Analysis of Debt
Total Debt (Carrying Amount)
PepsiCo Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).
- Short-term debt obligations
- The short-term debt obligations exhibited notable volatility over the observed period. Starting at $3,780 million in 2020, the amount increased to $4,308 million in 2021, followed by a decrease to $3,414 million in 2022. In the subsequent years, there was a sharp upward trend, with values rising to $6,510 million in 2023 and reaching $7,082 million by the end of 2024. This pattern indicates increasing reliance on short-term financing in the most recent years.
- Long-term debt obligations, excluding current maturities
- Long-term debt obligations showed a generally declining trend from 2020 to 2022, decreasing from $40,370 million to $35,657 million. However, this downward trajectory reversed slightly in 2023 when the amount increased to $37,595 million, then experienced a minor decrease to $37,224 million in 2024. Overall, long-term debt has remained relatively stable in the last two years, following the initial decrease.
- Total debt obligations (carrying amount)
- Total debt obligations followed a somewhat fluctuating pattern. Starting at $44,150 million in 2020, total debt decreased steadily to $39,071 million by 2022. In 2023, there was a resurgence in total debt, increasing to $44,105 million, and it slightly rose further to $44,306 million in 2024. The total debt figures suggest a consolidation of debt levels after the dip in earlier years, driven primarily by increases in short-term obligations.
Total Debt (Fair Value)
| Dec 28, 2024 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Total debt obligations (fair value) | 40,000) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.90 |
Based on: 10-K (reporting date: 2024-12-28).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt obligations: 3.38%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 4.50% | 2,818) | 127) | |
| 8.60% | 260) | 22) | |
| 3.20% | 3,999) | 128) | |
| 3.70% | 3,941) | 146) | |
| 3.10% | 3,370) | 104) | |
| 2.10% | 3,240) | 68) | |
| 4.60% | 3,239) | 149) | |
| 3.20% | 23,400) | 749) | |
| 5.70% | 39) | 2) | |
| Total | 44,306) | 1,495) | |
| 3.38% | |||
Based on: 10-K (reporting date: 2024-12-28).
1 US$ in millions
2 Weighted-average interest rate = 100 × 1,495 ÷ 44,306 = 3.38%