Snapple 2014 Annual Report Download - page 33
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The following table excludes these amounts discussed above from our other expense (income), net, income before provision
(benefit) for income taxes and equity in earnings of unconsolidated subsidiaries and provision (benefit) for income taxes lines
within our Consolidated Statements of Income. We have presented this table as we believe the effect of those items on these lines
and on our effective tax rate for the year ended December 31, 2013 are not meaningful as reported.
For the Year Ended December 31, 2013
(in millions) As reported
Completion
of the IRS
audit in
August 2013
Enactment of
the Canadian
bill in June
2013
As reported
excluding
tax and
indemnity
items
For the Year
Ended
December
31, 2014
Other expense (income), net $ 383 $ (430) $ 38 $ (9) $ —
Income before provision (benefit) for
income taxes and equity in earnings
of unconsolidated subsidiaries 542 430 (38)934 1,073
Provision (benefit) for income taxes (81) 463 (50)332 371
Effective tax rate (14.9)% 35.5% 34.6%
Results of Operations by Segment
The following tables set forth net sales and SOP for our segments for the years ended December 31, 2014 and 2013, as well
as the other amounts necessary to reconcile our total segment results to our consolidated results presented in accordance with U.S.
GAAP (in millions):
For the Year Ended
December 31,
2014 2013
Segment Results — Net sales
Beverage Concentrates $ 1,228 $ 1,229
Packaged Beverages 4,361 4,306
Latin America Beverages 532 462
Net sales $ 6,121 $ 5,997
For the Year Ended
December 31,
2014 2013
Segment Results — SOP
Beverage Concentrates $ 790 $ 778
Packaged Beverages 636 525
Latin America Beverages 78 61
Total SOP 1,504 1,364
Unallocated corporate costs 323 309
Other operating expense, net 19
Income from operations 1,180 1,046
Interest expense, net 107 121
Other expense (income), net —383
Income before provision (benefit) for income taxes and equity in earnings of
unconsolidated subsidiaries $ 1,073 $ 542