Pepsi 2011 Annual Report Download

Download and view the complete annual report

Please find the complete 2011 Pepsi annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

The
Power
of
2011 Annual Report

Table of contents

  • Page 1
    The Power of 2011 Annual Report

  • Page 2
    Table of Contents CEO Letter Financial Highlights PepsiCo Mega Brands Our Global Businesses Innovation The Power of One 2 6 8 10 12 14 Best Place to Work Performance with Purpose The Power of PepsiCo PepsiCo Board of Directors PepsiCo Leadership Financials 16 18 20 21 22 23

  • Page 3
    ...for business growth and innovation, enabling us to be a company that is both financially successful and globally responsible. With a portfolio of iconic, beloved and locally relevant brands, we're delivering results today and confidently preparing for the future. 1 PepsiCo, Inc. 2011 Annual Report

  • Page 4
    ... markets. We continued to build our portfolio of billion-dollar brands. We boosted our investment in research and development to build long-term, differentiated platforms and significantly expand our healthier offerings within our snacks and beverages portfolios. We focused on making our business...

  • Page 5
    ... branded food and beverage company, BTXFMMBTUIFBDRVJTJUJPOPG.BCFM BTVDDFTTGVM Management Operating Cash Flow (in billions) 11 10 09 $6.1 $6.9 $5.6 Cash returned to shareholders $5.6 billion Today, PepsiCo is a global powerhouse, the largest food and beverage business in North America...

  • Page 6
    ...XJUIMPDBMUBTUFTBOEMFWFSage our go-to-market expertise to ensure that our brands are always available wherever our consumers shop. 2. Sustainably and profitably grow our beverage business worldwide.0VSCFWFSBHF business remains large and highly profitable, 4 PepsiCo, Inc. 2011 Annual Report

  • Page 7
    ... packaged goods companies as measured by total shareholder return. Underlying these imperatives, we are pursuing specific strategic investment and productivity initiatives. These include strengthening our investments in brand building - beverages and snacks - by increasing our advertising and...

  • Page 8
    ... related to the integration of our bottlers in both years. In 2011, also excludes discretionary pension payments. In 2010, also excludes discretionary pension and retiree medical payments, a contribution to The PepsiCo Foundation, Inc. and interest paid related to our debt repurchase. See also i0VS...

  • Page 9
    ...U.S.   #FWFSBHF  U.S. Net Revenues 1FQTJ$P".&" PepsiCo Europe 20% 11%  PepsiCo Americas Foods Division Operating Profit 1FQTJ$P".&" PepsiCo Europe 8% 11%  PepsiCo Americas #FWFSBHFT  PepsiCo Americas Foods PepsiCo Americas #FWFSBHFT  7 PepsiCo, Inc. 2011 Annual Report

  • Page 10
    PepsiCo Mega Brands PepsiCo has 22 mega brands that each generated $1 billion or more in 2011 in annual retail sales. The number of billion-dollar brands in our portfolio has grown considerably since 2000. In fact, we have doubled the number in the last 11 years, adding five in the last five years ...

  • Page 11
    ...-To-Drink Teas (PepsiCo/Unilever partnership) 9 Mirinda Cheetos PepsiCo Mega Brands Estimated Worldwide Retail Sales (in billions) PepsiCo, Inc. 2011 Annual Report 7UP (outside U.S.) Diet Pepsi Tropicana Beverages Gatorade (G Series, FIT, Propel) Mountain Dew Lay's $10 $15 Quaker Foods and...

  • Page 12
    ..., margins and returns - global snacks and global beverages. In 2011, they delivered core net revenue growth1 of 14 percent. Nestled within these two businesses is our global nutrition business, which in 2011 grew core net revenue1 9 percent, excluding acquisitions. 48% Global Snacks Global Snacks...

  • Page 13
    ...BTNFBTVSFECZĊĊSFUBJMTBMFTBOE4JFSSB.JTU XIJDIJOĊĊ attracted new consumers to the category. In 2011, global beverages volume 2HSFX̓QFSDFOU Global Nutrition Net Revenue Mix Global Nutrition 0VSHMPCBMOVUSJUJPOCVTJOFTTMFWFSBHFTUIFTUSFOHUIPGPVSDPSFQSPEVDUT  enabling...

  • Page 14
    Innovating Globally Through innovation, we bring new experiences to our consumers, providing fun, refreshment and nutrition. Innovation also drives our expansion globally, as we develop our businesses and grow our position country by country. In 2011, we achieved a significant milestone, with ...

  • Page 15
    ... delivered doubledigit volume growth in 2011. In Saudi Arabia, our new Tropicana Frutz sparkling juice drink grew market share in ÄŠÄŠ*O+PSEBO #BSJP BOPOBMDPIPMJDNBMU ESJOLDSFBUFEGPSNBSLFUTJOUIF.JEEMF&BTU  delivered double-digit volume growth. 13 PepsiCo, Inc. 2011 Annual Report

  • Page 16
    ... across the system while reducing costs, we are developing common global processes in product development, supply chain, operations and global procurement. "̓1PXFSPG0OFBQQSPBDIBMTPJTFOBCMJOHFóDJFODJFTJOPUIFS areas, including sales, finance and IT. 14 PepsiCo, Inc. 2011 Annual Report

  • Page 17

  • Page 18
    ...growth driver. Across the world, our associates keep PepsiCo TUSPOHiGSPNTFFEUPTIFMGw‰BEWBODJOHTVTUBJOBCMFBHSJDVMUVSBM practices, developing new product ideas and making our foods and beverages. They ensure the quality of our products, market them in engaging ways and deliver them dependably...

  • Page 19
    ... Kingdom Lindy Liu, China -JMJOB%F.JSBOEB United States João Rodrigues da Silva Filho, Brazil Fredrico Sanchez, United States Kaan Koray Kümbet, Turkey Govindasamy Kumaravel, India .JDIBFM&LXFPHXV Italy Jaime Amacosta, Mexico Elena Skirda, Russia 17 PepsiCo, Inc. 2011 Annual Report

  • Page 20
    ... future for PepsiCo. We continuously manage our activities against measurable goals that are designed to ensure strong financial performance; a balanced portfolio with healthier choices; sound environmental stewardship; and a safe, supportive workplace for our associates and supply chain partners...

  • Page 21
    Expand commercial production of heart-healthy sunï¬,ower oil Improved overall water-use e ciency by 22.1 percent1 +22.1% Maintained high levels of associate engagement 1 This data excludes major acquisitions and divestitures after the 2006 baseline year. 19 PepsiCo, Inc. 2011 Annual Report

  • Page 22
    ... with the times and build for the future. We not only see opportunities, we create them. Powerhouse brands in growing categories, backed by strong global and local innovation and a commitment to sustainable financial performance ...this is the Power of PepsiCo. 20 PepsiCo, Inc. 2011 Annual Report

  • Page 23
    ... Board of Directors Shown in the photo from left to right Alberto Weisser Chairman and $IJFG&YFDVUJWF0óDFS #VOHF-JNJUFE 56. Elected 2011. Shona L. Brown Senior Vice President, Google.org of Google Inc. 46. Elected 2009. James J. Schiro Former Chief Executive 0óDFS Zurich Financial Services...

  • Page 24
    ..., Frito-Lay North America Enderson Guimaraes Executive Vice President, PepsiCo; President, (MPCBM0QFSBUJPOT Hugh F. Johnston Executive Vice President, PepsiCo Chief Financial 0óDFS Mehmood Khan Executive Vice President, PepsiCo Chief Scientific 0óDFS (MPCBM3FTFBSDI and Development Indra...

  • Page 25
    ... Pension and Retiree Medical Plans Our Financial Results Items Affecting Comparability Results of Operations - Consolidated Review Results of Operations - Division Review Frito-Lay North America Quaker Foods North America Latin America Foods PepsiCo Americas Beverages Europe Asia, Middle East...

  • Page 26
    ... of key indicators to evaluate our business results and financial condition. These indicators include market share, volume, net revenue, operating profit, management operating cash ow, earnings per share and return on invested capital. Strategies to Drive Our Growth into the Future Our beverage...

  • Page 27
    ... and retailers. PepsiCo Americas Beverages Either independently or through contract manufacturers, PAB makes, markets, sells and distributes beverage concentrates, fountain syrups and finished goods, under various beverage brands including Pepsi, Gatorade, Mountain Dew, Diet Pepsi, Aquafina, 7UP...

  • Page 28
    ...or beverage reporting, depending on product type. See Note 15 for additional information about our acquisition of WBD in 2011. Asia, Middle East & Africa Either independently or through contract manufacturers, AMEA makes, markets, sells and distributes a number of leading snack food brands including...

  • Page 29
    ...businesses operate in highly competitive markets. Our beverage, snack and food brands compete against global, regional, local and private label manufacturers and other value competitors. In U.S. measured channels, our chief beverage competitor, The Coca-Cola Company, has a larger share of carbonated...

  • Page 30
    ... effectively execute advertising campaigns and marketing programs. In addition, both the launch and ongoing success of new products and advertising campaigns are inherently uncertain, especially as to their appeal to consumers. Our failure to make the right strategic investments to drive innovation...

  • Page 31
    ... supply chain could have an adverse impact on our business, financial condition and results of operations." Trade consolidation or the loss of any key customer could adversely affect our financial performance. Our operations outside of the United States, particularly in Russia, Mexico, Canada and...

  • Page 32
    ... other developments and risks in the markets where our products are sold." above. If we are not able to build and sustain proper information technology infrastructure, successfully implement our ongoing business transformation initiative or outsource certain functions effectively, our business could...

  • Page 33
    ... products or result in litigation.", "Market Risks" and Note 1 to our consolidated financial statements. Disruption of our supply chain could have an adverse impact on our business, financial condition and results of operations. We hold assets and incur liabilities, earn revenues and pay expenses...

  • Page 34
    ... company and successfully operating in new categories; motivating, recruiting and retaining executives and key employees; conforming standards, controls (including internal control over financial reporting), procedures and policies, business cultures and compensation structures among our Company...

  • Page 35
    ...Policies" for a discussion of the exposure of our pension plan assets and pension and retiree medical liabilities to risks related to market uctuations. In ationary, de ationary and recessionary conditions impacting these market risks also impact the demand for and pricing of our products. Commodity...

  • Page 36
    ... TFFJOH the Company's risk assessment and mitigation, receives updates on key risks throughout the year. The Audit Committee of the Board of Directors helps define PepsiCo's risk management processes and assists the Board in its oversight of strategic, financial, operating, business, compliance...

  • Page 37
    ...the aging of accounts receivable and our analysis of customer data. Bad debt expense is classified within selling, general and administrative expenses in our income statement. Goodwill and Other Intangible Assets We sell products under a number of brand names, many of which were developed by us. The...

  • Page 38
    ..., such as forecasted growth rates and our cost of capital, are based 36 on the best available market information and are consistent with our internal forecasts and operating plans. These assumptions could be adversely impacted by certain of the risks discussed in "Our Business Risks." We did not...

  • Page 39
    .... Generally, our share of retiree medical costs is capped at specified dollar amounts which vary based upon years of service, with retirees contributing the remainder of the cost. As of February 2012, certain U.S. employees earning a benefit under one of our defined benefit pension plans will no...

  • Page 40
    ...-year comparisons of our financial results are affected by the following items: 2011 2010 2009 Pension Expense discount rate Expected rate of return on plan assets Expected rate of salary increases Retiree medical Expense discount rate Expected rate of return on plan assets Current health care cost...

  • Page 41
    ... 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...

  • Page 42
    ... the discussions of net revenue and operating profit below, e ective net pricing re ects the year-over-year impact of discrete pricing actions, sales incentive activities and mix resulting from selling varying products in different package sizes and in different countries. Additionally, acquisitions...

  • Page 43
    Management's Discussion and Analysis Total Net Revenue and Operating Profit Change 2011 2010 2009 2011 2010 Total net revenue Operating profit FLNA QFNA LAF PAB Europe AMEA Corporate Unallocated 53rd week Mark-to-market net impact (losses)/gains Restructuring and impairment charges Merger and ...

  • Page 44
    ... and CSE. Our net revenue excludes nonconsolidated joint venture volume, and, for our beverage businesses, is based on CSE. (b) Includes the year- over-year impact of discrete pricing actions, sales incentive activities and mix resulting from selling varying products in different package sizes and...

  • Page 45
    Management's Discussion and Analysis Frito-Lay North America % Change 2011 2010 2009 2011 2010 Net revenue 53rd week Net revenue excluding above item* Impact of foreign currency translation Net revenue growth excluding above item, on a constant currency basis* Operating profit 53rd week ...

  • Page 46
    ... were Latin America Foods mostly offset by high-single-digit growth in Chewy granola bars. Unfavorable mix and net pricing contributed to the net revenue decline. Favorable foreign currency positively contributed 1 percentage point to net revenue performance. Operating profit declined 5%, primarily...

  • Page 47
    .... The non-carbonated beverage volume growth primarily re ected a mid-single-digit increase in Gatorade sports drinks and a high-single-digit increase in Lipton ready-to-drink teas, mostly offset by mid-single-digit declines in our base Aquafina water and Tropicana businesses. Net revenue increased...

  • Page 48
    ... and Analysis Europe % Change 2011 2010 2009 2011 2010 Net revenue 53rd week Net revenue excluding above item* Impact of foreign currency translation Net revenue growth excluding above item, on a constant currency basis* Operating profit 53rd week Restructuring and impairment charges Merger and...

  • Page 49
    ...divestitures contributed 1 percentage point to the net revenue growth. Operating profit grew 1%, driven primarily by the net revenue growth, partially offset by higher commodity costs and increased investments in strategic markets. The net impact of acquisitions 47 PepsiCo, Inc. 2011 Annual Report

  • Page 50
    ...items below. 2011 2010 2009 Net cash provided by operating activities Capital spending Sales of property, plant and equipment Management operating cash ow Discretionary pension and retiree medical contributions (after-tax) Payments related to restructuring charges (after-tax) Merger and integration...

  • Page 51
    ... primarily to pay dividends. We expect to continue to return management operating cash ow to our shareholders through dividends and share repurchases while maintaining credit ratings that provide us with ready access to global and capital credit markets. However, see "Our borrowing costs and access...

  • Page 52
    ... per share amounts) 2011 2010 2009 Net Revenue Cost of sales Selling, general and administrative expenses Amortization of intangible assets Operating Profit Bottling equity income Interest expense Interest income and other Income before income taxes Provision for income taxes Net income Less...

  • Page 53
    ... merger and integration costs Gain on previously held equity interests in PBG and PAS Asset write- off Non- cash foreign exchange loss related to Venezuela devaluation Excess tax benefits from share-based payment arrangements Pension and retiree medical plan contributions Pension and retiree medical...

  • Page 54
    ... Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Year Non- cash activity: Issuance of common stock and equity awards in connection with our acquisitions of PBG and PAS, as re ected in investing and financing activities See accompanying notes to consolidated financial statements...

  • Page 55
    ... value Retained earnings Accumulated other comprehensive loss Repurchased common stock, at cost (301 and 284 shares, respectively) Total PepsiCo Common Shareholders' Equity Noncontrolling interests Total Equity Total Liabilities and Equity See accompanying notes to consolidated financial statements...

  • Page 56
    ...retiree medical (losses)/gains Reclassification of net losses to net income Unrealized (losses)/gains on securities, net of tax Other Balance, end of year Repurchased Common Stock Balance, beginning of year Share repurchases Stock option exercises Other Balance, end of year Total Common Shareholders...

  • Page 57
    ...Fiscal years ended December 31, 2011, December 25, 2010 and December 26, 2009 (in millions) 2011 2010 2009 Comprehensive Income Net income Other comprehensive (loss)/income Currency translation adjustment Cash ow hedges, net of tax Pension and retiree medical, net of tax: Net prior service (cost...

  • Page 58
    ... our PAB segment, and the results of the acquired companies in Europe, including Russia, are reported within our Europe segment. Prior to our acquisitions of PBG and PAS, we recorded our share of equity income or loss from the acquired companies in bottling equity income in our income statement. Our...

  • Page 59
    ... commodity price risk and were not entered into for speculative purposes. Net Revenue 2011 2010 2009 2011 Operating Profit(a) 2010 2009 FLNA QFNA LAF PAB Europe(b) AMEA Total division Corporate Unallocated 53rd week Net impact of mark-to-market on commodity hedges Merger and integration costs...

  • Page 60
    ...programs, foreign exchange transaction gains and losses, certain commodity derivative gains and losses and certain other items. Other Division Information Total Assets 2011 2010 2009 2011 Capital Spending 2010 2009 FLNA QFNA LAF PAB Europe(a) AMEA Total division Corporate(b) Investments in bottling...

  • Page 61
    ...sales incentives, see "Our Critical Accounting Policies" in Management's Discussion and Analysis. Other marketplace spending, which includes the costs of advertising and other marketing activities, totaled $3.5 billion in 2011, $3.4 billion in 2010 and $2.8 billion in 2009 and is reported as selling...

  • Page 62
    ... Accounting Policies" in Management's Discussion and Analysis. t Stock-Based Compensation - Note 6. t Pension, Retiree Medical and Savings Plans - Note 7, and for additional unaudited information, see "Our Critical Accounting Policies" in Management's Discussion and Analysis. 60 t Financial...

  • Page 63
    ... 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...

  • Page 64
    ... Financial Statements A summary of our merger and integration activity is as follows: Severance and Other Asset Employee Costs Impairment Other Costs Total Note 4 Property, Plant and Equipment and Intangible Assets Average Useful Life (years) 2010 merger and integration charges Cash payments Non...

  • Page 65
    Notes to Consolidated Financial Statements Nonamortizable Intangible Assets Perpetual brands and goodwill are assessed for impairment at least annually. If the carrying amount of a perpetual brand exceeds its fair value, as determined by its discounted cash ows, an impairment loss is recognized in ...

  • Page 66
    ... tax rate State income tax, net of U.S. Federal tax benefit Lower taxes on foreign results Acquisitions of PBG and PAS Other, net Annual tax rate Deferred tax liabilities Investments in noncontrolled affiliates Debt guarantee of wholly owned subsidiary Property, plant and equipment Intangible assets...

  • Page 67
    .... Income tax benefits related to stock-based compensation expense and recognized in earnings were $101 million in 2011, $89 million in 2010 and $67 million in 2009. At year-end 2011, 136 million shares were available for future stock-based compensation grants. In connection with our acquisition of...

  • Page 68
    ...employee service (prior service cost/(credit)) is included in earnings on a straight-line basis over the average remaining service period of active plan participants. In connection with our acquisitions of PBG and PAS, we assumed sponsorship of pension and retiree medical plans that provide benefits...

  • Page 69
    ... our financial statements. Selected financial information for our pension and retiree medical plans is as follows: Pension U.S. 2011 2010 International 2011 2010 2011 2010 Retiree Medical Change in projected benefit liability Liability at beginning of year Acquisitions/(divestitures) Service cost...

  • Page 70
    ... from accumulated other comprehensive loss into benefit expense in 2012 for our pension and retiree medical plans are as follows: Pension U.S. International Retiree Medical Net loss Prior service cost/(credit) Total $ 259 17 $ 276 $ 52 1 $ 53 $ - (26) $(26) 68 PepsiCo, Inc. 2011 Annual Report

  • Page 71
    ... return on pension plan assets is based on our pension plan investment strategy, 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 69 PepsiCo, Inc. 2011 Annual Report

  • Page 72
    ... i ) Based on the fair value of the investments owned by this fund that tracks various indices. * 2011 and 2010 amounts include $190 million of retiree medical plan assets that are restricted for purposes of providing health benefits for U.S. retirees and their beneficiaries. 70 PepsiCo, Inc. 2011...

  • Page 73
    ... bottlers, see "Our Customers" in Management's Discussion and Analysis. These transactions with our bottling affiliates are re ected in our consolidated financial statements as follows: 2010(a) 2009 Net revenue Cost of sales Selling, general and administrative expenses Accounts and notes receivable...

  • Page 74
    ...Year Credit Agreement and the 364-Day Credit Agreement may be used for general corporate purposes, including but not limited to repayment of outstanding commercial paper issued by us and our subsidiaries, working capital, capital investments and/or acquisitions. In the third quarter of 2011, we paid...

  • Page 75
    ... to market through earnings. Cash ows from derivatives used to manage commodity, foreign exchange or interest risks are classified as operating activities. See "Our Business Risks" in Management's Discussion and Analysis for further unaudited information on our business risks. For cash ow hedges...

  • Page 76
    Notes to Consolidated Financial Statements result, we are exposed to foreign currency risks. We also enter into derivatives, primarily forward contracts with terms of no more than two years, to manage our exposure to foreign currency transaction risk. Exchange rate gains or losses related to ...

  • Page 77
    Notes to Consolidated Financial Statements The effective portion of the pre-tax (gains)/losses on our derivative instruments are categorized in the table below. Fair Value/ Non-designated Hedges Losses/(Gains) Recognized in Income Statement(a) 2011 2010 Cash Flow Hedges (Gains)/Losses Recognized in...

  • Page 78
    ... 2010 2009 Supplemental Financial Information 2011 2010 2009 Accounts receivable Trade receivables Other receivables Allowance, beginning of year Net amounts charged to expense Deductions(a) Other(b) Allowance, end of year Net receivables Inventories(c) Raw materials Work-in-process Finished goods...

  • Page 79
    ...fully integrated supply chain and go-to-market business model, improving the effectiveness and efficiency of the distribution of our brands and enhancing our revenue growth. The total purchase price was approximately $12.6 billion, which included $8.3 billion of cash and equity and the fair value of...

  • Page 80
    ...approximately 66% of WBD's outstanding ordinary shares, pursuant to the purchase agreement dated December 1, 2010 between PepsiCo and certain selling shareholders of WBD for approximately $3.8 billion in cash. The acquisition of those shares increased our total ownership to approximately 77%, giving...

  • Page 81
    ... consistently at all levels and in all countries. We have maintained strong governance policies and practices for many years. The management of PepsiCo is responsible for the objectivity and integrity of our consolidated financial statements. The Audit Committee of the Board of Directors has engaged...

  • Page 82
    ... materially affect, our internal control over financial reporting. February 27, 2012 Marie T. Gallagher Senior Vice President and Controller Hugh F. Johnston Chief Financial Officer Indra K. Nooyi Chairman of the Board of Directors and Chief Executive Officer 80 PepsiCo, Inc. 2011 Annual Report

  • Page 83
    ...Board of Directors and Shareholders PepsiCo, Inc.: We have audited the accompanying Consolidated Balance Sheets of PepsiCo, Inc. and subsidiaries ("PepsiCo, Inc." or "the Company") as of December 31, 2011 and December 25, 2010, and the related Consolidated Statements of Income, Cash Flows and Equity...

  • Page 84
    ...million charge to interest expense ($114 million after-tax or $0.07 per share), primarily representing the premium paid in the tender offer. (k) Represents the composite high and low sales price and quarterly closing prices for one share of PepsiCo common stock. 82 PepsiCo, Inc. 2011 Annual Report

  • Page 85
    ...) 2011 2010 2009 2008 2007 Net revenue Net income attributable to PepsiCo Net income attributable to PepsiCo per common share - basic Net income attributable to PepsiCo per common share - diluted Cash dividends declared per common share Total assets Long-term debt Return on invested capital...

  • Page 86
    ...we believe will strengthen our complementary food, snack and beverage businesses through a new integrated operating model designed to streamline our organization, accelerate information sharing, facilitate timely decision-making and drive operational productivity. In the year ended December 30, 2006...

  • Page 87
    ...16% Reported Operating Profit 53rd Week Mark-to-Market Net Losses Merger and Integration Charges Restructuring and Impairment Charges Inventory Fair Value Adjustments Core Operating Profit $6,502 âˆ' 18 âˆ' 67 âˆ' $6,587 $ 9,633 (109) 102 313 383 46 $ 10,368 8% 9% 85 PepsiCo, Inc. 2011 Annual...

  • Page 88
    ... S&P Industry Groups (Non-Alcoholic Beverages and Food) by PepsiCo's sales in its beverages and foods businesses. The returns for PepsiCo, the S&P 500 and the S&P Average indices are calculated through December 31, 2011. 100 50 2006 2007 2008 2009 2010 2011 86 PepsiCo, Inc. 2011 Annual Report

  • Page 89
    ... bottlers: customers to whom we have granted exclusive contracts to sell and manufacture certain beverage products bearing our trademarks within a specific geographical area. Management operating cash flow: net cash provided by operating activities less capital spending plus sales of property, plant...

  • Page 90
    ... by the Board of Directors, expected to be March 2, June 1, September 7 and December 7, 2012. We have paid consecutive quarterly cash dividends since 1965. Stock Performance PepsiCo was formed through the 1965 merger of Pepsi-Cola Company and Frito-Lay, Inc. A $1,000 investment in our stock made on...

  • Page 91
    ... dividends, optional cash investments by electronic funds transfer or check drawn on a U.S. bank, sale of shares, online account access, and electronic delivery of shareholder materials. Financial and Other Information PepsiCo's 2012 quarterly earnings releases are expected to be issued the weeks of...

  • Page 92