. The guidance is not expected to have a material impact on our financial statements. We are currently evaluating the timing of adoption of this guidance.

In 2016, the FASB issued guidance that changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking expected loss model that will replace today’s incurred loss model and generally will result in earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except that the losses will be recognized as an allowance. The guidance is effective in 2020 with early adoption permitted in 2019. We are currently evaluating the impact of this guidance on our financial statements and the timing of adoption.

In 2016, the FASB issued guidance that changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition in the income statement of the income tax effects of vested or settled awards on a prospective basis. Additionally, within the cash flow statement, the guidance requires the excess tax benefits from share-based payment arrangements to be presented within operating activities and withholding tax payments upon vesting of restricted stock units (RSUs), performance stock units (PSUs) and PepsiCo equity performance units (PEPunits) to be presented within financing activities. We will apply the change in the presentation on the cash flow statement retrospectively. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes and not classify the award as a liability that requires valuation on a mark-to-market basis. In addition, the guidance allows for a policy election to account for forfeitures as they occur. We will continue to apply our policy of estimating forfeiture rates. We will adopt this guidance beginning in the first quarter of 2017 and the impact on our financial statements will be dependent on the timing of award vesting or exercises, our tax rate and the intrinsic value when awards vest or are exercised. For the years 2016 and 2015, our excess tax benefits recognized were $110 million and $107 million, respectively. If we had applied this standard in 2016 and 2015, the impact would have been a $0.07 increase to EPS in both years. For the years 2016 and 2015, the impact to our operating cash flow was an increase of $269 million and $284 million, respectively.

In 2016, the FASB issued guidance that eliminates the requirement that an investor retrospectively apply equity method accounting for an investment originally accounted for by another method. The guidance requires that an equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the ability to exercise significant influence is achieved. The guidance is effective and we will adopt prospectively beginning in the first quarter of 2017.

In 2016, the FASB issued guidance that requires lessees to recognize most leases on their balance sheets, but record expenses on their income statements in a manner similar to current accounting. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. The guidance is effective in 2019 with early adoption permitted. We expect this adoption will result in an increase in the assets and liabilities on our balance sheet. We commenced our assessment of the impact of the guidance on our current lease portfolio from both a lessor and lessee perspective. See Note 13 for our minimum lease payments under non-cancelable operating leases.

In 2016, the FASB issued guidance that requires companies to measure investments in certain equity securities at fair value and recognize any changes in fair value in net income. The guidance is effective in 2018 and early adoption is not permitted. We are currently evaluating the impact of this guidance on our financial statements, including the impact on certain of our investments in noncontrolled affiliates and our available-for-sale securities. See Note 9 for further information on our available-for-sale securities.

In 2015, the FASB issued guidance that requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet. The guidance is effective and we will adopt retrospectively beginning in the first quarter of 2017. The impact of the guidance to our 2016 balance sheet is a reclassification of $639 million of assets from current to non-current on our balance sheet. See Note 5 for further information on deferred taxes.

In 2014, the FASB issued guidance on revenue recognition, with final amendments issued in 2016. The guidance provides for a five-step model to determine the revenue recognized for the transfer of goods or services to customers that reflects the expected entitled consideration in exchange for those goods or services. It also provides clarification for principal versus agent considerations and identifying performance obligations. In addition, the FASB introduced practical expedients related to disclosures of remaining performance obligations, as well as other amendments to guidance on collectability, non-cash consideration and the presentation of sales and other similar taxes. Financial statement disclosures required under the guidance will enable users to understand the nature, amount, timing, judgments and uncertainty of revenue and cash flows relating to customer contracts. The two permitted transition methods under the guidance are the full retrospective approach or a cumulative effect adjustment to the opening retained earnings in the year of adoption (cumulative effect approach). The guidance is effective in 2018, with early adoption permitted.

We are utilizing a comprehensive approach to assess the impact of the guidance on our contract portfolio by reviewing our current accounting policies and practices to identify potential differences that would result from applying the new requirements to our revenue contracts, including evaluation of our performance obligations, principal versus agent and variable consideration. We continue to make significant progress on our contract reviews and are also in the process of evaluating the impact, if any, on changes to our business processes, systems and controls to support recognition and disclosure under the new guidance and, based on the foregoing, we do not currently expect this guidance to have a material impact on our financial statements. We are continuing with our implementation plan and currently expect to adopt the new guidance beginning in 2018 using the cumulative effect approach

Restructuring, Impairment and Integration Charges

12 Months Ended

Dec. 31, 2016

Restructuring and Related Activities [Abstract]

Restructuring, Impairment And Integration Charges

Restructuring and Impairment Charges

A summary of our restructuring and impairment charges and other productivity initiatives is as follows:



	2016		2015		2014
2014 Productivity Plan	$	160	$	169	$	357
2012 Productivity Plan	—		61		61
Total restructuring and impairment charges	160		230		418
Other productivity initiatives	12		90		67
Total restructuring and impairment charges and other productivity initiatives	$	172	$	320	$	485

2014 Multi-Year Productivity Plan

The 2014 Productivity Plan, publicly announced on February 13, 2014, includes the next generation of productivity initiatives that we believe will strengthen our food, snack and beverage businesses by: accelerating our investment in manufacturing automation; further optimizing our global manufacturing footprint, including closing certain manufacturing facilities; re-engineering our go-to-market systems in developed markets; expanding shared services; and implementing simplified organization structures to drive efficiency. The 2014 Productivity Plan is in addition to the 2012 Productivity Plan and is expected to continue the benefits of that plan.

In 2016, 2015 and 2014, we incurred restructuring charges of $160 million ($131 million after-tax or $0.09 per share), $169 million ($134 million after-tax or $0.09 per share) and $357 million ($262 million after-tax or $0.17 per share), respectively, in conjunction with our 2014 Productivity Plan. All of these charges were recorded in selling, general and administrative expenses and primarily relate to severance and other employee-related costs, asset impairments (all non-cash), and other costs associated with the implementation of our initiatives, including contract termination costs. Substantially all of the restructuring accrual at December 31, 2016 is expected to be paid by the end of 2017.

A summary of our 2014 Productivity Plan charges is as follows:



	2016									2015									2014
	Severance and Other Employee Costs		Asset Impairments		Other Costs			Total		Severance and Other Employee Costs		Asset Impairments			Other Costs		Total		Severance and Other Employee Costs			Asset Impairments		Other Costs		Total
FLNA ^(a)	$	10	$	—	$	3		$	13	$	18	$	(1	)	$	9	$	26	$	25		$	10	$	11	$	46
QFNA	—		—		1			1		—		—			3		3		12			—		2		14
NAB	18		8		9			35		10		4			17		31		60			56		56		172
Latin America ^(a)	29		—		(2		)	27		2		10			16		28		15			3		10		28
ESSA	21		22		17			60		26		11			25		62		24			4		14		42
AMENA	4		6		4			14		2		—			8		10		14			—		8		22
Corporate ^(a)	6		—		4			10		1		—			8		9		(2		)	—		35		33
	$	88	$	36	$	36		$	160	$	59	$	24		$	86	$	169	$	148		$	73	$	136	$	357


(a)	Income amounts represent adjustments of previously recorded amounts.

Since the inception of the 2014 Productivity Plan, we incurred restructuring charges of $739 million:



	2014 Productivity Plan Costs to Date
	Severance and Other Employee Costs		Asset Impairments		Other Costs		Total
FLNA	$	64	$	9	$	23	$	96
QFNA	15		—		6		21
NAB	97		68		82		247
Latin America	52		13		24		89
ESSA	81		37		56		174
AMENA	21		6		20		47
Corporate	17		—		48		65
	$	347	$	133	$	259	$	739

A summary of our 2014 Productivity Plan activity is as follows:



	Severance and Other Employee Costs			Asset Impairments			Other Costs			Total
Liability as of December 28, 2013	$	30		$	—		$	1		$	31
2014 restructuring charges	148			73			136			357
Cash payments	(56		)	—			(109		)	(165		)
Non-cash charges and translation	(33		)	(73		)	(4		)	(110		)
Liability as of December 27, 2014	89			—			24			113
2015 restructuring charges	59			24			86			169
Cash payments	(76		)	—			(87		)	(163		)
Non-cash charges and translation	(11		)	(24		)	(3		)	(38		)
Liability as of December 26, 2015	61			—			20			81
2016 restructuring charges	88			36			36			160
Cash payments	(46		)	—			(49		)	(95		)
Non-cash charges and translation	(15		)	(36		)	1			(50		)
Liability as of December 31, 2016	$	88		$	—		$	8		$	96

2012 Multi-Year Productivity Plan

The 2012 Productivity Plan, publicly announced on February 9, 2012, included actions in every aspect of our business that we believe would strengthen our complementary food, snack and beverage businesses by: leveraging new technologies and processes across PepsiCo’s operations, go-to-market and information systems; heightening the focus on best practice sharing across the globe; consolidating manufacturing, warehouse and sales facilities; and implementing simplified organization structures, with wider spans of control and fewer layers of management. The 2012 Productivity Plan has enhanced PepsiCo’s cost-competitiveness and provided a source of funding for future brand-building and innovation initiatives.

In 2015 and 2014, we incurred restructuring charges of $61 million ($50 million after-tax or $0.03 per share) and $61 million ($54 million after-tax or $0.04 per share), respectively, in conjunction with our 2012 Productivity Plan. All of these charges were recorded in selling, general and administrative expenses and primarily related to severance and other employee-related costs, asset impairments (all non-cash), and contract termination costs. The 2012 Productivity Plan was completed in 2016 and all cash payments were paid by the end of 2016.

A summary of our 2012 Productivity Plan charges is as follows:



	2015								2014
	Severance and Other Employee Costs		Asset Impairments		Other Costs		Total		Severance and Other Employee Costs			Asset Impairments		Other Costs			Total
FLNA ^(a)	$	—	$	—	$	—	$	—	$	(1	)	$	—	$	3		$	2
QFNA	—		—		—		—		—			—		—			—
NAB ^(a)	—		—		2		2		(3		)	1		9			7
Latin America ^(a)	6		1		1		8		19			—		(19		)	—
ESSA	15		—		12		27		6			5		18			29
AMENA	15		3		2		20		12			—		3			15
Corporate ^(a)	3		—		1		4		(2		)	—		10			8
	$	39	$	4	$	18	$	61	$	31		$	6	$	24		$	61


(a)	Income amounts represent adjustments of previously recorded amounts.

Since the inception of the 2012 Productivity Plan, we incurred restructuring charges of $894 million:



	2012 Productivity Plan Costs to Date
	Severance and Other Employee Costs		Asset Impairments		Other Costs		Total
FLNA	$	91	$	8	$	25	$	124
QFNA	18		—		10		28
NAB	107		44		48		199
Latin America	98		11		18		127
ESSA	136		23		66		225
AMENA	75		5		17		97
Corporate	35		—		59		94
	$	560	$	91	$	243	$	894

A summary of our 2012 Productivity Plan activity is as follows:



	Severance and Other Employee Costs			Asset Impairments			Other Costs			Total
Liability as of December 28, 2013	$	68		$	—		$	17		$	85
2014 restructuring charges	31			6			24			61
Cash payments	(65		)	—			(36		)	(101		)
Non-cash charges and translation	(6		)	(6		)	—			(12		)
Liability as of December 27, 2014	28			—			5			33
2015 restructuring charges	39			4			18			61
Cash payments	(24		)	—			(21		)	(45		)
Non-cash charges and translation	(8		)	(4		)	1			(11		)
Liability as of December 26, 2015	35			—			3			38
Cash payments	(28		)	—			(2		)	(30		)
Non-cash charges and translation	(7		)	—			(1		)	(8		)
Liability as of December 31, 2016	$	—		$	—		$	—		$	—

Other Productivity Initiatives

There were no material charges related to other productivity and efficiency initiatives outside the scope of the 2014 and 2012 Productivity Plans in 2016. In 2015, we incurred charges of $90 million ($66 million after-tax or $0.04 per share) related to other productivity and efficiency initiatives, including $48 million in Latin America, $5 million in ESSA, $20 million in AMENA and $17 million in Corporate. In 2014, we incurred charges of $67 million ($54 million after-tax or $0.04 per share) related to other productivity and efficiency initiatives, including $11 million in Latin America, $26 million in ESSA and $30 million in AMENA. Non-cash charges in 2015 and 2014 were $10 million and $13 million, respectively. These amounts were recorded in selling, general and administrative expenses and primarily reflect severance and other employee-related costs and asset impairments (all non-cash). These initiatives were not included in items affecting comparability. Cash payments in 2016, 2015 and 2014 were $43 million, $57 million and $3 million, respectively. Substantially all of the accrual of $29 million at December 31, 2016 is expected to be paid by the end of 2017.

We regularly evaluate different productivity initiatives beyond the productivity plans and other initiatives discussed above.

See additional unaudited information in “Items Affecting Comparability” and “Results of Operations – Division Review” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Property, Plant and Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2016

Property, Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

A summary of our property, plant and equipment is as follows:



	Average Useful Life (Years)	2016			2015			2014
Property, plant and equipment, net
Land		$	1,153		$	1,184
Buildings and improvements	15 - 44	8,306			8,061
Machinery and equipment, including fleet and software	5 - 15	25,277			24,764
Construction in progress		2,082			1,738
		36,818			35,747
Accumulated depreciation		(20,227		)	(19,430		)
		$	16,591		$	16,317
Depreciation expense		$	2,217		$	2,248		$	2,441

Property, plant and equipment is recorded at historical cost. Depreciation and amortization are recognized on a straight-line basis over an asset’s estimated useful life. Land is not depreciated and construction in progress is not depreciated until ready for service.

A summary of our amortizable intangible assets is as follows:



		2016							2015							2014
Amortizable intangible assets, net	Average Useful Life (Years)	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Acquired franchise rights	56 – 60	$	827	$	(108	)	$	719	$	820	$	(92	)	$	728
Reacquired franchise rights	5 – 14	106		(102		)	4		105		(99		)	6
Brands	20 – 40	1,277		(977		)	300		1,298		(987		)	311
Other identifiable intangibles	10 – 24	522		(308		)	214		526		(301		)	225
		$	2,732	$	(1,495	)	$	1,237	$	2,749	$	(1,479	)	$	1,270
Amortization expense							$	70						$	75	$	92

Amortization of intangible assets for each of the next five years, based on existing intangible assets as of December 31, 2016 and using average 2016 foreign exchange rates, is expected to be as follows:



	2017		2018		2019		2020		2021
Five-year projected amortization	$	62	$	60	$	57	$	57	$	55

Depreciable and amortizable assets are only evaluated for impairment upon a significant change in the operating or macroeconomic environment. In these circumstances, if an evaluation of the undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value, which is based on discounted future cash flows. Useful lives are periodically evaluated to determine whether events or circumstances have occurred which indicate the need for revision. For additional unaudited information on our policies for amortizable brands, see “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Nonamortizable Intangible Assets

We did not recognize any impairment charges for goodwill in each of the fiscal years ended December 31, 2016, December 26, 2015 and December 27, 2014. We recognized no material impairment charges for nonamortizable intangible assets in each of the fiscal years ended December 31, 2016, December 26, 2015 and December 27, 2014. As of December 31, 2016, the estimated fair values of our indefinite-lived reacquired and acquired franchise rights recorded at NAB exceeded their carrying values. However, there could be an impairment of the carrying value of NAB’s reacquired and acquired franchise rights if future revenues and their contribution to the operating results of NAB’s CSD business do not achieve our expected future cash flows or if macroeconomic conditions result in a future increase in the weighted-average cost of capital used to estimate fair value. We have also analyzed the impact of the macroeconomic conditions in Russia and Brazil on the estimated fair value of our indefinite-lived intangible assets in these countries and have concluded that there is no impairment as of December 31, 2016. However, there could be an impairment of the carrying value of certain brands in these countries if there is a further deterioration in these conditions, if future revenues and their contributions to the operating results do not achieve our expected future cash flows or if macroeconomic conditions result in a future increase in the weighted-average cost of capital used to estimate fair value. For additional information on our policies for nonamortizable intangible assets, see Note 2.

The change in the book value of nonamortizable intangible assets is as follows:



	Balance, Beginning 2015		Translation and Other			Balance, End of 2015		Translation and Other			Balance, End of 2016
FLNA
Goodwill	$	291	$	(24	)	$	267	$	3		$	270
Brands	27		(5		)	22		1			23
	318		(29		)	289		4			293
QFNA
Goodwill	175		—			175		—			175

NAB
Goodwill ^(a)	9,846		(92		)	9,754		89			9,843
Reacquired franchise rights	7,193		(151		)	7,042		22			7,064
Acquired franchise rights	1,538		(31		)	1,507		5			1,512
Brands ^(a)	108		—			108		206			314
	18,685		(274		)	18,411		322			18,733
Latin America
Goodwill	644		(123		)	521		32			553
Brands ^(b)	223		(86		)	137		13			150
	867		(209		)	658		45			703
ESSA ^(c)
Goodwill	3,539		(497		)	3,042		135			3,177
Reacquired franchise rights	571		(83		)	488		—			488
Acquired franchise rights	199		(9		)	190		(6		)	184
Brands	2,663		(451		)	2,212		146			2,358
	6,972		(1,040		)	5,932		275			6,207
AMENA
Goodwill	470		(52		)	418		(6		)	412
Brands	117		(12		)	105		(2		)	103
	587		(64		)	523		(8		)	515

Total goodwill	14,965		(788		)	14,177		253			14,430
Total reacquired franchise rights	7,764		(234		)	7,530		22			7,552
Total acquired franchise rights	1,737		(40		)	1,697		(1		)	1,696
Total brands	3,138		(554		)	2,584		364			2,948
	$	27,604	$	(1,616	)	$	25,988	$	638		$	26,626


(a)	The change in 2016 is primarily related to our acquisition of KeVita, Inc.


(b)	The change in 2015 includes a reduction of $41 million of nonamortizable brands arising from the Venezuela deconsolidation.


(c)	The change in 2016 and 2015 primarily reflects the currency fluctuation of the Russian ruble.

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes are as follows:



		2016			2015			2014
United States		$	2,630		$	2,879		$	2,557
Foreign		5,923			4,563			6,200
		$	8,553		$	7,442		$	8,757

The provision for income taxes consisted of the following:

		2016			2015			2014
Current:	U.S. Federal	$	1,219		$	1,143		$	1,364
	Foreign	824			773			851
	State	77			65			210
		2,120			1,981			2,425
Deferred:	U.S. Federal	109			(14		)	(33		)
	Foreign	(33		)	(32		)	(60		)
	State	(22		)	6			(133		)
		54			(40		)	(226		)
		$	2,174		$	1,941		$	2,199



A reconciliation of the U.S. Federal statutory tax rate to our annual tax rate is as follows:

	2016		2015		2014
U.S. Federal statutory tax rate	35.0	%	35.0	%	35.0	%
State income tax, net of U.S. Federal tax benefit	0.4		0.6		0.6
Lower taxes on foreign results	(8.0	)	(10.5	)	(8.6	)
Impact of Venezuela impairment charges	—		6.4		—
Tax settlements	—		(3.1	)	—
Other, net	(2.0	)	(2.3	)	(1.9	)
Annual tax rate	25.4	%	26.1	%	25.1	%

Deferred tax liabilities and assets are comprised of the following:



Deferred tax liabilities	2016			2015
Debt guarantee of wholly-owned subsidiary	$	839		$	842
Property, plant and equipment	1,967			2,023
Intangible assets other than nondeductible goodwill	4,124			3,920
Other	245			299
Gross deferred tax liabilities	7,175			7,084
Deferred tax assets
Net carryforwards	1,255			1,279
Share-based compensation	219			240
Retiree medical benefits	316			343
Other employee-related benefits	614			547
Pension benefits	419			424
Deductible state tax and interest benefits	189			186
Other	839			933
Gross deferred tax assets	3,851			3,952
Valuation allowances	(1,110		)	(1,136		)
Deferred tax assets, net	2,741			2,816
Net deferred tax liabilities	$	4,434		$	4,268

Deferred taxes are included within the following balance sheet accounts:



	2016		2015
Assets:
Prepaid expenses and other current assets	$	639	$	691
Liabilities:
Deferred income taxes	$	5,073	$	4,959

A summary of our valuation allowance activity is as follows:



	2016			2015			2014
Balance, beginning of year	$	1,136		$	1,230		$	1,360
Provision/(Benefit)	13			(26		)	(25		)
Other deductions	(39		)	(68		)	(105		)
Balance, end of year	$	1,110		$	1,136		$	1,230

For additional unaudited information on our income tax policies, including our reserves for income taxes, see “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Reserves

A number of years may elapse before a particular matter, for which we have established a reserve, is audited and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. Our major taxing jurisdictions and the related open tax audits are as follows:



Jurisdiction	Years Open to Audit	Years Currently Under Audit
United States	2010, 2012-2015	2012-2013
Mexico	2011-2015	2014
United Kingdom	2014-2015	None
Canada (Domestic)	2011-2015	2011-2014
Canada (International)	2009-2015	2010-2014
Russia	2012-2015	2013-2015

While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, we believe that our reserves reflect the probable outcome of known tax contingencies. We adjust these reserves, as well as the related interest, in light of changing facts and circumstances. Settlement of any particular issue would usually require the use of cash. Favorable resolution would be recognized as a reduction to our annual tax rate in the year of resolution. For further unaudited information on the impact of the resolution of open tax issues, see “Other Consolidated Results” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

In 2015, we reached an agreement with the IRS resolving substantially all open matters related to the audits of taxable years 2010 and 2011 (two immaterial matters were still open as of December 31, 2016). The agreement resulted in a 2015 non-cash tax benefit totaling $230 million.

As of December 31, 2016, the total gross amount of reserves for income taxes, reported in other liabilities, was $1,885 million. We accrue interest related to reserves for income taxes in our provision for income taxes and any associated penalties are recorded in selling, general and administrative expenses. The gross amount of interest accrued, reported in other liabilities, was $193 million as of December 31, 2016, of which $61 million of expense was recognized in 2016. The gross amount of interest accrued, reported in other liabilities, was $144 million as of December 26, 2015, of which $14 million of expense was recognized in 2015.

A rollforward of our reserves for all federal, state and foreign tax jurisdictions, is as follows:



	2016			2015
Balance, beginning of year	$	1,547		$	1,587
Additions for tax positions related to the current year	349			248
Additions for tax positions from prior years	139			122
Reductions for tax positions from prior years	(70		)	(261		)
Settlement payments	(26		)	(78		)
Statutes of limitations expiration	(27		)	(34		)
Translation and other	(27		)	(37		)
Balance, end of year	$	1,885		$	1,547

Carryforwards and Allowances

Operating loss carryforwards totaling $11.3 billion at year-end 2016 are being carried forward in a number of foreign and state jurisdictions where we are permitted to use tax operating losses from prior periods to reduce future taxable income. These operating losses will expire as follows: $0.1 billion in 2017, $9.9 billion between 2018 and 2036 and $1.3 billion may be carried forward indefinitely. We establish valuation allowances for our deferred tax assets if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Undistributed International Earnings

As of December 31, 2016, we had approximately $44.9 billion of undistributed international earnings. We intend to continue to reinvest earnings outside the United States for the foreseeable future and, therefore, have not recognized any U.S. tax expense on these earnings. It is not practicable for us to determine the amount of unrecognized U.S. tax expense on these reinvested international earnings.

Share-Based Compensation

12 Months Ended

Dec. 31, 2016

Share-based Compensation [Abstract]

Stock-Based Compensation

-Based Compensation

Our share-based compensation program is designed to attract and retain employees while also aligning employees’ interests with the interests of our shareholders. PepsiCo has granted stock options, RSUs, PSUs, PEPunits and long-term cash awards to employees under the shareholder-approved PepsiCo, Inc. Long-Term Incentive Plan (LTIP) (previously named the 2007 Long-Term Incentive Plan). A stock option permits the holder to purchase shares of PepsiCo common stock at a specified price. Each RSU represents our obligation to deliver to the holder one share of PepsiCo common stock when the award vests at the end of the service period. PSUs are awards pursuant to which a number of shares are delivered to the holder upon vesting at the end of the service period based on PepsiCo’s performance against specified targets. During the vesting period, RSUs and PSUs accrue dividend equivalents that pay out in cash (without interest) if and when the applicable RSU or PSU vests and becomes payable. PEPunits provide an opportunity to earn shares of PepsiCo common stock with a value that adjusts based upon changes in PepsiCo’s absolute stock price as well as PepsiCo’s Total Shareholder Return relative to the S&P 500 over a three-year performance period. Beginning in 2016, certain executive officers and other senior executives were granted long-term cash awards for which final payout is based on PepsiCo’s Total Shareholder Return relative to a specific set of peer companies and achievement of a specified performance target over a three-year performance period.

The Company may use authorized and unissued shares to meet share requirements resulting from the exercise of stock options and the vesting of RSUs, PSUs and PEPunits.

As of December 31, 2016, 82 million shares were available for future share-based compensation grants under the LTIP.

The following table summarizes our total share-based compensation expense:



	2016		2015		2014
Share-based compensation expense - equity awards	$	284	$	295	$	297
Share-based compensation expense - liability awards	5		—		—
Restructuring and impairment charges/(credits)	5		4		(3		)
Total	$	294	$	299	$	294
Income tax benefits recognized in earnings related to share-based compensation	$	91	$	77	$	75

As of December 31, 2016, there was $321 million of total unrecognized compensation cost related to nonvested share-based compensation grants. This unrecognized compensation cost is expected to be recognized over a weighted-average period of two years.

Method of Accounting and Our Assumptions

We account for our employee stock options under the fair value method of accounting using a Black-Scholes valuation model to measure stock option expense at the date of grant. The fair value of RSUs is measured at the market price of the Company’s stock on the date of grant. The fair value of PSUs is measured at the market price of the Company’s stock on the date of grant with the exception of market-based awards, for which we use the Monte-Carlo simulation model to determine the fair value. The Monte-Carlo simulation model uses the same input assumptions as the Black-Scholes model; however, it also further incorporates into the fair-value determination the possibility that the market condition may not be satisfied. Compensation costs related to these awards are recognized regardless of whether the market condition is satisfied, provided that the requisite service has been provided. Long-term cash awards that qualify as liability awards under share-based compensation guidance are valued through the end of the performance period on a mark-to-market basis using the Monte Carlo simulation model until actual performance is determined.

All stock option grants have an exercise price equal to the fair market value of our common stock on the date of grant and generally have a 10-year term. We do not backdate, reprice or grant share-based compensation awards retroactively. Repricing of awards would require shareholder approval under the LTIP.

The fair value of share-based award grants is amortized to expense over the vesting period, primarily three years. Awards to employees eligible for retirement prior to the award becoming fully vested are amortized to expense over the period through the date that the employee first becomes eligible to retire and is no longer required to provide service to earn the award. Executives who are awarded long-term incentives based on their performance may generally elect to receive their grant in the form of stock options or RSUs, or a combination thereof. Executives who elect stock options receive four stock options for every one RSU that would have otherwise been granted. Certain executive officers and other senior executives do not have a choice and, through 2015, were granted a combination of 60% PEPunits measuring both absolute and relative stock price performance and 40% long-term cash based on achievement of specific performance operating metrics. Beginning in 2016, certain executive officers and other senior executives were granted 66% performance stock units and 34% long-term cash, each of which are subject to pre-established performance targets. Certain executives are granted performance-based stock units which require the achievement of specified financial and/or operational performance metrics. The number of shares may be increased to the maximum or reduced to the minimum threshold based on the results of these performance metrics in accordance with the terms established at the time of the award.

Our weighted-average Black-Scholes fair value assumptions are as follows:



	2016		2015		2014
Expected life	6 years		7 years		6 years
Risk-free interest rate	1.4	%	1.8	%	1.9	%
Expected volatility	12	%	15	%	16	%
Expected dividend yield	2.7	%	2.7	%	2.9	%

The expected life is the period over which our employee groups are expected to hold their options. It is based on our historical experience with similar grants. The risk-free interest rate is based on the expected U.S. Treasury rate over the expected life. Volatility reflects movements in our stock price over the most recent historical period equivalent to the expected life. Dividend yield is estimated over the expected life based on our stated dividend policy and forecasts of net income, share repurchases and stock price. In addition, we use historical data to estimate forfeiture rates and record share-based compensation expense only for those awards that are expected to vest.

A summary of our share-based compensation activity for the year ended December 31, 2016 is as follows:



Our Stock Option Activity	Options^(a)		Weighted-Average Exercise Price		Weighted-Average Contractual Life Remaining (years)	Aggregate Intrinsic Value^(b)
Outstanding at December 26, 2015	31,472		$	66.98
Granted	1,743		$	100.10
Exercised	(7,303	)	$	63.49
Forfeited/expired	(722	)	$	81.06
Outstanding at December 31, 2016	25,190		$	69.88	4.19	$	876,000
Exercisable at December 31, 2016	19,315		$	63.35	3.02	$	797,246
Expected to vest as of December 31, 2016	5,390		$	90.74	7.96	$	75,439


(a)	Options are in thousands and include options previously granted under The Pepsi Bottling Group, Inc. (PBG) plan. No additional options or shares were granted under the PBG plan after 2009.


(b)	In thousands.



Our RSU and PSU Activity	RSUs/PSUs^(a)		Weighted-Average Grant-Date Fair Value		Weighted-Average Contractual Life Remaining (years)	Aggregate Intrinsic Value^(a)
Outstanding at December 26, 2015	9,108		$	84.03
Granted ^(b)	3,054		$	99.06
Converted	(3,372	)	$	77.33
Forfeited	(659	)	$	90.10
Actual performance change ^(c)	106		$	80.09
Outstanding at December 31, 2016 ^(d)	8,237		$	91.81	1.29	$	861,817
Expected to vest as of December 31, 2016	7,577		$	91.42	1.21	$	792,739


(a)	In thousands.


(b)	Grant activity for all PSUs are disclosed at target.


(c)	Reflects the net number of PSUs above and below target levels based on actual performance measured at the end of the performance period.


(d)	The outstanding PSUs for which the performance period has not ended as of December 31, 2016, at the threshold, target and maximum award levels were zero, 0.7 million and 1.1 million, respectively.



Our PEPunit Activity	PEPunits^(a)		Weighted-Average Grant-Date Fair Value		Weighted-Average Contractual Life Remaining (years)	Aggregate Intrinsic Value^(a)
Outstanding at December 26, 2015	821		$	62.77
Converted	(390	)	$	68.48
Forfeited	(19	)	$	63.64
Actual performance change ^(b)	121		$	68.48
Outstanding at December 31, 2016 ^(c)	533		$	59.86	0.66	$	55,737
Expected to vest as of December 31, 2016	514		$	59.49	0.64	$	53,742


(a)	In thousands.


(b)	Reflects the net number of PEPunits above and below target levels based on actual performance measured at the end of the performance period.


(c)	The outstanding PEPunits for which the performance period has not ended as of December 31, 2016, at the threshold, target and maximum award levels were zero, 0.5 million and 0.9 million, respectively.



Our Long-term Cash Award Activity	Long-term Cash Award^(a)			Balance Sheet Date Fair Value^(a)		Contractual Life Remaining (years)
Outstanding at December 26, 2015	$	—
Granted^(b)	16,932
Forfeited	(1,262		)
Outstanding at December 31, 2016 ^(c)	$	15,670		$	14,865	2.16
Expected to vest as of December 31, 2016	$	14,175		$	13,448	2.16


(a)	In thousands.


(b)	Grant activity for all long-term cash awards are disclosed at target.


(c)	The outstanding long-term cash awards for which the performance period has not ended as of December 31, 2016, at the threshold, target and maximum award levels were zero, $15.7 million and $31.3 million, respectively.

Other Share-Based Compensation Data



	2016		2015		2014
Stock Options
Total number of options granted ^(a)	1,743		1,884		3,416
Weighted-average grant-date fair value of options granted	$	6.94	$	10.80	$	8.79
Total intrinsic value of options exercised ^(a)	$	290,131	$	366,188	$	423,251
Total grant-date fair value of options vested ^(a)	$	18,840	$	21,837	$	42,353
RSUs/PSUs
Total number of RSUs/PSUs granted ^(a)	3,054		2,759		4,379
Weighted-average grant-date fair value of RSUs/PSUs granted	$	99.06	$	99.17	$	80.39
Total intrinsic value of RSUs/PSUs converted ^(a)	$	359,401	$	375,510	$	319,820
Total grant-date fair value of RSUs/PSUs vested ^(a)	$	257,648	$	257,831	$	241,836
PEPunits
Total number of PEPunits granted ^(a)	—		300		387
Weighted-average grant-date fair value of PEPunits granted	$	—	$	68.94	$	50.95
Total intrinsic value of PEPunits converted ^(a)	$	38,558	$	37,705	$	—
Total grant-date fair value of PEPunits vested ^(a)	$	16,572	$	22,286	$	5,072


(a)	In thousands.

As of December 31, 2016 and December 26, 2015, there were approximately 254,000 and 293,000 outstanding awards, respectively, consisting primarily of phantom stock units that were granted under the PepsiCo Director Deferral Program and will be settled in shares of PepsiCo common stock pursuant to the LTIP at the end of the applicable deferral period, not included in the tables above.

General Discussion of Pension and Other Postretirement Benefits [Abstract]

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Pension, Retiree Medical and Savings Plans

12 Months Ended

Dec. 31, 2016

Pension, Retiree Medical and Savings Plans

In 2016, the U.S. qualified defined benefit pension plans purchased a group annuity contract whereby an unrelated insurance company assumed the obligation to pay and administer future annuity payments for certain retirees. In 2016, we made discretionary contributions of $452 million primarily to fund the transfer of the obligation. This transaction triggered a pre-tax settlement charge of $242 million ($162 million after-tax or $0.11 per share). See additional unaudited information in “Items Affecting Comparability” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Effective as of the beginning of 2016, we prospectively changed the method we use to estimate the service and interest cost components of net periodic benefit cost. The pre-tax reduction in net periodic benefit cost associated with this change in 2016 was $125 million ($81 million after-tax or $0.06 per share). See “Pension and Retiree Medical Plans” in “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations for further unaudited information on this change in accounting estimate.

In 2014, we offered certain former employees who had vested benefits in our U.S. defined benefit pension plans the option of receiving a one-time lump sum payment equal to the present value of the participant’s pension benefit (payable in cash or rolled over into a qualified retirement plan or IRA). In 2014, we made a discretionary contribution of $388 million to fund substantially all of these payments. We recorded a pre-tax settlement charge of $141 million ($88 million after-tax or $0.06 per share) in 2014 as a result of this transaction. See additional unaudited information in “Items Affecting Comparability” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Gains and losses resulting from actual experience differing from our assumptions, including the difference between the actual return on plan assets and the expected return on plan assets, and from changes in our assumptions are determined at each measurement date. These differences are recognized as a component of net gain or loss in accumulated other comprehensive loss. If this net accumulated gain or loss exceeds 10% of the greater of the market-related value of plan assets or plan liabilities, a portion of the net gain or loss is included in expense for the following year based upon the average remaining service period of active plan participants, which in 2016 was approximately 11 years for pension expense and approximately 7 years for retiree medical expense. The cost or benefit of plan changes that increase or decrease benefits for prior employee service (prior service (credit)/cost) is included in earnings on a straight-line basis over the average remaining service period of active plan participants.

In 2016, we approved an amendment to reorganize the U.S. qualified defined benefit pension plans that resulted in the combination of two plans effective December 31, 2016, and the spinoff of a portion of the combined plan into a pre-existing plan effective January 1, 2017. The benefits offered to the plans’ participants were unchanged. The result of the reorganization was the creation of the PepsiCo Employees Retirement Plan A, or active plan, and the PepsiCo Employees Retirement Plan I, or inactive plan. The reorganization was made to facilitate a targeted investment strategy over time and to provide additional flexibility in evaluating opportunities to reduce risk and volatility. Actuarial gains and losses associated with the active plan will continue to be amortized over the average remaining service life of the active participants (approximately 11 years beginning in 2017), while the actuarial gains and losses associated with the inactive plan will be amortized over the remaining life expectancy of the inactive participants (approximately 27 years beginning in 2017). As a result of these changes, benefit plan pre-tax expense is expected to decrease by approximately $40 million in 2017, primarily impacting corporate unallocated.

Selected financial information for our pension and retiree medical plans is as follows:



	Pension												Retiree Medical
	U.S.						International
	2016			2015			2016			2015			2016			2015
Change in projected benefit liability
Liability at beginning of year	$	13,033		$	13,409		$	2,872		$	3,247		$	1,300		$	1,439
Service cost	393			435			80			99			31			35
Interest cost	484			546			94			115			41			52
Plan amendments	18			16			—			1			(15		)	—
Participant contributions	—			—			2			2			—			—
Experience loss/(gain)	614			(583		)	560			(221		)	(51		)	(115		)
Benefit payments	(347		)	(808		)	(83		)	(89		)	(100		)	(102		)
Settlement/curtailment	(1,014		)	—			(19		)	(19		)	—			—
Special termination benefits	11			18			1			1			1			1
Foreign currency adjustment	—			—			(383		)	(264		)	1			(10		)
Liability at end of year	$	13,192		$	13,033		$	3,124		$	2,872		$	1,208		$	1,300

Change in fair value of plan assets
Fair value at beginning of year	$	11,397		$	12,224		$	2,823		$	3,002		$	354		$	415
Actual return on plan assets	880			(85		)	409			77			30			(2		)
Employer contributions/funding	541			66			118			96			36			43
Participant contributions	—			—			2			2			—			—
Benefit payments	(347		)	(808		)	(83		)	(89		)	(100		)	(102		)
Settlement	(1,013		)	—			(22		)	(16		)	—			—
Foreign currency adjustment	—			—			(353		)	(249		)	—			—
Fair value at end of year	$	11,458		$	11,397		$	2,894		$	2,823		$	320		$	354
Funded status	$	(1,734	)	$	(1,636	)	$	(230	)	$	(49	)	$	(888	)	$	(946	)



	Pension												Retiree Medical
	U.S.						International
	2016			2015			2016			2015			2016			2015
Amounts recognized
Other assets	$	—		$	—		$	51		$	56		$	—		$	—
Other current liabilities	(42		)	(47		)	(1		)	(1		)	(54		)	(63		)
Other liabilities	(1,692		)	(1,589		)	(280		)	(104		)	(834		)	(883		)
Net amount recognized	$	(1,734	)	$	(1,636	)	$	(230	)	$	(49	)	$	(888	)	$	(946	)

Amounts included in accumulated other comprehensive loss (pre-tax)
Net loss/(gain)	$	3,220		$	3,065		$	884		$	733		$	(193	)	$	(138	)
Prior service cost/(credit)	20			1			(5		)	(7		)	(91		)	(127		)
Total	$	3,240		$	3,066		$	879		$	726		$	(284	)	$	(265	)

Components of the increase/(decrease) in net loss/(gain) included in accumulated other comprehensive loss
Change in discount rate	$	296		$	(593	)	$	554		$	(150	)	$	21		$	(42	)
Employee-related assumption changes	5			(35		)	8			6			(50		)	(37		)
Liability-related experience different from assumptions	318			51			(2		)	(77		)	(22		)	(36		)
Actual asset return different from expected return	(46		)	935			(246		)	97			(6		)	29
Amortization and settlement of (losses)/gains	(413		)	(205		)	(46		)	(77		)	1			(2		)
Other, including foreign currency adjustments	(5		)	(6		)	(117		)	(69		)	1			(1		)
Total	$	155		$	147		$	151		$	(270	)	$	(55	)	$	(89	)

Accumulated benefit obligation at end of year	$	12,211		$	12,077		$	2,642		$	2,453

The amounts we report as pension and retiree medical cost consist of the following components:


•	Service cost is the value of benefits earned by employees for working during the year.


•	Interest cost is the accrued interest on the projected benefit obligation due to the passage of time.


•	Expected return on plan assets is the long-term return we expect to earn on plan investments for our funded plans that will be used to settle future benefit obligations.


•	Amortization of prior service (credit)/cost represents the recognition in the income statement of benefit changes resulting from plan amendments.


•	Amortization of net loss/(gain) represents the recognition in the income statement of changes in the amounts of plan assets and the projected benefit obligation based on changes in assumptions and actual experience.

•

Settlement/curtailment loss/(gain) represents the result of actions that effectively eliminate all or a portion of related projected benefit obligations. Settlements are triggered when payouts to settle the projected benefit obligation of a plan due to lump sums or other events exceed the annual service and interest cost. Settlements are recognized when actions are irrevocable and we are relieved of the primary responsibility and risk for projected benefit obligations. Curtailments are due to events such as plant closures or the sale of a business resulting in a reduction of future service or benefits. Curtailment losses are recognized when an event is probable and estimable, while curtailment gains are recognized when an event has occurred (when the related employees terminate or an amendment is adopted).


•	Special termination benefits are the additional benefits offered to employees upon departure due to actions such as restructuring.

The components of benefit expense are as follows:



	Pension																		Retiree Medical
	U.S.									International
	2016			2015			2014			2016			2015			2014			2016			2015			2014
Components of benefit expense
Service cost	$	393		$	435		$	393		$	80		$	99		$	98		$	31		$	35		$	36
Interest cost	484			546			580			94			115			131			41			52			58
Expected return on plan assets	(834		)	(850		)	(784		)	(163		)	(174		)	(176		)	(24		)	(27		)	(27		)
Amortization of prior service (credit)/cost	(1		)	(3		)	21			—			—			—			(38		)	(39		)	(28		)
Amortization of net loss/(gain)	168			205			175			40			71			53			(1		)	2			(4		)
	210			333			385			51			111			106			9			23			35
Settlement/curtailment loss/(gain) ^(a)	245			—			141			9			3			7			(14		)	—			—
Special termination benefits	11			18			24			1			1			—			1			1			3
Total	$	466		$	351		$	550		$	61		$	115		$	113		$	(4	)	$	24		$	38


(a)	U.S. includes a settlement charge of $242 million related to the group annuity contract purchase in 2016 and a pension lump sum settlement charge of $141 million in 2014. See additional unaudited information in “Items Affecting Comparability” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The estimated amounts to be amortized from accumulated other comprehensive loss into pre-tax expense in 2017 for our pension and retiree medical plans are as follows:



	Pension				Retiree Medical
	U.S.		International
Net loss/(gain)	$	122	$	51	$	(12	)
Prior service cost/(credit)	1		—		(25		)
Total	$	123	$	51	$	(37	)

The following table provides the weighted-average assumptions used to determine projected benefit liability and benefit expense for our pension and retiree medical plans:



	Pension												Retiree Medical
	U.S.						International
	2016		2015		2014		2016		2015		2014		2016		2015		2014
Weighted-average assumptions
Liability discount rate	4.4	%	4.5	%	4.2	%	3.1	%	4.0	%	3.8	%	4.0	%	4.2	%	3.8	%
Expense discount rate ^(a)	n/a		4.2	%	5.0	%	n/a		3.8	%	4.7	%	n/a		3.8	%	4.3	%
Service cost discount rate ^(a)	4.6	%	n/a		n/a		4.1	%	n/a		n/a		4.3	%	n/a		n/a
Interest cost discount rate ^(a)	3.8	%	n/a		n/a		3.5	%	n/a		n/a		3.3	%	n/a		n/a
Expected return on plan assets	7.5	%	7.5	%	7.5	%	6.2	%	6.5	%	6.6	%	7.5	%	7.5	%	7.5	%
Liability rate of salary increases	3.1	%	3.1	%	3.5	%	3.6	%	3.6	%	3.6	%
Expense rate of salary increases	3.1	%	3.5	%	3.7	%	3.6	%	3.6	%	3.9	%


(a)	Effective as of the beginning of 2016, we prospectively changed the method we use to estimate the service and interest cost components of pension and retiree medical expense. See additional unaudited information in “Pension and Retiree Medical Plans” in “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following table provides selected information about plans with accumulated benefit obligation and total projected benefit liability in excess of plan assets:



	Pension												Retiree Medical
	U.S.						International
	2016			2015			2016			2015			2016			2015
Selected information for plans with accumulated benefit obligation in excess of plan assets ^(a)
Liability for service to date	$	(12,211	)	$	(6,536	)	$	(134	)	$	(155	)
Fair value of plan assets	$	11,458		$	5,698		$	110		$	112
Selected information for plans with projected benefit liability in excess of plan assets
Benefit liability	$	(13,192	)	$	(13,033	)	$	(2,773	)	$	(511	)	$	(1,208	)	$	(1,300	)
Fair value of plan assets	$	11,458		$	11,397		$	2,492		$	406		$	320		$	354


(a)	The increase in U.S. pension plans in 2016 is due to the combination of two U.S. qualified defined benefit plans as part of our plan reorganization, resulting in the accumulated benefit obligation of the combined plan exceeding the fair value of plan assets.

Of the total projected pension benefit liability at year-end 2016, $790 million relates to plans that we do not fund because the funding of such plans does not receive favorable tax treatment.

Future Benefit Payments and Funding

Our estimated future benefit payments are as follows:



	2017		2018		2019		2020		2021		2022 - 26
Pension	$	725	$	780	$	825	$	870	$	925	$	5,270
Retiree medical ^(a)	$	120	$	120	$	115	$	110	$	110	$	485


(a)	Expected future benefit payments for our retiree medical plans do not reflect any estimated subsidies expected to be received under the 2003 Medicare Act. Subsidies are expected to be approximately $2-$3 million for each of the years from 2017 through 2021 and approximately $7 million in total for 2022 through 2026.

These future benefit payments to beneficiaries include payments from both funded and unfunded plans.

In 2017, we expect to make pension and retiree medical contributions of approximately $184 million, with approximately $54 million for retiree medical benefits.

Plan Assets

Our pension plan investment strategy includes the use of actively managed accounts and is reviewed periodically in conjunction with plan liabilities, an evaluation of market conditions, tolerance for risk and cash requirements for benefit payments. This strategy is also applicable to funds held for the retiree medical plans. Our investment objective includes ensuring that funds are available to meet the plans’ benefit obligations when they become due. Our overall investment policy is to prudently invest plan assets in a well-diversified portfolio of equity and high-quality debt securities and real estate to achieve our long-term return expectations. Our investment policy also permits the use of derivative instruments, such as futures and forward contracts, to reduce interest rate and foreign currency risks. Futures contracts represent commitments to purchase or sell securities at a future date and at a specified price. Forward contracts consist of currency forwards.

For 2017 and 2016, our expected long-term rate of return on U.S. plan assets is 7.5%. Our target investment allocations for U.S. plan assets are as follows:



	2017		2016
Fixed income	40	%	40	%
U.S. equity	33	%	33	%
International equity	22	%	22	%
Real estate	5	%	5	%

Actual investment allocations may vary from our target investment allocations due to prevailing market conditions. We regularly review our actual investment allocations and periodically rebalance our investments.

The expected return on plan assets is based on our investment strategy and our expectations for long-term rates of return by asset class, taking into account volatility and correlation among asset classes and our historical experience. We also review current levels of interest rates and inflation to assess the reasonableness of the long-term rates. We evaluate our expected return assumptions annually to ensure that they are reasonable. To calculate the expected return on plan assets, our market-related value of assets for fixed income is the actual fair value. For all other asset categories, such as equity securities, we use a method that recognizes investment gains or losses (the difference between the expected and actual return based on the market-related value of assets) over a five-year period. This has the effect of reducing year-to-year volatility.

Contributions to our pension and retiree medical plans were as follows:



	Pension						Retiree Medical
	2016		2015		2014		2016		2015		2014
Discretionary ^(a)	$	459	$	—	$	407	$	—	$	—	$	—
Non-discretionary	200		162		184		36		43		64
Total	$	659	$	162	$	591	$	36	$	43	$	64


(a)	Includes $452 million in 2016 relating to the funding of the group annuity contract purchase from an unrelated insurance company and $388 million in 2014 pertaining to pension lump sum payments.

Plan assets measured at fair value as of fiscal year-end 2016 and 2015 are categorized consistently by level in both years, and are as follows:



	2016								2015
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
U.S. plan assets ^(a)
Equity securities, including preferred stock ^(b)	$	6,489	$	6,480	$	9	$	—	$	6,109
Government securities ^(c)	1,173		—		1,173		—		1,181
Corporate bonds ^(c)	3,012		—		3,012		—		3,191
Mortgage-backed securities ^(c)	187		—		187		—		207
Contracts with insurance companies ^(d)	7		—		—		7		7
Cash and cash equivalents	196		196		—		—		267
Sub-total U.S. plan assets	11,064		$	6,676	$	4,381	$	7	10,962
Real estate commingled funds measured at net asset value ^(f)	651								735
Dividends and interest receivable, net of payables	63								54
Total U.S. plan assets	$	11,778							$	11,751
International plan assets
Equity securities ^(b)	$	1,556	$	1,528	$	28	$	—	$	1,492
Government securities ^(c)	432		—		432		—		433
Corporate bonds ^(c)	453		—		453		—		439
Fixed income commingled funds ^(e)	316		316		—		—		308
Contracts with insurance companies ^(d)	35		—		—		35		32
Cash and cash equivalents	12		12		—		—		12
Sub-total international plan assets	2,804		$	1,856	$	913	$	35	2,716
Real estate commingled funds measured at net asset value ^(f)	84								100
Dividends and interest receivable	6								7
Total international plan assets	$	2,894							$	2,823


(a)	2016 and 2015 amounts include $320 million and $354 million, respectively, of retiree medical plan assets that are restricted for purposes of providing health benefits for U.S. retirees and their beneficiaries.

(b)

The equity securities portfolio was invested in U.S. and International common stock and commingled funds, and the preferred stock portfolio in the U.S. was invested in domestic and international corporate preferred stock investments. The common stock is based on quoted prices in active markets. The U.S. commingled funds are based on fair values of the investments owned by these funds that are benchmarked against various U.S. large, mid-cap and small company indices, and includes one large-cap fund that represents 19% and 18% of total U.S. plan assets for 2016 and 2015, respectively. The international commingled funds are based on the fair values of the investments owned by these funds that track various non-U.S. equity indices. The preferred stock investments are based on quoted bid prices for comparable securities in the marketplace and broker/dealer quotes in active markets.


(c)	These investments are based on quoted bid prices for comparable securities in the marketplace and broker/dealer quotes in active markets. Corporate bonds of U.S.-based companies represent 22% and 23% of total U.S. plan assets for 2016 and 2015, respectively.


(d)	Based on the fair value of the contracts as determined by the insurance companies using inputs that are not observable. The changes in Level 3 amounts were not significant in the years ended December 31, 2016 and December 26, 2015.


(e)	Based on the fair value of the investments owned by these funds that track various government and corporate bond indices.


(f)	The real estate commingled funds include investments in limited partnerships. These funds are based on the net asset value of the appraised value of investments owned by these funds as determined by independent third parties using inputs that are not observable. The majority of the funds are redeemable quarterly subject to availability of cash and have notice periods ranging from 45 to 90 days.

Retiree Medical Cost Trend Rates



	2017		2016
Average increase assumed	6	%	6	%
Ultimate projected increase	5	%	5	%
Year of ultimate projected increase	2039		2039

These assumed health care cost trend rates have an impact on the retiree medical plan expense and liability, however the cap on our share of retiree medical costs limits the impact. A 1-percentage-point change in the assumed health care trend rate would have the following effects:



	1% Increase		1% Decrease
2016 service and interest cost components	$	3	$	(3	)
2016 benefit liability	$	39	$	(34	)

Savings Plan

Certain U.S. employees are eligible to participate in 401(k) savings plans, which are voluntary defined contribution plans. The plans are designed to help employees accumulate additional savings for retirement, and we make Company matching contributions for certain employees on a portion of eligible pay based on years of service.

Certain U.S. salaried employees, who are not eligible to participate in a defined benefit pension plan, are also eligible to receive an employer contribution to the 401(k) savings plan based on age and years of service regardless of employee contribution.

In 2016, 2015 and 2014, our total Company contributions were $164 million, $148 million and $130 million, respectively.

For additional unaudited information on our pension and retiree medical plans and related accounting policies and assumptions, see “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Debt Obligations and Commitments

12 Months Ended

Dec. 31, 2016

Debt Obligations and Commitments [Abstract]

Debt Obligations And Commitments

Debt Obligations

The following table summarizes the Company’s debt obligations:



	2016^(a)			2015^(a)
Short-term debt obligations^(b)
Current maturities of long-term debt	$	4,401		$	3,109
Commercial paper (0.6% and 0.3%)	2,257			770
Other borrowings (4.4% and 10.0%)	234			192
	$	6,892		$	4,071
Long-term debt obligations ^(b)
Notes due 2016 (2.6%)	$	—		$	3,087
Notes due 2017 (1.4% and 1.2%)	4,398			4,392
Notes due 2018 (2.3% and 3.6%)	2,561			4,122
Notes due 2019 (1.7% and 3.7%)	2,837			1,627
Notes due 2020 (2.6% and 2.4%)	3,816			3,830
Notes due 2021 (2.4% and 3.0%)	2,249			1,290
Notes due 2022-2046 (3.7% and 3.9%)	18,558			13,938
Other, due 2017-2026 (1.4% and 4.3%)	35			36
	34,454			32,322
Less: current maturities of long-term debt obligations	(4,401		)	(3,109		)
Total	$	30,053		$	29,213


(a)	Amounts are shown net of unamortized net discounts of $142 million and $162 million for 2016 and 2015, respectively.


(b)	The interest rates presented reflect weighted-average rates at year-end. Certain of our fixed rate indebtedness have been swapped to floating rates through the use of interest rate derivative instruments. See Note 9 for additional information regarding our interest rate derivative instruments.

In 2016, we issued the following senior notes:



Interest Rate		Maturity Date	Amount^(a)
Floating rate		February 2019	$	400
1.500	%	February 2019	$	600
2.850	%	February 2026	$	750
4.450	%	April 2046	$	750
0.875	%	July 2028	€	750	^(b)
Floating rate		October 2019	$	250
Floating rate		October 2021	$	250
1.350	%	October 2019	$	750
1.700	%	October 2021	$	750
2.375	%	October 2026	$	1,000
3.450	%	October 2046	$	1,500


(a)	Represents gross proceeds from issuances of long-term debt excluding debt issuance costs, discounts and premiums.


(b)	These notes were designated as a net investment hedge to partially offset the effects of foreign currency on our investments in certain of our foreign subsidiaries.

The net proceeds from the issuances of the above notes were used for general corporate purposes, including the repayment of commercial paper, and the redemption of certain long-term debt obligations.

In 2016, we paid $2.5 billion to redeem all of our outstanding 7.900% senior notes due 2018 and 5.125% senior notes due 2019 for the principal amounts of $1.5 billion and $750 million, respectively, and terminated certain interest rate swaps. As a result, we recorded a pre-tax charge of $233 million ($156 million after-tax or $0.11 per share) to interest expense, primarily representing the premium paid in accordance with the “make-whole” redemption provisions. See further unaudited information in “Items Affecting Comparability” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

In 2016, we entered into a new five-year unsecured revolving credit agreement (Five-Year Credit Agreement) which expires on June 6, 2021. The Five-Year Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.7225 billion, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion. Additionally, we may, once a year, request renewal of the agreement for an additional one-year period.

Also in 2016, we entered into a new 364-day unsecured revolving credit agreement (364-Day Credit Agreement) which expires on June 5, 2017. The 364-Day Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.7225 billion, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion. We may request renewal of this facility for an additional 364-day period or convert any amounts outstanding into a term loan for a period of up to one year, which would mature no later than the anniversary of the then effective termination date. The Five-Year Credit Agreement and the 364-Day Credit Agreement together replaced our $3.7225 billion five-year credit agreement dated as of June 8, 2015 and our $3.7225 billion 364-day credit agreement dated as of June 8, 2015. Funds borrowed under the Five-Year Credit Agreement and the 364-Day Credit Agreement may be used for general corporate purposes. Subject to certain conditions, we may borrow, prepay and reborrow amounts under these agreements. As of December 31, 2016, there were no outstanding borrowings under the Five-Year Credit Agreement or the 364-Day Credit Agreement.

In addition, as of December 31, 2016, our international debt of $235 million was related to borrowings from external parties including various lines of credit. These lines of credit are subject to normal banking terms and conditions and are fully committed at least to the extent of our borrowings.

See “Our Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations for further unaudited information on our borrowings and long-term contractual commitments.

Financial Instruments

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedges, Assets [Abstract]

Financial Instruments

Derivatives and Hedging

We are exposed to market risks arising from adverse changes in:


•	commodity prices, affecting the cost of our raw materials and energy;


•	foreign exchange rates and currency restrictions; and


•	interest rates.

In the normal course of business, we manage commodity price, foreign exchange and interest rate risks through a variety of strategies, including productivity initiatives, global purchasing programs and hedging. Ongoing productivity initiatives involve the identification and effective implementation of meaningful cost-saving opportunities or efficiencies, including the use of derivatives. Our global purchasing programs include fixed-price contracts and purchase orders and pricing agreements.

Our hedging strategies include the use of derivatives and, in the case of our net investment hedges, debt instruments. Certain derivatives are designated as either cash flow or fair value hedges and qualify for hedge accounting treatment, while others do not qualify and are marked to market through earnings. Cash flows from derivatives used to manage commodity price, foreign exchange or interest rate risks are classified as operating activities in the cash flow statement. We classify both the earnings and cash flow impact from these derivatives consistent with the underlying hedged item. See “Our Business Risks” in Management’s Discussion and Analysis of Financial Condition and Results of Operations for further unaudited information on our business risks.

For cash flow hedges, the effective portion of changes in fair value is deferred in accumulated other comprehensive loss within common shareholders’ equity until the underlying hedged item is recognized in net income. For fair value hedges, changes in fair value are recognized immediately in earnings, consistent with the underlying hedged item. For net investment hedges, the effective portion of the gains and losses on the debt instruments arising from the effects of foreign exchange are recorded in the currency translation adjustment component of accumulated other comprehensive loss, consistent with the underlying hedged item. Hedging transactions are limited to an underlying exposure. As a result, any change in the value of our hedging instruments would be substantially offset by an opposite change in the value of the underlying hedged items. We do not use derivative instruments for trading or speculative purposes. We perform assessments of our counterparty credit risk regularly, including reviewing netting agreements, if any, and a review of credit ratings, credit default swap rates and potential nonperformance of the counterparty. Based on our most recent assessment of our counterparty credit risk, we consider this risk to be low. In addition, we enter into derivative contracts with a variety of financial institutions that we believe are creditworthy in order to reduce our concentration of credit risk.

Commodity Prices

We are subject to commodity price risk because our ability to recover increased costs through higher pricing may be limited in the competitive environment in which we operate. This risk is managed through the use of fixed-price contracts and purchase orders, pricing agreements and derivative instruments, which include swaps and futures. In addition, risk to our supply of certain raw materials is mitigated through purchases from multiple geographies and suppliers. We use derivatives, with terms of no more than three years, to economically hedge price fluctuations related to a portion of our anticipated commodity purchases, primarily for agricultural products, energy and metals. Ineffectiveness for those derivatives that qualify for hedge accounting treatment was not material for all periods presented. Derivatives used to hedge commodity price risk that do not qualify for hedge accounting treatment are marked to market each period with the resulting gains and losses recorded in corporate unallocated expenses as either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. These gains and losses are subsequently reflected in division results when the divisions recognize the cost of the underlying commodity in operating profit.

Our commodity derivatives had a total notional value of $0.8 billion as of December 31, 2016 and $1.0 billion as of December 26, 2015.

Foreign Exchange

Our operations outside of the United States generated 42% of our net revenue in 2016, with Mexico, Canada, Russia, the United Kingdom and Brazil comprising approximately 19% of our net revenue in 2016. As a result, we are exposed to foreign exchange risks in the international markets in which our products are made, manufactured, distributed or sold.

Additionally, we are exposed to foreign exchange risk from net investments in foreign subsidiaries, foreign currency purchases and foreign currency assets and liabilities created in the normal course of business. We manage this risk through sourcing purchases from local suppliers, negotiating contracts in local currencies with foreign suppliers and through the use of derivatives, primarily forward contracts with terms of no more than two years. Exchange rate gains or losses related to foreign currency transactions are recognized as transaction gains or losses in our income statement as incurred. We also use net investment hedges to partially offset the effects of foreign currency on our investments in certain of our foreign subsidiaries.

Our foreign currency derivatives had a total notional value of $1.6 billion as of December 31, 2016 and $2.1 billion as of December 26, 2015. The total notional amount of our debt instruments designated as net investment hedges was $0.8 billion as of December 31, 2016. Ineffectiveness for derivatives and non-derivatives that qualify for hedge accounting treatment was not material for all periods presented. For foreign currency derivatives that do not qualify for hedge accounting treatment, all gains and losses were offset by changes in the underlying hedged items, resulting in no material net impact on earnings.

Interest Rates

We centrally manage our debt and investment portfolios considering investment opportunities and risks, tax consequences and overall financing strategies. We use various interest rate derivative instruments including, but not limited to, interest rate swaps, cross-currency interest rate swaps, Treasury locks and swap locks to manage our overall interest expense and foreign exchange risk. These instruments effectively change the interest rate and currency of specific debt issuances. Certain of our fixed rate indebtedness have been swapped to floating rates. The notional amount, interest payment and maturity date of the interest rate and cross-currency interest rate swaps match the principal, interest payment and maturity date of the related debt. Our Treasury locks and swap locks are entered into to protect against unfavorable interest rate changes relating to forecasted debt transactions.

Our interest rate derivatives had a total notional value of $11.2 billion as of December 31, 2016 and $12.5 billion as of December 26, 2015. Ineffectiveness for derivatives that qualify for cash flow hedge accounting treatment was not material for all periods presented.

As of December 31, 2016, approximately 38% of total debt, after the impact of the related interest rate derivative instruments, was subject to variable rates, compared to approximately 33% as of December 26, 2015.

Available-for-Sale Securities

Investments in debt and marketable equity securities, other than investments accounted for under the equity method, are classified as available-for-sale. All highly liquid investments with original maturities of three months or less are classified as cash equivalents. Our investments in available-for-sale securities are reported at fair value. Unrealized gains and losses related to changes in the fair value of available-for-sale securities are recognized in accumulated other comprehensive loss within common shareholders’ equity. Unrealized gains and losses on our investments in debt securities as of December 31, 2016 were not material. The pre-tax unrealized gains on our investments in marketable equity securities were $72 million and $115 million as of December 31, 2016 and December 26, 2015, respectively.

Changes in the fair value of available-for-sale securities impact net income only when such securities are sold or an other-than-temporary impairment is recognized. We regularly review our investment portfolio to determine if any security is other-than-temporarily impaired. In making this judgment, we evaluate, among other things, the duration and extent to which the fair value of a security is less than its cost; the financial condition of the issuer and any changes thereto; and our intent to sell, or whether we will more likely than not be required to sell, the security before recovery of its amortized cost basis. Our assessment of whether a security is other-than-temporarily impaired could change in the future due to new developments or changes in assumptions related to any particular security. We recorded no other-than-temporary impairment charges on our available-for-sale securities for the years ended December 31, 2016 and December 26, 2015.

Tingyi-Asahi Beverages Holding Co. Ltd.

During 2016, we concluded that the decline in estimated fair value of our 5% indirect equity interest in TAB was other than temporary based on significant negative economic trends in China and changes in assumptions associated with TAB’s future financial performance arising from the disclosure by TAB’s parent company, Tingyi, regarding the operating results of its beverage business. As a result, we recorded a pre- and after-tax impairment charge of $373 million ($0.26 per share) in 2016 in the AMENA segment. This charge was recorded in selling, general and administrative expenses in our income statement and reduced the value of our 5% indirect equity interest in TAB to its estimated fair value. The estimated fair value was derived using both an income and market approach, and is considered a non-recurring Level 3 measurement within the fair value hierarchy. The carrying value of the investment in TAB was $166 million as of December 31, 2016. We continue to monitor the impact of economic and other developments on the remaining value of our investment in TAB.

In connection with our transaction with Tingyi in 2012, we received a call option to increase our holding in TAB to 20% with an expiration date in 2015. Prior to its expiration, we concluded that the probability of exercising the option was remote and, accordingly, we recorded a pre- and after-tax charge of $73 million ($0.05 per share) to write off the recorded value of this call option.

See further unaudited information in “Items Affecting Comparability” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Fair Value Measurements

The fair values of our financial assets and liabilities as of December 31, 2016 and December 26, 2015 are categorized as follows:



	2016				2015
	Assets^(a)		Liabilities^(a)		Assets^(a)		Liabilities^(a)
Available-for-sale securities:
Equity securities ^(b)	$	82	$	—	$	127	$	—
Debt securities ^(c)	11,369		—		7,231		—
	$	11,451	$	—	$	7,358	$	—
Short-term investments ^(d)	$	193	$	—	$	193	$	—
Prepaid forward contracts ^(e)	$	25	$	—	$	27	$	—
Deferred compensation ^(f)	$	—	$	472	$	—	$	474
Derivatives designated as fair value hedging instruments:
Interest rate ^(g)	$	66	$	71	$	129	$	12
Derivatives designated as cash flow hedging instruments:
Foreign exchange ^(h)	$	51	$	8	$	76	$	6
Interest rate ^(h)	—		408		—		311
Commodity ⁽ⁱ⁾	2		1		—		7
	$	53	$	417	$	76	$	324
Derivatives not designated as hedging instruments:
Foreign exchange ^(h)	$	2	$	15	$	8	$	10
Interest rate ^(g)	—		—		44		56
Commodity ⁽ⁱ⁾	61		26		12		141
	$	63	$	41	$	64	$	207
Total derivatives at fair value ^(j)	$	182	$	529	$	269	$	543
Total	$	11,851	$	1,001	$	7,847	$	1,017


(a)	Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. Unless specifically indicated, all financial assets and liabilities are categorized as Level 2 assets or liabilities.


(b)	Based on the price of common stock. Categorized as a Level 1 asset. These equity securities are classified as investments in noncontrolled affiliates.

(c)

Based on quoted broker prices or other significant inputs derived from or corroborated by observable market data. As of December 31, 2016, $4.6 billion and $6.8 billion of debt securities were classified as cash equivalents and short-term investments, respectively. As of December 26, 2015, $4.5 billion and $2.7 billion of debt securities were classified as cash equivalents and short-term investments, respectively. All of our available-for-sale debt securities have maturities of one year or less.


(d)	Based on the price of index funds. Categorized as a Level 1 asset. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability.


(e)	Based primarily on the price of our common stock.


(f)	Based on the fair value of investments corresponding to employees’ investment elections.


(g)	Based on LIBOR forward rates. As of December 26, 2015, amounts related to non-designated instruments are presented on a net basis on our balance sheet.


(h)	Based on recently reported market transactions of spot and forward rates.


(i)	Based on recently reported market transactions, primarily swap arrangements.


(j)	Unless otherwise noted, derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on the balance sheet as of December 31, 2016 and December 26, 2015 were not material. Collateral received against any of our asset positions was not material.

The carrying amounts of our cash and cash equivalents and short-term investments approximate fair value due to their short-term maturity. The fair value of our debt obligations as of December 31, 2016 and December 26, 2015 was $38 billion and $35 billion, respectively, based upon prices of similar instruments in the marketplace, which are considered Level 2 inputs.

Losses/(gains) on our hedging instruments are categorized as follows:



	Fair Value/Non- designated Hedges						Cash Flow and Net Investment Hedges
	Losses/(Gains) Recognized in Income Statement^(a)						Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss						Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement^(b)
	2016			2015			2016			2015			2016			2015
Foreign exchange	$	74		$	(14	)	$	(24	)	$	(112	)	$	(44	)	$	(97	)
Interest rate	105			17			97			195			187			174
Commodity	(52		)	218			1			12			7			20
Net investment	—			—			(39		)	—			—			—
Total	$	127		$	221		$	35		$	95		$	150		$	97

(a)

Foreign exchange derivative losses/gains are primarily included in selling, general and administrative expenses. Interest rate derivative losses/gains are primarily from fair value hedges and are included in interest expense. These losses/gains are substantially offset by decreases/increases in the value of the underlying debt, which are also included in interest expense. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity.


(b)	Foreign exchange derivative losses/gains are primarily included in cost of sales. Interest rate derivative losses/gains are included in interest expense. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity.

Based on current market conditions, we expect to reclassify net gains of $17 million related to our cash flow hedges from accumulated other comprehensive loss into net income during the next 12 months.

Net Income Attributable to PepsiCo per Common Share

12 Months Ended

Dec. 31, 2016

Net Income Attributable To PepsiCo Per Common Share

Net Income Attributable to PepsiCo per Common Share

Basic net income attributable to PepsiCo per common share is net income available for PepsiCo common shareholders divided by the weighted average of common shares outstanding during the period. Diluted net income attributable to PepsiCo per common share is calculated using the weighted average of common shares outstanding adjusted to include the effect that would occur if in-the-money employee stock options were exercised and RSUs, PSUs, PEPunits and preferred shares were converted into common shares.

The computations of basic and diluted net income attributable to PepsiCo per common share are as follows:



	2016				2015				2014
	Income			Shares^(a)	Income			Shares^(a)	Income			Shares^(a)
Net income attributable to PepsiCo	$	6,329			$	5,452			$	6,513
Preferred shares:
Dividends	(1		)		(1		)		(1		)
Redemption premium	(5		)		(5		)		(9		)
Net income available for PepsiCo common shareholders	$	6,323		1,439	$	5,446		1,469	$	6,503		1,509
Basic net income attributable to PepsiCo per common share	$	4.39			$	3.71			$	4.31
Net income available for PepsiCo common shareholders	$	6,323		1,439	$	5,446		1,469	$	6,503		1,509
Dilutive securities:
Stock options, RSUs, PSUs, PEPunits and Other	1			12	—			15	—			17
ESOP convertible preferred stock	5			1	6			1	10			1
Diluted	$	6,329		1,452	$	5,452		1,485	$	6,513		1,527
Diluted net income attributable to PepsiCo per common share	$	4.36			$	3.67			$	4.27


(a)	Weighted-average common shares outstanding (in millions).

Out-of-the-money options excluded from the calculation of diluted earnings per common share are as follows:



	2016		2015		2014
Out-of-the-money options ^(a)	0.7		1.5		—
Average exercise price per option	$	99.98	$	99.25	$	82.25


(a)	In millions.

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2016
Equity [Abstract]
Preferred Stock	Preferred Stock As of December 31, 2016 and December 26, 2015, there were 3 million shares of convertible preferred stock authorized. The preferred stock was issued for an ESOP established by Quaker and these shares are redeemable for common stock by the ESOP participants. Quaker made the final award to its ESOP in June 2001. The preferred stock accrues dividends at an annual rate of $5.46 per share. As of December 31, 2016 and December 26, 2015, there were 803,953 preferred shares issued and 122,553 and 135,053 shares outstanding, respectively. The outstanding preferred shares had a fair value of $64 million as of December 31, 2016 and $67 million as of December 26, 2015. Each share is convertible at the option of the holder into 4.9625 shares of common stock. The preferred shares may be called by us upon written notice for redemption under certain conditions, including, among other things, upon termination of the ESOP in accordance with the ESOP’s terms, at the greater of $78 per share plus accrued and unpaid dividends or the fair market value of the preferred stock. Activities of our preferred stock are included in the equity statement.

Accumulated Other Comprehensive Loss Attributable to Pepsico

12 Months Ended

Dec. 31, 2016

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Accumulated Other Comprehensive Loss Attributable to PepsiCo

Comprehensive income is a measure of income which includes both net income and other comprehensive income or loss. Other comprehensive income or loss results from items deferred from recognition into our income statement. Accumulated other comprehensive income or loss is separately presented on our balance sheet as part of common shareholders’ equity. Other comprehensive loss attributable to PepsiCo was $600 million in 2016, $2,650 million in 2015 and $5,542 million in 2014. The accumulated balances for each component of other comprehensive loss attributable to PepsiCo are as follows:



	2016			2015			2014
Currency translation adjustment, net of tax ^(a)	$	(11,386	)	$	(11,080	)	$	(8,255	)
Cash flow hedges, net of tax	83			37			34
Unamortized pension and retiree medical, net of tax ^(b)	(2,645		)	(2,329		)	(2,500		)
Unrealized gain on securities, net of tax	64			88			87
Other	(35		)	(35		)	(35		)
Accumulated other comprehensive loss attributable to PepsiCo	$	(13,919	)	$	(13,319	)	$	(10,669	)


(a)	The change from 2014 to 2015 primarily reflects the depreciation of the Russian ruble, Brazilian real and the Canadian dollar.


(b)	Net of taxes of $1,280 million in 2016, $1,253 million in 2015 and $1,260 million in 2014.

The following table summarizes the reclassifications from accumulated other comprehensive loss to the income statement:



	Amount Reclassified from Accumulated Other Comprehensive Loss									Affected Line Item in the Income Statement
	2016			2015			2014
Currency translation:
Venezuelan entities	$	—		$	111		$	—		Venezuela impairment charges

Cash flow hedges:
Foreign exchange contracts	$	2		$	(3	)	$	—		Net revenue
Foreign exchange contracts	(46		)	(94		)	(16		)	Cost of sales
Interest rate derivatives	187			174			233			Interest expense
Commodity contracts	3			9			31			Cost of sales
Commodity contracts	4			11			1			Selling, general and administrative expenses
Net losses before tax	150			97			249
Tax amounts	(63		)	(47		)	(95		)
Net losses after tax	$	87		$	50		$	154

Pension and retiree medical items:
Amortization of net prior service credit ^(a)	$	(39	)	$	(41	)	$	(6	)
Amortization of net losses^(a)	209			281			226
Settlement/curtailment ^(a)	237			6			149
Net losses before tax	407			246			369
Tax amounts	(144		)	(74		)	(122		)
Net losses after tax	$	263		$	172		$	247

Venezuelan entities	$	—		$	20		$	—		Venezuela impairment charges
Tax amount	—			(4		)	—
Net losses after tax	$	—		$	16		$	—

Total net losses reclassified for the year, net of tax	$	350		$	349		$	401


(a)	These items are included in the components of net periodic benefit cost for pension and retiree medical plans (see Note 7 for additional details).

Supplemental Financial Information [Abstract]

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=66004124&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Supplemental Financial Information

12 Months Ended

Dec. 31, 2016

Additional Financial Information Disclosure [Text Block]

Supplemental Financial Information

Supplemental information for accounts and notes receivable and inventories is summarized as follows:



	2016			2015			2014
Accounts and notes receivable
Trade receivables	$	5,709		$	5,497
Other receivables	1,119			1,070
	6,828			6,567
Allowance, beginning of year	130			137			$	145
Net amounts charged to expense	37			43			38
Deductions ^(a)	(30		)	(27		)	(27		)
Other ^(b)	(3		)	(23		)	(19		)
Allowance, end of year	134			130			$	137
Net receivables	$	6,694		$	6,437

Inventories ^(c)
Raw materials and packaging	$	1,315		$	1,312
Work-in-process	150			161
Finished goods	1,258			1,247
	$	2,723		$	2,720


(a)	Includes accounts written off.


(b)	Includes adjustments related primarily to currency translation and other adjustments.


(c)	Approximately 5% and 4% of the inventory cost in 2016 and 2015, respectively, were computed using the LIFO method. The differences between LIFO and FIFO methods of valuing these inventories were not material.

Supplemental information for other assets and accounts payable and other current liabilities is summarized as follows:



	2016		2015
Other assets
Noncurrent notes and accounts receivable	$	105	$	140
Deferred marketplace spending	140		159
Pension plans ^(a)	53		60
Other	338		391
	$	636	$	750
Accounts payable and other current liabilities
Accounts payable	$	6,158	$	5,546
Accrued marketplace spending	2,444		2,319
Accrued compensation and benefits	1,770		1,759
Dividends payable	1,097		1,041
Other current liabilities	2,774		2,842
	$	14,243	$	13,507


(a)	See Note 7 for additional information regarding our pension plans.

The following table summarizes our minimum lease payments under non-cancelable operating leases by period:



	Operating Lease Payments
2017	$	423
2018	374
2019	289
2020	197
2021	147
2022 and beyond	350
Total minimum operating lease payments	$	1,780

The following table summarizes other supplemental information:



	2016		2015		2014
Other supplemental information
Rent expense	$	701	$	696	$	707
Interest paid ^(a)	$	1,102	$	952	$	925
Income taxes paid, net of refunds	$	1,393	$	1,808	$	1,847


(a)	In 2016, interest paid excludes the premium paid in accordance with the “make-whole” provisions of the debt redemption discussed in Note 8.

Our Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Goodwill and Intangible Assets

Goodwill and Other Intangible Assets

Other Significant Accounting Policies

Our other significant accounting policies are disclosed as follows:


•	Basis of Presentation – Note 1 - Basis of Presentation for a description of our policies regarding use of estimates, basis of presentation and consolidation.


•	Property, Plant and Equipment – Note 4.


•	Income Taxes – Note 5, and for additional unaudited information see, “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.


•	Share-Based Compensation – Note 6.


•	Pension, Retiree Medical and Savings Plans – Note 7, and for additional unaudited information, see “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.


•	Financial Instruments – Note 9, and for additional unaudited information, see “Our Business Risks” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.


•	Inventories – Note 13. Inventories are valued at the lower of cost or net realizable value. Cost is determined using the average; first-in, first-out (FIFO) or last-in, first-out (LIFO) methods.

•

Revenue Recognition

Note 2 — Our Significant Accounting Policies

Revenue Recognition

Sales Incentives And Other Marketplace Spending

Total Marketplace Spending


•	media and personal service prepayments;


•	promotional materials in inventory; and


•	production costs of future media advertising.

Distribution Costs

Cash Equivalents

Cash equivalents are highly liquid investments with original maturities of three months or less.

Software Costs

Commitments And Contingencies

Commitments and Contingencies

Research And Development

Research and Development

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements - Adopted

Recently Issued Accounting Pronouncements - Not Yet Adopted

Basis of Presentation and Our Divisions (Tables)

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule Of Quarterly Reporting



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	17 weeks	September, October, November and December

Schedule of Segment Reporting Information, by Segment

Net revenue and operating profit/(loss) of each division are as follows:



	Net Revenue						Operating Profit/(Loss)^(a)
	2016		2015		2014		2016			2015			2014
FLNA	$	15,549	$	14,782	$	14,502	$	4,659		$	4,304		$	4,054
QFNA	2,564		2,543		2,568		653			560			621
NAB	21,312		20,618		20,171		2,959			2,785			2,421
Latin America	6,820		8,228		9,425		887			(206		)	1,636
ESSA	10,216		10,510		13,399		1,108			1,081			1,389
AMENA	6,338		6,375		6,618		619			941			985
Total division	62,799		63,056		66,683		10,885			9,465			11,106
Corporate Unallocated	—		—		—		(1,100		)	(1,112		)	(1,525		)
	$	62,799	$	63,056	$	66,683	$	9,785		$	8,353		$	9,581


(a)	For further unaudited information on certain items that impacted our financial performance, see “Item 6. Selected Financial Data.”

Segment Reporting Information By Total Assets And Capital Spending

Total assets and capital spending of each division are as follows:



	Total Assets				Capital Spending
	2016		2015		2016		2015		2014
FLNA	$	5,759	$	5,375	$	801	$	608	$	519
QFNA	826		872		41		40		58
NAB	28,452		28,128		769		695		708
Latin America	4,640		4,284		507		368		379
ESSA	12,406		12,225		439		404		502
AMENA	5,303		5,901		381		441		517
Total division	57,386		56,785		2,938		2,556		2,683
Corporate^(a)	16,743		12,882		102		202		176
	$	74,129	$	69,667	$	3,040	$	2,758	$	2,859


(a)	Corporate assets consist principally of certain cash and cash equivalents, short-term investments, derivative instruments, property, plant and equipment, pension and tax assets. In 2016, the change in total Corporate assets was primarily due to an increase in short-term investments.

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
	2016		2015		2014		2016		2015		2014
FLNA	$	7	$	7	$	7	$	435	$	427	$	424
QFNA	—		—		—		50		51		51
NAB	37		38		43		809		813		837
Latin America	5		7		10		211		238		273
ESSA	18		20		28		321		353		471
AMENA	3		3		4		294		293		313
Total division	70		75		92		2,120		2,175		2,369
Corporate	—		—		—		178		166		164
	$	70	$	75	$	92	$	2,298	$	2,341	$	2,533

Segment Reporting Information By Net Revenue And Long-Lived Assets

et revenue and long-lived assets by country are as follows:



	Net Revenue						Long-Lived Assets^(a)
	2016		2015		2014		2016		2015
United States	$	36,732	$	35,266	$	34,219	$	28,382	$	27,876
Mexico	3,431		3,687		4,113		998		994
Canada	2,692		2,677		3,022		2,499		2,386
Russia ^(b)	2,648		2,797		4,414		4,373		3,614
United Kingdom	1,737		1,966		2,174		852		1,107
Brazil	1,305		1,289		1,790		796		649
All other countries ^(c)	14,254		15,374		16,951		8,504		9,260
	$	62,799	$	63,056	$	66,683	$	46,404	$	45,886


(a)	Long-lived assets represent property, plant and equipment, nonamortizable intangible assets, amortizable intangible assets and investments in noncontrolled affiliates. These assets are reported in the country where they are primarily used.


(b)	Change in long-lived assets in 2016 primarily reflects appreciation of the Russian ruble. Change in net revenue in 2015 primarily reflects the depreciation of the Russian ruble.


(c)	Included in long-lived assets in all other countries as of December 31, 2016 and December 26, 2015 are $166 million and $538 million, respectively, related to our 5% indirect equity interest in TAB.

Restructuring, Impairment and Integration Charges (Tables)

12 Months Ended

Dec. 31, 2016

Restructuring and Related Cost, Description

Other Productivity Initiatives

We regularly evaluate different productivity initiatives beyond the productivity plans and other initiatives discussed above.

Restructuring, Impairment, and Other Activities Disclosure [Text Block]

Restructuring and Impairment Charges

A summary of our restructuring and impairment charges and other productivity initiatives is as follows:



	2016		2015		2014
2014 Productivity Plan	$	160	$	169	$	357
2012 Productivity Plan	—		61		61
Total restructuring and impairment charges	160		230		418
Other productivity initiatives	12		90		67
Total restructuring and impairment charges and other productivity initiatives	$	172	$	320	$	485

2014 Multi-Year Productivity Plan

A summary of our 2014 Productivity Plan charges is as follows:



	2016									2015									2014
	Severance and Other Employee Costs		Asset Impairments		Other Costs			Total		Severance and Other Employee Costs		Asset Impairments			Other Costs		Total		Severance and Other Employee Costs			Asset Impairments		Other Costs		Total
FLNA ^(a)	$	10	$	—	$	3		$	13	$	18	$	(1	)	$	9	$	26	$	25		$	10	$	11	$	46
QFNA	—		—		1			1		—		—			3		3		12			—		2		14
NAB	18		8		9			35		10		4			17		31		60			56		56		172
Latin America ^(a)	29		—		(2		)	27		2		10			16		28		15			3		10		28
ESSA	21		22		17			60		26		11			25		62		24			4		14		42
AMENA	4		6		4			14		2		—			8		10		14			—		8		22
Corporate ^(a)	6		—		4			10		1		—			8		9		(2		)	—		35		33
	$	88	$	36	$	36		$	160	$	59	$	24		$	86	$	169	$	148		$	73	$	136	$	357


(a)	Income amounts represent adjustments of previously recorded amounts.

Since the inception of the 2014 Productivity Plan, we incurred restructuring charges of $739 million:



	2014 Productivity Plan Costs to Date
	Severance and Other Employee Costs		Asset Impairments		Other Costs		Total
FLNA	$	64	$	9	$	23	$	96
QFNA	15		—		6		21
NAB	97		68		82		247
Latin America	52		13		24		89
ESSA	81		37		56		174
AMENA	21		6		20		47
Corporate	17		—		48		65
	$	347	$	133	$	259	$	739

A summary of our 2014 Productivity Plan activity is as follows:



	Severance and Other Employee Costs			Asset Impairments			Other Costs			Total
Liability as of December 28, 2013	$	30		$	—		$	1		$	31
2014 restructuring charges	148			73			136			357
Cash payments	(56		)	—			(109		)	(165		)
Non-cash charges and translation	(33		)	(73		)	(4		)	(110		)
Liability as of December 27, 2014	89			—			24			113
2015 restructuring charges	59			24			86			169
Cash payments	(76		)	—			(87		)	(163		)
Non-cash charges and translation	(11		)	(24		)	(3		)	(38		)
Liability as of December 26, 2015	61			—			20			81
2016 restructuring charges	88			36			36			160
Cash payments	(46		)	—			(49		)	(95		)
Non-cash charges and translation	(15		)	(36		)	1			(50		)
Liability as of December 31, 2016	$	88		$	—		$	8		$	96

2012 Multi-Year Productivity Plan

A summary of our 2012 Productivity Plan charges is as follows:



	2015								2014
	Severance and Other Employee Costs		Asset Impairments		Other Costs		Total		Severance and Other Employee Costs			Asset Impairments		Other Costs			Total
FLNA ^(a)	$	—	$	—	$	—	$	—	$	(1	)	$	—	$	3		$	2
QFNA	—		—		—		—		—			—		—			—
NAB ^(a)	—		—		2		2		(3		)	1		9			7
Latin America ^(a)	6		1		1		8		19			—		(19		)	—
ESSA	15		—		12		27		6			5		18			29
AMENA	15		3		2		20		12			—		3			15
Corporate ^(a)	3		—		1		4		(2		)	—		10			8
	$	39	$	4	$	18	$	61	$	31		$	6	$	24		$	61


(a)	Income amounts represent adjustments of previously recorded amounts.

Since the inception of the 2012 Productivity Plan, we incurred restructuring charges of $894 million:



	2012 Productivity Plan Costs to Date
	Severance and Other Employee Costs		Asset Impairments		Other Costs		Total
FLNA	$	91	$	8	$	25	$	124
QFNA	18		—		10		28
NAB	107		44		48		199
Latin America	98		11		18		127
ESSA	136		23		66		225
AMENA	75		5		17		97
Corporate	35		—		59		94
	$	560	$	91	$	243	$	894

A summary of our 2012 Productivity Plan activity is as follows:



	Severance and Other Employee Costs			Asset Impairments			Other Costs			Total
Liability as of December 28, 2013	$	68		$	—		$	17		$	85
2014 restructuring charges	31			6			24			61
Cash payments	(65		)	—			(36		)	(101		)
Non-cash charges and translation	(6		)	(6		)	—			(12		)
Liability as of December 27, 2014	28			—			5			33
2015 restructuring charges	39			4			18			61
Cash payments	(24		)	—			(21		)	(45		)
Non-cash charges and translation	(8		)	(4		)	1			(11		)
Liability as of December 26, 2015	35			—			3			38
Cash payments	(28		)	—			(2		)	(30		)
Non-cash charges and translation	(7		)	—			(1		)	(8		)
Liability as of December 31, 2016	$	—		$	—		$	—		$	—

Other Productivity Initiatives

We regularly evaluate different productivity initiatives beyond the productivity plans and other initiatives discussed above.

Summary Of Total Restructuring Activity [Table Text Block]

A summary of our restructuring and impairment charges and other productivity initiatives is as follows:



	2016		2015		2014
2014 Productivity Plan	$	160	$	169	$	357
2012 Productivity Plan	—		61		61
Total restructuring and impairment charges	160		230		418
Other productivity initiatives	12		90		67
Total restructuring and impairment charges and other productivity initiatives	$	172	$	320	$	485

Summary Of 2014 Productivity Plan Activity [Table Text Block] [Table Text Block]

2014 Multi-Year Productivity Plan

A summary of our 2014 Productivity Plan charges is as follows:



	2016									2015									2014
	Severance and Other Employee Costs		Asset Impairments		Other Costs			Total		Severance and Other Employee Costs		Asset Impairments			Other Costs		Total		Severance and Other Employee Costs			Asset Impairments		Other Costs		Total
FLNA ^(a)	$	10	$	—	$	3		$	13	$	18	$	(1	)	$	9	$	26	$	25		$	10	$	11	$	46
QFNA	—		—		1			1		—		—			3		3		12			—		2		14
NAB	18		8		9			35		10		4			17		31		60			56		56		172
Latin America ^(a)	29		—		(2		)	27		2		10			16		28		15			3		10		28
ESSA	21		22		17			60		26		11			25		62		24			4		14		42
AMENA	4		6		4			14		2		—			8		10		14			—		8		22
Corporate ^(a)	6		—		4			10		1		—			8		9		(2		)	—		35		33
	$	88	$	36	$	36		$	160	$	59	$	24		$	86	$	169	$	148		$	73	$	136	$	357


(a)	Income amounts represent adjustments of previously recorded amounts.

Since the inception of the 2014 Productivity Plan, we incurred restructuring charges of $739 million:



	2014 Productivity Plan Costs to Date
	Severance and Other Employee Costs		Asset Impairments		Other Costs		Total
FLNA	$	64	$	9	$	23	$	96
QFNA	15		—		6		21
NAB	97		68		82		247
Latin America	52		13		24		89
ESSA	81		37		56		174
AMENA	21		6		20		47
Corporate	17		—		48		65
	$	347	$	133	$	259	$	739

A summary of our 2014 Productivity Plan activity is as follows:



	Severance and Other Employee Costs			Asset Impairments			Other Costs			Total
Liability as of December 28, 2013	$	30		$	—		$	1		$	31
2014 restructuring charges	148			73			136			357
Cash payments	(56		)	—			(109		)	(165		)
Non-cash charges and translation	(33		)	(73		)	(4		)	(110		)
Liability as of December 27, 2014	89			—			24			113
2015 restructuring charges	59			24			86			169
Cash payments	(76		)	—			(87		)	(163		)
Non-cash charges and translation	(11		)	(24		)	(3		)	(38		)
Liability as of December 26, 2015	61			—			20			81
2016 restructuring charges	88			36			36			160
Cash payments	(46		)	—			(49		)	(95		)
Non-cash charges and translation	(15		)	(36		)	1			(50		)
Liability as of December 31, 2016	$	88		$	—		$	8		$	96

Summary Of Productivity Plan Activity

2012 Multi-Year Productivity Plan

A summary of our 2012 Productivity Plan charges is as follows:



	2015								2014
	Severance and Other Employee Costs		Asset Impairments		Other Costs		Total		Severance and Other Employee Costs			Asset Impairments		Other Costs			Total
FLNA ^(a)	$	—	$	—	$	—	$	—	$	(1	)	$	—	$	3		$	2
QFNA	—		—		—		—		—			—		—			—
NAB ^(a)	—		—		2		2		(3		)	1		9			7
Latin America ^(a)	6		1		1		8		19			—		(19		)	—
ESSA	15		—		12		27		6			5		18			29
AMENA	15		3		2		20		12			—		3			15
Corporate ^(a)	3		—		1		4		(2		)	—		10			8
	$	39	$	4	$	18	$	61	$	31		$	6	$	24		$	61


(a)	Income amounts represent adjustments of previously recorded amounts.

Since the inception of the 2012 Productivity Plan, we incurred restructuring charges of $894 million:



	2012 Productivity Plan Costs to Date
	Severance and Other Employee Costs		Asset Impairments		Other Costs		Total
FLNA	$	91	$	8	$	25	$	124
QFNA	18		—		10		28
NAB	107		44		48		199
Latin America	98		11		18		127
ESSA	136		23		66		225
AMENA	75		5		17		97
Corporate	35		—		59		94
	$	560	$	91	$	243	$	894

A summary of our 2012 Productivity Plan activity is as follows:



	Severance and Other Employee Costs			Asset Impairments			Other Costs			Total
Liability as of December 28, 2013	$	68		$	—		$	17		$	85
2014 restructuring charges	31			6			24			61
Cash payments	(65		)	—			(36		)	(101		)
Non-cash charges and translation	(6		)	(6		)	—			(12		)
Liability as of December 27, 2014	28			—			5			33
2015 restructuring charges	39			4			18			61
Cash payments	(24		)	—			(21		)	(45		)
Non-cash charges and translation	(8		)	(4		)	1			(11		)
Liability as of December 26, 2015	35			—			3			38
Cash payments	(28		)	—			(2		)	(30		)
Non-cash charges and translation	(7		)	—			(1		)	(8		)
Liability as of December 31, 2016	$	—		$	—		$	—		$	—

Property, Plant and Equipment and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2016

Property, Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment

A summary of our property, plant and equipment is as follows:



	Average Useful Life (Years)	2016			2015			2014
Property, plant and equipment, net
Land		$	1,153		$	1,184
Buildings and improvements	15 - 44	8,306			8,061
Machinery and equipment, including fleet and software	5 - 15	25,277			24,764
Construction in progress		2,082			1,738
		36,818			35,747
Accumulated depreciation		(20,227		)	(19,430		)
		$	16,591		$	16,317
Depreciation expense		$	2,217		$	2,248		$	2,441

Amortizable Intangible Assets, Net

A summary of our amortizable intangible assets is as follows:



		2016							2015							2014
Amortizable intangible assets, net	Average Useful Life (Years)	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Acquired franchise rights	56 – 60	$	827	$	(108	)	$	719	$	820	$	(92	)	$	728
Reacquired franchise rights	5 – 14	106		(102		)	4		105		(99		)	6
Brands	20 – 40	1,277		(977		)	300		1,298		(987		)	311
Other identifiable intangibles	10 – 24	522		(308		)	214		526		(301		)	225
		$	2,732	$	(1,495	)	$	1,237	$	2,749	$	(1,479	)	$	1,270
Amortization expense							$	70						$	75	$	92

Future Amortization of Intangible Assets



	2017		2018		2019		2020		2021
Five-year projected amortization	$	62	$	60	$	57	$	57	$	55

Change in Book Value of Nonamortizable Intangible Assets

The change in the book value of nonamortizable intangible assets is as follows:



	Balance, Beginning 2015		Translation and Other			Balance, End of 2015		Translation and Other			Balance, End of 2016
FLNA
Goodwill	$	291	$	(24	)	$	267	$	3		$	270
Brands	27		(5		)	22		1			23
	318		(29		)	289		4			293
QFNA
Goodwill	175		—			175		—			175

NAB
Goodwill ^(a)	9,846		(92		)	9,754		89			9,843
Reacquired franchise rights	7,193		(151		)	7,042		22			7,064
Acquired franchise rights	1,538		(31		)	1,507		5			1,512
Brands ^(a)	108		—			108		206			314
	18,685		(274		)	18,411		322			18,733
Latin America
Goodwill	644		(123		)	521		32			553
Brands ^(b)	223		(86		)	137		13			150
	867		(209		)	658		45			703
ESSA ^(c)
Goodwill	3,539		(497		)	3,042		135			3,177
Reacquired franchise rights	571		(83		)	488		—			488
Acquired franchise rights	199		(9		)	190		(6		)	184
Brands	2,663		(451		)	2,212		146			2,358
	6,972		(1,040		)	5,932		275			6,207
AMENA
Goodwill	470		(52		)	418		(6		)	412
Brands	117		(12		)	105		(2		)	103
	587		(64		)	523		(8		)	515

Total goodwill	14,965		(788		)	14,177		253			14,430
Total reacquired franchise rights	7,764		(234		)	7,530		22			7,552
Total acquired franchise rights	1,737		(40		)	1,697		(1		)	1,696
Total brands	3,138		(554		)	2,584		364			2,948
	$	27,604	$	(1,616	)	$	25,988	$	638		$	26,626


(a)	The change in 2016 is primarily related to our acquisition of KeVita, Inc.


(b)	The change in 2015 includes a reduction of $41 million of nonamortizable brands arising from the Venezuela deconsolidation.


(c)	The change in 2016 and 2015 primarily reflects the currency fluctuation of the Russian ruble.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Contingency [Line Items]

Undistributed International Earnings [Text Block]

Undistributed International Earnings

Summary of Income Tax Contingencies [Table Text Block]

Reserves



Jurisdiction	Years Open to Audit	Years Currently Under Audit
United States	2010, 2012-2015	2012-2013
Mexico	2011-2015	2014
United Kingdom	2014-2015	None
Canada (Domestic)	2011-2015	2011-2014
Canada (International)	2009-2015	2010-2014
Russia	2012-2015	2013-2015

Income Tax Carryforwards and Allowances [Text Block]

Carryforwards and Allowances

Income Taxes

The components of income before income taxes are as follows:



		2016			2015			2014
United States		$	2,630		$	2,879		$	2,557
Foreign		5,923			4,563			6,200
		$	8,553		$	7,442		$	8,757

The provision for income taxes consisted of the following:

		2016			2015			2014
Current:	U.S. Federal	$	1,219		$	1,143		$	1,364
	Foreign	824			773			851
	State	77			65			210
		2,120			1,981			2,425
Deferred:	U.S. Federal	109			(14		)	(33		)
	Foreign	(33		)	(32		)	(60		)
	State	(22		)	6			(133		)
		54			(40		)	(226		)
		$	2,174		$	1,941		$	2,199



A reconciliation of the U.S. Federal statutory tax rate to our annual tax rate is as follows:

	2016		2015		2014
U.S. Federal statutory tax rate	35.0	%	35.0	%	35.0	%
State income tax, net of U.S. Federal tax benefit	0.4		0.6		0.6
Lower taxes on foreign results	(8.0	)	(10.5	)	(8.6	)
Impact of Venezuela impairment charges	—		6.4		—
Tax settlements	—		(3.1	)	—
Other, net	(2.0	)	(2.3	)	(1.9	)
Annual tax rate	25.4	%	26.1	%	25.1	%

Deferred tax liabilities and assets are comprised of the following:



Deferred tax liabilities	2016			2015
Debt guarantee of wholly-owned subsidiary	$	839		$	842
Property, plant and equipment	1,967			2,023
Intangible assets other than nondeductible goodwill	4,124			3,920
Other	245			299
Gross deferred tax liabilities	7,175			7,084
Deferred tax assets
Net carryforwards	1,255			1,279
Share-based compensation	219			240
Retiree medical benefits	316			343
Other employee-related benefits	614			547
Pension benefits	419			424
Deductible state tax and interest benefits	189			186
Other	839			933
Gross deferred tax assets	3,851			3,952
Valuation allowances	(1,110		)	(1,136		)
Deferred tax assets, net	2,741			2,816
Net deferred tax liabilities	$	4,434		$	4,268

Deferred taxes are included within the following balance sheet accounts:



	2016		2015
Assets:
Prepaid expenses and other current assets	$	639	$	691
Liabilities:
Deferred income taxes	$	5,073	$	4,959

A summary of our valuation allowance activity is as follows:



	2016			2015			2014
Balance, beginning of year	$	1,136		$	1,230		$	1,360
Provision/(Benefit)	13			(26		)	(25		)
Other deductions	(39		)	(68		)	(105		)
Balance, end of year	$	1,110		$	1,136		$	1,230

Reserves Rollforward

A rollforward of our reserves for all federal, state and foreign tax jurisdictions, is as follows:



	2016			2015
Balance, beginning of year	$	1,547		$	1,587
Additions for tax positions related to the current year	349			248
Additions for tax positions from prior years	139			122
Reductions for tax positions from prior years	(70		)	(261		)
Settlement payments	(26		)	(78		)
Statutes of limitations expiration	(27		)	(34		)
Translation and other	(27		)	(37		)
Balance, end of year	$	1,885		$	1,547

Share-Based Compensation Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Liability Award Vested and Expected to Vest [Table Text Block]



Our Long-term Cash Award Activity	Long-term Cash Award^(a)			Balance Sheet Date Fair Value^(a)		Contractual Life Remaining (years)
Outstanding at December 26, 2015	$	—
Granted^(b)	16,932
Forfeited	(1,262		)
Outstanding at December 31, 2016 ^(c)	$	15,670		$	14,865	2.16
Expected to vest as of December 31, 2016	$	14,175		$	13,448	2.16


(a)	In thousands.


(b)	Grant activity for all long-term cash awards are disclosed at target.


(c)	The outstanding long-term cash awards for which the performance period has not ended as of December 31, 2016, at the threshold, target and maximum award levels were zero, $15.7 million and $31.3 million, respectively

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

The following table summarizes our total share-based compensation expense:



	2016		2015		2014
Share-based compensation expense - equity awards	$	284	$	295	$	297
Share-based compensation expense - liability awards	5		—		—
Restructuring and impairment charges/(credits)	5		4		(3		)
Total	$	294	$	299	$	294
Income tax benefits recognized in earnings related to share-based compensation	$	91	$	77	$	75

Summary of Compensation Costs

Note 6 — Share-Based Compensation

The Company may use authorized and unissued shares to meet share requirements resulting from the exercise of stock options and the vesting of RSUs, PSUs and PEPunits.

As of December 31, 2016, 82 million shares were available for future share-based compensation grants under the LTIP.

The following table summarizes our total share-based compensation expense:



	2016		2015		2014
Share-based compensation expense - equity awards	$	284	$	295	$	297
Share-based compensation expense - liability awards	5		—		—
Restructuring and impairment charges/(credits)	5		4		(3		)
Total	$	294	$	299	$	294
Income tax benefits recognized in earnings related to share-based compensation	$	91	$	77	$	75

Method of Accounting and Our Assumptions

Schedule Of Weighted-Average Black-Scholes Fair Value Assumptions

Our weighted-average Black-Scholes fair value assumptions are as follows:



	2016		2015		2014
Expected life	6 years		7 years		6 years
Risk-free interest rate	1.4	%	1.8	%	1.9	%
Expected volatility	12	%	15	%	16	%
Expected dividend yield	2.7	%	2.7	%	2.9	%

Our Stock Option Activity

A summary of our share-based compensation activity for the year ended December 31, 2016 is as follows:



Our Stock Option Activity	Options^(a)		Weighted-Average Exercise Price		Weighted-Average Contractual Life Remaining (years)	Aggregate Intrinsic Value^(b)
Outstanding at December 26, 2015	31,472		$	66.98
Granted	1,743		$	100.10
Exercised	(7,303	)	$	63.49
Forfeited/expired	(722	)	$	81.06
Outstanding at December 31, 2016	25,190		$	69.88	4.19	$	876,000
Exercisable at December 31, 2016	19,315		$	63.35	3.02	$	797,246
Expected to vest as of December 31, 2016	5,390		$	90.74	7.96	$	75,439


(a)	Options are in thousands and include options previously granted under The Pepsi Bottling Group, Inc. (PBG) plan. No additional options or shares were granted under the PBG plan after 2009.


(b)	In thousands.

Our RSU and PSU Activity



Our RSU and PSU Activity	RSUs/PSUs^(a)		Weighted-Average Grant-Date Fair Value		Weighted-Average Contractual Life Remaining (years)	Aggregate Intrinsic Value^(a)
Outstanding at December 26, 2015	9,108		$	84.03
Granted ^(b)	3,054		$	99.06
Converted	(3,372	)	$	77.33
Forfeited	(659	)	$	90.10
Actual performance change ^(c)	106		$	80.09
Outstanding at December 31, 2016 ^(d)	8,237		$	91.81	1.29	$	861,817
Expected to vest as of December 31, 2016	7,577		$	91.42	1.21	$	792,739


(a)	In thousands.


(b)	Grant activity for all PSUs are disclosed at target.


(c)	Reflects the net number of PSUs above and below target levels based on actual performance measured at the end of the performance period.


(d)	The outstanding PSUs for which the performance period has not ended as of December 31, 2016, at the threshold, target and maximum award levels were zero, 0.7 million and 1.1 million, respectively.

Our PEPunit Activity



Our PEPunit Activity	PEPunits^(a)		Weighted-Average Grant-Date Fair Value		Weighted-Average Contractual Life Remaining (years)	Aggregate Intrinsic Value^(a)
Outstanding at December 26, 2015	821		$	62.77
Converted	(390	)	$	68.48
Forfeited	(19	)	$	63.64
Actual performance change ^(b)	121		$	68.48
Outstanding at December 31, 2016 ^(c)	533		$	59.86	0.66	$	55,737
Expected to vest as of December 31, 2016	514		$	59.49	0.64	$	53,742


(a)	In thousands.


(b)	Reflects the net number of PEPunits above and below target levels based on actual performance measured at the end of the performance period.


(c)	The outstanding PEPunits for which the performance period has not ended as of December 31, 2016, at the threshold, target and maximum award levels were zero, 0.5 million and 0.9 million, respectively.

Other Share-Based Compensation Data



	2016		2015		2014
Stock Options
Total number of options granted ^(a)	1,743		1,884		3,416
Weighted-average grant-date fair value of options granted	$	6.94	$	10.80	$	8.79
Total intrinsic value of options exercised ^(a)	$	290,131	$	366,188	$	423,251
Total grant-date fair value of options vested ^(a)	$	18,840	$	21,837	$	42,353
RSUs/PSUs
Total number of RSUs/PSUs granted ^(a)	3,054		2,759		4,379
Weighted-average grant-date fair value of RSUs/PSUs granted	$	99.06	$	99.17	$	80.39
Total intrinsic value of RSUs/PSUs converted ^(a)	$	359,401	$	375,510	$	319,820
Total grant-date fair value of RSUs/PSUs vested ^(a)	$	257,648	$	257,831	$	241,836
PEPunits
Total number of PEPunits granted ^(a)	—		300		387
Weighted-average grant-date fair value of PEPunits granted	$	—	$	68.94	$	50.95
Total intrinsic value of PEPunits converted ^(a)	$	38,558	$	37,705	$	—
Total grant-date fair value of PEPunits vested ^(a)	$	16,572	$	22,286	$	5,072


(a)	In thousands.

Pension, Retiree Medical and Savings Plans (Tables)

12 Months Ended

Dec. 31, 2016

Pension and Retiree Medical Plan Contributions [Table Text Block]

Contributions to our pension and retiree medical plans were as follows:



	Pension						Retiree Medical
	2016		2015		2014		2016		2015		2014
Discretionary ^(a)	$	459	$	—	$	407	$	—	$	—	$	—
Non-discretionary	200		162		184		36		43		64
Total	$	659	$	162	$	591	$	36	$	43	$	64


(a)	Includes $452 million in 2016 relating to the funding of the group annuity contract purchase from an unrelated insurance company and $388 million in 2014 pertaining to pension lump sum payments.

Schedule Of Plan Assets Measured At Fair Value Table Text Block

Plan assets measured at fair value as of fiscal year-end 2016 and 2015 are categorized consistently by level in both years, and are as follows:



	2016								2015
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
U.S. plan assets ^(a)
Equity securities, including preferred stock ^(b)	$	6,489	$	6,480	$	9	$	—	$	6,109
Government securities ^(c)	1,173		—		1,173		—		1,181
Corporate bonds ^(c)	3,012		—		3,012		—		3,191
Mortgage-backed securities ^(c)	187		—		187		—		207
Contracts with insurance companies ^(d)	7		—		—		7		7
Cash and cash equivalents	196		196		—		—		267
Sub-total U.S. plan assets	11,064		$	6,676	$	4,381	$	7	10,962
Real estate commingled funds measured at net asset value ^(f)	651								735
Dividends and interest receivable, net of payables	63								54
Total U.S. plan assets	$	11,778							$	11,751
International plan assets
Equity securities ^(b)	$	1,556	$	1,528	$	28	$	—	$	1,492
Government securities ^(c)	432		—		432		—		433
Corporate bonds ^(c)	453		—		453		—		439
Fixed income commingled funds ^(e)	316		316		—		—		308
Contracts with insurance companies ^(d)	35		—		—		35		32
Cash and cash equivalents	12		12		—		—		12
Sub-total international plan assets	2,804		$	1,856	$	913	$	35	2,716
Real estate commingled funds measured at net asset value ^(f)	84								100
Dividends and interest receivable	6								7
Total international plan assets	$	2,894							$	2,823


(a)	2016 and 2015 amounts include $320 million and $354 million, respectively, of retiree medical plan assets that are restricted for purposes of providing health benefits for U.S. retirees and their beneficiaries.

(b)


(c)	These investments are based on quoted bid prices for comparable securities in the marketplace and broker/dealer quotes in active markets. Corporate bonds of U.S.-based companies represent 22% and 23% of total U.S. plan assets for 2016 and 2015, respectively.


(d)	Based on the fair value of the contracts as determined by the insurance companies using inputs that are not observable. The changes in Level 3 amounts were not significant in the years ended December 31, 2016 and December 26, 2015.


(e)	Based on the fair value of the investments owned by these funds that track various government and corporate bond indices.


(f)	The real estate commingled funds include investments in limited partnerships. These funds are based on the net asset value of the appraised value of investments owned by these funds as determined by independent third parties using inputs that are not observable. The majority of the funds are redeemable quarterly subject to availability of cash and have notice periods ranging from 45 to 90 days.

Selected Financial Information For Pension And Retiree Medical Plans

Pension, Retiree Medical and Savings Plans

Selected financial information for our pension and retiree medical plans is as follows:



	Pension												Retiree Medical
	U.S.						International
	2016			2015			2016			2015			2016			2015
Change in projected benefit liability
Liability at beginning of year	$	13,033		$	13,409		$	2,872		$	3,247		$	1,300		$	1,439
Service cost	393			435			80			99			31			35
Interest cost	484			546			94			115			41			52
Plan amendments	18			16			—			1			(15		)	—
Participant contributions	—			—			2			2			—			—
Experience loss/(gain)	614			(583		)	560			(221		)	(51		)	(115		)
Benefit payments	(347		)	(808		)	(83		)	(89		)	(100		)	(102		)
Settlement/curtailment	(1,014		)	—			(19		)	(19		)	—			—
Special termination benefits	11			18			1			1			1			1
Foreign currency adjustment	—			—			(383		)	(264		)	1			(10		)
Liability at end of year	$	13,192		$	13,033		$	3,124		$	2,872		$	1,208		$	1,300

Change in fair value of plan assets
Fair value at beginning of year	$	11,397		$	12,224		$	2,823		$	3,002		$	354		$	415
Actual return on plan assets	880			(85		)	409			77			30			(2		)
Employer contributions/funding	541			66			118			96			36			43
Participant contributions	—			—			2			2			—			—
Benefit payments	(347		)	(808		)	(83		)	(89		)	(100		)	(102		)
Settlement	(1,013		)	—			(22		)	(16		)	—			—
Foreign currency adjustment	—			—			(353		)	(249		)	—			—
Fair value at end of year	$	11,458		$	11,397		$	2,894		$	2,823		$	320		$	354
Funded status	$	(1,734	)	$	(1,636	)	$	(230	)	$	(49	)	$	(888	)	$	(946	)



	Pension												Retiree Medical
	U.S.						International
	2016			2015			2016			2015			2016			2015
Amounts recognized
Other assets	$	—		$	—		$	51		$	56		$	—		$	—
Other current liabilities	(42		)	(47		)	(1		)	(1		)	(54		)	(63		)
Other liabilities	(1,692		)	(1,589		)	(280		)	(104		)	(834		)	(883		)
Net amount recognized	$	(1,734	)	$	(1,636	)	$	(230	)	$	(49	)	$	(888	)	$	(946	)

Amounts included in accumulated other comprehensive loss (pre-tax)
Net loss/(gain)	$	3,220		$	3,065		$	884		$	733		$	(193	)	$	(138	)
Prior service cost/(credit)	20			1			(5		)	(7		)	(91		)	(127		)
Total	$	3,240		$	3,066		$	879		$	726		$	(284	)	$	(265	)

Components of the increase/(decrease) in net loss/(gain) included in accumulated other comprehensive loss
Change in discount rate	$	296		$	(593	)	$	554		$	(150	)	$	21		$	(42	)
Employee-related assumption changes	5			(35		)	8			6			(50		)	(37		)
Liability-related experience different from assumptions	318			51			(2		)	(77		)	(22		)	(36		)
Actual asset return different from expected return	(46		)	935			(246		)	97			(6		)	29
Amortization and settlement of (losses)/gains	(413		)	(205		)	(46		)	(77		)	1			(2		)
Other, including foreign currency adjustments	(5		)	(6		)	(117		)	(69		)	1			(1		)
Total	$	155		$	147		$	151		$	(270	)	$	(55	)	$	(89	)

Accumulated benefit obligation at end of year	$	12,211		$	12,077		$	2,642		$	2,453

Estimated Amounts To Be Amortized From Accumulated Other Comprehensive Loss Into Benefit Expense In 2012 For Pension And Retiree Medical Plans

The estimated amounts to be amortized from accumulated other comprehensive loss into pre-tax expense in 2017 for our pension and retiree medical plans are as follows:



	Pension				Retiree Medical
	U.S.		International
Net loss/(gain)	$	122	$	51	$	(12	)
Prior service cost/(credit)	1		—		(25		)
Total	$	123	$	51	$	(37	)

Weighted-Average Assumptions Used To Determine Projected Benefit Liability And Benefit Expense For Pension And Retiree Medical Plans

The following table provides the weighted-average assumptions used to determine projected benefit liability and benefit expense for our pension and retiree medical plans:



	Pension												Retiree Medical
	U.S.						International
	2016		2015		2014		2016		2015		2014		2016		2015		2014
Weighted-average assumptions
Liability discount rate	4.4	%	4.5	%	4.2	%	3.1	%	4.0	%	3.8	%	4.0	%	4.2	%	3.8	%
Expense discount rate ^(a)	n/a		4.2	%	5.0	%	n/a		3.8	%	4.7	%	n/a		3.8	%	4.3	%
Service cost discount rate ^(a)	4.6	%	n/a		n/a		4.1	%	n/a		n/a		4.3	%	n/a		n/a
Interest cost discount rate ^(a)	3.8	%	n/a		n/a		3.5	%	n/a		n/a		3.3	%	n/a		n/a
Expected return on plan assets	7.5	%	7.5	%	7.5	%	6.2	%	6.5	%	6.6	%	7.5	%	7.5	%	7.5	%
Liability rate of salary increases	3.1	%	3.1	%	3.5	%	3.6	%	3.6	%	3.6	%
Expense rate of salary increases	3.1	%	3.5	%	3.7	%	3.6	%	3.6	%	3.9	%

Selected Information About Plans With Liability For Service To Date And Total Benefit Liability In Excess Of Plan Assets


(a)	Effective as of the beginning of 2016, we prospectively changed the method we use to estimate the service and interest cost components of pension and retiree medical expense. See additional unaudited information in “Pension and Retiree Medical Plans” in “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following table provides selected informati

Future Benefit Payments

Our estimated future benefit payments are as follows:



	2017		2018		2019		2020		2021		2022 - 26
Pension	$	725	$	780	$	825	$	870	$	925	$	5,270
Retiree medical ^(a)	$	120	$	120	$	115	$	110	$	110	$	485


(a)	Expected future benefit payments for our retiree medical plans do not reflect any estimated subsidies expected to be received under the 2003 Medicare Act. Subsidies are expected to be approximately $2-$3 million for each of the years from 2017 through 2021 and approximately $7 million in total for 2022 through 2026.

These future benefit payments to beneficiaries include payments from both funded and unfunded plans.

In 2017, we expect to make pension and retiree medical contributions of approximately $184 million, with approximately $54 million for retiree medical benefits.

Target Investment Allocation

Plan Assets

For 2017 and 2016, our expected long-term rate of return on U.S. plan assets is 7.5%. Our target investment allocations for U.S. plan assets are as follows:



	2017		2016
Fixed income	40	%	40	%
U.S. equity	33	%	33	%
International equity	22	%	22	%
Real estate	5	%	5	%

Effects Of 1-Percentage-Point Change In The Assumed Health Care Trend Rate

Retiree Medical Cost Trend Rates



	2017		2016
Average increase assumed	6	%	6	%
Ultimate projected increase	5	%	5	%
Year of ultimate projected increase	2039		2039



	1% Increase		1% Decrease
2016 service and interest cost components	$	3	$	(3	)
2016 benefit liability	$	39	$	(34	)

Savings Plan

In 2016, 2015 and 2014, our total Company contributions were $164 million, $148 million and $130 million, respectively.

Schedule of Net Benefit Costs [Table Text Block]

The components of benefit expense are as follows:



	Pension																		Retiree Medical
	U.S.									International
	2016			2015			2014			2016			2015			2014			2016			2015			2014
Components of benefit expense
Service cost	$	393		$	435		$	393		$	80		$	99		$	98		$	31		$	35		$	36
Interest cost	484			546			580			94			115			131			41			52			58
Expected return on plan assets	(834		)	(850		)	(784		)	(163		)	(174		)	(176		)	(24		)	(27		)	(27		)
Amortization of prior service (credit)/cost	(1		)	(3		)	21			—			—			—			(38		)	(39		)	(28		)
Amortization of net loss/(gain)	168			205			175			40			71			53			(1		)	2			(4		)
	210			333			385			51			111			106			9			23			35
Settlement/curtailment loss/(gain) ^(a)	245			—			141			9			3			7			(14		)	—			—
Special termination benefits	11			18			24			1			1			—			1			1			3
Total	$	466		$	351		$	550		$	61		$	115		$	113		$	(4	)	$	24		$	38


(a)	U.S. includes a settlement charge of $242 million related to the group annuity contract purchase in 2016 and a pension lump sum settlement charge of $141 million in 2014. See additional unaudited information in “Items Affecting Comparability” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Debt Obligations and Commitments (Tables)

12 Months Ended

Dec. 31, 2016

Debt Obligations and Commitments [Abstract]

Schedule of Long and Short-Term Debt Contractural Commitments

Debt Obligations

The following table summarizes the Company’s debt obligations:



	2016^(a)			2015^(a)
Short-term debt obligations^(b)
Current maturities of long-term debt	$	4,401		$	3,109
Commercial paper (0.6% and 0.3%)	2,257			770
Other borrowings (4.4% and 10.0%)	234			192
	$	6,892		$	4,071
Long-term debt obligations ^(b)
Notes due 2016 (2.6%)	$	—		$	3,087
Notes due 2017 (1.4% and 1.2%)	4,398			4,392
Notes due 2018 (2.3% and 3.6%)	2,561			4,122
Notes due 2019 (1.7% and 3.7%)	2,837			1,627
Notes due 2020 (2.6% and 2.4%)	3,816			3,830
Notes due 2021 (2.4% and 3.0%)	2,249			1,290
Notes due 2022-2046 (3.7% and 3.9%)	18,558			13,938
Other, due 2017-2026 (1.4% and 4.3%)	35			36
	34,454			32,322
Less: current maturities of long-term debt obligations	(4,401		)	(3,109		)
Total	$	30,053		$	29,213


(a)	Amounts are shown net of unamortized net discounts of $142 million and $162 million for 2016 and 2015, respectively.


(b)	The interest rates presented reflect weighted-average rates at year-end. Certain of our fixed rate indebtedness have been swapped to floating rates through the use of interest rate derivative instruments. See Note 9 for additional information regarding our interest rate derivative instruments.

In 2016, we issued the following senior notes:



Interest Rate		Maturity Date	Amount^(a)
Floating rate		February 2019	$	400
1.500	%	February 2019	$	600
2.850	%	February 2026	$	750
4.450	%	April 2046	$	750
0.875	%	July 2028	€	750	^(b)
Floating rate		October 2019	$	250
Floating rate		October 2021	$	250
1.350	%	October 2019	$	750
1.700	%	October 2021	$	750
2.375	%	October 2026	$	1,000
3.450	%	October 2046	$	1,500


(a)	Represents gross proceeds from issuances of long-term debt excluding debt issuance costs, discounts and premiums.


(b)	These notes were designated as a net investment hedge to partially offset the effects of foreign currency on our investments in certain of our foreign subsidiaries.

The net proceeds from the issuances of the above notes were used for general corporate purposes, including the repayment of commercial paper, and the redemption of certain long-term debt obligations.

Schedule Of Long-Term Contractual Commitments

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedges, Assets [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Financial Instruments

Derivatives and Hedging

We are exposed to market risks arising from adverse changes in:


•	commodity prices, affecting the cost of our raw materials and energy;


•	foreign exchange rates and currency restrictions; and


•	interest rates.

Commodity Prices

Our commodity derivatives had a total notional value of $0.8 billion as of December 31, 2016 and $1.0 billion as of December 26, 2015.

Foreign Exchange

Interest Rates

Available-for-Sale Securities

Fair Values Of Financial Assets And Liabilities

Fair Value Measurements

The fair values of our financial assets and liabilities as of December 31, 2016 and December 26, 2015 are categorized as follows:



	2016				2015
	Assets^(a)		Liabilities^(a)		Assets^(a)		Liabilities^(a)
Available-for-sale securities:
Equity securities ^(b)	$	82	$	—	$	127	$	—
Debt securities ^(c)	11,369		—		7,231		—
	$	11,451	$	—	$	7,358	$	—
Short-term investments ^(d)	$	193	$	—	$	193	$	—
Prepaid forward contracts ^(e)	$	25	$	—	$	27	$	—
Deferred compensation ^(f)	$	—	$	472	$	—	$	474
Derivatives designated as fair value hedging instruments:
Interest rate ^(g)	$	66	$	71	$	129	$	12
Derivatives designated as cash flow hedging instruments:
Foreign exchange ^(h)	$	51	$	8	$	76	$	6
Interest rate ^(h)	—		408		—		311
Commodity ⁽ⁱ⁾	2		1		—		7
	$	53	$	417	$	76	$	324
Derivatives not designated as hedging instruments:
Foreign exchange ^(h)	$	2	$	15	$	8	$	10
Interest rate ^(g)	—		—		44		56
Commodity ⁽ⁱ⁾	61		26		12		141
	$	63	$	41	$	64	$	207
Total derivatives at fair value ^(j)	$	182	$	529	$	269	$	543
Total	$	11,851	$	1,001	$	7,847	$	1,017


(a)	Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. Unless specifically indicated, all financial assets and liabilities are categorized as Level 2 assets or liabilities.


(b)	Based on the price of common stock. Categorized as a Level 1 asset. These equity securities are classified as investments in noncontrolled affiliates.

(c)


(d)	Based on the price of index funds. Categorized as a Level 1 asset. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability.


(e)	Based primarily on the price of our common stock.


(f)	Based on the fair value of investments corresponding to employees’ investment elections.


(g)	Based on LIBOR forward rates. As of December 26, 2015, amounts related to non-designated instruments are presented on a net basis on our balance sheet.


(h)	Based on recently reported market transactions of spot and forward rates.


(i)	Based on recently reported market transactions, primarily swap arrangements.


(j)	Unless otherwise noted, derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on the balance sheet as of December 31, 2016 and December 26, 2015 were not material. Collateral received against any of our asset positions was not material.

Effective Portion Of Pre-Tax (Gains)/Losses On Derivative Instruments

osses/(gains) on our hedging instruments are categorized as follows:



	Fair Value/Non- designated Hedges						Cash Flow and Net Investment Hedges
	Losses/(Gains) Recognized in Income Statement^(a)						Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss						Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement^(b)
	2016			2015			2016			2015			2016			2015
Foreign exchange	$	74		$	(14	)	$	(24	)	$	(112	)	$	(44	)	$	(97	)
Interest rate	105			17			97			195			187			174
Commodity	(52		)	218			1			12			7			20
Net investment	—			—			(39		)	—			—			—
Total	$	127		$	221		$	35		$	95		$	150		$	97

(a)


(b)	Foreign exchange derivative losses/gains are primarily included in cost of sales. Interest rate derivative losses/gains are included in interest expense. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-Name Accounting Standards Codification
-Topic 815
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-Topic 815
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+ Details

Net Income Attributable to PepsiCo per Common Share (Tables)

12 Months Ended

Dec. 31, 2016

Basic And Diluted Net Income Attributable To PepsiCo Per Common Share

The computations of basic and diluted net income attributable to PepsiCo per common share are as follows:



	2016				2015				2014
	Income			Shares^(a)	Income			Shares^(a)	Income			Shares^(a)
Net income attributable to PepsiCo	$	6,329			$	5,452			$	6,513
Preferred shares:
Dividends	(1		)		(1		)		(1		)
Redemption premium	(5		)		(5		)		(9		)
Net income available for PepsiCo common shareholders	$	6,323		1,439	$	5,446		1,469	$	6,503		1,509
Basic net income attributable to PepsiCo per common share	$	4.39			$	3.71			$	4.31
Net income available for PepsiCo common shareholders	$	6,323		1,439	$	5,446		1,469	$	6,503		1,509
Dilutive securities:
Stock options, RSUs, PSUs, PEPunits and Other	1			12	—			15	—			17
ESOP convertible preferred stock	5			1	6			1	10			1
Diluted	$	6,329		1,452	$	5,452		1,485	$	6,513		1,527
Diluted net income attributable to PepsiCo per common share	$	4.36			$	3.67			$	4.27


(a)	Weighted-average common shares outstanding (in millions).

Out-of-the-money options excluded from the calculation of diluted earnings per common share are as follows:



	2016		2015		2014
Out-of-the-money options ^(a)	0.7		1.5		—
Average exercise price per option	$	99.98	$	99.25	$	82.25


(a)	In millions.

Accumulated Other Comprehensive Loss Attributable to Pepsico (Tables)

12 Months Ended

Dec. 31, 2016

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule Of Accumulated Other Comprehensive Income



	2016			2015			2014
Currency translation adjustment, net of tax ^(a)	$	(11,386	)	$	(11,080	)	$	(8,255	)
Cash flow hedges, net of tax	83			37			34
Unamortized pension and retiree medical, net of tax ^(b)	(2,645		)	(2,329		)	(2,500		)
Unrealized gain on securities, net of tax	64			88			87
Other	(35		)	(35		)	(35		)
Accumulated other comprehensive loss attributable to PepsiCo	$	(13,919	)	$	(13,319	)	$	(10,669	)


(a)	The change from 2014 to 2015 primarily reflects the depreciation of the Russian ruble, Brazilian real and the Canadian dollar.


(b)	Net of taxes of $1,280 million in 2016, $1,253 million in 2015 and $1,260 million in 2014.

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

The following table summarizes the reclassifications from accumulated other comprehensive loss to the income statement:



	Amount Reclassified from Accumulated Other Comprehensive Loss									Affected Line Item in the Income Statement
	2016			2015			2014
Currency translation:
Venezuelan entities	$	—		$	111		$	—		Venezuela impairment charges

Cash flow hedges:
Foreign exchange contracts	$	2		$	(3	)	$	—		Net revenue
Foreign exchange contracts	(46		)	(94		)	(16		)	Cost of sales
Interest rate derivatives	187			174			233			Interest expense
Commodity contracts	3			9			31			Cost of sales
Commodity contracts	4			11			1			Selling, general and administrative expenses
Net losses before tax	150			97			249
Tax amounts	(63		)	(47		)	(95		)
Net losses after tax	$	87		$	50		$	154

Pension and retiree medical items:
Amortization of net prior service credit ^(a)	$	(39	)	$	(41	)	$	(6	)
Amortization of net losses^(a)	209			281			226
Settlement/curtailment ^(a)	237			6			149
Net losses before tax	407			246			369
Tax amounts	(144		)	(74		)	(122		)
Net losses after tax	$	263		$	172		$	247

Venezuelan entities	$	—		$	20		$	—		Venezuela impairment charges
Tax amount	—			(4		)	—
Net losses after tax	$	—		$	16		$	—

Total net losses reclassified for the year, net of tax	$	350		$	349		$	401


(a)	These items are included in the components of net periodic benefit cost for pension and retiree medical plans (see Note 7 for additional details).

Supplemental Financial Information (Tables)

12 Months Ended

Dec. 31, 2016

Supplemental Financial Information [Abstract]

Additional Financial Information Disclosure [Text Block]

Supplemental Financial Information

Supplemental information for accounts and notes receivable and inventories is summarized as follows:



	2016			2015			2014
Accounts and notes receivable
Trade receivables	$	5,709		$	5,497
Other receivables	1,119			1,070
	6,828			6,567
Allowance, beginning of year	130			137			$	145
Net amounts charged to expense	37			43			38
Deductions ^(a)	(30		)	(27		)	(27		)
Other ^(b)	(3		)	(23		)	(19		)
Allowance, end of year	134			130			$	137
Net receivables	$	6,694		$	6,437

Inventories ^(c)
Raw materials and packaging	$	1,315		$	1,312
Work-in-process	150			161
Finished goods	1,258			1,247
	$	2,723		$	2,720


(a)	Includes accounts written off.


(b)	Includes adjustments related primarily to currency translation and other adjustments.


(c)	Approximately 5% and 4% of the inventory cost in 2016 and 2015, respectively, were computed using the LIFO method. The differences between LIFO and FIFO methods of valuing these inventories were not material.

Supplemental information for other assets and accounts payable and other current liabilities is summarized as follows:



	2016		2015
Other assets
Noncurrent notes and accounts receivable	$	105	$	140
Deferred marketplace spending	140		159
Pension plans ^(a)	53		60
Other	338		391
	$	636	$	750
Accounts payable and other current liabilities
Accounts payable	$	6,158	$	5,546
Accrued marketplace spending	2,444		2,319
Accrued compensation and benefits	1,770		1,759
Dividends payable	1,097		1,041
Other current liabilities	2,774		2,842
	$	14,243	$	13,507


(a)	See Note 7 for additional information regarding our pension plans.

The following table summarizes our minimum lease payments under non-cancelable operating leases by period:



	Operating Lease Payments
2017	$	423
2018	374
2019	289
2020	197
2021	147
2022 and beyond	350
Total minimum operating lease payments	$	1,780

The following table summarizes other supplemental information:



	2016		2015		2014
Other supplemental information
Rent expense	$	701	$	696	$	707
Interest paid ^(a)	$	1,102	$	952	$	925
Income taxes paid, net of refunds	$	1,393	$	1,808	$	1,847


(a)	In 2016, interest paid excludes the premium paid in accordance with the “make-whole” provisions of the debt redemption discussed in Note 8.

Schedule of Accounts and Notes Receivables and Inventories [Table Text Block] [Table Text Block]

Supplemental Financial Information

Supplemental information for accounts and notes receivable and inventories is summarized as follows:



	2016			2015			2014
Accounts and notes receivable
Trade receivables	$	5,709		$	5,497
Other receivables	1,119			1,070
	6,828			6,567
Allowance, beginning of year	130			137			$	145
Net amounts charged to expense	37			43			38
Deductions ^(a)	(30		)	(27		)	(27		)
Other ^(b)	(3		)	(23		)	(19		)
Allowance, end of year	134			130			$	137
Net receivables	$	6,694		$	6,437

Inventories ^(c)
Raw materials and packaging	$	1,315		$	1,312
Work-in-process	150			161
Finished goods	1,258			1,247
	$	2,723		$	2,720


(a)	Includes accounts written off.


(b)	Includes adjustments related primarily to currency translation and other adjustments.


(c)	Approximately 5% and 4% of the inventory cost in 2016 and 2015, respectively, were computed using the LIFO method. The differences between LIFO and FIFO methods of valuing these inventories were not material.

Schedule Of Supplemental Balance Sheet Information

Supplemental information for other assets and accounts payable and other current liabilities is summarized as follows:



	2016		2015
Other assets
Noncurrent notes and accounts receivable	$	105	$	140
Deferred marketplace spending	140		159
Pension plans ^(a)	53		60
Other	338		391
	$	636	$	750
Accounts payable and other current liabilities
Accounts payable	$	6,158	$	5,546
Accrued marketplace spending	2,444		2,319
Accrued compensation and benefits	1,770		1,759
Dividends payable	1,097		1,041
Other current liabilities	2,774		2,842
	$	14,243	$	13,507


(a)	See Note 7 for additional information regarding our pension plans.

Schedule Of Other Supplemental Information

The following table summarizes our minimum lease payments under non-cancelable operating leases by period:



	Operating Lease Payments
2017	$	423
2018	374
2019	289
2020	197
2021	147
2022 and beyond	350
Total minimum operating lease payments	$	1,780

The following table summarizes other supplemental information:



	2016		2015		2014
Other supplemental information
Rent expense	$	701	$	696	$	707
Interest paid ^(a)	$	1,102	$	952	$	925
Income taxes paid, net of refunds	$	1,393	$	1,808	$	1,847


(a)	In 2016, interest paid excludes the premium paid in accordance with the “make-whole” provisions of the debt redemption discussed in Note 8.

Basis of Presentation and Our Divisions (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) country	Dec. 26, 2015 USD ($)	Dec. 27, 2014 USD ($)
Basis Of Presentation And Our Divisions [Line Items]
Operating Profit	$ 9,785	$ 8,353	$ 9,581
Manufacture and sell in (number of countries) \| country	200
FLNA
Basis Of Presentation And Our Divisions [Line Items]
Operating Profit	$ 4,659	4,304	4,054
Stock-based compensation percentage	14.00%
QFNA
Basis Of Presentation And Our Divisions [Line Items]
Operating Profit	$ 653	560	621
Stock-based compensation percentage	2.00%
NAB
Basis Of Presentation And Our Divisions [Line Items]
Operating Profit	$ 2,959	2,785	2,421
Stock-based compensation percentage	22.00%
Latin America
Basis Of Presentation And Our Divisions [Line Items]
Operating Profit	$ 887	(206)	1,636
Stock-based compensation percentage	7.00%
ESSA
Basis Of Presentation And Our Divisions [Line Items]
Operating Profit	$ 1,108	1,081	1,389
Stock-based compensation percentage	11.00%
AMENA
Basis Of Presentation And Our Divisions [Line Items]
Operating Profit	$ 619	941	985
Stock-based compensation percentage	10.00%
Corporate
Basis Of Presentation And Our Divisions [Line Items]
Operating Profit	$ (1,100)	(1,112)	(1,525)
Stock-based compensation percentage	34.00%
Maximum
Basis Of Presentation And Our Divisions [Line Items]
Ownership percentage of certain other affiliates	50.00%
Cost of Sales [Member]
Basis Of Presentation And Our Divisions [Line Items]
Prior Period Reclassification Adjustment		$ (347)	$ (354)

Basis of Presentation and Our Divisions (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Segment Reporting Information [Line Items]
Net Revenue	$ 62,799,000,000	$ 63,056,000,000	$ 66,683,000,000
Operating Profit	9,785,000,000	8,353,000,000	9,581,000,000
Venezuela impairment charges	0	1,359,000,000	0
Divestitures	85,000,000	76,000,000	203,000,000
Charges related to the transaction with Tingyi	373,000,000	73,000,000	0
FLNA
Segment Reporting Information [Line Items]
Net Revenue	15,549,000,000	14,782,000,000	14,502,000,000
Operating Profit	$ 4,659,000,000	4,304,000,000	4,054,000,000
Net Revenue, Percentage	25.00%
Operating Profit, Percentage	43.00%
QFNA
Segment Reporting Information [Line Items]
Net Revenue	$ 2,564,000,000	2,543,000,000	2,568,000,000
Operating Profit	$ 653,000,000	560,000,000	621,000,000
Net Revenue, Percentage	4.00%
Operating Profit, Percentage	6.00%
NAB
Segment Reporting Information [Line Items]
Net Revenue	$ 21,312,000,000	20,618,000,000	20,171,000,000
Operating Profit	$ 2,959,000,000	2,785,000,000	2,421,000,000
Net Revenue, Percentage	34.00%
Operating Profit, Percentage	27.00%
Latin America
Segment Reporting Information [Line Items]
Net Revenue	$ 6,820,000,000	8,228,000,000	9,425,000,000
Operating Profit	$ 887,000,000	(206,000,000)	1,636,000,000
Net Revenue, Percentage	11.00%
Operating Profit, Percentage	8.00%
ESSA
Segment Reporting Information [Line Items]
Net Revenue	$ 10,216,000,000	10,510,000,000	13,399,000,000
Operating Profit	$ 1,108,000,000	1,081,000,000	1,389,000,000
Net Revenue, Percentage	16.00%
Operating Profit, Percentage	10.00%
AMENA
Segment Reporting Information [Line Items]
Net Revenue	$ 6,338,000,000	6,375,000,000	6,618,000,000
Operating Profit	$ 619,000,000	941,000,000	985,000,000
Net Revenue, Percentage	10.00%
Operating Profit, Percentage	6.00%
Total Division
Segment Reporting Information [Line Items]
Operating Profit	$ 10,885,000,000	9,465,000,000	11,106,000,000
Corporate
Segment Reporting Information [Line Items]
Net Revenue	0	0	0
Operating Profit	$ (1,100,000,000)	$ (1,112,000,000)	$ (1,525,000,000)

Basis of Presentation and Our Divisions (Segment Reporting Information by Total Assets and Capital Spending) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Segment Reporting Information [Line Items]
Total Assets	$ 74,129	$ 69,667
Capital Spending	3,040	2,758	$ 2,859
FLNA
Segment Reporting Information [Line Items]
Total Assets	5,759	5,375
Capital Spending	$ 801	608	519
Total Assets , Percentage	8.00%
Capital Spending, Percentage	26.00%
QFNA
Segment Reporting Information [Line Items]
Total Assets	$ 826	872
Capital Spending	$ 41	40	58
Total Assets , Percentage	1.00%
Capital Spending, Percentage	1.00%
NAB
Segment Reporting Information [Line Items]
Total Assets	$ 28,452	28,128
Capital Spending	$ 769	695	708
Total Assets , Percentage	38.00%
Capital Spending, Percentage	25.00%
Latin America
Segment Reporting Information [Line Items]
Total Assets	$ 4,640	4,284
Capital Spending	$ 507	368	379
Total Assets , Percentage	6.00%
Capital Spending, Percentage	17.00%
ESSA
Segment Reporting Information [Line Items]
Total Assets	$ 12,406	12,225
Capital Spending	$ 439	404	502
Total Assets , Percentage	17.00%
Capital Spending, Percentage	14.00%
AMENA
Segment Reporting Information [Line Items]
Total Assets	$ 5,303	5,901
Capital Spending	$ 381	441	517
Total Assets , Percentage	7.00%
Capital Spending, Percentage	13.00%
Total Division
Segment Reporting Information [Line Items]
Total Assets	$ 57,386	56,785
Capital Spending	2,938	2,556	2,683
Corporate
Segment Reporting Information [Line Items]
Total Assets	16,743	12,882
Capital Spending	$ 102	$ 202	$ 176
Total Assets , Percentage	23.00%
Capital Spending, Percentage	4.00%

Basis of Presentation and Our Divisions (Segment Reporting Information by Amortization of Intangible Assets and Depreciation and Other Amortization) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Segment Reporting Information [Line Items]
Amortization of Intangible Assets	$ 70	$ 75	$ 92
Depreciation and Other Amortization	2,298	2,341	2,533
FLNA
Segment Reporting Information [Line Items]
Amortization of Intangible Assets	7	7	7
Depreciation and Other Amortization	435	427	424
QFNA
Segment Reporting Information [Line Items]
Depreciation and Other Amortization	50	51	51
NAB
Segment Reporting Information [Line Items]
Amortization of Intangible Assets	37	38	43
Depreciation and Other Amortization	809	813	837
Latin America
Segment Reporting Information [Line Items]
Amortization of Intangible Assets	5	7	10
Depreciation and Other Amortization	211	238	273
ESSA
Segment Reporting Information [Line Items]
Amortization of Intangible Assets	18	20	28
Depreciation and Other Amortization	321	353	471
AMENA
Segment Reporting Information [Line Items]
Amortization of Intangible Assets	3	3	4
Depreciation and Other Amortization	294	293	313
Total Division
Segment Reporting Information [Line Items]
Amortization of Intangible Assets	70	75	92
Depreciation and Other Amortization	2,120	2,175	2,369
Corporate
Segment Reporting Information [Line Items]
Depreciation and Other Amortization	$ 178	$ 166	$ 164

Basis of Presentation and Our Divisions (Segment Reporting Information by Net Revenue and Long-Lived Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Segment Reporting Information [Line Items]
Net Revenue	$ 62,799	$ 63,056	$ 66,683
Long-Lived Assets	$ 46,404	45,886
indirect equity investment percentage	5.00%
Venezuela impairment charges	$ 0	1,359	0
Charges related to the transaction with Tingyi	373	73	0
TAB [Member]
Segment Reporting Information [Line Items]
Long-Lived Assets	166	538
UNITED STATES
Segment Reporting Information [Line Items]
Net Revenue	36,732	35,266	34,219
Long-Lived Assets	$ 28,382	27,876
Net Revenue, Percentage	58.00%
Long-Lived Assets, Percentage	61.00%
MEXICO
Segment Reporting Information [Line Items]
Net Revenue	$ 3,431	3,687	4,113
Long-Lived Assets	$ 998	994
Net Revenue, Percentage	6.00%
Long-Lived Assets, Percentage	2.00%
CANADA
Segment Reporting Information [Line Items]
Net Revenue	$ 2,692	2,677	3,022
Long-Lived Assets	$ 2,499	2,386
Net Revenue, Percentage	4.00%
Long-Lived Assets, Percentage	5.00%
Russia [Member]
Segment Reporting Information [Line Items]
Net Revenue	$ 2,648	2,797	4,414
Long-Lived Assets	$ 4,373	3,614
Net Revenue, Percentage	4.00%
Long-Lived Assets, Percentage	10.00%
UNITED KINGDOM
Segment Reporting Information [Line Items]
Net Revenue	$ 1,737	1,966	2,174
Long-Lived Assets	$ 852	1,107
Net Revenue, Percentage	3.00%
Long-Lived Assets, Percentage	2.00%
BRAZIL
Segment Reporting Information [Line Items]
Net Revenue	$ 1,305	1,289	1,790
Long-Lived Assets	$ 796	649
Net Revenue, Percentage	2.00%
Long-Lived Assets, Percentage	2.00%
All Other Countries [Member]
Segment Reporting Information [Line Items]
Net Revenue	$ 14,254	15,374	$ 16,951
Long-Lived Assets	$ 8,504	$ 9,260
Net Revenue, Percentage	23.00%
Long-Lived Assets, Percentage	18.00%

Basis of Presentation and Our Divisions Venezuela (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Investments in previously consolidated Venezuelan subsidiaries [Line Items]
Portion of Venezuela charge related to our investments in previously consolidated Venezuelan subsidiaries and our joint venture		$ 1,200
Reclassification associated with Venezuela impairment charges	$ 0	(111)	$ 0
Venezuela impairment charges	$ 0	$ 1,359	$ 0

Our Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Property, Plant and Equipment [Line Items]
Capitalized Computer Software, Amortization	$ 214	$ 202	$ 208
Capitalized Computer Software, Net	$ 791	$ 863
Minimum \| Software
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years
Maximum \| Software
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years

Our Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Capitalized Computer Software, Net	$ 791	$ 863
Capitalized Computer Software, Amortization	214	202	$ 208
Shipping and handling expenses	9,700	9,400	9,700
Research and development costs	760	754	718
Amount of prepaid incentive arrangements	291	321
Advertising and other marketing activities	4,200	3,900	3,900
Advertising expenses	2,500	2,400	$ 2,300
Deferred advertising costs	$ 32	$ 40

Our Significant Accounting Policies (Concentration of Credit Risk) (Details)	12 Months Ended
	Dec. 31, 2016
Customer Concentration Risk \| Wal-Mart \| Revenue, Net
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%

Our Significant Accounting Policies Recently Issued Accounting Pronouncements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation	$ 110,000,000	$ 107,000,000	$ 74,000,000
Balance Sheet Related Disclosures [Abstract]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	639,000,000
Income Statement Location [Member]
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation	110,000,000	107,000,000
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	0.07	0.07
Cash Flow Statement Location [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 269,000,000	$ 284,000,000

Amount of cumulative effect of the change in accounting principle or new accounting pronouncement on retained earnings or other components of equity or net assets in the statement of financial position as of the beginning of the earliest period presented.

+ References + Details

Restructuring, Impairment and Integration Charges (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Restructuring Cost and Reserve [Line Items]
Total restructuring and impairment charges and other productivity initiatives	$ 172	$ 320	$ 485
Restructuring, Settlement and Impairment Provisions	160	230	418
Other Productivity Initiatives	12	90	67
2014 Productivity Plan
Restructuring Cost and Reserve [Line Items]
Restructuring, Settlement and Impairment Provisions	$ 160	$ 169	$ 357
Restructuring and impairment provisions, after-tax impact per share	$ 0.09	$ 0.09	$ 0.17
2012 Productivity Plan
Restructuring Cost and Reserve [Line Items]
Restructuring, Settlement and Impairment Provisions	$ 0	$ 61	$ 61
Restructuring and impairment provisions, after-tax impact per share		$ 0.03	$ 0.04

Restructuring, Impairment and Integration Charges Restructuring, Impairment and Integration Charges (Summary of 2014 Productivity Plan Charges) (Details) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Dec. 28, 2013

Restructuring, Settlement and Impairment Provisions

$ 160

$ 230

$ 418

(125)

(208)

(266)

2014 Productivity Plan

Restructuring, Settlement and Impairment Provisions

160

169

357

Restructuring Charges After Tax

131

134

262

(95)

163

165

(50)

(38)

(110)

Restructuring and impairment provisions, after-tax impact per share

$ 96

$ 81

$ 113

$ 31

$ 0.09

$ 0.17

Restructuring and Related Cost, Cost Incurred to Date

$ 739

2014 Productivity Plan | Severance And Other Employee Costs

Restructuring, Settlement and Impairment Provisions

$ 59

$ 148

(46)

(15)

(11)

(33)

Restructuring and Related Cost, Cost Incurred to Date

347

2014 Productivity Plan | Asset Impairments

Restructuring, Settlement and Impairment Provisions

(36)

(24)

(73)

Restructuring and Related Cost, Cost Incurred to Date

133

2014 Productivity Plan | Other Restructuring [Member]

Restructuring, Settlement and Impairment Provisions

136

(49)

109

(3)

(4)

Restructuring and Related Cost, Cost Incurred to Date

$ 1

259

2014 Productivity Plan | FLNA

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | FLNA | Severance And Other Employee Costs

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | FLNA | Asset Impairments

Restructuring, Settlement and Impairment Provisions

(1)

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | FLNA | Other Restructuring [Member]

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | QFNA

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | QFNA | Severance And Other Employee Costs

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | QFNA | Asset Impairments

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | QFNA | Other Restructuring [Member]

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | NAB

Restructuring, Settlement and Impairment Provisions

172

Restructuring and Related Cost, Cost Incurred to Date

247

2014 Productivity Plan | NAB | Severance And Other Employee Costs

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | NAB | Asset Impairments

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | NAB | Other Restructuring [Member]

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | Latin America

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | Latin America | Severance And Other Employee Costs

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | Latin America | Asset Impairments

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | Latin America | Other Restructuring [Member]

Restructuring, Settlement and Impairment Provisions

(2)

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | ESSA

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

174

2014 Productivity Plan | ESSA | Severance And Other Employee Costs

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | ESSA | Asset Impairments

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | ESSA | Other Restructuring [Member]

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | AMENA

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | AMENA | Severance And Other Employee Costs

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | AMENA | Asset Impairments

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | AMENA | Other Restructuring [Member]

Restructuring, Settlement and Impairment Provisions

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | Corporate

Restructuring, Settlement and Impairment Provisions

^[1]

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | Corporate | Severance And Other Employee Costs

Restructuring, Settlement and Impairment Provisions

^[1]

(2)

^[1]

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | Corporate | Asset Impairments

Restructuring, Settlement and Impairment Provisions

^[1]

Restructuring and Related Cost, Cost Incurred to Date

2014 Productivity Plan | Corporate | Other Restructuring [Member]

Restructuring, Settlement and Impairment Provisions

$ 8

^[1]

$ 35

^[1]

Restructuring and Related Cost, Cost Incurred to Date

$ 48

[1]	Income amounts represent adjustments of previously recorded amounts.

Restructuring, Impairment and Integration Charges (Summary of Productivity Plan Activity) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Restructuring Cost and Reserve [Line Items]
Other Productivity Initiatives	$ 12	$ 90	$ 67
Other Productivity Initiatives, After Tax		$ 66	$ 54
Other Productivity Initiatives, Net of Tax, Per Share Amount		$ 0.04	$ 0.04
Restructuring Reserve [Roll Forward]
Cash payments for restructuring charges	(43)	$ (57)	$ (3)
Liability at end of period	$ 29
2014 Productivity Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment provisions, after-tax impact per share	$ 0.09	$ 0.09	$ 0.17
Restructuring Charges After Tax	$ 131	$ 134	$ 262
Restructuring Reserve [Roll Forward]
Non-cash charges	(50)	(38)	(110)
2014 Productivity Plan \| Severance And Other Employee Costs
Restructuring Reserve [Roll Forward]
Non-cash charges	(15)	(11)	(33)
2014 Productivity Plan \| Asset Impairments
Restructuring Reserve [Roll Forward]
Non-cash charges	(36)	(24)	(73)
2014 Productivity Plan \| Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Non-cash charges	1	$ (3)	$ (4)
2012 Productivity Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment provisions, after-tax impact per share		$ 0.03	$ 0.04
Restructuring Charges After Tax		$ 50	$ 54
Restructuring Reserve [Roll Forward]
Non-cash charges	(8)	(11)	(12)
2012 Productivity Plan \| Severance And Other Employee Costs
Restructuring Reserve [Roll Forward]
Non-cash charges	(7)	(8)	(6)
2012 Productivity Plan \| Asset Impairments
Restructuring Reserve [Roll Forward]
Non-cash charges	0	(4)	(6)
2012 Productivity Plan \| Other Restructuring [Member]
Restructuring Reserve [Roll Forward]
Non-cash charges	$ (1)	1
Corporate
Restructuring Cost and Reserve [Line Items]
Other Productivity Initiatives		17
Latin America [Member]
Restructuring Cost and Reserve [Line Items]
Other Productivity Initiatives		48	11
ESSA
Restructuring Cost and Reserve [Line Items]
Other Productivity Initiatives		5	26
AMENA
Restructuring Cost and Reserve [Line Items]
Other Productivity Initiatives		$ 20	$ 30

Property, Plant and Equipment and Intangible Assets (Schedule of Property, Plant and Equipment and Intangible Assets) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Goodwill and Indefinite-lived Intangible Assets, Translation and Purchase Accounting Adjustments

$ 26,626

$ 25,988

$ 27,604

638

(1,616)

Property, Plant and Equipment, net

36,818

35,747

Accumulated depreciation

(20,227)

(19,430)

16,591

16,317

Depreciation

2,217

2,248

2,441

nonamortizable brands related to Venezuela

2,732

2,749

(1,495)

(1,479)

1,237

1,270

Land [Member]

$ 1,153

1,184

Land [Member] | Minimum

0 years

Land [Member] | Maximum

Buildings And Improvements

0 years

Buildings And Improvements | Minimum

$ 8,306

8,061

Buildings And Improvements | Maximum

15 years

Machinery And Equipment, Including Fleet And Software

44 years

Machinery And Equipment, Including Fleet And Software | Minimum

$ 25,277

24,764

Machinery And Equipment, Including Fleet And Software | Maximum

5 years

15 years

Construction In Progress

Acquired Franchise Rights

$ 2,082

1,738

827

820

(108)

(92)

Acquired Franchise Rights | Minimum

$ 719

728

Acquired Franchise Rights | Maximum

56 years

Reacquired Franchise Rights

60 years

$ 106

105

(102)

(99)

Reacquired Franchise Rights | Minimum

$ 4

Reacquired Franchise Rights | Maximum

5 years

Other Identifiable Intangibles

14 years

$ 522

526

(308)

(301)

Other Identifiable Intangibles | Minimum

$ 214

225

Other Identifiable Intangibles | Maximum

10 years

24 years

ESSA

Goodwill and Indefinite-lived Intangible Assets, Translation and Purchase Accounting Adjustments

$ 6,207

5,932

6,972

275

^[1]

(1,040)

AMENA

Goodwill and Indefinite-lived Intangible Assets, Translation and Purchase Accounting Adjustments

515

523

587

(8)

(64)

Goodwill [Member]

Goodwill and Indefinite-lived Intangible Assets, Translation and Purchase Accounting Adjustments

14,430

14,177

14,965

253

(788)

Goodwill [Member] | ESSA

Goodwill and Indefinite-lived Intangible Assets, Translation and Purchase Accounting Adjustments

3,177

3,042

3,539

135

^[1]

(497)

Goodwill [Member] | AMENA

Goodwill and Indefinite-lived Intangible Assets, Translation and Purchase Accounting Adjustments

412

418

$ 470

$ (6)

$ (52)

[1]	(a)The change in 2016 is primarily related to our acquisition of KeVita, Inc.

Property, Plant and Equipment and Intangible Assets (Future Amortization) (Details) $ in Millions	Dec. 31, 2016 USD ($)
Property, Plant And Equipment And Intangible Assets [Abstract]
2016	$ 62
2017	60
2018	57
2019	57
2020	$ 55

Property, Plant and Equipment and Intangible Assets (Schedule of Change in Book Value of Nonamortizable Intangible Assets) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Finite-Lived Intangible Assets, Net

$ 1,237

$ 1,270

Intangible Assets (Including Goodwill) [Roll Forward]

25,988

27,604

638

(1,616)

Finite-Lived Intangible Assets, Gross

26,626

25,988

2,732

2,749

Finite-Lived Intangible Assets, Accumulated Amortization

1,495

1,479

FLNA

Intangible Assets (Including Goodwill) [Roll Forward]

289

318

(29)

Intangible Assets (Including Goodwill) [Roll Forward]

293

289

NAB

18,411

18,685

322

(274)

Intangible Assets (Including Goodwill) [Roll Forward]

18,733

18,411

Latin America

658

867

(209)

Intangible Assets (Including Goodwill) [Roll Forward]

703

658

ESSA

5,932

6,972

275

^[1]

(1,040)

Intangible Assets (Including Goodwill) [Roll Forward]

6,207

5,932

AMENA

523

587

(8)

(64)

Intangible Assets (Including Goodwill) [Roll Forward]

515

523

Goodwill [Member]

14,177

14,965

253

(788)

Intangible Assets (Including Goodwill) [Roll Forward]

14,430

14,177

Goodwill [Member] | FLNA

267

291

(24)

Intangible Assets (Including Goodwill) [Roll Forward]

270

267

Goodwill [Member] | QFNA

175

Intangible Assets (Including Goodwill) [Roll Forward]

175

Goodwill [Member] | NAB

9,754

9,846

(92)

Goodwill [Member] | Latin America

9,843

9,754

Intangible Assets (Including Goodwill) [Roll Forward]

521

644

(123)

Intangible Assets (Including Goodwill) [Roll Forward]

553

521

Goodwill [Member] | ESSA

3,042

3,539

135

^[1]

(497)

Goodwill [Member] | AMENA

3,177

3,042

Intangible Assets (Including Goodwill) [Roll Forward]

418

470

(6)

(52)

Reacquired Franchise Rights

412

418

Intangible Assets (Including Goodwill) [Roll Forward]

7,530

7,764

(234)

Reacquired Franchise Rights | NAB

7,552

7,530

Intangible Assets (Including Goodwill) [Roll Forward]

7,042

7,193

(151)

Reacquired Franchise Rights | ESSA

7,064

7,042

Intangible Assets (Including Goodwill) [Roll Forward]

488

571

(83)

Acquired Franchise Rights

488

Intangible Assets (Including Goodwill) [Roll Forward]

1,697

1,737

(1)

(40)

Acquired Franchise Rights | NAB

1,696

1,697

Intangible Assets (Including Goodwill) [Roll Forward]

1,507

1,538

(31)

Acquired Franchise Rights | ESSA

1,512

1,507

Intangible Assets (Including Goodwill) [Roll Forward]

190

199

(6)

^[1]

(9)

Intangible Assets (Including Goodwill) [Roll Forward]

184

190

Brands [Member]

2,584

3,138

364

(554)

Intangible Assets (Including Goodwill) [Roll Forward]

2,948

2,584

Brands [Member] | FLNA

(5)

Intangible Assets (Including Goodwill) [Roll Forward]

Brands [Member] | NAB

108

206

Brands [Member] | Latin America

314

108

Intangible Assets (Including Goodwill) [Roll Forward]

137

223

(86)

Intangible Assets (Including Goodwill) [Roll Forward]

150

137

Brands [Member] | ESSA

2,212

2,663

146

^[1]

(451)

Intangible Assets (Including Goodwill) [Roll Forward]

2,358

2,212

Brands [Member] | AMENA

105

117

(2)

(12)

103

105

Brands [Member]

Finite-Lived Intangible Assets, Net

300

311

Intangible Assets (Including Goodwill) [Roll Forward]

Finite-Lived Intangible Assets, Gross

1,277

1,298

Finite-Lived Intangible Assets, Accumulated Amortization

$ 977

$ 987

Minimum | Brands [Member]

Finite-Lived Intangible Asset, Useful Life

20 years

Maximum | Brands [Member]

Finite-Lived Intangible Asset, Useful Life

40 years

[1]	(a)The change in 2016 is primarily related to our acquisition of KeVita, Inc.

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 26, 2015
Income Tax Contingency [Line Items]
Total gross amount of reserves for income taxes	$ 1,885
Interest accrued	193	$ 144
Interest accrued recognized	61	$ 14
Operating loss carryforwards	11,300
Income tax undistributed international earnings	44,900
Expire in 2016
Income Tax Contingency [Line Items]
Operating loss carryforwards	100
Expire Between 2017 and 2035 Years
Income Tax Contingency [Line Items]
Operating loss carryforwards	9,900
Carried Forward Indefinitely
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 1,300

Income Taxes (Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Income Tax Contingency [Line Items]
Income before income taxes in U.S	$ 2,630	$ 2,879	$ 2,557
Income before income taxes in Foreign	5,923	4,563	6,200
Income before income taxes	8,553	7,442	8,757
Provision for income taxes
Current: U.S. Federal	1,219	1,143	1,364
Current: Foreign	824	773	851
Current: State	77	65	210
Provision for income taxes, Current total	2,120	1,981	2,425
Deferred: U.S. Federal	109	(14)	(33)
Deferred: Foreign	(33)	(32)	(60)
Deferred: State	(22)	6	(133)
Provision for income taxes, Deferred total	54	(40)	(226)
Provision for income taxes	$ 2,174	$ 1,941	$ 2,199
U.S. Federal statutory tax rate
U.S. Federal statutory tax rate	35.00%	35.00%	35.00%
State income tax, net of U.S. Federal tax benefit	0.40%	0.60%	0.60%
Lower taxes on foreign results	(8.00%)	(10.50%)	(8.60%)
Impact of Venezuela impairment charges	0.00%	6.40%	0.00%
Tax benefits	0.00%	(3.10%)	0.00%
Other, net	(2.00%)	(2.30%)	(1.90%)
Annual tax rate	25.40%	26.10%	25.10%
Deferred tax liabilities
Debt guarantee of wholly-owned subsidiary				$ 839	$ 842
Property, plant and equipment				1,967	2,023
Intangible assets other than nondeductible goodwill				4,124	3,920
Other				245	299
Gross deferred tax liabilities				7,175	7,084
Deferred tax assets
Net carryforwards				1,255	1,279
Share-based compensation				219	240
Retiree medical benefits				316	343
Other employee-related benefits				614	547
Pension benefits				419	424
Deductible state tax and interest benefits				189	186
Other				839	933
Gross deferred tax assets				3,851	3,952
Valuation allowances	$ (1,136)	$ (1,230)	$ (1,360)	(1,110)	(1,136)	$ (1,230)
Deferred tax assets, net				2,741	2,816
Net deferred tax liabilities				4,434	4,268
Prepaid expenses and other current assets				1,547	1,865
Deferred income taxes				5,073	4,959
Valuation Allowance [Abstract]
Balance, beginning of year	(1,136)	(1,230)	(1,360)
Provision/(Benefit)				13	(26)	$ (25)
Other deductions	(39)	(68)	(105)
Balance, end of year	(1,110)	$ (1,136)	$ (1,230)
Deferred Taxes
Deferred tax assets
Prepaid expenses and other current assets				$ 639	$ 691
Tax Settlement, Years 2010-2011 [Member]
Income Tax Contingency [Line Items]
non cash tax benefit	$ 230

Income Taxes (Reserves Rollforward) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, beginning of year	$ 1,547	$ 1,587
Additions for tax positions related to the current year	349	248
Additions for tax positions from prior years	139	122
Reductions for tax positions from prior years	(70)	(261)
Settlement payments	(26)	(78)
Statutes of limitations expiration	(27)	(34)
Translation and other	(27)	(37)
Balance, end of period	$ 1,885	$ 1,547

Share-Based Compensation Share-Based Compensation (Narrative) (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) option / rsu shares	Dec. 26, 2015 USD ($)	Dec. 27, 2014 USD ($)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Common stock, capital shares reserved for future issuance \| shares	82
Allocated Share-based Compensation Expense	$ 284	$ 295	$ 297
Allocated Share-Based Compensation Liability Awards	5	0	0
Restructuring, Settlement and Impairment Provisions, Share-based Compensation	5	4	(3)
Allocated Share-based Compensation Expense, After Merger/Integration and Restructuring/Impairment	294	299	294
Income tax benefits recognized in earnings related to share-based compensation	91	$ 77	$ 75
Unrecognized compensation cost related to nonvested share-based compensation grants	$ 321
Weighted-average period for recognizing unrecognized compensation	2 years
Acquisition-related awards remaining vesting period	3 years
Percent of liability awards granted to senior officers	34.00%	40.00%
PEPunit
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Acquisition-related awards remaining vesting period	3 years
Restricted Stock Units (RSUs)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Award equivalence, ratio of stock options to RSUs \| option / rsu	4
Stock Options
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock option exercisable life	10 years
Award equivalence, ratio of stock options to RSUs \| option / rsu	1
PEP Equity Performance Unit [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Percent of equity awards granted to Senior Officers as performance-based RSUs	66.00%	60.00%

Share-Based Compensation Share-Based Compensation (Schedule of Weighted-Average Black-Scholes Fair Value Assumptions) (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Share-based Compensation [Abstract]
Expected life	6 years	7 years	6 years
Risk-free interest rate	1.40%	1.80%	1.90%
Expected volatility	12.00%	15.00%	16.00%
Expected dividend yield	2.70%	2.70%	2.90%

Share-Based Compensation Share-Based Compensation (Stock Option Activity) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]

Outstanding at December 26, 2015

^[1]

31,472

Granted

^[2]

1,743

^[1]

1,884

3,416

Exercised

^[1]

(7,303)

Forfeited/expired

^[1]

(722)

Outstanding at December 31, 2016

^[1]

25,190

31,472

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]

Outstanding at December 26, 2015 (in USD per share)

$ 66.98

Granted (in USD per share)

100.10

Exercised (in USD per share)

63.49

Forfeited/expired (in USD per share)

81.06

Outstanding at December 31, 2016 (in USD per share)

$ 69.88

$ 66.98

Outstanding at December 31, 2016 - average life

4 years 2 months 8 days

Outstanding Aggregate Intrinsic Value, at December 31, 2016

^[3]

$ 876,000

Exercisable at December 31, 2016

^[1]

19,315

Exercisable at December 31, 2016 - average price

$ 63.35

Exercisable at December 26, 2015 - average life

3 years 7 days

Exercisable Aggregate Intrinsic Value, at December 31, 2016

^[3]

$ 797,246

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number

^[1]

5,390

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price

$ 90.74

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term

7 years 11 months 15 days

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value

^[3]

$ 75,439

[1]	Options are in thousands and include options previously granted under The Pepsi Bottling Group, Inc. (PBG) plan. No additional options or shares were granted under the PBG plan after 2009.
[2]	In thousands
[3]	In thousands.

Share-Based Compensation Share-Based Compensation (Restricted Stock Units and PEPUnits Activity) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Restricted Stock Units (RSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number

^[1]

9,108

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number

^[1]

8,237

^[2]

9,108

Expected to Vest as of December 31, 2016

^[1]

7,577

Granted (b)

^[1],[3]

3,054

Converted

^[1]

(3,372)

Forfeited

^[1]

(659)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

$ 99.06

^[3]

$ 99.17

$ 80.39

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value

77.33

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value

90.10

Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value

$ 91.81

^[2]

$ 84.03

Outstanding, average life, at December 31, 2016

^[2]

1 year 3 months 15 days

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Aggregate Intrinsic Value

^[1],[2]

$ 861,817

Expected to vest as of December 31, 2016 (in USD per share)

$ 91.42

Expected to vest, average life, at December 31, 2016

1 year 2 months 16 days

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Aggregate Intrinsic Value

^[1]

$ 792,739

Performance Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-Based Payment Award, Equity instruments other than options, Performance Assumption Adjustment, Shares

^[1],[4]

106

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Performance Assumption Change, Weighted Average Grant Date Fair Value, Amount per Share

^[4]

$ 80.09

Performance Shares [Member] | Maximum Award Level [Domain]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-Based Payment Award, Equity instruments other than options, Performance Assumption Adjustment, Shares Outstanding

^[1],[2]

1,100

PepsiCo Equity Performance Unit [Domain]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number

^[5]

821

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number

^[5]

533

^[6]

821

Expected to Vest as of December 31, 2016

^[5]

514

Converted

^[1]

(390)

Forfeited

^[5]

(19)

Share-based Compensation Arrangement by Share-Based Payment Award, Equity instruments other than options, Performance Assumption Adjustment, Shares

^[5],[7]

121

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

$ 68.94

$ 50.95

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value

$ 68.48

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value

63.64

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Performance Assumption Change, Weighted Average Grant Date Fair Value, Amount per Share

^[7]

68.48

Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value

$ 59.86

^[6]

$ 62.77

Outstanding, average life, at December 31, 2016

^[6]

7 months 28 days

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Aggregate Intrinsic Value

^[5],[6]

$ 55,737

Expected to vest as of December 31, 2016 (in USD per share)

$ 59.49

Expected to vest, average life, at December 31, 2016

7 months 21 days

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest, Aggregate Intrinsic Value

^[5]

$ 53,742

PepsiCo Equity Performance Unit [Domain] | Target Award Level [Domain] [Domain]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-Based Payment Award, Equity instruments other than options, Performance Assumption Adjustment, Shares Outstanding

^[1],[2]

500

PepsiCo Equity Performance Unit [Domain] | Maximum Award Level [Domain]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-Based Payment Award, Equity instruments other than options, Performance Assumption Adjustment, Shares Outstanding

^[1],[2]

900

Target Award Level [Domain] [Domain] | Performance Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-Based Payment Award, Equity instruments other than options, Performance Assumption Adjustment, Shares Outstanding

^[1],[2]

700

[1]	In thousands.
[2]	The outstanding PSUs for which the performance period has not ended as of December 31, 2016, at the threshold, target and maximum award levels were zero, 0.7 million and 1.1 million, respectively.
[3]	Grant activity for all PSUs are disclosed at target.
[4]	Reflects the net number of PSUs above and below target levels based on actual performance measured at the end of the performance period.
[5]	In thousands.
[6]	The outstanding PEPunits for which the performance period has not ended as of December 31, 2016, at the threshold, target and maximum award levels were zero, 0.5 million and 0.9 million, respectively.
[7]	Reflects the net number of PEPunits above and below target levels based on actual performance measured at the end of the performance period.

Share-Based Compensation Share-Based Compensation (Other Stock-Based Compensation Data) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Phantom Units Granted Under Director Deferral Program, Shares Outstanding

254

293

Stock Options

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

^[1]

1,743

^[2]

1,884

3,416

Weighted-average grant-date fair value of options granted

$ 6.94

$ 10.80

$ 8.79

Total intrinsic value of options exercised (a)

^[1]

$ 290,131

$ 366,188

$ 423,251

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value

^[1]

18,840

21,837

$ 42,353

LiabilityAwards [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

LiabilityAwardsNonvestedNumber

^[3]

15,670

^[4]

$ 0

LiabilityAwardsNonvestedBalanceSheetFairValue

^[3],[4]

$ 14,865

LiabilityAwardsNonvestedRemainingContractualTerm

^[4]

2 years 1 month 27 days

LiabilityAwardsForfeituresExpirations

LiabilityAwardsGranted

^[3],[5]

$ 16,932

^[3]

(1,262)

LiabilityAwardsExpectedtoVest,Outstanding,Number

^[3]

14,175

LiabilityAwardsExpectedtoVest,BalanceSheetFairValue

^[3]

$ 13,448

LiabilityAwardsExpectedtoVest,RemainingContractualTerm

2 years 1 month 27 days

Restricted Stock Units (RSUs)

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

^[1]

3,054

2,759

4,379

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

$ 99.06

^[6]

$ 99.17

$ 80.39

Total intrinsic value of converted units

^[1]

$ 359,401

$ 375,510

$ 319,820

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value

^[1]

257,648

$ 257,831

$ 241,836

PEPUnit

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

^[1]

300

387

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

$ 68.94

$ 50.95

Total intrinsic value of converted units

^[1]

38,558

$ 37,705

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value

^[1]

16,572

$ 22,286

$ 5,072

Minimum Award Level [Domain] | PEP_LiabilityAwardsPerformanceBased [Member]

LiabilityAwardsPerformanceAssumptionAdjustmentAwardsOutstanding

Maximum | PEP_LiabilityAwardsPerformanceBased [Member]

LiabilityAwardsPerformanceAssumptionAdjustmentAwardsOutstanding

31,300

Target Award Level [Domain] [Domain] | PEP_LiabilityAwardsPerformanceBased [Member]

LiabilityAwardsPerformanceAssumptionAdjustmentAwardsOutstanding

$ 15,700

[1]	In thousands
[2]	Options are in thousands and include options previously granted under The Pepsi Bottling Group, Inc. (PBG) plan. No additional options or shares were granted under the PBG plan after 2009.
[3]	In thousands.
[4]	The outstanding long-term cash awards for which the performance period has not ended as of December 31, 2016, at the threshold, target and maximum award levels were zero, $15.7 million and $31.3 million, respectively.
[5]	Grant activity for all long-term cash awards are disclosed at target.
[6]	Grant activity for all PSUs are disclosed at target.

Pension, Retiree Medical and Savings Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Defined Benefit Plan Disclosure [Line Items]
Lower limit of net accumulated gain or loss		10.00%
Average remaining service period of active plan participants, pension expense		11
Average remaining service period of active plan participants, retiree medical expense		7
Pension strategy investment term, years		5 years
Defined Contribution Plan, Cost Recognized		$ 164	$ 148	$ 130
Change in accounting estimate		125
Change in Accounting Estimate after Tax		$ 81
Change in Accounting Estimate per Share		$ 0.06
Pension Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Unfunded plans included in total projected benefit liability		$ 790
Employer contributions		$ 659	$ 162	$ 591
Retiree Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets		7.50%	7.50%	7.50%
Employer contributions		$ 36	$ 43	$ 64
United States Pension Plan of US Entity, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets		7.50%	7.50%	7.50%
Employer contributions		$ 541	$ 66
Discretionary contribution to fund pension settlement		452		$ 388
Pre-tax non-cash settlement charge		242		141
Pension-related settlement, after-tax		$ 162
Pre-tax non-cash settlement charge, after-tax				$ 88
Pre-tax non-cash settlement charge, net of tax, per share		$ 0.11		$ 0.06
Real Estate [Member]
Defined Benefit Plan Disclosure [Line Items]
Redemption period		45
Scenario, Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Average remaining life expectancy of Inactive Plan Participants, Pension Expense	27
Expected future employer contributions in 2017	$ 184
Cost Savings Related to Reorganization of U.S. Pension Plans	40
Scenario, Forecast [Member] \| Retiree Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions in 2017	$ 54
Maximum \| Years 1 Through 5 [Member]
Defined Benefit Plan Disclosure [Line Items]
Subsidies expected to be received under the 2003 Medicare Act		$ 3

Pension, Retiree Medical and Savings Plans (Selected Financial Information for Pension and Retiree Medical Plans) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Components of the increase/(decrease) in net loss/(gain) included in accumulated other comprehensive loss

Pension Plans, Defined Benefit

^[1]

$ (209)

$ (281)

$ (226)

United States Pension Plan of US Entity, Defined Benefit

659

162

591

Change in projected benefit liability

Liability at beginning of year

13,033

13,409

393

435

393

484

546

580

Plan amendments

Experience loss/(gain)

614

(583)

(347)

(808)

Settlement/curtailment

(1,014)

Liability at end of year

13,192

13,033

13,409

Fair value at beginning of year

11,397

12,224

Actual return on plan assets

880

(85)

541

Defined Benefit Plan, Settlements, Plan Assets

(347)

(808)

(1,013)

Fair value at end of year

11,458

11,397

12,224

Funded status

(1,734)

(1,636)

Amounts recognized

Amounts included in accumulated other comprehensive loss (pre-tax)

(42)

(47)

Other liabilities

(1,692)

(1,589)

Net amount recognized

(1,734)

(1,636)

Net loss/(gain)

3,220

3,065

Prior service cost/(credit)

Components of the increase/(decrease) in net loss/(gain) included in accumulated other comprehensive loss

3,240

3,066

Change in discount rate

296

(593)

Employee-related assumption changes

(35)

318

Actual asset return different from expected return

(46)

935

Other, including foreign currency adjustments

(413)

(205)

(5)

(6)

Accumulated benefit obligation at end of year

155

147

12,211

12,077

International

Change in projected benefit liability

Liability at beginning of year

2,872

3,247

Participant contributions

115

131

Plan amendments

Experience loss/(gain)

560

(221)

(83)

(89)

Settlement/curtailment

(19)

Foreign currency adjustment

(383)

(264)

Liability at end of year

3,124

2,872

3,247

Fair value at beginning of year

2,823

3,002

Actual return on plan assets

409

Participant contributions

118

Defined Benefit Plan, Settlements, Plan Assets

(83)

(89)

(22)

(16)

Foreign currency adjustment

(353)

(249)

Fair value at end of year

2,894

2,823

3,002

Funded status

(230)

(49)

Amounts recognized

Other assets

Amounts included in accumulated other comprehensive loss (pre-tax)

(1)

Other liabilities

(280)

(104)

Net amount recognized

(230)

(49)

Net loss/(gain)

884

733

Prior service cost/(credit)

(5)

(7)

Components of the increase/(decrease) in net loss/(gain) included in accumulated other comprehensive loss

879

726

Change in discount rate

554

(150)

Employee-related assumption changes

(2)

(77)

Actual asset return different from expected return

(246)

Other, including foreign currency adjustments

(46)

(77)

(117)

(69)

Accumulated benefit obligation at end of year

151

(270)

2,642

2,453

Retiree Medical Plan

Change in projected benefit liability

Liability at beginning of year

1,300

1,439

Plan amendments

(15)

Experience loss/(gain)

(51)

(115)

(100)

(102)

Foreign currency adjustment

(10)

Liability at end of year

1,208

1,300

1,439

Fair value at beginning of year

354

415

Actual return on plan assets

(2)

Fair value at end of year

(100)

(102)

320

354

$ 415

Funded status

(888)

(946)

Amounts recognized

Amounts included in accumulated other comprehensive loss (pre-tax)

(54)

(63)

Other liabilities

(834)

(883)

Net amount recognized

(888)

(946)

Net loss/(gain)

(193)

(138)

Prior service cost/(credit)

(91)

(127)

Components of the increase/(decrease) in net loss/(gain) included in accumulated other comprehensive loss

(284)

(265)

Change in discount rate

(42)

Employee-related assumption changes

(50)

(37)

(22)

(36)

Actual asset return different from expected return

(6)

Other, including foreign currency adjustments

(2)

(1)

United States Pension Plan of US Entity, Defined Benefit

$ (55)

$ (89)

[1]	(a)These items are included in the components of net periodic benefit cost for pension and retiree medical plans (see Note 7 for additional details).

Pension, Retiree Medical and Savings Plans (Components of Benefit Expense) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Pre-tax non-cash settlement charge

$ 242

$ 141

393

$ 435

393

Expected return on plan assets

484

546

580

(834)

(850)

(784)

Amortization of prior service (credit)/cost

(1)

(3)

Amortization of net loss/(gain)

168

205

175

Gross total

210

333

385

Settlement/curtailment loss/(gain) (a)

^[1]

245

141

Pension-related settlement, after-tax

466

351

550

162

International

Expected return on plan assets

115

131

(163)

(174)

(176)

Amortization of net loss/(gain)

Gross total

111

106

Settlement/curtailment loss/(gain) (a)

^[1]

115

113

Retiree Medical Plan

Expected return on plan assets

(24)

(27)

Amortization of prior service (credit)/cost

(38)

(39)

(28)

Amortization of net loss/(gain)

(1)

(4)

Gross total

Settlement/curtailment loss/(gain) (a)

^[1]

(14)

Pension Plans, Defined Benefit

$ (4)

$ 24

$ 38

[1]

U.S. includes a settlement charge of $242 million related to the group annuity contract purchase in 2016 and a pension lump sum settlement charge of $141 million in 2014. See additional unaudited information in “Items Affecting Comparability” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Pension, Retiree Medical and Savings Plans (Estimated Amounts to be Amortized from Accumulated Other Comprehensive Loss into Benefit Expense in 2012 for Pension and Retiree Medical Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 27, 2014
United States Pension Plan of US Entity, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Payments for Defined Benefit Plan Settlement	$ 452	$ 388
Net loss/(gain)	122
Prior service cost/(credit)	1
Total	123
International
Defined Benefit Plan Disclosure [Line Items]
Net loss/(gain)	51
Total	51
Retiree Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Net loss/(gain)	(12)
Prior service cost/(credit)	(25)
Total	$ (37)

Pension, Retiree Medical and Savings Plans (Weighted-Average Assumptions to Determine Projected Benefit Liability and Benefit Expense for Pension and Retiree Medical Plans) (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
United States Pension Plan of US Entity, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Liability discount rate	4.40%	4.50%	4.20%
Interest cost discount rate	3.80%
Service Cost Discount Rate	4.60%
Expense discount rate (a)		4.20%	5.00%
Expected return on plan assets	7.50%	7.50%	7.50%
Liability rate of salary increases	3.10%	3.10%	3.50%
Expense rate of salary increases	3.10%	3.50%	3.70%
International
Defined Benefit Plan Disclosure [Line Items]
Liability discount rate	3.10%	4.00%	3.80%
Interest cost discount rate	3.50%
Service Cost Discount Rate	4.10%
Expense discount rate (a)		3.80%	4.70%
Expected return on plan assets	6.20%	6.50%	6.60%
Liability rate of salary increases	3.60%	3.60%	3.60%
Expense rate of salary increases	3.60%	3.60%	3.90%
Retiree Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Liability discount rate	4.00%	4.20%	3.80%
Interest cost discount rate	3.30%
Service Cost Discount Rate	4.30%
Expense discount rate (a)		3.80%	4.30%
Expected return on plan assets	7.50%	7.50%	7.50%

Pension, Retiree Medical and Savings Plans (Selected Information About Plans with Liability for Service to Date and Total Benefit Liability in Excess of Plan Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
United States Pension Plan of US Entity, Defined Benefit
Selected information for plans with accumulated benefit obligation in excess of plan assets (a)
Liability for service to date	$ (12,211)	$ (6,536)
Fair value of plan assets	11,458	5,698
Selected information for plans with projected benefit liability in excess of plan assets
Benefit liability	(13,192)	(13,033)
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets	11,458	11,397
Defined Benefit Plan, Fair Value of Plan Assets	11,458	11,397	$ 12,224
International
Selected information for plans with accumulated benefit obligation in excess of plan assets (a)
Liability for service to date	(134)	(155)
Fair value of plan assets	110	112
Selected information for plans with projected benefit liability in excess of plan assets
Benefit liability	(2,773)	(511)
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets	2,492	406
Defined Benefit Plan, Fair Value of Plan Assets	2,894	2,823	3,002
Retiree Medical Plan
Selected information for plans with projected benefit liability in excess of plan assets
Benefit liability	(1,208)	(1,300)
Defined Benefit Plan, Fair Value of Plan Assets	$ 320	$ 354	$ 415

Pension, Retiree Medical and Savings Plans (Estimated Future Benefit Payments) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Discretionary

^[1]

$ 459

$ 0

$ 407

Non-discretionary

200

162

184

659

162

591

725

780

825

870

925

5,270

Discretionary

^[1]

Non-discretionary

$ 43

$ 64

2016

^[2]

120

2017

^[2]

120

2018

^[2]

115

2019

^[2]

110

2020

^[2]

110

2021-25

^[2]

485

Years 2022 Through 2026

Subsidies expected to be received under the 2003 Medicare Act

$ 7

Large Cap Funds In United States Commingled Funds [Member]

Representation As Percentage Of Total US Plan Assets

19.00%

18.00%

Minimum | Years 2017 Through 2021

Subsidies expected to be received under the 2003 Medicare Act

$ 2

Maximum | Years 2017 Through 2021

Subsidies expected to be received under the 2003 Medicare Act

$ 3

[1]	$388 million in 2014 pertaining to pension lump sum payments.
[2]	Expected future benefit payments for our retiree medical plans do not reflect any estimated subsidies expected to be received under the 2003 Medicare Act. Subsidies are expected to be approximately $2-$3 million for each of the years from 2017 through 2021 and approximately $7 million in total for 2022 through 2026.

Pension, Retiree Medical and Savings Plans Pension, Retiree Medical and Savings Plans (Target Asset Allocations) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Fixed Income

40.00%

U.S. Equity

33.00%

International Equity

Real Estate Funds [Member]

22.00%

Scenario, Forecast [Member] | Fixed Income

5.00%

Scenario, Forecast [Member] | U.S. Equity

40.00%

Scenario, Forecast [Member] | International Equity

33.00%

Scenario, Forecast [Member] | Real Estate Funds [Member]

22.00%

United States Pension Plan of US Entity, Defined Benefit

5.00%

Defined Benefit Plan, Fair Value of Plan Assets

$ 11,458

$ 11,397

$ 12,224

United States Pension Plan of US Entity, Defined Benefit | Real Estate Funds [Member]

Defined Benefit Plan, Fair Value of Plan Assets

^[2]

$ 651

^[1]

$ 735

[1]	2016 and 2015 amounts include $320 million and $354 million, respectively, of retiree medical plan assets that are restricted for purposes of providing health benefits for U.S. retirees and their beneficiaries.
[2]	The real estate commingled funds include investments in limited partnerships. These funds are based on the net asset value of the appraised value of investments owned by these funds as determined by independent third parties using inputs that are not observable. The majority of the funds are redeemable quarterly subject to availability of cash and have notice periods ranging from 45 to 90 days.

Pension, Retiree Medical and Savings Plans (Effects of 1-Percentage-Point Change in the Assumed Health Care Trend Rate) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
General Discussion of Pension and Other Postretirement Benefits [Abstract]
One percent increase in 2016 service and interest cost components	$ 3
One percent decrease in 2016 service and interest cost components	(3)
One percent increase in 2016 benefit liability	39
One percent decrease in 2016 benefit liability	$ (34)

Debt Obligations and Commitments (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Jun. 08, 2015
Debt Instrument [Line Items]
Debt Instrument, Repurchase Amount	$ 2,500.0
Gain (Loss) on Extinguishment of Debt	233.0
Extinguishment of Debt, Gain (Loss), Net of Tax	$ 156.0
Extinguishment of Debt, Gain (Loss), Per Share, Net of Tax	$ 0.11
Commercial Paper	$ 2,257.0	$ 770.0
Debt, Current	6,892.0	4,071.0
Long-term Debt	34,454.0	32,322.0
Long-term Debt Obligations	30,053.0	$ 29,213.0
International Divisions
Debt Instrument [Line Items]
Line of Credit Facility, Amount Outstanding	$ 235.0
Notes Due 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	2.40%	3.00%
Senior Notes	$ 2,249.0	$ 1,290.0
Notes Due 2022 to 2046 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	3.70%	3.90%
Senior Notes	$ 18,558.0	$ 13,938.0
Notes Due 2018 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	2.30%	3.60%
Senior Notes	$ 2,561.0	$ 4,122.0
Commercial Paper Zero Point Six Percentage_ [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	0.60%
Commercial Paper Zero Point Three Percentage_ [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		0.30%
Current Maturities Of Long Term Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Current Maturities	$ 4,401.0	$ 3,109.0
Other Borrowings Short-term [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	4.40%	10.00%
Other Short-term Borrowings	$ 234.0	$ 192.0
Notes Due 2017 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	1.40%	1.20%
Senior Notes	$ 4,398.0	$ 4,392.0
Notes Due 2019
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	1.70%	3.70%
Senior Notes	$ 2,837.0	$ 1,627.0
Notes Due 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	2.60%	2.40%
Senior Notes	$ 3,816.0	$ 3,830.0
Notes Due 2016
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	0.00%	2.60%
Senior Notes	$ 0.0	$ 3,087.0
Five-Year Unsecured Revolving Credit Agreement (Five-Year Credit Agreement) [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	3,722.5		$ 3,722.5
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,500.0
Other Debt Instruments due 2017 to 2026 [Domain]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	1.40%	4.30%
Other Notes Payable	$ 35.0	$ 36.0
Seven Point Nine Zero Percent Notes Due 2018 [Member] \| Notes Due 2018 [Member]
Debt Instrument [Line Items]
Interest rate on debt	7.90%
Debt Instrument, Repurchased Face Amount	$ 1,500.0
Variable Rate [Member] \| Notes Due 2019 [Member]
Debt Instrument [Line Items]
Fixed and floating rate notes issued	400.0
Variable Rate [Member] \| Notes Due 2021 [Member]
Debt Instrument [Line Items]
Fixed and floating rate notes issued	250.0
Variable Rate [Member] \| Notes Due 2019
Debt Instrument [Line Items]
Fixed and floating rate notes issued	$ 250.0
Five Point One Two Five Percent Notes Due 2019 [Member] \| Notes Due 2019 [Member]
Debt Instrument [Line Items]
Interest rate on debt	5.125%
Debt Instrument, Repurchased Face Amount	$ 750.0
364-Day Unsecured Revolving Credit Agreement (364-Day Credit Agreement) [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	3,722.5		$ 3,722.5
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,500.0

Debt Obligations and Commitments (Schedule of Long and Short-Term Debt Contractual Commitments) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 26, 2015
Debt Instrument [Line Items]
Commercial paper (0.6% and 0.3%)	$ 2,257	$ 770
Operating Leases, Future Minimum Payments Due	1,780
Operating Leases, Future Minimum Payments Due, Next Twelve Months	423
Operating Leases, Future Minimum Payments, Due Thereafter	350
Debt Instrument, Unamortized Discount	142	162
Notes Due 2021 [Member]
Debt Instrument [Line Items]
Notes due	$ 2,249	$ 1,290
Interest rate on debt	2.40%	3.00%
Current Maturities Of Long-Term Debt
Debt Instrument [Line Items]
Less: current maturities of long-term debt obligations	$ (4,401)	$ (3,109)
One Point Three Five Zero Percent Notes Due 2019 [Member] \| Notes Due 2019 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750
Debt Instrument, Interest Rate, Stated Percentage	1.35%
One Point Seven Zero Percent Notes Due 2021 [Member] \| Notes Due 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750
Debt Instrument, Interest Rate, Stated Percentage	1.70%
One Point Five Zero Percent Notes Due 2019 [Member] \| Notes Due 2019 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 600
Debt Instrument, Interest Rate, Stated Percentage	1.50%
Two Point Eight Five Zero Percent Notes Due 2026 [Member] \| Notes Due 2026 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750
Debt Instrument, Interest Rate, Stated Percentage	2.85%
Two Point Three Seven Five Percent Notes Due 2026 [Member] \| Notes Due 2026 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,000
Debt Instrument, Interest Rate, Stated Percentage	2.375%
Four Point Four Five Zero Percent Notes Due 2046 [Member] \| Notes Due 2046 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750
Debt Instrument, Interest Rate, Stated Percentage	4.45%
Zero Point Eight Seven Five Percent Notes Due 2028 [Member] \| Notes Due 2028 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750
Debt Instrument, Interest Rate, Stated Percentage	0.875%
Three Point Four Five Zero Percent Notes Due 2046 [Member] \| Notes Due 2046 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,500
Debt Instrument, Interest Rate, Stated Percentage	3.45%

Debt Obligations and Commitments (Long-Term Contractual Commitments) (Details) $ in Millions	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Operating leases, total	$ 1,780
Operating leases, 2016	423
Operating Leases, 2021 and beyond	$ 350

Financial Instruments (Narrative) (Details) - USD ($)	12 Months Ended
Financial Instruments (Narrative) (Details) - USD ($)	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Derivatives, Fair Value [Line Items]
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax	$ 72,000,000	$ 115,000,000
Debt instrument, fair value	38,000,000,000	35,000,000,000
Charges related to the transaction with Tingyi	$ 373,000,000	$ 73,000,000	$ 0
Tingyi Charge per share	$ 0.26	$ 0.05
Call Option For Indirect Equity Percentage		20.00%
Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative, Higher Remaining Maturity Date	2 years
Derivative, Notional Amount	$ 1,600,000,000	$ 2,100,000,000
Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 11,200,000,000	12,500,000,000
Commodity Contracts
Derivatives, Fair Value [Line Items]
Derivative, Higher Remaining Maturity Date	3 years
Expected reclassification of net gain/(losses) related to hedge from accumulated OCI into net income within the next 12 months	$ 17,000,000
Net Investment Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	800,000,000
Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Amount	$ 0.38	0.33
Revenue Outside U.S. [Domain]
Derivatives, Fair Value [Line Items]
Percent of Revenue	42.00%
Top Five International Countries [Domain]
Derivatives, Fair Value [Line Items]
Percent of Revenue	19.00%
Designated as Hedging Instrument [Member] \| Commodity Contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 800,000,000	$ 1,000,000,000

Financial Instruments (Fair Values of Financial Assets and Liabilities) (Details) - USD ($)
$ in Millions

Dec. 31, 2016

Dec. 26, 2015

Prepaid Forward Asset Fair Value

$ 6,967

$ 2,913

^[1],[2]

Deferred compensation

^[2],[3]

472

474

Total asset derivatives at fair value

^[2],[4]

182

269

Total liability derivatives at fair value

^[2],[4]

529

543

Total Financial Assets at Fair Value

^[2]

11,851

7,847

Total Financial Liabilities at Fair Value

^[2]

1,001

1,017

^[2],[5]

127

^[2],[5]

^[2],[6]

Derivatives Not Designated As Hedging Instruments Liabilities [Member]

^[2],[6]

11,369

7,231

^[2],[7]

^[2],[8]

Derivatives not designated as hedging instruments, Liabilities, Total

^[2],[9]

141

^[2]

207

Derivatives Not Designated As Hedging Instruments Assets [Member]

^[2],[7]

^[2],[8]

Derivatives not designated as hedging instruments, Assets, Total

^[2],[9]

^[2]

Derivatives Designated As Cash Flow Hedging Instruments Liabilities [Member]

^[2],[7]

^[2],[7]

408

311

Derivatives designated as hedging instruments, Liabilities, Total

^[2],[9]

^[2]

417

324

Derivatives Designated As Cash Flow Hedging Instruments Assets [Member]

^[2],[7]

^[2],[7]

Derivatives designated as hedging instruments, Assets, Total

^[2],[9]

^[2]

Derivatives Designated As Fair Value Hedging Instruments Assets [Member]

Derivatives Designated As Fair Value Hedging Instruments Liabilities [Member]

^[2],[8]

129

^[2],[8]

11,451

7,358

^[2],[10]

193

^[2],[10]

Deferred compensation

^[2],[3]

Prepaid Forward Asset Fair Value

^[1],[2]

Short-term Investments [Member]

Cash and Cash Equivalents [Member]

6,800

2,700

Fair Value/Non-Designated Hedges

$ 4,600

$ 4,500

[1]	Based primarily on the price of our common stock.
[2]	Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. Unless specifically indicated, all financial assets and liabilities are categorized as Level 2 assets or liabilities.
[3]	Based on the fair value of investments corresponding to employees’ investment elections.
[4]	Unless otherwise noted, derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on the balance sheet as of December 31, 2016 and December 26, 2015 were not material. Collateral received against any of our asset positions was not material.
[5]	Based on the price of common stock. Categorized as a Level 1 asset. These equity securities are classified as investments in noncontrolled affiliates.
[6]	Based on quoted broker prices or other significant inputs derived from or corroborated by observable market data. As of December 31, 2016, $4.6 billion and $6.8 billion of debt securities were classified as cash equivalents and short-term investments, respectively. As of December 26, 2015, $4.5 billion and $2.7 billion of debt securities were classified as cash equivalents and short-term investments, respectively. All of our available-for-sale debt securities have maturities of one year or less.
[7]	Based on recently reported market transactions of spot and forward rates.
[8]	Based on LIBOR forward rates. As of December 26, 2015, amounts related to non-designated instruments are presented on a net basis on our balance sheet.
[9]	Based on recently reported market transactions, primarily swap arrangements.
[10]	Based on the price of index funds. Categorized as a Level 1 asset. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability.

Financial Instruments (Effective Portion of Pre-Tax (Gains)/Losses on Derivative Instruments) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

^[1]

$ 127

$ 221

Cash Flow Hedges

Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss

Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b)

^[2]

150

Forward Exchange Contracts | Fair Value/Non-Designated Hedges

Forward Exchange Contracts | Cash Flow Hedges

^[1]

(14)

Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss

(24)

(112)

Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b)

^[2]

(44)

(97)

Interest Rate Contracts | Fair Value/Non-Designated Hedges

Interest Rate Contracts | Cash Flow Hedges

^[1]

105

Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss

195

Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b)

^[2]

187

174

Commodity Contracts | Fair Value/Non-Designated Hedges

Commodity Contracts | Cash Flow Hedges

^[1]

(52)

218

Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss

Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(b)

^[2]

$ 20

Net Investment Hedging [Member] | Cash Flow Hedges

Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss

$ (39)

[1]

[2]

Foreign exchange derivative losses/gains are primarily included in cost of sales. Interest rate derivative losses/gains are included in interest expense. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity.

Financial Instruments Tingyi (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Equity Method Investments and Joint Ventures [Abstract]
Tingyi Charge	$ 373	$ 73	$ 0
Tingyi Charge per share	$ 0.26	$ 0.05
indirect equity investment percentage	5.00%
indirect equity investment	$ 166

Net Income Attributable to PepsiCo per Common Share (Out-of-the-money options) (Details) - $ / shares

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Out-of-the-money options excluded from earnings per share

^[1]

0.7

1.5

Out-of-the-money options average exercise price

$ 99.98

$ 99.25

$ 82.25

[1]	In millions.

Net Income Attributable to PepsiCo per Common Share (Basic and Diluted Net Income Attributable to PepsiCo per Common Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Net income available for PepsiCo common shareholders - Value

$ 6,329

$ 5,452

$ 6,513

Dividends

(1)

Redemption premium

(5)

(9)

$ 6,323

$ 5,446

$ 6,503

Net income available for PepsiCo common stockholders - Shares

^[1]

1,439

1,469

1,509

Basic net income attributable to PepsiCo per common share

$ 4.39

$ 3.71

$ 4.31

Stock options and RSUs - Shares

^[1]

Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units

$ 1

$ 0

ESOP convertible preferred stock - Value

$ 5

$ 6

$ 10

ESOP convertible preferred stock - Shares

^[1]

Diluted shares - Value

$ 6,329

$ 5,452

$ 6,513

Diluted shares - Shares

^[1]

1,452

1,485

1,527

Diluted net income attributable to PepsiCo per common share

$ 4.36

$ 3.67

$ 4.27

[1]	Weighted-average common shares outstanding (in millions).

Preferred Stock (Narrative) (Details) - Preferred Stock - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 26, 2015	Dec. 27, 2014
Preferred Stock [Line Items]
Preferred stock, authorized (in shares)	3,000,000	3,000,000
Preferred stock, dividends per share	$ 5.46
Preferred Stock, Shares Issued	803,953	803,953	800,000
Outstanding preferred shares, fair value	$ 64	$ 67
Preferred stock convertible at the option of the holder	4.9625
Preferred stock call price	$ 78
Preferred shares, outstanding	122,553	135,053

Accumulated Other Comprehensive Loss Attributable to Pepsico (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other comprehensive income/(loss) attributable to PepsiCo

$ 600

$ 2,650

$ 5,542

Cash flow hedges, net of tax

^[1]

(11,386)

(11,080)

(8,255)

Unamortized pension and retiree medical, net of tax (b)

^[2]

(2,645)

(2,329)

(2,500)

Unrealized gain on securities, net of tax

Accumulated other comprehensive loss attributable to PepsiCo

(35)

(13,919)

(13,319)

(10,669)

Net of taxes decrease to opening balance of accumulated other comprehensive loss attributable to Pepsico

$ 1,280

$ 1,253

$ 1,260

[1]	The change from 2014 to 2015 primarily reflects the depreciation of the Russian ruble, Brazilian real and the Canadian dollar.
[2]	Net of taxes of $1,280 million in 2016, $1,253 million in 2015 and $1,260 million in 2014.

Accumulated Other Comprehensive Loss Attributable to Pepsico Reclassification of Accumulated Other Comprehensive Loss to the Condensed Consolidated Statement of Income (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Post retirement Plans Taxes

$ 1,280

$ 1,253

$ 1,260

Reclassification associated with Venezuela impairment charges

111

Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Derivatives Qualifying as Hedges, Net of Tax [Abstract]

Reclassification of net losses to net income, pre-tax amount

150

249

Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax

(63)

(47)

(95)

Net derivative losses

154

Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax

^[1]

(39)

(41)

(6)

Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax

^[1]

(209)

(281)

(226)

^[1]

237

149

Reclassification of net losses to net income

407

246

369

Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax

(144)

(74)

(122)

Remeasurement of net liabilities and translation

263

172

247

Reclassification associated with Venezuela impairment charges - Pension

reclassification associated with Venezuela impairment charge, tax amount - Pension

(4)

reclassification associated with venezuela impairment charges, net of tax - pension

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

350

349

401

Cash Flow Hedges

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

^[2]

150

Forward Exchange Contracts | Cash Flow Hedges

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

^[2]

(44)

(97)

Forward Exchange Contracts | Sales Revenue, Net [Member] | Cash Flow Hedges

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

(2)

Forward Exchange Contracts | Cost of Sales | Cash Flow Hedges

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

Interest Rate Contracts | Cash Flow Hedges

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

^[2]

187

174

Interest Rate Contracts | Interest Expense | Cash Flow Hedges

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

(187)

(174)

(233)

Commodity Contracts | Cash Flow Hedges

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

^[2]

Commodity Contracts | Cost of Sales | Cash Flow Hedges

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

(3)

(9)

(31)

Commodity Contracts | Selling, General and Administrative Expenses | Cash Flow Hedges

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

$ (4)

$ (11)

$ (1)

[1]	(a)These items are included in the components of net periodic benefit cost for pension and retiree medical plans (see Note 7 for additional details).
[2]	Foreign exchange derivative losses/gains are primarily included in cost of sales. Interest rate derivative losses/gains are included in interest expense. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity.

Supplemental Financial Information (Schedule of Supplemental Balance Sheet Information) (Details) - USD ($)

12 Months Ended

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

Supplemental Financial Information [Abstract]

Inventory, LIFO Reserve

$ 0.05

$ 0.04

Accounts and notes receivable

Trade receivables

5,709,000,000

5,497,000,000

Other receivables

1,119,000,000

1,070,000,000

Total receivables

6,828,000,000

6,567,000,000

Analysis of valuation allowances

Allowance, beginning of year

130,000,000

137,000,000

$ 145,000,000

Net amounts charged to expense

37,000,000

43,000,000

38,000,000

Deductions

^[1]

(30,000,000)

(27,000,000)

Noncurrent notes and accounts receivable

^[2]

(3,000,000)

(23,000,000)

(19,000,000)

Allowance, end of year

134,000,000

130,000,000

$ 137,000,000

Net receivables

6,694,000,000

6,437,000,000

Inventories (c)

Raw materials

^[3]

1,315,000,000

1,312,000,000

Work-in-process

^[3]

150,000,000

161,000,000

Finished goods

^[3]

1,258,000,000

1,247,000,000

Inventories

^[3]

2,723,000,000

2,720,000,000

Other assets

105,000,000

140,000,000

Deferred marketplace spending

140,000,000

159,000,000

Pension plans

^[4]

53,000,000

60,000,000

Accounts payable and other current liabilities

338,000,000

391,000,000

Other Assets

636,000,000

750,000,000

Accounts payable

6,158,000,000

5,546,000,000

Accrued marketplace spending

2,444,000,000

2,319,000,000

Accrued compensation and benefits

1,770,000,000

1,759,000,000

Dividends payable

1,097,000,000

1,041,000,000