Snapple 2012 Annual Report Download - page 40

22
You should read this information along with the information included in Item 7, "Management's Discussion and Analysis of
Financial Condition and Results of Operations," and our Audited Consolidated Financial Statements and the related notes thereto
included elsewhere in this Annual Report on Form 10-K.
2012 2011 2010 2009 2008(5)
(in millions, except per share data)
Statements of Income Data:
Net sales $ 5,995 $ 5,903 $ 5,636 $ 5,531 $ 5,710
Gross profit 3,495 3,418 3,393 3,297 3,120
Income (loss) from operations(1) 1,092 1,024 1,025 1,085 (168)
Net income (loss)(1) 629 606 528 555 (312)
Basic earnings (loss) per share(2)(3) $ 2.99 $ 2.77 $ 2.19 $ 2.18 $ (1.23)
Diluted earnings (loss) per share(2)(3) 2.96 2.74 2.17 2.17 (1.23)
Dividends declared per share 1.36 1.21 0.90 0.15 —
Balance Sheet Data:
Total assets 8,928 9,283 $ 8,776 $ 8,638 $ 10,528
Current portion of long-term obligations 250 452 404 — —
Long-term obligations 2,554 2,256 1,687 2,960 3,522
Other non-current liabilities(4) 2,862 2,849 3,375 1,775 1,708
Total stockholders’ equity 2,280 2,263 2,459 3,187 2,607
Statements of Cash Flows Data:
Cash provided by (used in):
Operating activities(4) $ 458 $ 760 $ 2,535 $ 865 $ 709
Investing activities (193)(217)(225)(251) 1,074
Financing activities (603)(152)(2,280)(554)(1,625)
____________________________
(1) The 2008 loss from operations and net loss reflect non-cash impairment charges of $1,039 million and $696 million
($1,039 million net of tax benefit of $343 million), respectively.
(2) The weighted average number of common shares outstanding used in the calculation of earnings (loss) per share ("EPS") was
impacted by the repurchase and retirement of DPS common stock. For the years ended December 31, 2012, 2011 and 2010,
the Company repurchased and retired 9.5 million shares, 14 million shares and 31 million shares, respectively.
(3) EPS is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period.
For all periods prior to May 7, 2008, the number of basic shares used is the number of shares outstanding on May 7, 2008,
as no common stock of DPS was traded prior to May 7, 2008 and no DPS equity awards were outstanding for the prior periods.
For the period beginning May 7, 2008 through December 31, 2008, the number of basic shares includes approximately
500,000 shares related to the former Cadbury Schweppes Legacy Plan converted to DPS shares based on a daily volume
weighted average. For the year ended December 31, 2009, the number of basic shares includes approximately 200,000 shares
related to the former Cadbury Schweppes Legacy Plan converted to DPS shares based on a daily volume weighted average.
(4) The 2010 other non-current liabilities for the fiscal year reflects non-current deferred revenue of $1,515 million due to the
receipt of separate one-time nonrefundable cash payments from PepsiCo and Coca-Cola recorded as deferred revenue, which
is included within operating activities on the Consolidated Statement of Cash Flows.
(5) Upon separation, effective May 7, 2008, DPS became an independent company, which established a new consolidated reporting
structure. For periods prior to May 7, 2008, our financial data has been prepared on a "carve-out" basis from the consolidated
financial statements of Cadbury Schweppes plc ("Cadbury") using the historical results of operations, assets and liabilities
attributable to Cadbury’s Americas Beverages business and including allocations of expenses from Cadbury. The historical
Cadbury's Americas Beverages information is our predecessor financial information. The Company eliminates from its
financial results all intercompany transactions between entities included in the consolidation and the intercompany transactions
with its equity method investees.