Pepsi 2010 Annual Report Download - page 73

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Consolidated Statement of Cash Flows PepsiCo, Inc. and Subsidiaries
72 PepsiCo, Inc. 2010 Annual Report
(in millions)
Fiscal years ended December25, 2010, December 26, 2009 and December 27, 2008 ` 2010 2009 2008
Operating Activities
Net income $ 6,338 $ 5,979 $ 5,166
Depreciation and amortization 2,327 1,635 1,543
Stock-based compensation expense 299 227 238
Restructuring and impairment charges – 36 543
Cash payments for restructuring charges (31) (196) (180)
Merger and integration costs 808 50 –
Cash payments for merger and integration costs (385) (49) –
Gain on previously held equity interests in PBG and PAS (958) – –
Asset write-off 145 – –
Non-cash foreign exchange loss related to Venezuela devaluation 120 – –
Excess tax benets from share-based payment arrangements (107) (42) (107)
Pension and retiree medical plan contributions (1,734) (1,299) (219)
Pension and retiree medical plan expenses 453 423 459
Bottling equity income, net of dividends 42 (235) (202)
Deferred income taxes and other tax charges and credits 500 284 573
Change in accounts and notes receivable (268) 188 (549)
Change in inventories 276 17 (345)
Change in prepaid expenses and other current assets 144 (127) (68)
Change in accounts payable and other current liabilities 488 (133) 718
Change in income taxes payable 123 319 (180)
Other, net (132) (281) (391)
Net Cash Provided by Operating Activities 8,448 6,796 6,999
Investing Activities
Capital spending (3,253) (2,128) (2,446)
Sales of property, plant and equipment 81 58 98
Acquisitions of PBG and PAS, net of cash and cash equivalents acquired (2,833) – –
Acquisition of manufacturing and distribution rights from DPSG (900) – –
Investment in WBD (463) – –
Other acquisitions and investments in noncontrolled afliates (83) (500) (1,925)
Divestitures 12 99 6
Cash restricted for pending acquisitions – 15 (40)
Cash proceeds from sale of PBG and PAS stock – – 358
Short-term investments, by original maturity
More than three months — purchases (12) (29) (156)
More than three months — maturities 29 71 62
Three months or less, net (229) 13 1,376
Other investing, net (17) – –
Net Cash Used for Investing Activities (7,668) (2,401) (2,667)
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