Pepsi 2010 Annual Report Download - page 106
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105
2010 2009
Quarterly First Second Third Fourth First Second Third Fourth
(inmillions except per share amounts, unaudited) Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter
Net revenue $9,368 $14,801 $15,514 $18,155 $8,263 $10,592 $11,080 $13,297
Gross prot $4,905 $ 8,056 $ 8,506 $ 9,796 $4,519 $ 5,711 $ 5,899 $ 7,004
Mark-to-market net impact(a) $ (46) $ 4 $ (16) $ (33) $ (62) $ (100) $ (29) $ (83)
Merger and integration charges(b) $ 321 $ 155 $ 69 $ 263 – – $ 9 $ 52
Gain on previously held equity interests(c) $ (958) – – –
Inventory fair value adjustments(d) $ 281 $ 76 $ 17 $ 24
Venezuela currency devaluation(e) $ 120 – – –
Asset write-off(f) $ 145 – – –
Foundation contribution(g) $ 100 – – –
Debt repurchase(h) – – – $ 178
Restructuring and impairment charges(i) $ 25 $ 11 – –
Net income attributable to PepsiCo $1,430 $ 1,603 $ 1,922 $ 1,365 $1,135 $ 1,660 $ 1,717 $ 1,434
Net income attributable to PepsiCo
per common share – basic $ 0.90 $ 1.00 $ 1.21 $ 0.86 $ 0.73 $ 1.06 $ 1.10 $ 0.92
Net income attributable to PepsiCo
per common share – diluted $ 0.89 $ 0.98 $ 1.19 $ 0.85 $ 0.72 $ 1.06 $ 1.09 $ 0.90
Cash dividends declared
per common share $ 0.45 $ 0.48 $ 0.48 $ 0.48 $0.425 $ 0.45 $ 0.45 $ 0.45
Stock price per share(j)
High $66.98 $ 67.61 $ 66.83 $ 68.11 $56.93 $ 56.95 $ 59.64 $ 64.48
Low $58.75 $ 61.04 $ 60.32 $ 63.43 $43.78 $ 47.50 $ 52.11 $ 57.33
Close $66.56 $ 63.56 $ 65.57 $ 65.69 $50.02 $ 53.65 $ 57.54 $ 60.96
(a) In 2010, we recognized $91million ($58million after-tax or $0.04 per share) of mark-to-market net gains on commodity hedges in corporate unallocated expenses. In
2009, we recognized $274million ($173million after-tax or $0.11 per share) of mark-to-market net gains on commodity hedges in corporate unallocated expenses.
(b) In 2010, we incurred merger and integration charges of $799million related to our acquisitions of PBG and PAS, as well as advisory fees in connection with our
acquisition of WBD. In addition, we recorded $9million of merger-related charges, representing our share of the respective merger costs of PBG and PAS. In total,
these charges had an after-tax impact of $648million or $0.40 per share. In 2009, we recognized $50million of merger-related charges, as well as an additional
$11million of costs in bottling equity income representing our share of the respective merger costs of PBG and PAS. In total, these costs had an after-tax impact of
$44million or $0.03 per share. See Note 3.
(c) In 2010, in connection with our acquisitions of PBG and PAS, we recorded a gain on our previously held equity interests of $958million ($0.60 per share), comprising
$735million which is non-taxable and recorded in bottling equity income and $223million related to the reversal of deferred tax liabilities associated with these
previously held equity interests. See Note 15.
(d) In 2010, we recorded $398million ($333million after-tax or $0.21 per share) of incremental costs related to fair value adjustments to the acquired inventory and other
related hedging contracts included in PBG’s and PAS’s balance sheets at the acquisition date.
(e) In 2010, we recorded a one-time $120million net charge ($120million after-tax or $0.07 per share) related to our change to hyperinationary accounting for our
Venezuelan businesses and the related devaluation of the bolivar.
(f ) In 2010, we recorded a $145million charge ($92million after-tax or $0.06 per share) related to a change in scope of one release in our ongoing migration to SAP software.
(g) In 2010, we made a $100million ($64million after-tax or $0.04 per share) contribution to The PepsiCo Foundation Inc., in order to fund charitable and social programs
over the next several years.
(h) In 2010, we paid $672million in a cash tender offer to repurchase $500million (aggregate principal amount) of our 7.90% senior unsecured notes maturing in 2018. As
a result of this debt repurchase, we recorded a $178million charge to interest expense ($114million after-tax or $0.07 per share), primarily representing the premium
paid in the tender offer.
( i ) Restructuring and impairment charges in 2009 were $36million ($29million after-tax or $0.02 per share). See Note 3.
( j ) Represents the composite high and low sales price and quarterly closing prices for one share of PepsiCo common stock.