Pepsi 2013 Annual Report Download - page 65

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47
2013, 2012 and 2011, we made non-discretionary contributions of $62 million, $111 million and $110 million,
respectively, to fund the payment of retiree medical claims. In 2012, we made a discretionary contribution
of $140 million to fund future U.S. retiree medical plan benefits.
In 2014, we expect to make pension and retiree medical contributions of approximately $260 million, with
approximately $70 million for retiree medical benefits. Our pension and retiree medical contributions are
subject to change as a result of many factors, such as changes in interest rates, deviations between actual and
expected asset returns and changes in tax or other benefit laws. For estimated future benefit payments,
including our pay-as-you-go payments as well as those from trusts, see Note 7 to our consolidated financial
statements.
OUR FINANCIAL RESULTS
Items Affecting Comparability
The year-over-year comparisons of our financial results are affected by the following items:
2013 2012 2011
Net revenue
53rd week —— $ 623
Operating profit
Mark-to-market net (losses)/gains $ (72) $ 65 $ (102)
Merger and integration charges $ (10) $ (11) $ (313)
Restructuring and impairment charges $ (163) $ (279) $ (383)
Venezuela currency devaluation $ (111) ——
Restructuring and other charges related to the transaction with Tingyi —$ (150) —
Pension lump sum settlement charge —$ (195) —
53rd week —— $ 109
Inventory fair value adjustments —— $ (46)
Interest expense
Merger and integration charges —$ (5) $ (16)
53rd week —— $ (16)
Net income attributable to PepsiCo
Mark-to-market net (losses)/gains $ (44) $ 41 $ (71)
Merger and integration charges $ (8) $ (12) $ (271)
Restructuring and impairment charges $ (129) $ (215) $ (286)
Venezuela currency devaluation $ (111) ——
Tax benefits $ 209 $ 217 —
Restructuring and other charges related to the transaction with Tingyi —$ (176) —
Pension lump sum settlement charge —$ (131) —
53rd week ——$ 64
Inventory fair value adjustments —— $ (28)
Net income attributable to PepsiCo per common share – diluted
Mark-to-market net (losses)/gains $ (0.03) $ 0.03 $ (0.04)
Merger and integration charges $ (0.01) $ (0.01) $ (0.17)
Restructuring and impairment charges $ (0.08) $ (0.14) $ (0.18)
Venezuela currency devaluation $ (0.07) ——
Tax benefits $ 0.13 $ 0.14 —
Restructuring and other charges related to the transaction with Tingyi —$ (0.11) —
Pension lump sum settlement charge —$ (0.08) —
53rd week —— $ 0.04
Inventory fair value adjustments —— $ (0.02)