Pepsi 2011 Annual Report Download - page 53

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Fiscal years ended December31, 2011, December25, 2010 and December26, 2009
(in millions) 2010 2009
2011
Operating Activities
Net income $ 6,462 $ 6,338 $ 5,979
Depreciation and amortization 2,737 2,327 1,635
Stock- based compensation expense 326 299 227
Restructuring and impairment charges 383 – 36
Cash payments for restructuring charges (31) (31) (196)
Merger and integration costs 329 808 50
Cash payments for merger and integration costs (377) (385) (49)
Gain on previously held equity interests in PBG and PAS – (958) –
Asset write- o – 145 –
Non- cash foreign exchange loss related to Venezuela devaluation – 120 –
Excess tax benets from share- based payment arrangements (70) (107) (42)
Pension and retiree medical plan contributions (349) (1,734) (1,299)
Pension and retiree medical plan expenses 571 453 423
Bottling equity income, net of dividends – 42 (235)
Deferred income taxes and other tax charges and credits 495 500 284
Change in accounts and notes receivable (666) (268) 188
Change in inventories (331) 276 17
Change in prepaid expenses and other current assets (27) 144 (127)
Change in accounts payable and other current liabilities 520 488 (133)
Change in income taxes payable (340) 123 319
Other, net (688) (132) (281)
Net Cash Provided by Operating Activities 8,944 8,448 6,796
Investing Activities
Capital spending (3,339) (3,253) (2,128)
Sales of property, plant and equipment 84 81 58
Acquisitions of PBG and PAS, net of cash and cash equivalents acquired – (2,833) –
Acquisition of manufacturing and distribution rights from DPSG – (900) –
Acquisition of WBD, net of cash and cash equivalents acquired (2,428) – –
Investment in WBD (164) (463) –
Other acquisitions and investments in noncontrolled aliates (601) (83) (500)
Divestitures 780 12 99
Cash restricted for pending acquisitions – – 15
Short- term investments, by original maturity
More than three months — purchases – (12) (29)
More than three months — maturities 21 29 71
Three months or less, net 45 (229) 13
Other investing, net (16) (17) –
Net Cash Used for Investing Activities (5,618) (7,668) (2,401)
(Continued on following page)
Consolidated Statement of Cash Flows PepsiCo, Inc. and Subsidiaries
PepsiCo, Inc.  Annual Report
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